Document:

EX-10.4

 Exhibit 10.4 
  

 
  

CREDIT AGREEMENT AND GUARANTY 

dated as of 

April 6, 2018 

among 
 VAPOTHERM, INC.

 as the Borrower, 

CERTAIN SUBSIDIARIES THAT MAY BE REQUIRED TO PROVIDE 

GUARANTEES FROM TIME TO TIME HEREUNDER, 

as the Guarantors, 
 THE
LENDERS FROM TIME TO TIME PARTY HERETO, 
 as the Lenders, 

and 
 PERCEPTIVE CREDIT
HOLDINGS II, LP 
 as the Administrative Agent 

U.S. $42,500,000 
  

 
  

 TABLE OF CONTENTS 

Page 
  

					
	 SECTION 1       DEFINITIONS
	  	 	1	 
		
	 1.01     Certain Defined Terms
	  	 	1	 
		
	 1.03     Interpretation
	  	 	33	 
		
	 SECTION 2       THE COMMITMENT AND THE LOANS
	  	 	34	 
		
	 2.01     Loans
	  	 	34	 
		
	 2.02     Borrowing Procedures
	  	 	35	 
		
	 2.03     Notes
	  	 	35	 
		
	 2.04     Use of Proceeds
	  	 	35	 
		
	 SECTION 3       PAYMENTS OF PRINCIPAL AND INTEREST
	  	 	37	 
		
	 3.01     Repayments and Prepayments Generally; Application
	  	 	37	 
		
	 3.02     Interest
	  	 	37	 
		
	 3.03     Prepayments; Prepayment Premium
	  	 	38	 
		
	 3.04     Exit Fee
	  	 	40	 
		
	 SECTION 4       PAYMENTS, ETC
	  	 	40	 
		
	 4.01     Payments
	  	 	40	 
		
	 4.02     Computations
	  	 	40	 
		
	 4.03     Set-Off
	  	 	40	 
		
	 SECTION 5       YIELD PROTECTION, ETC
	  	 	41	 
		
	 5.01     Additional Costs
	  	 	41	 
		
	 5.02     Illegality
	  	 	42	 
		
	 5.03     Taxes
	  	 	43	 
		
	 5.04     Delay in Requests
	  	 	46	 
		
	 5.05     Replacement of Lenders
	  	 	46	 
		
	 SECTION 6       CONDITIONS PRECEDENT
	  	 	47	 
		
	 6.01     Conditions to the Borrowing of the Initial Loan
	  	 	47	 
		
	 6.02     Conditions to the Borrowing of the First Delayed Draw Loan
	  	 	51	 
		
	 6.03     Conditions to the Borrowing of the Second Delayed Draw Loan
	  	 	51	 
		
	 SECTION 7       REPRESENTATIONS AND WARRANTIES
	  	 	52	 
		
	 7.01     Power and Authority
	  	 	52	 
		
	 7.02     Authorization; Enforceability
	  	 	53	 

  
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 TABLE OF CONTENTS 

(continued) 
 Page 

 

					
	 7.03    Governmental and Other Approvals; No Conflicts
	  	 	53	 
		
	 7.04    Financial Statements; Material Adverse Change
	  	 	53	 
		
	 7.05    Properties
	  	 	54	 
		
	 7.06    No Actions or Proceedings
	  	 	57	 
		
	 7.07    Compliance with Laws and Agreements
	  	 	58	 
		
	 7.08    Taxes
	  	 	58	 
		
	 7.09    Full Disclosure
	  	 	59	 
		
	 7.10    Investment Company and Margin Stock Regulation
	  	 	59	 
		
	 7.11    Solvency
	  	 	59	 
		
	 7.12    Equity Holder; Subsidiaries; Equity Investments
	  	 	59	 
		
	 7.13    Indebtedness and Liens
	  	 	60	 
		
	 7.14    Material Agreements
	  	 	60	 
		
	 7.15    Restrictive Agreements
	  	 	61	 
		
	 7.16    Real Property
	  	 	61	 
		
	 7.17    Pension Matters
	  	 	61	 
		
	 7.17    Pension Matters
	  	 	61	 
		
	 7.18    Priority of Obligations; Collateral; Security Interest
	  	 	61	 
		
	 7.19    Regulatory Approvals
	  	 	62	 
		
	 7.20    Transactions with Affiliates
	  	 	64	 
		
	 7.21    OFAC
	  	 	64	 
		
	 7.22    Anti-Corruption
	  	 	64	 
		
	 7.23    Deposit and Disbursement Accounts
	  	 	64	 
		
	 7.24    Royalty and Other Payments
	  	 	64	 
		
	 7.25    Non-Competes
	  	 	65	 
		
	 7.26    Internal Controls
	  	 	65	 
		
	 SECTION 8      AFFIRMATIVE COVENANTS
	  	 	65	 
		
	 8.01    Financial Statements and Other Information
	  	 	65	 
		
	 8.02    Notices of Material Events
	  	 	67	 
		
	 8.03    Existence; Conduct of Business
	  	 	68	 
		
	 8.04    Payment of Obligations
	  	 	69	 

  
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 TABLE OF CONTENTS 

(continued) 
 Page 

 

					
	 8.05    Insurance
	  	 	69	 
		
	 8.06    Books and Records; Inspection Rights
	  	 	69	 
		
	 8.07    Compliance with Laws and Other Obligations
	  	 	69	 
		
	 8.08    Maintenance of Properties, Etc
	  	 	69	 
		
	 8.09    Maintenance of Regulatory Approvals, Contracts, Intellectual Property,
Etc
	  	 	70	 
		
	 8.10    Action under Environmental Laws
	  	 	70	 
		
	 8.11    Use of Proceeds
	  	 	70	 
		
	 8.12    Certain Obligations Respecting Subsidiaries; Further
Assurances
	  	 	70	 
		
	 8.13    Termination of Non-Permitted
Liens
	  	 	72	 
		
	 8.15    Cash Management
	  	 	72	 
		
	 8.16    Conference Calls
	  	 	72	 
		
	 SECTION 9      NEGATIVE COVENANTS
	  	 	73	 
		
	 9.01    Indebtedness
	  	 	73	 
		
	 9.02    Liens
	  	 	74	 
		
	 9.03    Fundamental Changes and Acquisitions
	  	 	76	 
		
	 9.04    Lines of Business
	  	 	76	 
		
	 9.05    Investments
	  	 	77	 
		
	 9.06    Restricted Payments
	  	 	78	 
		
	 9.07    Payments of Indebtedness
	  	 	78	 
		
	 9.08    Change in Fiscal Year
	  	 	78	 
		
	 9.09    Sales of Assets, Etc
	  	 	78	 
		
	 9.10    Transactions with Affiliates
	  	 	79	 
		
	 9.11    Restrictive Agreements
	  	 	79	 
		
	 9.12    Modifications and Terminations of Material Agreements and Organic
Documents
	  	 	79	 
		
	 9.13    Inbound and Outbound Licenses
	  	 	80	 
		
	 9.14    Sales and Leasebacks
	  	 	80	 
		
	 9.15    Hazardous Material
	  	 	81	 
		
	 9.16    Compliance with ERISA
	  	 	81	 
		
	 SECTION 10      FINANCIAL COVENANTS
	  	 	81	 

  
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 TABLE OF CONTENTS 

(continued) 
 Page 

 

					
	 10.01    Minimum Liquidity
	  	 	81	 
		
	 10.02    Minimum Revenue
	  	 	81	 
		
	 SECTION 11      EVENTS OF DEFAULT
	  	 	82	 
		
	 11.01    Events of Default
	  	 	82	 
		
	 11.02    Remedies
	  	 	85	 
		
	 11.03    Additional Remedies
	  	 	86	 
		
	 SECTION 12      GUARANTEE
	  	 	86	 
		
	 12.01    The Guarantee
	  	 	86	 
		
	 12.02    Obligations Unconditional
	  	 	86	 
		
	 12.03    Reinstatement
	  	 	87	 
		
	 12.04    Subrogation
	  	 	87	 
		
	 12.05    Remedies
	  	 	88	 
		
	 12.06    Instrument for the Payment of Money
	  	 	88	 
		
	 12.07    Continuing Guarantee
	  	 	88	 
		
	 12.08    Rights of Contribution
	  	 	88	 
		
	 12.09    General Limitation on Guarantee Obligations
	  	 	89	 
		
	 SECTION 13      ADMINISTRATIVE AGENT
	  	 	89	 
		
	 13.01    Appointment
	  	 	89	 
		
	 13.02    Rights as a Lender
	  	 	90	 
		
	 13.03    Exculpatory Provisions
	  	 	90	 
		
	 13.04    Reliance by Administrative Agent
	  	 	91	 
		
	 13.05    Delegation of Duties
	  	 	91	 
		
	 13.06    Resignation of Agent
	  	 	91	 
		
	 13.07    Non-Reliance on
Administrative Agent and Other Lenders
	  	 	92	 
		
	 13.08    Administrative Agent May File Proofs of Claim
	  	 	92	 
		
	 13.09    Collateral and Guaranty Matters; Appointment of Collateral
Agent
	  	 	93	 
		
	 13.10    Intercreditor Arrangements
	  	 	94	 
		
	 SECTION 14      MISCELLANEOUS
	  	 	94	 
		
	 14.01    No Waiver
	  	 	94	 
		
	 14.02    Notices
	  	 	94	 

  
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 TABLE OF CONTENTS 

(continued) 
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	 14.03    Expenses, Indemnification, Etc
	  	 	94	 
		
	 14.04    Amendments, Etc
	  	 	95	 
		
	 14.05    Successors and Assigns
	  	 	96	 
		
	 14.06    Survival
	  	 	98	 
		
	 14.07    Captions
	  	 	98	 
		
	 14.08    Counterparts
	  	 	99	 
		
	 14.09    Governing Law
	  	 	99	 
		
	 14.10    Jurisdiction, Service of Process and Venue
	  	 	99	 
		
	 14.11    Waiver of Jury Trial
	  	 	99	 
		
	 14.13    Entire Agreement
	  	 	99	 
		
	 14.14    Severability
	  	 	100	 
		
	 14.15    No Fiduciary Relationship
	  	 	100	 
		
	 14.16    Confidentiality
	  	 	100	 
		
	 14.18    Judgment Currency
	  	 	101	 
		
	 14.19    USA PATRIOT Act
	  	 	101	 
		
	 14.20    Acknowledgement and Consent to
Bail-In of EEA Financial Institutions
	  	 	101	 

  
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 TABLE OF CONTENTS 

SCHEDULES AND EXHIBITS 
  

					
	Schedule 1	  	—	  	Commitments
	Schedule 2	  	—	  	Products
	Schedule 3	  	—	  	Specified Holders
	Schedule 7.05(b)	  	—	  	Certain Intellectual Property
	Schedule 7.06(a)	  	—	  	Certain Litigation
	Schedule 7.06(c)	  	—	  	Labor Matters
	Schedule 7.08	  	—	  	Taxes
	Schedule 7.12(a)	  	—	  	Capitalization
	Schedule 7.12(b)	  	—	  	Information Regarding Subsidiaries
	Schedule 7.12(c)	  	—	  	Equity Investments
	Schedule 7.13(a)	  	—	  	Existing Indebtedness
	Schedule 7.13(b)	  	—	  	Indebtedness to be Repaid on Closing Date
	Schedule 7.14	  	—	  	Material Agreements of Obligors
	Schedule 7.15	  	—	  	Restrictive Agreements
	Schedule 7.16	  	—	  	Real Property Owned or Leased by Obligors or any Subsidiary
	Schedule 7.17	  	—	  	Pension Matters
	Schedule 7.19(a)	  		  	Pending Regulatory Approvals
	Schedule 7.19(b)	  	—	  	Regulatory Approvals
	Schedule 7.19(d)	  	—	  	Certain Regulatory Matters
	Schedule 7.20	  	—	  	Transactions with Affiliates
	Schedule 7.23	  	—	  	Deposit and Disbursement Accounts
	Schedule 7.24	  	—	  	Royalty and Payments
	Schedule 9.02	  	—	  	Existing Liens
	Schedule 9.05	  	—	  	Existing Investments
	Schedule 9.14	  	—	  	Permitted Sales and Leasebacks
			
	Exhibit A	  	—	  	Form of Note
	Exhibit B	  	—	  	Form of Borrowing Notice
	Exhibit C	  	—	  	Form of Guarantee Assumption Agreement
	Exhibit D-1	  	—	  	Form of U.S. Tax Compliance Certificate
	Exhibit D-2	  	—	  	Form of U.S. Tax Compliance Certificate
	Exhibit D-3	  	—	  	Form of U.S. Tax Compliance Certificate
	Exhibit D-4	  	—	  	Form of U.S. Tax Compliance Certificate
	Exhibit E	  	—	  	Form of Compliance Certificate
	Exhibit F	  	—	  	Form of Assignment and Assumption
	Exhibit G	  	—	  	Form of Landlord Consent
	Exhibit H	  	—	  	Form of Security Agreement
	Exhibit I	  	—	  	Form of Perfection Certificate
	Exhibit J	  	—	  	Form of Intercompany Subordination Agreement
	Exhibit K	  	—	  	Form of Warrant Certificate

  
 -vi- 

 CREDIT AGREEMENT AND GUARANTY 

CREDIT AGREEMENT AND GUARANTY, dated as of April 6, 2018 (this “Agreement”), among VAPOTHERM, INC., a
Delaware corporation (the “Borrower”), certain Subsidiaries that may be required to provide Guarantees from time to time hereunder, the lenders from time to time party hereto (each, a “Lender” and
collectively, the “Lenders”), and PERCEPTIVE CREDIT HOLDINGS II, LP, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). 

WITNESSETH: 
 WHEREAS, the
Borrower has requested that the Lenders provide, subject to certain intercreditor arrangements set forth in the Intercreditor Agreement referred to below, a senior secured term loan facility to the Borrower in an aggregate principal amount of up to
$42,500,000; and 
 WHEREAS, the Lenders are willing, on the terms and subject to the conditions set forth herein, to provide such senior
secured term loan facility. 
 NOW, THEREFORE, the parties hereto agree as follows: 

SECTION 1 
 DEFINITIONS

 1.01 Certain Defined Terms. As used herein, the following terms have the following respective meanings: 

“Acquisition” means any transaction, or any series of related transactions, by which any Person directly or indirectly,
by means of a take-over bid, tender offer, amalgamation, merger, purchase of Equity Interests, purchase of assets, or similar transaction having the same effect as any of the foregoing, (i) acquires all or substantially all of the assets of any
other Person or all or substantially all assets of any business line, division or product line (including research and development and related assets in respect of any product) of any other Person or (ii) acquires more than fifty percent (50%)
of the Equity Interests of another Person which, on a fully-diluted basis (and taking into account all Equity Interests the acquiring person has the right or option to acquire) gives such acquiring Person Control over such other Person, including by
way of power to elect a majority of the members of the Board (or equivalent) of such Person. 
 “Administrative
Agent” has the meaning set forth in the preamble hereto. 
 “Affiliate” means, with respect to a
specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 

“Agreement” has the meaning set forth in the introduction hereto. 

“Applicable Margin” means nine and six hundredths percent (9.06%), as such percentage may be increased pursuant to
Section 3.02(b). 

  
 1 

 “Approved Fund” means any Fund that is administered or managed by
(a) a Lender, (b) an Affiliate of a Lender or (c) and entity or an Affiliate of an entity that administers or manages a Lender. 

“Asset Sale” has the meaning set forth in Section 9.09. 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee of such Lender
in substantially the form of Exhibit F. 
 “Bail-In Action” means the
exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation” means, with respect to any EEA Member Country
implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU
Bail-In Legislation Schedule. 
 “Bailee Letter” means a bailee letter
substantially in the form of Exhibit F to the Security Agreement. 
 “Bankruptcy Code” means Title 11 of the United
States Code entitled “Bankruptcy.” 
 “Benefit Plan” means any employee pension benefit plan as defined in
Section 3(2) of ERISA (whether governed by the Laws of the United States or otherwise) to which any Obligor or Subsidiary thereof incurs or otherwise has any obligation or liability, contingent or otherwise. 

“Board” means, with respect to any Person, the board of directors or equivalent management body of such Person or any
committee thereof duly authorized to act on behalf of such board or management body. 
 “Board Meeting” means a
meeting of the Board of the Borrower or any other Obligor, or any committee of any such Board. 
 “Borrower” has the
meaning set forth in the preamble hereto. 
 “Borrowing” means, as the context may require, either (i) the
borrowing of the Initial Loan on the Closing Date, (ii) the borrowing of the First Delayed Draw Loan on or before the First Delayed Draw Date or (iii) the borrowing of the Second Delayed Draw Loan on or before the Second Delayed Draw Date.

 “Borrowing Date” means, as the context may require, (i) with respect to the Initial Loan, the Closing Date,
(ii) with respect to the First Delayed Draw Loan, the First Delayed Draw Date, and (iii) with respect to the Second Delayed Draw Loan, the Second Delayed Draw Date. 

“Borrowing Notice” means a written notice in substantially the form of Exhibit B. 

“Bridge Bank” means Western Alliance Bank, an Arizona corporation. 

  
 2 

 “Bridge Bank Indebtedness” means Indebtedness incurred under the
Bridge Bank Loan Documents and any refinancing thereof so long as such refinancing is subject to and in accordance with the terms of the Intercreditor Agreement. 

“Bridge Bank Loan Agreement” means that certain Amended and Restated Business Financing Agreement, dated as of
April 6, 2018, between Bridge Bank and the Borrower as amended, amended and restated, refinanced, replaced or otherwise modified and supplemented in accordance with the terms of the Intercreditor Agreement. 

“Bridge Bank Loan Documents” means the Bridge Bank Loan Agreement and all other “Loan Documents” as defined
thereunder, in each case, as amended, amended and restated, refinanced, replaced or otherwise modified and supplemented in accordance with the terms of the Intercreditor Agreement. 

“Business Day” means a day (other than a Saturday or Sunday) on which commercial banks are not authorized or required
to close in New York City. 
 “Calculation Date” has the meaning set forth in
Section 10.02. 
 “Capital Lease” means, with respect to any Person, (i) any lease of
any asset or property by that Person as lessee which would, in conformity with GAAP, be required to be accounted for as a capital lease on the balance sheet of such Person, and (ii) with respect to any Synthetic Lease, the capitalized amount of
the remaining lease payments under the relevant lease or agreement giving rise to such Synthetic Lease that, in accordance with GAAP, would be required to appear on a balance sheet of such Person if such Synthetic Lease was accounted for as a
capital lease under GAAP. 
 “Capital Lease Obligations” means, as to any Person, with respect to any Capital Lease,
the obligations of such Person to pay rent or other amounts thereunder that, in accordance with GAAP, would be required to be capitalized on the balance sheet of such Person. 

“Casualty Event” means any damage, destruction or condemnation, as the case may be, of property of any Person or any
of its Subsidiaries. 
 “CFC” means a Subsidiary that is a “controlled foreign corporation” within the
meaning of Section 957 of the Code. 
 “CFC Holding Company” means any Domestic Subsidiary that owns no
material assets (directly or indirectly) other than Equity Interests and debt of one or more CFCs or Domestic Subsidiaries that are themselves CFC Holding Companies. 

“Change of Control” means (i) the Specified Holders and their Permitted Transferees fail to own and hold,
beneficially and of record, collectively, at any time prior to a Qualified IPO of the Borrower, at least thirty percent (30%) of the Equity Interests of the Borrower having ordinary voting power, determined on a fully diluted basis, (ii) the
acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or two or more Persons (other than the Specified Holders and their Permitted Transferees acting collectively or individually) acting jointly or otherwise in
concert, within the meaning of Rule 13d-3 of the Exchange Act, of more than fifty 

  
 3 

 
percent (50%) of the aggregate Equity Interests of the Borrower having ordinary voting power, determined on a fully diluted basis, (iii) the sale of all or substantially all of the property
or businesses of the Borrower and its Subsidiaries, taken as a whole or (iv) the Borrower shall cease to own, directly or indirectly, beneficially and of record, one hundred percent (100%) of the issued and outstanding Equity Interests of each
of its Subsidiaries, free and clear of all Liens (other than (x) director’s qualifying shares, (y) shares issued to foreign nationals to the extent required by applicable Law and (z) Permitted Liens). 

“Claims” includes litigations, demands, complaints, grievances, actions, applications, suits, causes of action,
orders, charges, indictments, prosecutions, information (brought by a public prosecutor without grand jury indictment) or other similar processes, assessments or reassessments. 

“Closing Date” means April 6, 2018. 

“Closing Date Certificate” has the meaning set forth in Section 6.01(d). 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Collateral” means any asset or personal property of any Obligor in which a Lien is purported to be granted under or
pursuant to any Loan Document, including future acquired or created assets or personal property but excluding Excluded Assets. 

“Commitment” means, with respect to each Lender, the obligation of such Lender to make a Loan to the Borrower on the
Closing Date in accordance with the terms and conditions of this Agreement in the amount set forth opposite such Lender’s name on Schedule 1 under the caption “Commitment”. The aggregate Commitments of all Lenders as of the
Closing Date equal $42,500,000. 
 “Commodity Account” means any commodity account, as such term is defined in Section 9-102 of the NY UCC. 
 “Compliance Certificate” has the meaning set
forth in Section 8.01(d). 
 “Connection Income Taxes” means Other Connection Taxes that
are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.  

“Contracts” means any contract, license, lease, agreement, obligation, promise, undertaking, understanding,
arrangement, document, commitment, entitlement or engagement under which a Person has, or will have, any liability or contingent liability (in each case, whether written or oral, express or implied, and whether in respect of monetary or payment
obligations, performance obligations or otherwise). 
 “Control” means, with respect to any particular Person, the
possession by one or more other Persons, directly or indirectly, of the power to direct or cause the direction of the management or policies of such particular Person, whether through the ability to exercise voting power, by contract or otherwise.
“Controlling” and “Controlled” have meanings correlative thereto. 

  
 4 

 “Control Agreement” means any control agreement or
other agreement with any securities intermediary, bank or other Person establishing a secured party’s control with respect to any applicable Deposit Accounts,
Letter-of-Credit Rights or Investment Property, for purposes of Article 8 or Sections 9-104,
9-106 and 9-107 of the NY UCC. 
 “Controlled
Account” means any deposit account, disbursement account, investment account, lockbox account or other similar account (in each case other than any Excluded Account) that is subject to a Control Agreement that is in form and substance
reasonably satisfactory to the Administrative Agent and, pursuant to this Agreement and subject to the terms of the Intercreditor Agreement, the Administrative Agent shall have a perfected security interest over such Controlled Account. 

“Controlling Person” means, with respect to any Specified Holder, any Person that has the power, directly or
indirectly, to direct (or cause the direction of) such Specified Holder’s management and policies, whether by contract, equity ownership or otherwise. 

“Copyrights” means all copyrights, copyright registrations and applications for copyright registrations, including
(i) all renewals and extensions thereof, (ii) all rights to recover for past, present or future infringements thereof, and (iii) all other rights whatsoever accruing thereunder or pertaining thereto. 

“Debtor Relief Laws” means the Bankruptcy Code of the United States of America, and all other liquidation,
conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in
effect. 
 “Default” means any Event of Default and any event that has occurred and, upon the giving of notice
thereof, or the lapse of time, or both, would constitute an Event of Default. 
 “Default Rate” has the meaning set
forth in Section 3.02(b). 
 “Defaulting Lender” means, subject to Section 2.5(b),
any Lender that (a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower
in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such
writing) has not been satisfied, or (ii) pay to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within two (2) Business Days of the date when due, (b) has notified the Borrower or the
Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan
hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public
statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its
prospective funding obligations hereunder (provided 

  
 5 

 
that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has,
or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of
creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become
the subject of a Bail-in Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect
parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of
attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting
Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.5(b)) upon delivery of written notice of
such determination to the Borrower and each Lender. 
 “Deposit Account” means any deposit account, as such term is
defined in Section 9-102 of the NY UCC, maintained by or for the benefit of any Grantor, whether or not restricted or designated for a particular purpose. 

“Designated Jurisdiction” means any country or territory to the extent that such country or territory is the subject
of any Sanction. 
 “Device” means any medical instrument, apparatus, implement, machine, contrivance, implant, in
vitro reagent or other similar or related item, including any component, part or accessory, that (i) is intended for use in connection with the diagnosis of disease, malady or other conditions or in the cure, mitigation, treatment or prevention
of disease or malady, in man or other animals, or is intended to affect the structure or any function of the body of man or other animals, (ii) does not achieve its primary intended purpose or purposes through chemical action within or on the
body of man or other animals and (iii) is not dependent upon being metabolized for the achievement of its primary intended purpose or purposes. 

“Device Marketing Application” means any premarket approval application submitted under Section 515 of the
FD&C Act (21 U.S.C. § 360e) (a “PMA”), any de novo request submitted under Section 513(f) of the FD&C Act (21 U.S.C. § 360c(f)), or any 510(k) submitted under Section 510(k) of the FD&C Act (21
U.S.C. § 360(k)) seeking clearance from the FDA for a Device that is substantially equivalent to a legally marketed predicate Device, as defined in the FD&C Act, or any corresponding non-U.S.
application in any other non-U.S. jurisdiction, including, with respect to the European Union, any equivalent submission to a Standard Body pursuant to an applicable directive of the European Council with
respect to CE marking (or, if applicable, a self-certification of conformity with respect to any such directive through a “declaration of conformity”). 

  
 6 

 “Disqualified Equity Interests” means, with respect to any Person,
any Equity Interest of such Person that, by its terms (or by the terms of any security or other Equity Interest into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (i) matures or is
mandatorily redeemable (other than solely for Qualified Equity Interests), including pursuant to a sinking fund obligation or otherwise (except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the
occurrence of a change of control or asset sale event shall be subject to the prior repayment of the Loans and all other Obligations (other than contingent indemnification and reimbursement obligations for which no claim has been made)), (ii) is
redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests), in whole or in part, (iii) provides for the scheduled payments of dividends or other distributions in cash or other securities that would
constitute Disqualified Equity Interests, or (iv) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests, in each case, prior to the date that is one
hundred and eighty (180) days after the Maturity Date; provided that if such Equity Interests are issued pursuant to a plan for the benefit of future, current or former directors, officers, employees or consultants of the Borrower or any
Subsidiary, such Equity Interests shall not constitute Disqualified Equity Interests solely because they may be permitted to be repurchased by the Borrower or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as
a result of such director’s, officer’s employee’s or consultant’s termination of employment or service, as applicable, death or disability. 

“Disqualified Institution” means, as of the date of determination, a Person (i) identified by the Borrower in
writing to the Administrative as a competitor of the Borrower and its subsidiaries as of the Closing Date and (ii) any reasonably identifiable Affiliate of any Person referred to in clause (i) above solely on the basis of its name;
provided that the foregoing shall not apply retroactively to disqualify any Persons that have previously acquired an assignment or participation interest in any Loan or Commitment to the extent such party was not a Disqualified Institution at
the time of the applicable assignment or participation, as the case may be. 
 “Dollars” and
“$” means lawful money of the United States of America. 
 “Domestic Subsidiary” means, with
respect to any Person, a Subsidiary of such Person, which Subsidiary is incorporated or otherwise organized under the laws the United States, a state of the United States, or the District of Columbia. 

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member
Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any
financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

  
 7 

 “EEA Resolution Authority” means any public administrative authority
or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Eligible Transferee” means and includes (i) any commercial bank, (ii) any insurance company, (iii) any
commercial finance companies, (iv) any investment fund that invests in loans or other obligations for borrowed money, (v) with respect to any Lender, any of its Affiliates, (vi) any Approved Fund and (vii) any other
“accredited investor” (as defined in Regulation D of the Securities Act) that is principally in the business of managing investments or holding assets for investment purposes; provided, that in no event shall (A) any Person
determined in good faith by the Administrative Agent in consultation with the Borrower to be acting in the capacity of a “vulture fund” or “distressed debt purchaser” in the ordinary course of such Person’s business, and any
readily-identifiable Affiliate of such Person or (B) any Disqualified Institution, in either such case, constitute an “Eligible Transferee”. 

“EMA” means the European Medicines Agency or any successor entity. 

“Environmental Law” means any federal, state, provincial or local governmental law, rule, regulation, order, writ,
judgment, injunction or decree, whether U.S. or non-U.S., relating to pollution or protection of the environment or the treatment, storage, disposal, release, threatened release or handling of hazardous
materials, and all local laws and regulations, whether U.S. or non-U.S., related to environmental matters and any specific agreements entered into with any competent authorities which include commitments
related to environmental matters. 
 “Equity Interests” means, with respect to any Person (for purposes of this
defined term, an “issuer”), all shares of, interests or participations in, or other equivalents in respect of such issuer’s capital stock, including all membership interests, partnership interests or equivalent, and all
debt or other securities directly or indirectly exchangeable, exercisable or otherwise convertible into, such issuer’s capital stock, whether now outstanding or issued after the Closing Date, and in each case however designated and whether
voting or non-voting. 
 “Equivalent Amount” means, with respect to an
amount denominated in a particular currency, the amount in another currency that could be purchased by the amount in such particular currency, determined by reference to the Exchange Rate at the time of determination. 

“ERISA” means the United States Employee Retirement Income Security Act of 1974, as amended. 

“ERISA Affiliate” means, collectively, any Obligor, Subsidiary thereof, and any Person under common control, or
treated as a single employer, with any Obligor or Subsidiary thereof, within the meaning of Section 414(b) or (c) of the Code, and in addition, for purposes of Sections 412 or 430 of the Code, or Section 302 of ERISA,
Section 414(m) or (o) of the Code. 
 “ERISA Event” means (i) a reportable event as defined in
Section 4043 of ERISA with respect to a Title IV Plan, excluding, however, such events as to which the PBGC by regulation has waived the requirement of Section 4043(a) of ERISA that it be notified within thirty (30) days of the
occurrence of such event; (ii) a withdrawal by any Obligor or any ERISA Affiliate thereof from a Title IV Plan or the termination of any Title IV Plan, in each case resulting in liability under 

  
 8 

 
Sections 4063 or 4064 of ERISA; (iii) the withdrawal of any Obligor or any ERISA Affiliate thereof in a complete or partial withdrawal (within the meaning of Section 4203 and 4205 of
ERISA) from any Multiemployer Plan if there is any liability therefore, or the receipt by any Obligor or any ERISA Affiliate thereof of written notice from any Multiemployer Plan that it is in insolvency pursuant to Section 4245 of ERISA;
(iv) the filing of a notice of intent to terminate, the treatment of a plan amendment as a termination under Section 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Title IV Plan or Multiemployer Plan;
(v) the imposition of liability on any Obligor or any ERISA Affiliate thereof pursuant to Sections 4062(e) or 4069 of ERISA or by reason of the application of Section 4212(c) of ERISA; (vi) the failure by any Obligor, Subsidiary or
ERISA Affiliate of either, to make any required contribution to a Plan, or the failure to meet the minimum funding standard of Section 412 of the Code with respect to any Title IV Plan (whether or not waived in accordance with
Section 412(c) of the Code) or the failure to make by its due date a required installment under Section 430 of the Code with respect to any Title IV Plan or the failure to make any required contribution to a Multiemployer Plan;
(vii) the determination that any Title IV Plan is considered an at-risk plan or a plan in endangered to critical status within the meaning of Sections 430, 431 and 432 of the Code or Sections 303, 304 and
305 of ERISA; (viii) an event or condition which would be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Title IV Plan or Multiemployer Plan;
(ix) the imposition of any liability under Title I or Title IV of ERISA, other than PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Obligor or any ERISA Affiliate thereof; (x) an application for a funding
waiver under Section 303 of ERISA or an extension of any amortization period pursuant to Section 412 of the Code with respect to any Title IV Plan; (xi) the occurrence of a non-exempt prohibited
transaction under Sections 406 or 407 of ERISA for which any Obligor or any Subsidiary thereof may be directly or indirectly liable; (xii) a violation of the applicable requirements of Section 404 or 405 of ERISA or the exclusive benefit
rule under Section 401(a) of the Code by any fiduciary or disqualified person for which any Obligor or any ERISA Affiliate thereof may be directly or indirectly liable; (xiii) the occurrence of an act or omission which would be expected to
give rise to the imposition on any Obligor or any ERISA Affiliate thereof of fines, penalties, taxes or related charges under Chapter 43 of the Code or under Sections 409, 502(c), (i) or (1) or 4071 of ERISA; (xiv) the assertion of a
material claim (other than routine claims for benefits) against any Plan or the assets thereof, or against any Obligor or any Subsidiary thereof in connection with any such plan; (xvi) receipt from the IRS of notice of the failure of any
Qualified Plan to qualify under Section 401(a) of the Code, or the failure of any trust forming part of any Qualified Plan to fail to qualify for exemption from taxation under Section 501(a) of the Code; (xvii) the imposition of any
lien (or the fulfillment of the conditions for the imposition of any lien) on any of the rights, properties or assets of any Obligor or any ERISA Affiliate thereof, in either case pursuant to Title I or IV, including Section 302(f) or 303(k) of
ERISA or to Section 401(a)(29) or 430(k) of the Code; or (xviii) the establishment or amendment by any Obligor or any Subsidiary thereof of any “welfare plan”, as such term is defined in Section 3(1) of ERISA, that provides
post-employment welfare benefits in a manner that would increase the liability of any Obligor. 
 “ERISA Funding
Rules” means the rules regarding minimum required contributions (including any installment payment thereof) to Title IV Plans, as set forth in Sections 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.

  
 9 

 “EU Bail-In Legislation
Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. 

“Event of Default” has the meaning set forth in Section 11.01. 

“Excess Funding Guarantor” has the meaning set forth in Section 12.08. 

“Excess Payment” has the meaning set forth in Section 12.08. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. 
 “Exchange Rate” means, as of any date, the rate at which any currency may be exchanged into another
currency, as set forth on the relevant Reuters screen at or about 11:00 a.m. (Eastern time) on such date. In the event that such rate does not appear on the Reuters screen, the “Exchange Rate” shall be determined by reference to such
other publicly available service for displaying exchange rates as may be reasonably designated by the Administrative Agent. 

“Excluded Accounts” means, collectively, (i) any deposit account of the Obligors that is used for payment of
payroll, payroll taxes, employee benefits withholding or escrow or fiduciary or deposits permitted under this Agreement and (ii) any other deposit accounts, securities accounts, commodities accounts or similar account of the Obligors so long as
the aggregate amount of available funds does not exceed $100,000 at any time for all such accounts. 
 “Excluded
Assets” means, collectively, 
 (i) any voting Equity Interests in excess of sixty five percent (65%) of the
outstanding voting Equity Interests in any CFC or CFC Holding Company to which the restrictions set forth in clause (y) of Section 8.12(c) apply (after taking into account the proviso thereto). 

(ii) any permit, lease, license, contract, instrument or other agreement of any Obligor permitted under this Agreement
(A) that prohibits or requires the consent of any Person other than an Obligor and its Subsidiaries which has not been obtained as a condition to the creation by such Obligor of a Lien on any right, title or interest in such permit, lease,
license contract, instrument or other agreement, where the creation by such Obligor of a Lien on any right, title or interest in such permit, lease, license, contract, instrument or other agreement without having obtained such consent or contrary to
such prohibition would cause a breach thereof or give the other party thereto the right to terminate such permit, lease, license, contract, instrument or other agreement as a result thereof, or (B) to the extent that any Law applicable thereto
prohibits the creation of a Lien thereon or that would be breached or give the other party thereto the right to terminate such permit, lease, license, contract, instrument or other agreement as a result thereof, but only, with respect to the
prohibition in (A) and (B), other than to the extent that any such term would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the NY UCC or any other applicable Law or principles of equity, provided that, immediately upon the time at which the consequences described in the
foregoing clauses (A) and (B) shall no longer exist, the Collateral shall include, and applicable Obligor shall be deemed to have 

  
 10 

 
granted a security interest in, all of such Obligor’s right, title and interest in such permit, lease, license contract, instrument or other agreement, and that the proceeds of the foregoing
shall not constitute an Excluded Asset except to the extent such proceeds are otherwise in the form of an Excluded Asset; 

(iii) any asset owned by any Obligor that is subject to a Permitted Lien securing a purchase money obligation or a Capital
Lease Obligation permitted under this Agreement if the document pursuant to which such Lien is granted (or the document providing for such Capital Lease) prohibits or requires the consent of any Person other than the Borrower and its Subsidiaries
which has not been obtained as a condition to the creation of any other Lien on such equipment, if the creation of another Lien on such equipment contrary to the prohibition or without obtaining such consent would cause a breach of the applicable
document by which such purchase money Lien or Capital Lease was granted or the document providing for such Capital Lease or give the other party thereto the right to terminate such document, and other than to the extent that any such term would be
rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the NY UCC or
any other applicable Law or principles of equity; 
 (iv) any assets subject to certificates of title; 

(v) any Margin Stock or Equity Interests in any Person other than Wholly-Owned Subsidiaries to the extent granting a Lien
thereon by an Obligor is prohibited by applicable Law; 
 (vi) real property owned in fee and leasehold interests in real
property; 
 (vii) any
“intent-to-use” trademark or service mark application for which a statement of use has not been filed and accepted, solely to the extent that the grant of a
security interest in any such trademark application would materially adversely affect the validity or enforceability of the resulting trademark registration or result in cancellation of such trademark application; and 

(viii) those assets of a Obligor with respect to which the Administrative Agent and Borrower reasonably agree in writing that
the costs of obtaining a Lien thereon or perfecting such Lien are excessive in relation to the benefit to Secured Parties. 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld
or deducted from a payment to a Recipient: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case, (x) imposed as a result of such Recipient being organized under the
laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivisions thereof) or (y) that are Other Connection Taxes, (ii) in the
case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (1) such Lender
acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 5.03(i)) or (2) such Lender changes its lending office, except in each case to the extent

  
 11 

 
that, pursuant to Section 5.03, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party
hereto or to such Lender immediately before it changed its lending office, (iii) Taxes attributable to such Recipient’s failure to comply with Section 5.03(f), and (iv) any U.S. federal withholding Taxes
imposed under FATCA. 
 “Exit Fee” has the meaning set forth in Section 3.04. 

“Expense Deposit” means a cash deposit in the amount of $50,000 made by the Borrower pursuant to the Proposal Letter
for the prepayment of the Administrative Agent’s and the Lenders’ costs and expenses (payable pursuant to Section 14.03(a) and/or the Proposal Letter) incurred on or prior to the Closing Date. 

“Fair Share” has the meaning set forth in Section 12.08. 

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

“FD&C Act” means the U.S. Federal Food, Drug, and Cosmetic Act (or any successor thereto), as amended from time to
time, and the rules and regulations. 
 “FDA” means the U.S. Food and Drug Administration and any successor entity.

 “Field” means the use of high velocity nasal insufflation (HI-VNI)
technology to add warm moisture to breathing gases from an external source for administration to a neonate/infant, pediatric and adult patients in the hospital, subacute institutions, and home settings for the purpose of treating the signs and
symptoms of respiratory distress. For the avoidance of doubt, the Field shall not include the use of HI-VNI technology for the purposes of drug delivery. 

“Final PIK Date” has the meaning set forth in Section 3.02(d). 

“First Delayed Draw Certificate” has the meaning set forth in Section 6.02(a). 

“First Delayed Draw Date” means the date on which the First Delayed Draw Loan is made hereunder, which shall be
(i) no sooner than the date on which each of the conditions precedent set forth in Section 6.02 shall have been satisfied and (ii) no later than July 31, 2018. 

“First Delayed Draw Loan” means the term loans made by the Lenders on the First Delayed Draw Date in an aggregate
principal amount not to exceed $10,000,000. 

  
 12 

 “First Delayed Draw Warrant” means a warrant, dated as of the First
Delayed Draw Date and issued pursuant to a Warrant Certificate in substantially the form of Exhibit K, that among other things, grants the holder thereof the right to purchase a number of shares of the Borrower’s Series D Preferred
Equity Interests that is equal to three percent (3%) of the principal amount of the First Delayed Draw Loan divided by a per share exercise price equal to the lower of (i) $1.137 or (ii) in the event that after the date hereof any Series D
Preferred Equity Interests or any Equity Interests of the Borrower convertible or exercisable into Series D Preferred Equity Interests of the Borrower are issued at a per share conversion or exercise price, as the case may be, less than $1.137, such
lesser price, in each case subject to adjustment as provided in the Warrant Certificate pursuant to which the First Delayed Draw Warrant is issued; provided that, if at the time of issuance of First Delayed Draw Warrants the Borrower has
consummated a Qualified IPO, the exercise price for such Warrants shall be the VWAP for the Borrower’s shares of common Equity Interests as of such time of issuance. 

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

“Fund” means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or
otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course of its activities. 

“GAAP” means those generally accepted accounting principles in the United States of America used in the preparation of
the audited financial statements of the Borrower delivered by the Borrower to the Administrative Agent pursuant to Section 6.01(e), in each case consistently applied, subject to change as provided in
Section 1.02(b). 
 “Governmental Approval” means any consent, authorization, approval,
order, license, franchise, permit, certification, accreditation, registration, clearance, exemption, filing or notice that is issued or granted by or from (or pursuant to any act of) any Governmental Authority, including any application or
submission related to any of the foregoing. 
 “Governmental Authority” means any nation, government, branch of
power (whether executive, legislative or judicial), state, province or municipality or other political subdivision thereof and any entity exercising executive, legislative, judicial, monetary, regulatory or administrative functions of or pertaining
to government, including, without limitation, regulatory authorities, governmental departments, agencies, commissions, bureaus, officials, ministers, courts, bodies, boards, tribunals and dispute settlement panels, and other law-, rule- or regulation-making organizations or entities of any state, territory, county, city or other political subdivision of any country, in each case whether U.S. or
non-U.S. 
 “Grantor” means a “Grantor” under, and as defined in,
the Security Agreement. 
 “Guarantee” of or by any Person (for purposes of this defined term, a
“guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (for purposes of this defined
term, a “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment
of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (ii) to purchase or lease property, securities or services for the purpose of assuring the owner
of such Indebtedness or other obligation of the payment thereof, (iii) to maintain working capital, equity capital or any 

  
 13 

 
other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (iv) as an account party in
respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business. 

“Guarantee Assumption Agreement” means a Guarantee Assumption Agreement substantially in the form of Exhibit C
by an entity that, pursuant to Section 8.12(a), is required to become a “Subsidiary Guarantor.” 

“Guaranteed Obligations” has the meaning set forth in Section 12.01. 

“Hazardous Material” means any substance, element, chemical, compound, product, solid, gas, liquid, waste, by-product, pollutant, contaminant or material which is hazardous or toxic, and includes, without limitation, (i) asbestos, polychlorinated biphenyls and petroleum (including crude oil or any fraction thereof)
and (ii) any material classified or regulated as “hazardous” or “toxic” or words of like import pursuant to an Environmental Law. 

“Healthcare Laws” means, collectively, all Laws applicable to the business of the Borrower or any other Obligor
(including any of their respective Products and Product Commercialization and Development Activities), whether U.S. or non-U.S., regulating the manufacturing, labeling, promotion, sale, provision or
distribution of, or payment for, healthcare products, items or services, including HIPAA, the HITECH Act, Section 1128B(b) of the Social Security Act, as amended, 42 U.S.C. § 1320a-7b (Criminal
Penalties Involving Medicare or State Health Care Programs), commonly referred to as the “Federal Anti-Kickback Statute,” Section 1877 of the Social Security Act, as amended, 42 U.S.C. § 1395nn (Limitation on Certain Physician
Referrals), commonly referred to as “Stark Statute,” FD&C Act, including all applicable Good Manufacturing Practice requirements addressed in the FDA’s Quality System Regulation (21 C.F.R. Part 820), applicable investigational
devices exemption regulations at, 21 C.F.R. Parts 50, 54, 56 and 812, all applicable labeling requirements addressed in the FDA’s Labeling Regulations (21 C.F.R. Part 801), the Medicare Regulations, the Medicaid Regulations, TRICARE (10 U.S.C.
§ 1071 et seq.), and all rules, regulations and legally binding guidance promulgated thereunder or in connection with any of the foregoing. 

“Hedging Agreement” means any interest rate exchange agreement, foreign currency exchange agreement, commodity price
protection agreement or other interest or currency exchange rate or commodity price hedging arrangement. 
 “HIPAA”
means the Health Insurance Portability and Accountability Act of 1996 as amended (including all rules and regulations under HIPAA). 

“HITECH Act” means Subtitle D of the Health Information Technology for Economic and Clinical Health Act, also known as
Title XIII of Division A and Title IV of Division B of the American Recovery and Reinvestment Act of 2009, Public Law No. 111-005. 

  
 14 

 “IDE” means an application, including an application filed with any
Regulatory Authority, for authorization to commence human clinical studies with respect to any Device, including (i) any Investigational Device Exemption as defined in the FD&C Act filed with the FDA, (ii) any abbreviated
Investigational Device Exemption as specified in FDA regulations in 21 C.F.R. § 812.2(b), (iii) any equivalent of any of the foregoing pursuant to or under any non-U.S. jurisdiction or Governmental
Authority, (iv) all amendments, variations, extensions and renewals of any of the foregoing that may be filed with respect thereto, and (v) all related documents and correspondence thereto, including documents and correspondence with
Institutional Review Boards, whether U.S. or non-U.S., or equivalent. 
 “Impermissible
Qualification” means any qualification or exception to the opinion or certification of any independent public accountant as to any financial statement of the Borrower or any of its Subsidiaries which is of a “going concern” or
similar nature (other than (i) resulting from the impending maturity of any Indebtedness that constitutes Material Indebtedness within one year from the time such opinion is delivered), (ii) which relates to the limited scope of examination of
matters relevant to such financial statement or (iii) which relates to the treatment or classification of any item in such financial statement and which, as a condition to its removal, would require an adjustment to such item, the effect to
which could be to cause and Event of Default hereunder). 
 “Indebtedness” of any Person means, without duplication,
(i) all obligations of such Person for borrowed money, (ii) all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or similar instruments, (iii) [reserved], (iv) all obligations of such Person under
conditional sale or other title retention agreements relating to property acquired by such Person, (v) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred
in the ordinary course of business), (vi) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person,
whether or not the Indebtedness secured thereby has been assumed (with the amount thereof being measured as the fair market value of such property so long as such Indebtedness is expressly made non-recourse to
such Person), (vii) all Guarantees by such Person of Indebtedness of others, (viii) all Capital Lease Obligations of such Person, (ix) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of
credit and letters of guaranty, (x) obligations under any Hedging Agreement, currency swaps, forwards, futures or derivatives transactions, (xi) all obligations, contingent or otherwise, of such Person in respect of bankers’
acceptances, (xii) [reserved], (xiii) any outstanding Disqualified Equity Interests, and (xiv) all other obligations required to be classified as indebtedness of such Person under GAAP. For all purposes hereof, the Indebtedness of any Person
shall include the Indebtedness of any partnership or joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person 
 “Indemnified Party” has the meaning set forth in
Section 14.03(c). 
 “Indemnified Taxes” means (i) Taxes, other than Excluded Taxes,
imposed on or with respect to any payment made by or on account of any Obligation and (ii) to the extent not otherwise described in clause (i), Other Taxes. 

“Initial Loan” means the term loans made by the Lenders on the Closing Date in an aggregate principal amount not to
exceed $20,000,000. 

  
 15 

 “Initial Warrant” means a warrant, dated as of a date on or before
the Closing Date and issued pursuant to a Warrant Certificate in substantially the form of Exhibit K, that among other things, grants the holder thereof the right to purchase 527,705 shares of the Borrower’s Series D Preferred Equity
Interests at an exercise price of $1.137 per share, subject to adjustment as provided in the Warrant Certificate pursuant to which the Initial Warrant is issued. 

“Insolvency Proceeding” means (i) any case, action or proceeding before any court or other Governmental Authority
relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors, or (ii) any general assignment for the benefit of creditors, composition,
marshaling of assets for creditors, or other, similar arrangement in respect of any Person’s creditors generally or any substantial portion of such Person’s creditors, in each case undertaken under U.S. Federal, state or foreign Law,
including the Bankruptcy Code. 
 “Intellectual Property” means, with respect to any Person, all of such
Person’s rights, title and interests in, all Patents, Trademarks, Copyrights, and Technical Information, whether registered or not and whether existing under U.S. or non-U.S. Law or jurisdiction,
including, without limitation, all (i) applications, registrations, amendments and extensions relating to such Intellectual Property, (ii) rights and privileges arising under any applicable Law with respect to any Intellectual Property,
(iii) any right, but not the obligation, to sue for or collect any damages for any past, present or future infringements of any Intellectual Property and (iv) rights of the same or similar effect or nature as described above in any
jurisdiction corresponding to any Intellectual Property throughout the world. 
 “Intercompany Subordination
Agreement” means the subordination agreement in substantially the form of Exhibit J hereto. 
 “Intercreditor
Agreement” means the Intercreditor Agreement, dated as of the date hereof, by and between the Administrative Agent and Bridge Bank. 

“Interest Period” means, initially, (i) the period commencing on (and including) the Closing Date and ending on
(and including) the last day of the calendar month in which such Closing Date occurs, and (ii) thereafter, the period beginning on (and including) the first day of each succeeding calendar month and ending on the earlier of (and
including) (x) the last day of such calendar month and (y) the Maturity Date; provided that if such last day of a calendar month is not a Business Day, then the last day of the Interest Period applicable to such calendar month shall
instead end on (and include) the next succeeding Business Day, and the immediately succeeding Interest Period shall instead begin on (and include) the calendar day immediately succeeding such Business Day. 

“Interest Rate” ” means the sum of (i) the Applicable Margin plus (ii) the greater of (x) the
Reference Rate and (y) one and three quarters percent (1.75%) per annum. 
 “Invention” means any novel,
inventive or useful art, apparatus, method, process, machine (including any article or Device), manufacture or composition of matter, or any novel, inventive and useful improvement in any art, method, process, machine (including article or Device),
manufacture or composition of matter. 

  
 16 

 “Investment” means, for any Person: (i) the acquisition
(whether for cash, property, services, securities or otherwise) of any debt or Equity Interests (or other ownership interests) of another Person, whether evidenced by bonds, notes, debentures, certificates, securities, notations or otherwise, or any
agreement to make any such acquisition (including any “short sale” or any sale of any securities at a time when such securities are not owned by the Person entering into such sale); (ii) the making of any deposit with, or advance, loan,
assumption of debt or other extension of credit to, or capital contribution in any other Person (including the purchase of property from another Person subject to an understanding or agreement, contingent or otherwise, to resell such property to
such Person), but excluding any such advance, loan or extension of credit having a term not exceeding ninety (90) days arising in connection with the sale of inventory or supplies by such Person in the ordinary course of business; or
(iii) the entering into of any Guarantee of, or other contingent obligation with respect to, Indebtedness of any other Person and (without duplication) any amount committed to be advanced, lent or extended to such Person; or (iv) the
entering into of any Hedging Agreement; provided that “Investment” shall not include (x) accounts receivable or other indebtedness owed by customers and other Persons who make payments on account of customers of
such Person in the ordinary course of business or (y) prepaid expenses or deposits incurred in the ordinary course of business. 

“Investment Property” means any of any Grantor’s investment property, as such term is defined in Section 9-102 of the NY UCC. 
 “IRS” means the U.S. Internal Revenue Service
or any successor agency. 
 “Key Person” means Joseph Army, the current Chief Executive Officer of the Borrower.

 “Key Person Event” means the Key Person (i) fails to hold the office of Chief Executive Officer of
the Borrower or fails to possess the power and authority typically associated with individuals holding the office of Chief Executive Officer, (ii) fails to be directly and actively involved in the day to day management and direction of the
Borrower and its Subsidiaries or (iii) holds the title of, acts as, or possesses the power and authority typically held by an executive officer of any for profit Person other than the Borrower and its Subsidiaries or (iv) is not devoting
his or her full working time and efforts to the business and affairs of the Borrower and its Subsidiaries, provided that, (A) clause (iii) above shall not apply to the Key Person’s activities in connection with NH MedTech, Inc., and
(B) the Key Person may manage his or her personal investments and may engage in civic, educational, religious, charitable or other community activities, as long as such activities do not pose an actual or apparent conflict of interest and do
not materially interfere with the Key Person’s performance of his or her full time duties as Chief Executive Officer. 

“Landlord Consent” means a Landlord Consent substantially in the form of Exhibit G. 

“Law” means any U.S. or non-U.S. federal, state, provincial, territorial,
municipal or local statute, treaty, rule, guideline, regulation, ordinance, code or administrative or judicial precedent or authority, including any interpretation or administration thereof by any Governmental Authority charged with the enforcement,
interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of
law. 

  
 17 

 “Lenders” has the meaning set forth in the preamble hereto. 

“Letter-of-Credit Rights” means any
and all of any Grantor’s letter-of-credit rights, as such term is defined in Section 9-102 of the NY UCC. 

“Lien” means any mortgage, pledge, hypothecation, collateral assignment, deposit arrangement, encumbrance, lien
(statutory or other), charge, or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other
encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing). 

“Loans” means, collectively, the Initial Loan, the First Delayed Draw Loan, the Second Delayed Draw Loan, and any PIK
Loan, and “Loan” means any of the foregoing. 
 “Loan Documents” means, collectively, this
Agreement, the Intercompany Subordination Agreement, the Intercreditor Agreement, the Notes, the Security Documents, any Guarantee Assumption Agreements and any subordination agreement, intercreditor agreement, any Landlord Consents, Bailee Letters
or other present or future document, instrument, agreement or certificate delivered to any Lender in connection with this Agreement or any of the other Loan Documents, in each case, as amended or otherwise modified. Notwithstanding the foregoing,
“Loan Documents” shall not include the Warrants and the Warrant Certificates. 
 “Loss” means any
judgment, debt, liability, expense, cost, damage or loss, contingent or otherwise suffered by any Person, whether liquidated or unliquidated, matured or unmatured, disputed or undisputed, contractual, legal or equitable, including loss of value,
professional fees, including fees and disbursements of legal counsel, and all costs incurred in investigating or pursuing any Claim or any proceeding relating to any Claim. 

“Majority Lenders” means, at any time, Lenders (other than Defaulting Lenders) having at such time in excess of fifty
percent (50%) of the aggregate Commitments (or, if such Commitments are terminated, the outstanding principal amount of the Loans) then in effect. 

“Margin Stock” means “margin stock” within the meaning of Regulations T, U and X. 

“Material Adverse Change” and “Material Adverse Effect” mean a material adverse change in or
effect on (i) the business, operations, condition (financial or otherwise), of the Borrower and its Subsidiaries, taken as a whole, (ii) the ability of any Obligor to perform its obligations under the Loan Documents, as and when due, or
(iii) the legality, validity, binding effect or enforceability of any Loan Document or the rights and remedies of the Administrative Agent, the Lenders or any other Secured Party under any of the Loan Documents, except as a result of the action
or inaction of the Administrative Agent, a Lender or any other Secured Party. 

  
 18 

 “Material Agreement” means any Contract to which any Obligor or any
of its Subsidiaries is a party, or to which any of its assets or properties are bound, that in any calendar year is reasonably expected to (1) result in payments or revenues (including royalty, licensing or similar payments) made to any
Obligor or any of its Subsidiaries in an aggregate amount in excess of $1,000,000, or (2) require payments or expenditures (including royalty, licensing or similar payments) made by any Obligor or any of its Subsidiaries in an aggregate amount
in excess of $1,000,000. 
 “Material Indebtedness” means, at any time, any Indebtedness of any Obligor, the
outstanding principal amount of which, individually or in the aggregate, exceeds $1,000,000 (or the Equivalent Amount in other currencies). 

“Material Intellectual Property” means all Obligor Intellectual Property, whether currently owned, licensed or
otherwise held, or acquired, developed, licensed or otherwise obtained after the date hereof (x) the loss of which could reasonably be expected to result in a Material Adverse Effect, or (y) that has a Market Value in excess of $1,000,000.

 “Maturity Date” means April 6, 2023. 

“Medicaid Regulations” means that certain government-sponsored entitlement program set forth under Title XIX, P.L. 89-97 of the Social Security Act, which, among other things, provides federal grants to states for medical assistance based on specific eligibility criteria, as set forth on Section 1396, et seq. of Title 42 of
the United States Code. 
 “Medicare Regulations” means that certain government-sponsored insurance program under
Title XVIII, P.L. 89-97, of the Social Security Act, which, among other things, provides for a health insurance system for eligible elderly and disabled individuals, as set forth at Section 1395, et seq.
of Title 42 of the United States Code. 
 “Multiemployer Plan” means any multiemployer plan, as defined in
Section 400l(a)(3) of ERISA, to which any ERISA Affiliate incurs or otherwise has any obligation or liability, contingent or otherwise. 

“Net Cash Proceeds” means, (i) with respect to any Non-Qualified IPO by
any Obligor, the aggregate amount of cash received (directly or indirectly) from time to time by or on behalf of such Obligor in connection with such Non-Qualified IPO, after deducting therefrom only
(x) reasonable costs and expenses related thereto incurred by such Obligor in connection therewith, including related underwriting commissions or equivalent, and (y) Taxes (including transfer Taxes or net income Taxes) paid or
payable in connection therewith; and (ii) with respect to any Casualty Event experienced or suffered by any Obligor or any of its Subsidiaries, the amount of cash proceeds received (directly or indirectly) from time to time by or on behalf
of such Obligor or such Subsidiary as a result of such Casualty Event after deducting therefrom only (x) reasonable costs and expenses related thereto incurred by such Obligor or such Subsidiary in connection therewith, and (y) Taxes
(including transfer Taxes or net income Taxes) paid or payable in connection therewith; provided that in each case of clauses (i) and (ii) costs and expenses shall only be deducted to the extent that the
amounts so deducted are (x) actually paid to a Person that is not an Affiliate of such Obligor, and (y) properly attributable to such Non-Qualified IPO or Casualty Event, as the case may be. 

  
 19 

 “Non-Consenting Lender”
means any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all or all affected Lenders in accordance with the terms of Section 14.04 and (b) has been approved by the Majority Lenders.

 “Non-Defaulting Lender” means, at any time, each Lender that is not a
Defaulting Lender at such time. 
 “Non-Qualified IPO” means a Public
Offering that is not a Qualified IPO. 
 “Note” means a promissory note, in substantially the form of Exhibit
A hereto, executed and delivered by the Borrower to any Lender in accordance with Section 2.03. 

“NY UCC” means the UCC as in effect from time to time in New York. 

“Obligations” means, with respect to any Obligor, all amounts, obligations, liabilities, covenants and duties of every
type and description owing by such Obligor to the Administrative Agent, any Lender, any Indemnified Party, or any Affiliate or other related party of any of the foregoing (including all Guaranteed Obligations), arising out of, under, or in
connection with, any Loan Document, whether direct or indirect (regardless of whether acquired by assignment), absolute or contingent, due or to become due, whether liquidated or not, now existing or hereafter arising and however acquired, and
whether or not evidenced by any instrument or for the payment of money, including, without duplication, (i) if such Obligor is the Borrower, all Loans, (ii) all interest, whether or not accruing after the filing of any petition in
bankruptcy or after the commencement of any insolvency, reorganization or similar proceeding, and whether or not a claim for post-filing or post-petition interest is allowed in any such proceeding, and (iii) all other fees, expenses (including
fees, charges and disbursement of counsel), interest, commissions, charges, costs, disbursements, indemnities and reimbursement of amounts paid and other sums chargeable to such Obligor under any Loan Document. Notwithstanding the foregoing, and for
the avoidance of doubt, the obligations arising under and in connection with the Warrants and the Warrant Certificates shall not constitute “Obligations”. 

“Obligor Intellectual Property” means, Intellectual Property owned, licensed or otherwise held by any Obligor,
including, without limitation, the Intellectual Property listed on Schedule 7.05(b) (as such Schedule may be updated or supplemented from time to time by the Borrower as warranted by the ordinary course of business; provided that,
prior to the effectiveness of any such update or supplement, the Administrative Agent, acting reasonably and in good faith, in consultation with the Borrower, shall have determined that such change or supplement is not being made to cure any Default
that has occurred and is continuing as a result of any misrepresentation or error in, or omission from, such Schedule). 

“Obligors” means, collectively, the Borrower and the Subsidiary Guarantors and their respective successors and
permitted assigns. 
 “One-Month LIBOR” means, with respect to any
applicable Interest Period hereunder, the one-month London Interbank Offered Rate for deposits in Dollars at approximately 11:00 a.m. (London, England time), as determined by the Administrative Agent from
the appropriate Bloomberg or Telerate page selected by the Administrative Agent (or any successor thereto or similar source reasonably determined by the Administrative Agent from time to time), which shall

  
 20 

 
be that one-month London Interbank Offered Rate for deposits in Dollars in effect two (2) Business Days prior to the first day of such Interest Period
rounded up to the nearest 1/16 of one percent (1%). The Administrative Agent’s determination of interest rates shall be determinative in the absence of manifest error. 

“Organic Document” means, for any Person, such Person’s formation documents, including, as applicable, its
certificate of incorporation, by-laws, certificate of partnership, partnership agreement, certificate of formation, limited liability company agreement, operating agreement and all shareholder agreements,
voting trusts and similar arrangements applicable to such Person’s Equity Interests, or any equivalent document of any of the foregoing, as amended, modified or replaced from time to time. 

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

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes
that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes
that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 5.03(g)) or a grant of a participation. 

“Participant” has the meaning set forth in Section 14.05(e). 

“Participant Register” has the meaning set forth in Section 14.05(e). 

“Patent” means all patents and patent applications, including (i) the inventions and improvements described and
claimed therein, (ii) the reissues, divisions, continuations, renewals, extensions, and continuations in part thereof, (iii) all income, royalties, damages and payments now or hereafter due and/or payable with respect thereto,
(iv) all damages and payments for past or future infringements thereof, and rights to sue therefor, and (v) all rights corresponding thereto throughout the world. 

“Patriot Act” means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed
into law October 26, 2001)). 
 “Payment Date” means (i) the last day of each Interest Period and
(ii) the Maturity Date. 
 “Payment in Full” means the payment in full in cash of all Obligations (other than
inchoate indemnification and expense reimbursement obligations for which no claim has been made) and the termination or cancellation of all Commitments hereunder. 

“Pay-Off Indebtedness” means the Indebtedness listed on Schedule
7.13(b). 

  
 21 

 “Pay-Off Letter” means the
payoff letter, dated as of April 6, 2018 between the Borrower and Solar Capital Ltd., in respect of the Pay-Off Indebtedness. 

“PBGC” means the United States Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor
entity performing similar functions. 
 “Perfection Certificate” means the Collateral and Perfection Certificate in
substantially the form set forth in Exhibit I which shall be delivered pursuant to Section 6.01(c). 

“Permitted Acquisition” means any Acquisition by the Borrower or any of its Subsidiaries as to which each of the
following conditions is satisfied: 
 (a) immediately prior to, and after giving effect thereto, no Default shall have
occurred and be continuing or could reasonably be expected to result therefrom; 
 (b) all transactions in connection
therewith shall be consummated, in all material respects, in accordance with all applicable Laws, and in conformity with all applicable Governmental Approvals; 

(c) in the case of an Acquisition of any Equity Interests of any Person, all of such Equity Interests shall be owned one
hundred percent (100%) by the Borrower or a Wholly-Owned Subsidiary of the Borrower, and the Borrower shall have taken, or caused to be taken, as of the date such acquired Person becomes a Subsidiary of the Borrower, each of the actions set forth in
Section 8.12(a) and as otherwise required under any Loan Document, as applicable; 
 (d) in the
case of an Acquisition of assets or a business division, the acquired assets will be located in the United States immediately upon consummation of such Acquisition and owned by the Borrower or a Domestic Subsidiary; 

(e) for the period of twelve (12) consecutive fiscal months immediately preceding such Acquisition, the Borrower and its
Subsidiaries shall be in pro forma compliance (giving effect to such Acquisition as if it occurred on the first day of such period) with the financial covenants set forth in Section 10. 

(f) such Acquisition (i) when taken with together all other Acquisitions consummated or effected in the prior period of 12
consecutive months, does not exceed $5,000,000 in the aggregate, and (ii) when taken together with all other Acquisitions consummated or effected since the Closing Date, does not exceed $10,000,000 in the aggregate; 

(g) promptly upon request by the Administrative Agent in the case of an Acquisition having a purchase price in excess of
$1,000,000, the Borrower shall provide (i) a copy of the draft purchase agreement related to the proposed Acquisition (and any related documents requested by the Administrative Agent), (ii) any available quarterly and annual financial
statements of the Person whose Equity Interests or assets are being acquired for the twelve (12) month period ending forty five (45) days immediately prior to such Acquisition, including any audited financial statements that are available,
and (iii) any other information reasonably requested by the Administrative Agent and available to the Obligors; 

  
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 (h) the Borrower shall have provided the Administrative Agent with at least
ten (10) Business Days’ (or such shorter period as agreed by the Administrative Agent) prior written notice of any such Acquisition, together with summaries, prepared in reasonable detail, of all due diligence conducted by or on behalf of
the Borrower or the applicable Subsidiary, as applicable, prior to such Acquisition; and 
 (i) the Administrative Agent
shall have received a certificate of a Responsible Officer of the Borrower (prepared in reasonable detail), certifying as to any contingent liabilities and prospective research and development costs associated with the Person or assets being
acquired; 
 (j) at least three (3) Business Days prior to the proposed date of such Acquisition (or such shorter period
as agreed by the Administrative Agent), the Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower (prepared in reasonable detail), certifying that such Acquisition complies with this definition. 

“Permitted Cash Equivalent Investments” means, as to any Person: (a) investments in direct obligations of the
United States or of any agency or instrumentality thereof whose obligations constitute full faith and credit obligations of the United States, provided that, any such obligations shall mature within one year of the date of issuance thereof;
(b) investments in commercial paper rated at least P-1 by Moody’s and at least A-1 by S&P maturing within ninety (90) days from the date of issuance
thereof; (c) investments in certificates of deposit issued by Bridge Bank or any of its Affiliates or by any United States commercial bank having capital and surplus of not less than $500,000,000 which have a maturity of one hundred eighty
(180) days or less; and (d) investments in money market funds that invest solely, and which are restricted by their respective charters to invest solely, in investments of the type described in the immediately preceding clauses (a), (b)
and (c) above. 
 “Permitted Indebtedness” means any Indebtedness permitted under
Section 9.01. 
 “Permitted License” means (i) any license of over-the-counter software that is commercially available to the public, or (ii) any inbound license for the use by an Obligor or any of its Subsidiaries of Obligor
Intellectual Property entered into in the ordinary course of business; provided that, with respect to each such license described in clause (ii), the license constitutes an arms length transaction, the terms of which, on their face, do
not provide for a sale or assignment of any Intellectual Property and do not restrict the ability of the Borrower or any of its Subsidiaries, as applicable, to pledge or grant any Lien on, or assign or otherwise transfer any Intellectual Property.

 “Permitted Liens” means any Liens permitted under Section 9.02. 

  
 23 

 “Permitted Refinancing” means, with respect to any Permitted
Indebtedness, any extension, modification, renewal or replacement of such Indebtedness; provided that such extension, renewal or replacement (i) shall not increase the outstanding principal amount of such Indebtedness, except by an
amount equal to unpaid accrued interest and premiums thereon, or other reasonable amounts paid, and fees and expenses reasonably incurred, in connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder
and as otherwise permitted to be incurred or issuance pursuant to this Agreement, (ii) contains terms relating to outstanding principal amount, amortization, maturity, collateral (if any) and subordination (if any), and other material terms
taken as a whole no less favorable in any material respect to the Obligors and their Subsidiaries than the terms of any agreement or instrument governing the Indebtedness being extended, renewed or replaced, (iii) [reserved], (iv) shall not contain
any new requirement to grant any Lien or to give any Guarantee that was not an existing requirement of the Indebtedness being extended, renewed or replaced and (v) after giving effect to such extension, renewal or replacement, no Event of
Default shall have occurred (or could reasonably be expected to occur) as a result thereof. 
 “Permitted
Transferee” means (i) any Specified Holder Controlled Affiliate, or (ii) (w) any Specified Holder, (x) any such Specified Holder’s spouse, children (including legally adopted children and stepchildren),
spouses of children, grandchildren (including legally adopted children or stepchildren of such Specified Holder’s children), spouses of grandchildren, parents or siblings, (y) a trustee of a trust for the benefit of any Person described in
clause (ii)(x) above, or (z) a corporation, limited partnership or limited liability company whose sole stockholders, partners, members or equivalent, as the case may be, are Persons described in clauses (ii)(w), (x) or
(y) above. 
 “Person” means any individual, corporation, company, voluntary association, partnership,
limited liability company, joint venture, trust, unincorporated organization or Governmental Authority or other entity of whatever nature. 

“PIK Interest” has the meaning set forth in Section 3.02(d). 

“PIK Loan” has the meaning set forth in Section 3.02(d). 

“Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV
of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be an “employer”
as defined in Section 3(5) of ERISA. 
 “PMA” has the meaning set forth in the definition of Device Clearance
Application. 
 “Prepayment Date” has the meaning set forth in Section 3.03(a)(i). 

“Prepayment Premium” means with respect to any prepayment of principal of the Loans referenced in
Section 3.03(a) or (b) occurring (i) on or prior to the second anniversary of the Closing Date, an amount (not to be less than zero) such that the total Return received by the Lenders on such prepaid principal amount
will not be less than twenty percent (20%) on such principal amount being prepaid, (ii) at any time after the second anniversary of the Closing Date and on or prior to the fourth anniversary of the Closing Date, an amount (not to be less than
zero) such that the total Return received by the Lenders on such prepaid principal amount will not be less than seventeen percent (17%) on such principal amount being prepaid; and (iii) at any time after the fourth anniversary of the Closing
Date and prior to the Maturity Date, an amount (not to be less than zero) such that the total Return received by the Lenders on such prepaid principal amount will not be less than fifteen percent (15%) on such principal amount being prepaid. 

  
 24 

 “Prepayment Price” has the meaning set forth in
Section 3.03(a)(i). 
 “Product” means (i) those Devices set forth (and described in
reasonable detail) on Schedule 2 (as such Schedule may be updated or supplemented from time to time by the Borrower as warranted by the ordinary course of business; provided that, prior to the effectiveness of any such update or
supplement, the Administrative Agent, acting reasonably and in good faith, in consultation with the Borrower, shall have determined that such change or supplement is not being made to cure any Default that has occurred and is continuing as a result
of any misrepresentation or error in, or omission from, such Schedule) attached hereto, and (ii) any current or future Device developed, manufactured, licensed, marketed, sold or otherwise commercialized by any Obligor or any of its
Subsidiaries, including any such Device currently in development. 
 “Product Agreement” means, with respect to any
Product, any Contract pursuant to which one or more Persons grants or receives (i) any rights relating to any Product Commercialization and Development Activities with respect to such Product, or (ii) any right to exclude any other Person
from engaging in, or otherwise restricting any right, title or interest as to, any Product Commercialization and Development Activities with respect to such Product, including any Contract with suppliers, manufacturers, distributors, clinical
research organizations, hospitals, group purchasing organizations, wholesalers, pharmacies or any other Person. 
 “Product
Assets” means, with respect to any Product, any and all rights, title and interests of any Person or any of its Subsidiaries in any assets relating to such Product or any Product Commercialization and Development Activities with respect
to such Product, including all Product Related Information, all Product Agreements, all Intellectual Property, Regulatory Approvals and similar assets with respect to such Product or any such Product Commercialization and Development Activities, and
all rights, title and interests in any other property, tangible or intangible, manifesting or otherwise in respect of such Product or any such Product Commercialization and Development Activities, including, without limitation, inventory, accounts
receivable or similar rights to receive money or payment pertaining thereto and all proceeds of the foregoing. 
 “Product
Authorizations” means, with respect to any Product or any Product Commercialization and Development Activities related to any Product, any and all Regulatory Approvals (including all applicable IDEs, PMAs, 510(k)s, Device Marketing
Applications, Product Standards, supplements, amendments, pre- and post-approvals, governmental price and reimbursement approvals and approvals of applications for regulatory exclusivity), clearances,
licenses, notifications, registrations or authorizations of any Regulatory Authority in each case necessary for the ownership, use or other commercialization of such Product or for such Product Commercialization and Development Activities, whether
U.S. or non-U.S. 
 “Product Commercialization and Development
Activities” means, with respect to any Product, any combination of research, development, manufacturing, use, sale, licensing, importation, storage, labeling, marketing, promotion, supply, distribution, testing, packaging, purchasing or
other commercialization activities, receipt of payment in respect of any of the foregoing (including, without limitation, in respect of licensing, royalty or similar payments), or any similar or other activities the purpose of which is to
commercially exploit such Product. 

  
 25 

 “Product Related Information” means, with respect to any Product,
all books, records, lists, ledgers, files, manuals, Contracts, correspondence, reports, plans, drawings, data and other information of every kind (in any form or medium), and all techniques and other know-how,
that is necessary or useful for any Product Commercialization and Development Activities relating to such Product, including (i) branding materials, packaging and other trade dress, customer targeting and other marketing, promotion and sales
materials and information, referral, customer, supplier and other contact lists and information, product, business, marketing and sales plans, research, studies and reports, sales, maintenance and production records, training materials and other
marketing, sales and promotional information, (ii) clinical data, information included or supporting any Product Authorization or other Regulatory Approval, any regulatory filings, updates, notices and correspondence (including adverse event
and other pharmacovigilance and other post-marketing reports and information, etc.), technical information, product development and operational data and records, and all other documents, records, files, data and other information relating to product
development, manufacture and use, (iii) litigation and dispute records, and accounting records; (iv) all documents, records and files relating to Intellectual Property, including all correspondence from and to third parties (including
Intellectual Property counsel and patent, trademark and other intellectual property registries, including the U.S. Patent & Trademark Office), and (v) all other information, techniques and
know-how necessary or useful in connection with the Product Commercialization and Development Activities for any Product. 

“Product Standards” means all safety, quality and other specifications and standards applicable to any Product,
including all medical device and other standards promulgated by Standards Bodies. 
 “Prohibited Payment” means any
bribe, rebate, payoff, influence payment, kickback or other payment or gift of money or anything of value (including meals or entertainment) to any officer, employee or ceremonial office holder of any government or instrumentality thereof, political
party or supra-national organization (such as the United Nations), any political candidate, any royal family member or any other person who is connected or associated personally with any of the foregoing that is prohibited under any applicable Law
for the purpose of influencing any act or decision of such payee in his official capacity, inducing such payee to do or omit to do any act in violation of his lawful duty, securing any improper advantage or inducing such payee to use his influence
with a government or instrumentality thereof to affect or influence any act or decision of such government or instrumentality. 

“Proportionate Share” means, with respect to any Lender, the percentage obtained by dividing (i) the sum of the
Commitment (or, if the Commitments are terminated, the outstanding principal amount of the Loans) of such Lender then in effect by (ii) the sum of the Commitments (or, if the Commitments are terminated, the outstanding principal amount of the
Loans) of all Lenders then in effect. 

  
 26 

 “Proposal Letter” means the confidential Proposal Letter dated
February 21, 2018 between the Borrower and Perceptive Advisors LLC (as supplemented by the outline of proposed terms and conditions attached thereto). 

“Public Offering” means, with respect to any Person, an underwritten public offering of the Equity Interests of such
Person pursuant to a registration statement in accordance with the Securities Act. 
 “Qualified Equity Interest”
means, with respect to any Person, any Equity Interest of such Person that is not a Disqualified Equity Interest. 
 “Qualified
IPO” means, with respect to any Person, such Person’s initial Public Offering of its common Equity Interests having ordinary voting rights, as a result of which (i) such Equity Interests are listed on either the New York Stock
Exchange or the NASDAQ Stock Market, and (ii) such Person receives gross proceeds from such Public Offering that exceeds $40,000,000. 

“Qualified Plan” means an employee pension benefit plan (as defined in Section 3(2) of ERISA) other than a
Multiemployer Plan (i) that is or was at any time maintained or sponsored by any Obligor or any ERISA Affiliate thereof or to which any Obligor or any ERISA Affiliate thereof has ever made, or was ever obligated to make, contributions, and
(ii) that is intended to be tax qualified under Section 401(a) of the Code. 
 “Recipient” means any
Lender or any other recipient of any payment to be made by or on account of any Obligation. 
 “Reference Rate”
means One-Month LIBOR; provided that if One-Month LIBOR can no longer be determined by the Administrative Agent (in its sole discretion) or any Governmental
Authority having jurisdiction over the quotation or determination of London Interbank Offered Rates declares that it will no longer supervise or sanction such rates for purposes of interest rates on loans, then the Administrative Agent and the
Borrower shall endeavor, in good faith, to establish an alternate rate of interest to One-Month LIBOR that gives due consideration to the then prevailing market convention for determining a rate of interest
for middle-market loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable; provided
further that, until such alternate rate of interest is agreed upon by the Administrative Agent and the Borrower, the Reference Rate for purposes hereof and each other Loan Document shall be the “Wall Street Journal Prime Rate” as
published and defined in The Wall Street Journal. 
 “Referral Source” has the meaning set forth in
Section7.07(b). 
 “Register” has the meaning set forth in Section 14.05(c).

 “Registration” means any registration, authorization, approval, license, permit, clearance, certificate, and
exemption required by the FDA or other applicable Regulatory Authorities (including, without limitation, device pre-market approval applications, device pre-market
notifications, investigational device exemptions, product recertifications, manufacturing approvals, registrations and authorizations, CE Marks, pricing and reimbursement approvals, labeling approvals or their foreign equivalent and controlled
substance registrations). 

  
 27 

 “Regulation T” means Regulation T of the Board of Governors of the
Federal Reserve System, as amended, or any successor Law thereto. 
 “Regulation U” means Regulation U of the Board
of Governors of the Federal Reserve System, as amended, or any successor Law thereto. 
 “Regulation X” means
Regulation X of the Board of Governors of the Federal Reserve System, as amended, or any successor Law thereto. 
 “Regulatory
Action” means an administrative, regulatory, or judicial enforcement action, proceeding, investigation, FDA Form 483 notice of inspectional observation, warning letter, untitled letter, mandatory recall, seizure, Section 305 notice
or other similar written communication, injunction or consent decree, issued by the FDA or a federal or state court. 

“Regulatory Approval” means any Governmental Approval, whether U.S. or
non-U.S., relating to any Product or any Product Commercialization and Development Activities related to such Product, including any Product Authorizations with respect thereto. 

“Regulatory Authority” means any Governmental Authority, whether U.S. or
non-U.S., that is concerned with or has regulatory or supervisory oversight with respect to any Product or any Product Commercialization and Development Activities relating to any Product, including the FDA
and all equivalent Governmental Authorities, whether U.S. or non-U.S. 
 “Related
Parties” has the meaning set forth in Section 14.16. 
 “Resignation Effective
Date” has the meaning set forth in Section 13.06(a). 
 “Responsible Officer”
of any Person means each of the chief executive officer, president, vice president, chief financial officer, chief operating officer, treasurer or assistant treasurer. 

“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with
respect to any Equity Interests of any Obligor or any of its Subsidiaries, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement,
acquisition, cancellation or termination of any such Equity Interests of such Obligor or any of its Subsidiaries, any payment of interest, principal or fees in respect of any Indebtedness owed by any Obligor to any holder of any Equity Interests of
such Obligor, or any option, warrant or other right to acquire any shares of Equity Interests of such Obligor or any of its Subsidiaries. 

“Restrictive Agreement” means any indenture, agreement, instrument or other arrangement that (i) contains any
term or provision that if complied with or observed (or if there is a failure to comply with or to observe any such term or provision) would cause or result in a Default hereunder or under any other Loan Document or (ii) prohibits, restricts or
imposes any condition upon (A) the ability of any Obligor or any of its Subsidiaries to create, incur or permit to exist any Lien upon any of its property or assets (other than (x) customary provisions in contracts (including, without
limitation, leases and in-bound licenses of Intellectual Property) restricting the assignment thereof and (y) restrictions or conditions imposed by any agreement governing secured Permitted Indebtedness
permitted under Section 9.01(g), to the extent that such restrictions or 

  
 28 

 
conditions apply only to the property or assets securing such Indebtedness), or (B) the ability of any Obligor or any of its Subsidiaries to pay dividends or other distributions with respect
to any Equity Interests or to make or repay loans or advances to any other Obligor or any other of its Subsidiaries or to Guarantee Indebtedness of any other Obligor or any other of its Subsidiaries or to transfer any of its assets or properties to
any Obligor or any of its Subsidiaries. 
 “Return” means, at the time of any prepayment of the type described in
clause (a) or (b) of Section 3.03, the sum of (in each case without duplication) (i) all amounts that will be paid to the Lenders in cash at the time of such prepayment, including amounts required to
be paid pursuant to Section 3.03 in respect of interest, fees and Prepayment Premiums as a result of such prepayment (but excluding any portion of such prepayment constituting principal or any portion of interest to the
extent accrued at the Default Rate), plus, (ii) without duplication, (x) with respect to the portion of such prepayment constituting principal, all amounts paid in cash to the Lenders prior to the time of such prepayment,
including in respect of interest, fees and Prepayment Premiums (but excluding any portion of interest to the extent accrued at the Default Rate), and (y) the aggregate Warrant Return received by the Lenders as of the time of such prepayment;
provided that, (1) allocations of interest, fees, Prepayment Premiums or other applicable amounts will be pro-rated on the basis of the principal amount being prepaid relative to the aggregate
principal amount of loans made hereunder as of the time of any applicable prepayment, and (y) for purposes of this definition there shall be deemed to be no Warrant Return unless the Borrower has consummated a Qualified IPO or an event or
transaction of the type described in either clause (i) or (ii) of the definition of “Change of Control” has occurred. 

“Revenue” means, as of any date of determination, the net revenues of the Borrower and its Subsidiaries generated in
the ordinary course of business, determined on a consolidated basis in accordance with GAAP, excluding any non-recurring or non-ordinary course payments not related to
the sale of goods and services by the Borrower and its Subsidiaries in the ordinary course.. 

“Sanction” means any economic or financial sanction administered or enforced by the United States Government
(including, without limitation, OFAC), the United Nations Security Council, the European Union or its Member States, Her Majesty’s Treasury or other relevant sanctions authority. 

“Second Delayed Draw Certificate” has the meaning set forth in Section 6.03(a). 

“Second Delayed Draw Date” means the date on which the Second Delayed Draw Loan is made hereunder, which shall be
(i) no sooner than the date on which each of the conditions precedent set forth in Section 6.03 shall have been satisfied and (ii) no later than March 31, 2019. 

“Second Delayed Draw Loan” means the term loans made by the Lenders on the Second Delayed Draw Date in an aggregate
principal amount not to exceed $12,500,000. 
 “Second Delayed Draw Warrant” means a warrant, dated as of the Second
Delayed Draw Date and issued pursuant to a Warrant Certificate in substantially the form of Exhibit K, that among other things, grants the holder thereof the right to purchase, at the applicable exercise price described below, a number of
shares of the Borrower’s Series D Preferred Equity Interests that is 

  
 29 

 
equal to three percent (3%) of the principal amount of the Second Delayed Draw Loan divided by a per share exercise price equal to the lower of (i) $1.137 or, (ii) in the event that after
the date hereof any Series D Preferred Equity Interests or any Equity Interests of the Borrower convertible or exercisable into Series D Preferred Equity Interests of the Borrower are issued at a per share conversion or exercise price, as the case
may be, less than $1.137, such lesser price, in each case subject to adjustment as provided in the Warrant Certificate pursuant to which the Second Delayed Draw Warrant is issued; provided that, if at the time of issuance of Second Delayed
Draw Warrants the Borrower has consummated a Qualified IPO, the exercise price for such Warrants shall be the VWAP for the Borrower’s shares of common Equity Interests as of such time of issuance. 

“Secured Parties” means the Lenders, the Administrative Agent, each other Indemnified Party, any other holder of any
Obligation, and any of their respective permitted transferees or assigns. 
 “Securities Act” means the Securities
Act of 1933, as amended, and the rules and regulations promulgated thereunder. 
 “Security Agreement” means the
Security Agreement, dated as of the date hereof, among the grantors party thereto and the Administrative Agent, granting a security interest in the Obligors’ personal property in favor of the Administrative Agent. 

“Security Documents” means, collectively, the Security Agreement, each Short-Form IP Security Agreement, and each
other security document, Control Agreement or financing statement required or recommended to perfect Liens in favor of the Secured Parties for purposes of securing the Obligations. 

“Securities Account” has the meaning set forth in Section 8-501(a) of the
NY UCC. 
 “Short-Form IP Security Agreement” means, as the context may require, one or more short-form copyright,
patent or trademark security agreements, dated as of the date hereof and substantially in the form of Exhibits C, D and E to the Security Agreement, as applicable, entered into by one (1) or more Obligors in favor of the
Secured Parties, each in form and substance reasonably satisfactory to the Administrative Agent (and as amended, modified or replaced from time to time). 

“Solvent” means, with respect to any Person at any time, that (i) the fair value of the property of such Person
is greater than the total amount of liabilities (including contingent liabilities) of such Person, (ii) the present fair saleable value of the property of such Person is not less than the amount that will be required to pay the probable
liability of such Person on its debts as they become absolute and matured, and (iii) such Person has not incurred and does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as
such debts and liabilities mature. 
 “Specified Holder Controlled Affiliate” means, with respect to any Specified
Holder, an Affiliate of such Specified Holder as to which either such Specified Holder or the Controlling Person of such Specified Holder has the power, directly or indirectly, to direct (or cause the direction of) such Affiliate’s management
and policies, whether by contract, equity ownership or otherwise. 

  
 30 

 “Specified Holders” means the Persons listed on Schedule 3 as
of the Closing Date. 
 “Subsidiary” means, with respect to any Person (the “parent”) at any
date, any corporation, limited liability company, partnership, association or other entity (i) of which securities or other ownership interests representing more than fifty percent (50%) of the equity or more than fifty percent (50%) of the
ordinary voting power or, in the case of a partnership, more than fifty percent (50%) of the general partnership interests are, as of such date, owned, controlled or held, directly or indirectly, by parent, or (ii) that is, as of such date,
otherwise Controlled, (x) by the parent, or (y) one (1) or more direct or indirect subsidiaries of the parent, or (z) by the parent and one (1) or more of its direct or indirect subsidiaries. 

“Subsidiary Guarantors” means each Subsidiary of the Borrower identified under the caption “SUBSIDIARY
GUARANTORS” on the signature pages hereto and each Subsidiary of the Borrower that becomes, or is required to become, a “Subsidiary Guarantor” after the date hereof pursuant to Section 8.12(a). 

“Subordinated Debt” means unsecured Indebtedness of the Borrower or any of its Subsidiaries that is expressly
subordinated to the Obligations pursuant to a subordination agreement satisfactory in form and substance to the Administrative Agent in its sole discretion. 

“Synthetic Lease” means, as to any Person, (i) any so-called synthetic, off-balance sheet or tax retention lease, or (ii) any agreement for the use or possession of property creating obligations that do not appear on the balance sheet of such Person but which, upon the insolvency
or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment). 

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

“Technical Information” means all trade secrets and other proprietary or confidential information, public information,
non-proprietary know-how, any information of a scientific, technical, or business nature in any form or medium, standards and specifications, conceptions, ideas,
innovations, discoveries, Invention disclosures, all documented research, developmental, demonstration or engineering work and all other information, data, plans, specifications, reports, summaries, experimental data, manuals, models, samples, know-how, technical information, systems, methodologies, computer programs, information technology and any other information. 

“Title IV Plan” means an employee pension benefit plan (as defined in Section 3(2) of ERISA) other than a
Multiemployer Plan (i) that is or was at any time maintained or sponsored by any Obligor, Subsidiary or any ERISA Affiliate of either or to which any Obligor, Subsidiary or any ERISA Affiliate of either has ever made, or was obligated to make,
contributions, and (ii) that is or was subject to Section 412 of the Code, Section 302 of ERISA or Title IV of ERISA. 

“Trademark” means all trade names, trademarks and service marks, logos, trademark and service mark registrations, and
applications for trademark and service mark registrations, including (i) all renewals of trademark and service mark registrations, (ii) all rights to recover for all past, present and future infringements thereof and all rights to sue
therefor, and (iii) all rights corresponding thereto throughout the world, together, in each case, with the product lines and goodwill of the business connected with the use thereof. 

  
 31 

 “Transactions” means the negotiation, preparation, execution,
delivery and performance by each Obligor of this Agreement and the other Loan Documents to which such Obligor is (or is intended to be) a party and the making of the Loans hereunder. 

“UCC” means, with respect to any applicable jurisdictions, the Uniform Commercial Code as in effect in such
jurisdiction, as may be modified from time to time. 
 “United States” or “U.S.” means the
United States of America, its fifty (50) states and the District of Columbia. 
 “U.S. Person” means a
“United States Person” within the meaning of Section 7701(a)(30) of the Code. 
 “U.S. Tax Compliance
Certificate” has the meaning set forth in Section 5.03(f)(ii)(B). 
 “VWAP”
means, at any time of determination after the Borrower has consummated a Qualified IPO, the volume weighted average sale price of the Borrower’s common Equity Interests for the period of ten (10) consecutive trading days ended immediately
prior to such time of determination, as reported by, or based upon data reported by, Bloomberg Financial Markets or an equivalent, reliable reporting service reasonably acceptable to the Holder and the Company (collectively,
“Bloomberg”) or, if (i) if such Equity Interests have traded for less than ten (10) consecutive trading days, then such lesser period of consecutive trading days as applicable, and (ii) if no volume weighted
average sale price is reported for such Equity interests by Bloomberg, then the last closing trade price of such Equity Interests as reported by Bloomberg. 

“Warrant Certificate” means, with respect to any Warrants issued or to be issued in connection herewith, a warrant
certificate in substantially the form of Exhibit K pursuant to which such Warrant will be issued. 
 “Warrant
Return” means, at any time of determination, if on or prior to such time an event or transaction of the type described in either clause (i) or (ii) of the definition of “Change of Control” has occurred, the
gross cash proceeds received or receivable by Lenders in respect of their Warrants so long as (and to the extent that) such Lenders were permitted to exercise such Warrants and participate in such event or transaction; provided that, upon
consummation of a Qualified IPO by the Borrower, “Warrant Return” shall mean the VWAP for the Borrower’s common Equity Interests sold in such Qualified IPO. 

“Warrants” means the Initial Warrant, the First Delayed Draw Warrant and the Second Delayed Draw Warrant. 

“Wholly-Owned Subsidiary” means a Subsidiary of the Borrower as to which (i) the Borrower owns one hundred
percent (100%) of the Equity Interests of such Subsidiary (other than (x) director’s qualifying shares and (y) shares issued to foreign nationals to the extent required by applicable Law) and (ii) all such Equity Interests have
been pledged to the Administrative Agent pursuant to the Security Agreement on a fully perfected, (subject to the terms of the Intercreditor Agreement) first priority basis. 

  
 32 

 “Withdrawal Liability” means, at any time, any liability incurred
(whether or not assessed) by any ERISA Affiliate and not yet satisfied or paid in full at such time with respect to any Multiemployer Plan pursuant to Section 4201 of ERISA. 

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion
powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 
 1.02 Accounting Terms and Principles.

(a) Unless otherwise specified, all accounting terms used in each Loan Document shall be interpreted, and all accounting determinations and
computations thereunder (including under Section 10 and any definitions used in such calculations) shall be made, in accordance with GAAP. Unless otherwise expressly provided, all financial covenants and defined financial
terms shall be computed on a consolidated basis for the Borrower and its Subsidiaries, in each case without duplication. Notwithstanding any changes in GAAP after the Closing Date, any lease of the Loan Parties and their Subsidiaries characterized
as an operating lease under GAAP at the time such lease was entered into (whether such lease is entered into before or after the Closing Date) shall not constitute Indebtedness or a Capitalized Lease Obligation under this Agreement or any other Loan
Document as a result of such changes in GAAP. 
 (b) If at any time any change in GAAP or the application thereof would affect the
computation of any financial term, covenant, ratio or requirement set forth in any Loan Document, and either the Borrower or the Administrative Agent shall so request, the Administrative Agent and the Borrower shall negotiate in good faith to amend
such term, covenant, ratio or requirement to preserve the original intent thereof set forth in the applicable Loan Document in light of such change in GAAP or application thereof; provided that, until so amended, (i) such term, covenant, ratio
or requirement shall continue to be computed in accordance with GAAP as in effect prior to such change therein and (ii) the Borrower shall provide to the Administrative Agent and the Lenders financial statements, Compliance Certificates and
other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such term, covenant, ratio or requirement made before and after giving effect to such change in GAAP or
application thereof. 
 1.03 Interpretation. For all purposes of this Agreement, except as otherwise expressly provided herein or unless the
context otherwise requires, 
 (a) the terms defined in this Agreement include the plural as well as the singular and vice versa; 

(b) words importing gender include all genders; 

(c) any reference to a Section, Annex, Schedule or Exhibit refers to a Section of, or Annex, Schedule or Exhibit to, this Agreement; 

  
 33 

 (d) any reference to “this Agreement” refers to this Agreement, including all
Annexes, Schedules and Exhibits hereto, and the words herein, hereof, hereto and hereunder and words of similar import refer to this Agreement and its Annexes, Schedules and Exhibits as a whole and not to any particular Section, Annex, Schedule,
Exhibit or any other subdivision; 
 (e) references to days, months and years refer to calendar days, months and years, respectively; 

(f) all references herein to “include” or “including” shall be deemed to be followed by the words “without
limitation”; 
 (g) the word “from” when used in connection with a period of time means “from and including” and
the word “until” means “to but not including”; 
 (h) where any provision in this Agreement or any other Loan Document
refers to an action to be taken by any Person, or an action which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly; 

(i) references to any Lien granted or created hereunder or pursuant to any other Loan Document securing any Obligations shall be deemed to be
a Lien for the benefit of the Secured Parties; 
 (j) the words “asset” and “property” shall be construed to have the
same meaning and effect and to refer broadly to any and all assets and properties, whether tangible or intangible, real or personal, including cash, securities, rights under contractual obligations and permits and any right or interest in any such
assets or property; 
 (k) accounting terms not specifically defined herein (other than “property” and “asset”) shall be
construed in accordance with GAAP; and 
 (l) the word “will” shall be construed to have the same meaning as the word
“shall”. 
 Unless otherwise expressly provided herein, (x) references to organizational documents, agreements (including the Loan Documents)
and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements and other modifications thereto permitted by the Loan Documents and (y) any definition or reference to any Law shall
include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Law. 
 SECTION 2

 THE COMMITMENT AND THE LOANS 

2.01 Loans. 
 (a) On the terms and
subject to the conditions of this Agreement, each Lender agrees to make an Initial Loan to the Borrower on the Closing Date in a principal amount equal to its Proportionate Share of $20,000,000, and the making of the Initial Loan to the Borrower
shall terminate each Lender’s Commitment with respect thereto. 

  
 34 

 (b) On the terms and subject to the conditions of this Agreement, each Lender agrees to make
a First Delayed Draw Loan to the Borrower on the First Delayed Draw Date in a principal amount equal to its Proportionate Share of $10,000,000 or such lesser amount as set forth in the Borrowing Notice for such Loan; provided that, after the
First Delayed Draw Date, each Lender’s Commitment with respect to the First Delayed Draw Loan shall automatically terminate. 
 (c) On
the terms and subject to the conditions of this Agreement, each Lender agrees to make a Second Delayed Draw Loan to the Borrower on the Second Delayed Draw Date in a principal amount equal to its Proportionate Share of $12,500,000 or such lesser
amount as set forth in the Borrowing Notice for such Loan; provided that, after the Second Delayed Draw Date, each Lender’s Commitment with respect to the Second Delayed Draw Loan shall automatically terminate. 

(d) No amounts paid or prepaid with respect to any Loan may be reborrowed. 

2.02 Borrowing Procedures. For the Borrowing of the Initial Loan, at least one (1) Business prior to the proposed Borrowing Date and, for
all other Borrowings hereunder, at least five (5) Business Days prior to any proposed Borrowing Date, the Borrower shall deliver to the Administrative Agent an irrevocable Borrowing Notice (which notice, if received on a day that is not a
Business Day or after 9:30 a.m. (New York City time) on a Business Day, shall be deemed to have been delivered on the next Business Day.) 
 2.03
Notes. If requested by any Lender, any Loan of such Lender made hereunder shall be evidenced by one or more Notes, each of which Notes shall be prepared, executed and delivered by the Borrower to the Administrative Agent for the benefit of
such Lender, and shall be substantially in the form attached hereto as Exhibit A. 
 2.04 Use of Proceeds. Borrower shall use the
proceeds of the Loans solely for general corporate purposes, including the refinancing of Pay-Off Indebtedness and payment of fees and expenses associated with the negotiation, execution and implementation of
the Transactions. 
 2.05 Defaulting Lender. 

(a) Defaulting Lender Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a
Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law: 

(i) Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or
consent with respect to this Agreement shall be restricted as set forth in the definition of Required Lenders and Section 9.02(b). 

(ii) Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the
Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 10 or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 9.08
shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, as the Borrower may

  
 35 

 
request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this
Agreement, as determined by the Administrative Agent; third, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to satisfy such Defaulting Lender’s potential
future funding obligations with respect to Loans under this Agreement; fourth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender, against such Defaulting
Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; fourth, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a
court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and fifth, to such Defaulting Lender or as otherwise directed
by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were
made were issued at a time when the conditions set forth in Section 6 were satisfied or waived, such payment shall be applied solely to pay the Loans of to all Non-Defaulting Lenders on a pro rata basis
prior to being applied to the payment of any Loans of such Defaulting Lender until such time as all Loans are held by the Lenders pro rata in accordance with the Commitments without giving effect to clause (iv) below. Any payments, prepayments
or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section shall be deemed paid to and redirected by such Defaulting Lender, and
each Lender irrevocably consents hereto. 
 (iii) Fees. No Defaulting Lender shall be entitled to receive any fee for
any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender). 

(b) Defaulting Lender Cure. If the Borrower and the Administrative Agent agree in writing that a Lender is no longer a Defaulting
Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any cash collateral),
that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans to be held pro rata by the
Lenders in accordance with the Commitments, whereupon, such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower
while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of
any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

  
 36 

 SECTION 3 

PAYMENTS OF PRINCIPAL AND INTEREST 

3.01 Repayments and Prepayments Generally; Application. 

(a) There will be no scheduled amortization payments of principal on the Loans prior to the Maturity Date. 

(b) Any term or provision hereof to the contrary notwithstanding, on the Maturity Date the Borrower shall repay the entire remaining
outstanding balance of the Loans in full in cash. 
 (c) The Borrower agrees that all amounts payable hereunder or any other Loan Document,
whether in respect of principal, interest, fees, costs, expenses, indemnities or otherwise, shall be payable solely in Dollars pursuant to the terms of this Section 3. Except as otherwise provided in this Agreement, each
payment (including each repayment and prepayment) by the Borrower will be deemed to be made ratably in accordance with the Lenders’ Proportionate Shares. 

3.02 Interest. 
 (a) Interest
Generally. The outstanding principal amount of the Loans, as well as the amount of all other outstanding Obligations, shall accrue interest at the Interest Rate. 

(b) Default Interest. Notwithstanding the foregoing, upon the occurrence and during the continuance of any Event of Default, the
Applicable Margin shall increase automatically by four percent (4.00%) per annum (the Interest Rate, as increased pursuant to this Section 3.02(b), being the “Default Rate”). If any Obligation is not
paid when due and payable (after giving effect to any cure right set forth herein or under the applicable Loan Document), the amount thereof shall accrue interest at the Default Rate. 

(c) Interest Payment Dates. Subject to clause (d) below, accrued interest on the Loans shall be payable in cash and in
arrears on each Payment Date with respect to the most recently completed Interest Period, and upon the payment or prepayment of the Loans (on the principal amount being so paid or prepaid, whether before, on or after the Maturity Date);
provided that interest payable at the Default Rate shall also be payable from time to time on demand by the Administrative Agent. 

(d) PIK Interest Option. Notwithstanding clause (c) above, with respect to any Payment Date occurring on or prior to
October 6, 2021 (the “Final PIK Date”), so long as no Event of Default has occurred and is continuing on such date, by delivery of written notice to the Administrative Agent not less than five (5) Business Days
prior to such Payment Date, the Borrower may elect to pay a portion of the interest accruing for the Interest Period ending on such Payment Date equal to one and three quarters percent (1.75)% per annum “in kind” (“PIK
Interest”); provided that (i) such election shall only relate to interest that (x) is due and payable on such Payment Date and (y) has accrued during the Interest Period ending on such Payment Date, and
(ii) the remainder of any interest due and payable on such Payment Date will continue to be due and payable in cash on such date. To the extent the Borrower elects to pay PIK Interest pursuant to this Section 3.02(d)
on any Payment Date, such PIK Interest shall be capitalized and added to the outstanding principal amount of the Loans on such Payment Date, and such PIK 

  
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Interest shall be deemed to be a Loan made hereunder by the Lenders (a “PIK Loan”). The aggregate principal amount of any PIK Loan will be equal to the amount of such PIK
Interest elected to be paid “in kind” by the Borrower on the applicable Payment Date. For purposes of this Agreement and the other Loan Documents, each PIK Loan will bear interest (which shall be due and payable) in accordance with this
Section 3. Notwithstanding anything to the contrary contained in this Agreement or in any other Loan Document, all interest must be paid in cash, irrespective of any election at any time by the Borrower to pay such interest
in the form of PIK Interest if (x) any Event of Default has occurred and is continuing on any Payment Date, or (y) the Payment Date on which the Borrower elects to pay PIK Interest occurs after the Final PIK Date. 

3.03 Prepayments; Prepayment Premium. 

(a) Optional Prepayments. 

(i) Subject to prior written notice pursuant to clause (ii) below, the Borrower shall have the right to optionally prepay, in
whole or in part, the outstanding principal amount of the Loans on any Business Day (a “Prepayment Date”) for an aggregate amount equal to the sum of (x) the aggregate principal amount of the Loans being prepaid,
(y) the Prepayment Premium on the principal amount of the Loans being prepaid, and (z) any accrued but unpaid interest then in effect and payable on the principal amount of the Loans being prepaid (such aggregate amount, the
“Prepayment Price”). 
 (ii) A notice of optional prepayment shall be effective only if received by the Lenders not
later than 2:00 p.m. (Eastern time) on a date not less than three (3) (nor more than five (5)) Business Days prior to the proposed Prepayment Date. Each notice of optional prepayment shall specify the Prepayment Date, the principal amount to be
prepaid, and the Prepayment Price payable on such Prepayment Date. 
 (b) Mandatory Prepayments. Subject to the terms of the
Intercreditor Agreement, 
 (i) Should any Obligor or any of its Subsidiaries experience or suffer a Casualty Event, the Borrower shall make
a mandatory prepayment of the Loans in an aggregate amount equal to the sum of (i) one hundred percent (100%) of the Net Cash Proceeds received with respect to such Casualty Event, (ii) the Prepayment Premium then in effect and payable on
the principal amount of the Loans being prepaid, and (iii) any accrued but unpaid interest on any principal amount of the Loans being prepaid; provided that, if within five (5) Business Days following the occurrence of any such
Casualty Event, a Responsible Officer of the Borrower delivers to the Administrative Agent a notice to the effect that the Borrower or applicable Obligor intends to apply the Net Cash Proceeds from such Casualty Event to acquire assets used or
useful in the business of such Obligor or such Subsidiary, then such Net Cash Proceeds of such Casualty Event may be applied for such purpose in lieu of such mandatory prepayment, provided further that, in the event that Net Cash
Proceeds have not been so applied within one hundred eighty (180) days following the receipt of such Net Cash Proceeds (or, if such Obligor or such Subsidiary enters into a binding agreement with a
non-affiliated third party within such one hundred and eighty (180) days, then within two hundred and seventy (270) days following the receipt of such Net Cash Proceeds), the Borrower shall make a
mandatory prepayment of the Loans in an aggregate amount equal to the sum of (A) one hundred percent (100%) of the unused balance of such Net Cash Proceeds received by the Borrower or any other Obligor as a result of such Casualty Event,
(B) the applicable Prepayment Premium on the principal amount of the Loans being prepaid and (C) any accrued but unpaid interest on such principal amount of the Loans being prepaid. 

  
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 (ii) Upon the occurrence of any Non-Qualified IPO by
any Obligor, the Borrower shall make a mandatory prepayment of the Loans in an aggregate amount equal to the sum of (i) twenty five percent (25%) of the Net Cash Proceeds received by such Obligor with respect to such Non-Qualified IPO, (ii) the Prepayment Premium then in effect and payable on the principal amount of the Loans being prepaid, and (iii) any accrued but unpaid interest on any principal amount of the Loans
being prepaid. 
 (c) Prepayment Premium. Without limiting the foregoing, whenever the Prepayment Premium is in effect and payable
pursuant to the terms hereof, such premium shall be payable on all prepayments of the Loans, whether as a result of clause (a) or (b)(ii) above in this Section 3.03, acceleration or otherwise. 

(d) Application of Payments. Anything contained herein to the contrary notwithstanding, pursuant to the exercise of remedies under
Section 11.02 hereof and except as otherwise provided in the Intercreditor Agreement, all payments and collections received in respect of the Obligations, including proceeds of any payment or prepayment received pursuant to
clauses (a) or (b) above, in each instance, by the Administrative Agent or any of the Lenders shall be remitted to the Administrative Agent and distributed as follows (in the following order of priority, with such proceeds being
applied to a succeeding level of priority only if amounts owing pursuant to the immediately preceding level of priority have been paid in full in cash): 

(A) first, to the payment of that portion of the Obligations payable to the Administrative Agent constituting fees, indemnities, costs,
expenses and other amounts then due and owing (including fees and disbursements and other charges of legal counsel payable under Section 14.03); 

(B) second, to the payment of that portion of the Obligations payable to the Lenders constituting fees, indemnities, expenses and
other amounts then due and owing (including fees and disbursements and other charges of counsel payable under Section 14.03); 

(C) third, to the payment of any accrued and unpaid interest and any fees then due and owing; 

(D) fourth, to the payment of unpaid principal of the Loans, together with the applicable Prepayment Premium thereon; provided
that the portion of principal to be prepaid shall be limited to the extent necessary so as to permit the payment in full of the applicable Prepayment Premium thereon with the proceeds being used for such prepayment; 

(E) fifth, to the payment of any Exit Fee then due and payable; and 

(F) sixth, to the Payment in Full of all other Obligations then due and payable; and 

  
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 (G) seventh, to the Borrower or such other Persons as may lawfully be entitled to or
directed by the Borrower to receive the remainder. 
 3.04 Exit Fee. On the Maturity Date or, if earlier, the date when all principal of the
outstanding Loans is paid in full or becomes due and payable in full (whether as a result of acceleration, mandatory prepayment, voluntary prepayment or repayment, scheduled maturity or otherwise) and all Commitments to lend hereunder have been
terminated, the Borrower will pay to the Administrative Agent (for the benefit of the Lenders) a fully-earned and nonrefundable exit fee (the “Exit Fee”) equal to one-half percent
(0.50%) multiplied by the aggregate original principal amount of all Loans funded. Upon receipt of payment from the Borrower, the Administrative Agent will promptly thereafter distribute the proceeds of such payment to the Lenders pro rata on
the basis of each Lender’s Proportionate Share. 
 SECTION 4 

PAYMENTS, ETC. 
 4.01
Payments. 
 (a) Payments Generally. Each payment of principal, interest and other amounts to be made by the Obligors under
this Agreement or any other Loan Document shall be made (i) in Dollars, in immediately available funds, without deduction, set off or counterclaim, to the Administrative Agent for the account of the respective Lenders to which such payment is
owed, to the deposit account of the Administrative Agent designated by the Administrative Agent by notice to the Borrower, and (ii) not later than 2:00 p.m. (Eastern time) on the date on which such payment is due (each such payment made after
such time on such due date shall be deemed to have been made on the next succeeding Business Day). 
 (b) Application of Payments.
All such payments referenced in clause (a) above shall be applied as set forth in Section 3.03(d) above. 

(c) Non-Business Days. If the due date of any payment under this Agreement (whether in respect
of principal, interest, fees, costs or otherwise) would otherwise fall on a day that is not a Business Day, such date shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be
payable for the period of such extension. 
 4.02 Computations. All computations of interest and fees hereunder shall be computed on the basis
of a year of three hundred and sixty (360) days and actual days elapsed during the period for which payable. 
 4.03 Set-Off. 
 (a) Set-Off Generally. Upon the occurrence
and during the continuance of any Event of Default, the Administrative Agent, each of the Lenders and each of their Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any
and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other indebtedness at any time owing by the Administrative Agent, any Lender and any of their Affiliates to or for the credit or
the account of any Obligor against any 

  
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and all of the Obligations, whether or not such Person shall have made any demand and although such obligations may be contingent or unmatured or owed to an Affiliate of such Lender. Any Person
exercising rights of set off hereunder agrees promptly to notify the Borrower after any such set-off and application, provided that the failure to give such notice shall not affect the validity of such set-off and application. The rights of the Administrative Agent, the Lenders and each of their Affiliates under this Section 4.03 are in addition to other rights and remedies (including
other rights of set-off) that such Persons may have. 
 (b) Exercise of Rights Not Required.
Nothing contained in Section 4.03(a) shall require the Administrative Agent, any Lender or any of their Affiliates to exercise any such right or shall affect the right of such Persons to exercise, and retain the benefits of
exercising, any such right with respect to any other indebtedness or obligation of any Obligor. 
 SECTION 5 

YIELD PROTECTION, ETC. 
 5.01
Additional Costs. 
 (a) Change in Law Generally. If, on or after the date hereof, the adoption of any Law, or any change in
any Law, or any change in the interpretation or administration thereof by any court or other Governmental Authority charged with the interpretation or administration thereof, or compliance by the Administrative Agent or any of the Lenders (or its
lending office) with any request or directive of any such Governmental Authority, shall impose, modify or make applicable any reserve (including any such requirement imposed by the Board of Governors of the Federal Reserve System), special deposit,
contribution, insurance assessment or similar requirement, in each case that becomes effective after the date hereof, against assets of, deposits with or for the account of, or credit extended by, a Lender (or its lending office) or shall impose on
a Lender (or its lending office) any other condition affecting the Loans or the Commitment, and the result of any of the foregoing is to increase the cost to such Lender of making or maintaining the Loans, or to reduce the amount of any sum received
or receivable by such Lender under this Agreement or any other Loan Document, or subject any Lender to any Taxes on its Loan, Commitment or other obligations, or its deposits, reserves, other liabilities or capital (if any) attributable thereto by
an amount deemed by such Lender to be material (other than (i) Indemnified Taxes, (ii) Taxes described in clause (ii) through (v) of the definition of “Excluded Taxes”, and (iii) Connection
Income Taxes), then the Borrower shall pay to such Lender on demand such additional amount or amounts as will compensate such Lender for such increased cost or reduction. 

(b) Change in Capital Requirements. If a Lender shall have determined that, on or after the date hereof, the adoption of any applicable
Law regarding capital adequacy, or any change therein, or any change in the interpretation or administration thereof by any Governmental Authority charged with the interpretation or administration thereof, or any request or directive regarding
capital adequacy (whether or no having the force of law) of any such Governmental Authority, in each case that becomes effective after the date hereof, has or would have the effect of reducing the rate of return on capital of a Lender (or its
parent) as a consequence of a Lender’s obligations hereunder or the Loans to a level below that which a Lender (or its parent) could have achieved but for such adoption, change, request or directive by an amount reasonably deemed by it to be
material, then the Borrower shall pay to such Lender on demand such additional amount or amounts as will compensate such Lender (or its parent) for such reduction. 

  
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 (c) Notification by Lender. Each Lender promptly will notify the Borrower of any
event of which it has knowledge, occurring after the date hereof, which will entitle such Lender to compensation pursuant to this Section 5.01. Before giving any such notice pursuant to this
Section 5.01(c) such Lender shall designate a different lending office if such designation (x) will, in the reasonable judgment of such Lender, avoid the need for, or reduce the amount of, such compensation and
(y) will not, in the reasonable judgment of such Lender, be materially disadvantageous to such Lender. A certificate of such Lender claiming compensation under this Section 5.01, setting forth the additional amount or
amounts to be paid to it hereunder, shall be conclusive and binding on the Borrower in the absence of manifest error. 
 (d) Delay in
Demand. Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to
compensate a Lender pursuant to this Section for any increased costs incurred or reductions suffered more than two hundred and seventy (270) days prior to the date that such Lender notifies the Borrower of such change in law giving rise to such
increased costs or reductions, and of such Lender’s to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the two hundred and seventy (270) day period
referred to above shall be extended to include the period of retroactive effect thereof). 
 (e) Other Laws. Notwithstanding anything
herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives
promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case
be deemed to constitute a change in Law for all purposes of this Section 5.01, regardless of the date enacted, adopted or issued. 

5.02 Illegality. Notwithstanding any other provision of this Agreement, in the event that on or after the date hereof the
adoption of or any change in any applicable Law or in the interpretation or application thereof by any competent Governmental Authority shall make it unlawful for a Lender or its lending office to make or maintain the Loans (and, in the opinion of
such Lender, the designation of a different lending office would either not avoid such unlawfulness or would be disadvantageous to such Lender), then such Lender shall promptly notify the Borrower thereof, following which (i) such Lender’s
Commitment shall be suspended until such time as such Lender may again make and maintain the Loans hereunder and (ii) if such Law shall so mandate, the Loans shall be prepaid by the Borrower on or before such date as shall be mandated by such
Law in an amount equal to the Prepayment Price applicable on the date of such prepayment in accordance with Section 3.03(a). 

  
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 5.03 Taxes. 

(a) Payments Free of Taxes. Any and all payments by or on account of any Obligation shall be made without deduction or withholding for
any Taxes, except as required by any applicable Law. If any applicable Law requires the deduction or withholding of any Tax from any such payment by an Obligor, then such Obligor shall be entitled to make such deduction or withholding and shall
timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by such Obligor shall be increased as necessary so that after such
deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 5) the applicable Recipient receives an amount equal to the sum it would have
received had no such deduction or withholding been made. 
 (b) Payment of Other Taxes by the Borrower. The Borrower shall timely pay
to the relevant Governmental Authority in accordance with applicable Law, or at the option of each Lender, timely reimburse it for, Other Taxes. 

(c) Evidence of Payments. As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to
this Section 5, the Borrower shall deliver to each Lender the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment. 

(d) Indemnification by the Borrower. The Borrower shall reimburse and indemnify each Recipient, within ten (10) days after demand
therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 5) payable or paid by such Recipient or required to be
withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender shall be conclusive absent manifest error. 

(e) Indemnification by the Lender. Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after
demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the
Borrower to do so), and (ii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect
thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be
conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to such
Lender from any other source against any amount due to the Administrative Agent under this paragraph (e). 
 (f) Status of
Lenders. 
 (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any
Loan Document shall deliver to the Borrower such properly completed and executed documentation reasonably requested by the Borrower as will permit such payments to be made without withholding or at a reduced rate of

  
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withholding. In addition, any Lender shall deliver such other documentation prescribed by Law as reasonably requested by the Borrower as will enable the Borrower to determine whether or not such
Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set
forth in Section 5.03(f)(ii)(A), (ii)(B), and (ii)(D)) shall not be required if in such Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material
unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 
 (ii) Without limiting the
generality of the foregoing, in the event that the Borrower is a U.S. Person: 
 (A) any Lender that is a U.S. Person shall deliver to the
Borrower on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower), executed copies of IRS Form W-9
(or successor form) certifying that such Lender is exempt from U.S. federal backup withholding tax; 
 (B) any Foreign Lender shall, to the
extent it is legally entitled to do so, deliver to the Borrower (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time
thereafter upon the reasonable request of the Borrower), whichever of the following is applicable: 
 (1) in the case of a Foreign Lender
claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E as applicable (or successor forms) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such
tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS
Form W-8BEN-E as applicable (or successor forms) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business
profits” or “other income” article of such tax treaty; 
 (2) executed copies of IRS Form
W-8ECI (or successor form); 
 (3) in the case of a Foreign Lender claiming the benefits of the
exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit D-1 to the effect that such Foreign Lender is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the applicable the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation”
described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E as applicable (or successor forms); or 

  
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 (4) to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form
W-8IMY (or successor form), accompanied by IRS Form W-8ECI (or successor form), IRS Form W-8BEN or IRS Form W-8BEN-E (or successor form), a U.S. Tax Compliance Certificate, substantially in the form of Exhibit D-2 or D-3, IRS Form W-9 (or successor form), and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a
partnership and one (1) or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit D-4 on behalf of each such direct and indirect partner on behalf of each such direct and indirect partner. 

(C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower (in such number of copies as shall be
requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower), executed copies of any other form prescribed by
applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable Law to permit the Borrower to determine the
withholding or deduction required to be made; and 
 (D) if a payment made to a Lender under any Loan Document would be subject to U.S.
federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver
to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by Applicable Law (including as prescribed
by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under
FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount, if any, to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall
include any amendments made to FATCA after the date of this Agreement.. 
 Each Lender agrees that if any form or certification it previously delivered
expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower in writing of its legal inability to do so. 

(g) Administrative Agent. On or before the date the Administrative Agent becomes a party to this Agreement, the Administrative Agent
shall provide to the Borrower, a copy of the documentation prescribed in clause (i) or (ii) below, as applicable (together with all required attachments thereto): (i) IRS Form W-9 or any successor
thereto, or (ii) (A) IRS Form W-8ECI or any successor thereto, and (B) with respect to payments received on account of any Lender, a U.S. branch withholding certificate on IRS Form W-8IMY or any successor thereto evidencing its agreement with the Borrower to be treated as a U.S. Person for U.S. federal withholding purposes. At any time thereafter, the Administrative Agent shall provide updated
documentation previously provided (or a successor form thereto) when any documentation previously delivered has expired or become obsolete or invalid or otherwise upon the reasonable request of the Borrower. 

  
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 (h) Treatment of Certain Tax Benefits. If any party to this Agreement determines, in
its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 5 (including by the payment of additional amounts pursuant to this
Section 5), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 5 with respect to the Taxes giving rise to
such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (plus any penalties, interest or other
charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this
Section 5.03(f), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 5.03(f) the payment of which would place the indemnified
party in a less favorable net after-Tax position than the indemnified party would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This
Section 5.03(f) shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other
Person. 
 (i) Mitigation Obligations. If the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender
or to any Governmental Authority for the account of any Lender pursuant to Section 5.01 or this Section 5.03, then such Lender shall (at the request of the Borrower) use commercially reasonable efforts to
designate a different lending office for funding or booking its Loans hereunder or to assign and delegate its rights and obligations hereunder to another of its offices, branches or Affiliates if, in the sole reasonable judgment of such Lender, such
designation or assignment and delegation would (i) eliminate or reduce amounts payable pursuant to Section 5.01 or this Section 5.03, as the case may be, in the future, (ii) not subject such
Lender to any unreimbursed cost or expense and (iii) not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or
assignment and delegation. 
 (j) Survival. Each party’s obligations under this Section 5 shall
survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all Obligations under any Loan
Document. 
 5.04 Delay in Requests. Subject to Section 5.01(d), Failure or delay on the part of any Lender
to demand compensation pursuant to this Section 5 shall not constitute a waiver of such Lender’s right to demand such compensation. 

5.05 Replacement of Lenders. 
 (a)
Replacement of Lenders. If any Lender requests compensation under Section 5.01, or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant
to Section 5.03 and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with paragraph (a) of this Section, or if any Lender is a Defaulting Lender or a
Non-

  
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Consenting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in
accordance with and subject to the restrictions contained in, and consents required by, Section 14.04), all of its interests, rights (other than its existing rights to payments pursuant to Section 5.01 or Section 5.03) and obligations
under this Agreement and the related Loan Documents to an Eligible Transferee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that: 

(i) the Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 14.04; 

(ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued
fees and all other amounts payable to it hereunder and under the other Loan Documents from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts); 

(iii) in the case of any such assignment resulting from a claim for compensation under Section 5.01 or payments required to be made
pursuant to Section 5.03, such assignment will result in a reduction in such compensation or payments thereafter; 
 (iv) such
assignment does not conflict with applicable Law; and 
 (v) in the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented to the applicable amendment, waiver or consent. 

(b) A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or
otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 
 SECTION 6 

CONDITIONS PRECEDENT 

6.01 Conditions to the Borrowing of the Initial Loan. The obligation of each Lender to make its Initial Loan on the Closing Date
shall be subject to the execution and delivery of this Agreement by the parties hereto, the delivery of a Borrowing Notice as required pursuant to Section 2.02, and the prior or concurrent satisfaction of each of the
conditions precedent set forth below in this Section 6.01. 
 (a) Secretary’s Certificate,
Etc. The Administrative Agent shall have received from each Obligor (x) a copy of a good standing certificate, dated a date reasonably close to the Closing Date, for each such Obligor and (y) a certificate, dated as of the Closing
Date, duly executed and delivered by a Responsible Officer of such Obligor as to: 
 (i) resolutions of each such Obligor’s Board then
in full force and effect authorizing the Transactions, including the execution, delivery and performance of each Loan Document to be executed by such Obligor; 

  
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 (ii) shareholder consents of each such Obligor’s shareholders then in full force and
effect authorizing the incurrence of Indebtedness under this Agreement; 
 (iii) the incumbency and signatures of those of its officers,
managing member or general partner or equivalent authorized to execute and deliver each Loan Document to be executed by such Obligor; and 

(iv) the full force and validity of each Organic Document of such Obligor and copies thereof; which certificates shall be in form and
substance reasonably satisfactory to the Administrative Agent, and upon which the Administrative Agent and the Lenders may conclusively rely until they shall have received a further certificate of a Responsible Officer of such Obligor cancelling or
amending the prior certificate of such Person. 
 (b) Delivery of Notes. The Administrative Agent shall have received, on behalf of
each Lender that has requested a Note at least one (1) Business Day prior to the Closing Date, a Note for its Loan, duly executed and delivered by a Responsible Officer of the Borrower. 

(c) Perfection Certificate. The Administrative Agent shall have received a fully completed Perfection Certificate, dated as of the
Closing Date, duly executed and delivered by a Responsible Officer of the Borrower. All documents and agreements required to be appended to the Perfection Certificate, shall be in form and substance reasonably satisfactory to the Administrative
Agent, shall have been executed and delivered by the requisite parties, and shall be in full force and effect. 
 (d) Closing Date
Certificate. The Administrative Agent shall have received a certificate, dated as of the Closing Date and duly executed and delivered by a Responsible Officer of the Borrower (the “Closing Date Certificate”), which
certificate shall be in form and substance reasonably satisfactory to the Administrative Agent and shall, among other things, represent and warrant that the statements made therein are true and correct as of such date, and, at the time such
certificate is delivered, such statements shall in fact be true and correct. The statements in such certificate shall include, among others, that (i) both immediately before and after giving effect to the Borrowing on the Closing Date,
(x) the representations and warranties set forth in each Loan Document that are qualified by materiality, Material Adverse Effect or the like shall, in each case, be true and correct as of such date, except to the extent such representations
and warranties relate to an earlier date in which case such representations and warranties shall be true and correct as of such earlier date, (y) the representations and warranties set forth in each Loan Document that are not qualified by
materiality, Material Adverse Effect or the like shall, in each case, be true and correct in all material respects, except to the extent such representations and warranties relate to an earlier date in which case such representations and warranties
shall be true and correct in all material respects as of such earlier date and (z) no Event of Default shall have then occurred and be continuing, or could reasonably be expected to result from the making of the Loans being advanced, or the
consummation of the Transactions, on the Closing Date, and (ii) all of the conditions set forth in Section 6.01 have been satisfied. 

  
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 (e) Financial Information, Etc. The Administrative Agent shall have received: 

(i) audited consolidated financial statements of the Borrower and its Subsidiaries for the fiscal year ended December 31, 2016; and 

(ii) unaudited consolidated balance sheets of the Borrower and its Subsidiaries for each fiscal quarter ended after December 31, 2017 and
at least thirty (30) days prior to the Closing Date, together with the related consolidated statements of operations (income) for each such fiscal quarter. 

(f) Liquidity Covenant Compliance. The Administrative Agent shall have received written evidence satisfactory to the Administrative
Agent that, as of the Closing Date and after giving effect to the borrowing of the Initial Loan but without the requirement of any Control Agreements being in place with respect to the deposit accounts of the Borrower, the Borrower is in compliance
with Section 10.01. 
 (g) Solvency, Etc. The Administrative Agent shall have received a solvency
certificate duly executed and delivered by the chief financial officer of the Borrower, dated as of the Closing Date, in form and substance reasonably satisfactory to the Administrative Agent certifying that the Obligors and their Subsidiaries, when
taken as a whole, are Solvent as of the Closing Date. 
 (h) Security Documents. The Administrative Agent shall have received
executed counterparts of the Security Agreement, dated as of the date hereof, executed and delivered by each Obligor, together with: 
 (i)
delivery of all certificates (in the case of Equity Interests that are certificated securities (as defined in the UCC)) evidencing the issued and outstanding capital securities held by each Obligor that are required to be pledged under the Security
Agreement, which certificates in each case shall be accompanied by undated instruments of transfer duly executed in blank, or, in the case of Equity Interests that are uncertificated securities (as defined in the UCC), confirmation and evidence
reasonably satisfactory to the Administrative Agent that the security interest required to be pledged therein under the Security Agreement has been transferred and perfected, for the benefit of the Secured Parties, in accordance with Articles 8 and
9 of the NY UCC; 
 (ii) financing statements naming each Obligor as a debtor and the Administrative Agent as the secured party, or other
similar instruments or documents, in each case suitable for filing under the Uniform Commercial Code of all jurisdictions as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the Liens of the Secured Parties
pursuant to the Security Agreement; 
 (iii) UCC-11 (or equivalent) Lien searches reasonably
satisfactory in scope and substance to the Administrative Agent covering each Obligor and its properties; 
 (iv) UCC-3 termination statements, or equivalent, as may be necessary to release all Liens (other than Permitted Liens) in any Collateral described in the Security Agreement previously granted by any Person; 

(v) [reserved]; 

  
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 (vi) [reserved]; and 

(vii) all Short-Form IP Agreements required to be provided under the Security Agreement, each dated as of the Closing Date, executed and
delivered by each Obligor that is required to do so under the Security Agreement. 
 (i) Initial Warrant. The Administrative Agent
shall have received an executed counterpart of a Warrant Certificate pursuant to which an Initial Warrant shall have been issued for each Lender. 

(j) Insurance. The Administrative Agent shall have received insurance certificates that evidence insurance coverage required to be
maintained by the Obligors pursuant to each Loan Document, name the Administrative Agent (for its benefit and the benefit of the Secured Parties) as mortgagee (in the case of property insurance) or loss payee or additional insured (in the case of
liability insurance), as applicable, and provide that no cancellation of the policies will be made without at least thirty (30) days (or, in the case of non-payment, ten (10) days’) prior
written notice to the Administrative Agent. 
 (k) Opinions of Counsel. The Administrative Agent shall have received customary legal
opinions, dated the Closing Date and addressed to the Administrative Agent and the Lenders, from independent legal counsel to the Borrower and the other Obligors, in form and substance reasonably acceptable to the Administrative Agent. 

(l) Intercreditor Agreement. The Administrative Agent and Bridge Bank shall have executed and delivered the Intercreditor Agreement, in
form and substance reasonably satisfactory to the Administrative Agent. 
 (m) Bridge Bank Loan Agreement. The Administrative Agent
shall have received an executed copy of the Bridge Bank Loan Agreement, in form and substance reasonably satisfactory to the Administrative Agent. 

(n) Pay-Off Letters. The Administrative Agent shall have received an executed Pay-Off Letter terminating and cancelling the Pay-Off Indebtedness in full, in form and substance reasonably acceptable to it. 

(o) Anti-Terrorism Laws. The Administrative Agent and the Lenders shall have received, as applicable, all documentation and other
information required by bank regulatory authorities reasonably requested by the Administrative Agent and the Lenders at least five (5) Business Days prior to the Closing Date with respect to applicable “know your customer” and
anti-money laundering rules and regulations, including the Patriot Act. 
 (p) Material Adverse Change. Since December 31, 2017,
there has been no Material Adverse Change. 
 (q) Closing Fees, Expenses, Etc. The Administrative Agent shall have received for its
account and the account of each Lender, all fees, costs and expenses due and payable to them pursuant to the Proposal Letter and Section 14.03, including all reasonable and documented closing costs and fees and all unpaid
reasonable expenses of the Administrative Agent and the Lenders incurred in connection with the Transactions in excess of the Expense Deposit (including the Administrative Agent’s and the Lenders’ legal fees and expenses). 

  
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 6.02 Conditions to the Borrowing of the First Delayed Draw Loan. The
obligation of each Lender to make its First Delayed Draw Loan on the First Delayed Draw Date shall be subject to the delivery of a Borrowing Notice as required pursuant to Section 2.02 and the prior or concurrent
satisfaction of each of the conditions precedent set forth below in this Section 6.02. 
 (a) First Delayed
Draw Certificate. The Administrative Agent shall have received a certificate, dated as of the First Delayed Draw Date and in form and substance reasonably satisfactory to the Administrative Agent (the “First Delayed Draw
Certificate”), duly executed and delivered by a Responsible Officer of the Borrower, in which certificate the Borrower shall, among other things, represent and warrant that the statements made therein are true and correct as of such
date, and, at the time such certificate is delivered, such statements shall in fact be true and correct. The statements in such certificate shall include, among other things, that (i) both immediately before and after giving effect to the First
Delayed Draw Loan (x) the representations and warranties set forth in this Agreement and each other Loan Document shall, in each case, be true and correct in all material respects (or in the case of any representation and warranty subject to a
materiality qualifier, true and correct in all respects), except to the extent such representations and warranties relate to an earlier date in which case such representations and warranties shall be true and correct in all material respects or true
and correct, as applicable, as of such earlier date and (y) no Event of Default shall have then occurred and be continuing, or could reasonably be expected to result from the First Delayed Draw Loan to be advanced on the First Delayed Draw
Date, and (ii) all of the conditions set forth in Section 6.02 have been satisfied. All documents and agreements required to be appended to the First Delayed Draw Certificate, if any, shall be in form and substance
reasonably satisfactory to the Administrative Agent, shall have been executed and delivered by the requisite parties, and shall be in full force and effect. 

(b) First Delayed Draw Warrant. The Administrative Agent shall have received an executed counterpart of a Warrant Certificate pursuant
to which a First Delayed Draw Warrant shall have been issued for each Lender. 
 (c) Fees, Expenses, Etc. The Administrative Agent
shall have received for its account and the account of each Lender, all fees, costs and expenses due and payable to them pursuant to the Section 14.03. 

6.03 Conditions to the Borrowing of the Second Delayed Draw Loan. The obligation of each Lender to make its Second Delayed Draw
Loan on the Second Delayed Draw Date shall be subject to the delivery of a Borrowing Notice as required pursuant to Section 2.02 and the prior or concurrent satisfaction of each of the conditions precedent set forth below
in this Section 6.03. For the avoidance of doubt, the obligation of each Lender to make its portion of the Second Delayed Draw Loan is not conditioned on the Borrower’s prior Borrowing of the First Delayed Draw Loan.

  
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 (a) Second Delayed Draw Certificate. The Lenders shall have received a certificate,
dated as of the Second Delayed Draw Date and in form and substance reasonably satisfactory to the Administrative Agent (the “Second Delayed Draw Certificate”), duly executed and delivered by a Responsible Officer of the
Borrower, in which certificate the Borrower shall, among other things, represent and warrant that the statements made therein are true and correct as of such date, and, at the time such certificate is delivered, such statements shall in fact be true
and correct. The statements in such certificate shall include, among other things, that (i) both immediately before and after giving effect to the Second Delayed Draw Loan (x) the representations and warranties set forth in this Agreement
and each other Loan Document shall, in each case, be true and correct in all material respects (or in the case of any representation and warranty subject to a materiality qualifier, true and correct in all respects), except to the extent such
representations and warranties relate to an earlier date in which case such representations and warranties shall be true and correct in all material respects or true and correct, as applicable, as of such earlier date and (y) no Event of
Default shall have then occurred and be continuing, or could reasonably be expected to result from the Second Delayed Draw Loan to be advanced on the Second Delayed Draw Date, and (ii) all of the conditions set forth in
Section 6.03 have been satisfied. All documents and agreements required to be appended to the Second Delayed Draw Certificate, if any, shall be in form and substance reasonably satisfactory to the Administrative Agent,
shall have been executed and delivered by the requisite parties, and shall be in full force and effect. 
 (b) Second Delayed Draw
Warrant. The Administrative Agent shall have received an executed counterpart of a Warrant Certificate pursuant to which a Second Delayed Draw Warrant shall have been issued for each Lender. 

(c) Revenue Milestone. The Administrative Agent shall have received a certificate, prepared in reasonable detail and executed by a
Responsible Officer of the Borrower, certifying that Revenue for the twelve consecutive month period ended on December 31, 2018 is greater than or equal to $43,200,000. 

(d) Fees, Expenses, Etc. The Administrative Agent shall have received for its account and the account of each Lender, all fees, costs
and expenses due and payable to them pursuant to the Section 14.03. 
 SECTION 7 

REPRESENTATIONS AND WARRANTIES 

The Borrower and each other Obligor hereby jointly and severally represent and warrant to the Administrative Agent and each Lender on the
Closing Date and on each subsequent Borrowing Date, in each case, as set forth below; provided that, any term or provision hereof to the contrary notwithstanding, clauses (b) and (c) of
Section 7.05 shall be deemed to be and include the sole representations and warranties made by the Obligors with respect to Obligor Intellectual Property pursuant to this Section 7. 

7.01 Power and Authority. Each Obligor and each of its Subsidiaries (i) is duly organized and validly existing under the
laws of its jurisdiction of organization, (ii) is qualified to do business and is in good standing in all jurisdictions in which the nature of the business conducted by it makes such qualification necessary and where failure so to qualify could
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (iii) has all requisite corporate or other power and has all Governmental 

  
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Approvals necessary to own its assets and carry on its business as now being or as proposed to be conducted, except in each case, to the extent that failure to have the same could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, and (iv) has full power, authority and legal right to enter into and perform its obligations under each of the Loan Documents to which it is a party
and, in the case of the Borrower, to borrow the Loans hereunder. 
 7.02 Authorization; Enforceability. Each Transaction to
which an Obligor is a party (or to which it or any of its assets or properties is subject) are within such Obligor’s corporate or other powers and have been duly authorized by all necessary corporate action. This Agreement has been duly
executed and delivered by each Obligor and constitutes, and each of the other Loan Documents to which it is a party when executed and delivered by such Obligor will constitute, a legal, valid and binding obligation of such Obligor, enforceable
against such Obligor in accordance with its terms, except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization, moratorium or similar laws of general applicability affecting the enforcement of creditors’
rights and (ii) the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

7.03 Governmental and Other Approvals; No Conflicts. None of the Transactions (i) requires any Governmental Approval of,
registration or filing with, or any other action by, any Governmental Authority or any other Person, except for (x) such as have been obtained or made and are in full force and effect and (y) filings and recordings in respect of perfecting
or recording the Liens created pursuant to the Security Documents, (ii) will violate (1) any applicable Law, the violation of which could reasonably be expected to result in a Material Adverse Effect, (2) any Organic Document of any
Obligor or any of its Subsidiaries or (3) any order of any Governmental Authority the violation of which could reasonably be expected to result in a Material Adverse Effect, (iii) will violate or result in a default under any Contract
binding upon any Obligor or any of its Subsidiaries that, individually or in the aggregate, could reasonably be expected (x) to result in a Material Adverse Effect or (y) solely in respect of any Material Agreement, to give rise to any
rights thereunder to require any payments to be made by any such Person, any Obligor or any of their respective Subsidiaries and (iv) will result in the creation or imposition of any Lien (other than Permitted Liens) on any asset of any Obligor
or any of its Subsidiaries. 
 7.04 Financial Statements; Material Adverse Change. 

(a) Financial Statements. The Borrower has heretofore furnished to the Administrative Agent certain consolidated financial statements
as provided for in Section 6.01(e). Such financial statements, and all other financial statements delivered by the Borrower pursuant hereto (whether prior to the Closing Date or otherwise) present fairly, in all material
respects, the consolidated financial position and results of operations and cash flows of the Borrower and its Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end
audit adjustments and the absence of footnotes in the case of the statements of the type described in Section 8.01(a) and (b). No Obligor nor any of its Subsidiaries has any material contingent liabilities or unusual
forward or long-term commitments not disclosed in the aforementioned financial statements. 

  
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 (b) No Material Adverse Change. Since December 31, 2017, there has been no
Material Adverse Change. 
 7.05 Properties. 

(a) Property Generally. Each Obligor and each of its Subsidiaries has good and marketable title to its personal property and, with
respect to fee owned real estate, fee simple title to, or with respect to leasehold estates, valid leasehold interests in, all its real property, in each case, material to its business, including all Product Assets, subject only to Permitted Liens
and except for minor defects in title that could not reasonably be expected to interfere in any material respect with its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes, including
Product Commercialization and Development Activities with respect to any of its Products. 
 (b) Intellectual Property. 

(i) Schedule 7.05(b) (as such Schedule may be updated or supplemented from time to time by the Borrower as warranted by the ordinary
course of business; provided that, prior to the effectiveness of any such update or supplement, the Administrative Agent, acting reasonably and in good faith, in consultation with the Borrower, shall have determined that such change or
supplement is not being made to cure any Default that has occurred and is continuing as a result of any misrepresentation or error in, or omission from, such Schedule) contains, with respect to each Obligor (set for forth on an Obligor-by-Obligor basis): 
 (A) a complete and accurate list of
all applied for, issued, or registered Patents owned by or exclusively licensed to an Obligor, including the jurisdiction and patent number; 

(B) a complete and accurate list of all applied for or registered Trademarks owned by or exclusively licensed to an Obligor, including the
jurisdiction, trademark application or registration number and the application or registration date; and 
 (C) a complete and accurate
list of all applied for or registered Copyrights owned by or exclusively licensed to an Obligor. 
 (ii) Each Obligor, as applicable, is the
beneficial owner of all right, title and interest in and to the Obligor Intellectual Property that it owns (including, without limitation, Obligor Intellectual Property set forth on Schedule 7.05(b) (as such Schedule may be updated or
supplemented from time to time by the Borrower as warranted by the ordinary course of business; provided that, prior to the effectiveness of any such update or supplement, the Administrative Agent, acting reasonably and in good faith, in
consultation with the Borrower, shall have determined that such change or supplement is not being made to cure any Default that has occurred and is continuing as a result of any misrepresentation or error in, or omission from, such Schedule) as
being owned by the Obligor), with good and marketable title, free and clear of any Liens other than Permitted Liens, and each Obligor has the right to use all its respective Obligor Intellectual Property as an owner to the extent allowed by
applicable law. Without limiting the foregoing, and except as set forth in Schedule 7.05(b) (as such Schedule may be updated or supplemented from time to time by the Borrower as warranted by the ordinary course of business; provided
that, prior 

  
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to the effectiveness of any such update or supplement, the Administrative Agent, acting reasonably and in good faith, in consultation with the Borrower, shall have determined that such change or
supplement is not being made to cure any Default that has occurred and is continuing as a result of any misrepresentation or error in, or omission from, such Schedule): 

(A) other than (1) customary restrictions in in-bound licenses of Obligor Intellectual Property
and non-disclosure agreements, or (2) as would have been or is permitted by Section 9.09, there are no judgments, covenants not to sue, permits, grants, licenses, Liens (other
than Permitted Liens), Claims, or other agreements or arrangements relating to any Material Intellectual Property, including any development, submission, services, research, license or support agreements, which bind, obligate or otherwise restrict
any Obligor or any of its Subsidiaries with respect to any Material Intellectual Property that could reasonably be expected to result in a Material Adverse Change; 

(B) the use by any Obligor or any of its Subsidiaries of any of their respective Obligor Intellectual Property in the ordinary course of such
Person’s businesses, to such Person’s knowledge, does not breach, violate, infringe or interfere with or constitute a misappropriation of any valid rights arising under any Intellectual Property of any other Person; 

(C) (1) there are no pending or, to any Obligor’s knowledge, threatened Claims against any Obligor or any of its Subsidiaries asserted
by any other Person relating to any Obligor Intellectual Property or Material Agreements, including any Claims of adverse ownership, invalidity, infringement, misappropriation, violation or other opposition to or conflict with such Intellectual
Property; and (2) no Obligor or any of its Subsidiaries has received any written notice from any Person that such Obligor or Subsidiary, or the use of any of its Intellectual Property or any of its Product Commercialization and Development
Activities with respect to any Product, infringes upon, violates or constitutes a misappropriation of, or may infringe upon, violate or constitute a misappropriation of any Intellectual Property of any other Person, in each case of clauses
(1) and (2) above that, if adversely determined, could reasonably be expected to result in a Material Adverse Change; 

(D) no Obligor or any of its Subsidiaries has any knowledge that any Obligor Intellectual Property is being infringed, violated,
misappropriated or otherwise used by any other Person without the express authorization of the applicable Obligor or its Subsidiary except as could not reasonably be expected to have a Material Adverse Change, and, without limiting the foregoing, no
Obligor or any of its Subsidiaries has put any other Person on written notice of actual or potential infringement, violation or misappropriation of any Obligor Intellectual Property, and no Obligor or any of its Subsidiaries has initiated the
litigation of any Claim against any other Person with respect to a product or product candidate that would be competitive with a Product; 

(E) since January 1, 2013, all relevant employees and contractors of each Obligor and its Subsidiaries have executed written
confidentiality and invention assignment Contracts with such Obligor or Subsidiary that irrevocably assigns to such Obligor, Subsidiary or its designee all rights of such employees and contractors to any Inventions relating to the business of such
Obligor or its Subsidiary, as applicable; 

  
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 (F) such Obligor’s Obligor Intellectual Property is all the Intellectual Property
necessary for the operation of the business of the Obligors and their Subsidiaries as it is currently conducted, including all current Product Commercialization and Development Activities with respect to the Products, except as could not reasonably
be expected to have a Material Adverse Change; 
 (G) each Obligor and each of its Subsidiaries has taken commercially reasonable
precautions to protect the secrecy, confidentiality and value of its Obligor Intellectual Property owned by such Obligor or Subsidiary consisting of material trade secrets and material confidential information; and 

(iii) With respect to the Obligor Intellectual Property consisting of Patents owned by an Obligor, except as set forth in Schedule 7.05(b)
(as such Schedule may be updated or supplemented from time to time by the Borrower as warranted by the ordinary course of business; provided that, prior to the effectiveness of any such update or supplement, the Administrative Agent,
acting reasonably and in good faith, in consultation with the Borrower, shall have determined that such change or supplement is not being made to cure any Default that has occurred and is continuing as a result of any misrepresentation or error in,
or omission from, such Schedule), and without limiting the representations and warranties in Section 7.05(b)(ii): 

(A) each of the issued claims in such Patents is valid and enforceable except to the extent that the invalidity or unenforceability of such
Patent could not reasonably be expected to result in a Material Adverse Effect; 
 (B) each inventor named in such Patents has executed
written Contracts with an Obligor or its predecessor-in-interest that properly and irrevocably assigns to such Obligor or its predecessor-in-interest all of such inventor’s rights, title and interest to any of the Inventions claimed in such Patents to the extent permitted by applicable Law; 

(C) none of the Patents, or the Inventions claimed in any such Patent, have been dedicated to the public; 

(D) to the knowledge of the Obligors, the Obligors and its Subsidiaries have complied with their respective duties to disclose relevant
information related to such Patents to the relevant governmental agencies, including the U.S. Patent & Trademark Office and equivalent agencies in other jurisdictions; 

(E) subsequent to the issuance of such Patents, no Obligor, any of its Subsidiaries nor any of its predecessors-in-interest, has filed any disclaimer or made or permitted any other voluntary reduction in the scope of the Inventions claimed in such Patents, and none of such Patents are terminally disclaimed
to another patent or patent application that is owned by a Person other than the Obligor or any of its Subsidiaries; 
 (F) no such Patents
have ever been finally adjudicated to be invalid, unpatentable or unenforceable for any reason in any administrative (except to the extent that such adjudication in an administrative proceeding is not reasonably expected to result in a Material
Adverse Change), arbitration, judicial or other proceeding, and, with the exception of publicly available documents in the applicable patent office recorded with respect to any Patents, no Obligor nor any of its Subsidiaries has received any notice
asserting that such Patents are invalid, unpatentable or unenforceable; 

  
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 (G) no allowable or allowed subject matter of such Patents, to any Obligor’s
knowledge, is or has been the subject of any competing conception claim of allowable or allowed subject matter of any patent applications or patents of any third party, interference, re-examination, opposition
or any other post-grant proceedings, nor is any Obligor or any of its Subsidiaries aware of any factual basis for any such interference, re-examination, opposition, inter partes review, post grant
review, or any other post-grant proceedings; 
 (H) to the Obligor’s knowledge, no Obligor, any of its Subsidiaries, nor any prior
owner of any Patent, or any of their respective agents or representatives, have engaged in any conduct, or omitted to perform any necessary act, the result of which would invalidate or render unpatentable or unenforceable any Patent; 

(I) no Obligor nor any of its Subsidiaries has received an opinion, whether preliminary in nature or qualified in any manner, which concludes
that a challenge to the validity or enforceability of any Patents is more likely than not to succeed; and 
 (J) all maintenance fees,
annuities, and the like due or payable on or with respect to any Patents have been timely paid or the failure to so pay could not reasonably be expected to result in a Material Adverse Change. 

7.06 No Actions or Proceedings. 

(a) Litigation. Except as specified on Schedule 7.06(a), there is no litigation, investigation or proceeding pending or
threatened in writing with respect to any Obligor or any of its Subsidiaries by or before any Governmental Authority or arbitrator that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or
result in an Event of Default, or (ii) involves this Agreement, any other Loan Document or any of the Transactions. 
 (b)
Environmental Matters. The operations and property of each Obligor and each of its Subsidiaries comply with all applicable Environmental Laws, except to the extent the failure to so comply (either individually or in the aggregate) could not
reasonably be expected to have a Material Adverse Effect. 
 (c) Labor Matters. There are no strikes, lockouts or other material
labor disputes against any Obligor or any of its Subsidiaries or, to any Obligor’s knowledge, threatened in writing against or affecting any Obligor or any of its Subsidiaries, and no significant unfair labor practice complaint is pending
against any Obligor or any of its Subsidiaries or, to the knowledge of any Responsible Officer of the Borrower, threatened in writing against any Obligor or any of its Subsidiaries before any Governmental Authority. Except as set forth on
Schedule 7.06(c) (as such Schedule may be updated or supplemented from time to time by the Borrower as warranted by the ordinary course of business; provided that, prior to the effectiveness of any such update or
supplement, the Administrative Agent, acting reasonably and in good faith, in consultation with the Borrower, shall have determined that such change or supplement is not being made to cure any Default that has occurred and is continuing as a result
of any misrepresentation or error in, or 

  
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omission from, such Schedule), no Obligor or any of its Subsidiaries is party to any collective bargaining agreements or contracts, no union representation exists on any facilities of the any
Obligor or any of its Subsidiaries and, no Obligor nor any of its Subsidiaries has knowledge of any union organizing activities that are taking place. 

7.07 Compliance with Laws and Agreements. 

(a) Each of the Obligors is in compliance with all Laws (including all Healthcare Laws, Regulatory Approvals and Product Authorizations)
applicable to it and all Contracts binding upon it or its property, except (other than with respect to Material Intellectual Property) where the failure to be in compliance, individually or in the aggregate, could not reasonably be expected to
result in a Material Adverse Effect. 
 (b) In addition to, and not in limitation of the generality of the foregoing, any physician, other
licensed healthcare professional, or any other Person who is in a position to refer patients or other business reimbursable by a federal healthcare program to any Obligor or any of its Subsidiaries (collectively, a “Referral
Source”) who has a direct ownership or investment interest in the Borrower or any of its Subsidiaries has paid or conferred fair market value for such ownership or investment interest; any ownership or investment returns distributed to
any Referral Source is in proportion to such Referral Source’s ownership or investment interest; and no preferential treatment or more favorable terms were or are offered to such Referral Source compared to other investors or owners who are not
in a position to refer patients or other business. No Obligor nor any of its Subsidiaries, directly or indirectly, has guaranteed or will guarantee a loan, make a payment toward a loan or otherwise subsidize a loan for any Referral Source including,
without limitation, any loans related to financing the Referral Source’s ownership or investment interest in the Borrower, any other Obligor or any such Subsidiary. 

(c) In addition to, and not in limitation of the generality of the foregoing: 

(i) any financial relationships between or among the Borrower, any other Obligor, or any of their respective Subsidiaries, on
the one hand, and any Referral Source, on the other hand (i) comply with all applicable Healthcare Laws including, without limitation, the Federal Anti-Kickback Statute, the Stark Law and applicable state anti-kickback and self-referral laws;
(ii) reflect fair market value, have commercially reasonable terms, and were negotiated at arm’s length; and (iii) do not unlawfully obligate the Referral Source to purchase, use, recommend or arrange for the use of any products or
services of the Borrower, any other Obligor, or any of their respective Subsidiaries; and 
 (ii) the Borrower, each other
Obligor, and each of their respective Subsidiaries have implemented policies and procedures to monitor, collect, and report, and will report, any payments or transfers of value to certain healthcare providers and teaching hospitals, in accordance
with industry standards and the Affordable Care Act of 2010 and its implementing regulations and state disclosure and transparency laws. 

7.08 Taxes. Except as set forth on Schedule 7.08, each of the Obligors and each of their Subsidiaries have timely filed or
caused to be filed all federal and other material tax returns and reports required to have been filed and has paid or caused to be paid all taxes required to have been paid by it, except taxes that are being contested in good faith by appropriate
proceedings and for which such Obligor or such Subsidiary, as applicable, has set aside on its books adequate reserves with respect thereto in accordance with GAAP. 

  
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 7.09 Full Disclosure. None of the reports, financial statements, certificates
or other information furnished by or on behalf of the Obligors to any Lender or the Administrative Agent in connection with the negotiation of this Agreement and the other Loan Documents or delivered hereunder or thereunder (as modified or
supplemented by other information so furnished), when taken as a whole, contains any material misstatement of material fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which
they were made, not misleading; provided that, with respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time. 

7.10 Investment Company and Margin Stock Regulation. 

(a) Investment Company Act. No Obligor is an “investment company” as defined in, or subject to regulation under, the
Investment Company Act of 1940, as amended. 
 (b) Margin Stock. No Obligor is engaged principally, or as one (1) of its
important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock, and no part of the proceeds of the Loans will be used to buy or carry any Margin Stock in
violation of Regulation T, Regulation U or Regulation X. 
 7.11 Solvency. The Obligors and their Subsidiaries, when taken as a
whole, are and, immediately after giving effect to any Borrowing to be made at the time of making this representation and warranty and the use of proceeds thereof, will be Solvent. 

7.12 Equity Holders; Subsidiaries; Equity Investments. 

(a) Set forth on Schedule 7.12(a) (as such Schedule may be updated or supplemented from time to time by the Borrower as warranted by
the ordinary course of business; provided that, prior to the effectiveness of any such update or supplement, the Administrative Agent, acting reasonably and in good faith, in consultation with the Borrower, shall have determined that such
change or supplement is not being made to cure any Default that has occurred and is continuing as a result of any misrepresentation or error in, or omission from, such Schedule) is a complete and correct list of all holders of Equity Interests of
the Borrower, setting forth the name of each such holder, the series or class of Equity Interest of the Borrower held by such holder, and the fully-diluted percentage ownership of the Borrower held beneficially by such holder. 

(b) Set forth on Schedule 7.12(b) (as such Schedule may be updated or supplemented from time to time by the Borrower as warranted by
the ordinary course of business; provided that, prior to the effectiveness of any such update or supplement, the Administrative Agent, acting reasonably and in good faith, in consultation with the Borrower, shall have determined that such
change or supplement is not being made to cure any Default that has occurred and is continuing as a result of any misrepresentation or error in, or omission from, such Schedule) is a complete and correct list of all direct and indirect Subsidiaries
of the Borrower as of the date hereof. Each such Subsidiary is duly organized and validly existing under the jurisdiction of its organization shown in said Schedule 7.12(b), and the percentage ownership of each such Subsidiary is as shown in
said Schedule 7.12(b). 

  
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 (c) Set forth on Schedule 7.12(c) (as such Schedule may be updated or supplemented
from time to time by the Borrower as warranted by the ordinary course of business; provided that, prior to the effectiveness of any such update or supplement, the Administrative Agent, acting reasonably and in good faith, in consultation with
the Borrower, shall have determined that such change or supplement is not being made to cure any Default that has occurred and is continuing as a result of any misrepresentation or error in, or omission from, such Schedule) is a complete and correct
list of all other Equity Interests owned or held by each Obligor in any Person that is not a direct or indirect Subsidiary of the Borrower. Such Schedule 7.12(c) also sets forth, in reasonable detail, the type of Equity Interest owned or held
by each such Obligor in such Person and the fully-diluted percentage ownership owned or held beneficially by such Obligor in such Person. 

7.13 Indebtedness and Liens. Set forth on Schedule 7.13(a) is a complete and correct list of all Indebtedness of each
Obligor and each of its Subsidiaries outstanding as of the date hereof that will remain outstanding immediately after the making of the Loans and the application of the proceeds therefrom on the Closing Date. Set forth on Schedule 7.13(b) is
a complete and correct list (in reasonable detail) of all Indebtedness outstanding on the date hereof that will be repaid and satisfied in full on the Closing Date with proceeds of Loans made on such date. 

7.14 Material Agreements. Set forth on Schedule 7.14 (as such Schedule may be updated or supplemented from time to
time by the Borrower as warranted by the ordinary course of business; provided that, prior to the effectiveness of any such update or supplement, the Administrative Agent, acting reasonably and in good faith, in consultation with the
Borrower, shall have determined that such change or supplement is not being made to cure any Default that has occurred and is continuing as a result of any misrepresentation or error in, or omission from, such Schedule) is a complete and correct
list of (i) each Material Agreement and (ii) each Contract creating or evidencing any Material Indebtedness that will remain outstanding immediately after the Borrowing on the Closing Date. Accurate and complete copies of each Contract
disclosed on such schedule have been made available to the Administrative Agent. Except as set forth on Schedule 7.14 (as such Schedule may be updated or supplemented from time to time by the Borrower as warranted by the ordinary course of
business; provided that, prior to the effectiveness of any such update or supplement, the Administrative Agent, acting reasonably and in good faith, in consultation with the Borrower, shall have determined that such change or supplement is
not being made to cure any Default that has occurred and is continuing as a result of any misrepresentation or error in, or omission from, such Schedule), no Obligor or any of its Subsidiaries is in default under any such Material Agreement or
Contract creating or evidencing any Material Indebtedness, and no Responsible Officer of any Obligor or any of its Subsidiaries has any knowledge of any default by any counterparty to such Material Agreement or Contract evidencing Material
Indebtedness. Except as disclosed on Schedule 7.14 (as such Schedule may be updated or supplemented from time to time by the Borrower as warranted by the ordinary course of business; provided that, prior to the effectiveness of any
such update or supplement, the Administrative Agent, acting reasonably and in good faith, in consultation with the Borrower, shall have determined that such change or supplement is not being made to cure any Default that has occurred and is
continuing as a result of any misrepresentation or error 

  
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in, or omission from, such Schedule), all vendor purchase agreements and provider Contracts of the Obligors and their respective Subsidiaries, and all Material Agreements are in full force and
effect without modification from the form in which the same were disclosed to the Administrative Agent. 
 7.15 Restrictive
Agreements. Except as set forth in Schedule 7.15, no Obligor or any of its Subsidiaries is subject to any Restrictive Agreement, except those permitted under Section 9.11. 

7.16 Real Property. Except as set forth in Schedule 7.16 (as such Schedule may be updated or supplemented from time
to time by the Borrower as warranted by the ordinary course of business; provided that, prior to the effectiveness of any such update or supplement, the Administrative Agent, acting reasonably and in good faith, in consultation with the
Borrower, shall have determined that such change or supplement is not being made to cure any Default that has occurred and is continuing as a result of any misrepresentation or error in, or omission from, such Schedule), no Obligor or any of its
Subsidiaries owns or leases (as tenant thereof) any real property. 
 7.17 Pension Matters. Schedule 7.17 (as such Schedule may
be updated or supplemented from time to time by the Borrower as warranted by the ordinary course of business; provided that, prior to the effectiveness of any such update or supplement, the Administrative Agent, acting reasonably and in good
faith, in consultation with the Borrower, shall have determined that such change or supplement is not being made to cure any Default that has occurred and is continuing as a result of any misrepresentation or error in, or omission from, such
Schedule) sets forth a complete and correct list of, and that separately identifies, (i) all Title IV Plans and (ii) all Multiemployer Plans. Except for those material issues that would not, in the aggregate, reasonably be expected to
result in an aggregate liability that exceeds the dollar limitations referred to in Section 11.01(j), (A) each Benefit Plan is in compliance with applicable provisions of ERISA, the Code and other Laws, (B) each
Benefit Plan, and each trust thereunder that is intended to qualify for tax exempt status under Section 401 or 501 of the Code is the subject of a favorable IRS determination letter or opinion letter to such effect, (C) there are no
existing or pending (or to the knowledge of any Obligor or any of its Subsidiaries, threatened) claims (other than routine claims for benefits in the normal course), sanctions, actions, lawsuits or other proceedings or investigation involving any
Benefit Plan to which any Obligor or Subsidiary thereof incurs or otherwise has or would be expected to have an obligation or any liability or Claim, (D) no ERISA Event has occurred, (E) the Borrower, each of the Subsidiaries and each of
their respective ERISA Affiliates have met all applicable requirements under the ERISA Funding Rules with respect to each Title IV Plan, and no waiver of the minimum funding standards under the ERISA Funding Rules has been applied for or obtained,
and (F) no ERISA Affiliate would have any Withdrawal Liability as a result of a complete withdrawal from any Multiemployer Plan on the date this representation is made.. 

7.18 Priority of Obligations; Collateral; Security Interest. Subject to the terms of the Intercreditor Agreement,
(a) no monetary Obligation arising hereunder or under any Loan Document, or arising in connection herewith or therewith, is subordinated to any other Indebtedness (other than Permitted Indebtedness that as a matter of law has priority) and
(b) each Security Document is effective to create in favor of the Secured Parties a legal, valid 

  
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and enforceable security interest in the Collateral subject to such Security Document, each such security interest is legal, valid and enforceable, and each such security interest is perfected
(subject to the terms of the Intercreditor Agreement and other Permitted Liens that as a matter of law have priority) on a first-priority basis and secures the Obligations. 

7.19 Regulatory Approvals. 

(a) Except as set forth in Schedule 7.19(a), with respect to the Products and all Product Commercialization and Development Activities
with respect thereto, the Obligors hold, either directly or through licensees, all Regulatory Approvals necessary or required for such Obligor and each of its Subsidiaries to conduct all current and projected Product Commercialization and
Development Activities with respect to the Products. (i) All regulatory filings, notices, registrations, listings, reports and similar items required to be filed or made by any Regulatory Authority or in respect of any Regulatory Approval or
Product Authorization with respect to any Product or any Product Commercialization and Development Activities have been made (including all required notices, registrations and listings, supplemental applications or notifications, reports (including
field alerts, Product reports or other reports of adverse experiences) and all other required filings with respect to the Products or any related Product Commercialization and Development Activities), and all such filings are complete and correct
and are in compliance with all Laws, (ii) all clinical and pre-clinical trials, if any, of investigational Products have been and are being conducted by each Obligor and its Subsidiaries according to all
applicable Laws (including Healthcare Laws) along with appropriate monitoring of clinical investigator trial sites for their compliance, and (iii) each Obligor has disclosed to the Administrative Agent all such regulatory filings and all
material communications between representatives of each Obligor and its Subsidiaries and any Regulatory Authority. 
 (b) Set forth on
Schedule 7.19(b) is a complete and accurate list of all Regulatory Approvals held, filed or made by the Obligors and their Subsidiaries that are referenced in clause (a) above (other than those listed on Schedule
7.19(a)), setting forth (in reasonable detail and on a Product-by-Product basis) the Obligor or Subsidiary thereof that holds such Regulatory Approval and briefly
summarizing the purpose of such Regulatory Approval. All such Regulatory Approvals are (i) legally and beneficially owned exclusively by, or licensed to, such Obligor or such Subsidiary, as applicable, free and clear of all Liens other than
Permitted Liens, (ii) validly registered and on file with the applicable Regulatory Authority, in compliance with all registration, filing and maintenance requirements (including any fee requirements) thereof, and (iii) valid, enforceable,
in good standing and in full force and effect, with the applicable Regulatory Authority. 
 (c) Each Obligor and each of its Subsidiaries
and, to the knowledge of such Obligor, each of its licensees and agents, are in compliance with all applicable Laws (including all Regulatory Approvals and Product Authorizations) with respect to each Product as to which such Obligor or Subsidiary
conducts, directly or indirectly, any Product Commercialization and Development Activities. 

  
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 (d) Except as set forth on Schedule 7.19(d), and without limiting the generality of
any other representation or warranty made by any Obligor hereunder or under any other Loan Document: (i) all Products and all Product Commercialization and Development Activities comply with all applicable Laws of the FDA and each other
applicable Product Authorization and other Regulatory Approval; (ii) no Obligor, nor any of its Subsidiaries nor, to the knowledge of any Obligor, any of their respective agents, suppliers, licensors or licensees have received any inspection
reports, warning letters or notices or similar documents with respect to any Product or any Product Commercialization and Development Activities from any Regulatory Authority within the last three (3) years that asserts lack of compliance with
any applicable Laws, Regulatory Approvals or other orders, injunctions, or decrees; (iii) no Obligor, nor any of its Subsidiaries nor, to the knowledge of any Obligor, any of their respective agents, suppliers, licensors or licensees have
received any notification from any Regulatory Authority within the last three (3) years, asserting that any Product or any Product Commercialization and Development Activities lacks a required Regulatory Approval or Product Authorization;
(iv) there is no pending regulatory action, investigation or inquiry (other than non-material routine or periodic inspections or reviews) against any Obligor, any of its Subsidiaries or, to the knowledge
of any Obligor, any of their respective suppliers, licensors or licensees with respect to any Product or any Product Commercialization and Development Activities, and, to the knowledge of any Obligor, there is no basis for any adverse regulatory
action against such Obligor or any of its Subsidiaries or, to the knowledge of any Obligor, any of their respective suppliers agents, licensors or licensees with respect to any Product or any Product Commercialization and Development
Activities; and (v) without limiting the foregoing, (A) (1) there have been no product recalls, safety alerts, corrections, withdrawals, marketing suspensions, removals or the like conducted, undertaken or issued by any Obligor or any of
its Subsidiaries, whether voluntary, at the request, demand or order of any Regulatory Authority or otherwise, with respect to any Product or any Product Commercialization and Development Activities within the last three (3) years, (2) no such
product recall, safety alert, correction, withdrawal, marketing suspension, removal or the like has been requested, demanded or ordered by any Regulatory Authority within the last three (3) years, and, to the knowledge of any Obligor, there is
no basis for the issuance of any such product recall, safety alert, correction, withdrawal, marketing suspension, removal or the like with respect to any Product or any Product Commercialization and Development Activities, and (B) no criminal,
injunctive, seizure, detention or civil penalty action has been commenced or threatened in writing by any Regulatory Authority within the last three (3) years with respect to or in connection with any Product or any Product Commercialization
and Development Activities, there are no consent decrees (including plea agreements) that relate to any Product or any Product Commercialization and Development Activities, and, to the knowledge of each Obligor, there is no basis for the
commencement of any criminal injunctive, seizure, detention or civil penalty action by any Regulatory Authority relating to any Product or any Product Commercialization and Development Activities or for the issuance of any consent decree. To the
knowledge of each Obligor, no Obligor nor any of its Subsidiaries nor any of their respective agents, suppliers, licensees or licensors is employing or utilizing the services of any individual who has been debarred or temporarily suspended under any
applicable Law. 
 (e) No Obligor nor any of its Subsidiaries, nor, to the knowledge of such Obligor, any of their respective officers,
employees or agents, has made an untrue statement of a material fact or fraudulent statements to the FDA or any other Regulatory Authority, failed to disclose a material fact required to be disclosed to the FDA or any other Regulatory Authority, or
committed an act, made a statement, or failed to make a statement that, at the time such disclosure was made (or was not made), could reasonably be expected to provide a basis for the FDA or any other Regulatory Authority to invoke its policy
respecting Fraud, Untrue Statements of Material Facts, Bribery and Illegal Gratuities, set forth in 56 Fed. Reg. 46191 (September 10, 1991) or any similar policy. 

  
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 7.20 Transactions with Affiliates. Except as set forth on Schedule 7.20, no
Obligor nor any of its Subsidiaries has entered into, renewed, extended or been a part to, any transaction (including the purchase, sale, lease, transfer or exchange of property or assets of any kind or the rendering of services of any kind) with
any Affiliate prior to the Closing Date that (i) remains in effect on the Closing Date and (ii) would be prohibited pursuant to Section 9.10 if entered into on or after the Closing Date. 

7.21 OFAC. No Obligor nor any of its Subsidiaries, nor, to the knowledge of any Responsible Officer of any Obligor, any of their
respective directors, officers or employees or any of their respective agents acting or benefiting in any capacity in connection with the transactions contemplated by this Agreement (i) is currently the target of any Sanctions (ii) is
located, organized or residing in any Designated Jurisdiction or (iii) deals in, or otherwise engages in any transaction relating to, any property or interest in property blocked pursuant to applicable Sanctions or with any Designated
Jurisdiction in violation of applicable Sanctions. 
 7.22 Anti-Corruption. No Obligor nor any of its Subsidiaries, nor,
to the knowledge of any Responsible Officer of any Obligor, any of their respective directors, officers or employees, (i) is in violation of any applicable anti-corruption Law, or (ii) has to made or offered to make any payment or giving
of, directly or indirectly, any Prohibited Payment or (iii) has been subject to any investigation by any Governmental Authority with regard to any actual or alleged Prohibited Payment. 

7.23 Deposit and Disbursement Accounts. Schedule 7.23 (as such Schedule may be updated or supplemented from time to
time by the Borrower as warranted by the ordinary course of business; provided that, prior to the effectiveness of any such update or supplement, the Administrative Agent, acting reasonably and in good faith, in consultation with the
Borrower, shall have determined that such change or supplement is not being made to cure any Default that has occurred and is continuing as a result of any misrepresentation or error in, or omission from, such Schedule) contains a list of all banks
and other financial institutions at which any Obligor or any of its Subsidiaries maintains deposit accounts, lockboxes, disbursement accounts, investment accounts or other similar accounts, and such Schedule correctly identifies the name, address
and telephone number of each bank or financial institution, the name in which the account is held, the type of account, and the complete account number therefor. 

7.24 Royalty and Other Payments. Except as set forth on Schedule 7.24 (as such Schedule may be updated or supplemented from time
to time by the Borrower as warranted by the ordinary course of business; provided that, prior to the effectiveness of any such update or supplement, the Administrative Agent, acting reasonably and in good faith, in consultation with the
Borrower, shall have determined that such change or supplement is not being made to cure any Default that has occurred and is continuing as a result of any misrepresentation or error in, or omission from, such Schedule), no Obligor, nor any of its
Subsidiaries, is obligated to pay any royalty, milestone payment, deferred payment or any other contingent payment in respect of any Product. 

  
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 7.25 Non-Competes. Neither the Borrower, any
other Obligor, nor any of their respective Subsidiaries, nor any of their respective directors, officers or employees, is subject to a non-compete agreement that prohibits or will interfere with any of the
Product Commercialization and Development Activities, including the development, commercialization or marketing of any Product. 

7.26 Internal Controls. The Borrower acknowledges that its management is responsible for the preparation and fair presentation
of the financial statements of the Borrower and each of its Subsidiaries provided to the Administrative Agent and the Lenders pursuant to Sections 8.01(a), 8.01(b) and 8.01(c), in each case, in accordance with GAAP. The Borrower
has designed, implemented and maintained internal controls relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. 

SECTION 8 
 AFFIRMATIVE
COVENANTS 
 Each Obligor covenants and agrees, for the benefit of the Secured Parties, that, until the Commitments have expired or been
terminated and all Obligations (other than inchoate indemnification and expense reimbursement obligations for which no claim has been made) have been Paid in Full: 

8.01 Financial Statements and Other Information. The Borrower will furnish to the Administrative Agent the following: 

(a) As soon as available and in any event within thirty (30) days after the end of each fiscal month of each fiscal year (including the
last month of each fiscal quarter and each fiscal year), company prepared consolidated balance sheet for the Borrower and its Subsidiaries as of the end of such fiscal month, and the related consolidated statement of income for such fiscal month and
the portion of the fiscal year then ended, prepared in accordance with GAAP consistently applied, all in reasonable detail and setting forth in comparative form the figures for the corresponding period in the preceding fiscal year, together with a
certificate of the chief financial officer of the Borrower stating that such financial statements fairly present the financial condition of the Borrower and its Subsidiaries as at such date and the results of operations of the Borrower and its
Subsidiaries for the period ended on such date and have been prepared in accordance with GAAP consistently applied, subject to changes resulting from normal, year-end audit adjustments and except for the
absence of notes. 
 (b) As soon as available and in any event within forty five (45) days after the end of each fiscal quarter of each
fiscal year (including the fourth fiscal quarter of each fiscal year), unaudited company prepared consolidated balance sheet for the Borrower and its Subsidiaries as of the end of such fiscal quarter, prepared in accordance with GAAP consistently
applied, and the related consolidated statements of income and cash flows for such fiscal quarter and the portion of the fiscal year through the end of such quarter, all in reasonable detail and setting forth in comparative form the figures for the
corresponding period in the preceding fiscal year, together with a certificate of the chief financial officer of the Borrower stating that such financial statements fairly present the financial condition of the Borrower and its Subsidiaries as at
such date and the results of operations of the Borrower and its Subsidiaries for the period ended on such date, subject to changes resulting from normal, year-end audit adjustments and except for the absence
of notes. 

  
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 (c) As soon as available and in any event within one hundred and eighty (180) days
after the end of each fiscal year or five (5) days of filing of the same with the SEC, a consolidated balance sheet for the Borrower and its Subsidiaries as of the end of such fiscal year, and the related consolidated statements of income (or
operations), shareholders’ equity and cash flows for such fiscal year, prepared in accordance with GAAP consistently applied, all in reasonable detail and setting forth in comparative form the figures for the previous fiscal year, accompanied
by a report and opinion thereon of Grant Thornton or another firm of independent certified public accountants of recognized standing reasonable acceptable to the Administrative Agent, which report and opinion shall be prepared in accordance with
generally accepted auditing standards and, except in respect of audited financial statements for the fiscal year ended December 31, 2017, shall not be subject to any Impermissible Qualification. 

(d) Together with the financial statements required pursuant to Sections 8.01(a), (b), and (c), a compliance certificate
of the chief financial officer of the Borrower as of the end of the applicable accounting period in the form of Exhibit E (a “Compliance Certificate”). 

(e) [reserved]. 
 (f) as soon as
available and in any event no later than the earlier of (i) February 28 of each fiscal year and (ii) ten (10) days after the approval thereof by the Board of the Borrower, copies of an annual budget (or equivalent) for the Borrower
and its Subsidiaries, approved by the Borrower’s Board, for such fiscal year, in form reasonably satisfactory to the Administrative Agent (it being acknowledged and agreed that the form of budget prepared by the Borrowers as of the Closing Date
is acceptable to the Administrative Agent), provided that any revisions to such budget approved by the Borrower’s Board shall be delivered to the Administrative Agent no later than seven (7) days after such approval. 

(g) Prior to the consummation of a Qualified IPO of the Borrower, promptly after the same are released, copies of all material press releases.

 (h) Promptly, and in any event within five (5) Business Days after receipt thereof by any Obligor, copies of each written notice or
other written correspondence received from any securities regulator, exchange or similar authority as to which such Obligor is subject concerning any investigation or possible investigation by such authority the results of which, if adverse to the
Borrower and its Subsidiaries, in the reasonable, good faith determination of the Borrower, could reasonably be expected to result in a Material Adverse Effect. 

(i) The information regarding insurance maintained by the Borrower and its Subsidiaries as required under
Section 8.05. 
 (j) Within five (5) days of delivery to (A) the Borrower’s Board (and not any
subcommittee thereof), copies of all reports (including Board kits) and other written information delivered to the Borrower’s Board and (B) prior to the completion of a Public Offering, all holders of any class of Equity Interests of the
Borrower, all material written information delivered to such class of holders; in each case of sub-clauses (A) and (B), provided that any such material may be

  
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redacted by the Borrower to exclude information relating to the Lenders (including the Borrower’s strategy regarding the Loans), confidential information of third parties that the Obligors
and their Subsidiaries are required to hold in confidence, for attorney-client privilege and conflicts of interests between the Administrative Agent and the Secured Parties, on the one hand, and the Obligors and their Subsidiaries, on the other
hand. 
 (k) As soon as possible and in any event within five (5) Business Days after a Responsible Officer of the Borrower obtains
knowledge of any return, recovery, dispute or Claim related to any Product or inventory that involves more than $1,000,000, written notice thereof from a Responsible Officer of the Borrower which notice shall include any statement setting forth
details of such return, recovery, dispute or Claim. 
 (l) Such other information respecting the operations, properties, business or
condition (financial or otherwise) of the Obligors (including with respect to the Collateral and compliance with Section 10) as the Administrative Agent may from time to time reasonably request. 

8.02 Notices of Material Events. The Borrower will furnish to the Administrative Agent written notice of the following promptly (unless
otherwise specified below) after knowledge thereof is obtained by a Responsible Officer: 
 (a) The occurrence of any Default. 

(b) The occurrence of any event with respect to any property or assets of any Obligor or any of its Subsidiaries resulting in a Loss
aggregating in excess of $1,000,000 (or the Equivalent Amount in other currencies). 
 (c) Within three (3) Business Days of the date
thereof, any Claim, event or occurrence, including (to the best of the Borrower’s knowledge) any threatened Claim, relating to Hazardous Waste or violations of Environmental Laws that, if adversely determined, could reasonably be expected to
result in a Material Adverse Effect on any Obligor, any of its Subsidiaries or any of their respective assets, properties or businesses. 

(d) Within three (3) Business Days of the date thereof, the filing or commencement of any action, suit or proceeding by or before any
arbitrator or Governmental Authority against any Obligor or any of its Subsidiaries that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect. 

(e) (i) Upon receipt by any Obligor of notice of any filing by any ERISA Affiliate of any notice of intent to terminate any Title IV Plan, a
copy of such notice and (ii) promptly, and in any event within ten (10) days, after any Responsible Officer of an Obligor knows or has reason to know that a request for a minimum funding waiver under Section 412 of the Code has been
filed with respect to any Title IV Plan or Multiemployer Plan, a notice (which may be made by telephone if promptly confirmed in writing) describing such waiver request and any action that any ERISA Affiliate proposes to take with respect thereto,
together with a copy of any notice filed with the PBGC or the IRS pertaining thereto. 
 (f) The reports and notices as required by the
Security Documents. 

  
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 (g) Within thirty (30) days of the date thereof, or, if earlier, on the date of
delivery of any financial statements pursuant to Section 8.01, notice of any material change in accounting policies or financial reporting practices by the Obligors. 

(h) Promptly after the occurrence thereof, notice of any labor controversy resulting in or threatening to result in any strike, work stoppage,
boycott, shutdown or other labor disruption against or involving an Obligor or any of its Subsidiaries which could reasonably be expected to result in a Material Adverse Effect. 

(i) Any licensing agreement or similar arrangement entered into by any Obligor or any of its Subsidiaries in connection with any infringement
or alleged infringement of the Intellectual Property of another Person, except any such agreement that could not reasonably be expected to meet the criteria of a “Material Agreement” as defined in this Agreement. 

(j) Concurrently with the delivery of financial statements under Section 8.01(b) for any fiscal quarter, the
creation or other acquisition of any Material Intellectual Property by any Obligor after the date hereof and during such fiscal quarter. 

(k) Within three (3) Business Days thereof, any change to any Obligor’s ownership or maintenance of Deposit Accounts, Securities
Accounts and Commodity Accounts, by delivering to the Administrative Agent notice setting forth a complete and correct list of all such accounts as of the date of such change. 

(l) Any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect, including the termination,
notice of breach of or other event or occurrence adversely affecting any Material Agreement or Material Intellectual Property. 
 (m) The
occurrence or existence of any event, circumstance, act or omission that would cause any representation or warranty contained in Section 7.07, Section 7.18 or Section 7.19
to be incorrect in any material respect if such representation or warranty was to be made at the time the Borrower learned of such event, circumstance, act or omission (it being understood by the parties hereto that such notice will not constitute a
representation or warranty by any Obligor that the representations set forth in any such Section are true or correct as of the date that notice is furnished to the Administrative Agent). 

Each notice delivered under this Section 8.02 shall be accompanied by a statement of a Responsible Officer of the
Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. Nothing in this Section 8.02 is intended to waive, consent to or
otherwise permit any action or omission that is otherwise prohibited by this Agreement or any other Loan Document. 
 8.03 Existence; Conduct of
Business. Such Obligor will, and will cause each of its Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and all Governmental Approvals material to the conduct
of its business; provided that the foregoing shall not prohibit any merger, amalgamation, consolidation, liquidation or dissolution permitted under Section 9.03. 

  
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 8.04 Payment of Tax Obligations. Such Obligor will, and will cause each of its Subsidiaries
to, timely pay and discharge its obligations, including all federal and other material Tax obligations imposed upon it or upon its properties or assets prior to the date on which penalties attach thereto, except to the extent such Taxes are being
contested in good faith by appropriate proceedings and are adequately reserved against in accordance with GAAP. 
 8.05 Insurance. Such
Obligor will, and will cause each of its Subsidiaries to maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar
businesses operating in the same or similar locations. Upon the reasonable request of the Administrative Agent, the Borrower shall furnish to the Administrative Agent from time to time: (i) information as to the insurance carried by each
Obligor and each of its Subsidiaries and, if so requested, copies of all such insurance policies and (ii) a certificate from the Borrower’s insurance broker stating that all premiums then due on the policies relating to insurance on the
Collateral have been paid and that such policies are in full force and effect. The Borrower shall use commercially reasonable efforts to ensure, or cause others to ensure, that all insurance policies required under this
Section 8.05 shall provide that they shall not be terminated or cancelled without at least thirty (30) days’ (and for non-payment of insurance, ten (10) days’)
prior written notice to the Borrower and the Administrative Agent. Receipt of notice of termination or cancellation of any such insurance policies shall entitle the Secured Parties to renew any such policies, cause the coverages and amounts thereof
to be maintained at levels required pursuant to the first sentence of this Section 8.05 or otherwise to obtain similar insurance in place of such policies, in each case at the expense of the Borrower (payable on demand).
The amount of any such expenses shall accrue interest at the Default Rate if not paid on demand and shall constitute “Obligations.” 
 8.06
Books and Records; Inspection Rights. Such Obligor will, and will cause each of its Subsidiaries to, keep proper books of record and account in which full, true and correct entries are made of all business dealings and transactions. Such
Obligor will, and will cause each of its Subsidiaries to, permit representatives designated by the Administrative Agent, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and
to discuss its affairs, finances and condition with its independent accountants and a Responsible Officer of the Borrower, all at such reasonable times (but not more often than twice per year unless an Event of Default has occurred and is
continuing) as the Administrative Agent may reasonable request. The Borrower shall pay all costs and expenses of all such inspections. 
 8.07
Compliance with Laws and Other Obligations. Such Obligor will, and will cause each of its Subsidiaries to, (i) comply in all material respects with all applicable Laws (including Environmental Laws and Healthcare Laws) and
(ii) comply in all material respects with all terms of outstanding Indebtedness and all Material Agreements, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect. 
 8.08 Maintenance of Properties, Etc. Such Obligor shall, and shall cause each of its Subsidiaries to, maintain and preserve all of
its assets and properties, including all Product Assets and Obligor Intellectual Property, necessary or useful in the proper conduct of its business in good working order and condition in accordance with the general practice of other Persons of
similar character and size, ordinary wear and tear and damage from casualty or condemnation excepted. 

  
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 8.09 Maintenance of Regulatory Approvals, Contracts, Intellectual Property, Etc. With respect
to the Products and all Product Commercialization and Development Activities, each Obligor will, and will cause each of its Subsidiaries (to the extent applicable) to, (i) maintain in full force and effect all Regulatory Approvals (including
all Product Authorizations), Contracts, Product Related Information, Material Intellectual Property and other rights, interests or assets (whether tangible or intangible) necessary for the operations of such Person’s business and the conduct of
Product Commercialization and Development Activities, (ii) promptly after learning thereof, notify Administrative Agent of any product recalls, safety alerts, corrections, withdrawals, marketing suspensions, removals or the like conducted, to
be undertaken or issued by such Obligor, any of its Subsidiaries or any of their respective agents, suppliers, licensors or licensees, as the case may be, whether voluntary or at the request, demand or order of any Regulatory Authority or otherwise
with respect to any Product or any Product Commercialization and Development Activities, (iii) use commercially reasonable efforts to pursue any infringement or other violation by any Person of such Obligor’s or any of its
Subsidiaries’ Intellectual Property that is used in connection with any Product Commercialization and Development Activities, except in any specific circumstance where both (x) the Borrower is able to demonstrate that it is not
commercially reasonable to do so and (y) where not doing so does not materially adversely affect any Product or the Product Commercialization and Development Activities related to such Product, and (iv) promptly after learning thereof,
notify the Administrative Agent of any Claim by any Person that the conduct of the business of any Obligor or any of its Subsidiaries, including in connection with any Product Commercialization and Development Activities, has infringed upon any
Intellectual Property of such Person that, if adversely determined, could reasonably be expected to result in a Material Adverse Change. 
 8.10
Action under Environmental Laws. Such Obligor shall, and shall cause each of its Subsidiaries to, upon becoming aware of the presence of any Hazardous Materials or the existence of any environmental liability under applicable Environmental
Laws with respect to their respective businesses, operations or properties, take all actions, at their cost and expense, as shall be necessary or advisable, in such Obligor’s good faith opinion, to investigate and clean up the condition of
their respective businesses, operations or properties, including all required removal, containment and remedial actions, and restore their respective businesses, operations or properties to a condition in compliance with applicable Environmental
Laws. 
 8.11 Use of Proceeds. The proceeds of the Loans will be used only as provided in Section 2.04. Without
limiting the foregoing, no part of the proceeds of the Loans will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board of Governors of the Federal Reserve System, including
Regulations T, U and X. 
 8.12 Certain Obligations Respecting Subsidiaries; Further Assurances. 

(a) Subsidiary Guarantors. Subject to clause (c) and clause (d) below and the terms and provisions of
the Intercreditor Agreement, in the event that an Obligor or any of its Subsidiaries shall form or acquire any new Subsidiary, such Obligor and its Subsidiaries will promptly, and in any event within thirty (30) days (or such longer period as
the Administrative Agent, in its sole discretion, may consent to) of such formation or acquisition: 
 (A) cause each such new Subsidiary to
become a “Subsidiary Guarantor” hereunder, a “Grantor” under the Security Agreement, pursuant to a Guarantee Assumption Agreement, and a “Subsidiary Party” under the Intercompany Subordination Agreement; 

  
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 (B) take such action or cause each such Subsidiary to take such action (including joining
the Security Agreement, delivering such shares of stock together with undated transfer powers executed in blank) as shall be necessary to create and perfect valid and enforceable first priority Liens (subject to the terms of the Intercreditor
Agreement and subject to Permitted Liens that as a matter of law have priority) on substantially all assets and properties of such Subsidiary as collateral security for the Obligations; and 

(C) deliver such proof of corporate action, incumbency of officers, opinions of counsel and other documents as is consistent with those
delivered by each Obligor pursuant to Section 6.01 or as the Administrative Agent shall have reasonably requested. 

(b) Further Assurances. Subject to clause (c) and clause (d) below and the terms and provisions of the
Intercreditor Agreement: 
 (i) Such Obligor will, and will cause each of its Subsidiaries (including any newly formed or newly acquired
Subsidiary) to, take such action from time to time as shall reasonably be requested by the Administrative Agent to effectuate the purposes and objectives of this Agreement and the Security Agreement; 

(ii) In the event that such Obligor or any of its Subsidiaries acquires Obligor Intellectual Property during the term of this Agreement, then
the provisions of this Agreement and the Security Agreement shall automatically apply thereto and any such Obligor Intellectual Property shall automatically constitute part of the Collateral under the Security Documents, without further action by
any party, in each case from and after the date of such acquisition; and 
 (iii) Without limiting the generality of the foregoing, each
Obligor will, and will cause each Person that is required to be a Subsidiary Guarantor to, take such action from time to time (including executing and delivering such assignments, security agreements, Control Agreements and other instruments) as
shall be reasonably requested by the Administrative Agent to create, in favor of the Secured Parties, perfected security interests and Liens in substantially all of the personal property of such Obligor as collateral security for the Obligations;
provided that any such security interest or Lien shall be subject to the relevant requirements of the Security Documents; provided, further that, without limiting the right of the Administrative Agent to require a Lien or security
interest in any newly acquired or created Subsidiary or asset, upon the prior written request of the Borrower, the Borrower and the Administrative Agent shall consult, in good faith, as to whether the cost of obtaining a Lien or security interest
thereon would be unreasonably excessive relative to the benefit thereof. 
 (c) Any term or provision of this Section 8.12 to the
contrary notwithstanding, (x) no Subsidiary that is a (i) CFC, (ii) CFC Holding Company or (iii) Domestic Subsidiary of either of the foregoing, shall be required to become a Subsidiary Guarantor, and (y) the Obligors shall not
be required to pledge (or cause to be pledged) to the Administrative Agent for the benefit of the 

  
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Secured Parties Equity Interests of any Subsidiary representing, in the aggregate, more than sixty-five percent (65%) of the Equity Interests of any CFC or CFC Holding Company; provided, that the
above restrictions shall apply only to the extent the Administrative Agent and the Borrower mutually agree that the failure to impose such restrictions could reasonably be expected to generate a material current or future income inclusion to the
Borrower or any of its Domestic Subsidiaries (as determined from time to time). 
 (d) Limitations on Certain Obligations.
Notwithstanding anything to the contrary contained in this Agreement or any other Loan Document, no Obligor shall be required to enter into or obtain any mortgage, deed or trust, leasehold mortgage or any similar agreement in respect to any fee
interest or leasehold interest in real property. . 
 8.13 Termination of Non-Permitted Liens. In the
event that such Obligor or any of its Subsidiaries shall become aware or be notified by the Administrative Agent of the existence of any outstanding Lien against any property of such Obligor or any of its Subsidiaries, which Lien is not a Permitted
Lien, such Obligor shall use its commercially reasonable efforts to promptly terminate or cause the termination of such Lien. 
 8.14 [Reserved.]

 8.15 Cash Management. Such Obligor shall: 

(a) maintain all its deposit accounts, disbursement accounts, investment accounts, lockbox accounts and other similar accounts (in each case
other than any Excluded Accounts) as Controlled Accounts, with all cash, checks and other similar items of payment in such account securing payment of the Obligations, subject to the Intercreditor Agreement; 

(b) deposit promptly after the receipt thereof, all cash, checks, drafts or other similar items of payment relating to or constituting
payments made in respect of any and all accounts and other rights and interests into Controlled Accounts; and 
 (c) at any time after the
occurrence and during the continuance of an Event of Default, at the request of the Administrative Agent (but subject to the terms of the Intercreditor Agreement), such Obligor will cause all payments constituting proceeds of accounts to be directed
into lockbox accounts under agreements in form and substance satisfactory to the Administrative Agent. 
 8.16 Conference Calls. After
delivery of the financial statements pursuant to Sections 8.01(b) and 8.01(c), at the reasonable request of the Administrative Agent, the Borrower shall cause its chief financial officer to participate, at a mutually agreeable time, in
a conference call with the Administrative Agent and the Lenders to discuss, among other things, the financial condition of the Borrower and the other Obligors and such financial statements most recently delivered pursuant to
Section 8.01(b) and 8.01(c). 

  
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 8.17 Post-Closing Obligations. 

(a) The Borrower shall use commercially reasonable efforts to deliver, on or before a date that is sixty (60) days following the Closing
Date (or such later date agreed to by the Administrative Agent), a Landlord Consent in respect of its corporate headquarters. 
 (b) On or
before a date that is sixty (60) days following the Closing Date (or such later date agreed to by the Administrative Agent), the Borrower shall deliver a Bailee Letter with respect to any location where a Grantor maintains Collateral with a
warehouseman, bailee or other third party at any time having a value in excess of $500,000 individually or in the aggregate; provided that the Borrower shall only be required to use commercially reasonable efforts to deliver a Bailee Letter
with respect to Collateral held or maintained with Engineered Medical Systems. 
 (c) On or before a date that is forty-five (45) days
following the Closing Date (or such later date agreed to by the Administrative Agent), the Borrower shall deliver insurance endorsements in compliance with Section 8.05. 

(d) On or before a date that is forty-five (45) days following the Closing Date (or such later date agreed to by the Administrative
Agent), the Borrower shall deliver a Control Agreement with respect to its Deposit Accounts (other than Excluded Accounts), along with a customary legal opinion, dated as of the date thereof, and addressed to the Administrative Agent and the
Lenders, from independent legal counsel to the Borrower and the other Obligors, in form and substance reasonably acceptable to the Administrative Agent. 

SECTION 9 
 NEGATIVE
COVENANTS 
 Each Obligor covenants and agrees, for the benefit of the Secured Parties, that, until the Commitments have expired or been
terminated and all Obligations (other than inchoate indemnification and expense reimbursement obligations for which no claim has been made) have been Paid in Full: 

9.01 Indebtedness. Such Obligor will not, and will not permit any of its Subsidiaries to, create, incur, assume or permit to exist any
Indebtedness, whether directly or indirectly, except: 
 (a) the Obligations; 

(b) Indebtedness existing on the date hereof and set forth on Schedule 7.13(a) and Permitted Refinancings thereof; 

(c) accounts payable to trade creditors for goods and services and current operating liabilities (not the result of the borrowing of money)
incurred in the ordinary course of such Obligor’s or such Subsidiary’s business; 
 (d) Indebtedness incurred as a result of
endorsing negotiable instruments for collection in the ordinary course of business; 

  
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 (e) Indebtedness of (i) any Obligor owing to any other Obligor, (ii) any
Subsidiary that is not an Obligor owing to any Obligor, and (iii) any Obligor or any Subsidiary that is not an Obligor owing to any Subsidiary that is not an Obligor; provided that (A) Indebtedness described in this clause
(e) shall only be permitted if it is subject to the Intercompany Subordination Agreement, and (B) Indebtedness described in clause (e)(iii) shall only be permitted to the extent it does not exceed $200,000 in the aggregate at
any time outstanding for all such Indebtedness incurred pursuant to such clause (e)(iii); 
 (f) Guarantees by any Obligor or any
Subsidiary of Permitted Indebtedness of an Obligor or any of its Subsidiaries; 
 (g) ordinary course of business capitalized lease
obligations and purchase money Indebtedness and any Permitted Refinancing thereof; provided that (i) if secured, the collateral therefor consists solely of the assets being financed, the products and proceeds thereof, improvements and
repairs thereof and books and records related thereto, and (ii) the aggregate outstanding principal amount of such Indebtedness does not exceed $250,000 (or the Equivalent Amount in other currencies) at any time; 

(h) Indebtedness under Hedging Agreements permitted by Section 9.05(f); and 

(i) unsecured Indebtedness incurred in connection with the financing of insurance premiums in the ordinary course of business in an amount not
to exceed $250,000 in the aggregate; 
 (j) unsecured Indebtedness arising from honoring a bank or other financing institution of a check,
draft or similar instrument drawn against insufficient funds in the ordinary course of business, provided that such Indebtedness is extinguished within two (2) Business Days of notice to the Borrower or the relevant Subsidiary of its
incurrence; 
 (k) Indebtedness constituting Permitted Investments; 

(l) Bridge Bank Indebtedness so long as such Indebtedness is subject to the Intercreditor Agreement; 

(m) Indebtedness in connection with the Borrower’s credit card program incurred in the ordinary course of business and in an aggregate
amount not to exceed $250,000 at any time outstanding; 
 (n) to the extent constituting Indebtedness, cash management arrangements provided
by and letters of credit issued by Bridge Bank in an amount not to exceed the Aggregate Bank Services Amount (as defined in the Intercreditor Agreement); and 

(o) Subordinated Debt in an aggregate outstanding principal amount not to exceed $10,000,000 (or the Equivalent Amount in other currencies) at
any time. 
 9.02 Liens. Such Obligor will not, and will not permit any of its Subsidiaries to, create, incur, assume or permit to exist any
Lien on any property now owned by it or such Subsidiary, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except: 

(a) Liens securing the Obligations; 

  
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 (b) any Lien on any property or asset of such Obligor or any of its Subsidiaries existing on
the date hereof and set forth on Schedule 9.02(b); provided that (i) no such Lien shall extend to any other property or asset of such Obligor or any of its Subsidiaries and (ii) any such Lien shall secure only those
obligations which it secures on the date hereof and extensions, renewals and replacements thereof that qualify as Permitted Refinancings; 

(c) Liens securing Indebtedness permitted under Section 9.01(g); provided that such Liens are restricted
solely to the collateral described in Section 9.01(g); 
 (d) Liens imposed by any applicable Law arising in the
ordinary course of business, including (but not limited to) carriers’, warehousemen’s, mechanics’ liens, suppliers and other similar Liens arising in the ordinary course of business and which (x) secure liabilities in the
aggregate amount not to exceed $200,000 or (y) are being contested in good faith by appropriate proceedings, which proceedings have the effect of preventing the forfeiture or sale of the property subject to such Liens; 

(e) Liens incurred in the ordinary course of business in connection with workers’ compensation, employment insurance, old-age pensions, social security and other similar social security legislation; 
 (f) Liens securing
Taxes or other governmental charges or levies, the payment of which is not yet due or is being contested in good faith by appropriate proceedings promptly initiated and for which such reserve or other appropriate provisions have been made; 

(g) servitudes, easements, rights of way, restrictions and other similar encumbrances on real property imposed by any applicable Law and Liens
consisting of zoning or building restrictions, easements, licenses, restrictions on the use of property or minor imperfections in title thereto which, in the aggregate, are not material, and which do not in any case materially detract from the value
of the property subject thereto or interfere with the ordinary conduct of the business of any of the Obligors or any of their Subsidiaries; 

(h) with respect to any real property, (i) such defects or encroachments as might be revealed by an up-to-date survey of such real property; (ii) the reservations, limitations, provisos and conditions expressed in the original grant, deed or patent of such property by the original owner of such real
property pursuant to Laws; and (iii) rights of expropriation, access or user or any similar right conferred or reserved by or in any Law, which, in the aggregate for clauses (i), (ii) and (iii), are not material, and which
do not in any case materially detract from the value of the property subject thereto or interfere with the ordinary conduct of the business of any of the Obligors; 

(i) bankers’ liens, rights of setoff and Liens in favor of financial institutions incurred in the ordinary course of business in
connection with Borrower’s or its Subsidiaries’ deposit accounts or securities accounts; 
 (j) leases or subleases of real
property granted in the ordinary course of Borrower’s or its Subsidiaries’ business (or, if referring to another Person, in the ordinary course of such Person’s business), and leases, subleases, non exclusive licenses or sublicenses
of personal property (other than Intellectual Property) granted in the ordinary course of Borrower’s or its Subsidiaries’ business (or, if referring to another Person, in the ordinary course of such Person’s business), if the leases,
subleases, licenses and sublicenses do not prohibit granting the Administrative Agent a security interest therein; 

  
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 (k) Liens arising from judgments, decrees or attachments in circumstances not constituting
an Event of Default, individually or in the aggregate; 
 (l) licenses entered into in accordance with
Section 9.13; 
 (m) Liens securing the Bridge Bank Indebtedness and all other obligations under the Bridge Bank
Loan Documents subject to the priority and terms set forth in the Intercreditor Agreement; and 
 (n) Liens securing Indebtedness permitted
under Section 9.01(m) or Section 9.01 (n); and 
 (o) Liens arising from precautionary
uniform commercial code financing statements filed under any lease permitted by this Agreement. 
 9.03 Fundamental Changes. Such Obligor will
not, and will not permit any of its Subsidiaries to, (i) enter into any transaction of merger, amalgamation or consolidation, (ii) liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), (iii) make any Acquisition
or acquire any Equity Interests of, or be a party to any Acquisition of, any Person, (iv) issue or sell any of its Equity Interests, or (v) acquire any other assets or properties outside of the ordinary course of business, except, so long
as no Event of Default has occurred and is continuing (or could reasonably be expected to occur as a result of any of the following), the following actions and transactions shall be permitted: 

(a) Investments permitted under Section 9.05(f) or Section 9.05(j); 

(b) the merger, amalgamation or consolidation of any Subsidiary Guarantor with or into any other Obligor; provided that with respect to
any such transaction involving the Borrower, the Borrower must be the surviving or successor entity of such transaction; 
 (c) the sale,
lease, transfer or other disposition by any Subsidiary Guarantor of any or all of its property (upon voluntary liquidation or otherwise) to any other Obligor; and 

(d) the sale, transfer or other disposition of Qualified Equity Interests of any Subsidiary Guarantor to any other Obligor; 

(e) any sale or issuance by the Borrower of Qualified Equity Interests; and 

(f) Permitted Acquisitions. 
 9.04
Lines of Business. Such Obligor will not, and will not permit any of its Subsidiaries to, engage in any business other than the business engaged in on the date hereof by such Persons or a business reasonably related thereto. 

  
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 9.05 Investments. Such Obligor will not, and will not permit any of its Subsidiaries to, make,
directly or indirectly, or permit to remain outstanding any Investments except: 
 (a) Investments outstanding on the date hereof and
identified in Schedule 9.05; 
 (b) Investments consisting of deposit accounts (other than Excluded Accounts) in which the
Administrative Agent has a first-priority perfected interest, subject to the Intercreditor Agreement; 
 (c) extensions of credit in the
nature of accounts receivable or notes receivable arising from the sales of goods or services in the ordinary course of business; 
 (d)
Investments consisting of cash and Permitted Cash Equivalents; 
 (e) Investments of (i) any Obligor in any other Obligor,
(ii) any Subsidiary that is not an Obligor in any Obligor, and (iii) any Obligor or any Subsidiary that is not an Obligor in any Subsidiary that is not an Obligor; provided Investments described in clause (e)(iii) shall only
be permitted to the extent it does not exceed $200,000 in the aggregate at any time outstanding for all such Investments entered into pursuant to such clause (e)(iii); 

(f) Investments in joint ventures or strategic alliances in the ordinary course of Borrower’s business consisting of the non exclusive
licensing of technology, the development of technology or the providing of technical support, provided that any cash Investments by the Borrower do not exceed $250,000.00 (or the Equivalent Amount in other currencies) in aggregate in any fiscal
year; 
 (g) Hedging Agreements entered into in such Obligor’s ordinary course of business for the purpose of hedging currency risks or
interest rate risks (and not for speculative purposes) and in an aggregate notional amount for all such Hedging Agreements not in excess of $250,000 (or the Equivalent Amount in other currencies); 

(h) so long as no Event of Default has occurred and is continuing or could reasonably be expected to occur or result therefrom, Investments
consisting of security deposits with utilities and other like Persons made in the ordinary course of business; 
 (i) Investments consisting
of (i) travel advances and employee relocation loans and other employee loans and advances in the ordinary course of business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of Borrower or
its Subsidiaries pursuant to employee stock purchase plans or agreements approved by Borrower’s board of directors, in any case, not to exceed $125,000 in the aggregate for (i) and (ii) at any time outstanding; 

(j) Investments in connection with dispositions permitted under Section 9.09; 

(k) Investments received in connection with any Insolvency Proceedings in respect of any customers, suppliers or clients and in settlement of
delinquent obligations of, and other disputes with, customers, suppliers or clients; 

  
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 (l) Investments consisting of the endorsement of negotiable instruments for deposit or
collection or similar transactions in the ordinary course of business of the Borrower or any of its Subsidiaries; 
 (m) Permitted
Acquisitions; and 
 (n) so long as no Event of Default has occurred and is continuing or could reasonably be expected to occur or result
therefrom, Investments permitted under Section 9.03. 
 9.06 Restricted Payments. Such Obligor will not, and will
not permit any of its Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment; provided that the following Restricted Payments shall be permitted so long as no Event of Default has occurred
and is continuing or could reasonably be expected to occur or result from such Restricted Payment: 
 (a) (i) dividends with respect to an
Obligor’s or its Subsidiaries’ Equity Interests payable solely in shares of its Qualified Equity Interests (or the equivalent thereof); 

(b) the Borrower’s purchase, redemption, retirement, or other acquisition of shares of its Qualified Equity Interests with the proceeds
received from a substantially concurrent issue of new shares of its Qualified Equity Interests; 
 (c) dividends paid by any Subsidiary of
an Obligor, whether directly or indirectly, to any Obligor; and 
 (d) repurchases pursuant to the terms of stock purchase plans or similar
plans for the benefit of future, current or former directors, officers, employees or consultants of the Borrower, provided that such repurchases do not exceed $200,000 (or the Equivalent Amount in other currencies) in the aggregate in any
fiscal year. 
 9.07 Payments of Indebtedness. Such Obligor will not, and will not permit any of its Subsidiaries to, make any payments in
respect of any Indebtedness other than (i) payments of the Obligations; (ii) payments of Bridge Bank Indebtedness under the Bridge Bank Loan Documents in accordance with the terms of the Intercreditor Agreement; (iii) scheduled
payments of other Permitted Indebtedness; and (iv) subject to the terms of the applicable subordination agreement, payments of Subordinated Debt. 

9.08 Change in Fiscal Year and Accounting. Such Obligor will not, and will not permit any of its Subsidiaries to, (x) change the last day
of its fiscal year from that in effect on the date hereof, or (y) make any significant change in accounting treatment or reporting practices. 

9.09 Sales of Assets, Etc. Such Obligor will not, and will not permit any of its Subsidiaries to, sell, lease, exclusively license (in terms of
geography or field of use), transfer, or otherwise dispose of any of its assets or property (including accounts receivable and Equity Interests of Subsidiaries), or forgive, release or compromise any amount owed to such Obligor or Subsidiary, in
each case, in one (1) transaction or series of transactions (any thereof, an “Asset Sale”), except: 
 (a) sales
of inventory in the ordinary course of its business; 

  
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 (b) cash and Permitted Cash Equivalents pursuant to transactions not prohibited under this
Agreement; 
 (c) the forgiveness, release or compromise of any amount owed to any Obligor or Subsidiary in the ordinary course of business;

 (d) Asset Sales that constitute outbound licenses permitted pursuant to Section 9.13(b); 

(e) transfers of assets or properties by any Subsidiary Guarantor to any other Obligor, so long as such transfer could not reasonably be
expected to result in an Event of Default; 
 (f) dispositions of any assets or property that is obsolete or worn out or no longer used or
useful in the Business, so long as the value of such disposed assets or property does exceed $200,000 in the aggregate in any fiscal year; 

(g) in connection with any transaction permitted under Sections 9.02(j), 9.03 or 9.05; and 

(h) any other asset or part of its business (other than Material Intellectual Property) so long as the value of such transfers does not exceed
$100,000 (or the Equivalent Amount in other currencies) during any fiscal year. 
 9.10 Transactions with Affiliates. Such Obligor will not,
and will not permit any of its Subsidiaries to, sell, lease, license, issue or otherwise transfer any assets to, or purchase, lease, license or otherwise acquire any assets from, or otherwise engage in any other transactions with, any of its
Affiliates, unless: (i) no Default shall have occurred and be continuing (or could reasonably be expected to occur as a result of any such transaction) and (ii) the terms thereof are no less favorable (including the amount of cash received
by the such Obligor) to such Obligor than those that would be obtained in a comparable arm’s-length transaction with a Person not an Affiliate of such Obligor or such Subsidiary. 

9.11 Restrictive Agreements. Such Obligor will not, and will not permit any of its Subsidiaries to, directly or indirectly, enter into, incur or permit
to exist any Restrictive Agreement other than (i) restrictions and conditions imposed by applicable Law or by the Loan Documents or by the Bridge Bank Loan Documents, (ii) Restrictive Agreements listed on Schedule 7.15 and
(iii) Restrictive Agreements for which the Administrative Agent has provided its prior written consent to the Borrower. 
 9.12 Modifications
and Terminations of Material Agreements and Organic Documents. Except to the extent it would not be materially adverse to the interests of any Secured Party or any Obligations, such Obligor will not, and will not permit any of its Subsidiaries
to: 
 (a) amend, modify, terminate, replace or otherwise modify any Organic Document; and 

(b) take or omit to take any action that results in (i) a breach of any Material Agreement or any Material Intellectual Property or (ii)
(other than permitting the expiration of any such Material Agreement or Material Intellectual Property by its terms) results in the termination of (or permit any other Person to terminate) such Material Agreement or any such Material Intellectual
Property. 

  
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 9.13 Inbound and Outbound Licenses 

(a) Inbound Licenses. No Obligor will, nor will it permit any of its Subsidiaries to, enter into or become or remain bound by any
inbound license agreement that would not qualify as a Permitted License or that would require any Obligors (individually or collectively), during any twelve-month period during the term of such license agreement, to make aggregate payments in excess
of $500,000 for any such individual license or agreement or in excess of $1,000,000 when taken together with all other such licenses agreements of the any Obligor and all of its respective Subsidiaries (determined on a consolidated basis), unless no
Default has occurred and is continuing (or could reasonably be expected to occur as a result thereof) and the Borrower has (i) provided prior written notice to the Administrative Agent of the material terms of such license or agreement with a
description of its anticipated and projected impact on the relevant Obligor’s or Subsidiary’s business or financial condition, and (ii) taken such commercially reasonable actions as the Administrative Agent may reasonably request to
obtain the consent of, or waiver by, any Person whose consent or waiver is necessary for the Administrative Agent to be granted a valid and perfected Lien on such license agreement and the right to fully exercise its rights under any of the Loan
Documents in the event of a disposition or liquidation (including in connection with a foreclosure) of the rights, assets or property that is the subject of such license agreement; provided that inbound license agreements in the nature of over the
counter software that are commercially available to the public shall not be subject to this clause (a). 
 (b) Outbound Licenses. No
Obligor will, nor will it permit any of its Subsidiaries to, enter into or become or remain bound by any outbound license of Intellectual Property, unless such outbound license (i) has been entered into on an arm’s length basis, on
commercially reasonable terms and in the ordinary course of business, and (ii) to the extent such Intellectual Property constitutes Collateral, does not impair the Administrative Agent from fully exercising its rights under any of the Loan
Documents in the event of a disposition or liquidation (including in connection with a foreclosure) of the rights, assets or property that is the subject of such license; provided that any outbound license that involves the use of any technology or
Intellectual Property within the Field shall also be required to (A) have been entered into solely for the purpose of Product Commercialization and Development Activities with respect to a Product, (B) not be an exclusive license (whether
as to use, geography or otherwise) and (C) not be perpetual. 
 9.14 Sales and Leasebacks. Except as disclosed on Schedule 9.14,
such Obligor will not, and will not permit any of its Subsidiaries to, become liable, directly or indirectly, with respect to any lease, whether an operating lease or a Capital Lease Obligation, of any property (whether real, personal, or mixed),
whether now owned or hereafter acquired, (i) which such Person has sold or transferred or is to sell or transfer to any other Person and (ii) which such Obligor or Subsidiary intends to use for substantially the same purposes as property
which has been or is to be sold or transferred. 

  
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 9.15 Hazardous Material. Such Obligor will not, and will not permit any of its Subsidiaries
to, use, generate, manufacture, install, treat, release, store or dispose of any Hazardous Material, except in compliance with all applicable Environmental Laws or where the failure to comply could not reasonably be expected to result in a Material
Adverse Effect. 
 9.16 Compliance with ERISA. No ERISA Affiliate shall cause or suffer to exist (i) any event that would reasonably be
expected to result in the imposition of a Lien with respect to any Title IV Plan or Multiemployer Plan or (ii) any other ERISA Event that could, in the aggregate, have a Material Adverse Effect. 

SECTION 10 
 FINANCIAL
COVENANTS 
 10.01 Minimum Liquidity. The Borrower shall at all times maintain a minimum aggregate balance of, (x) on or before
March 31, 2019, $1,000,000 in cash and (y) thereafter and until the Maturity Date, $3,000,000 in cash, in each case, in one or more Controlled Accounts of the Borrower that subject to Section 8.17(d), are free and clear of all Liens,
other than Liens granted hereunder in favor of the Lenders and Liens granted to Bridge Bank under the Bridge Bank Loan Documents so long as the Bridge Bank Indebtedness is outstanding. 

10.02 Minimum Revenue. On each calculation date set forth below in the column entitled “Calculation Date” (each, a
“Calculation Date”), Revenue for the four consecutive fiscal quarter period ended on such Calculation Date shall not be less than the amount set forth in the column entitled “Revenue”: 

 

					
	 Calculation Date
	  	Revenue	 
	 June 30, 2018
	  	$	35,792,000	 
	 September 30, 2018
	  	$	36,787,000	 
	 December 31, 2018
	  	$	38,779,000	 
	 March 31, 2019
	  	$	41,316,000	 
	 June 30, 2019
	  	$	43,019,000	 
	 September 30, 2019
	  	$	44,612,000	 
	 December 31, 2019
	  	$	46,114,000	 
	 March 31, 2020
	  	$	47,242,000	 
	 June 30, 2020
	  	$	48,321,000	 
	 September 30, 2020
	  	$	49,376,000	 
	 December 31, 2020
	  	$	50,725,000	 
	 March 31, 2021
	  	$	51,966,000	 
	 June 30, 2021
	  	$	53,153,000	 
	 September 30, 2021
	  	$	54,314,000	 
	 December 31, 2021
	  	$	55,797,000	 
	 March 31, 2022
	  	$	57,163,000	 
	 June 30, 2022
	  	$	58,468,000	 
	 September 30, 2022
	  	$	59,746,000	 
	 December 31, 2022
	  	$	61,377,000	 
	 March 31, 2023
	  	$	62,879,000	 

  
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 SECTION 11 

EVENTS OF DEFAULT 
 11.01 Events
of Default. Each of the following events shall constitute an “Event of Default”: 
 (a) Principal or Interest
Payment Default. The Borrower shall fail to pay any principal of or interest on the Loans, when and as the same shall become due and payable, whether at the due date thereof, at a date fixed for prepayment thereof or otherwise. 

(b) Other Payment Defaults. Any Obligor shall fail to pay any Obligation (other than an amount referred to in
Section 11.01(a)) when and as the same shall become due and payable, and such failure shall continue unremedied for a period of three (3) Business Days. 

(c) Representations and Warranties. Any representation or warranty made or deemed made by or on behalf of any Obligor or any of its
Subsidiaries in or in connection with this Agreement or any other Loan Document, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any other Loan Document, shall:
(i) prove to have been incorrect when made to the extent that such representation or warranty contains any materiality or Material Adverse Effect qualifier; or (ii) prove to have been incorrect in any material respect when made to the
extent that such representation or warranty does not otherwise contain any materiality or Material Adverse Effect qualifier. 
 (d)
Certain Covenants. Any Obligor shall fail to observe or perform any covenant, condition or agreement contained in Sections 8.02, 8.03 (with respect to the Borrower’s existence), 8.11, 8.12, 8.15,
Section 9 or Section 10. 
 (e) Other Covenants. Any Obligor shall fail to
observe or perform any covenant, condition or agreement contained in this Agreement (other than those specified in Section 11.01(a), (b) or (d)) or any other Loan Document, and, in the case of any failure that
is capable of cure, such failure shall continue unremedied for a period of forty-five (45) or more days. 
 (f) Payment Default on
Material Indebtedness. Any Obligor or any of its Subsidiaries shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable
after giving effect to any applicable grace or cure period as originally provided by the terms of such Indebtedness. 
 (g) Other
Defaults on Material Indebtedness. (i) Any material breach of, or “event of default” or similar event under, the Contract governing any Material Indebtedness shall occur, or (ii) any event or condition occurs (x) that
results in any Material Indebtedness becoming due prior to its scheduled maturity or (y) that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of such Material Indebtedness or any
trustee or agent on its or their behalf to cause such Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this
Section 11.01(g) shall not apply to secured Material Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Material Indebtedness. 

  
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 (h) Insolvency, Bankruptcy, Etc. 

(i) Any Obligor or any of its Subsidiaries becomes insolvent, or generally does not or becomes unable to pay its debts or meet its liabilities
as the same become due, or admits in writing its inability to pay its debts generally, or declares any general moratorium on its indebtedness, or proposes a compromise or arrangement or deed of company arrangement between it and any class of its
creditors. 
 (ii) Any Obligor or any of its Subsidiaries makes an assignment of its property for the general benefit of its creditors or
makes a proposal (or files a notice of its intention to do so). 
 (iii) Any Obligor or any of its Subsidiaries institutes any proceeding
seeking to adjudicate it an insolvent, or seeking liquidation, dissolution, winding-up, reorganization, compromise, arrangement, adjustment, protection, moratorium, relief, stay of proceedings of creditors
generally (or any class of creditors), or composition of it or its debts or any other relief, under any applicable Law, whether U.S. or non-U.S., now or hereafter in effect relating to bankruptcy, winding-up, insolvency, reorganization, receivership, plans of arrangement or relief or protection of debtors or at common law or in equity, or files an answer admitting the material allegations of a petition filed
against it in any such proceeding. 
 (iv) Any Obligor or any of its Subsidiaries applies for the appointment of, or the taking of
possession by, a receiver, interim receiver, receiver/manager, sequestrator, conservator, custodian, administrator, trustee, liquidator, voluntary administrator, receiver and manager or other similar official for it or any substantial part of its
property. 
 (v) Any Obligor or any of its Subsidiaries takes any action, corporate or otherwise, to approve, effect, consent to or
authorize any of the actions described in this Section 11.01(h), or otherwise acts in furtherance thereof or fails to act in a timely and appropriate manner in defense thereof. 

(vi) Any petition is filed, application made or other proceeding instituted against or in respect of any Obligor or any of its Subsidiaries:

 (A) seeking to adjudicate it as insolvent; 

(B) seeking a receiving order against it; 

(C) seeking liquidation, dissolution, winding-up, reorganization, compromise, arrangement,
adjustment, protection, moratorium, relief, stay of proceedings of creditors generally (or any class of creditors), deed of company arrangement or composition of it or its debts or any other relief under any applicable Law, whether U.S. or non-U.S., now or hereafter in effect relating to bankruptcy, winding-up, insolvency, reorganization, receivership, plans of arrangement or relief or protection of debtors or
at common law or in equity; or 
 (D) seeking the entry of an order for relief or the appointment of, or the taking of possession by, a
receiver, interim receiver, receiver/manager, sequestrator, conservator, custodian, administrator, trustee, liquidator, voluntary administrator, receiver and manager or other similar official for it or any substantial part of its property, 

  
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 in each of the foregoing sub-clauses
(A) through (D), such petition, application or proceeding continues undismissed, or unstayed and in effect, for a period of forty-five (45) days after the institution thereof; provided that if an order, decree or judgment is granted
or entered (whether or not entered or subject to appeal) against such Obligor or such Subsidiary thereunder in the interim, such grace period will cease to apply; provided, further, that if such Obligor or such Subsidiary files an
answer admitting the material allegations of a petition filed against it in any such proceeding, such grace period will cease to apply. 

(i) Judgments. One (1) or more judgments for the payment of money in an aggregate amount in excess of $250,000 (or the Equivalent
Amount in other currencies) (not covered by independent third party insurance as to which (x) the Borrower or the applicable Subsidiary has submitted such claim to such insurance carrier and (y) liability has not been denied by such
insurance carrier) shall be rendered against any Obligor or any of its Subsidiaries or any combination thereof and the same shall remain undischarged for a period of forty five (45) calendar days during which execution shall not be effectively
stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of any Obligor to enforce any such judgment. 

(j) ERISA and Pension Plans. (i) An ERISA Event shall have occurred that, when taken together with all other ERISA Events that
have occurred, could reasonably be expected to result in liability in an aggregate amount exceeding (i) $250,000 in any year or (ii) $500,000 for all periods until repayment of all Obligations. 

(k) Change of Control. A Change of Control shall have occurred. 

(l) Material Adverse Change. A Material Adverse Change shall have occurred. 

(m) Key Person Event. Prior to the completion of a Qualified IPO, a Key Person Event shall have occurred and the Borrower has not
appointed a replacement for the Key Person who has been approved by the Administrative Agent (such approval not to be unreasonably delayed, withheld or conditioned) within one hundred eighty (180) days of the occurrence of such Key Person
Event. 
 (n) Impairment of Security, Guarantees, Etc. If any of the following events occurs: (i) any Lien created by any of the
Security Documents shall at any time not constitute a valid and perfected Lien on the applicable Collateral in favor of the Secured Parties, free and clear of all other Liens (other than Permitted Liens) other than as a result of any action or
inaction of the Administrative Agent or any Lender, (ii) except for expiration in accordance with its terms, any of the Security Documents or any Guarantee of any of the Obligations (including that contained in
Section 12) shall for whatever reason cease to be in full force and effect, or (iii) any Obligor shall, directly or indirectly, contest in writing in any manner such effectiveness, validity, binding nature or
enforceability of any such Lien or any Loan Document. 

  
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 (o) Regulatory Matters, Etc. (a) Except with respect to matters set forth in
clause (b) below, any Governmental Approval shall have been revoked, rescinded, suspended, modified in an adverse manner, or not renewed in the ordinary course and such revocation, rescission, suspension, modification or non renewal has
resulted in or could reasonably be expected to result in a Material Adverse Change; or (b) (i) the FDA, the United States Department of Justice or other Governmental Authority initiates a regulatory action against Borrower or any of its
Subsidiaries or any supplier of Borrower or any of its Subsidiaries that causes Borrower or any of its Subsidiaries to recall, withdraw, remove or discontinue manufacturing, distributing, and/or marketing any of its products, even if such action is
based on previously disclosed conduct and such recall, withdrawal, removal, or discontinuance could reasonably be expected to result in liability and expense to Borrower or any of its Subsidiaries of $1,000,000 or more in the aggregate;
(ii) the FDA issues a warning letter to Borrower or any of its Subsidiaries with respect to any of its activities or products which could reasonably be expected to result in a Material Adverse Change; (iii) Borrower or any of its
Subsidiaries conducts a mandatory or voluntary recall which could reasonably be expected to result in liability and expense to Borrower or any of its Subsidiaries of $1,000,000 or more; (iv) Borrower or any of its Subsidiaries enters into a
settlement agreement with the FDA, the United States Department of Justice or other Governmental Authority that results in aggregate liability as to any single or related series of transactions, incidents or conditions, of $1,000,000 or more, or
that could reasonably be expected to result in a Material Adverse Change, even if such settlement agreement is based on previously disclosed conduct; or (v) the FDA revokes any authorization or permission granted under any Registration, or
Borrower or any of its Subsidiaries withdraws any Registration, that could reasonably be expected to result in a Material Adverse Change. 

(p) Warrant. For so long as the Lender or any Affiliate of the Lender is a holder of the Warrants (i) Any representation or
warranty made or deemed made by or on behalf of the Borrower under any Warrant Certificate shall: (i) prove, when taken as a whole, to have been incorrect when made to the extent that such representation or warranty contains any materiality or
Material Adverse Effect qualifier; or (ii) prove, when taken as a whole, to have been incorrect in any material respect when made to the extent that such representation or warranty does not otherwise contain any materiality or Material Adverse
Effect qualifier; or (ii) after giving effect to any cure period set forth in any Warrant, the Borrower shall fail to observe or perform any covenant, condition or agreement contained in any Warrant. 

11.02 Remedies. Upon the occurrence of any Event of Default, then, and in every such event (other than an Event of Default described in
Section 11.01(h)), and at any time thereafter during the continuance of such event, the Administrative Agent may, by notice to the Borrower, terminate any outstanding Commitments of any Lender and declare the Loans then
outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable,
together with accrued interest thereon and all fees and other Obligations, shall become due and payable immediately (in the case of the Loans, at the Prepayment Price therefor), without presentment, demand, protest or other notice of any kind, all
of which are hereby waived by each Obligor; and in case of an Event of Default described in Section 11.01(h), the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other
Obligations, shall automatically become due and payable immediately (in the case of the Loans, at the Prepayment Price therefor), without presentment, demand, protest or other notice of any kind, all of which are hereby waived by each Obligor. 

  
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 11.03 Additional Remedies. Upon the occurrence and during the continuance of an Event of
Default, if any Obligor or any of its Subsidiaries shall be in default under a Material Agreement, the Administrative Agent, on behalf of the Lenders, shall have the right (but not the obligation) to cause the default or defaults under such Material
Agreement to be remedied (including, without limitation, by paying any unpaid amount thereunder) and otherwise exercise any and all rights of such Obligor or Subsidiary, as the case may be, thereunder, as may be necessary to prevent or cure any
default. Without limiting the foregoing, upon any such default, each Obligor shall promptly execute, acknowledge and deliver to the Administrative Agent such instruments as may reasonably be required of such Obligor to permit the Administrative
Agent to cure any default under the applicable Material Agreement or permit the Administrative Agent to take such other action required to enable the Lenders to cure or remedy the matter in default and preserve the interests of the Lenders. Any
amounts paid by the Administrative Agent pursuant to this Section 11.03 shall be payable on demand by Obligors, shall accrue interest at the Default Rate if not paid on demand, and shall constitute
“Obligations.” 
 SECTION 12 

GUARANTEE 
 12.01 The
Guarantee. The Subsidiary Guarantors hereby jointly and severally guarantee to the Administrative Agent, for the ratable benefit of the Lenders and their successors and assigns, the prompt payment in full when due (whether at stated maturity, by
acceleration or otherwise) of the principal of and interest on the Loans, all fees and other amounts and Obligations (other than inchoate indemnification and reimbursement obligations for which no claim has been made) from time to time owing to the
Administrative Agent and the Lenders by the Borrower and each other Subsidiary Guarantor under this Agreement or under any other Loan Document, in each case strictly in accordance with the terms hereof and thereof (such obligations being herein
collectively called the “Guaranteed Obligations”). The Subsidiary Guarantors hereby further jointly and severally agree that if the Borrower or any other Subsidiary Guarantor shall fail to pay in full when due (whether at
stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, the Subsidiary Guarantors will promptly pay the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of
any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal. 

12.02 Obligations Unconditional. The obligations of the Subsidiary Guarantors under Section 12.01 are absolute and
unconditional, joint and several, irrespective of the value, genuineness, validity, regularity or enforceability of the obligations of the Borrower or any other Subsidiary Guarantor under this Agreement or any other Loan Document, or any
substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, to the fullest extent permitted by Law, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or
equitable discharge or defense of a surety or guarantor (other than the Payment in Full of the Guaranteed Obligations), it being the intent of this Section 12.02 that the obligations of the Subsidiary Guarantors hereunder
shall be absolute and unconditional, joint and several, under any and all circumstances. Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability
of the Subsidiary Guarantors hereunder, which shall remain absolute and unconditional as described above: 
 (a) at any time or from time to
time, without notice to the Subsidiary Guarantors, the time for any performance of or compliance with any of the Guaranteed Obligations shall be extended, or such performance or compliance shall be waived; 

  
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 (b) any of the acts mentioned in any of the provisions of this Agreement or any other
agreement or instrument referred to herein shall be done or omitted; 
 (c) the maturity of any of the Guaranteed Obligations shall be
accelerated, or any of the Guaranteed Obligations shall be modified, supplemented or amended in any respect in accordance with the terms of this Agreement, or any right under this Agreement or any other Loan Document shall be waived or any other
guarantee of any of the Guaranteed Obligations or any security therefor shall be released or exchanged in whole or in part or otherwise dealt with; or 

(d) any lien or security interest granted to, or in favor of, the Secured Parties as security for any of the Guaranteed Obligations shall fail
to be perfected. 
 Except to the extent otherwise expressly provided herein or in any other Loan Document, the Subsidiary Guarantors hereby
expressly waive diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement that the Administrative Agent or any Lender exhaust any right, power or remedy or proceed against the Borrower or any other Subsidiary
Guarantor under this Agreement or any other Loan Document, or against any other Person under any other guarantee of, or security for, any of the Guaranteed Obligations. 

12.03 Reinstatement. The obligations of the Subsidiary Guarantors under this Section 12 shall be automatically
reinstated if and to the extent that for any reason any payment by or on behalf of the Borrower in respect of the Guaranteed Obligations is rescinded or must be otherwise restored by any holder of any of the Guaranteed Obligations, whether as a
result of any proceedings in bankruptcy or reorganization or otherwise, and the Subsidiary Guarantors jointly and severally agree that they will indemnify the Administrative Agent, the Lenders and any other Secured Party on demand for all reasonable
and documented costs and expenses (including reasonable and documented fees of counsel) incurred by such Persons in connection with such rescission or restoration, including any such reasonable and documented costs and expenses incurred in defending
against any claim alleging that such payment constituted a preference, fraudulent transfer or similar payment under any bankruptcy, insolvency or similar Law, in each case, to the same extent that such claim would be subject to an indemnification
right under Section 14.03(c) hereof. 
 12.04 Subrogation. The Subsidiary Guarantors hereby jointly and severally
agree that, until the Payment in Full of all Guaranteed Obligations and the expiration and termination of the Commitments, they shall not exercise any right or remedy arising by reason of any performance by them of their guarantee in
Section 12.01, whether by subrogation or otherwise, against the Borrower or any other guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed Obligations. 

  
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 12.05 Remedies. The Subsidiary Guarantors jointly and severally agree that, as between the
Subsidiary Guarantors, on one hand, and the Administrative Agent and the Lenders, on the other hand, the obligations of the Borrower under this Agreement and under the other Loan Documents may be declared to be forthwith due and payable as provided
in Section 11 (and shall be deemed to have become automatically due and payable in the circumstances provided in Section 11) for purposes of Section 12.01 notwithstanding
any stay, injunction or other prohibition preventing such declaration (or such obligations from becoming automatically due and payable) as against the Borrower and that, in the event of such declaration (or such obligations being deemed to have
become automatically due and payable), such obligations (whether or not due and payable by the Borrower) shall forthwith become due and payable by the Subsidiary Guarantors for purposes of Section 12.01. 

12.06 Instrument for the Payment of Money. Each Subsidiary Guarantor hereby acknowledges that the guarantee in this
Section 12 constitutes an instrument for the payment of money, and consents and agrees that the Administrative Agent and the Lenders, at their sole option, in the event of a dispute by such Subsidiary Guarantor in the
payment of any moneys due hereunder, shall have the right to proceed by motion for summary judgment in lieu of complaint pursuant to N.Y. Civ. Prac. L&R § 3213. 

12.07 Continuing Guarantee. The guarantee in this Section 12 is a continuing guarantee, and shall apply to all
Guaranteed Obligations whenever arising. 
 12.08 Rights of Contribution. The Subsidiary Guarantors hereby agree, as between themselves, that
if any Subsidiary Guarantor shall become an Excess Funding Guarantor (as defined below) by reason of the payment by such Subsidiary Guarantor of any Guaranteed Obligations, each other Subsidiary Guarantor shall, on demand of such Excess Funding
Guarantor (but subject to the next sentence), pay to such Excess Funding Guarantor an amount equal to such Subsidiary Guarantor’s Fair Share (as defined below and determined, for this purpose, without reference to the properties, debts and
liabilities of such Excess Funding Guarantor) of the Excess Payment (as defined below) in respect of such Guaranteed Obligations. The payment obligation of a Subsidiary Guarantor to any Excess Funding Guarantor under this
Section 12.08 shall be subordinate and subject in right of payment to the prior Payment in Full of the obligations of such Subsidiary Guarantor under the other provisions of this Section 12 and
such Excess Funding Guarantor shall not exercise any right or remedy with respect to such excess until payment and satisfaction in full of all of such obligations. 

For purposes of this Section 12.08, (i) “Excess Funding Guarantor” means, in respect of any
Guaranteed Obligations, a Subsidiary Guarantor that has paid an amount in excess of its Fair Share of such Guaranteed Obligations, (ii) “Excess Payment” means, in respect of any Guaranteed Obligations, the amount paid by an
Excess Funding Guarantor in excess of its Fair Share of such Guaranteed Obligations and (iii) “Fair Share” means, as of the date of determination, for any Subsidiary Guarantor, the ratio (expressed as a percentage) of
(x) the amount by which the aggregate present fair saleable value of all properties of such Subsidiary Guarantor (excluding any shares of stock of any other Subsidiary Guarantor) exceeds the amount of all the debts and liabilities of such
Subsidiary Guarantor (including contingent, subordinated, unmatured and unliquidated liabilities, but excluding the obligations of such Subsidiary Guarantor hereunder and any obligations of any other Subsidiary Guarantor that have been Guaranteed by
such Subsidiary Guarantor) to (y) the amount by which the aggregate fair saleable value of all properties of all of the Subsidiary Guarantors exceeds the amount of all the debts and liabilities (including contingent, subordinated, unmatured and
unliquidated liabilities, but excluding the obligations of the Borrower and the Subsidiary Guarantors hereunder and under the other Loan Documents) of all of the Subsidiary Guarantors, determined as of the date of any payment under this
Section 12. 

  
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12.09 General Limitation on Guarantee Obligations. In any action or proceeding involving any provincial, territorial or state corporate law, or any state or federal bankruptcy,
insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of any Subsidiary Guarantor under Section 12.01 would otherwise, taking into account the provisions of
Section 12.08, be held or determined to be void, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under Section 12.01, then,
notwithstanding any other provision hereof to the contrary, the amount of such liability shall, without any further action by such Subsidiary Guarantor, the Administrative Agent, any Lender or any other Person, be automatically limited and reduced
to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding. 

12.10 Release of Subsidiary Guarantors. If, in compliance with the terms and provisions of the Loan Documents, all or substantially all of the
Equity Interests of a Subsidiary Guarantor are sold or otherwise transferred to a Person or Persons in a transaction permitted hereunder or any Subsidiary Guarantor becomes a CFC or CFC Holding Company with respect to which the restrictions set
forth in clause (x) of Section 8.12(c) would apply after taking into account the proviso thereto (any such Subsidiary Guarantor, a “Transferred Guarantor”), such Transferred Guarantor shall, upon the consummation of
such sale or transfer or other transaction, be automatically released from its obligations under this Agreement (including this Section 12) and the other Loan Documents and any pledge of Collateral by such Transferred Guarantor shall be
automatically released and the Equity Interests of such Transferred Guarantor held by the Administrative Agent shall be automatically released. The Administrative Agent shall take such actions as reasonably requested by the Borrower to effect each
release described in this Section 12.10. 
 SECTION 13 

ADMINISTRATIVE AGENT 
 13.01
Appointment. Each of the Lenders hereby irrevocably appoints Perceptive Credit Holdings II, LP to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such
actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this
Section 13 are solely for the benefit of the Administrative Agent and the Lenders, and neither the Borrower nor any other Obligor will have rights as a third-party beneficiary of any of such provisions. It is understood and
agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising
under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties. 

  
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 13.02 Rights as a Lender. The Person serving as the Administrative Agent hereunder will have
the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and the term “Lender” or “Lenders” will, unless otherwise expressly indicated or
unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity as a Lender. The Lenders acknowledge and agree that such Person and its Affiliates may accept deposits from, lend
money to, own securities of, act as the financial advisor or in any other advisory capacity for, and generally engage in any kind of business with, the Borrower, the other Obligors or any other Subsidiaries or Affiliates of the Obligors as if such
Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders. 
 13.03 Exculpatory Provisions.

 (a) The Administrative Agent will not have any duties or obligations except those expressly set forth herein and in the other Loan
Documents, and its duties hereunder are administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent: 

(i) will not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing; 

(ii) will not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Majority Lenders (or such other number or percentage of the Lenders as will be expressly provided for
herein or in the other Loan Documents); provided that the Administrative Agent will not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to
any Loan Document or applicable Law, including any action that may be in violation of the automatic stay under any Debtor Relief Law; and 

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

(b) The Administrative Agent will not be liable to the Lenders for any action taken or not taken by it (i) with the consent or at the
request of the Majority Lenders (or such other number or percentage of the Lenders as will be necessary, or as the Administrative Agent believes in good faith will be necessary, under the circumstances), or (ii) in the absence of its own gross
negligence or willful misconduct as determined by a court of competent jurisdiction by final and non-appealable judgment. The Administrative Agent will be deemed not to have knowledge of any Default unless and
until notice describing such Default is given to the Administrative Agent in writing by the Borrower or a Lender. 

  
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 (c) The Administrative Agent will not be responsible for or have any duty to ascertain or
inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in
connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability,
effectiveness or genuineness of this Agreement, any other Loan Document or (v) the satisfaction of any condition set forth in Section 6 or elsewhere herein, other than to confirm receipt of items expressly required to
be delivered to the Administrative Agent. 
 13.04 Reliance by Administrative Agent. The Administrative Agent will be entitled to rely upon,
and will not incur any liability to the Lenders for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other
distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been
made by the proper Person, and will not incur any liability to the Lenders for relying thereon. In determining compliance with any condition hereunder to the making of the Loans that by its terms must be fulfilled to the satisfaction of a Lender,
the Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent has received notice to the contrary from such Lender prior to the making of such Loans. The Administrative Agent may consult with
legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and will not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

 13.05 Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or
under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent in good faith. The Administrative Agent and any such
sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Affiliates. The exculpatory provisions of this Section will apply to any such sub-agent and to the Affiliates of the Administrative Agent and any such sub-agent, and will apply to their respective activities in connection with the syndication of the
facility as well as activities as Administrative Agent. The Administrative Agent will not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent
jurisdiction determines in a final and non-appealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such
sub-agents. 
 13.06 Resignation of Agent. 

(a) The Administrative Agent may at any time give written notice of its resignation to the Lenders and the Borrower, which notice shall set
forth the effective date of such resignation (the “Resignation Effective Date”), such date not to be earlier than the thirtieth (30th) day following the date of delivery of such written notice. The Majority Lenders and the
Borrower shall mutually agree upon a successor to the Administrative Agent who shall be a “U.S. person” and a “financial institution” within the meaning of Treasury Regulations
Section 1.1441-1. If the Majority Lenders and the Borrower are unable to so mutually agree and no successor shall have been appointed within twenty-five (25) days after the retiring Administrative
Agent gives notice of its resignation, then the retiring Administrative Agent may (but will not be obligated to), on behalf of the Lenders, appoint a successor Administrative Agent it shall designate (in its reasonable discretion after consultation
with the Majority Lenders). Whether or not a successor has been appointed, such resignation will become effective in accordance with such notice on the Resignation Effective Date. 

  
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 (b) With effect from the Resignation Effective Date (i) the retiring Administrative
Agent will be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any Collateral held by the Administrative Agent on behalf of the Lenders under any of the Loan Documents, the retiring
Administrative Agent will continue to hold such Collateral until such time as a successor Administrative Agent is appointed) and (ii) except for any indemnity payments owed to the retiring Administrative Agent, all payments, communications and
determinations provided to be made by, to or through the Administrative Agent will instead be made by or to each Lender directly, until such time, if any, as the Majority Lenders appoint a successor Administrative Agent as provided for above. Upon
the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor will succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Administrative Agent (other than any rights to
indemnity payments owed to the retiring Administrative Agent), and the retiring Administrative Agent will be discharged from all of its duties and obligations hereunder or under the other Loan Documents. The fees payable by the Borrower to a
successor Administrative Agent will be the same as those payable to its predecessor unless otherwise agreed in writing among the Borrower and such successor. After the retiring Administrative Agent’s resignation hereunder and under the other
Loan Documents, the provisions of this Section 13, Section 14.03 and Section 14.04 will continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Affiliates in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent. 

13.07 Non-Reliance on Administrative Agent and Other Lenders. Each Lender acknowledges that it has,
independently and without reliance upon the Administrative Agent or any other Lender or any of their Affiliates and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this
Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Affiliates and based on such documents and information as it will from time to time deem
appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 

13.08 Administrative Agent May File Proofs of Claim. In case of the pendency of any Insolvency Proceeding or any other judicial proceeding
relative to the Borrower, the Administrative Agent (irrespective of whether the principal of the Loans will then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent has made any
demand on the Borrower) will be entitled and empowered (but not obligated), by intervention in such proceeding or otherwise: 
 (a) to file
and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations that are owing and unpaid hereunder or under any other Loan Document to file such other documents as may be
necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their
respective agents and counsel and all other amounts due the Lenders and the Administrative Agent under this Agreement or any other Loan Document) allowed in such judicial proceeding; and 

  
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 (b) to collect and receive any monies or other property payable or deliverable on any such
claims and to distribute the same. 
 Any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any
such judicial proceeding is hereby authorized by each Lender to make any payments of the type described above in this Section 13.08 to the Administrative Agent and, in the event that the Administrative Agent consents to the
making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts
due the Administrative Agent under this Agreement or any other Loan Document. 
 13.09 Collateral and Guaranty Matters; Appointment of Collateral
Agent. 
 (a) Without limiting the provisions of Section 13.08, the Lenders irrevocably agree as follows: 

(i) the Administrative Agent is authorized, at its option and in its discretion, to release any Lien on any property granted to or held by the
Administrative Agent under any Loan Document (A) on the date when all Obligations have been Paid in Full, (B) that is sold or otherwise disposed of or to be sold or otherwise disposed of as part of or in connection with any sale or other
disposition permitted under the Loan Documents, (C) subject to Sections 14.01 and 14.04, if approved, authorized or ratified in writing by the Majority Lenders or (D) as required under the terms of the Intercreditor
Agreement; and 
 (ii) The Administrative Agent is authorized, at its option and discretion, to release any Subsidiary Guarantor from its
obligations hereunder if such Person ceases to be a Subsidiary as a result of a transaction permitted under the Loan Documents. 
 Upon
request by the Administrative Agent at any time, each Lender will confirm in writing the Administrative Agent’s authority to release or subordinate its interest in particular types or items of Collateral, or to release any Guarantor from its
obligations under its guaranty pursuant to this Section 13.09. 
 (b) The Administrative Agent will not be
responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative Agent’s Lien thereon, or
any certificate prepared by any Obligor in connection therewith, nor will the Administrative Agent be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral. 

(c) Each Lender hereby appoints the Administrative Agent as its collateral agent under each of the Security Documents and agrees that, in so
acting, the Administrative Agent will have all of the rights, protections, exculpations, indemnities and other benefits provided to the Administrative Agent under this Agreement, and hereby authorized and directs the Administrative

  
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Agent, on behalf of such Lender and all Lenders, without the necessity of any notice to or further consent from any of the Lenders, from time to time to (x) take any action with respect to
any Collateral or any Security Document which may be necessary to perfect and maintain perfected the Liens on the Collateral granted pursuant to any such Security Document or protect and preserve the Administrative Agent’s ability to enforce
the Liens or realize upon the Collateral and (y) otherwise to take or refrain from taking any and all action that the Administrative Agent shall deem necessary or advisable in fulfilling its role as collateral agent under any of the Security
Documents. 
 13.10 Intercreditor Arrangements. Each Lender hereby authorizes and directs the Administrative Agent to execute the
Intercreditor Agreement and any other intercreditor agreement entered into in accordance with the terms hereof or any other Loan Document and agrees to be bound by the terms of such Intercreditor Agreement or intercreditor agreement (as applicable)
as if it were an original signatory thereto. 
 SECTION 14 

MISCELLANEOUS 
 14.01 No
Waiver. No failure on the part of the Administrative Agent or the Lenders to exercise and no delay in exercising, and no course of dealing with respect to, any right, power or privilege under any Loan Document shall operate as a waiver thereof,
nor shall any single or partial exercise of any right, power or privilege under any Loan Document preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The remedies provided herein are cumulative and
not exclusive of any remedies provided by law. 
 14.02 Notices. All notices, requests, instructions, directions and other communications
provided for herein (including any modifications of, or waivers, requests or consents under, this Agreement) shall be given or made in writing (including by telecopy or email) delivered, if to the Borrower, another Obligor, the Administrative Agent
or any Lender, to its address specified on the signature pages hereto or its Guarantee Assumption Agreement, as the case may be, or at such other address as shall be designated by such party in a written notice to the other parties. Except as
otherwise provided in this Agreement, all such communications shall be deemed to have been duly given upon receipt of a legible copy thereof, in each case given or addressed as aforesaid. All such communications provided for herein by telecopy shall
be confirmed in writing promptly after the delivery of such communication (it being understood that non-receipt of written confirmation of such communication shall not invalidate such communication). 

14.03 Expenses, Indemnification, Etc. 

(a) Closing Expenses. The Obligors, jointly and severally, agree to pay or reimburse (i) the Administrative Agent for all of its
reasonable and documented out of pocket costs and expenses (including the reasonable and documented fees and expenses of Morrison & Foerster LLP, special counsel to the Administrative Agent) in connection with the negotiation, preparation,
execution and delivery of this Agreement and the other Loan Documents and the making of the Loans. 

  
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 (b) Other Expenses. The Obligors, jointly and severally, agree to pay or reimburse
(i) the Administrative Agent for all of its reasonable and documented out of pocket post-closing costs and costs in connection the negotiation or preparation of any modification, supplement or waiver of any of the terms of this Agreement or any
of the other Loan Documents (whether or not consummated) and (ii) the Administrative Agent and the Lenders for all of their reasonable and documented out of pocket costs and expenses (including the reasonable and documented fees and expenses of
legal counsel) in connection with any enforcement or collection proceedings resulting from the occurrence of an Event of Default. 
 (c)
Indemnification. The Borrower hereby indemnifies the Administrative Agent, the Lenders and their respective Affiliates, directors, officers, employees, attorneys, agents, advisors and controlling parties (each, an “Indemnified
Party”) from and against, and agrees to hold them harmless against, any and all Claims and Losses of any kind (including reasonable and documented fees and disbursements of counsel), joint or several, that may be incurred by or asserted
or awarded against any Indemnified Party, in each case arising out of or in connection with or relating to any investigation, litigation or proceeding or the preparation of any defense with respect thereto arising out of or in connection with or
relating to this Agreement or any of the other Loan Documents or the Transactions or any use made or proposed to be made with the proceeds of the Loans, whether or not such investigation, litigation or proceeding is brought by any Obligor, any of
its Subsidiaries, shareholders or creditors, an Indemnified Party or any other Person, or an Indemnified Party is otherwise a party thereto, and whether or not any of the conditions precedent set forth in Section 6 are
satisfied or the other transactions contemplated by this Agreement are consummated, except to the extent such Claim or Loss is found in a final, non-appealable judgment by a court of competent jurisdiction to
have resulted from such Indemnified Party’s gross negligence or willful misconduct. No Indemnified Party nor the Borrower or any of its Subsidiaries shall assert any Claim against each other, on any theory of liability, for consequential,
indirect, special or punitive damages arising out of or otherwise relating to this Agreement or any of the other Loan Documents or any of the Transactions or the actual or proposed use of the proceeds of the Loans; provided that the foregoing
limitation shall not apply to any Claim arising out of, relating to, or caused by a Claim involving a third party. This Section shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 
 14.04 Amendments, Etc. Except as otherwise expressly provided in this Agreement, any
provision of this Agreement and any other Loan Document may be amended, modified or supplemented only by an instrument in writing signed by the Borrower, the Administrative Agent and the Majority Lenders; provided that no such amendment,
modification or supplement shall: 
 (a) extend or increase any Commitment of any Lender without the written consent of such Lender (it being
understood that a waiver of any condition precedent set forth in Section 6 or the waiver of any Default or mandatory prepayment shall not constitute an extension or increase of any Commitment of any Lender); 

(b) reduce the principal of, or rate of interest specified herein on, any Loan, or any fees or other amounts payable hereunder or under any
other Loan Document, without the written consent of each Lender directly and adversely affected thereby (provided that only the consent of the Majority Lenders shall be necessary (x) to amend the definition of “Default Rate” or
to waive the obligation of the Borrower to pay interest at the Default Rate or (y) to amend any financial covenant (or any defined term directly or indirectly used therein), even if the effect of such amendment would be to reduce the rate of
interest on any Loan or other Obligation or to reduce any fee payable hereunder); 

  
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 (c) postpone any date scheduled for any payment of principal of, or interest on, any Loan,
or any fees or other amounts payable hereunder or under any other Loan Document, or reduce the amount of, waive or excuse any such payment (it being understood that, in each case, the foregoing shall not apply to any mandatory prepayment required
under Section 3.03(b)), without the written consent of each Lender directly and adversely affected thereby; 
 (d) change
Section 3.03 in a manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender directly and adversely affected thereby; 

(e) change any provision of this Section or the percentage in the definition of “Majority Lenders” or any other provision hereof
specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender; or 

(f) amend, modify, discharge, terminate or waive any Security Document if the effect is to release a material part of the Collateral subject
thereto other than pursuant to the terms hereof or thereof; 
 provided further, that no such amendment, waiver or consent shall amend, modify
or otherwise affect the rights or duties hereunder or under any other Loan Document of the Administrative Agent, unless in writing executed by the Administrative Agent. 

(g) Notwithstanding anything herein to the contrary, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver
or consent hereunder (and any amendment, waiver or consent that by its terms requires the consent of all the Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders, except that
(x) the Commitment of any Defaulting Lender may not be increased or extended, or the maturity of any of its Loan may not be extended, the rate of interest on any of its Loans may not be reduced and the principal amount of any of its Loans may
not be forgiven, in each case without the consent of such Defaulting Lender and (y) any amendment, waiver or consent requiring the consent of all the Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely
than the other affected Lenders shall require the consent of such Defaulting Lender. 
 14.05 Successors and Assigns. 

(a) General. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors
and permitted assigns; provided that the neither the Borrower nor any other Obligor may assign or transfer its rights or obligations hereunder without the prior written consent of the Administrative Agent. Any of the Lenders may assign or
otherwise transfer any of its rights or obligations hereunder or under any of the other Loan Documents (i) to an assignee in accordance with the provisions of Section 14.05(b), (ii) by way of participation in
accordance with the provisions of Section 14.05(e) or (iii) by way of pledge or assignment of a security interest. Nothing in this Agreement, expressed or implied, shall be

  
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construed to confer upon any Person (other than the parties hereto, their respective successors and permitted assigns permitted hereby, Participants to the extent provided in
Section 14.05(e) and, to the extent expressly contemplated hereby, the Indemnified Parties) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b) Assignments by Lender. Any of the Lenders may at any time assign to one or more Eligible Transferees without the consent of the
Borrower (or, if an Event of Default is then continuing, to any Person without the consent of the Borrower) all or a portion of its rights and obligations under this Agreement (including all or a portion of the Obligations at the time owing to it)
and the other Loan Documents; provided that (i) no such assignment shall be made to the Borrower, an Affiliate of the Borrower, or any employees or directors of the Borrower at any time, and (ii) the assigning Lender shall provide
written notice of such assignment to the Administrative Agent and the Borrower promptly after such assignment. Subject to the recording thereof by a Lender pursuant to Section 14.05(d), from and after the effective date
specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of such Lender under this
Agreement and the other Loan Documents, and correspondingly the assigning Lender shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an
Assignment and Assumption covering all of the Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) and the other Loan Documents but shall continue to be entitled to the benefits of
Section 5 and Section 14.03 for Claims that arise from the period that such Lender was a Lender hereunder. Any assignment or transfer by a Lender of rights or obligations under this Agreement that
does not comply with this Section 14.05(b) shall be null and void. 
 (c) Amendments to Loan Documents.
Each of the Administrative Agent, the Lenders and the Obligors agrees to enter into such amendments to the Loan Documents, and such additional Security Documents, in each case in form and substance reasonably acceptable to the Administrative Agent,
the Lenders and the Obligors, as shall reasonably be necessary to implement and give effect to any assignment made under this Section 14.05. 

(d) Register. The Administrative Agent, acting solely for this purpose as agent for the Borrower, shall maintain at one of its offices
in the United States a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans owing to,
each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person
whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower and, as to the information of any Lender, such Lender, at
any reasonable time and from time to time upon reasonable prior notice. 
 (e) Participations. Any of the Lenders may at any time,
without the consent of, or notice to, the Borrower, sell participations to any Person which would constitute an Eligible Transferee (other than a natural person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a
“Participant”) in all or a portion of such Lender’s rights and/or obligations 

  
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under this Agreement (including all or a portion of the Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain
unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower shall continue to deal solely and directly with such Lender in connection therewith. Any
agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this
Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver that would (i) increase or extend the term of such
Lender’s Commitment, (ii) extend the date fixed for the payment of principal of or interest on the Loans or any portion of any fee hereunder payable to the Participant, (iii) reduce the amount of any such payment of principal, or
(iv) reduce the rate at which interest is payable thereon to a level below the rate at which the Participant is entitled to receive such interest (other than with respect to default interest). The Borrower agrees that each Participant shall be
entitled to the benefits of Section 5 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 14.05(b). To the extent permitted by Law, each
Participant also shall be entitled to the benefits of Section 4.03(a) as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a
non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the
Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of
any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to
establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations or is otherwise
required. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this
Agreement notwithstanding any notice to the contrary. 
 14.06 Survival. The obligations of the Borrower under Sections 5.01,
5.02, 5.03, 14.05 and the obligations of the Subsidiary Guarantors under Section 12 (solely to the extent guaranteeing any of the obligations under the foregoing Sections) shall survive the Payment in
Full of the Obligations and, in the case of the Lenders’ assignment of any interest in the Commitment or the Loans hereunder, shall survive, in the case of any event or circumstance that occurred prior to the effective date of such assignment,
the making of such assignment, notwithstanding that the Lenders may cease to be “Lenders” hereunder. In addition, each representation and warranty made, or deemed to be made by a Borrowing Notice, herein or pursuant hereto shall survive
the making of such representation and warranty. 
 14.07 Captions. The table of contents and captions and section headings appearing herein
are included solely for convenience of reference and are not intended to affect the interpretation of any provision of this Agreement. 

  
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 14.08 Counterparts. This Agreement may be executed in any number of counterparts, all of which
taken together shall constitute one and the same instrument and any of the parties hereto may execute this Agreement by signing any such counterpart. Delivery of an executed signature page of this Agreement by facsimile transmission or electronic
transmission (in PDF format) shall be effective as delivery of a manually executed counterpart hereof. 
 14.09 Governing Law. This Agreement
and the rights and obligations of the parties hereunder shall be governed by, and construed in accordance with, the law of the State of New York, without regard to principles of conflicts of laws that would result in the application of the laws of
any other jurisdiction; provided that Section 5-1401 of the New York General Obligations Law shall apply. 

14.10 Jurisdiction, Service of Process and Venue. 

(a) Submission to Jurisdiction. Each Obligor agrees that any suit, action or proceeding with respect to this Agreement or any other
Loan Document to which it is a party or any judgment entered by any court in respect thereof may be brought initially in the federal or state courts in New York, New York or in the courts of its own corporate domicile and irrevocably submits to the non-exclusive jurisdiction of each such court for the purpose of any such suit, action, proceeding or judgment. This Section 14.10(a) is for the benefit of the Administrative Agent and the
Lenders only and, as a result, neither the Administrative Agent nor any Lender shall be prevented from taking proceedings in any other courts with jurisdiction. To the extent allowed by any Law, the Administrative Agent and the Lenders may take
concurrent proceedings in any number of jurisdictions. 
 (b) Alternative Process. Nothing herein shall in any way be deemed to limit
the ability of the Lenders or the Administrative Agent to serve any process or summons in any manner permitted by Law. 
 (c) Waiver of
Venue, Etc. Each Person party hereto irrevocably waives to the fullest extent permitted by law any objection that it may now or hereafter have to the laying of the venue of any suit, action or proceeding arising out of or relating to this
Agreement or any other Loan Document and hereby further irrevocably waives to the fullest extent permitted by law any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. A final
judgment (in respect of which time for all appeals has elapsed) in any such suit, action or proceeding shall be conclusive and may be enforced in any court to the jurisdiction of which such Person is or may be subject, by suit upon judgment. 

14.11 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

14.12 [Reserved]. 
 14.13 Entire Agreement.
This Agreement and the other Loan Documents constitute the entire agreement among the parties with respect to the subject matter hereof and thereof and supersede any and all previous agreements and understandings, oral or written, relating to the
subject matter hereof, including any confidentiality (or similar) agreements. EACH PARTY HERETO ACKNOWLEDGES, REPRESENTS AND WARRANTS THAT IN DECIDING TO ENTER 

  
 99 

 
INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS OR IN TAKING OR NOT TAKING ANY ACTION HEREUNDER OR THEREUNDER, IT HAS NOT RELIED, AND WILL NOT RELY, ON ANY STATEMENT, REPRESENTATION, WARRANTY,
COVENANT, AGREEMENT OR UNDERSTANDING, WHETHER WRITTEN OR ORAL, OF OR WITH THE LENDERS OTHER THAN THOSE EXPRESSLY SET FORTH IN THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS. 

14.14 Severability. If any provision hereof is found by a court to be invalid or unenforceable, to the fullest extent permitted by any
applicable Law the parties agree that such invalidity or unenforceability shall not impair the validity or enforceability of any other provision hereof. 

14.15 No Fiduciary Relationship. The Borrower acknowledges that the Administrative Agent and the Lenders have no fiduciary relationship with, or
fiduciary duty to, the Borrower arising out of or in connection with this Agreement or the other Loan Documents, and the relationship between the Lenders and the Borrower is solely that of creditor and debtor. This Agreement and the other Loan
Documents do not create a joint venture among the parties. 
 14.16 Confidentiality. The Administrative Agent and each Lender agrees to keep
confidential all non-public information provided to it by any Obligor pursuant to this Agreement that is designated by such Obligor as confidential in accordance with its customary procedures for handling its
own confidential information; provided that nothing herein shall prevent any Lender from disclosing any such information (i) to any other Lender, any Affiliate of a Lender or any Eligible Transferee, on a confidential, need to know
basis, (ii) subject to an agreement to comply with the provisions of this Section, to any actual or prospective direct or indirect counterparty to any Hedging Agreement (or any professional advisor to such counterparty), (iii) to its employees,
officers, directors, agents, attorneys, accountants, trustees and other professional advisors or those of any of its affiliates that need to know and on a confidential basis (collectively, its “Related Parties”), (iv) upon
the request or demand of any Governmental Authority or any Regulatory Authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance
Commissioners), (v) in response to any order of any court or other Governmental Authority or as may otherwise be required pursuant to any applicable Law, (vi) if requested or required to do so in connection with any litigation or similar
proceeding, (vii) that has been publicly disclosed (other than as a result of a disclosure in violation of this Section 14.16), (viii) to the National Association of Insurance Commissioners or any similar organization or any
nationally recognized rating agency that requires access to information about a Lender’s investment portfolio in connection with ratings issued with respect to such Lender, (ix) in connection with the exercise of any remedy hereunder or
under any other Loan Document, (x) on a confidential basis to (A) any rating agency in connection with rating the Borrower or its Subsidiaries or the Loan or (B) the CUSIP Service Bureau or any similar agency in connection with the
issuance and monitoring of CUSIP numbers of other market identifiers with respect to the Loan or (xi) to any other party hereto; provided, further, that, unless specifically prohibited by applicable law or court order, each Lender
shall notify the Borrower of any request by any Governmental Authority or representative thereof (other than any such request in connection with any examination of the financial condition or other routine examination of such Lender by such
Governmental Authority) for disclosure of any such non-public information prior to disclosure of such information. 

  
 100 

 14.17 [Reserved]. 

14.18 Judgment Currency.  

(a) If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder in Dollars into another currency,
the parties hereto agree, to the fullest extent permitted by Law, that the rate of exchange used shall be that at which, in accordance with normal banking procedures, the Administrative Agent could purchase Dollars with such other currency at the
buying spot rate of exchange in the New York foreign exchange market on the Business Day immediately preceding that on which any such judgment, or any relevant part thereof, is given. 

(b) The obligations of the Obligors in respect of any sum due to the Administrative Agent hereunder and under the other Loan Documents shall,
notwithstanding any judgment in a currency other than Dollars, be discharged only to the extent that on the Business Day following receipt by the Administrative Agent of any sum adjudged to be so due in such other currency the Administrative Agent
may, in accordance with normal banking procedures, purchase Dollars with such other currency. If the amount of Dollars so purchased is less than the sum originally due to the Administrative Agent in Dollars, the Borrower agrees, to the fullest
extent that it may effectively do so, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent against such loss. If the amount of Dollars so purchased exceeds the sum originally due to the Administrative
Agent in Dollars, the Administrative Agent shall remit such excess to the Borrower. 
 14.19 USA PATRIOT Act. The Administrative Agent and the
Lenders hereby notify the Obligors that pursuant to the requirements of the Patriot Act, they are required to obtain, verify and record information that identifies the Obligors, which information includes the name and address of each Obligor and
other information that will allow such Person to identify such Obligor in accordance with the Patriot Act. 
 14.20 Acknowledgement and Consent to
Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto
acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and
consents to, and acknowledges and agrees to be bound by: 
 (a) the application of any Write-Down and Conversion Powers by an EEA Resolution
Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

(b) the effects of any Bail-in Action on any such liability, including, if applicable: 

(i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its
parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this
Agreement or any other Loan Document; or 

  
 101 

 (iii) the variation of the terms of such liability in connection with the exercise of the
Write-Down and Conversion Powers of any EEA Resolution Authority. 
 [Signature Pages Follow] 

  
 102 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered as of the day and year first above written. 
  
  

			
	BORROWER:
	
	VAPOTHERM, INC.
		
	By 	 	/s/ John Landry 
		 	Name: John Landry
		 	Title: Vice President and Chief Financial Officer

  

			
	Address for Notices:
	100 Domain Drive
	Exeter, NH 03833
	Attn:	 	John Landry, Vice President &
		 	Chief Financial Officer
	Fax:	 	603.658.0181
	Email:	 	jlandry@vtherm.com

  

	
	with a copy (which copy shall not constitute notice) to:
	
	Ropes & Gray LLP
	1211 Avenue of the Americas
	New York, NY 10036-8704
	Attn: Sunil William Savkar, Esq.
	Fax: 212.596.9090
	Email: sunil.savkar@ropesgray.com

  
 S-1 

  

			
	ADMINISTRATIVE AGENT:
	
	PERCEPTIVE CREDIT HOLDINGS II, LP
	
	By Perceptive Credit Opportunities GP, LLC, its general partner
		
	By 	 	/s/ Sandeep Dixit 
		 	Name: Sandeep Dixit
		 	Title: Chief Credit Officer
		
	By 	 	/s/ Sam Chawla 
		 	Name: Sam Chawla
		 	Title: Portfolio Manager

  

	
	Address for Notices:
	Perceptive Credit Holdings II, LP
	c/o Perceptive Advisors LLC
	51 Astor Place, 10th Floor
	New York, NY 10003
	Attn: Sandeep Dixit
	Email: Sandeep@perceptivelife.com

  

			
	LENDERS:
	
	PERCEPTIVE CREDIT HOLDINGS II, LP
	
	By Perceptive Credit Opportunities GP, LLC, its general partner
		
	By 	 	/s/ Sandeep Dixit 
		 	Name: Sandeep Dixit
		 	Title: Chief Credit Officer
		
	By 	 	/s/ Sam Chawla 
		 	Name: Sam Chawla
		 	Title: Portfolio Manager

  

	
	Address for Notices:
	Perceptive Credit Holdings II, LP
	c/o Perceptive Advisors LLC
	51 Astor Place, 10th Floor
	New York, NY 10003
	Attn: Sandeep Dixit
	Email: Sandeep@perceptivelife.com

  
 S-2 

 Schedule 1 

to Credit Agreement 

COMMITMENTS 
  

									
	 Lender
	  	Commitment	 	  	Proportionate
Share	 
	 Perceptive Credit Holdings II, LP
	  	$	42,500,000	 	  	 	100	% 
		  	  
	  
	 	  			
	 TOTAL
	  	$	42,500,000	 	  	 	100	% 
		  	  
	  
	 	  			

 Schedule 2 

to Credit Agreement 

PRODUCTS 
  

			
	 PART NUMBER
	  	 PRODUCT DESCRIPTION

	
PF-UNIT-US
	  	Precision Flow
	
PF-PLUS-US
	  	Precision Flow Plus
	
PF-VTU-DISS
	  	Vapotherm Transfer Unit, Lithium Ion Battery
	
PF-Q50-US
	  	Vapotherm Q50 Compressor
	
PF-STAND-GCX
	  	Precision Flow Roll Stand (GCX)
	
PF-DPC-High
	  	High Flow Disposable Patient Circuit, Case 5
	
PF-DPC-Low
	  	Low Flow Disposable Patient Circuit, Case 5
	 PF-NODPC-High
	  	Nitric Oxide DPC High Flow, Case 3
	
PF-NODPC-Low
	  	Nitric Oxide DPC Low Flow, Case 3
	 MA1700
	  	High Flow Adult Cannula, Case 25
	 MP1500
	  	Pediatric/ Adult Small Cannula, Case 25
	 MPS1500
	  	Pediatric Small Cannula, Case 25
	 SOLO1300
	  	Single Prong Infant Cannula, Case 25
	 MI1300B
	  	Intermediate Infant Cannula, Case 25
	 MI1300
	  	Infant Cannula, Case 25
	 MN1100B
	  	Neonatal Cannula, Case 25
	 MN1100A
	  	Premature Cannula, Case 25
	 TA—22
	  	22mm Tubing Adapter (Trach Adapter), Case 50
	 AAA-1
	  	Vapotherm, Aeroneb Aerosol Adapter, Case 10
	 PF-WBA
	  	PF Water Bottle Adapter, Case 25
	 3003034
	  	Precision Flow 5 Micron Filter
	 3003011
	  	Precision Flow, O2 Sensor
	 3000064
	  	Precision Flow Battery Pack
	 3000140
	  	Precision Flow DISS Air Filter Assy
	 3000138
	  	Precision Flow DISS O2 Filter Assy
	 3000035
	  	Precision Flow 10 ft Air Hose
	 3000036
	  	Precision Flow 10 ft O2 Hose
	 3000059
	  	Precision Flow Power Cord Retainer
	 3003019
	  	Precision Flow Power Cord
	 3010215
	  	Precision Flow Delivery Tube Clip Hanger
	 3100618
	  	Vapotherm Q50 Air Intake Filter
	 3100608
	  	Vapotherm Q50 Air Intake Muffler
	 3100769
	  	Vapotherm Q50 Auto Draining Air Filter (Filter Replacement)
	 3100726
	  	Vapotherm Q50 Compressor Motor PM Kit
	 3003019
	  	Power Cord (Same as Precision Flow)
	 3100612
	  	Vapotherm Q50 Water Bottle Reservoir
	 3100727
	  	Vapotherm Q50 Fuse 5 mm x 20 mm (Qty 10)
	 3100613
	  	Vapotherm Q50 Pole Mount (NEED 2 FOR KIT)

 Schedule 3 

to Credit Agreement 

SPECIFIED HOLDERS 
 3x5 

3x5 Special Opportunity Fund, L.P. 
 Adage: 

Adage Capital Partners, LP 
 Cross Creek: 

Cross Creek Capital, LP 
 Cross Creek Capital Employees’
Fund, LP 
 Gilde: 
 Cooperatieve Gilde
Healthcare III Sub-Holding U.A. 
 Kaiser: 

Kaiser Foundation Hospitals 
 The Permanente Federation LLC-Series J 
 The Permanente Federation LLC-Series F 

The Permanente Federation LLC-Series G 

The Permanente Federation LLC-Series I  

Morgenthaler: 
 Morgenthaler Venture Partners IX,
L.P. 
 Questmark: 
 QuestMark Partners Side Fund
II, L.P. 
 QuestMark Partners II, L.P.  

Redmile: 
 Redmile Strategic Master Fund, LP 

Redmile Capital Fund, LP 
 Redmile Capital Offshore Fund, Ltd.

 Redmile Capital Offshore Fund II, Ltd. 
 Redmile Private
Investments II, L.P.  
 Sightline: 

SightLine Healthcare Opportunity Fund II, L.P. 
 SightLine
Healthcare Opportunity Fund II-A, L.P. 
 SightLine Healthcare Opportunity Fund
II-B, L.P.  
 Vapotherm Investors: 

Vapotherm Investors, LLC 

 Schedule 7.05(b) 

to Credit Agreement 
 CERTAIN
INTELLECTUAL PROPERTY 
 (a) Patents and Patent Applications 
  

																	
	 Country
	  	 Title
	  	Prov. App.	 	  	Non-Prov
App.	  	U.S. Pub.
Pat. #	  	U.S.
Patent #	  	Foreign App.	  	Foreign Patent #
	 US
	  	APPARATUS AND METHOD FOR RESPIRATORY TRACT THERAPY	  	 	60/170,213	 	  	10/149,356	  	2003-
0209246	  	7,314,046	  		  	
								
	 Australia
	  	APPARATUS AND METHOD FOR RESPIRATORY TRACT THERAPY	  				  	10/149,356	  	2003-
0209246	  	7,314,046	  	2001020755	  	782579
								
	 Canada
	  	APPARATUS AND METHOD FOR RESPIRATORY TRACT THERAPY	  				  	10/149,356	  	2003-
0209246	  	7,314,046	  	2,393,743	  	2,393,743
								
	 Germany
	  	APPARATUS AND METHOD FOR RESPIRATORY TRACT THERAPY	  				  	10/149,356	  	2003-
0209246	  	7,314,046	  	00984077.8	  	60023342.1
								
	 EPC
	  	APPARATUS AND METHOD FOR RESPIRATORY TRACT THERAPY	  				  	10/149,356	  	2003-
0209246	  	7,314,046	  	00984077.8	  	1237614
								
	 Spain
	  	APPARATUS AND METHOD FOR RESPIRATORY TRACT THERAPY	  				  	10/149,356	  	2003-
0209246	  	7,314,046	  	00984077.8	  	1237614

															
	 Country
	  	 Title
	  	 Prov. App.
	  	Non-Prov
App.	  	U.S. Pub.
Pat. #	  	U.S.
Patent #	  	Foreign App.	  	 Foreign Patent #

	 France
	  	APPARATUS AND METHOD FOR RESPIRATORY TRACT THERAPY	  		  	10/149,356	  	2003-
0209246	  	7,314,046	  	00984077.8	  	1237614
								
	 UK
	  	APPARATUS AND METHOD FOR RESPIRATORY TRACT THERAPY	  		  	10/149,356	  	2003-
0209246	  	7,314,046	  	00984077.8	  	1237614
								
	 Italy
	  	APPARATUS AND METHOD FOR RESPIRATORY TRACT THERAPY	  		  	10/149,356	  	2003-
0209246	  	7,314,046	  	00984077.8	  	1237614
								
	 US
	  	METHOD FOR REDUCING THE WORK OF BREATHING	  		  	10/833,843	  	2004-
0200476	  	7,827,981	  		  	
								
	 US
	  	APPARATUS AND METHOD FOR DELIVERING WATER VAPOR TO A GAS	  		  	10/810,768	  	2004-
0245658	  	7,708,013	  		  	
								
	 Australia
	  	APPARATUS AND METHOD FOR DELIVERING WATER VAPOR TO A GAS	  		  	10/810,768	  	2004-
0245658	  	7,708,013	  	2005231688	  	2005231688
								
	 China
	  	APPARATUS AND METHOD FOR DELIVERING WATER VAPOR TO A GAS	  		  	10/810,768	  	2004-
0245658	  	7,708,013	  	20058001652	  	ZL0580016520

															
	 Country
	  	 Title
	  	 Prov. App.
	  	Non-Prov
App.	  	U.S. Pub.
Pat. #	  	U.S.
Patent #	  	Foreign App.	  	 Foreign Patent #

	 EPC
	  	APPARATUS AND METHOD FOR DELIVERING WATER VAPOR TO A GAS	  		  	10/810,768	  	2004-
0245658	  	7,708,013	  	05726052.3	  	EP1729873
								
	 Hong Kong
	  	APPARATUS AND METHOD FOR DELIVERING WATER VAPOR TO A GAS	  		  	10/810,768	  	2004-
0245658	  	7,708,013	  	8101144.5	  	HK1107301
								
	 India
	  	A METHOD FOR HEATING AND HUMIDIFYING A GAS	  		  	10/810,768	  	2004-
0245658	  	7,708,013	  	5645/DELNP/
2006	  	267718
								
	 Switzerland
	  	APPARATUS AND METHOD FOR DELIVERING WATER VAPOR TO A GAS	  		  	10/810,768	  	2004-
0245658	  	7,708,013	  	05726052.3	  	EP1729873
								
	 France
	  	APPARATUS AND METHOD FOR DELIVERING WATER VAPOR TO A GAS	  		  	10/810,768	  	2004-
0245658	  	7,708,013	  	05726052.3	  	EP1729873
								
	 Germany
	  	APPARATUS AND METHOD FOR DELIVERING WATER VAPOR TO A GAS	  		  	10/810,768	  	2004-
0245658	  	7,708,013	  	05726052.3	  	EP1729873

															
	 Country
	  	 Title
	  	 Prov. App.
	  	Non-Prov
App.	  	U.S. Pub.
Pat. #	  	U.S.
Patent #	  	Foreign App.	  	 Foreign Patent #

	 Spain
	  	APPARATUS AND METHOD FOR DELIVERING WATER VAPOR TO A GAS	  		  	10/810,768	  	2004-
0245658	  	7,708,013	  	05726052.3	  	EP1729873
								
	 Italy
	  	APPARATUS AND METHOD FOR DELIVERING WATER VAPOR TO A GAS	  		  	10/810,768	  	2004-
0245658	  	7,708,013	  	05726052.3	  	EP1729873
								
	 Netherlands
	  	APPARATUS AND METHOD FOR DELIVERING WATER VAPOR TO A GAS	  		  	10/810,768	  	2004-
0245658	  	7,708,013	  	05726052.3	  	EP1729873
								
	 Sweden
	  	APPARATUS AND METHOD FOR DELIVERING WATER VAPOR TO A GAS	  		  	10/810,768	  	2004-
0245658	  	7,708,013	  	05726052.3	  	EP1729873
								
	 Ireland
	  	APPARATUS AND METHOD FOR DELIVERING WATER VAPOR TO A GAS	  		  	10/810,768	  	2004-
0245658	  	7,708,013	  	05726052.3	  	EP1729873

															
	 Country
	  	 Title
	  	 Prov. App.
	  	Non-Prov
App.	  	U.S. Pub.
Pat. #	  	U.S.
Patent #	  	Foreign App.	  	 Foreign Patent #

	 UK
	  	APPARATUS AND METHOD FOR DELIVERING WATER VAPOR TO A GAS	  		  	10/810,768	  	2004-
0245658	  	7,708,013	  	05726052.3	  	EP1729873
								
	 US
	  	NASAL CANNULA WITH REDUCED HEAT LOSS TO REDUCE RAINOUT	  	60/859,222	  	11/940,867	  	2008-
0121230	  	8,171,935	  		  	
								
	 US
	  	WATER SPIKE SYSTEM	  	60/918,515	  	12/048,583	  	2008-
0224336	  	7,654,507	  		  	
								
	 US
	  	HYPERTHERMIC HUMIDIFICATION SYSTEM	  		  	11/973,061	  	2009-
0090363	  	8,905,023	  		  	
								
	 US
	  	HYPERTHERMIC HUMIDIFICATION SYSTEM	  		  	14/547,012	  	2015-
0144136	  		  		  	
								
	 EPC
	  	HYPERTHERMIC HUMIDIFICATION SYSTEM	  		  	11/973,061	  	2009-
0090363	  	8,905,023	  	07839331.1	  	EP2200687
								
	 Germany
	  	HYPERTHERMIC HUMIDIFICATION SYSTEM	  		  	11/973,061	  	2009-
0090363	  	8,905,023	  	07839331.1	  	EP2200687
								
	 France
	  	HYPERTHERMIC HUMIDIFICATION SYSTEM	  		  	11/973,061	  	2009-
0090363	  	8,905,023	  	07839331.1	  	EP2200687
								
	 UK
	  	HYPERTHERMIC HUMIDIFICATION SYSTEM	  		  	11/973,061	  	2009-
0090363	  	8,905,023	  	07839331.1	  	EP2200687

															
	 Country
	  	 Title
	  	 Prov. App.
	  	Non-Prov
App.	  	U.S. Pub.
Pat. #	  	U.S.
Patent #	  	Foreign App.	  	 Foreign Patent #

	 Netherlands
	  	HYPERTHERMIC HUMIDIFICATION SYSTEM	  		  	11/973,061	  	2009-
0090363	  	8,905,023	  	07839331.1	  	EP2200687
								
	 US
	  	HYPERTHERMIC HUMIDIFICATION SYSTEM	  		  	29/292,306	  		  	D640,784	  		  	
								
	 Australia
	  	HYPERTHERMIC HUMIDIFICATION SYSTEM	  		  	29/292,306	  		  	D640,784	  	200811553	  	320467
								
	 Canada
	  	HYPERTHERMIC HUMIDIFICATION SYSTEM	  		  	29/292,306	  		  	D640,784	  	125487	  	125487
								
	 EU
	  	HYPERTHERMIC HUMIDIFICATION SYSTEM	  		  	29/292,306	  		  	D640,784	  	000941091	  	000941091
								
	 India
	  	HYPERTHERMIC HUMIDIFICATION SYSTEM	  		  	29/292,306	  		  	D640,784	  	215764	  	215764
								
	 Japan
	  	HYPERTHERMIC HUMIDIFICATION SYSTEM	  		  	29/292,306	  		  	D640,784	  	2008-008850	  	1350118
								
	 US
	  	SYSTEM AND METHOD FOR DELIVERING A HEATED AND HUMIDIFIED GAS	  	60/961,020 60/981,270	  	12/175,861	  	2009-
0056713	  	8,333,195	  		  	
								
	 US
	  	RESPIRATORY THERAPY SYSTEM	  		  	29/351,376	  		  	D671,206	  		  	
								
	 EU
	  	RESPIRATORY THERAPY SYSTEM	  		  	29/351,376	  		  	D671,206	  	0012172690001	  	001217269-0001

															
	 Country
	  	 Title
	  	 Prov. App.
	  	Non-Prov
App.	  	U.S. Pub.
Pat. #	  	U.S.
Patent #	  	Foreign App.	  	 Foreign Patent #

	 US
	  	BASE UNIT FOR BREATHING GAS HEATING AND HUMIDIFICATION SYSTEM	  	60/961,020 60/981,270	  	12/175,853	  	2009-
0056712	  	8,240,306	  		  	
								
	 EPC
	  	SYSTEM AND METHOD FOR DELIVERING A HEATED AND HUMIDIFIED GAS	  	60/961,020 60/981,270	  	12/175,853	  	2009-
0056712	  	8,240,306	  	08780252.6	  	
								
	 US
	  	HUMIDIFIER FOR BREATHING GAS HEATING AND HUMIDIFICATION SYSTEM	  	60/961,020 60/981,270	  	12/175,888	  	2009-
0056714	  	8,677,993	  		  	
								
	 US
	  	DELIVERY TUBE FOR BREATHING GAS HEATING AND HUMIDIFICATION SYSTEM	  	60/961,020 60/981,270	  	12/175,899	  	2009-
0056715	  	8,356,593	  		  	
								
	 US
	  	HUMIDIFIER FOR BREATHING GAS HEATING AND HUMIDIFICATION SYSTEM	  	60/961,020	  	14/184,202	  	2014-
0174442	  		  		  	
								
	 US
	  	HEATED NEBULIZER DEVICES, NEBULIZER SYSTEMS, AND METHODS FOR INHALATION THERAPY	  	60/150,368	  	12/701,116	  	2010-
0258114	  	8,561,607	  		  	

															
	 Country
	  	 Title
	  	 Prov. App.
	  	Non-Prov
App.	  	U.S. Pub.
Pat. #	  	U.S.
Patent #	  	Foreign App.	  	 Foreign Patent #

	 US
	  	NEBULIZER SYSTEMS, APPARATUS AND METHODS FOR RESPIRATORY THERAPY	  	61/390,799	  	13/267,252	  	2012-
0085343	  	8,915,245	  		  	
								
	 US
	  	NEBULIZER SYSTEMS, APPARATUS AND METHODS FOR RESPIRATORY THERAPY	  		  	14/559,724	  	US-2015-
0157826	  	9,717,879	  		  	
								
	 US
	  	NEBULIZER SYSTEMS, APPARATUS AND METHODS FOR RESPIRATORY THERAPY	  		  	15/636,196	  	2017-
0361055	  		  		  	
								
	 US
	  	SYSTEMS AND METHODS FOR PROVIDING RESPIRATORY THERAPY WITH VARYING FLOW RATES	  	61/616,600	  	14/388,680	  	2015-
0059751	  		  		  	

															
	 Country
	  	 Title
	  	 Prov. App.
	  	Non-Prov
App.	  	U.S. Pub.
Pat. #	  	U.S.
Patent #	  	Foreign App.	  	 Foreign Patent #

	 EPC
	  	SYSTEMS AND METHODS FOR PROVIDING RESPIRATORY THERAPY WITH VARYING FLOW RATES	  	61/616,600	  	14/388,680	  	2015-
0059751	  		  	13768413.0	  	2830689
								
	 Germany
	  	SYSTEMS AND METHODS FOR PROVIDING RESPIRATORY THERAPY WITH VARYING FLOW RATES	  	61/616,600	  	14/388,680	  	2015-
0059751	  		  	13768413.0	  	2830689
								
	 France
	  	SYSTEMS AND METHODS FOR PROVIDING RESPIRATORY THERAPY WITH VARYING FLOW RATES	  	61/616,600	  	14/388,680	  	2015-
0059751	  		  	13768413.0	  	2830689
								
	 UK
	  	SYSTEMS AND METHODS FOR PROVIDING RESPIRATORY THERAPY WITH VARYING FLOW RATES	  	61/616,600	  	14/388,680	  	2015-
0059751	  		  	13768413.0	  	2830689

															
	 Country
	  	 Title
	  	 Prov. App.
	  	Non-Prov
App.	  	U.S. Pub.
Pat. #	  	U.S.
Patent #	  	Foreign App.	  	 Foreign Patent #

	 Netherlands
	  	SYSTEMS AND METHODS FOR PROVIDING RESPIRATORY THERAPY WITH VARYING FLOW RATES	  	61/616,600	  	14/388,680	  	2015-
0059751	  		  	13768413.0	  	2830689
								
	 Italy
	  	SYSTEMS AND METHODS FOR PROVIDING RESPIRATORY THERAPY WITH VARYING FLOW RATES	  	61/616,600	  	14/388,680	  	2015-
0059751	  		  	13768413.0	  	2830689
								
	 Australia
	  	SYSTEMS AND METHODS FOR PROVIDING RESPIRATORY THERAPY WITH VARYING FLOW RATES	  	61/616,600	  	14/388,680	  	2015-
0059751	  		  	201323982.2	  	2013239822
								
	 Australia
	  	SYSTEMS AND METHODS FOR PROVIDING RESPIRATORY THERAPY WITH VARYING FLOW RATES	  	61/616,600	  	14/388,680	  	2015-
0059751	  		  	2017251790	  	

															
	 Country
	  	 Title
	  	 Prov. App.
	  	Non-Prov
App.	  	U.S. Pub.
Pat. #	  	U.S.
Patent #	  	Foreign App.	  	 Foreign Patent #

	 US
	  	QUIET NASAL CANNULA	  		  	13/665,100	  	2014-
0116447	  		  		  	
								
	 Australia
	  	QUIET NASAL CANNULA	  		  	13/665,100	  	2014-
0116447	  		  	2013337995	  	Allowed – awaiting patent number
								
	 China
	  	QUIET NASAL CANNULA	  		  	13/665,100	  	2014-
0116447	  		  	201380063096X	  	ZL201380063096.X
								
	 EPO
	  	QUIET NASAL CANNULA	  		  	13/665,100	  	2014-
0116447	  		  	13851754.5	  	
								
	 Japan
	  	QUIET NASAL CANNULA	  		  	13/665,100	  	2014-
0116447	  		  	2015539934	  	6266004
								
	 US
	  	SYSTEMS AND METHODS FOR PROVIDING RESPIRATORY THERAPY	  	61/590,045	  	13/749,162	  	2013-
0186395	  	9,333,317	  		  	
								
	 US
	  	SYSTEMS AND METHODS FOR PROVIDING RESPIRATORY THERAPY	  	61/590,045	  	15/141,492	  	2017-
0014593	  		  		  	
								
	 EPC
	  	SYSTEMS AND METHODS FOR PROVIDING RESPIRATORY THERAPY	  		  	13/749,162	  	2013-
0186395	  	9,333,317	  	13740914.0	  	2806926 (Opposed)
								
	 Germany
	  	SYSTEMS AND METHODS FOR PROVIDING RESPIRATORY THERAPY	  		  	13/749,162	  	2013-
0186395	  	9,333,317	  	13740914.0	  	2806926 (Opposed)

															
	 Country
	  	 Title
	  	 Prov.
App.
	  	Non-Prov
App.	  	U.S. Pub.
Pat. #	  	U.S.
Patent #	  	Foreign App.	  	 Foreign Patent #

	 France
	  	SYSTEMS AND METHODS FOR PROVIDING RESPIRATORY THERAPY	  		  	13/749,162	  	2013-
0186395	  	9,333,317	  	13740914.0	  	2806926 (Opposed)
								
	 Italy
	  	SYSTEMS AND METHODS FOR PROVIDING RESPIRATORY THERAPY	  		  	13/749,162	  	2013-
0186395	  	9,333,317	  	13740914.0	  	2806926 (Opposed)
								
	 Netherlands
	  	SYSTEMS AND METHODS FOR PROVIDING RESPIRATORY THERAPY	  		  	13/749,162	  	2013-
0186395	  	9,333,317	  	13740914.0	  	2806926 (Opposed)
								
	 UK
	  	SYSTEMS AND METHODS FOR PROVIDING RESPIRATORY THERAPY	  		  	13/749,162	  	2013-
0186395	  	9,333,317	  	13740914.0	  	2806926 (Opposed)
								
	 EPO
	  	SYSTEMS AND METHODS FOR PROVIDING RESPIRATORY THERAPY	  		  	13/749,162	  	2013-
0186395	  	9,333,317	  	17166116.8	  	
								
	 Australia
	  	SYSTEMS AND METHODS FOR PROVIDING RESPIRATORY THERAPY	  		  	13/749,162	  	2014-
0116447	  	9,333,317	  	2013212314	  	2013212314

																			
	 Country
	  	 Title
	  	 Prov. App.
	  	Non-Prov
App.	 	  	U.S. Pub.
Pat. #	  	U.S.
Patent #	 	  	Foreign App.	  	 Foreign Patent #

	 China
	  	SYSTEMS AND METHODS FOR PROVIDING RESPIRATORY THERAPY	  		  	 	13/749,162	 	  	2014-
0116447	  	 	9,333,317	 	  	201390000332.9	  	ZL201390000332.9
								
	 US
	  	RESPIRATORY THERAPY CONDENSATION ADAPTOR	  	61/863,610	  	 	14/455,478	 	  	2015-
0040895	  				  		  	
								
	 Australia
	  	RESPIRATORY THERAPY CONDENSATION ADAPTOR	  	61/863,610	  	 	14/455,478	 	  	2015-
0040895	  				  	2014306244	  	
								
	 Canada
	  	RESPIRATORY THERAPY CONDENSATION ADAPTOR	  	61/863,610	  	 	14/455,478	 	  	2015-
0040895	  				  	2,920,337	  	
								
	 China
	  	RESPIRATORY THERAPY CONDENSATION ADAPTOR	  	61/863,610	  	 	14/455,478	 	  	2015-
0040895	  				  	201480052510.1	  	
								
	 EPO
	  	RESPIRATORY THERAPY CONDENSATION ADAPTOR	  	61/863,610	  	 	14/455,478	 	  	2015-
0040895	  				  	14834470.8	  	
								
	 U.S.
	  	SYSTEMS AND METHODS FOR HUMIDITY CONTROL	  		  	 	14/587,898	 	  	2016-
0184547	  				  		  	

																			
	 Country
	  	 Title
	  	 Prov. App.
	  	Non-Prov
App.	 	  	U.S. Pub.
Pat. #	  	U.S.
Patent #	 	  	Foreign App.	  	 Foreign Patent #

	 Australia
	  	SYSTEMS AND METHODS FOR HUMIDITY CONTROL	  		  	 	14/587,898	 	  	2016-
0184547	  				  	2015374369	  	
								
	 China
	  	SYSTEMS AND METHODS FOR HUMIDITY CONTROL	  		  	 	14/587,898	 	  	2016-
0184547	  				  	2015800771933	  	
								
	 EPO
	  	SYSTEMS AND METHODS FOR HUMIDITY CONTROL	  		  	 	14/587,898	 	  	2016-
0184547	  				  	158235762	  	
								
	 US
	  	HEATED NEBULIZER ADAPTER FOR RESPIRATORY THERAPY	  	62/008,880	  	 	14/733,180	 	  	2015-
0352299	  				  		  	
								
	 Australia
	  	HEATED NEBULIZER ADAPTER FOR RESPIRATORY THERAPY	  	62/008,880	  	 	14/733,180	 	  	2015-
0352299	  				  	2015269090	  	
								
	 EPO
	  	HEATED NEBULIZER ADAPTER FOR RESPIRATORY THERAPY	  	62/008,880	  	 	14/733,180	 	  	2015-
0352299	  				  	15730365.2	  	Allowed – awaiting patent number

																					
	 Country
	  	 Title
	  	Prov. App.	 	  	Non-Prov
App.	 	  	U.S. Pub.
Pat. #	  	U.S.
Patent #	 	  	Foreign App.	  	 Foreign Patent #

	 Japan
	  	HEATED NEBULIZER ADAPTER FOR RESPIRATORY THERAPY	  	 	62/008,880	 	  	 	14/733,180	 	  	2015-
0352299	  				  	2016-571338	  	
								
	 US
	  	SYSTEMS AND METHODS FOR PATIENT- PROXIMATE VAPOR TRANSFER FOR RESPIRATORY THERAPY	  				  	 	14/675,198	 	  	2016-
0287832	  				  		  	
								
	 Australia
	  	SYSTEMS AND METHODS FOR PATIENT- PROXIMATE VAPOR TRANSFER FOR RESPIRATORY THERAPY	  				  	 	14/675,198	 	  	2016-
0287832	  				  	2016243698	  	
								
	 China
	  	SYSTEMS AND METHODS FOR PATIENT- PROXIMATE VAPOR TRANSFER FOR RESPIRATORY THERAPY	  				  	 	14/675,198	 	  	2016-
0287832	  				  	2016800293 01.4	  	

																					
	 Country
	  	 Title
	  	Prov. App.	 	  	Non-Prov
App.	 	  	U.S. Pub.
Pat. #	  	U.S.
Patent #	 	  	 Foreign App.
	  	 Foreign Patent #

	 EPO
	  	SYSTEMS AND METHODS FOR PATIENT- PROXIMATE VAPOR TRANSFER FOR RESPIRATORY THERAPY	  				  	 	14/675,198	 	  	2016-
0287832	  				  	16715757.7	  	
								
	 US
	  	HIGH FLOW THERAPY WITH BUILT-IN OXYGEN CONCENTRATOR	  	 	62/212,365	 	  	 	15/251,185	 	  	2017-
0056613	  				  		  	
								
	 PCT
	  	HIGH FLOW THERAPY WITH BUILT-IN OXYGEN CONCENTRATOR	  	 	62/212,365	 	  	 	15/251,185	 	  	2017-
0056613	  				  	PCT/US2016/ 049417	  	
								
	 Australia
	  	HIGH FLOW THERAPY WITH BUILT-IN OXYGEN CONCENTRATOR	  	 	62/212,365	 	  	 	15/251,185	 	  	2017-
0056613	  				  	2016316947	  	
								
	 China
	  	HIGH FLOW THERAPY WITH BUILT-IN OXYGEN CONCENTRATOR	  	 	62/212,365	 	  	 	15/251,185	 	  	2017-
0056613	  				  	To be filed by 4/31/2018 (32-month date for national stage entry of PCT/US2016/ 049417)	  	

																					
	 Country
	  	 Title
	  	Prov. App.	 	  	Non-Prov
App.	 	  	U.S. Pub.
Pat. #	  	U.S.
Patent #	 	  	 Foreign App.
	  	 Foreign Patent #

	 EPO
	  	HIGH FLOW THERAPY WITH BUILT-IN OXYGEN CONCENTRATOR	  	 	62/212,365	 	  	 	15/251,185	 	  	2017-
0056613	  				  	To be filed by 3/31/2018 (31-month date for national stage entry of PCT/US2016/ 049417)	  	
								
	 US
	  	NASAL CANNULA FOR CONTINUOUS AND STIMULTANEOUS DELIVERY OF AERSOLIZED MEDICAMENT AND HIGH FLOW THERAPY	  	 	62/187,095	 	  	 	15/199,158	 	  	2017-
0000965	  				  		  	
								
	 PCT
	  	NASAL CANNULA FOR CONTINUOUS AND STIMULTANEOUS DELIVERY OF AERSOLIZED MEDICAMENT AND HIGH FLOW THERAPY	  	 	62/187,095	 	  	 	15/199,158	 	  	2017-
0000965	  				  	PCT/US2016/ 040465	  	

																					
	 Country
	  	 Title
	  	Prov. App.	 	  	Non-Prov
App.	 	  	U.S. Pub.
Pat. #	  	U.S.
Patent #	 	  	 Foreign App.
	  	 Foreign Patent #

	 AU
	  	NASAL CANNULA FOR CONTINUOUS AND STIMULTANEOUS DELIVERY OF AERSOLIZED MEDICAMENT AND HIGH FLOW THERAPY	  	 	62/187,095	 	  	 	15/199,158	 	  	2017-
0000965	  				  	2016288678	  	
								
	 CN
	  	NASAL CANNULA FOR CONTINUOUS AND STIMULTANEOUS DELIVERY OF AERSOLIZED MEDICAMENT AND HIGH FLOW THERAPY	  	 	62/187,095	 	  	 	15/199,158	 	  	2017-
0000965	  				  	20169000104 7.2	  	
								
	 EP
	  	NASAL CANNULA FOR CONTINUOUS AND STIMULTANEOUS DELIVERY OF AERSOLIZED MEDICAMENT AND HIGH FLOW THERAPY	  	 	62/187,095	 	  	 	15/199,158	 	  	2017-
0000965	  				  	16739356.0	  	
								
	 US
	  	METHODS AND SYSTEMS FOR OBTAINING DESIRED OXYGEN CONCENTRATIONS AND AIR FLOWS DURING RESPIRATORY THERAPY	  				  	 	14/983,212	 	  	2017-
0182278	  				  		  	

																					
	 Country
	  	 Title
	  	Prov. App.	 	  	Non-Prov
App.	 	  	U.S. Pub.
Pat. #	  	U.S.
Patent #	 	  	 Foreign App.
	  	 Foreign Patent #

	 US
	  	AXIAL FLOW VAPOR TRANSFER CARTRIDGE WITH LARGE DIAMETER FIBERS	  				  	 	14/983,225	 	  	2017-
0182280	  				  		  	
								
	 PCT
	  	AXIAL FLOW VAPOR TRANSFER CARTRIDGE WITH LARGE DIAMETER FIBERS	  				  	 	14/983,225	 	  	2017-
0182280	  				  	PCT/US2016/ 066652	  	
								
	 US
	  	CANNULA DEVICE FOR HIGH FLOW THERAPY	  	 	62/356,774	 	  	 	15/637,556	 	  		  				  		  	
								
	 PCT
	  	CANNULA DEVICE FOR HIGH FLOW THERAPY	  	 	62/356,774	 	  	 	15/637,556	 	  		  				  	PCT/US2017/ 040079	  	
								
	 US
	  	VAPOR TRANSFER CARTRIDGE	  				  	 	29/581,594	 	  		  				  		  	
								
	 AU
	  	VAPOR TRANSFER CARTRIDGE	  				  	 	29/581,594	 	  		  				  	201712272	  	201712272
								
	 EPO
	  	VAPOR TRANSFER CARTRIDGE	  				  	 	29/581,594	 	  		  				  	003863109	  	
								
	 US
	  	VAPOR TRANSFER CARTRIDGE	  				  	 	15/298,712	 	  	2018-
0001045	  				  		  	
								
	 PCT
	  	VAPOR TRANSFER CARTRIDGE	  				  	 	15/298,712	 	  		  				  	PCT/US2017/ 057096	  	

																					
	 Country
	  	 Title
	  	Prov. App.	 	  	Non-Prov
App.	 	  	U.S. Pub.
Pat. #	  	U.S.
Patent #	 	  	 Foreign App.
	  	 Foreign Patent #

	 US
	  	SYSTEMS AND METHODS FOR HIGH VELOCITY NASAL INSUFFLATION	  	 	62/408,560	 	  	 	15/783,566	 	  		  				  		  	
								
	 US
	  	SYSTEMS AND METHODS FOR HIGH VELOCITY NASAL INSUFFLATION	  	 	62/408,560	 	  	 	15/783,566	 	  		  				  	PCT/US2017/ 056581	  	
								
	 US
	  	BIFURCATED CANNULA DEVICE	  	 	62/555,945	 	  				  		  				  		  	

 (b) Trademarks, Trade Names, and Service Marks, and All Applications 

REGISTERED TRADEMARKS – U.S.: 
  

									
	 TRADEMARK /
DESIGN
MARK
	  	 U.S.
SERIAL
NUMBER
(FILING DATE)
	  	 REGISTRATION

NUMBER
(REG DATE)
	  	 CLASS
	  	 GOODS AND
SERVICES

	VAPOTHERM	  	75341382	  	2491022	  	10	  	Respiratory therapy units
					
		  	(Aug. 14, 1997)	  	(Sept. 18, 2001)	  		  	
					
	FLOWREST	  	77194659	  	3583979	  	10	  	Medical apparatus for
		  		  		  		  	treating respiratory
		  	(May 31, 2007)	  	(Mar. 3, 2009)	  		  	conditions
					
	PRECISION FLOW	  	77227728	  	3588025	  	10	  	Medical apparatus for
		  		  		  		  	treating respiratory
		  	(July 12, 2007)	  	(Mar. 10, 2009)	  		  	conditions

									
	BREATHELITE	  	 77859750
  

(Oct. 28, 2009)
	  	 4105999
  

(Feb. 28, 2012)
	  	10	  	Respiratory therapy systems comprised of monitors, sensors, nebulizers, delivery tubes, cannulas, blenders, flowmeters, humidification chambers and heaters; medical apparatus for treating respiratory conditions
					
	FLOWREST BREATHE WELL. SLEEP WELL.	  	 77754930
  

(Jun. 9, 2009)
	  	 4109211
  

(Mar. 6, 2012)
	  	10	  	Medical apparatus for treating respiratory conditions
					
	HFT	  	 78822516
  

(Feb. 24, 2006)
	  	 3759402
  

(Mar. 9, 2010)
	  	10	  	Medical apparatus for treating respiratory conditions
					
	INSOLARE	  	85155733	  	4187386	  	10	  	Cannulae
					
		  	(Oct. 19, 2010)	  	(Aug. 7, 2012)	  		  	
					
	HIGH VELOCITY THERAPY	  	 87066382
  

(June 09, 2016)
	  	 5179750
  

(Apr. 11, 2017)
	  	10	  	Respiratory therapy systems comprised of monitors, sensors, nebulizers, delivery tubes, cannulas, blenders, flowmeters, humidification chambers and heaters; medical apparatus for treating respiratory conditions
					
	VAPOSOFT	  	 87232957
  

(Nov. 10, 2016)
	  	 5223068
  

(June 13, 2017)
	  	10	  	Respiratory therapy systems comprised of nebulizers, delivery tubes, and cannulas

									
	HI-VNI	  	 87036194
  

(May 13, 2016)
	  	 5242692
  

(July 11, 2017
	  	10	  	Medical apparatus for treating respiratory conditions
					
	HVT	  	 87066398
  

(June 09, 2016)
	  	 5254083
  

(August 1, 2017)
	  	10	  	Respiratory therapy systems comprised of monitors, sensors, nebulizers, delivery tubes, cannulas, blenders, flowmeters, humidification chambers and heaters; medical apparatus for treating respiratory conditions
					
	 

	  	 77754930
  

(June 9, 2009)
	  	 4109211
  

(March 6, 2012)
	  	10	  	Medical apparatus for treating respiratory conditions

 REGISTERED TRADEMARKS – OUTSIDE THE
U.S.: 
  

									
	 TRADEMARK
	  	 EUROPEAN

APPLICATION

NUMBER
(FILING DATE)
	  	 REGISTRATION

NUMBER
	  	 CLASS
	  	 GOODS AND
SERVICES

	VAPOTHERM	  	001187541	  	 001187541
  

(May 18, 1999 –
European Union)
	  	10	  	Apparatus and instruments for medical, surgical, dental and veterinary use; respiratory therapy units
					
	HI-VNI	  	1,351,941	  	1,351,941	  	10	  	Medical apparatus for
		  		  		  		  	treating respiratory
		  	(April 27, 2017 – Japan)	  	(April 27, 2017 – Japan)	  		  	conditions
					
	HI-VNI	  	1,351,941	  	1,351,941	  	10	  	Medical apparatus for
		  		  		  		  	treating respiratory
		  	(April 27, 2017 – India)	  	(December 21, 2017 – India)	  		  	conditions
					
	HI-VNI	  	1,351,941	  	1,351,941	  	10	  	Medical apparatus for
		  		  		  		  	treating respiratory
		  	(April 27, 2017 – Australia)	  	(January 09, 2018 – Australia)	  		  	conditions
					
	HI-VNI	  	1,351,941	  	1,855,275	  	10	  	Medical apparatus for
		  		  		  		  	treating respiratory
		  	(April 27, 2017 – EU)	  	(December 21, 2017 – India)	  		  	conditions
					
	HI-VNI	  	 1,351,941
  

(April 27, 2017 – EU)
	  	WO00000013519
41
(September 15, 2017—UK)	  	10	  	Medical apparatus for treating respiratory conditions
					
	VAPOSOFT	  	1,354,789	  	1,354,789	  	10	  	Respiratory therapy systems
		  		  		  		  	comprised of nebulizers,
		  	(May 9, 2017 – EU)	  	(May 9, 2017 – EU)	  		  	delivery tubes, and cannulas
					
	VAPOSOFT	  	 1,354,789
  

(May 9, 2017 – UK)
	  	 1,354,789
  

(October 24, 2017 –UK)
	  	10	  	Respiratory therapy systems comprised of nebulizers, delivery tubes, and cannulas

									
	VAPOSOFT	  	 1,354,789
  

(May 9, 2017 – Australia)
	  	 1,354,789
  

(November 16, 2017 –Australia)
	  	10	  	Respiratory therapy systems comprised of nebulizers, delivery tubes, and cannulas
					
	VAPOSOFT	  	 1,354,789
  

(May 9, 2017 – Japan,)
	  	 1,354,789
  

(December 21, 2018 – Japan)
	  	10	  	Respiratory therapy systems comprised of nebulizers, delivery tubes, and cannulas
					
	VAPOSOFT	  	 1,354,789
  

(May 9, 2017 – India,)
	  	 1,354,789
  

(December 21, 2018 – India)
	  	10	  	Respiratory therapy systems comprised of nebulizers, delivery tubes, and cannulas

 APPLICATIONS PENDING TRADEMARK – U.S.: 

NONE CURRENTLY PENDING 

APPLICATIONS PENDING TRADEMARK – OUTSIDE THE U.S.: 

 

									
	 TRADEMARK
	  	 APPLICATION

NUMBER
(FILING DATE)
	  	 REGISTRATION

NUMBER
	  	 CLASS
	  	 GOODS AND
SERVICES

	HI-VNI	  	 912866144
  

(June 27, 2017 – Brazil)
	  	TBD	  	10	  	Medical apparatus for treating respiratory conditions
					
	HI-VNI	  	 1,847,512
  

(July 14, 2017 – Canada)
	  	TBD	  	10	  	Medical apparatus for treating respiratory conditions
					
	HI-VNI	  	 1,351,941
  

(April 27, 2017 – China, Mexico, and Turkey)
	  	TBD	  	10	  	Medical apparatus for treating respiratory conditions

									
	VAPOTHERM	  	 912866179
  

(June 27, 2017 - Brazil)
	  	TBD	  	10	  	Apparatus and instruments for medical, surgical, dental and veterinary use; respiratory therapy units
					
	VAPOTHERM	  	 1,841,675
  

(June 8, 2017 – Canada)
	  	TBD	  	10	  	Medical apparatus for treating respiratory conditions; Respiratory therapy units; Respiratory therapy systems comprised of monitors, sensors, nebulizers, delivery tubes, cannulas, blenders, flowmeters, humidification chambers, and
heaters.
					
	VAPOSOFT	  	 1,354,789
  

(May 9, 2017 – China, Mexico, and Turkey)
	  	TBD	  	10	  	Respiratory therapy systems comprised of nebulizers, delivery tubes, and cannulas

 UNREGISTERED TRADEMARKS – U.S.: 

Medical Grade Vapor 
 This is
Precision Flow. Everything else isn’t. 
 Vapotherm 2000i 

Precision Flow – Heliox 

HFNC 
 Take the Work Out of
Breathing 
 SPNC 
 Precision
Flow Plus & Logo 
 When Oxygen is not enough 

Vapotherm Logo 
 Vapotherm
Stylized 
 Hi-VNI Logo 

No Mask. No Problem. 

 (C) Copyrights 

Vapotherm does not own and has not licensed any applied for or registered Copyrights. 

 Schedule 7.06(a) 

to Credit Agreement 
 CERTAIN
LITIGATION 
 None. 

 Schedule 7.06(c) 

to Credit Agreement 
 LABOR
MATTERS 
 None. 

 Schedule 7.08 

to Credit Agreement 
 TAXES

 None. 

 Schedule 7.12(a) 

to Credit Agreement 

CAPITALIZATION  
 See attached
capitalization table. 

 Schedule 7.12(b) 

to Credit Agreement 

INFORMATION REGARDING SUBSIDIARIES  

None. 

 Schedule 7.12(c) 

to Credit Agreement 
 EQUITY
INVESTMENTS  
 None. 

 Schedule 7.13(a) 

to Credit Agreement 

OUTSTANDING INDEBTEDNESS OF THE BORROWER AND ITS SUBSIDIARIES 

Part I 
  

	 	1.	 Bridge Bank Indebtedness. 

 

	 	2.	 Lease with Lease Corporation of America for 3D printer. 

 

	 	3.	 Bridge Bank / Western Alliance Bank, letter of credit dated October 3, 2016 issued in connection with our
100 Domain Drive, Exeter, NH facility lease. Fully collateralized. 

 Part II 

 

	 	1.	 Rhenus 3PL - $71,000 letter of credit dated July 7, 2017 for third party logistics services. Fully
collateralized. 

 Schedule 7.13(b) 

to Credit Agreement 

INDEBTEDNESS TO BE REPAID ON CLOSING DATE 
  

	 	1.	 Indebtedness related to that certain Loan and Security Agreement dated as of November 16, 2016 among Solar
Capital, Ltd., as collateral agent, the lenders party thereto from time to time, including Solar in its capacity as a lender and Vapotherm, Inc. 

 Schedule 7.14 

to Credit Agreement 

MATERIAL AGREEMENTS OF OBLIGORS 
  

	1.	 Employment, Payroll, and Benefit Agreements 

 

	 	a.	 ADP Master Services Agreement, dated 8/15/16 (since amended). Vapotherm contracted with ADP to provide payroll
services after Vapotherm transitions to a direct employment model in 2017. 

  

	 	b.	 Radius Master Service Agreement, dated October 26, 2015 (since amended). Radius provides human resource
services and payroll provider services to Vapotherm’s European-based employees. Vapotherm employs these individuals directly and Radius obtains a payroll registration number for us. 

 

	 	c.	 Safeguard World International Limited, dated August 29, 2016 (since amended) 

 

	2.	 Lease Agreements: 

  

	 	a.	 Lease with Albany Road – 100 Domain LLC for property located at 100 Domain Drive, Exeter, NH 03833, dated
September 30, 2016. Vapotherm’s manufacturing facility is at 100 Domaine Drive, Exeter, NH. The lease, which was amended on September 6, 2017 to add additional office and R&D lab space through multiple phases (the “Expansion
Space”), runs for seven (7) years starting on the date the landlord substantially completes and delivers the final phase of the Expansion Space. The delivery date is expected to occur on or before June 30, 2018. Vapotherm has the
option to renew for two (2) additional five (5) year terms by providing twelve (12) months prior written notice before the end of the initial term or the first extension term, as applicable. 

 

	 	b.	 Lease Corporation of America, for 3D printer, dated April 30, 2015. Note this lease is included upon
request, it does not meet the definition of Material Agreement under the Credit Agreement. 

  

	3.	 Supply & Logistics Agreements 

 

	 	a.	 Arundel Machine, dated December 15, 2017. Arundel Machine manufactures machined aluminum components and sub-assemblies for Vapotherm. 

  

	 	b.	 Enercon Technologies, dated March 20, 2014. Enercon Technologies manufactures the printed circuit boards
for our Precision Flow product. Vapotherm is in the process of negotiating a new three year agreement. 

  

	 	c.	 Engineered Medical Systems, dated June 25, 2013. EMS manufactures Vapotherm’s delivery tubes. The
scope of this agreement is limited to quality, all business transactions between the parties take place on a PO basis. Obligor believes EMS may be in breach of both their quality agreement and certain recent PO agreements. Obligor is continuing to
evaluate the situation in light of such potential defaults. 

  

	 	d.	 Medica, dated January 1, 2013. Medica manufactures the fiber vapor transfer cartridges that are
incorporated into Vapotherm’s disposable patient circuits. The Agreement had a one (1) year initial term and automatically renews for additional one year periods thereafter. 

	 	e.	 Moog/Aspen Motors, dated August 1, 2014 (renewal agreement currently pending). Moog is the parent company
of Aspen Motors, who manufactures the motor drive for Vapotherm’s Precision Flow product. The Agreement, as amended, expired on April 1, 2017 and the parties are currently negotiating a new agreement. 

 

	 	f.	 Salter Labs, dated February 15, 2013. Salter manufactures Vapotherm’s cannula product. The Agreement
had a three (3) year initial term and automatically renews for additional one year periods thereafter. 

  

	 	g.	 Scientific Molding Corporation, dated January 4, 2016. SMC manufactures over-molds and other components
incorporated into Vapotherm’s disposable patient circuits. The Agreement had a three (3) year initial term and automatically renews for additional one year periods thereafter. 

 

	 	h.	 Tengam Engineering, Inc, dated March 1, 2018. Tengam manufactures the impeller for Vapotherm’s
disposable patient circuit. The Agreement has a three year term and shall expire on February 28, 2021. 

  

	4.	 Group Purchasing Organization, Integrated Delivery Network, Hospital System, and Individual Hospital Customer
Contracts 

  

	 	a.	 Ascension, April 1, 2015. Group Purchasing Organization contract with a national group purchasing
organization, renewed and extended through January 31, 2019. 

  

	 	b.	 Healthtrust Purchasing Group, dated April 1, 2015, renewed on December 1, 2016 for an additional
three (3) year term through November 30, 2019. Group Purchasing Organization contract with a national group purchasing organization. 

  

	 	c.	 Kaiser, dated April 1, 2015 (since amended). Integrated Delivery Network contract with an integrated
delivery network that is based in California. The Agreement as extended will expire on March 31, 2020. 

  

	 	d.	 Premier, dated January 11, 2015 (since amended). Group Purchasing Organization contract with a national
group purchasing organization. The Agreement will not expire until October 31, 2018. Vapotherm is currently in the process of responding to an RFI and RFP in an effort to extend the agreement for an additional three year term.

  

	5.	 International, Private Label, and Rental Distribution Agreements 

 

	 	a.	 Japan MedicalNext Co., Ltd, dated January 1, 2013 (since amended). Vapotherm’s distribution Agreement
for Japan, one of Vapotherm’s five (5) international target markets. The Agreement will expire on December 31, 2019. The value of this Agreement will likely exceed $500,000 in 2018. 

 

	 	b.	 Lowenstein Medical, dated April 1, 2016 (since amended). Vapotherm’s distribution Agreement for
Germany, one of Vapotherm’s five (5) international target markets. The Agreement will expire on March 31, 2019. The value of this Agreement will likely exceed $500,000 in 2018. 

	 	c.	 Praxair, Inc., dated October 28, 2011 (since amended). Vapotherm’s distribution Agreement for Brazil,
Uruguay, Peru, and India. The Agreement also provides for the distribution of the Precision Flow Heliox product in the United States. Brazil is one of Vapotherm’s five (5) international target markets. With respect to Brazil, Peru and
Uruguay, this Agreement will expire on March 31, 2020. With respect to Mexico, this Agreement will expire on February 28, 2018. And with respect to the distribution of the Precision Flow Heliox product in the United States, this Agreement
will expire on October 24, 2019. The value of this Agreement will likely exceed $500,000 in 2018. 

  

	 	d.	 Praxair Mexico and Praxair Costa Rica, dated January 1, 2018. Vapotherm’s distribution agreement for
Mexico and Costa Rica. Mexico is one of Vapotherm’s five (5) international target markets. This agreement will expire on December 31, 2020. 

  

	 	e.	 SOLUS Medical Ltd, dated January 1, 2016 (since amended) Vapotherm’s distribution Agreement for the
United Kingdom, one of Vapotherm’s five (5) international target markets. The Agreement will expire on December 31, 2018. Vapotherm also retains the limited right to strip Solus of its exclusivity on June 30, 2018 if a new
Agreement has not been negotiated by that date. The value of this Agreement will likely exceed $500,000 in 2018. 

  

	6.	 Contracts evidencing Material Indebtedness 

 

	 	a.	 Bridge Revolver Facility 

 Schedule 7.15 

to Credit Agreement 

RESTRICTIVE AGREEMENTS 
 None. 

 Schedule 7.16 

to Credit Agreement 
 REAL
PROPERTY OWNED OR LEASED BY THE BORROWER OR ANY SUBSIDIARY 
 Leased property at 100 Domain Drive, Exeter, NH 03833. 

 Schedule 7.17 

to Credit Agreement 
 PENSION
MATTERS 
 None. 

 Schedule 7.19(a) 

to Credit Agreement 

REGULATORY APPROVALS 
 State wholesale
distribution licenses for Iowa and Alabama in renewal process and state wholesale distribution license for Michigan incomplete.  
 See Schedule
7.19(a)(iii) – Regulatory Filings – 3.27.18 Final.pdf for list of regulatory filings. 
 See additional Schedule 7.19(a)(iii) attachments for
copies of: Vapotherm’s November 24, 2014 FDA Inspection Report; Vapotherm’s September 24, 2013 Notified Body Audit Report; and Vapotherm’s voluntary field action correspondence from August 20, 2014, May 4, 2016,
and March 23, 2017. Please note we have not filed any MDRs other than those associated with the field actions. Please also note we recently completed our ISO 13485/MDSAP Audit the week of February 26, 2018 but have not yet received a copy
of the audit report. 
 Schedule 7.19(a)(iii) – Regulatory Filings – 3.27.18 Final.pdf notes all additional Regulatory Approvals not owned by
Vapotherm. 

 Schedule 7.19(b) 

to Credit Agreement 

REGULATORY APPROVALS 
 7.19(a)(iii) Disclosure of
regulatory filings and all material communications between representatives of each Obligor and its Subsidiaries and any Regulatory Authority 
  

	 	•	 	 See Schedule 7.19(a)(iii) – Regulatory Filings – 3.27.18 Final.pdf for list of regulatory filings.

  

	 	•	 	 See additional Schedule 7.19(a)(iii) attachments for copies of: Vapotherm’s November 24, 2014 FDA Inspection
Report; Vapotherm’s September 24, 2013 Notified Body Audit Report; and Vapotherm’s voluntary field action correspondence from August 20, 2014, May 4, 2016, and March 23, 2017. Please note we have not filed any MDRs
other than those associated with the field actions. Please also note we recently completed our ISO 13485/MDSAP Audit the week of February 26, 2018 but have not yet received a copy of the audit report. 

7.19(b) List of Regulatory Approvals owned by Vapotherm that are referred to in Schedule 7.19(a)(iii). 

 

	 	1.	 FDA Establishment Registration & Device Listing 

 

	 	2.	 CE Certificate 

  

	 	3.	 ISO Certificate 

  

	 	4.	 Health Canada Licenses 

Schedule 7.19(a)(iii) – Regulatory Filings – 3.27.18 Final.pdf notes all additional Regulatory Approvals not owned by Vapotherm. 

 Schedule 7.19(d) 

to Credit Agreement 
 CERTAIN
REGULATORY MATTERS 
 State wholesale distribution licenses for Iowa and Alabama in renewal process and state wholesale distribution license for Michigan
incomplete. 
 List of all Product Recalls in the past three (3) years – all were voluntary: 

 

	 	•	 	 2014: Vapotherm, Inc. received a small number of complaints involving a defect in the Disposable Patient Circuit
that allowed water to leak into the center gas lumen that was beyond what would be attributed to normal condensation. The investigation revealed that the cause for the leak was inadequate solvent bonding between the tubing and the connector. Recall
letter dated August 20th, 2014 Medical Device Recall—Update Vapotherm Precision Flow Disposable Patient Circuit available upon written request. This recall was terminated by FDA on 02- October-2015. 

 

	 	•	 	 2016: Vapotherm, Inc. received a small number of complaints involving a defect in the Disposable Patient Circuit
that allows water to leak where the delivery tube is connected to the disposable water path. Voluntary field action letter dated May 4th, 2016 Medical Device Voluntary Field Action – Product Removal Vapotherm Precision Flow Disposable Patient
Circuit available upon written request. The leak was due to a molding problem that created a small gap on the Patient Delivery Tube prong that could cause an external water leak. Vapotherm reworked the molding tool to remove the feature leading to
the issue and validated it prior to implementation. 

  

	 	•	 	 2017: Vapotherm, Inc. received a small number of complaints involving a potential issue with the heater element
that was sourced from a second supplier starting in August 2016. The complaints were from countries where the line voltage is between 220-240V. These higher voltages lead to an increase in energy through the
resistor which may result in a heater failure. Based on the investigation to date, on March 23, 2017 Vapotherm decided to conduct a Voluntary Field Corrective Action to replace or repair affected units. Our research has confirmed that units
with heaters from the original supplier do not exhibit this phenomenon. Vapotherm can confirm that it now sole sources the heater from the original supplier. 

 Schedule 7.20 

to Credit Agreement 

TRANSACTIONS WITH AFFILIATES 
  

	1.	 Employment Agreement between the Company and Joseph Army, dated as of July 30, 2012.

  

	2.	 Amended and Restated Executive Agreement Regarding Confidentiality and Intellectual Property between the
Company and William Niland, dated as of November 8, 2013. 

  

	3.	 The Company purchases a portion of its high flow disposables tubing from Engineered Med Systems, Inc.
(“EMS”), whose principals, Brad and Jeff Quinn, are shareholders. 

  

	4.	 The Company utilizes ICS Group, Inc., which is a shareholder, to provide web site services on an as-needed basis. 

  

	5.	 Secured promissory note with William Niland dated November 8, 2013, in the amount of $75,509.39. The
proceeds of this note were utilized to purchase 686,449 shares of the Company’s Common Stock pursuant to a Restricted Stock Agreement. The promissory note is secured by 686,449 shares of the Company’s Common Stock as held by Mr. Niland and
evidenced via a Stock Pledge Agreement dated November 8, 2013. 

  

	6.	 Secured promissory note with Kevin Thibodeau dated December 31, 2016, in the amount of $49,832.05. The
proceeds of this note were utilized to purchase 431,662 shares of the Company’s Common Stock pursuant to Option Agreements and Restricted Stock Agreements. The promissory note is secured by 431,662 shares of the Company’s Common Stock as
held by Mr. Thibodeau and evidenced by a Stock Pledge Agreement dated December 31, 2016. 

 Schedule 7.23 

to Credit Agreement 
 DEPOSIT
AND DISBURSEMENT ACCOUNTS 
  

									
	 Bank Name
	  	 Account

Number
	  	 Branch

Address
	  	 Company/

Subsidiary
	  	 Purpose of Account

	Bridge Bank / Western Alliance Bank	  	XXX	  	55 Almaden Blvd, San Jose, CA 95113	  	Vapotherm, Inc.	  	Primary operating account
					
	Bridge Bank / Western Alliance Bank	  	XXX	  	55 Almaden Blvd, San Jose, CA 95113	  	Vapotherm, Inc.	  	Incoming deposit account – sweeps to operating daily
					
	Bridge Bank / Western Alliance Bank	  	XXX	  	55 Almaden Blvd, San Jose, CA 95113	  	Vapotherm, Inc.	  	Collateral account (Domain facility letter of credit)
					
	Bridge Bank / Western Alliance Bank	  	XXX	  	55 Almaden Blvd, San Jose, CA 95113	  	Vapotherm, Inc.	  	Collateral account (Rhenus 3PL Letter of Credit)

 Schedule 7.24 

to Credit Agreement 
 ROYALTY
AND OTHER PAYMENTS 
 Royalty Agreement, dated as of March 30, 2012 (as amended, restated, amended and restated, supplemented or otherwise modified)
with Columbia Life Systems Licensing Agreement for the co-development of a smart controller module that will communicate with Vapotherm’s Precision Flow product and control the oxygen content delivery via
a closed loop software algorithm. The agreement encompasses an inbound, exclusive license. The license may convert to a non-exclusive license if Vapotherm fails to execute its commercialization plan for the
product, however Vapotherm retains the right to unilaterally modify its commercialization plan. The commercialization plan for the product has not been completed, so no royalties have been paid under the Columbia Life Systems licensing agreement to
date. Per the three amendments provided, Vapotherm has paid $1,500 per month since July 1, 2013 to maintain the exclusive license.  

 Schedule 9.02 

to Credit Agreement 
 LIENS
GRANTED BY THE OBLIGORS 
 Part I 
  

	 	1.	 Bridge Bank / Western Alliance Bank, letter of credit dated October 3, 2016 issued in connection with our
100 Domain Drive, Exeter, NH facility lease. Fully collateralized. 

  

	 	2.	 Rhenus 3PL - $71,000 letter of credit dated July 7, 2017 for third party logistics services. Fully
collateralized. 

 Part II 
  

					
	 Name of Holder of

Lien/Encumbrance
	  	 Description of Property

Encumbered
	  	 Company/Subsidiary

	Bridge Bank / Western Alliance Bank	  	As stated in the Western Alliance Bank – Vapotherm Loan & Security Agreement and Pledge Agreement	  	Vapotherm, Inc.
			
	Lease Corporation of America	  	Equipment Lien (Filing No: 2015 1870219), Filing Date: 5/1/15	  	Vapotherm, Inc.

 Schedule 9.05 

to Credit Agreement 

EXISTING INVESTMENTS 
  

	1.	 Secured promissory note with William Niland dated November 8, 2013, in the amount of $75,509.39. The
proceeds of this note were utilized to purchase 686,449 shares of the Company’s Common Stock pursuant to a Restricted Stock Agreement. The promissory note is secured by 686,449 shares of the Company’s Common Stock as held by Mr. Niland and
evidenced via a Stock Pledge Agreement dated November 8, 2013. 

  

	2.	 Secured promissory note with Kevin Thibodeau dated December 31, 2016, in the amount of $49,832.05. The
proceeds of this note were utilized to purchase 431,662 shares of the Company’s Common Stock pursuant to Option Agreements and Restricted Stock Agreements. The promissory note is secured by 431,662 shares of the Company’s Common Stock as
held by Mr. Thibodeau and evidenced by a Stock Pledge Agreement dated December 31, 2016. 

 Schedule 9.14 

to Credit Agreement 

PERMITTED SALES AND LEASEBACKS 
 None.EX-10.5

 Exhibit 10.5 

AMENDED AND RESTATED BUSINESS FINANCING AGREEMENT 
  

							
	Borrower:	 	 VAPOTHERM, INC.
 100 Domain
Drive
 Exeter, NH 03833
	 	 Lender:
	  	 WESTERN ALLIANCE BANK, an Arizona corporation

55 Almaden Boulevard, Suite 100
 San Jose, CA
95113

 This AMENDED AND RESTATED BUSINESS FINANCING AGREEMENT, dated as of April 6, 2018 (“the
Effective Date”) is made and entered into between WESTERN ALLIANCE BANK, AN ARIZONA CORPORATION (“Lender”), and VAPOTHERM, INC., a Delaware corporation (“Borrower”), and amends and restates, in
its entirety, that certain Business Financing Agreement executed by Borrower in favor of Lender, dated as of November 16, 2016, as amended from time to time (the “Original Business Financing Agreement”), on the following terms and
conditions: 
  

	1.	 REVOLVING CREDIT LINE. 

 

	 	1.1	 Advances. Subject to the terms and conditions of this Agreement, from the date on which this Agreement
becomes effective until the Maturity Date, Lender will make Advances to Borrower not exceeding the Credit Limit or the Borrowing Base (as determined by Lender with reference to the Borrowing Base most recently delivered by the Borrower), whichever
is less; provided that in no event shall Lender be obligated to make any Advance that results in an Overadvance or while any Overadvance is outstanding. Amounts borrowed under this Section may be repaid and subject to the terms and conditions hereof
reborrowed during the term of this Agreement. It shall be a condition to each Advance that (a) an Advance Request acceptable to Lender has been received by Lender, (b) all of the representations and warranties set forth in Section 5
are true and correct in all material respects on the date of such Advance as though made at and as of each such date, and (c) no Default has occurred and is continuing, or would result from such Advance. Parties acknowledge that Advances made
under the Original Business Financing Agreement shall constitute Advances hereunder. 

  

	 	1.2	 Advance Requests. Borrower may request that Lender make an Advance by delivering to Lender an Advance
Request therefor and Lender shall be entitled to rely on all the information provided by Borrower to Lender on or with the Advance Request. So long as all of the conditions for an Advance set forth herein have been satisfied, Lender shall honor
Advance Requests, instructions or repayments given by any Authorized Person by funding each Advance into Borrower’s Account within one business day of Lender’s receipt of the applicable Advance Request. 

 

	 	1.3	 Due Diligence. Lender may audit Borrower’s Receivables and any and all records pertaining to the
Collateral, at Lender’s sole discretion and at Borrowers expense. Lender may at any time and from time to time contact Account Debtors and other persons obligated or knowledgeable in respect of Receivables to confirm the Receivable Amount of
such Receivables, to determine whether Receivables constitute Eligible Receivables, and for any other purpose in connection with this Agreement. If any of the Collateral or Borrower’s books or records pertaining to the Collateral are in the
possession of a third party, Borrower authorizes that third party to permit Lender or its agents to have access to perform inspections or audits thereof and to respond to Lender’s requests for information concerning such Collateral and records.

  

	 	1.4	 Collections. 

  

	 	a)	 Lender shall have the exclusive right to receive all Collections on all Receivables. Borrower shall
(i) immediately notify, transfer and deliver to Lender all Collections Borrower receives for deposit into the Collection Account, (ii) deliver to Lender a detailed cash receipts journal on Friday of each week until the Lockbox is
operational, and (iii) immediately enter into a collection services agreement acceptable to Lender (the “Lockbox Agreement”) pursuant to which all Collections received in the Lockbox shall be deposited into the
Collection Account. Borrower shall use the Lockbox address as the remit to and payment address for all of Borrower’s Collections from Account Debtors, and Borrower shall instruct all Account Debtors to make payments either directly to the
Lockbox for deposit by Lender directly to the Collection Account, or instruct them to deliver such payments to Lender by wire transfer, ACH, or other means as Lender may direct for deposit to the Lockbox or Collection Account. It will be considered
an immediate Event of Default if this does not occur or the Lockbox is not operational within forty-five (45) days of the Effective Date. 

  

	 	b)	 Collections deposited into the Collateral Account shall be deposited into Borrower’s Account, provided
that upon the occurrence and during the continuance of an Event of Default or if RML is less than three (3), Lender may apply all Collections to the payment of the outstanding Account Balance and the other Obligations in such order and manner as
Lender may determine; in either such case, within three (3) Business Days of the date received. Lender has no duty to do any act other than to apply such amounts as required above. If an item

	 	
of Collections is not honored or Lender does not receive good funds for any reason, any amount previously transferred to Borrower’s Account or applied to the Account Balance shall be
reversed as of the date transferred or applied, as applicable, and, if applied to the Account Balance, the Finance Charge will accrue as if the Collections had not been so applied. Lender shall have, with respect to any goods related to the
Receivables, all the rights and remedies of an unpaid seller under the Code and other applicable law, including the rights of replevin, claim and delivery, reclamation and stoppage in transit. 

 

	 	1.5	 Receivables Activity Report. Within thirty (30) days after the end of each Month End, Lender shall
send to Borrower a report covering the transactions for the prior billing period, including the amount of all Advances, Collections, Adjustments, Finance Charges, and other fees and charges assessed under the Loan Documents. The accounting shall be
deemed correct and conclusive unless Borrower makes written objection to Lender within thirty (30) days after Lender sends the accounting to Borrower. 

  

	 	1.6	 Adjustments. In the event any Adjustment is asserted by any Account Debtor, Borrower shall promptly
advise Lender and shall, subject to Lender’s approval, resolve such disputes and advise Lender of any Adjustments; provided that in no case will the aggregate Adjustments made with respect to any Receivable exceed 2% of its original
Receivable Amount unless Borrower has obtained the prior written consent of Lender. 

  

	 	1.7	 Recourse; Maturity. Advances and the other Obligations shall be with full recourse against Borrower. On
the Maturity Date, Borrower will pay all then outstanding Advances and other Obligations to Lender or such earlier date as shall be herein provided. 

  

	 	1.8	 International Sublimit. 

 

	 	a)	 Letter of Credit. Subject to the terms and conditions of this Agreement, Lender hereby agrees to issue
or cause an Affiliate to issue letters of credit for the account of Borrower (each, a “Letter of Credit” and collectively, “Letters of Credit”) from time to time; provided that (a) the
Letter of Credit Obligations shall not at any time exceed the International Sublimit less any FX Amount outstanding and (b) the Letter of Credit Obligations will be treated as Advances for purposes of determining availability under the Credit
Limit and shall decrease, on a dollar-for-dollar basis, the amount available for other Advances. The form and substance of each Letter of Credit shall be subject to
approval by Lender, in its sole discretion. Each Letter of Credit shall be subject to the additional terms of the Letter of Credit agreements, applications and any related documents required by Lender in connection with the issuance thereof (each, a
“Letter of Credit Agreement”). Each draft paid under any Letter of Credit shall be repaid by Borrower in accordance with the provisions of the applicable Letter of Credit Agreement. No Letter of Credit shall be issued that
results in an Overadvance or while any Overadvance is outstanding. Upon the Maturity Date, the amount of Letters of Credit Obligations shall be secured by unencumbered cash on terms acceptable to Lender if the term of this Agreement is not extended
by Lender. 

  

	 	b)	 Foreign Exchange. Subject to the terms and conditions of this Agreement and any other agreement that
Borrower may enter into with Lender in connection with foreign exchange transactions (“FX Contracts”), Borrower may request Lender to enter into FX Contracts with Borrower due not later than the Maturity Date. Borrower shall
pay any standard issuance and other fees that Lender notifies Borrower will be charged for issuing and processing FX Contracts for Borrower. The FX Amount shall at all times be equal to or less than the International Sublimit less the face amount of
any Letters of Credit outstanding. The “FX Amount” shall equal the amount determined by multiplying (A) the aggregate amount, in United States Dollars, of FX Contracts between Borrower and Lender remaining outstanding as
of any date of determination by (B) the applicable Foreign Exchange Reserve Percentage as of such date. The “Foreign Exchange Reserve Percentage” shall be a percentage as determined by Lender, in its sole discretion from
time to time. The initial Foreign Exchange Reserve Percentage shall be 10%. 

 If at any time a Lender’s obligation
to extend credit pursuant to the terms of this Agreement is terminated or otherwise ceases to exist, Borrower shall promptly secure in cash or provide on other terms reasonably acceptable to Lender all obligations under the International Sublimit.

  

	 	1.9	 Cash Management Services. Borrower may use availability under the Credit Limit up to the Cash Management
Sublimit for Lender’s cash management services, which may include merchant services, controlled disbursement accounts, business credit cards and automated clearing house transactions identified in various cash management services agreements
related to such services (the “Cash Management Services”). The entire Cash Management Sublimit will be treated as an Advance for purposes of determining availability under the Credit Limit and shall decrease, on a dollar-for-dollar basis, the amount available for other Advances. The Cash Management Services shall be subject to additional terms set forth in applicable cash management
services agreements. 

  
 2 

	 	1.10	 Overadvances. Upon any occurrence of an Overadvance, Borrower shall immediately pay down the Advances
such that, after giving effect to such payments, no Overadvance exists. 

  

	2.	 FEES AND FINANCE CHARGES. 

 

	 	2.1	 Finance Charges. Lender may, but is not required to, deduct the amount of accrued Finance Charge from
Collections received by Lender. The accrued and unpaid Finance Charge shall be due and payable within ten (10) calendar days after each Month End during the term hereof. 

 

	 	2.2	 Fees. 

  

	 	a)	 Termination Fee. In the event this Agreement is terminated prior to the first anniversary of the
Effective Date, Borrower shall pay the Termination Fee to Lender; provided that if this Agreement, following Borrower’s request and the consent of Lender (which consent shall not be unreasonably withheld), is transferred to an operating
division of Lender other than the Capital Finance Group, the transfer will not be deemed a termination resulting in the payment of the Termination Fee; provided that Borrower agrees, at the time of transfer, to the payment of comparable fees
in an amount not less than that set forth in this Agreement, and provided further that such transfer is not as a result of an Event of Default. 

  

	 	b)	 Closing Fee. Borrower shall pay to Lender a non-refundable
closing fee in an amount equal to Seven Thousand Five Hundred Dollars ($7,500.00) promptly upon the execution of this Agreement. 

  

	 	c)	 Non-Utilization Fee. Borrower shall pay to the Lender, a fee
(the “Non-Utilization Fee”) for an amount equal to the sum of, for each day: (i)(A) the Credit Limit, less (B) the Account Balance; multiplied by (ii) one 0.25% per
annum. The Non-Utilization Fee shall be payable monthly in arrears on the first day of each calendar month following the Effective Date and on the Maturity Date. The
Non-Utilization Fee shall accrue at all times from and after the execution and delivery of this Agreement. 

  

	 	d)	 Letter of Credit Fees. Borrower shall pay to Lender fees upon the issuance of each Letter of Credit,
upon the payment or negotiation of each draft under any Letter of Credit and upon the occurrence of any other activity with respect to any Letter of Credit (including without limitation, the transfer, amendment or cancellation of any Letter of
Credit) determined in accordance with Lender’s standard fees and charges then in effect for such activity. 

  

	 	e)	 Annual Management Fee. Borrower shall pay to Lender a
non-refundable annual management fee for the account of the Lender, in an amount equal to Fifteen Thousand Dollars ($15,000.00) per year, which fee shall be fully earned, and due and payable in advance,
on the first and second anniversary of the Effective Date; such amount to be prorated if this Agreement is terminated prior to such first or second anniversary; provided that the annual management fee to be paid on the first anniversary of the
Effective Date shall be Seven Thousand Five Hundred Dollars ($7,500.00). 

  

	 	f)	 Cash Management and FX Forward Contract Fees. Borrower shall pay to Lender fees in connection with the
Cash Management Services and the FX Forward Contracts as determined in accordance with Lender’s standard fees and charges then in effect for such activity.. 

 

	 	g)	 Lender’s Expenses. Borrower shall pay to Lender all Lender’s Expenses then due (or, if no
stated due date, upon demand by Lender) for which Borrower has received an invoice at least five (5) Business Days prior. 

  

	3.	 CONDITIONS PRECEDENT TO INITIAL ADVANCE. Lender’s obligation to make the initial Advance is
subject to the condition precedent that the Lender shall consent to or shall have received, in form and substance reasonably satisfactory to Lender, such documents, and completion of such other matters, as Lender may reasonably deem necessary or
appropriate, including, without limitation: 

  

	 	3.1	 copies of original Loan Documents, each duly executed by Borrower and each Subsidiary, as applicable;

  

	 	3.2	 the acknowledgment to the Intercreditor Agreement, duly executed by Borrower; 

  
 3 

	 	3.3	 a completed Perfection Certificate for Borrower and each of its Subsidiaries; 

 

	 	3.4	 the Operating Documents and good standing certificates of Borrower certified by the Secretary of State
(or equivalent agency) of Borrower’s jurisdiction of organization or formation and each jurisdiction in which Borrower is qualified to conduct business (except where the failure to be so qualified would not result in a Material Adverse Change),
each as of a date no earlier than thirty (30) days prior to the Effective Date; and 

  

	 	3.5	 a certificate of Borrower in substantially the form of Exhibit C hereto executed by the Secretary
of Borrower with appropriate insertions and attachments, including with respect to (i) the Operating Documents of Borrower (which Certificate of Incorporation of Borrower shall be certified by the Secretary of State of the State of Delaware)
and (ii) the resolutions adopted by Borrower’s board of directors for the purpose of approving the transactions contemplated by the Loan Documents. 

  

	4.	 SECURITY INTEREST. 

 

	 	4.1	 Grant of Security Interest. Borrower hereby grants Lender, to secure the payment and performance in full
of all of the Obligations, a continuing first priority (subject to the terms of the Intercreditor Agreement and to Permitted Liens that under applicable law have priority) security interest in, and pledges to Lender, the Collateral, wherever
located, whether now owned or hereafter acquired or arising, and all proceeds and products and supporting obligations (as defined in the Code) in respect thereof. If Borrower shall acquire any commercial tort claim (as defined in the Code) in excess
of Fifty Thousand Dollars ($50,000.00), Borrower shall grant to Lender, a first priority security interest (subject to the terms of the Intercreditor Agreement and to Permitted Liens that under applicable law have priority) therein and in the
proceeds and products and supporting obligations (as defined in the Code) thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to Lender. On the Termination Date, Lender shall, at the
sole cost and expense of Borrower, release its Liens in the Collateral and all rights therein shall revert to Borrower. Lender hereby acknowledges and agrees that, notwithstanding anything to the contrary contained herein, (i) the Liens granted
to the Lender herein and the exercise of any right or remedy by the Lender are subject to the terms of the Intercreditor Agreement, and in the event of any conflict, the terms of the Intercreditor Agreement shall govern; and (ii) in the event
that Borrower complies with its obligations under the Perceptive Loan Documents with respect to the Perceptive Priority Collateral (as defined in the Intercreditor Agreement), the Borrower shall not have any obligation hereunder to delivery such
Collateral to the Lender and there shall be no deemed breach of a representation or covenant as a result of such non-delivery. 

 

	 	4.2	 Authorization to File Financing Statements. Borrower hereby authorizes Lender to file financing
statements or take any other action required to perfect Lender’s security interests in the Lender, without notice to Borrower, with all appropriate jurisdictions to perfect or protect Lender’s interest or rights under the Loan Documents.

  

	5.	 REPRESENTATIONS AND WARRANTIES. Borrower represents and warrants: 

 

	 	5.1	 Due Organization, Authorization: Power and Authority. Borrower and each of its Subsidiaries is duly
existing and in good standing in its jurisdictions of organization or formation and Borrower and each of its Subsidiaries is qualified and licensed to do business and is in good standing in any jurisdiction in which the conduct of its businesses or
its ownership of property requires that it be so qualified, except where the failure to do so could not reasonably be expected to have a Material Adverse Change. In connection with the execution of this Agreement, Borrower and each of its
Subsidiaries has delivered to Lender a completed perfection certificate and updates or supplements (if any) thereto on, before or after the Effective Date (each a “Perfection Certificate” and collectively, the “Perfection
Certificates”). Borrower represents and warrants that all the information set forth on the Perfection Certificates pertaining to Borrower and each of its Subsidiaries is accurate and complete other than any immaterial ministerial
information. The execution, delivery and performance by Borrower and each of its Subsidiaries of the Loan Documents to which it is, or they are, a party have been duly authorized, and do not (i) conflict with any of Borrower’s or such
Subsidiaries’ organizational documents, including its respective Operating Documents, (ii) contravene, conflict with, constitute a default under or violate any material Requirement of Law applicable thereto, (iii) contravene, conflict
or violate any applicable order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which Borrower or such Subsidiary, or any of their property or assets may be bound or affected where such contravention,
conflict or violation would materially and adversely effect the Borrower’s or such Subsidiaries obligations hereunder, (iv) require any action by, filing, registration, or qualification with, or Governmental Approval from, any Governmental
Authority (except such Governmental Approvals which have already been obtained and are in full force and effect) or are being obtained pursuant to Section 6.1(b), or (v) constitute an event of default under any
Material Agreement by which Borrower, any of its Subsidiaries or any of their respective properties, is bound. Neither Borrower nor any of its Subsidiaries is in default under any agreement to which it is a party or by which it or any of its assets
is bound in which such default could reasonably be expected to have a Material Adverse Change. 

  
 4 

	 	5.2	 Collateral. 

  

	 	a)	 Borrower and each Guarantor have good title to, have rights in, and the power to transfer each item of the
Collateral upon which it purports to grant a Lien under the Loan Documents, free and clear of any and all Liens except Permitted Liens, and neither Borrower nor any Guarantor have any Deposit Accounts, Securities Accounts, Commodity Accounts or
other investment accounts other than the Collateral Accounts or the other investment accounts, if any, described in the Perfection Certificates delivered to Lender in connection herewith in respect of which Borrower or such Guarantor has given
Lender notice and taken such actions as are necessary to give Lender a perfected security interest therein as required under this Agreement. 

  

	 	b)	 The security interest granted herein is and shall at all times continue to be a first priority perfected
security interest in the Collateral, subject only to involuntary Permitted Liens that, under applicable law, have priority over Lender’s Lien and subject to the lien priority set forth in the Intercreditor Agreement. 

 

	 	c)	 On the Effective Date, and except as disclosed on the Perfection Certificate (i) the Collateral is not in
the possession of any third party bailee, and (ii) no such third party bailee possesses components of the Collateral in excess of Three Hundred Fifty Thousand Dollars ($350,000.00). 

 

	 	d)	 Borrower has good title to the Collateral and all inventory is in all material respects of good and marketable
quality, free from material defects. 

  

	 	e)	 Borrower and each of its Subsidiaries is the sole owner of the Intellectual Property each respectively purports
to own, free and clear of all Liens other than Permitted Liens. 

  

	 	5.3	 Litigation. Except as disclosed on the Perfection Certificate or pursuant to Section 6.2(b)(D),
there are no actions, suits, investigations, or proceedings pending or, to the Knowledge of the Responsible Officers, threatened in writing by or against Borrower or any of its Subsidiaries involving more than Two Hundred Fifty Thousand Dollars
($250,000.00). 

  

	 	5.4	 No Material Adverse Change; Financial Statements. All consolidated financial statements for Borrower and
its consolidated Subsidiaries, delivered to Lender fairly present, in conformity with GAAP, and in all material respects the consolidated financial condition of Borrower and its consolidated Subsidiaries, and the consolidated results of operations
of Borrower and its consolidated Subsidiaries. Since December 31, 2017, there has not been a Material Adverse Change. 

  

	 	5.5	 Solvency. Borrower is Solvent. Borrower and each of its Subsidiaries, when taken as a whole, is Solvent.

  

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

  
 5 

	 	5.7	 Investments. Neither Borrower nor any of its Subsidiaries owns any stock, shares, partnership interests
or other equity securities (collectively, “Investments”) except for Permitted Investments. 

  

	 	5.8	 Tax Returns and Payments; Pension Contributions. Borrower and each of its Subsidiaries has timely filed
all required tax returns and reports, and Borrower and each of its Subsidiaries, has timely paid all foreign, federal, state, and local taxes, assessments, deposits and contributions owed by Borrower and such Subsidiaries in an amount greater than
Two Hundred Thousand Dollars ($200,000.00), in all jurisdictions in which Borrower or any such Subsidiary is subject to taxes, including the United States, unless such taxes are being contested in accordance with the next sentence. Borrower and each
of its Subsidiaries, may defer payment of any contested taxes, provided that Borrower or such Subsidiary, (a) in good faith contests its obligation to pay the taxes by appropriate proceedings promptly and diligently instituted and conducted;
(b) notifies Lender of the commencement of, and any material development in, the proceeding; and (c) adequate reserves or other appropriate provisions are maintained on the books of such Borrower or Subsidiary, as applicable, in accordance
with GAAP. Neither Borrower nor any of its Subsidiaries has knowledge of any claims or adjustments proposed for any of Borrower’s or such Subsidiaries’ prior tax years which could result in additional taxes becoming due and payable by
Borrower or its Subsidiaries. Borrower and each of its Subsidiaries have paid all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms, and neither Borrower nor any of its
Subsidiaries have, withdrawn from participation in, and have not permitted partial or complete termination of, or permitted the occurrence of any other event with respect to, any such plan which could reasonably be expected to result in any material
liability of Borrower or its Subsidiaries, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other Governmental Authority. 

 

	 	5.9	 Use of Proceeds. Borrower shall use the proceeds of the Advances to finance working capital and to fund
its general business requirements, and not for personal, family, household or agricultural purposes. 

  

	 	5.10	 Full Disclosure. No written representation, warranty or other statement of Borrower or any of its
Subsidiaries in any certificate or written statement, when taken as a whole, given to Lender, as of the date such representation, warranty, or other statement was made, taken together with all such written certificates and written statements given
to Lender, contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained in the certificates or statements not misleading (it being recognized that projections and forecasts provided by
Borrower in good faith and based upon reasonable assumptions are not viewed as facts and that actual results during the period or periods covered by such projections and forecasts may differ from the projected or forecasted results).

  

	 	5.11	 Foreign Subsidiary Voting Rights. No decision or action in any governing document of any Foreign
Subsidiary or any Domestic Subsidiary that is not a Subsidiary of a Foreign Subsidiary but that solely holds the equity interests of one or more Foreign Subsidiaries requires a vote of greater than 50.1% of the equity interests or voting rights of
such Foreign Subsidiary or such Domestic Subsidiary that is not a Subsidiary of a Foreign Subsidiary but that solely holds the equity interests of one or more Foreign Subsidiaries. 

 

	6.	 AFFIRMATIVE COVENANTS. Until the Termination Date, Borrower will: 

 

	 	6.1	 Government Compliance. 

 

	 	a)	 Other than specifically permitted hereunder, maintain its and all its Subsidiaries’ legal existence and
good standing in their respective jurisdictions of organization and maintain qualification in each jurisdiction in which the failure to so qualify could reasonably be expected to have a Material Adverse Change. Comply with all laws, ordinances and
regulations to which Borrower or any of its Subsidiaries is subject, the noncompliance with which could reasonably be expected to have a Material Adverse Change. 

 

	 	b)	 Obtain and keep in full force and effect, all of the material Governmental Approvals necessary for the
performance by Borrower and its Subsidiaries of their respective businesses and obligations under the Loan Documents and the grant of a security interest to Lender, in all of the Collateral. 

  
 6 

	6.2	 Financial Statements, Reports, Certificates; Notices. 

 

	 	a)	 Deliver to Lender: 

  

	 	A.	 as soon as available, but no later than (x) thirty (30) days after the last day of each month, a company
prepared consolidated balance sheet and income statement and, if prepared by Borrower or if reasonably requested by the Lender, consolidating balance sheet and income statement (consolidating such information for operations on a regional basis,
e.g., for operations in Asia, North America and Europe, respectively) of the consolidated operations of Borrower and its consolidated Subsidiaries for such month certified by a Responsible Officer and in a form reasonably acceptable to Lender and
(y) thirty (30) days after the last day of each fiscal quarter, an unaudited company prepared consolidated cash flow statement and, if prepared by Borrower or if reasonably requested by the Lender, an unaudited company prepared consolidating
cash flow statement (consolidating such information for operations on a regional basis, e.g., for operations in Asia, North America and Europe, respectively) of the consolidated operations of Borrower and its consolidated Subsidiaries for such
quarter certified by a Responsible Officer and in a form reasonably acceptable to Lender; 

  

	 	B.	 as soon as available, but no later than one hundred eighty (180) days after the last day of
Borrower’s fiscal year or within five (5) days of filing of the same with the SEC, audited consolidated financial statements covering the consolidated operations of Borrower and its consolidated Subsidiaries for such fiscal year, prepared
under GAAP, consistently applied, together with an Unqualified Opinion on the financial statements; provided, that the foregoing requirement regarding the delivery of an Unqualified Opinion to the audited consolidated financial statements of the
Borrower and its Subsidiaries, may, for the fiscal year ending December 31, 2017, be qualified, but only for going concern related solely to Borrower’s liquidity position; 

 

	 	C.	 as soon as available after approval thereof by Borrower’s board of directors, but no later than the
earlier of (x) ten (10) days after such approval and (y) February 28 of such year, Borrower’s annual financial projections for the entire current fiscal year as approved by Borrower’s board of directors; provided that, any
revisions to such projections approved by Borrower’s board of directors shall be delivered to Lender no later than seven (7) days after such approval); 

 

	 	D.	 within five (5) days of delivery, copies of all non-ministerial
statements, reports and notices made available to Borrower’s security holders or holders of Subordinated Debt (other than materials provided to members of the Borrower’s board of directors solely in their capacities as security holder or
holders of Subordinated Debt and other than materials subject to confidentiality arrangements which preclude the Borrower to so deliver any such materials); 

  

	 	E.	 in the event that Borrower becomes subject to the reporting requirements under the Securities Exchange Act of
1934, as amended, within five (5) days of filing, all reports on Form 10 K, 10 Q and 8 K filed with the Securities and Exchange Commission; 

  

	 	F.	 prompt notice (and in any event within five (5) Business Days) of any amendments of or other changes
(x) to the capitalization table of Borrower (A) upon any change in ownership of 2.00% or more in any series of stock or other equity interest set forth thereon and (B) involving any options and (y) to the respective Operating
Documents of Borrower or any of its Subsidiaries, in each case together with any copies reflecting such amendments or changes with respect thereto; 

  

	 	G.	 as soon as available, but no later than thirty (30) days after the last day of each month, copies of the
month end account statements for each Collateral Account maintained by Borrower or any Guarantor, which statements may be provided to Lender by Borrower or directly from the applicable institution(s); 

 

	 	H.	 prompt delivery of (and in any event within five (5) days after the same are sent or received) copies of
all material correspondence, reports, documents and other filings with any Governmental Authority that could reasonably be expected to have a material adverse effect on any of the Governmental Approvals material to Borrower’s business or that
otherwise could reasonably be expected to have a Material Adverse Change; 

  

	 	I.	 prompt notice (and in any event, with respect to clause (A), within five (5) Business Days) of any event
that (A) could reasonably be expected to materially and adversely affect the value of the Intellectual Property or (B) could reasonably be expected to result in a Material Adverse Change; 

 

	 	J.	 written notice delivered at least (10) days’ (or such shorter period agreed to by Lender) prior to
Borrower’s creation of a New Subsidiary in accordance with the terms of Section 6.10); 

  
 7 

	 	K.	 written notice delivered at least (30) days’ (or such shorter period agreed to by Lender) prior to
Borrower’s or any Guarantor’s (A) adding any new offices or business locations, including warehouses (unless such new offices or business locations contain less than Three Hundred Fifty Thousand Dollars ($350,000.00) in assets or
property of Borrower or any of its Subsidiaries), (B) changing its respective jurisdiction of organization, (C) changing its organizational structure or type, (D) changing its respective legal name, or (E) changing any organizational
number(s) (if any) assigned by its respective jurisdiction of organization; 

  

	 	L.	 upon Borrower becoming aware of the existence of any Event of Default or event which, with the giving of notice
or passage of time, or both, would constitute an Event of Default, prompt (and in any event within three (3) Business Days) written notice of such occurrence, which such notice shall include a reasonably detailed description of such Event of
Default or event which, with the giving of notice or passage of time, or both, would constitute an Event of Default, and Borrower’s proposal regarding how to cure such Event of Default or event; 

 

	 	M.	 prompt (and in any event within three (3) Business Days) notice if Borrower or such Subsidiary has
Knowledge that Borrower, or any Subsidiary or Affiliate of Borrower, is listed on the OFAC Lists or (a) is convicted on, (b) pleads nolo contendere to, (c) is indicted on, or (d) is arraigned and held over on charges involving
money laundering or predicate crimes to money laundering; 

  

	 	N.	 notice of any commercial tort claim (as defined in the Code) or letter of credit rights (as defined in the
Code) held by Borrower or any Guarantor, in each case in an amount greater than Fifty Thousand Dollars ($50,000.00) and of the general details thereof; 

	 	

	 	O.	 if Borrower or any of its Subsidiaries is not now a Registered Organization but later becomes one, written
notice of such occurrence and information regarding such Person’s organizational identification number within seven (7) Business Days of receiving such organizational identification number; 

 

	 	P.	 prompt (and in any event within three (3) Business Days) delivery of copies of any Material Agreement or
any amendment to, modification of, termination of or waiver under any Material Agreement; 

  

	 	Q.	 a borrowing base certificate, in form and substance satisfactory to Lender, setting forth Eligible Receivables
and Receivable Amounts thereof as of the last day of the preceding calendar month (i) if RML is equal to or greater than five (5), no later than thirty (30) days after the last day of each month, and (ii) if RML is less than five (5),
no later than fifteen (15) and thirty (30) days after the last day of each month and with each advance request; 

  

	 	R.	 a reasonably detailed aging of Borrower’s Receivables by invoice or a summary aging by Account Debtor,
together with accounts receivable, accounts payable and accounts aging reports, cash receipts report, sales or billings journal, and such other matters as Lender may reasonably request, (i) if RML is equal to or greater than five (5), no later
than five (5) days after the last day of each month, and (ii) if RML is less than five (5), no later than five (5) days after fifteenth (15th) day of each month and no later than
five (5) days after the last day of each month and with each advance request; and 

  

	 	S.	 other information as reasonably requested by Lender. 

 

	 	b)	 Concurrently with the delivery of the financial statements specified in Section 6.2(a)(A) above but no
later than thirty (30) days after the last day of each month, deliver to Lender: 

  

	 	A.	 a duly completed Compliance Certificate signed by a Responsible Officer; 

 

	 	B.	 copies of any material Governmental Approvals obtained by Borrower or any of its Subsidiaries;

  

	 	C.	 written notice of the commencement of, and any material development in, the proceedings contemplated by
Section 5.8 hereof; 

  
 8 

	 	D.	 written notice of any litigation or governmental proceedings pending or threatened (in writing) against
Borrower or any of its Subsidiaries, which could reasonably be expected to result in damages or costs to Borrower or any of its Subsidiaries of Two Hundred Fifty Thousand Dollars ($250,000.00); and 

 

	 	E.	 written notice of all returns, recoveries, disputes and claims regarding Inventory that involve more than Two
Hundred Thousand Dollars ($200,000.00) individually or in the aggregate in any calendar year. 

  

	 	c)	 Concurrently with the delivery of the financial statements specified in Section 6.2(a)(A) above for March,
June, September and December but no later than thirty (30) days after the last day of each such month, deliver to the Lender an updated Perfection Certificate to reflect any amendments, modifications and updates, if any, to in the information
set forth in the Perfection Certificate after the Effective Date. 

  

	 	d)	 Keep proper, complete and true books of record and account in accordance with GAAP in all material respects.
Borrower shall, and shall cause each of its Subsidiaries to, allow, at the sole cost of Borrower, Lender, during regular business hours upon reasonable prior notice (provided that no notice shall be required when an Event of Default has occurred and
is continuing), to visit and inspect any of its properties, to examine and make abstracts or copies from any of its books and records. 

  

	 	6.3	 Inventory; Returns. Keep all Inventory in good and marketable condition, free from material defects.
Returns and allowances between Borrower, or any of its Subsidiaries, as applicable, and their respective Account Debtors shall follow Borrower’s, or such Subsidiary’s, customary practices in the ordinary course of business.

  

	 	6.4	 Taxes; Pensions. Timely file and require each of its Subsidiaries to timely file, all required tax
returns and reports and timely pay, and require each of its Subsidiaries to timely pay, all foreign, federal and state taxes, and all material local taxes, assessments, deposits and contributions owed by Borrower or its Subsidiaries, except as
otherwise permitted pursuant to the terms of Section 5.8 hereof, and shall deliver to Lender, on demand, appropriate certificates attesting to such payments, and pay all amounts necessary to fund all present pension, profit sharing and deferred
compensation plans in accordance with the terms of such plans. 

  

	 	6.5	 Insurance. Keep Borrower’s and its Subsidiaries’ business and the Collateral insured for risks
and in amounts standard for companies in Borrower’s and its Subsidiaries’ industry and location. Insurance policies shall be in a form, with companies, and in amounts that are customary for companies in Borrower’s and its Subsidiary
industry and location. All property policies shall have a lender’s loss payable endorsement showing Lender as a lender loss payee or shall have an endorsement that recognizes the Lender as a lender loss payee if required by a written contract
and such property policies shall waive subrogation against Lender. All liability policies shall show, or have endorsements showing Lender as additional insured, or shall have an endorsement that recognizes Lender as additional insured if required by
a written contract. Lender shall be named as lender loss payee and/or additional insured with respect to any such insurance providing coverage in respect of any Collateral, and each provider of any such insurance shall agree, by endorsement upon the
policy or policies issued by it or by independent instruments furnished to Lender, that it will give Lender thirty (30) days (ten (10) days for non-payment of premiums) prior written notice before
any such policy or policies shall be materially altered or canceled; provided that in the event such provider does not agree to give notice of material alteration, Borrower shall give Lender such thirty (30) days’ prior notice. At
Lender’s request, Borrower shall deliver to Lender certified copies of policies and evidence of all premium payments. Subject to the Intercreditor Agreement, proceeds payable under any policy shall, at Lender’s option, be payable to
Lender, on account of the then-outstanding Obligations. Notwithstanding the foregoing, (a) so long as no Event of Default has occurred and is continuing, subject to the Intercreditor Agreement, Borrower shall have the option of applying the
proceeds of any casualty policy within one hundred and eighty (180) days of receipt thereof (as may be extended by one hundred and eighty (180) days if a binding commitment has been entered into for the application thereof) up to Five
Hundred Thousand Dollars ($500,000.00) with respect to any loss, but not exceeding Seven Hundred Fifty Thousand Dollars ($750,000.00), in the aggregate for all losses under all casualty policies in any one year, toward the replacement promptly or
repair of destroyed or damaged property; provided that any such replaced or repaired property (i) shall be of equal or like value as the replaced or repaired Collateral and (ii) shall be deemed Collateral in which Lender has been granted a
first priority security interest (subject to the Intercreditor Agreement and other Permitted Liens), and (b) after the occurrence and during the continuance of an Event of Default, all proceeds payable under such casualty policy shall,
at the option of Lender and subject to the terms of the Intercreditor Agreement, be payable to Lender, on account of the Obligations. If Borrower or any of its Subsidiaries fails to obtain insurance as required under this
Section 6.5 or to pay any amount or furnish any required proof of payment to third persons, Lender may make (but has no obligation to do so), at Borrower’s expense, all or part of such payment or obtain such insurance
policies required in this Section 6.5, and take any action under the policies Lender deems prudent. 

  
 9 

	 	6.6	 Operating Accounts. 

 

	 	a)	 Maintain Borrower’s and Guarantors Collateral Accounts at Lender; provided that while the Perceptive
Indebtedness is outstanding, Borrower’s Collateral Accounts shall be subject to a Control Agreement in favor of Perceptive. The provisions of the previous sentence shall not apply to (i) Deposit Accounts, Securities Accounts and/or
Commodities Accounts exclusively used for (x) payroll; (y) payroll taxes and other employee wage and benefit payments to or for the benefit of Borrower’s, or any Subsidiaries, employees; in each case of clauses (x) and (y), so long as
the amounts in such accounts do not exceed amounts reasonably determined by the Borrower to be necessary to pay such obligations for the immediately following payment cycle; and (ii) other Deposit Accounts, Securities Accounts and/or
Commodities Accounts so long as amounts in such other accounts do not exceed One Hundred Thousand Dollars ($100,000.00) in the aggregate at any one time (the foregoing accounts identified in clauses (i) and (ii), collectively the
“Excluded Accounts”). 

  

	 	b)	 Neither Borrower nor any Guarantor shall maintain any Collateral Accounts except Collateral Accounts maintained
in accordance with this Section 6.6. 

  

	 	6.7	 Protection of Intellectual Property Rights. Borrower and each of its Subsidiaries shall:
(a) protect, defend and maintain the validity and enforceability of its respective Intellectual Property in a prudent business manner; (b) promptly advise Lender in writing of material infringement by a third party of its respective
Intellectual Property that is material to its business; and (c) not allow any of its respective Intellectual Property material to its respective business to be abandoned, forfeited or dedicated to the public without Lender’s prior written
consent. 

  

	 	6.8	 Litigation Cooperation. Commencing on the Effective Date and continuing through the termination of this
Agreement, make available to Lender, without expense to Lender, Borrower and each of Borrower’s officers, employees and agents and Borrower’s books, to the extent that Lender may reasonably deem them necessary to prosecute or defend any
third party suit or proceeding instituted by or against Lender with respect to any Collateral or relating to Borrower. 

  

	 	6.9	 Landlord Waivers; Bailee Waivers. In the event that Borrower or any Guarantor, after the Effective Date,
intends to add any new offices or business locations, including warehouses, or otherwise store any portion of the Collateral with, or deliver any portion of the Collateral to, a bailee, in each case pursuant to Section 7.2, then, in the event
that the Collateral at any new location is valued (based on book value) in excess of Three Hundred Fifty Thousand Dollars ($350,000.00) in the aggregate, at Lender’s election, such bailee or landlord, as applicable, must execute and deliver a
bailee waiver or landlord waiver, as applicable, in form and substance reasonably satisfactory to Lender prior to the addition of any new offices or business locations, or any such storage with or delivery to any such bailee, as the case may be.

  

	 	6.10	 Creation/Acquisition of Subsidiaries. In the event any Borrower or any Subsidiary of any Borrower
creates or acquires any Subsidiary after the Effective Date, Borrower or such Subsidiary shall promptly notify Lender of such creation or acquisition, and Borrower or such Subsidiary shall take all actions reasonably requested by Lender to achieve
any of the following with respect to such “New Subsidiary” (defined as a Subsidiary formed after the date hereof during the term of this Agreement): (i) if such New Subsidiary is a Domestic Subsidiary (except if (x) such New
Subsidiary solely holds the equity interests of one or more Foreign Subsidiaries or (y) is a direct or indirect Subsidiary of a Foreign Subsidiary), to cause such New Subsidiary to become either a
co-Borrower hereunder, or a secured guarantor with respect to the Obligations; and (ii) to grant and pledge to Lender a perfected security interest in (A) 100% of the stock, units or other evidence of
ownership held by Borrower or its Subsidiaries of any such New Subsidiary that is a Domestic Subsidiary (except if (x) such New Subsidiary solely holds the equity interests of one or more Foreign Subsidiaries or (y) is a direct or indirect
Subsidiary of a Foreign Subsidiary), or (B) stock, units or other evidence of ownership, to the extent constituting Collateral, held by Borrower or a Guarantor of any such New Subsidiary in accordance with the terms of the Pledge Agreement.

  

	 	6.11	 Further Assurances. Execute any further instruments and take further action as Lender reasonably
requests to perfect or continue Lender’s Lien in the Collateral or to effect the purposes of this Agreement. 

  

	 	6.12	 Collection Transfer. Immediately transfer and deliver to Lender all Collections Borrower receives.

  

	 	6.13	 Post-Closing Obligations. Notwithstanding any provision herein or in any other Loan Document to the
contrary, Borrower shall, and shall cause each applicable Subsidiary to, no later than forty-five (45) days after the Effective Date (or such later date agreed to by Lender), in form and substance reasonably satisfactory to Lender,
(a) deliver insurance certificates and endorsements required pursuant to Section 6.5, (b) bailee waiver with respect to Borrower’s occupied premises at 18 Independence Drive, Devens, MA 01434, (c) landlord waiver with respect to
Borrower’s leased location at 100 Domain Drive, Exeter, NH 03833, and (d) copies of duly executed original Control Agreements with respect to any Collateral Accounts maintained by Borrower or any Guarantor. 

  
 10 

	7.	 NEGATIVE COVENANTS. Prior to the Termination Date, Borrower will not, and will not permit any of its
Subsidiaries to, do any of the following without the prior written consent of the Lender: 

  

	 	7.1	 Dispositions. Convey, sell, lease, transfer, assign, dispose of, license (collectively,
“Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of its business or property, except for Transfers (a) of Inventory in the ordinary course of business; (b) of worn out or obsolete Equipment; (c) in
connection with Permitted Liens, Permitted Investments and Permitted Licenses; (d) cash or Cash Equivalents pursuant to transactions not prohibited by this Agreement, including Permitted Liens; or (e) other Transfers of any part of its
business or property (other than Intellectual Property) so long as value of such transfers does not exceed One Hundred Thousand Dollars ($100,000.00) during any fiscal year. 

 

	 	7.2	 Changes in Business, Management, Ownership, or Business Locations. (a) Engage in or permit any of
its Subsidiaries to engage in any business other than the businesses engaged in by Borrower or such Subsidiary, as applicable, as of the Effective Date or reasonably related thereto; or (b) (i) permit any Key Person to cease being actively
engaged in the management of Borrower unless written notice thereof is provided to Lender within ten (10) days of such cessation, or (ii) enter into any transaction or series of related transactions in which (A) the stockholders of
Borrower who were not stockholders immediately prior to the first such transaction own more than 50% of the voting stock of Borrower immediately after giving effect to such transaction or related series of such transactions and (B) except as
permitted by Section 7.3, Borrower ceases to own, directly or indirectly, 100% of the ownership interests in each Subsidiary of Borrower. Borrower shall not, and shall not permit any of its Subsidiaries to, without at least thirty
(30) days’ (or such shorter period agreed to by the Lender) prior written notice to Lender: (A) add any new offices or business locations, including warehouses (unless such new offices or business locations contain less than Three
Hundred Fifty Thousand Dollars ($350,000.00) in assets or property of Borrower or any of its Subsidiaries, as applicable); (B) change its respective jurisdiction of organization, (C) except as permitted by Section 7.3, change its
respective organizational structure or type, (D) change its respective legal name, or (E) change any organizational number(s) (if any) assigned by its respective jurisdiction of organization. 

 

	 	7.3	 Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or
consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock, shares or property of another Person, except a Subsidiary may merge or consolidate into another Subsidiary
(provided such surviving Subsidiary is a “co Borrower” or a Guarantor hereunder or has provided a secured Guaranty of Borrower’s Obligations hereunder in accordance with Section 6.10) or with (or into) Borrower provided Borrower
is the surviving legal entity, and as long as no Event of Default is occurring prior thereto or arises as a result therefrom. 

  

	 	7.4	 Indebtedness. Create, incur, assume, or be liable for any Indebtedness, or permit any Subsidiary to do
so, other than Permitted Indebtedness. 

  

	 	7.5	 Encumbrance. Create, incur, allow, or suffer any Lien on any of its property, or assign or convey any
right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens, or permit any Collateral not to be subject to the first priority security interest granted herein (except for
Permitted Liens and otherwise in accordance with the terms of the Intercreditor Agreement), or enter into any agreement, document, instrument or other arrangement (except with or in favor of Lender and except with or in favor of the agent and
lenders under the Perceptive Loan Documents and except in connection with any Subordinated Debt) with any Person which directly or indirectly prohibits or has the effect of prohibiting Borrower, or any of its Subsidiaries, from assigning,
mortgaging, pledging, granting a security interest in or upon, or encumbering any of Borrower’s or such Subsidiary’s Intellectual Property, except as is otherwise permitted in Section 7.1 hereof and the definition of “Permitted
Liens”. 

  

	 	7.6	 Maintenance of Collateral Accounts. Maintain any Collateral Account of the Borrower or any Guarantor,
except pursuant to the terms of Section 6.6 hereof. 

  

	 	7.7	 Restricted Payments. (a) Declare or pay any dividends (other than dividends payable solely in
capital stock) or make any other distribution or payment in respect of or redeem, retire or purchase any capital stock (other than (i) the declaration or payment of dividends to Borrower or any Guarantor, (ii) so long as no Event of
Default or event that with the passage of time would result in an Event of Default exists or would result therefrom, the declaration or payment of any dividends solely in the form of equity securities, and (iii) repurchases pursuant to the
terms of employee stock purchase plans, employee restricted stock agreements, stockholder rights plans, director or consultant stock option plans, or similar plans, provided such repurchases do not exceed Two Hundred Thousand Dollars ($200,000.00)
in the aggregate per fiscal year), (b) purchase, redeem, defease or prepay any principal of, premium, if any, interest or other 

  
 11 

	 	
amount payable in respect of any Indebtedness, other than (x) with respect to the Obligations except as provided herein, (y) the Perceptive Indebtedness except in accordance with the
terms of the Intercreditor Agreement and (z) Subordinated Debt except in accordance with the terms of the applicable subordination agreement, in each case, prior to its scheduled maturity unless being replaced with Indebtedness of at least the
same principal amount and such new Indebtedness is Permitted Indebtedness, or (c) be a party to or bound by an agreement that restricts a Subsidiary from paying dividends or otherwise distributing property to Borrower (other than this
Agreement, the Perceptive Loan Documents and any documentation evidencing Subordinated Debt). 

  

	 	7.8	 Investments. Directly or indirectly make any Investment other than Permitted Investments, or permit any
of its Subsidiaries to do so other than Permitted Investments. 

  

	 	7.9	 Transactions with Affiliates. Directly or indirectly enter into or permit to exist any material
transaction with any Affiliate of Borrower or any of its Subsidiaries, except for (a) transactions that are in the ordinary course of Borrower’s or such Subsidiary’s business, upon fair and reasonable terms that are no less favorable
to Borrower or such Subsidiary than would be obtained in an arm’s length transaction with a non affiliated Person, and (b) Subordinated Debt or equity investments by Borrower’s investors in Borrower or its Subsidiaries.

  

	 	7.10	 Subordinated Debt. (a) Make or permit any payment on any Subordinated Debt, except under the terms
of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating to the Subordinated Debt except in accordance with such subordination, intercreditor
or other similar agreement. 

  

	 	7.11	 Compliance. (a) Become an “investment company” or a company controlled by an
“investment company”, under the Investment Company Act of 1940, as amended, or undertake as one of its important activities extending credit to purchase or carry margin stock (as defined in Regulation U of the Board of Governors of the
Federal Reserve System), or use the proceeds of any Advance for that purpose; (b) fail to meet the minimum funding requirements of ERISA; (c) permit a Reportable Event or Prohibited Transaction, each as defined in ERISA, to occur;
(d) fail to comply with the Federal Fair Labor Standards Act or violate any other law or regulation, if the violation could reasonably be expected to have a Material Adverse Change, or permit any of its Subsidiaries to do so; or
(e) withdraw or permit any Subsidiary to withdraw from participation in, permit partial or complete termination of, or permit the occurrence of any other event with respect to, any present pension, profit sharing and deferred compensation plan
which could reasonably be expected to result in any liability of Borrower or any of its Subsidiaries, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other Governmental Authority. 

 

	 	7.12	 Compliance with Anti-Terrorism Laws. Neither Borrower nor any of its Subsidiaries shall, nor shall
Borrower or any of its Subsidiaries permit any Affiliate to, directly or indirectly, knowingly enter into any documents, instruments, agreements or contracts with any Person listed on the OFAC Lists. Neither Borrower nor any of its Subsidiaries
shall, nor shall Borrower or any of its Subsidiaries, permit any Affiliate to, directly or indirectly, knowingly (a) conduct any business or engage in any transaction or dealing with any Blocked Person, including, without limitation, the making
or receiving of any contribution of funds, goods or services to or for the benefit of any Blocked Person, (b) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to Executive Order
No. 13224 or any similar executive order or other Anti-Terrorism Law, or (c) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the
prohibitions set forth in Executive Order No. 13224 or other Anti-Terrorism Law. 

  

	 	7.13	 Financial Covenants. 

 

	 	a)	 Minimum Cash. 

i. For the period beginning after the Effective Date, through and including March 31, 2019, permit Borrower’s cash
held at Lender to equal less than One Million Dollars ($1,000,000). 
 ii. For the period beginning after March 31,
2019, and at all times thereafter, permit Borrower’s cash held at Lender to equal less than Three Million Dollars ($3,000,000). 

  
 12 

	 	b)	 Minimum Revenue. On each calculation date set forth below in the column entitled “Calculation Date”
(each, a “Calculation Date”), Revenue for the four consecutive fiscal quarter period ended on such Calculation Date shall not be less than the amount set forth in the column entitled “Revenue”:

  

					
	 Calculation Date
	  	Revenue	 
	 June 30, 2018
	  	$	35,792,000	 
	 September 30, 2018
	  	$	36,787,000	 
	 December 31, 2018
	  	$	38,779,000	 
	 March 31, 2019
	  	$	41,316,000	 
	 June 30, 2019
	  	$	43,019,000	 
	 September 30, 2019
	  	$	44,612,000	 
	 December 31, 2019
	  	$	46,114,000	 
	 March 31, 2020
	  	$	47,242,000	 
	 June 30, 2020
	  	$	48,321,000	 
	 September 30, 2020
	  	$	49,376,000	 

 As used herein, “Revenue” means, as of any date of determination, the
net revenues of the Borrower and its Subsidiaries generated in the ordinary course of business, determined on a consolidated basis in accordance with GAAP, excluding any non-recurring or non-ordinary course payments not related to the sale of goods and services by the Borrower and its Subsidiaries in the ordinary course. 
  

	 	7.14	 Material Agreements. Neither Borrower nor any of its Subsidiaries shall, without the consent of Lender,
(a) enter into a Material Agreement or (b) materially amend a Material Agreement in a manner materially adverse to Lender. 

  

	 	7.15	 Foreign Subsidiary Voting Rights. Borrower shall not, and shall not permit any Subsidiary, to amend or
modify any governing document of any Foreign Subsidiary or any Domestic Subsidiary that is not a Subsidiary of a Foreign Subsidiary but that solely holds the equity interests of one or more Foreign Subsidiaries the effect of which is to require a
vote of greater than 50.1% of the equity interests or voting rights of such entity for any decision or action of such entity. 

  

	8.	 DEFAULTS AND REMEDIES. 

 

	 	8.1	 Events of Default. Any one of the following shall constitute an event of default (an “Event of
Default”) under this Agreement: 

  

	 	a)	 Payment Default. Borrower fails to (a) make any payment of principal or interest on any
Advance on its due date, or (b) pay any other Obligation within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day grace period shall not apply to payments due on the Maturity Date or the
date or acceleration pursuant to Section 8.2 hereof); 

  

	 	b)	 Covenant Default. 

 

	 	A.	 Borrower or any of its Subsidiaries fails or neglects to perform any obligation in Sections 6.2 (Financial
Statements, Reports, Certificates), 6.4 (Taxes), 6.5 (Insurance), 6.6 (Operating Accounts), 6.7 (Protection of Intellectual Property Rights), 6.9 (Landlord Waivers; Bailee Waivers), 6.10 (Creation/Acquisition of Subsidiaries) or Borrower violates
any provision in Section 7; or 

  

	 	B.	 Borrower, or any of its Subsidiaries, fails or neglects to perform, keep, or observe any other term, provision,
condition, covenant or agreement contained in this Agreement or any other Loan Document to which such person is a party, and as to any default (other than those specified in this Section 8) under such other term, provision, condition, covenant
or agreement that can be cured, has failed to cure the default within fifteen (15) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the fifteen (15) day period or cannot after
diligent attempts by Borrower or such Subsidiary, as applicable, be cured within such fifteen (15) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in
any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Advances shall be made during such cure period).

  

	 	c)	 Material Adverse Change. A Material Adverse Change is likely to occur or has occurred;

  
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	 	d)	 Attachment; Levy; Restraint on Business. 

 

	 	A.	 (i) The service of process seeking to attach, by trustee or similar process, any funds of Borrower or any
of its Subsidiaries or of any entity under control of Borrower or its Subsidiaries on deposit with any institution at which Borrower or any of its Subsidiaries maintains a Collateral Account, or (ii) a notice of lien, levy, or assessment is
filed against Borrower or any of its Subsidiaries or their respective assets by any government agency, and the same under subclauses (i) and (ii) of this clause (A) are not, within ten (10) days after the occurrence thereof,
discharged or stayed (whether through the posting of a bond or otherwise); and 

  

	 	B.	 (i) any material portion of Borrower’s or any of its Subsidiaries’ assets is attached, seized,
levied on, or comes into possession of a trustee or receiver, and such attachment, seizure, levy, writ or warrant has not been removed, discharged or rescinded within ten (10) days or (ii) any court order enjoins, restrains, or prevents
Borrower or any of its Subsidiaries from conducting all or a material portion of its business affairs; 

  

	 	e)	 Insolvency. (a) Borrower or any of its Subsidiaries is or becomes Insolvent;
(b) Borrower or any of its Subsidiaries begins an Insolvency Proceeding; or (c) an Insolvency Proceeding is begun against Borrower or any of its Subsidiaries and not dismissed or stayed within forty five (45) days (but no Advance
shall be extended while Borrower or any Subsidiary is Insolvent and/or until any Insolvency Proceeding is dismissed); 

  

	 	f)	 Other Agreements. There is a default in (a) any agreement relating to Indebtedness to which
Borrower or any of its Subsidiaries is a party with a third party or parties resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an amount in excess of Three Hundred Fifty
Thousand Dollars ($350,000.00) or (b) there is any default under a Material Agreement that permits the counterparty thereto to accelerate the payments owed thereunder; 

	 	

	 	g)	 Judgments. One or more judgments, orders, or decrees for the payment of money in an amount,
individually or in the aggregate, of at least Two Hundred Fifty Thousand Dollars ($250,000.00) (not covered by independent third party insurance as to which (a) Borrower reasonably believes such insurance carrier will accept liability,
(b) Borrower or the applicable Subsidiary has submitted such claim to such insurance carrier and (c) liability has not been rejected by such insurance carrier) shall be rendered against Borrower or any of its Subsidiaries and shall remain
unsatisfied, unvacated, or unstayed for a period of ten (10) days after the entry thereof; 

  

	 	h)	 Misrepresentations. Borrower or any of its Subsidiaries or any Person acting for Borrower or any
of its Subsidiaries makes any representation, warranty, or other statement now or later in this Agreement, any Loan Document or in any writing delivered to Lender or to induce Lender to enter this Agreement or any Loan Document, and such
representation, warranty, or other statement, when taken as a whole, is incorrect in any material respect when made; 

  

	 	i)	 Subordinated Debt. A default or breach occurs under any subordination agreement between a
subordinated creditor and the Lender (other than default or breach cause solely by Lender); 

  

	 	j)	 Guaranty. (a) Any Guaranty terminates or ceases for any reason to be in full force and
effect (other than in accordance with the terms thereof or hereof); (b) any Guarantor does not perform any obligation or covenant under any Guaranty; or (c) any circumstance described in Section 8 occurs with respect to any Guarantor;

  

	 	k)	 Governmental Approvals; FDA Action. (a) Except with respect to matters set forth in clause
(b) below, any Governmental Approval shall have been revoked, rescinded, suspended, modified in an adverse manner, or not renewed in the ordinary course and such revocation, rescission, suspension, modification or non renewal has resulted in or
could reasonably be expected to result in a Material Adverse Change; or (b) (i) the FDA, DOJ or other Governmental Authority initiates a Regulatory Action against Borrower or any of its Subsidiaries or any supplier of Borrower or any of its
Subsidiaries that causes Borrower or any of its Subsidiaries to recall, withdraw, remove or discontinue manufacturing, distributing, and/or marketing any of its products, even if such action is based on previously disclosed conduct and such recall,
withdrawal, removal, or discontinuance could reasonably be expected to result in liability and expense to Borrower or any of its Subsidiaries of $1,000,000 or more in the aggregate; (ii) the FDA issues a warning letter to Borrower or any of its
Subsidiaries with respect to any of its activities or products which could reasonably be expected to result in a Material Adverse Change; (iii) Borrower or any of its Subsidiaries conducts a mandatory or voluntary recall which could reasonably
be expected to result in liability and expense to Borrower or any of its Subsidiaries of One Million Dollars ($1,000,000.00) or more; (iv) Borrower or any of its Subsidiaries enters into a settlement agreement with the FDA, DOJ or other
Governmental Authority that results in aggregate liability as to any single or related series 

  
 14 

	 	
of transactions, incidents or conditions, of One Million Dollars ($1,000,000.00) or more, or that could reasonably be expected to result in a Material Adverse Change, even if such settlement
agreement is based on previously disclosed conduct; or (v) the FDA revokes any authorization or permission granted under any Registration, or Borrower or any of its Subsidiaries withdraws any Registration, that could reasonably be expected to
result in a Material Adverse Change. 

  

	 	l)	 Lien Priority. Except as the result of the action or inaction of Lender and except as otherwise
provided in the Intercreditor Agreement, any Lien created hereunder or by any other Loan Document shall at any time fail to constitute a valid and perfected Lien on a material portion of the Collateral purported to be secured thereby, subject to no
prior or equal Lien, other than Permitted Liens arising as a matter of applicable law and liens having priority under the terms of the Intercreditor Agreement. 

 

	 	8.2	 Remedies. Upon the occurrence of an Event of Default, (1) without implying any obligation to do so,
Lender may cease making Advances or extending any other financial accommodations to Borrower; (2) all or a portion of the Obligations shall be, at the option of and upon demand by Lender, or with respect to an Event of Default described in
Section 8.1(e), automatically and without notice or demand, due and payable in full; and (3) Lender shall have and may exercise all the rights and remedies under this Agreement and under applicable law, including the rights and remedies of
a secured party under the Code, all the power of attorney rights described in Section 9 with respect to all Collateral, and the right to collect, dispose of, sell, lease, use, and realize upon all Receivables and all Collateral in any
commercially reasonable manner. 

  

	9.	 POWER OF ATTORNEY. Borrower irrevocably appoints Lender and its successors and as true and lawful
attorney in fact, and authorizes Lender (a) to, whether or not there has been an Event of Default, (i) demand, collect, receive, sue, and give releases to any Account Debtor for the monies due or which may become due upon or with respect
to the Receivables and to compromise, prosecute, or defend any action, claim, case or proceeding relating to the Receivables, including the filing of a claim or the voting of such claims in any bankruptcy case, all in Lender’s name or
Borrower’s name, as Lender may choose; (ii) prepare, file and sign Borrower’s name on any notice, claim, assignment, demand, draft, or notice of or satisfaction of lien or mechanics’ lien or similar document; (iii) notify
all Account Debtors with respect to the Receivables to pay Lender directly; (iv) receive and open all mail addressed to Borrower for the purpose of collecting the Receivables; (v) endorse Borrower’s name on any checks or other forms
of payment on the Receivables; (vi) execute on behalf of Borrower any and all instruments, documents, financing statements and the like to perfect Lender’s interests in the Receivables and Collateral; (vii) debit any Borrower’s
deposit accounts maintained with Lender for any and all Obligations due under this Agreement; and (viii) do all acts and things necessary or expedient, in furtherance of any such purposes, and (b) to, upon the occurrence and during the
continuance of an Event of Default, sell, assign, transfer, pledge, compromise, or discharge the whole or any part of the Receivables. Upon the occurrence and continuation of an Event of Default, all of the power of attorney rights granted by
Borrower to Lender hereunder shall be applicable with respect to all Receivables and all Collateral. 

  

	10.	 ACCRUAL OF INTEREST. All interest and finance charges hereunder calculated at an annual rate shall be
based on a year of 360 days, which results in a higher effective rate of interest than if a year of 365 or 366 days were used. Lender may charge interest, finance charges and fees based upon the projected amounts thereof as of the due dates
therefor, and adjust subsequent charges to account for the actual accrued amounts. If any amount due under Section 2.2, amounts due under Section 12, and any other Obligations not otherwise bearing interest hereunder is not paid when due,
such amount shall bear interest at a per annum rate equal to the Finance Charge Percentage until the earlier of (i) payment in good funds or (ii) entry of a trial judgment thereof, at which time the principal amount of any money judgment
remaining unsatisfied shall accrue interest at the highest rate allowed by applicable law. 

  

	11.	 SUCCESSORS AND ASSIGNS. This Agreement binds and is for the benefit of the successors and permitted
assigns of each party. Borrower may not transfer, pledge or assign this Agreement or any rights or obligations under it without Lender’s prior written consent (which may be granted or withheld in Lender’s discretion). Lender has the right,
without the consent of or notice to Borrower unless otherwise provided herein, to sell, transfer, assign, pledge, negotiate, or grant participation in (any such sale, transfer, assignment, negotiation, or grant of a participation, a
“Lender Transfer”) all or any part of, or any interest in, Lender’s obligations, rights, and benefits under this Agreement and the other Loan Documents. Borrower shall be entitled to continue to deal solely
and directly with Lender in connection with the interests so assigned until Lender shall have received and accepted an effective assignment agreement in form satisfactory to Lender executed, delivered and fully completed by the applicable parties
thereto, and shall have received such other information regarding such Eligible Assignee as Lender reasonably shall require. Notwithstanding anything to the contrary contained herein, so long as no Event of Default has occurred and is continuing, no
Lender Transfer (other than a Lender Transfer in connection with (x) assignments by Lender due to a forced divestiture at the request of any regulatory agency having authority over Lender; or (y) upon the occurrence of a default, event of
default or similar occurrence with respect to Lender’s own financing or securitization transactions) shall be permitted, without Borrower’s consent, to any Disqualified Institution at the time of such assignment. 

  
 15 

	12.	 CHOICE OF LAW, VENUE AND JURY TRIAL WAIVER 

 

	 	12.1	 Waiver of Jury Trial. BORROWER AND LENDER UNCONDITIONALLY WAIVES ANY AND ALL RIGHT TO A JURY TRIAL OF
ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, ANY OF THE OTHER LOAN DOCUMENTS, ANY OF THE INDEBTEDNESS SECURED HEREBY, ANY DEALINGS AMONG BORROWER AND LENDER RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY
RELATED TRANSACTIONS, AND/OR THE RELATIONSHIP THAT IS BEING ESTABLISHED BETWEEN BORROWER AND LENDER. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT. THIS WAIVER IS IRREVOCABLE. THIS
WAIVER MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING. THE WAIVER ALSO SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO
THIS TRANSACTION OR ANY RELATED TRANSACTION. THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 

  

	 	12.2	 Governing Law and Jurisdiction. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (EXCLUDING THOSE LOAN
DOCUMENTS THAT BY THEIR OWN TERMS ARE EXPRESSLY GOVERNED BY THE LAWS OF ANOTHER JURISDICTION) SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK; PROVIDED, HOWEVER, THAT IF THE LAWS OF ANY JURISDICTION OTHER THAN
NEW YORK SHALL GOVERN IN REGARD TO THE VALIDITY, PERFECTION OR EFFECT OF PERFECTION OF ANY LIEN OR IN REGARD TO PROCEDURAL MATTERS AFFECTING ENFORCEMENT OF ANY LIENS IN COLLATERAL, SUCH LAWS OF SUCH OTHER JURISDICTIONS SHALL CONTINUE TO APPLY TO
THAT EXTENT. 

  

	 	12.3	 Submission to Jurisdiction. Any legal action or proceeding with respect to the Loan Documents shall be
brought exclusively in the courts of the State of New York located in the City of New York, Borough of Manhattan, or of the United States of America for the Southern District of New York and, by execution and delivery of this Agreement, Borrower
hereby accepts for itself and in respect of its Property, generally and unconditionally, the jurisdiction of the aforesaid courts. Notwithstanding the foregoing, Lender shall have the right to bring any action or proceeding against Borrower (or any
property of Borrower) in the court of any other jurisdiction Lender deems necessary or appropriate in order to realize on the Collateral or other security for the Obligations. The parties hereto hereby irrevocably waive any objection, including any
objection to the laying of venue or based on the grounds of forum non conveniens, that any of them may now or hereafter have to the bringing of any such action or proceeding in such jurisdictions. 

 

	 	12.4	 Service of Process. Borrower irrevocably waives personal service of any and all legal process, summons,
notices and other documents and other service of process of any kind and consents to such service in any suit, action or proceeding brought in the United States of America with respect to or otherwise arising out of or in connection with any Loan
Document by any means permitted by applicable requirements of law, including by the mailing thereof (by registered or certified mail, postage prepaid) to the address Borrower specified herein (and shall be effective when such mailing shall be
effective, as provided therein). Borrower agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

  

	 	12.5	 Non-exclusive Jurisdiction. Nothing contained in this Article 12
shall affect the right of Lender to serve process in any other manner permitted by applicable requirements of law or commence legal proceedings or otherwise proceed against Borrower in any other jurisdiction. 

 

	13.	 FEES, COSTS AND EXPENSES; INDEMNIFICATION. Subject to Section 2.2(g), Borrower will pay to Lender
upon demand all reasonable and documented fees, costs and expenses (including reasonable fees of attorneys and professionals and their reasonable and documented costs and expenses) that Lender incurs in connection with (a) the preparation,
negotiation, execution and administration of this Agreement and the other Loan Documents, and the enforcement of this Agreement and the other Loan Documents, including any amendments, waivers or consents in connection with any of the foregoing,
(b) any litigation or dispute (whether instituted by Lender, Borrower or any other person) relating to the Receivables, the Collateral, this Agreement or any other transaction contemplated by the Loan Documents, (c) enforcing any rights
against Borrower or any guarantor, or any Account Debtor, (d) protecting or enforcing its interest in the Receivables or the Collateral, (e) collecting the Receivables and the Obligations, or (f) the representation of Lender in
connection with any bankruptcy case or insolvency proceeding involving Borrower, any Receivable, the Collateral, any Account Debtor, or any guarantor. Borrower shall indemnify and hold Lender harmless from and against any and all claims, actions,
damages, costs, expenses, and liabilities of any nature whatsoever arising in connection with this Agreement or any other Loan Document, except to the extent such claims, damages, costs, expenses and liabilities arise from the gross negligence or
willful misconduct of the Lender. 

  
 16 

	14.	 INTEGRATION AND SEVERABILITY WAIVER; AMENDMENTS AND WAIVERS. This Agreement and any related security or
other agreements required by this Agreement, collectively: (a) represent the sum of the understandings and agreements between Lender and Borrower concerning this credit; (b) replace any prior oral or written agreements between Lender and
Borrower concerning this credit; and (c) are intended by Lender and Borrower as the final, complete and exclusive statement of the terms agreed to by them. In the event of any conflict between this Agreement and any other agreements required by
this Agreement (except for the Intercreditor Agreement), this Agreement will prevail. If any provision of this Agreement is deemed invalid by reason of law, this Agreement will be construed as not containing such provision and the remainder of the
Agreement shall remain in full force and effect. Lender retains all of its rights, even if it makes an Advance after a default. If Lender waives a default, it may enforce a later default. Any consent or waiver under, or amendment of, this Agreement
and any other Loan Document must be in writing and signed by the parties hereto or thereto, and no such consent, waiver, or amendment shall imply any obligation by Lender to make any subsequent consent, waiver, or amendment. 

 

	15.	 NOTICES; TELEPHONIC AND TELEFAX AUTHORIZATIONS. All notices shall be given to Lender and Borrower
at the addresses or faxes set forth on the signature page of this agreement and shall be deemed to have been delivered and received: (a) if mailed, three (3) calendar days after deposited in the United States mail, first class, postage pre-paid, (b) one (1) calendar day after deposit with an overnight mail or messenger service; or (c) on the same date of confirmed transmission if sent by hand delivery, telecopy, telefax or telex. Lender
may honor telephone or telefax instructions for Advances or repayments given, or purported to be given, by any one of the Authorized Persons. This paragraph will survive this Agreement’s termination, and will benefit Lender and its officers,
employees, and agents. 

  

	16.	 INTERCREDITOR AGREEMENT. The Borrower (a) consents to the subordination of Liens provided for in
the Intercreditor Agreement and (b) agrees that it will be bound by, and will take no actions contrary to, the provisions of the Intercreditor Agreement as in effect on the Effective Date (unless otherwise consented in writing by the Borrower).
In the case of a conflict between the terms of this Agreement and the Intercreditor Agreement, with respect to the subject matter of the Intercreditor Agreement, the terms of the Intercreditor Agreement shall prevail. 

 

	17.	 DEFINITIONS AND CONSTRUCTION. 

 

	 	17.1	 Definitions. In this Agreement: 

“Account” is any “account” as defined in the Code with such additions to such term as may hereafter be made
under the Code, and includes, without limitation, all accounts receivable and other sums owing to Borrower. 
 “Account
Balance” means at any time the aggregate of the Advances outstanding as reflected on the records maintained by Lender, together with any past due Finance Charges thereon. 

“Account Debtor” has the meaning in the Code and includes any person liable on any Receivable, including without
limitation, any guarantor of any Receivable and any issuer of a letter of credit or banker’s acceptance assuring payment thereof. 

“Adjustments” means all discounts, allowances, disputes, offsets, defenses, rights of recoupment, rights of return,
warranty claims, or short payments, asserted by or on behalf of any Account Debtor with respect to any Receivable. 

“Advance” means an advance made by Lender to Borrower under this Agreement. 

“Advance Rate” means 80%, or such greater or lesser percentage as Lender may from time to time establish in its sole
discretion upon notice to Borrower. 
 “Advance Request” means a writing in form and substance satisfactory to
Lender and signed by an Authorized Person requesting an Advance. 
 “Agreement” means this Amended and Restated
Business Financing Agreement. 
 “Affiliate” of any Person is a Person that owns or controls directly or indirectly
the Person, any Person that controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors and partners and, for any Person that is a limited liability company, that
Person’s managers and members. 
 “Anti-Terrorism Laws”
are any laws, rules, regulations or orders relating to terrorism or money laundering, including without limitation Executive Order No. 13224 (effective September 24, 2001), the USA PATRIOT Act, the laws comprising or implementing the Bank
Secrecy Act, and the laws administered by OFAC. 

  
 17 

 “Approved Fund” is any (i) investment company, fund, trust,
securitization vehicle or conduit that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business or (ii) any Person (other than a
natural person) which temporarily warehouses loans for Lender or any entity described in the preceding clause (i) and that, with respect to each of the preceding clauses (i) and (ii), is administered or managed by (a) Lender, (b) an
Affiliate of Lender or (c) a Person (other than a natural person) or an Affiliate of a Person (other than a natural person) that administers or manages Lender. 

“Authorized Person” means Borrower (if an individual) or any one of the individuals authorized to sign on behalf of
Borrower, and any other individual designated by any one of such authorized signers. 
 “Blocked Person” is:
(a) any Person listed in the annex to Executive Order No. 13224, (b) any Person owned or controlled by, or to the actual knowledge of any Responsible Officer of the Borrower any Person acting for or on behalf of, any Person that is
listed in the annex to Executive Order No. 13224, (c) to the actual knowledge of any Responsible Officer of the Borrower, any Person with which any Lender is prohibited from dealing with in any transaction in violation of any Anti-Terrorism Law
or (d) any Person named a “specially designated national” or “blocked person” on the most current list published by OFAC. 

“Borrower’s Account” means Borrower’s general operating account maintained with Lender, into which all
Advances will be deposited unless otherwise instructed by Borrower in writing. 
 “Borrowing Base” means at any time
the sum of (i) the Eligible Receivable Amount multiplied by the applicable Advance Rate minus (ii) such reserves as Lender may deem proper and necessary from time to time. 

“Business Day” is any day that is not a Saturday, Sunday or a day on which Lender is required or authorized to be
closed in the State of California. 
 “Cash Equivalents” are (a) marketable direct obligations issued or
unconditionally guaranteed by the United States or any agency or any State thereof having maturities of not more than one (1) year from the date of acquisition and having the highest rating from either Standard & Poor’s Ratings
Group or Moody’s Investors Service, Inc.; (b) commercial paper maturing no more than one (1) year after its creation and having the highest rating from either Standard & Poor’s Ratings Group or Moody’s Investors Service,
Inc., (c) certificates of deposit maturing no more than one (1) year after issue provided that the account in which any such certificate of deposit is maintained is subject to a Control Agreement in favor of Lender unless such certificates of
deposit are entered into to secure (or backstop) Permitted Indebtedness, and (d) any money market or similar funds that exclusively hold any of the foregoing. 

“Cash Management Sublimit” means Two Hundred Thousand Dollars ($200,000.00). 

“Code” is the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in the State of
New York; provided, that, to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the Code, the definition of such term contained in Article or
Division 9 shall govern; provided further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority of, or remedies with respect to, Lender’s Lien on any Collateral is governed by
the Uniform Commercial Code in effect in a jurisdiction other than the State of New York, the term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions
thereof relating to such attachment, perfection, priority, or remedies and for purposes of definitions relating to such provisions. 

“Collateral” is any and all properties, rights and assets of Borrower described on
Exhibit A. 
 “Collateral Account” is any Deposit Account, Securities Account, or
Commodity Account, or any other bank account maintained by Borrower or any Guarantor at any time other than any Excluded Account. 

“Collection Account” means the deposit account maintained with Lender which, pursuant to the Lockbox Agreement, all
Collections received in the Lockbox are to be deposited, and as to which Borrower has no right to withdraw funds. 

“Collections” means all payments from or on behalf of an Account Debtor with respect to Receivables. 

“Compliance Certificate” means a certificate in the form attached as Exhibit D to this Agreement by an
Authorized Person that, among other things, the representations and warranties set forth in this Agreement are true and correct in all material respects as of the date such certificate is delivered. 

  
 18 

 “Contingent Obligation” is, for any Person, any direct or indirect
liability, contingent or not, of that Person for (a) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation directly or indirectly guaranteed, endorsed, co made, discounted or sold with recourse
by that Person, or for which that Person is directly or indirectly liable; (b) any obligations for undrawn letters of credit for the account of that Person; and (c) all obligations from any interest rate, currency or commodity swap
agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices; but “Contingent Obligation” does not
include endorsements in the ordinary course of business. The amount of a Contingent Obligation is the stated or determined amount of the primary obligation for which the Contingent Obligation is made or, if not determinable, the maximum reasonably
anticipated liability for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any guarantee or other support arrangement. 

“Control Agreement” is any control agreement entered into among the depository institution at which Borrower or any
Guarantor maintains a Deposit Account or the securities intermediary or commodity intermediary at which Borrower or any Guarantor maintains a Securities Account or a Commodity Account, Borrower or such Guarantor, as applicable, and Lender, obtains
“control” (within the meaning of the Code) over such Deposit Account, Securities Account, or Commodity Account. 

“Copyrights” are any and all copyright rights, copyright applications, copyright registrations and like protections in
each work or authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret. 

“Credit Limit” means Seven Million Five Hundred Thousand Dollars ($7,500,000.00), which is intended to be the maximum
amount of Advances at any time outstanding. 
 “Default” means any Event of Default or any event that with notice,
lapse of time or otherwise would constitute an Event of Default. 
 “Deposit Account” is any “deposit
account” as defined in the Code with such additions to such term as may hereafter be made under the Code. 

“Disqualified Institution” is, as of the date of determination, a Person (i) identified by the Borrower in
writing to the Lender as a competitor of the Borrower and its subsidiaries as of the Effective Date, (ii) identified by the Borrower in writing to the Lender as a competitor or Affiliate of a competitor of the Borrower and its subsidiaries from
time to time and (iii) any reasonably identifiable Affiliate of any Person referred to in clauses (i) or (ii) above solely on the basis of its name; provided that the foregoing shall not apply retroactively to disqualify any Persons that
have previously acquired an assignment or participation interest in any Advance to the extent such party was not a Disqualified Institution at the time of the applicable assignment or participation, as the case may be. 

“Domestic Subsidiary” means a Subsidiary that is organized under the laws of the United States or any state or
territory thereof. 
 “Eligible Assignee” is (i) an Affiliate of Lender, (ii) an Approved Fund and
(iii) any commercial bank, savings and loan association or savings bank or any other entity which is an “accredited investor” (as defined in Regulation D under the Securities Act of 1933, as amended) and which extends credit or buys
loans as one of its businesses, including insurance companies, mutual funds, lease financing companies and commercial finance companies, in each case, which either (A) has a rating of BBB or higher from Standard & Poor’s Rating
Group and a rating of Baa2 or higher from Moody’s Investors Service, Inc. at the date of such assignment or (B) has total assets in excess of One Billion Dollars ($1,000,000,000.00), and in each case of clauses (i) through (iv),
which, through its applicable lending office, is capable of lending to Borrower without the imposition of any withholding or similar taxes; provided that notwithstanding the foregoing, “Eligible Assignee” shall not include, unless an Event
of Default has occurred and is continuing, (i) Borrower or any of Borrower’s Affiliates or Subsidiaries or (ii) a Disqualified Institution. 

“EBDA” means net income (or loss) before (i) depreciation expense, (ii) amortization expense, and
(iii) any non-cash expenses related to stock compensation activities, with all such terms being determined in accordance with GAAP. 

“Eligible Receivable” means a Receivable that satisfies all of the following: 

 

	 	a)	 The Receivable has been created by Borrower in the ordinary course of Borrower’s business and without any
obligation on the part of Borrower to render any further performance. 

  
 19 

	 	b)	 There are no conditions which must be satisfied before Borrower is entitled to receive payment of the
Receivable, and the Receivable does not arise from COD sales, consignments or guaranteed sales. 

  

	 	c)	 The Account Debtor upon a Receivable does not claim any defense to payment of the Receivable, whether well
founded or otherwise. 

  

	 	d)	 The Receivable is not the obligation of an Account Debtor who has asserted or may be reasonably be expected to
assert any counterclaims or offsets against Borrower (including offsets for any “contra accounts” owed by Borrower to the Account Debtor for goods purchased by Borrower or for services performed for Borrower). 

 

	 	e)	 The Receivable represents a genuine obligation of the Account Debtor and to the extent any credit balances
exist in favor of the Account Debtor, such credit balances shall be deducted in calculating the Receivable Amount. 

  

	 	f)	 Borrower has sent an invoice to the Account Debtor in the amount of the Receivable. 

 

	 	g)	 Borrower is not prohibited by the laws of the state where the Account Debtor is located from bringing an action
in the courts of that state to enforce the Account Debtor’s obligation to pay the Receivable. Borrower has taken all appropriate actions to ensure access to the courts of the state where Account Debtor is located, including, where necessary;
the filing of a Notice of Business Activities Report or other similar filing with the applicable state agency or the qualification by Borrower as a foreign corporation authorized to transact business in such state. 

 

	 	h)	 The Receivable is owned by Borrower free of any title defects or any liens or interests of others except the
security interest in favor of Lender and other Permitted Liens, and Lender has a perfected, first priority security interest in such Receivable (subject to the terms of the Intercreditor Agreement and other Permitted Liens that by operation of Law
have priority). 

  

	 	i)	 The Account Debtor on the Receivable is not any of the following: (1) an employee, Affiliate, parent or
subsidiary of Borrower, or an entity which has common officers or directors with Borrower; (2) the U.S. government or any agency or department of the U.S. government unless Borrower complies with the procedures in the Federal Assignment of
Claims Act of 1940 (41 U.S.C. §15) with respect to the Receivable, and the underlying contract expressly provides that neither the U.S. government nor any agency or department thereof shall have the right of
set-off against Borrower; or (3) an Account Debtor as to which 35% or more of the aggregate dollar amount of all outstanding Receivables owing from such Account Debtor have not been paid within ninety
(90) days from invoice date. 

  

	 	j)	 The Account Debtor on the Receivable is not any person or entity located in a foreign country, other than
Canada, unless (A) the Receivable is supported by an irrevocable letter of credit issued by a bank acceptable to Lender, and if requested by Lender, the original of such letter of credit and/or any usance drafts drawn under such letter of
credit and accepted by the issuing or confirming bank have been delivered to Lender; or (B) the Receivable is supported by other insurance, bond or assurance acceptable to Lender; provided , however, Receivables owing from an Account Debtor
that is a person or entity located in a foreign country, other than Canada, that do not satisfy (A) or (B) above shall be permitted on a case-by-case basis, subject
to satisfactory review and approval by Lender, in an aggregate face amount not to exceed 20% of total Borrowing Base at any time. 

  

	 	k)	 The Receivable is not in default (a Receivable will be considered in default if any of the following occur:
(i) the Receivable is not paid within ninety (90) days from its invoice date; (ii) the Account Debtor obligated upon the Receivable suspends business, makes a general assignment for the benefit of creditors, or fails to pay its debts
generally as they come due; or (iii) any petition is filed by or against the Account Debtor obligated upon the Receivable under any bankruptcy law or any other law or laws for the relief of debtors). 

 

	 	l)	 The Receivable does not arise from the sale of goods which remain in Borrower’s possession or under
Borrower’s control. 

  

	 	m)	 The Receivable is not evidenced by a promissory note or chattel paper, nor is the Account Debtor obligated to
Borrower under any other obligation which is evidenced by a promissory note. 

  
 20 

	 	n)	 The Receivable is not that portion of Receivables due from an Account Debtor which is in excess of 25% of
Borrower’s aggregate dollar amount of all outstanding Receivables. 

  

	 	o)	 The Receivable is otherwise acceptable to Lender. 

“Eligible Receivable Amount” means at any time the sum of the Receivable Amounts of the Eligible
Receivables. 
 “ERISA” is the Employee Retirement Income Security Act of 1974, as amended, and its regulations.

 “Event of Default” has the meaning set forth in Section 8.1. 

“FDA” means the U.S. Food and Drug Administration. 

“Finance Charge” means an interest amount equal to the Finance Charge Percentage of the ending daily Account Balance
for the relevant period. 
 “Finance Charge Percentage” means a rate per month year equal the Prime Rate plus 1.75
percentage points plus an additional 5.00 percentage points on all then-outstanding Obligations during any period that an Event of Default has occurred and is continuing. 

“Foreign Subsidiary” means a Subsidiary that is not a Domestic Subsidiary. 

“GAAP” is generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other Person as may be approved by a significant segment of
the accounting profession in the United States, which are applicable to the circumstances as of the date of determination. 

“Governmental Approval” is any consent, authorization, approval, order, license, franchise, permit, certificate,
accreditation, registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority. 

“Governmental Authority” is any nation or government, any state or other political subdivision thereof, any agency,
authority, instrumentality, regulatory body (including, without limitation, the FDA), court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any
securities exchange. 
 “Guarantor” is any Person providing a Guaranty in favor of Lender (including without
limitation pursuant to Section 6.10). 
 “Guaranty” is any guarantee in form and substance reasonably
satisfactory to the Lender and the applicable Guarantor of all or any part of the Obligations, as the same may from time to time be amended, restated, modified or otherwise supplemented. 

“Indebtedness” is (without duplication) (a) indebtedness for borrowed money or the deferred price of property or
services (other than trade payables in the ordinary course of business and not past due), such as reimbursement and other obligations for surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar
instruments, (c) all obligations of such Person as lessee under capital lease obligations that have been or should be recorded as liabilities on a balance sheet of such Person in accordance with GAAP,
(d) non-contingent obligations of such Person to reimburse any bank or other Person in respect of amounts paid under a letter of credit, banker’s acceptance, surety bonds or similar instruments,
(e) equity securities of such Person subject to repurchase or redemption prior to the Maturity Date other than at the sole option of such Person, (f) Indebtedness secured by a Lien on any asset of such Person, whether or not such
obligation is otherwise an obligation of such Person (with the amount thereof being measured as the fair market value of such property), (g) “earnouts” (to the extent due and owing and not paid in a timely manner), purchase price
adjustments, profit sharing arrangements, deferred purchase money amounts and similar payment obligations or continuing obligations of any nature of such Person arising out of purchase and sale contracts (in each case, other than trade payables in
the ordinary course of business), (h) all Indebtedness of others guaranteed by such Person, (i) off-balance sheet liabilities and/or pension plan or multiemployer plan liabilities of such Person,
(j) obligations arising under non-compete agreements, (k) obligations arising under bonus, deferred compensation, incentive compensation or similar arrangements, other than those arising in the
ordinary course of business and (l) Contingent Obligations. 

  
 21 

 “Insolvency Proceeding” is any proceeding by or against any Person
under the United States Bankruptcy Code, or any other bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions or proceedings seeking reorganization, arrangement, or other relief. 

“Insolvent” means not Solvent. 

“Intellectual Property” means all of Borrower’s or any of its Subsidiaries’ right, title and interest in and
to the following: 
 (a) its Copyrights, Trademarks and Patents; 

(b) any and all trade secrets and trade secret rights, including, without limitation, any rights to unpatented inventions, know how, operating
manuals; 
 (c) any and all source code; 

(d) any and all design rights which may be available to Borrower; 

(e) any and all claims for damages by way of past, present and future infringement of any of the foregoing, with the right, but not the
obligation, to sue for and collect such damages for said use or infringement of the Intellectual Property rights identified above; and 

(f) all amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents. 

“Intercreditor Agreement” means that certain Intercreditor Agreement between Lender and Perceptive, and acknowledged
by Borrower, dated as of the Effective Date, as the same may be amended, restated, amended and restated, or otherwise modified or replaced or refinanced in accordance with the Intercreditor Agreement. 

“International Sublimit” means Two Hundred Fifty Thousand Dollars ($250,000.00). 

“Inventory” is all “inventory” as defined in the Code in effect on the Effective Date with such additions to
such term as may hereafter be made under the Code, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without limitation such inventory as
is temporarily out of any Person’s custody or possession or in transit and including any returned goods and any documents of title representing any of the above. 

“Key Person” is each of Borrower’s (i) President and Chief Executive Officer, who is Joseph Army as of the
Effective Date and (ii) Chief Financial Officer, who is John Landry as of the Effective Date. 
 “Knowledge”
means to the “best of” Borrower’s knowledge, or with a similar qualification, knowledge or awareness means the actual knowledge, after reasonable investigation, of the Responsible Officers. 

“Lender” means WESTERN ALLIANCE BANK, an Arizona corporation, and its successors and assigns. 

“Lender’s Expenses” are (a) all reasonable and documented audit fees and expenses, costs, and expenses
(including reasonable and documented attorneys’ fees and expenses of outside counsel, as well as appraisal fees, fees incurred on account of lien searches, inspection fees, and filing fees) for preparing, amending, negotiating and administering
the Loan Documents, all as incurred by Lender, and (b) all reasonable and documented fees and expenses (including reasonable and documented attorneys’ fees and expenses, as well as appraisal fees, fees incurred on account of lien searches,
inspection fees, and filing fees) for defending and enforcing the Loan Documents (including, without limitation, those incurred in connection with appeals or Insolvency Proceedings) or otherwise incurred by Lender in connection with the Loan
Documents. 
 “Letter of Credit” has the meaning set forth in Section 1.8. 

  
 22 

 “Letters of Credit Obligation” means, at any time, the sum of,
without duplication, (i) the maximum amount available to be drawn on all outstanding Letters of Credit issued by Lender or by Lender’s Affiliate and (ii) the aggregate amount of all amounts drawn and unreimbursed with respect to
Letters of Credit issued by Lender or by Lender’s Affiliate. 
 “Lien” is a claim, mortgage, deed of trust,
levy, charge, pledge, security interest, or other encumbrance of any kind, whether voluntarily incurred or arising by operation of law or otherwise against any property. 

“Loan Documents” are, collectively, this Agreement, the Pledge Agreement, the Intercreditor Agreement, the Lockbox
Agreement, each Control Agreement, the Perfection Certificates, each Compliance Certificate, the ACH Letter, each Advance Request, any Guarantees, any subordination agreements, any note, or notes or guaranties executed by Borrower or any other
Person, any agreements creating or perfecting rights in the Collateral (including all insurance certificates and endorsements, landlord consents and bailee consents) and any other present or future agreement entered into by Borrower or any
Guarantor, in connection with this Agreement; all as amended, restated, or otherwise modified 
 “Lockbox” is
defined in the Lockbox Agreement. 
 “Lockbox Agreement” is defined in Section 1.4(a). 

“Management Case Revenue” is, as of a date of determination, revenue under GAAP as set forth in the Projections. 

“Material Adverse Change” is (a) a material adverse change in the business, operations or condition (financial or
otherwise) of Borrower and its Subsidiaries, when taken as a whole; or (b) a material impairment of (i) the prospect of repayment of any portion of the Obligations, (ii) the legality, validity or enforceability of any Loan Document,
(iii) the rights and remedies of Lender under any Loan Document except as the result of the action or inaction of Lender or (iv) the validity, perfection or priority of any Lien in favor of Lender on any of the Collateral except as the
result of the action or inaction of Lender. 
 “Material Agreement” is any license, agreement or other contractual
arrangement whereby Borrower or any of its Subsidiaries is reasonably likely to be required to transfer, either in-kind or in cash, assets or property valued (book or market) at more than One Million Dollars
($1,000,000.00) in the aggregate under such license, agreement or other contractual arrangement in any calendar year. 

“Maturity Date” means September 30, 2020 or such earlier date as Lender shall have declared the Obligations
immediately due and payable pursuant to Section 8.2. 
 “Month End” means the last calendar day of each month.

 “Obligations” means all liabilities and obligations of Borrower to Lender of any kind or nature, present or
future, arising under or in connection with this Agreement or under any other document, instrument or agreement delivered, whether or not evidenced by any note, guarantee or other instrument, whether arising on account or by overdraft, whether
direct or indirect (including those acquired by assignment) absolute or contingent, primary or secondary, due or to become due, now owing or hereafter arising, and however acquired; including, without limitation, all Advances, Finance Charges, fees,
interest and Lender’s Expenses; in each case of the foregoing arising under this Agreement or any other Loan Document. 

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

“OFAC Lists” are, collectively, the Specially Designated Nationals and Blocked Persons List maintained by OFAC
pursuant to Executive Order No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) and/or any other list of terrorists or other restricted Persons maintained pursuant to any of the rules and regulations of OFAC or pursuant to any other applicable
Executive Orders. 
 “Operating Documents” are, for any Person, such Person’s formation documents, as certified
by the Secretary of State (or equivalent agency) of such Person’s jurisdiction of organization on a date that is no earlier than thirty (30) days prior to the Effective Date, and, (a) if such Person is a corporation, its bylaws in
current form, (b) if such Person is a limited liability company, its limited liability company agreement (or similar agreement), and (c) if such Person is a partnership, its partnership agreement (or similar agreement), each of the
foregoing with all current amendments or modifications thereto. 

  
 23 

 “Overadvance” means, as of any date of determination, an amount
equal to the greater of (a) the amounts (if any) by which the total amount of the outstanding Advances (including deemed Advances with respect to the International Sublimit and the total amount of the Cash Management Sublimit) exceeds the
lesser of the Credit Limit or the Borrowing Base or (b) the amounts (if any) by which the total amount of the outstanding deemed Advances with respect to the International Sublimit or the Cash Management Sublimit exceed the International
Sublimit or the Cash Management Sublimit, as applicable. 
 “Patents” means all patents, patent applications and
like protections including without limitation improvements, divisions, continuations, renewals, reissues, re-examination certificates, utility models, extensions and continuations-in-part of the same. 
 “Perceptive” means Perceptive Credit
Holdings II, LP., a Delaware limited partnership with an office located at 51 Astor Place, 10th Floor, 51 Astor Place, 10th Floor. 

“Perceptive Indebtedness” means Indebtedness of the Borrower pursuant to the Perceptive Loan Documents, as the same
may be amended, restated, amended and restated, or otherwise modified or replaced or refinanced in accordance with the Intercreditor Agreement. 

“Perceptive Loan Agreement” means the Credit Agreement and Guaranty, dated as of the Effective Date, by and among
Perceptive, the other “Lenders” identified therein and Borrower, as the same may be amended, restated, amended and restated, or otherwise modified or replaced or refinanced in accordance with the Intercreditor Agreement. 

“Perceptive Loan Documents” means the Perceptive Loan Agreement and each of the “Loan Documents” as defined
in the Perceptive Loan Agreement, as the same may be amended, restated, amended and restated, or otherwise modified or replaced or refinanced in accordance with the Intercreditor Agreement. 

“Permitted Indebtedness” means: 
  

	 	a)	 Borrower’s Indebtedness under this Agreement and the other Loan Documents. 

 

	 	b)	 Indebtedness existing on the Effective Date and specifically disclosed on the Perfection Certificate.

  

	 	c)	 Subordinated Debt. 

  

	 	d)	 unsecured Indebtedness to trade creditors; 

 

	 	e)	 Indebtedness consisting of capitalized lease obligations and purchase money Indebtedness, in each case incurred
by Borrower or any of its Subsidiaries to finance the acquisition, repair, improvement or construction of fixed or capital assets of such person, provided that (i) the aggregate outstanding principal amount of all such Indebtedness does not
exceed Two Hundred Fifty Thousand Dollars ($250,000.00) at any time and (ii) the principal amount of such Indebtedness does not exceed the lower of the cost or fair market value of the property so acquired or built or of such repairs or
improvements financed with such Indebtedness (each measured at the time of such acquisition, repair, improvement or construction is made); 

  

	 	f)	 Indebtedness incurred as a result of endorsing negotiable instruments received in the ordinary course of
Borrower’s or its Subsidiaries’ business; 

  

	 	g)	 Perceptive Indebtedness, subject to the Intercreditor Agreement (including the Perceptive Debt Cap (as defined
in the Intercreditor Agreement)); 

  

	 	h)	 extensions, refinancings, modifications, amendments and restatements of any items of Permitted Indebtedness
(a) through (e) above, provided that the principal amount thereof is not increased or the terms thereof are not modified to impose materially more burdensome terms upon Borrower, or its Subsidiary, as the case may be and of Permitted
Indebtedness identified in (g) above (subject to the terms of the Intercreditor Agreement); 

  

	 	i)	 Contingent Obligations that otherwise constitute Permitted Indebtedness; 

 

	 	j)	 Indebtedness incurred in connection with the financing of insurance premiums in the ordinary course of business
in an amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000.00) in the aggregate; 

  
 24 

	 	k)	 Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar
instrument drawn against insufficient funds in the ordinary course of business, provided that such Indebtedness is extinguished within two (2) Business Days of notice to Borrower or the relevant Subsidiary of its incurrence;

  

	 	l)	 Indebtedness arising in connection with the Borrower’s credit card program and other related cash
management services incurred in the ordinary course of business and in an aggregate amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000.00) outstanding at any time; 

 

	 	m)	 Indebtedness constituting Permitted Investments; and 

 

	 	n)	 other Indebtedness in an aggregate outstanding principal amount not to exceed Twenty-Five Thousand Dollars
($25,000.00); provided that such Indebtedness shall not secured by “all assets” or similar property of Borrower. 

“Permitted Investments” are: 
  

	 	a)	 Investments disclosed on the Perfection Certificate and existing on the Effective Date; 

 

	 	b)	 (i) Investments consisting of cash and Cash Equivalents, and (ii) any Investments permitted by
Borrower’s investment policy, as amended from time to time, provided that such investment policy (and any such amendment thereto) has been approved in writing by Lender in its reasonable discretion; 

 

	 	c)	 Investments consisting of the endorsement of negotiable instruments for deposit or collection or similar
transactions in the ordinary course of Borrower or of any of its Subsidiaries; 

  

	 	d)	 Investments consisting of Deposit Accounts in which Lender has a perfected Lien (subject to the terms of this
Agreement) for the ratable benefit of Lender; 

  

	 	e)	 Investments in connection with Transfers permitted by Section 7.1; 

 

	 	f)	 Investments consisting of (i) travel advances and employee relocation loans and other employee loans and
advances in the ordinary course of business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of Borrower or its Subsidiaries pursuant to employee stock purchase plans or agreements approved by
Borrower’s board of directors; not to exceed One Hundred Twenty-Six Thousand Dollars ($126,000.00) in the aggregate for (i) and (ii) in any fiscal year; 

 

	 	g)	 Investments (including debt obligations) received in connection with the bankruptcy or reorganization of
customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of business; 

 

	 	h)	 Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers
and suppliers who are not Affiliates, in the ordinary course of business; provided that this paragraph (h) shall not apply to Investments of Borrower in any Subsidiary; 

 

	 	i)	 (A) Investments between the Borrower and any Guarantor, (B) Investments by the Borrower or any Guarantor
in Domestic Subsidiaries that are not a Guarantor, not to exceed One Hundred Thousand Dollars ($100,000.00) in aggregate any fiscal year and (C) Investments by the Borrower or any Guarantor in Foreign Subsidiaries that are not Guarantors, not
to exceed Two Hundred Thousand Dollars ($200,000.00) in any fiscal year; 

  

	 	j)	 Investments in joint ventures or strategic alliances in the ordinary course of Borrower’s business
consisting of the non-exclusive licensing of technology, the development of technology or the providing of technical support, provided that any cash Investments by the Borrower do not exceed Two Hundred Fifty
Thousand Dollars ($250,000.00) in aggregate in any fiscal year; and 

  

	 	k)	 other Investments not to exceed Twenty Five Thousand Dollars ($25,000.00) during any fiscal year.

  
 25 

 “Permitted Licenses” are (A) licenses of over-the-counter software that is commercially available to the public, and (B) non-exclusive licenses for the use of the
Intellectual Property of Borrower or any of its Subsidiaries entered into in the ordinary course of business, provided, that, with respect to each such license described in clause (B), the license constitutes an
arms-length transaction, the terms of which, on their face, do not provide for a sale or assignment of any Intellectual Property and do not restrict the ability of Borrower or any of its Subsidiaries, as
applicable, to pledge, grant a security interest in or lien on, or assign or otherwise Transfer any Intellectual Property. 

“Permitted Liens” means the following: 
  

	 	a)	 Liens existing on the Effective Date and disclosed on the Perfection Certificate or arising under this
Agreement and the other Loan Documents; 

  

	 	b)	 Liens for taxes, fees, assessments or other government charges or levies, either (i) not due and payable
or (ii) being contested in good faith and for which Borrower maintains adequate reserves on its books; 

  

	 	c)	 Liens securing Indebtedness permitted under clause (e) of the definition of “Permitted
Indebtedness,” provided that (i) such liens exist prior to the acquisition of, or attach substantially simultaneous with, or within sixty (60) days after the, acquisition, lease, repair, improvement or construction of, such property
financed or leased by such Indebtedness and (ii) such liens do not extend to any property of Borrower other than the property (and proceeds thereof) acquired, leased or built, or the improvements or repairs, financed by such Indebtedness;

  

	 	d)	 Liens of carriers, warehousemen, suppliers, or other Persons that are possessory in nature arising in the
ordinary course of business so long as such Liens attach only to Inventory, securing liabilities in the aggregate amount not to exceed Two Hundred Thousand Dollars ($200,000.00), and which are not delinquent or remain payable without penalty or
which are being contested in good faith and by appropriate proceedings which proceedings have the effect of preventing the forfeiture or sale of the property subject thereto; 

 

	 	e)	 Liens to secure payment of workers’ compensation, employment insurance,
old-age pensions, social security and other like obligations incurred in the ordinary course of business (other than Liens imposed by ERISA); 

 

	 	f)	 Liens incurred in the extension, renewal or refinancing of the indebtedness secured by Liens described in
(a) through (c), but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness may not increase; 

 

	 	g)	 leases or subleases of real property granted in the ordinary course of Borrower’s business (or, if
referring to another Person, in the ordinary course of such Person’s business), and leases, subleases, non-exclusive licenses or sublicenses of personal property (other than Intellectual Property) granted
in the ordinary course of Borrower’s business (or, if referring to another Person, in the ordinary course of such Person’s business), if the leases, subleases, licenses and sublicenses do not prohibit granting Lender a security interest
therein; 

  

	 	h)	 banker’s liens, rights of setoff and Liens in favor of financial institutions incurred in the ordinary
course of business arising in connection with Borrower’s or its Subsidiaries’ deposit accounts or securities accounts held at such institutions solely to secure payment of fees and similar costs and expenses and provided such accounts are
maintained in compliance with Section 6.6(a) hereof; 

  

	 	i)	 Liens arising from judgments, decrees or attachments in circumstances not constituting an Event of Default
under Section 8.1(d) or 8.1(g); 

  

	 	j)	 Permitted Licenses; 

  

	 	k)	 Liens securing Perceptive Indebtedness that are subject to the priority and terms set forth in the
Intercreditor Agreement; 

  

	 	l)	 Liens arising from precautionary uniform commercial code financing statements filed under any lease permitted
by this Agreement; 

  

	 	m)	 Liens securing Indebtedness incurred under clause (l) of the definition of “Permitted
Indebtedness” in an aggregate amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000.00) at any time; and 

  
 26 

	 	n)	 other Liens on specific assets (which, for the avoidance of doubt, shall not be “all assets” or
similar Liens) securing Indebtedness or other obligations in an aggregate principal amount at any time outstanding not to exceed Twelve Thousand Five Hundred Dollars ($12,500.00). 

“Person” is any individual, sole proprietorship, partnership, limited liability company, joint venture, company, trust,
unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency. 

“Pledge Agreement” means the Pledge Agreement dated as of November 16, 2016 between Borrower and Lender, as the
same may from time to time be amended, restated, modified or otherwise supplemented, including pursuant to Section 25 hereto. 

“Prime Rate” means the greater of 4.75% per year or the Prime Rate published in the Money Rates section of the Western
Edition of The Wall Street Journal, or such other rate of interest publicly announced by Lender as its Prime Rate. Lender may price loans to its customers at, above, or below the Prime Rate. Any change in the Prime Rate shall take effect at the
opening of business on the day specified in the public announcement of a change in Lender’s Prime Rate. 

“Projections” are the projections delivered and accepted by Lender attached hereto as Exhibit B. 

“Property” means any interest in any kind of property or asset, whether real, personal or mixed, and whether tangible
or intangible. 
 “Receivable Amount” means as to any Receivable, the amount due from the Account Debtor after
deducting all discounts, credits, offsets, payments or other deductions of any nature whatsoever, whether or not claimed by the Account Debtor. 

“Receivables” means Borrower’s rights to payment arising in the ordinary course of Borrower’s business,
including accounts, chattel paper, instruments, contract rights, documents, general intangibles, letters of credit, drafts, and bankers acceptances. 

“Registered Organization” is any “registered organization” as defined in the Code with such additions to such
term as may hereafter be made under the Code. 
 “Registration” means any registration, authorization, approval,
license, permit, clearance, certificate, and exemption required by the FDA or other applicable Regulatory Authorities (including, without limitation, device pre-market approval applications, device pre-market notifications, investigational device exemptions, product recertifications, manufacturing approvals, registrations and authorizations, CE Marks, pricing and reimbursement approvals, labeling approvals or
their foreign equivalent and controlled substance registrations). 
 “Regulatory Action” means an administrative,
regulatory, or judicial enforcement action, proceeding, investigation, FDA Form 483 notice of inspectional observation, warning letter, untitled letter, mandatory recall, seizure, Section 305 notice or other similar written communication,
injunction or consent decree, issued by the FDA or a federal or state court. 
 “Requirement of Law” is as to any
Person, the organizational or governing documents of such Person, and any law (statutory or common), treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon
such Person or any of its property or to which such Person or any of its property is subject. 
 “Responsible
Officer” is any of the President, Chief Executive Officer, or Chief Financial Officer of Borrower acting alone. 

“RML” means (i) unrestricted cash at Lender, plus (ii) the remaining availability under the Credit Line,
divided by (iii) the trailing three (3) month EBDA divided by three (3). 
 “Securities Account” is any
“securities account” as defined in the Code with such additions to such term as may hereafter be made under the Code. 

  
 27 

 “Solvent” means, with respect to any Person, that (a) the fair
salable value of such Person’s consolidated assets (including goodwill minus disposition costs) exceeds the fair value of such Person’s liabilities, (b) such Person is not left with unreasonably small capital giving effect to the
transactions contemplated by this Agreement and the other Loan Documents, and (c) such Person is able to pay its debts (including trade debts) as they mature in the ordinary course (without taking into account any forbearance and extensions
related thereto). 
 “Subordinated Debt” means indebtedness of Borrower that is expressly subordinated to the
indebtedness of Borrower owed to Lender pursuant to a subordination agreement satisfactory in form and substance to Lender. 

“Subsidiary” is, with respect to any Person, any Person of which more than fifty percent (50%) of the voting stock or
other equity interests (in the case of Persons other than corporations) is owned or controlled, directly or indirectly, by such Person or through one or more intermediaries. 

“Termination Date” is the date on which all Obligations (other than inchoate indemnity obligations and any other
obligations which, by their terms, are to survive the termination of this Agreement) have been paid in full in cash. 

“Termination Fee” means a payment equal to 1.00% of the Credit Limit. 

“Trademarks” means any trademark and servicemark rights, whether registered or not, applications to register and
registrations of the same and like protections, and the entire goodwill of the business of Borrower and each of its Subsidiaries connected with and symbolized by such trademarks. 

“Unqualified Opinion” means an opinion on financial statements from an independent certified public accounting firm
acceptable to Collateral Agent in its reasonable discretion which opinion shall not include any qualifications or any going concern limitations. 
  

	 	17.2	 Confidentiality. In handling any confidential information of Borrower, the Lender
shall hold such information confidential and shall exercise the same degree of care that it exercises for its own proprietary information, but disclosure of information may be made: (a) subject to the terms and conditions of this Agreement,
including this Section 17.2, to the Lender’s Subsidiaries, or in connection with the Lender’s own financing or securitization transactions and upon the occurrence of a default, event of default or similar occurrence with respect to
such financing or securitization transaction; (b) to prospective transferees or purchasers (other than those identified in (a) above and Disqualified Institutions) of any interest in the Advances and this Agreement (provided, however, the
Lender shall obtain such prospective transferee’s or purchaser’s agreement to the terms of this provision or to similar confidentiality terms); (c) as required by law, rule, regulation, subpoena or other legal or administrative order;
(d) as required or requested by any federal or state regulatory authority (including the Securities and Exchange Commission or other Governmental Authority having regulatory authority over the Lender) or any self-regulatory authority and any
other public disclosure with investors or other related persons related to such required or requested disclosures with any regulatory or self-regulatory authority; (e) as the Lender reasonably considers appropriate in exercising remedies under
the Loan Documents or in connection with any examination or audit so long as such examiners or auditors are subject to confidentiality obligations customary for such examiners or auditors; (f) to third party service providers of the Lender so
long as such service providers have executed a confidentiality agreement or have agreed to similar confidentiality terms with the Lender, with terms no less restrictive than those contained herein; and (g) to any Person that is an investor of
the Lender so long as such Person has executed a confidentiality agreement or has agreed to similar confidentiality terms with the Lender, with no terms less restrictive to those contained herein. Confidential information does not include
information that either: (i) is in the public domain or in the Lender’s possession when disclosed to the Lender, or becomes part of the public domain after disclosure to the Lender through no breach of this provision by the Lender; or
(ii) is disclosed to the Lender by a third party, if the Lender does not know that the third party is prohibited from disclosing the information. The Lender may use confidential information for any purpose, including, without limitation, for
the development of client databases, reporting purposes, and market analysis. The provisions of the immediately preceding sentence shall survive the termination of this Agreement. The agreements provided under this Section 17.2 supersede all
prior agreements, understanding, representations, warranties, and negotiations between the parties about the subject matter of this Section 17.2. 

  

	 	17.3	 Construction: 

 

	 	a)	 In this Agreement: (i) references to the plural include the singular and to the singular include the
plural; (ii) references to any gender include any other gender; (iii) the terms “include” and “including” are not limiting; (iv) the term “or” has the inclusive meaning represented by the phrase
“and/or,” (v) unless otherwise specified, section and subsection references are to this Agreement, and (vi) any reference to any statute, law, or regulation shall include all amendments thereto and revisions thereof.

  
 28 

	 	b)	 Neither this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved using any
presumption against either Borrower or Lender, whether under any rule of construction or otherwise. On the contrary, this Agreement has been reviewed by each party hereto and their respective counsel. In case of any ambiguity or uncertainty, this
Agreement shall be construed and interpreted according to the ordinary meaning of the words used to accomplish fairly the purposes and intentions of all parties hereto. 

 

	 	c)	 Titles and section headings used in this Agreement are for convenience only and shall not be used in
interpreting this Agreement. 

  

	18.	 EXECUTION, EFFECTIVENESS, SURVIVAL. This Agreement may be executed in counterparts (and by different
parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other documents executed in connection herewith constitute the
entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Delivery of an executed counterpart of a signature page
of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. This Agreement shall become effective upon the execution and delivery hereof by Borrower and Lender and shall continue in full force
and effect until the Maturity Date and thereafter so long as any Obligations remain outstanding hereunder. 

  

	19.	 TOMBSTONES / PUBLIC ANNOUNCEMENT. Borrower hereby consents to the publication by the Lender of a
tombstone or other comparable advertising material relating to the financing contemplated by this Agreement, provided that (i) the amount of the credit facilities herein is not so published, (ii) no information regarding any stockholders
of the Borrower is included therein and (iii) the Borrower is provided a reasonable opportunity to review and comment on such tombstone or such other advertising material prior to publication thereof. In connection therewith, the Lender may use
the Borrower’s legal name and logos. 

  

	20.	 OTHER AGREEMENTS. Any security agreements, liens and/or security interests securing payment of any
obligations of Borrower owing to Lender or its Affiliates also secure the Obligations, and are valid and subsisting and are not adversely affected by execution of this Agreement. An Event of Default under this Agreement constitutes a default under
other outstanding agreements between Borrower and Lender or its Affiliates. 

  

	21.	 REVIVAL AND REINSTATEMENT OF OBLIGATIONS. If the incurrence or payment of the Obligations by
Borrower or any guarantor, or the transfer to Lender of any property should for any reason subsequently be asserted, or declared, to be void or voidable under any state or federal law relating to creditors’ rights, including provisions of the
United States Bankruptcy Code relating to fraudulent conveyances, preferences, or other voidable or recoverable payments of money or transfers of property (each, a “Voidable Transfer”), and if Lender is required to repay or
restore, in whole or in part, any such Voidable Transfer, or elects to do so upon the reasonable advice of its counsel, then, as to any such Voidable Transfer, or the amount thereof that Lender is required or elects to repay or restore, and as to
all reasonable costs, expenses, and reasonable attorneys’ fees of Lender related thereto, the liability of Borrower and such guarantor automatically shall be revived, reinstated, and restored and shall exist as though such Voidable Transfer had
never been made. 

  

	22.	 PATRIOT ACT NOTIFICATION. Lender hereby notifies Borrower that pursuant to the requirements of
the USA Patriot Act, Title III of Pub. L. 107-56, signed into law October 26, 2001 (“Patriot Act”), Lender is required to obtain, verify and record information that identifies
Borrower, which information includes the names and addresses of Borrower and other information that will allow Lender to identify Borrower in accordance with the Patriot Act. 

 

	23.	 NOTICE OF FINAL AGREEMENT. BY SIGNING THIS DOCUMENT EACH PARTY REPRESENTS AND AGREES THAT: (A) THIS
WRITTEN AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES, (B) THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES, AND (C) THIS WRITTEN AGREEMENT MAY NOT BE CONTRADICTED BY EVIDENCE OF ANY PRIOR, CONTEMPORANEOUS, OR
SUBSEQUENT ORAL AGREEMENTS OR UNDERSTANDINGS OF THE PARTIES. 

  

	24.	 EFFECT OF AMENDMENT AND RESTATEMENT. Except as otherwise set forth herein, this Amended and Restated
Business Financing Agreement is intended to and does completely amend and restate, without novation, the Original Business Financing Agreement and all Obligations thereunder shall constitute Obligations hereunder. 

 

	25.	 PLEDGE AGREEMENT. The Lender and the Borrower each acknowledges and agrees that the Pledge
Agreement executed in connection with the closing of the Original Credit Agreement remains in full force and effect and the Liens granted thereunder shall continue in full force and effect during the term of this Agreement and shall continue to
secure the Obligations hereunder, in each case, on and subject to the terms and conditions set forth therein. 

  
 29 

 IN WITNESS WHEREOF, Borrower and Lender have executed this Agreement on the day and year above written. 

 

			
	BORROWER:	  	LENDER:
		
	VAPOTHERM, INC.	  	WESTERN ALLIANCE BANK, AN ARIZONA CORPORATION

  

									
	By	 	/s/ John Landry	 		 	By	 	/s/ Michael Quinn
	Name:	 	John Landry	 		 	Name:	 	Michael Quinn
	Title:	 	Secretary & Treasurer	 		 	Title:	 	VP

			
		
	 Address for Notices:
 VAPOTHERM, INC.

100 Domain Drive
 Exeter, NH 03833

Fax: (603) 658-0181

Email: jlandry@vtherm.com
 Attn: John Landry, VP &
CFO
	  	 Address for Notices:
 WESTERN ALLIANCE
BANK
 55 Almaden Blvd.
 San Jose, CA 95113

Fax: (408) 423-8520

Attn: Loan Operations

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

ROPES & GRAY LLP
 1211 Avenue of the Americas

New York, NY 10036-8704
 Attn: Sunil Savkar

Fax: (212) 596-9090

Email: sunil.savkar@ropesgray.com
	  	 With a copy to:
 WESTERN ALLIANCE BANK

12220 El Camino Real, Suite 100
 San Diego, CA 92130

Attn: Robert C. Lake, SVP, Head of Life Sciences
 email:
rob.lake@bridgebank.com

 [Signature Page to Amended and Restated Business Financing Agreement] 

 EXHIBIT A 

Description of Collateral 
 The
Collateral consists of all of Borrower’s right, title and interest in and to the following property: 
 Subject to the exceptions noted
below: 
 all goods, Accounts (including health-care receivables), Equipment, Inventory, contract
rights or rights to payment of money, leases, license agreements, franchise agreements, General Intangibles, commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash and
other Collateral Accounts, all certificates of deposit, fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial assets,
whether now owned or hereafter acquired, wherever located; and 
 all Borrower’s books and records relating to the foregoing, and any
and all claims, rights and interests in any of the above and all substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing. 

Notwithstanding the foregoing, the Collateral shall not include: (a) more than 65% of the presently existing and hereafter arising issued
and outstanding shares of capital stock owned by Borrower of any Foreign Subsidiary or any Subsidiary that is not a Foreign Subsidiary if such Subsidiary solely holds the equity interests of one or more Foreign Subsidiaries, which shares entitle the
holder thereof to vote for directors or any other matter; (b) any interest of Borrower or Guarantor as a lessee or sublessee under a real property lease; (c) rights held under a lease, license, contract, property right or other General
Intangible that are not assignable by their terms without the consent of a Person (other than the Borrower or Guarantor) (but only to the extent such restriction on assignment is effective under
Section 9-406, 9-407, 9-408 or 9-409 of the Code (or any successor provision or
provisions) of any relevant jurisdiction or any other applicable law (including the Bankruptcy Code) or principles of equity); (d)(i) any assets subject to purchase money indebtedness (so long as the (i) the purchase money indebtedness and
Liens securing such indebtedness are permitted under the Agreement and (ii) the documentation evidencing such purchase money indebtedness expressly prohibit a grant of any additional Liens on such assets) or (ii) any interest of Borrower
or any Guarantor as a lessee under an Equipment lease if Borrower or such Guarantor is prohibited by the terms of such lease from granting a security interest in such lease or under which such an assignment or Lien would cause a default to occur
under such lease; provided, however, that upon termination of such prohibition, such interest shall immediately become Collateral without any action by Borrower, such Guarantor, Lender; (e) all Intellectual Property, including, any “intent-to-use” Trademarks, and all licenses in respect of Intellectual Property provided, however, the Collateral shall include all Accounts and all proceeds of
Intellectual Property (unless such proceeds otherwise constitute Excluded Assets); (f) Excluded Accounts; or (g) such other assets that the Lender and the Borrower agree that the cost of obtaining a security interest in such asset is excessive
in relation to the value of the security to be afforded thereby (the foregoing clauses (a) through (g) are herein referred to as “Excluded Assets”). Neither the Borrower nor any Guarantor shall be obligated to enter into any
leasehold mortgages with respect to any leased property. 
 If a judicial authority (including a U.S. Bankruptcy Court) would hold that a
security interest in the underlying Intellectual Property is necessary to have a security interest in such Accounts and such property that are proceeds of Intellectual Property, then the Collateral shall automatically, and effective as of the
Effective Date, include the Intellectual Property to the extent necessary to permit perfection of Lender’s security interest in such Accounts and such other property of Borrower that are proceeds of the Intellectual Property. 

 EXHIBIT B 

Projections 
 (See Attached) 

																																									
	Vapotherm, Inc.	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 
	Financial Statements	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 
	FY ‘15-’19	  	(F)	 	  	(F)	 	  	(F)	 	  	(F)	 	  	(F)	 	  	(F)	 	  	(F)	 	  	(F)	 	  	(F)	 	  	(F)	 
	 	  	1Q’18	 	  	2Q’18	 	  	3Q’18	 	  	4Q’18	 	  	2018 Total	 	  	1Q’19	 	  	2Q’19	 	  	3Q’19	 	  	4Q’19	 	  	2019 Total	 
	 Revenue:
	  				  				  				  				  				  				  				  				  				  			
	 US Rev
	  	$	8,941	 	  	$	8,845	 	  	$	9,041	 	  	$	11,499	 	  	$	38,327	 	  	$	12,032	 	  	$	11,027	 	  	$	11,392	 	  	$	13,694	 	  	$	48,144	 
	 Int’l Rev
	  	$	1,995	 	  	$	2,513	 	  	$	2,161	 	  	$	3,479	 	  	$	10,148	 	  	$	3,014	 	  	$	3,360	 	  	$	2,681	 	  	$	4,285	 	  	$	13,340	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total
	  	$	10,936	 	  	$	11,359	 	  	$	11,202	 	  	$	14,978	 	  	$	48,474	 	  	$	15,047	 	  	$	14,387	 	  	$	14,072	 	  	$	17,979	 	  	$	61,485	 
											
	 Revenue:
	  				  				  				  				  				  				  				  				  				  			
	 Capital
	  	$	2,754	 	  	$	3,835	 	  	$	3,963	 	  	$	5,680	 	  	$	16,231	 	  	$	4,406	 	  	$	4,917	 	  	$	4,734	 	  	$	6,578	 	  	$	20,634	 
	 Disposables
	  	$	7,524	 	  	$	6,958	 	  	$	6,705	 	  	$	8,639	 	  	$	29,827	 	  	$	9,913	 	  	$	8,702	 	  	$	8,573	 	  	$	10,698	 	  	$	37,887	 
	 Service / Other
	  	$	658	 	  	$	565	 	  	$	534	 	  	$	659	 	  	$	2,416	 	  	$	728	 	  	$	768	 	  	$	765	 	  	$	703	 	  	$	2,964	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total
	  	$	10,936	 	  	$	11,359	 	  	$	11,202	 	  	$	14,978	 	  	$	48,474	 	  	$	15,047	 	  	$	14,387	 	  	$	14,072	 	  	$	17,979	 	  	$	61,485	 

 EXHIBIT C 

CORPORATE BORROWING CERTIFICATE 
  

					
	Borrower:	  	VAPOTHERM, INC.	  	Date: April 6, 2018
	Lender:	  	WESTERN ALLIANCE BANK

 I hereby certify as follows, as of the date set forth above: 

1. I am the Secretary, Assistant Secretary or other officer of Borrower. My title is as set forth below. 

2. Borrower’s exact legal name is set forth above. Borrower is a corporation existing under the laws of the State of Delaware. 

3. Attached hereto as Exhibit A and Exhibit B, respectively, are true, correct and complete copies of
(i) Borrower’s Certificate of Incorporation (including amendments), as filed with the Secretary of State of the state in which Borrower is incorporated as set forth in paragraph 2 above; and (ii) Borrower’s Bylaws. Neither such
Certificate of Incorporation nor such Bylaws have been amended, annulled, rescinded, revoked or supplemented, and such Certificate of Incorporation and such Bylaws remain in full force and effect as of the date hereof. 

4. The following resolutions were duly and validly adopted by Borrower’s board of directors at a duly held meeting of such directors (or pursuant to a
unanimous written consent or other authorized corporate action). Such resolutions are in full force and effect as of the date hereof and have not been in any way modified, repealed, rescinded, amended or revoked, and the Lender may rely on them
until the Lender receives written notice of revocation from Borrower. 
 [Balance of Page Intentionally Left
Blank] 

 Resolved, that any one of the following officers or employees of Borrower, whose names, titles
and signatures are below, may act on behalf of Borrower: 
  

											
	 Name
	 	 	  	 Title
	 	 	  	 Signature
	  	 Authorized to Add
or
Remove
Signatories

	 	 		  	 	 		  	 	  	☐    ☐
	 	 		  	 	 		  	 	  	☐    ☐
	 	 		  	 	 		  	 	  	☐    ☐
	 	 		  	 	 		  	 	  	☐    ☐

 Resolved Further, that any one of the persons designated above with a checked box beside his or her name may,
from time to time, add or remove any individuals to and from the above list of persons authorized to act on behalf of Borrower. 
 Resolved Further,
that such individuals may, on behalf of Borrower: 
 Borrow Money. Borrow money from the Lender. 

Execute Loan Documents. Execute any loan documents any Lender requires. 

Grant Security. Grant Lender a security interest in any of Borrower’s assets. 

Negotiate Items. Negotiate or discount all drafts, trade acceptances, promissory notes, or other indebtedness in which Borrower has an interest and
receive cash or otherwise use the proceeds. 
 Pay Fees. Pay fees under the Loan Agreement or any other Loan Document. 

Further Acts. Designate other individuals to request advances, pay fees and costs and execute other documents or agreements (including documents or
agreement that waive Borrower’s right to a jury trial) they believe to be necessary to effectuate such resolutions. 
 Resolved Further, that
all acts authorized by the above resolutions and any prior acts relating thereto are ratified. 
 [Balance of Page Intentionally
Left Blank] 

 5. The persons listed above are Borrower’s officers or employees with their titles and signatures shown
next to their names. 
  

			
	By:	 	 
	Name:	 	
	Title:	 	

  

	***	 If the Secretary, Assistant Secretary or other certifying officer executing above is designated by the
resolutions set forth in paragraph 4 as one of the authorized signing officers, this Certificate must also be signed by a second authorized officer or director of Borrower. 

I, the
                                         
                                of Borrower, hereby certify as to paragraphs 1 through 5
above, as 
 [print title] 
 of the date set
forth above. 
  

			
	By:	 	 
	Name:	 	
	Title:	 	

 [Signature Page to Corporate Borrowing Certificate] 

 EXHIBIT A 

Certificate of Incorporation (including amendments) 

[see attached] 

 EIGHTH AMENDED AND RESTATED 

CERTIFICATE OF INCORPORATION 

OF 
 VAPOTHERM, INC.

 Vapotherm, Inc., a corporation incorporated on March 12, 2013 and existing under the laws of the State of Delaware, hereby
certifies (a) that this Amended and Restated Certificate of Incorporation was approved by the holders of the requisite number of shares of this Corporation (as defined below) in accordance with Section 228 of the General Corporation Law,
(b) that this Amended and Restated Certificate of Incorporation, which restates and integrates and further amends the provisions of the Corporation’s Certificate of Incorporation, has been duly adopted in accordance with Sections 242 and
245 of the General Corporation Law, and (c) as follows: 
 FIRST: The name of this corporation is Vapotherm, Inc. (the
“Corporation”). 
 SECOND: The address of the registered office of the Corporation in the State of Delaware is 251
Little Falls Drive, in the City of Wilmington, County of New Castle 19808. The name of its registered agent at such address is Corporation Service Company. 

THIRD: The nature of the business or purposes to be conducted or promoted is to engage in any lawful act or activity for which
corporations may be organized under the General Corporation Law. 
 FOURTH: The total number of shares of all classes of stock which
the Corporation shall have authority to issue is (i) 182,790,071 shares of Common Stock, $0.001 par value per share (“Common Stock”), and (ii) 150,791,295 shares of Preferred Stock, $0.001 par value per share (“Preferred
Stock”). 
 The following is a statement of the designations and the powers, privileges and rights, and the qualifications,
limitations or restrictions thereof in respect of each class of capital stock of the Corporation. 
 A. COMMON STOCK 

1. General. The voting, dividend and liquidation rights of the holders of the Common Stock are subject to and qualified by the rights,
powers and preferences of the holders of the Preferred Stock set forth herein. 
 2. Voting. The holders of the Common Stock are
entitled to one vote for each share of Common Stock held at all meetings of stockholders (and written actions in lieu of meetings); provided, however, that, except as otherwise required by law, holders of Common Stock, as such, shall
not be entitled to vote on any amendment to this Certificate of Incorporation that relates solely to the terms of one or more outstanding series of Preferred Stock if the holders of such affected series of Preferred Stock are entitled, either
separately or together with the holders of one or more other such series, to vote thereon pursuant to this Certificate of Incorporation or pursuant to the General Corporation Law. There shall be no cumulative voting. The number of 

 authorized shares of Common Stock may be increased or decreased (but not below the number of shares thereof
then outstanding) by (in addition to any vote of the holders of one or more series of Preferred Stock that may be required by the terms of the Certificate of Incorporation) the affirmative vote of the holders of shares of capital stock of the
Corporation representing a majority of the votes represented by all outstanding shares of capital stock of the Corporation entitled to vote, irrespective of the provisions of Section 242(b)(2) of the General Corporation Law. 

3. Dividends. Dividends may be declared and paid on the Common Stock from funds lawfully available therefore as, if, and when
determined by the Board of Directors and subject to any dividend rights of any then outstanding Preferred Stock. 
 B. PREFERRED STOCK 

35,852,088 shares of the authorized and unissued Preferred Stock of the Corporation are hereby designated “Series A Preferred
Stock,” 24,180,000 shares of the authorized and unissued Preferred Stock of the Corporation are hereby designated “Series B Preferred Stock,” 50,060,000 shares of the authorized and unissued Preferred Stock of the
Corporation are hereby designated “Series C Preferred Stock,” and 40,699,207 shares of the authorized and unissued Preferred Stock of the Corporation are hereby designated “Series D Preferred Stock,” with the
following rights, preferences, powers, privileges and restrictions, qualifications and limitations. Unless otherwise indicated, references to “Sections” or “Subsections” in this Part B of this Article Fourth refer to sections and
subsections of Part B of this Article Fourth. 
 Any term or provision hereof in respect of any Preferred Stock of the Corporation to the
contrary notwithstanding, no payments shall be made in cash on or in respect of any Preferred Stock of the Corporation (whether in respect of dividends or as a result of any conversions, redemptions, any event described in Section 2 hereof or
otherwise) to the extent not permitted by the terms of either the Perceptive Credit Agreement (as defined below) or the Western Alliance Bank Loan Agreement (as defined below) so long as the applicable facility remains outstanding. 

1. Dividends. 

1.1 The holders of Series D Preferred Stock shall be entitled to receive non-cumulative cash
dividends, out of any assets legally available therefor, prior and in preference to any declaration or payment of any dividend on shares of Series C Preferred Stock, Series B Preferred Stock, Series A Preferred Stock and Common Stock (payable other
than in Common Stock or other securities and rights convertible into or entitling the holder thereof to receive, directly or indirectly, additional shares of Common Stock of the Corporation) at the rate of eight percent (8%) of the Series D Original
Issue Price (as defined below) per share of Series D Preferred Stock per annum, payable only when, as and if declared by the Board of Directors of the Corporation. The holders of Series C Preferred Stock shall be entitled to receive non-cumulative cash dividends, out of any assets legally available therefor, prior and in preference to any declaration or payment of any dividend on shares of Series B Preferred Stock, Series A Preferred Stock and
Common Stock (payable other than in Common Stock or other securities and rights convertible into or entitling the holder thereof to receive, directly or indirectly, additional shares of Common Stock of the Corporation) at the rate of eight percent
(8%) of the Series C Original Issue Price (as defined below) per share of Series C Preferred Stock per annum, payable only 

 
when, as and if declared by the Board of Directors of the Corporation. The holders of Series B Preferred Stock shall be entitled to receive non-cumulative
cash dividends, out of any assets legally available therefor, prior and in preference to any declaration or payment of any dividend on shares of Series A Preferred Stock and Common Stock (payable other than in Common Stock or other securities and
rights convertible into or entitling the holder thereof to receive, directly or indirectly, additional shares of Common Stock of the Corporation) at the rate of eight percent (8%) of the Series B Original Issue Price (as defined below) per share of
Series B Preferred Stock per annum, payable only when, as and if declared by the Board of Directors of the Corporation. The holders of Series A Preferred Stock shall be entitled to receive non-cumulative cash
dividends, out of any assets legally available therefor, prior and in preference to any declaration or payment of any dividend on shares of Common Stock (payable other than in Common Stock or other securities and rights convertible into or entitling
the holder thereof to receive, directly or indirectly, additional shares of Common Stock of the Corporation) at the rate of eight percent (8%) of the Series A Original Issue Price (as defined below) per share of Series A Preferred Stock per annum,
payable only when, as and if declared by the Board of Directors of the Corporation. The “Series A Original Issue Price” shall mean $1.00 per share, subject to appropriate adjustment in the event of any stock dividend, stock split,
combination or other similar recapitalization with respect to the Series A Preferred Stock. The “Series B Original Issue Price” shall mean $1.00 per share, subject to appropriate adjustment in the event of any stock dividend, stock
split, combination or other similar recapitalization with respect to the Series B Preferred Stock. The “Series C Original Issue Price” shall mean $1.00 per share, subject to appropriate adjustment in the event of any stock dividend,
stock split, combination or other similar recapitalization with respect to the Series C Preferred Stock. The “Series D Original Issue Price” shall mean $1.137 per share, subject to appropriate adjustment in the event of any stock
dividend, stock split, combination or other similar recapitalization with respect to the Series D Preferred Stock. 
 1.2 The Corporation
shall not declare, pay or set aside any dividends on shares of any other class or series of capital stock of the Corporation (other than dividends on shares of Common Stock payable in shares of Common Stock and other than the dividends set forth in
Subsection 1.1) unless (in addition to the obtaining of any consents required elsewhere in the Certificate of Incorporation) the holders of the Series D Preferred Stock, Series C Preferred Stock, Series B Preferred Stock, and Series A
Preferred Stock then outstanding shall first receive, or simultaneously receive, in addition to the dividend described in Subsection 1.1, as applicable, a dividend on each outstanding share of Series D Preferred Stock, Series C
Preferred Stock, Series B Preferred Stock, and Series A Preferred Stock in an amount at least equal to (i) in the case of a dividend on Common Stock or any class or series that is convertible into Common Stock, that dividend per share of Series
A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, or Series D Preferred Stock, as applicable, as would equal the product of (A) the dividend payable on each share of such class or series determined, if applicable, as if all
shares of such class or series had been converted into Common Stock and (B) the number of shares of Common Stock issuable upon conversion of a share of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, or Series D
Preferred Stock, as applicable, in each case calculated on the record date for determination of holders entitled to receive such dividend or (ii) in the case of a dividend on any class or series that is not convertible into Common Stock, at a
rate per share of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock or Series D Preferred Stock, as applicable, determined by (A) dividing the amount of the dividend payable on each share of such class or series of
capital stock by the original issuance price of such class or series of capital 

 
stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to such class or series) and
(B) multiplying such fraction by an amount equal to the Series A Original Issue Price (as defined below), Series B Original Issue Price (as defined below), Series C Original Issue Price or Series D Original Issue Price (as defined below), as
applicable; provided that, if the Corporation declares, pays or sets aside, on the same date, a dividend on shares of more than one class or series of capital stock of the Corporation (other than the dividends set forth in Subsection 1.1),
the dividend payable to the holders of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock pursuant to this Subsection 1.2 shall be calculated based upon the dividend on the class or
series of capital stock that would result in the highest Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, or Series D Preferred Stock, as applicable, dividend. 

2. Liquidation, Dissolution or Winding Up; Certain Mergers, Consolidations and Asset Sales. 

2.1 Preferential Payments to Holders of Preferred Stock. 

2.1.1 Series D Preferred Stock. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Corporation
or Deemed Liquidation Event, the holders of shares of Series D Preferred Stock then outstanding shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders before any payment shall be made to the
holders of Series C Preferred Stock, Series B Preferred Stock, Series A Preferred Stock, or Common Stock by reason of their ownership thereof, an amount per share equal to the Series D Original Issue Price, plus any dividends declared but unpaid
thereon. If upon any such liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event, the assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the holders of shares of
Series D Preferred Stock the full amount to which they shall be entitled under this Subsection 2.1.1, the holders of shares of Series D Preferred Stock shall share ratably in any distribution of the assets available for distribution in
proportion to the respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full. 

2.1.2 Series C Preferred Stock. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Corporation
or Deemed Liquidation Event, following the payment in full of amounts due to holders of Series D Preferred Stock pursuant to Subsection 2.1.1, the holders of shares of Series C Preferred Stock then outstanding shall be entitled to be paid out
of the assets of the Corporation available for distribution to its stockholders before any payment shall be made to the holders of Series B Preferred Stock, Series A Preferred Stock, or Common Stock by reason of their ownership thereof, an amount
per share equal to the Series C Original Issue Price, plus any dividends declared but unpaid thereon. If upon any such liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event, the assets of the Corporation available for
distribution to its stockholders shall be insufficient to pay the holders of shares of Series C Preferred Stock the full amount to which they shall be entitled under this Subsection 2.1.2, the holders of shares of Series C Preferred Stock
shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with
respect to such shares were paid in full. 

 2.1.3 Series B Preferred Stock. In the event of any voluntary or involuntary
liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event, following the payment in full of amounts due to holders of Series D Preferred Sock and Series C Preferred Stock pursuant to Subsections 2.1.1 and 2.1.2,
the holders of shares of Series B Preferred Stock then outstanding shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders before any payment shall be made to the holders of Series A Preferred
Stock or Common Stock by reason of their ownership thereof, an amount per share equal to the Series B Original Issue Price, plus any dividends declared but unpaid thereon. If upon any such liquidation, dissolution or winding up of the Corporation or
Deemed Liquidation Event, the assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the holders of shares of Series B Preferred Stock the full amount to which they shall be entitled under this
Subsection 2.1.3, the holders of shares of Series B Preferred Stock shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the
shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full. 
 2.1.4 Series A
Preferred Stock. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event, following the payment in full of amounts due to holders of Series D Preferred Stock, Series C
Preferred Stock and Series B Preferred Stock pursuant to Subsections 2.1.1, 2.1.2 and 2.1.3, the holders of shares of Series A Preferred Stock then outstanding shall be entitled to be paid out of the assets of the Corporation available for
distribution to its stockholders before any payment shall be made to the holders of Common Stock by reason of their ownership thereof, an amount per share equal to the Series A Original Issue Price, plus any dividends declared but unpaid thereon. If
upon any such liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event, the assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the holders of shares of Series A
Preferred Stock the full amount to which they shall be entitled under this Subsection 2.1.4, the holders of shares of Series A Preferred Stock shall share ratably in any distribution of the assets available for distribution in proportion to
the respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full. 

2.2 Distribution of Remaining Assets. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the
Corporation or Deemed Liquidation Event, after the payment of all preferential amounts required to be paid to the holders of shares of Preferred Stock, the remaining assets of the Corporation available for distribution to its stockholders shall be
distributed among the holders of the shares of Preferred Stock and Common Stock, pro rata based on the number of shares held by each such holder, treating for this purpose all such securities as if they had been converted to Common Stock pursuant to
the terms of the Certificate of Incorporation immediately prior to such dissolution, liquidation, winding up or Deemed Liquidation Event of the Corporation; provided, however, that (w) if the aggregate amount which the holders of Series A
Preferred Stock are entitled to receive under Subsections 2.1 and 2.2 shall exceed four times the Series A Original Issue Price per share (subject to appropriate adjustment in the event of a stock split, stock dividend, combination,
reclassification, 

 
or similar event affecting the Series A Preferred Stock) (the “Series A Maximum Participation Amount”), each holder of Series A Preferred Stock shall be entitled to
receive upon such liquidation, dissolution or winding up of the Corporation the greater of (i) the Series A Maximum Participation Amount and (ii) the amount such holder would have received if all shares of Series A Preferred Stock had been
converted into Common Stock immediately prior to such liquidation, dissolution, winding up or Deemed Liquidation Event of the Corporation, (x) if the aggregate amount which the holders of Series B Preferred Stock are entitled to receive under
Subsections 2.1 and 2.2 shall exceed four times the Series B Original Issue Price per share (subject to appropriate adjustment in the event of a stock split, stock dividend, combination, reclassification, or similar event affecting the
Series B Preferred Stock) (the “Series B Maximum Participation Amount”), each holder of Series B Preferred Stock shall be entitled to receive upon such liquidation, dissolution or winding up of the Corporation the greater of
(i) the Series B Maximum Participation Amount and (ii) the amount such holder would have received if all shares of Series B Preferred Stock had been converted into Common Stock immediately prior to such liquidation, dissolution, winding up
or Deemed Liquidation Event of the Corporation, (y) if the aggregate amount which the holders of Series C Preferred Stock are entitled to receive under Subsections 2.1 and 2.2 shall exceed four times the Series C Original Issue
Price per share (subject to appropriate adjustment in the event of a stock split, stock dividend, combination, reclassification, or similar event affecting the Series C Preferred Stock) (the “Series C Maximum Participation
Amount”), each holder of Series C Preferred Stock shall be entitled to receive upon such liquidation, dissolution or winding up of the Corporation the greater of (i) the Series C Maximum Participation Amount and (ii) the amount
such holder would have received if all shares of Series C Preferred Stock had been converted into Common Stock immediately prior to such liquidation, dissolution, winding up or Deemed Liquidation Event of the Corporation and (z) if the
aggregate amount which the holders of Series D Preferred Stock are entitled to receive under Subsections 2.1 and 2.2 shall exceed four times the Series D Original Issue Price per share (subject to appropriate adjustment in the event of
a stock split, stock dividend, combination, reclassification, or similar event affecting the Series D Preferred Stock) (the “Series D Maximum Participation Amount”), each holder of Series D Preferred Stock shall be entitled
to receive upon such liquidation, dissolution or winding up of the Corporation the greater of (i) the Series D Maximum Participation Amount and (ii) the amount such holder would have received if all shares of Series D Preferred Stock had
been converted into Common Stock immediately prior to such liquidation, dissolution, winding up or Deemed Liquidation Event of the Corporation. The aggregate amount which a holder of a share of Series A Preferred Stock is entitled to receive under
Subsections 2.1 and 2.2 is hereinafter referred to as the “Series A Liquidation Amount.” The aggregate amount which a holder of a share of Series B Preferred Stock is entitled to receive under
Subsections 2.1 and 2.2 is hereinafter referred to as the “Series B Liquidation Amount.” The aggregate amount which a holder of a share of Series C Preferred Stock is entitled to receive under
Subsections 2.1 and 2.2 is hereinafter referred to as the “Series C Liquidation Amount.” The aggregate amount which a holder of a share of Series D Preferred Stock is entitled to receive under
Subsections 2.1 and 2.2 is hereinafter referred to as the “Series D Liquidation Amount.” 

 2.3 Deemed Liquidation Events. 

2.3.1 Definition. Each of the following events shall be considered a “Deemed Liquidation Event” unless the holders of
at least 66-2/3% of the outstanding shares of Preferred Stock (voting together as a single class on an as converted to Common Stock basis) (together, the “Preferred Voting Threshold”) elect
otherwise by written notice sent to the Corporation at least ten (10) days prior to the effective date of any such event: 
 (a) a
merger or consolidation in which 
  

	 	(i)	 the Corporation is a constituent party or 

 

	 	(ii)	 a subsidiary of the Corporation is a constituent party and the Corporation issues shares of its capital stock
pursuant to such merger or consolidation, 

 except any such merger or consolidation involving the Corporation or a subsidiary in which
the shares of capital stock of the Corporation outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares of capital stock that represent, immediately following such merger or
consolidation, at least a majority, by voting power, of the capital stock of (1) the surviving or resulting corporation or (2) if the surviving or resulting corporation is a wholly owned subsidiary of another corporation immediately
following such merger or consolidation, the parent corporation of such surviving or resulting corporation; or 
 (b) the sale, lease,
transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the Corporation or any subsidiary of the Corporation of all or substantially all the assets of the Corporation and its subsidiaries taken
as a whole, or the sale or disposition (whether by merger or otherwise) of one or more subsidiaries of the Corporation if substantially all of the assets of the Corporation and its subsidiaries taken as a whole are held by such subsidiary or
subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Corporation; provided, however, that a transaction shall not constitute a Deemed Liquidation Event if its sole
purpose is to change the state of this corporation’s incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held this corporation’s securities immediately prior to such
transaction. 
 2.3.2 Effecting a Deemed Liquidation Event. 

(a) The Corporation shall not have the power to effect a Deemed Liquidation Event referred to in Subsection 2.3.1(a)(i) unless the
agreement or plan of merger or consolidation for such transaction (the “Merger Agreement”) provides that the consideration payable to the stockholders of the Corporation shall be allocated among the holders of capital stock of the
Corporation in accordance with Subsections 2.1 and 2.2. 
 (b) In the event of a Deemed Liquidation Event referred to in
Subsection 2.3.1(a)(ii) or 2.3.1(b), if the Corporation does not effect a dissolution of the Corporation under the General Corporation Law within 90 days after the consummation of such Deemed Liquidation Event, then (i) the Corporation
shall send a written notice to each holder of Preferred Stock no later than the 90th day after the consummation of such Deemed Liquidation Event advising such holders of their right (and the requirements to be met to secure such right) pursuant to
the terms of the following clause (ii) to require the redemption of such shares of 

 
Preferred Stock, and (ii) if the holders of at least the Preferred Voting Threshold so request in a written instrument delivered to the Corporation not later than 120 days after the
consummation of such Deemed Liquidation Event, the Corporation shall use the consideration received by the Corporation for such Deemed Liquidation Event (net of any retained liabilities associated with the assets sold or technology licensed, as
determined in good faith by the Board of Directors of the Corporation), together with any other assets of the Corporation available for distribution to its stockholders, all to the extent permitted by Delaware law governing distributions to
stockholders (the “Available Proceeds”), on the 150th day after the consummation of such Deemed Liquidation Event (the “Liquidation Redemption Date”), to redeem all outstanding shares of Preferred Stock at a
price per share equal to the Series A Liquidation Amount, the Series B Liquidation Amount, the Series C Liquidation Amount, or the Series D Liquidation Amount, as applicable. Notwithstanding the foregoing, in the event of a redemption pursuant to
the preceding sentence, if the Available Proceeds are not sufficient to redeem all outstanding shares of Preferred Stock, or if the Corporation does not have sufficient lawfully available funds to effect such redemption, the Corporation shall
(i) first ratably redeem each holder’s shares of Series D Preferred Stock to the fullest extent of such Available Proceeds, and shall redeem the remaining shares of Series D Preferred Stock as soon as it may lawfully do so under Delaware
law governing distributions to stockholders, (ii) second, after all shares of Series D Preferred Stock are redeemed, ratably redeem each holder’s shares of Series C Preferred Stock to the fullest extent of such Available Proceeds, and
shall redeem the remaining shares of Series C Preferred Stock as soon as it may lawfully do so under Delaware law governing distributions to stockholders, (iii) third, after all shares of Series D Preferred Stock and Series C Preferred Stock
are redeemed, ratably redeem each holder’s shares of Series B Preferred Stock to the fullest extent of such Available Proceeds, and shall redeem the remaining shares of Series B Preferred Stock as soon as it may lawfully do so under Delaware
law governing distributions to stockholders, and (iv) fourth, after all shares of Series D Preferred Stock, Series C Preferred Stock and Series B Preferred Stock are redeemed, ratably redeem each holder’s shares of Series A Preferred Stock
to the fullest extent of such Available Proceeds, and shall redeem the remaining shares of Series A Preferred Stock as soon as it may lawfully do so under Delaware law governing distributions to stockholders The provisions of
Section 6 shall apply, with such necessary changes in the details thereof as are necessitated by the context, to the redemption of the Preferred Stock pursuant to this Subsection 2.3.2(b). Prior to the distribution
or redemption provided for in this Subsection 2.3.2(b), the Corporation shall not, without the consent of the holder of the Preferred Voting Threshold expend or dissipate the consideration received for such Deemed Liquidation Event, except to
discharge expenses incurred in connection with such Deemed Liquidation Event or in the ordinary course of business. 
 2.3.3 Amount
Deemed Paid or Distributed. The amount deemed paid or distributed to the holders of capital stock of the Corporation upon any such merger, consolidation, sale, transfer, exclusive license, other disposition or redemption shall be the cash or the
value of the property, rights or securities paid or distributed to such holders by the Corporation or the acquiring person, firm or other entity. The value of such property, rights or securities shall be determined in good faith by the Board of
Directors of the Corporation. 
 2.3.4 Allocation of Escrow and Contingent Consideration. In the event of a Deemed
Liquidation Event pursuant to Subsection 2.3.1(a)(i), if any portion of the consideration payable to the stockholders of the Corporation is payable only upon satisfaction or achievement of certain milestones, sales or earnings thresholds, or
other contingencies (the 

 
“Additional Consideration”), the Merger Agreement shall provide that (a) the portion of such consideration that is not Additional Consideration (such portion, the
“Initial Consideration”) shall be allocated among the holders of capital stock of the Corporation in accordance with Subsections 2.1 and 2.2 as if the Initial Consideration were the only consideration payable in
connection with such Deemed Liquidation Event and (b) any Additional Consideration which becomes payable to the stockholders of the Corporation upon satisfaction or achievement of such contingencies shall be allocated among the holders of
capital stock of the Corporation in accordance with Subsections 2.1 and 2.2 after taking into account the previous payment of the Initial Consideration as part of the same transaction. For purposes of this Subsection 2.3.4,
whether consideration placed into escrow or retained as holdback to be available for satisfaction of indemnification or similar obligations in connection with such Deemed Liquidation Event shall be deemed to be Initial Consideration or Additional
Consideration shall be determined by the Board of Directors in connection with the closing of such Deemed Liquidation Event. 
 2.3.5
Option to Purchase. In the event (x) the Corporation enters into an agreement whereby (A) the Corporation grants any corporation or other entity or person (a “Prospective Acquiror”) an option or other right to
consummate a Deemed Liquidation Event with respect to the Corporation, or (B) the Corporation enters into any agreement whereby the Corporation has the option or other right to require a Prospective Acquiror to consummate a Deemed Liquidation
Event with respect to the Corporation, and (y) the Board of Directors of the Corporation determines to distribute to the Corporation’s stockholders any initial consideration paid by the Prospective Acquiror to the Corporation with respect
to such option or right (the “Upfront Stockholder Consideration”), such Upfront Stockholder Consideration shall be distributed as proceeds from a Deemed Liquidation Event in accordance with Subsections 2.1 and 2.2 and
not as a dividend under Subsection 1. 
 3. Voting. 

3.1 General. On any matter presented to the stockholders of the Corporation for their action or consideration at any meeting of
stockholders of the Corporation (or by written consent of stockholders in lieu of meeting), each holder of outstanding shares of Preferred Stock shall be entitled to cast the number of votes equal to the number of whole shares of Common Stock into
which the shares of Preferred Stock held by such holder are convertible as of the record date for determining stockholders entitled to vote on such matter. Except as provided by law or by the other provisions of the Certificate of Incorporation,
holders of Preferred Stock shall vote together with the holders of Common Stock as a single class. 
 3.2 Election of Directors. The
holders of record of 64% of the shares of Series A Preferred Stock, voting exclusively and as a separate class, shall be entitled to elect four (4) directors of the Corporation at any election of directors (the “Series A
Directors”). The holders of record of 66-2/3% of the shares of Series B Preferred Stock, voting exclusively and as a separate class, shall be entitled to elect one (1) director of the Corporation
at any election of directors (the “Series B Director”, and together with the Series A Directors, the “Preferred Directors”). Any director elected as provided in the preceding sentences may be removed without cause
by, and only by, the affirmative vote of the holders of the shares of the class or series of capital stock entitled to elect such director or directors, given either at a special meeting of such stockholders duly called for that purpose or pursuant
to a written consent of stockholders. If the 

 
holders of shares of Preferred Stock fail to elect a sufficient number of directors to fill all directorships for which they are entitled to elect directors, voting exclusively and as separate
classes, pursuant to the first two sentences of this Subsection 3.2, then any directorship not so filled shall remain vacant until such time as the holders of the applicable series of Preferred Stock elect a person to fill such directorship by vote
or written consent in lieu of a meeting; and no such directorship may be filled by stockholders of the Corporation other than by the stockholders of the Corporation that are entitled to elect a person to fill such directorship, voting exclusively
and as separate classes. The holders of record of the shares of Common Stock and of any other class or series of voting stock (including the Preferred Stock), voting together as a single class and not as separate series, and on an
as-converted basis, shall be entitled to elect the balance of the total number of directors of the Corporation. At any meeting held for the purpose of electing a director, the presence in person or by proxy of the holders of a majority of the
outstanding shares of the class or series entitled to elect such director shall constitute a quorum for the purpose of electing such director. Except as otherwise provided in this Subsection 3.2, a vacancy in any directorship filled by the holders
of any class or series shall be filled only by vote or written consent in lieu of a meeting of the holders of such class or series or by any remaining director or directors elected by the holders of such class or series pursuant to this
Subsection 3.2. The rights of the holders of the Series A Preferred Stock under the first sentence of this Subsection 3.2 shall terminate on the first date following the Series D Original Issue Date (as defined below) on which there
are issued and outstanding less than 1,000,000 shares of Series A Preferred Stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Series A
Preferred Stock). The rights of the holders of the Series B Preferred Stock under the second sentence of this Subsection 3.2 shall terminate on the first date following the Series D Original Issue Date (as defined below) on
which there are issued and outstanding less than 1,000,000 shares of Series B Preferred Stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the
Series B Preferred Stock). 
 3.3 Preferred Stock Protective Provisions. At any time when at least 1,000,000 shares of Preferred
Stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Preferred Stock) are outstanding, the Corporation shall not, either directly or indirectly by
amendment, merger, consolidation or otherwise, do any of the following without (in addition to any other vote required by law or the Certificate of Incorporation) the written consent or affirmative vote of the holders of the Preferred Voting
Threshold, given in writing or by vote at a meeting, consenting or voting (as the case may be) separately as a class, and any such act or transaction entered into without such consent or vote shall be null and void ab initio, and of no force
or effect:
 3.3.1 amend, alter, or repeal any provision of the Certificate of Incorporation or the Bylaws of the Corporation in a manner
that adversely affects the rights, powers or preferences of the Preferred Stock; provided that the terms of Subsection 5A may not be amended, altered or repealed without the consent of the holders of at least 75% of the then outstanding shares of
Preferred Stock (voting together as a separate class on an as converted to Common Stock basis); 
 3.3.2 create, or authorize the creation
of, or issue any other security convertible into or exercisable for any equity security, having rights, preferences or privileges senior to or on parity with the Preferred Stock, or increase or decrease the authorized number of shares of Preferred
Stock, Common Stock or any series thereof; 

 3.3.3 reclassify, alter or amend (a) any existing security that is pari passu with any
series of Preferred Stock if such reclassification, alteration or amendment would render such other security senior to such series of Preferred Stock or (b) any existing security that is junior to any series of Preferred Stock if such
reclassification, alteration or amendment would render such other security senior to or pari passu with such series of Preferred Stock; 

3.3.4 authorize or effect the declaration or payment of dividends or other distributions upon, or the redemption or repurchase of, any
capital stock of the Corporation, other than (x) repurchases or redemptions of capital stock of the Corporation issued to employees of the Corporation pursuant to equity incentive plans or upon termination of employment and (y) repurchases
of Preferred Stock pursuant to Section 6 of this Article Fourth; 
 3.3.5 authorize or effect the merger or consolidation of the
Corporation with any other entity, any Deemed Liquidation Event, or any recapitalization, reorganization or reclassification of the capital stock of the Corporation, or consent to any of the foregoing; 

3.3.6 authorize or effect the acquisition in any manner, directly or indirectly, of the capital stock or a substantial portion of the assets
of any entity by the Corporation; 
 3.3.7 dissolve, liquidate or wind up the business and affairs of the Corporation; 

3.3.8 make any change in the inherent nature of the Corporation’s business; 

3.3.9 incur indebtedness in excess of $2,000,000, other than (i) trade payables incurred in the ordinary course of business,
(ii) up to an original principal amount of $42,500,000 (which principal amount does not include any accrued interest accreted to principal from time to time thereunder), which may be incurred in multiple drawings, pursuant to that certain
Credit Agreement and Guaranty, dated on or around April 2, 2018 (as amended and in effect from time to time), among the Corporation, certain subsidiaries of the Corporation that may be required to give guarantees from time to time thereunder,
the lenders party thereto from time to time and Perceptive Credit Holdings II, LP, in its capacity as administrative agent (the “Perceptive Credit Agreement”) and (iii) up to a committed principal amount of $7,500,000 pursuant
to that certain Business Financing Agreement, dated as of November 16, 2016 (as amended and in effect from time to time), between the Corporation and Western Alliance Bank, as lender (the “Western Alliance Bank Loan
Agreement”); 
 3.3.10 increase or decrease the size of the Board of Directors from ten (10) members; 

3.3.11 authorize or effect, or permit any subsidiary to authorize or effect any of the following: (w) the organization of any new direct
or indirect subsidiary, (x) the material amendment or modification of the charter, bylaws or other organizational document of any subsidiary; (y) becoming a general partner of any partnership or serving as surety with respect to the
liabilities of any third party; or (z) the restructuring of any existing subsidiary; 

 3.3.12 enter into or be a party to any transaction with any director, officer or
stockholder of the Corporation holding 5% or more of the capital stock of the Corporation on a fully-diluted basis, or any “associate” (as defined in Rule 12b-2 promulgated under the Exchange Act) of
any such person (other than (i) standard employment agreements and employee benefits generally made available to all employees, (ii) standard director and officer indemnification agreements, and (iii) the purchase of shares of the
Corporation’s capital stock and the issuance of options to purchase shares of Common Stock) except to the extent approved by the Board of Directors, including three of the Preferred Directors; 

3.3.13 increase the shares available under existing equity incentive plans, adopt new equity incentive plans or grant options or other
equity-based awards to any employee, officer, director, consultant or advisor outside the scope of a previously approved employee equity-based plan; or 

3.3.14 authorize or cause any subsidiary to engage in any of the actions described in this Subsection 3.3. 

4. Optional Conversion. The holders of Preferred Stock shall have conversion rights as follows (the “Conversion
Rights”): 
 4.1 Right to Convert. 

4.1.1 Conversion Ratio. Each share of Series A Preferred Stock shall be convertible, at the option of the holder thereof, at any time
and from time to time, and without the payment of additional consideration by the holder thereof, into such number of fully paid and nonassessable shares of Common Stock as is determined by dividing the Series A Original Issue Price by the Series A
Conversion Price (as defined below) in effect at the time of conversion. The “Series A Conversion Price” shall initially be equal to the Series A Original Issue Price. Each share of Series B Preferred Stock shall be convertible, at
the option of the holder thereof, at any time and from time to time, and without the payment of additional consideration by the holder thereof, into such number of fully paid and nonassessable shares of Common Stock as is determined by dividing the
Series B Original Issue Price by the Series B Conversion Price (as defined below) in effect at the time of conversion. The “Series B Conversion Price” shall initially be equal to the Series B Original Issue Price. Each share of
Series C Preferred Stock shall be convertible, at the option of the holder thereof, at any time and from time to time, and without the payment of additional consideration by the holder thereof, into such number of fully paid and nonassessable shares
of Common Stock as is determined by dividing the Series C Original Issue Price by the Series C Conversion Price (as defined below) in effect at the time of conversion. The “Series C Conversion Price” shall initially be equal to the
Series C Original Issue Price. Each share of Series D Preferred Stock shall be convertible, at the option of the holder thereof, at any time and from time to time, and without the payment of additional consideration by the holder thereof, into such
number of fully paid and nonassessable shares of Common Stock as is determined by dividing the Series D Original Issue Price by the Series D Conversion Price (as defined below) in effect at the time of conversion. The “Series D
Conversion Price” shall initially 

 
be equal to the Series D Original Issue Price. Such initial Series A Conversion Price, Series B Conversion Price, Series C Conversion Price, and Series D Conversion Price and the rate at which
shares of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock may be converted into shares of Common Stock, shall be subject to adjustment as provided below. Notwithstanding anything to the
contrary in this Section 4, shares of Preferred Stock shall not be convertible into shares of Common Stock prior to the Second Tranche Closing Date (as defined in that certain Series D Preferred Stock Purchase Agreement,
dated May 11, 2017 (the “Series D Purchase Agreement”)) without the consent of the Corporation and holders of the Preferred Voting Threshold. 

4.1.2 Termination of Conversion Rights. In the event of a notice of redemption of any shares of Preferred Stock pursuant to
Section 6, the Conversion Rights of the shares designated for redemption shall terminate at the close of business on the last full day preceding the date fixed for redemption, unless the redemption price is not fully paid on such
redemption date, in which case the Conversion Rights for such shares shall continue until such price is paid in full. In the event of a liquidation, dissolution or winding up of the Corporation or a Deemed Liquidation Event, the Conversion Rights
shall terminate at the close of business on the last full day preceding the date fixed for the payment of any such amounts distributable on such event to the holders of Preferred Stock. 

4.2 Fractional Shares. No fractional shares of Common Stock shall be issued upon conversion of the Preferred Stock. In lieu of any
fractional shares to which the holder would otherwise be entitled, the Corporation shall pay cash equal to such fraction multiplied by the fair market value of a share of Common Stock as determined in good faith by the Board of Directors of the
Corporation. Whether or not fractional shares would be issuable upon such conversion shall be determined on the basis of the total number of shares of Preferred Stock the holder is at the time converting into Common Stock and the aggregate number of
shares of Common Stock issuable upon such conversion. 
 4.3 Mechanics of Conversion. 

4.3.1 Notice of Conversion. In order for a holder of Preferred Stock to voluntarily convert shares of Preferred Stock into shares of
Common Stock, such holder shall surrender the certificate or certificates for such shares of Preferred Stock (or, if such registered holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement
reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate), at the office of the transfer agent for the
Preferred Stock (or at the principal office of the Corporation if the Corporation serves as its own transfer agent), together with written notice that such holder elects to convert all or any number of the shares of the Preferred Stock represented
by such certificate or certificates and, if applicable, any event on which such conversion is contingent. Such notice shall state such holder’s name or the names of the nominees in which such holder wishes the certificate or certificates for
shares of Common Stock to be issued. If required by the Corporation, certificates surrendered for conversion shall be endorsed or accompanied by a written instrument or instruments of transfer, in form satisfactory to the Corporation, duly executed
by the registered holder or his, her or its attorney duly authorized in writing. The close of business on the date of receipt by the transfer agent (or by the Corporation 

 
if the Corporation serves as its own transfer agent) of such certificates (or lost certificate affidavit and agreement) and notice shall be the time of conversion (the “Conversion
Time”), and the shares of Common Stock issuable upon conversion of the shares represented by such certificate shall be deemed to be outstanding of record as of the Conversion Time. The Corporation shall, as soon as practicable after the
Conversion Time, (i) issue and deliver to such holder of Preferred Stock, or to his, her or its nominees, a certificate or certificates for the number of full shares of Common Stock issuable upon such conversion in accordance with the
provisions hereof and a certificate for the number (if any) of the shares of Preferred Stock represented by the surrendered certificate that were not converted into Common Stock, (ii) pay in cash such amount as provided in Subsection 4.2
in lieu of any fraction of a share of Common Stock otherwise issuable upon such conversion and (iii) pay all declared but unpaid dividends on the shares of Preferred Stock converted. 

4.3.2 Reservation of Shares. The Corporation shall at all times when any shares of Preferred Stock shall be outstanding, reserve and
keep available out of its authorized but unissued capital stock, for the purpose of effecting the conversion of the Preferred Stock, such number of its duly authorized shares of Common Stock as shall from time to time be sufficient to effect the
conversion of all outstanding Preferred Stock; and if at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the conversion of all then outstanding shares of the Preferred Stock, the Corporation
shall take such corporate action as may be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purposes, including, without limitation, engaging in best efforts to obtain
the requisite stockholder approval of any necessary amendment to this Certificate of Incorporation. Before taking any action which would cause an adjustment reducing the Series A Conversion Price, Series B Conversion Price, Series C Conversion Price
or the Series D Conversion Price below the then par value of the shares of Common Stock issuable upon conversion of the Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, or Series D Preferred Stock, respectively, the
Corporation will take any corporate action which may, in the opinion of its counsel, be necessary in order that the Corporation may validly and legally issue fully paid and nonassessable shares of Common Stock at such adjusted Series A Conversion
Price, Series B Conversion Price, Series C Conversion Price, or Series D Conversion Price. 
 4.3.3 Effect of Conversion. All shares
of Preferred Stock which shall have been surrendered for conversion as herein provided shall no longer be deemed to be outstanding and all rights with respect to such shares, including the rights, if any, to receive notices and to vote, shall
immediately cease and terminate at the Conversion Time, except only the right of the holders thereof to receive shares of Common Stock in exchange therefor, to receive payment in lieu of any fraction of a share otherwise issuable upon such
conversion as provided in Subsection 4.2 and to receive payment of any dividends declared but unpaid thereon. Any shares of Preferred Stock so converted shall be retired and cancelled and may not be reissued as shares of such series, and the
Corporation may thereafter take such appropriate action (without the need for stockholder action) as may be necessary to reduce the authorized number of shares of Preferred Stock accordingly. 

4.3.4 No Further Adjustment. Upon any such conversion, no adjustment to the Series A Conversion Price, Series B Conversion Price,
Series C Converstion Price, and/or Series D Conversion Price, as applicable, shall be made for any declared but unpaid dividends on the Preferred Stock surrendered for conversion or on the Common Stock delivered upon conversion. 

 4.3.5 Taxes. The Corporation shall pay any and all issue and other similar taxes
that may be payable in respect of any issuance or delivery of shares of Common Stock upon conversion of shares of Preferred Stock pursuant to this Section 4. The Corporation shall not, however, be required to pay any tax which may
be payable in respect of any transfer involved in the issuance and delivery of shares of Common Stock in a name other than that in which the shares of Preferred Stock so converted were registered, and no such issuance or delivery shall be made
unless and until the person or entity requesting such issuance has paid to the Corporation the amount of any such tax or has established, to the satisfaction of the Corporation, that such tax has been paid. 

4.4 Adjustments to Series A Conversion Price, Series B Conversion Price, Series C Conversion Price, and Series D Conversion Price
for Diluting Issues. 
 4.4.1 Special Definitions. For purposes of this Article Fourth, the following definitions shall apply:

 (a) “Option” shall mean rights, options or warrants to subscribe for, purchase or otherwise acquire Common Stock or
Convertible Securities. 
 (b) “Series D Original Issue Date” shall mean the date on which the first share of Series D
Preferred Stock was issued. 
 (c) “Convertible Securities” shall mean any evidences of indebtedness, shares or other
securities directly or indirectly convertible into or exchangeable for Common Stock, but excluding Options. 
 (d) “Additional
Shares of Common Stock” shall mean all shares of Common Stock issued (or, pursuant to Subsection 4.4.3 below, deemed to be issued) by the Corporation after the Series D Original Issue Date, other than (1) the following shares of
Common Stock and (2) shares of Common Stock deemed issued pursuant to the following Options and Convertible Securities (clauses (1) and (2), collectively, “Exempted Securities”): 

 

	 	(i)	 shares of Common Stock, Options or Convertible Securities issued or deemed issued as a dividend or distribution
on Preferred Stock; 

  

	 	(ii)	 shares of Common Stock, Options or Convertible Securities issued or issuable by reason of a dividend, stock
split, split-up or other distribution on shares of Common Stock that is covered by Subsection 4.5, 4.6, 4.7 or 4.8;  

	 	(iii)	 shares of Common Stock or Options issued or deemed issued to employees or directors of, or consultants or
advisors to, the Corporation or any of its subsidiaries pursuant to a plan, agreement or arrangement approved by the Board of Directors of the Corporation, including at least three Preferred Directors; 

 

	 	(iv)	 shares of Common Stock or Convertible Securities actually issued upon the exercise of Options or shares of
Common Stock actually issued upon the conversion or exchange of Convertible Securities, in each case provided such issuance is pursuant to the terms of such Option or Convertible Security; 

 

	 	(v)	 shares of Common Stock, Options or Convertible Securities issued to banks, equipment lessors or other financial
institutions, or to real property lessors, pursuant to a debt financing, equipment leasing or real property leasing transaction approved by the Board of Directors of the Corporation, including at least three Preferred Directors;

  

	 	(vi)	 shares of Common Stock, Options or Convertible Securities issued to suppliers or third party service providers
in connection with the provision of goods or services pursuant to transactions approved by the Board of Directors of the Corporation, including at least three Preferred Directors; 

 

	 	(vii)	 shares of Common Stock, Options or Convertible Securities issued pursuant to the acquisition of another
commercial operating entity by the Corporation, whether by merger, purchase of substantially all of the assets, other reorganization, pursuant to a joint venture agreement or otherwise, provided, that such issuances are approved by the Board of
Directors of the Corporation, including at least three Preferred Directors; 

	 	(viii)	 shares of Common Stock, Options or Convertible Securities issued in connection with sponsored research,
collaboration, technology license, development, OEM, marketing or other similar agreements or strategic partnerships, provided such issuances are (A) for other than primarily capital raising purposes and (B) approved by the Board of
Directors of the Corporation, including at least three Preferred Directors; or 

  

	 	(ix)	 shares of Series D Preferred Stock issued pursuant to the Series D Purchase Agreement. 

4.4.2 No Adjustment of Conversion Price. No adjustment in the Series A Conversion Price, Series B Conversion Price, Series C
Conversion Price, or Series D Conversion Price shall be made as the result of the issuance or deemed issuance of Additional Shares of Common Stock if: (a) the consideration per share for such Additional Shares of Common Stock issued or deemed
to be issued by the Corporation is equal to or greater than the applicable Series A Conversion Price, Series B Conversion Price, Series C Conversion Price, or Series D Conversion Price, as applicable, in effect immediately prior to the issuance or
deemed issuance of such Additional Shares of Common Stock, or (b) prior to such issuance or deemed issuance, the Corporation receives written notice from the holders of the Preferred Voting Threshold agreeing that no such adjustment shall be
made as the result of the issuance or deemed issuance of such Additional Shares of Common Stock. 
 4.4.3 Deemed Issue of Additional
Shares of Common Stock. 
 (a) If the Corporation at any time or from time to time after the Series D Original Issue Date shall issue
any Options or Convertible Securities (excluding Options or Convertible Securities which are themselves Exempted Securities) or shall fix a record date for the determination of holders of any class of securities entitled to receive any such Options
or Convertible Securities, then the maximum number of shares of Common Stock (as set forth in the instrument relating thereto, assuming the satisfaction of any conditions to exercisability, convertibility or exchangeability but without regard to any
provision contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or, in the case of Convertible Securities and Options therefor, the conversion or exchange of such Convertible Securities, shall be
deemed to be Additional Shares of Common Stock issued as of the time of such issue or, in case such a record date shall have been fixed, as of the close of business on such record date. 

(b) If the terms of any Option or Convertible Security, the issuance of which resulted in an adjustment to the Series A Conversion Price,
Series B Conversion Price, Series C Conversion Price, or Series D Conversion Price pursuant to the terms of Subsection 4.4.4, are revised as a result of an amendment to such terms or any other adjustment

 
pursuant to the provisions of such Option or Convertible Security (but excluding automatic adjustments to such terms pursuant to anti-dilution or similar provisions of such Option or Convertible
Security) to provide for either (1) any increase or decrease in the number of shares of Common Stock issuable upon the exercise, conversion and/or exchange of any such Option or Convertible Security or (2) any increase or decrease in the
consideration payable to the Corporation upon such exercise, conversion and/or exchange, then, effective upon such increase or decrease becoming effective, the Series A Conversion Price, Series B Conversion Price, Series C Conversion Price and/or
Series D Conversion Price, as applicable computed upon the original issue of such Option or Convertible Security (or upon the occurrence of a record date with respect thereto) shall be readjusted to such Series A Conversion Price, Series B
Conversion Price, Series C Conversion Price, and/or Series D Conversion Price as would have obtained had such revised terms been in effect upon the original date of issuance of such Option or Convertible Security. Notwithstanding the foregoing, no
readjustment pursuant to this clause (b) shall have the effect of increasing the Series A Conversion Price, Series B Conversion Price, Series C Conversion Price, or Series D Conversion Price to an amount which exceeds
the lower of (i) the Series A Conversion Price, Series B Conversion Price, Series C Conversion Price, or Series D Conversion Price, respectively, in effect immediately prior to the original adjustment made as a result of the issuance of such
Option or Convertible Security, or (ii) the Series A Conversion Price, Series B Conversion Price, Series C Conversion Price, or Series D Conversion Price, respectively, that would have resulted from any issuances of Additional Shares of Common
Stock (other than deemed issuances of Additional Shares of Common Stock as a result of the issuance of such Option or Convertible Security) between the original adjustment date and such readjustment date. 

(c) If the terms of any Option or Convertible Security (excluding Options or Convertible Securities which are themselves Exempted
Securities), the issuance of which did not result in an adjustment to the Series A Conversion Price, Series B Conversion Price, Series C Conversion Price, or Series D Conversion Price pursuant to the terms of Subsection 4.4.4 (either
because the consideration per share (determined pursuant to Subsection 4.4.5) of the Additional Shares of Common Stock subject thereto was equal to or greater than the Series A Conversion Price, Series B Conversion Price, Series C Conversion
Price, or Series D Conversion Price, respectively, then in effect, or because such Option or Convertible Security was issued before the Series D Original Issue Date), are revised after the Series D Original Issue Date as a result of an amendment to
such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security (but excluding automatic adjustments to such terms pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to
provide for either (1) any increase in the number of shares of Common Stock issuable upon the exercise, conversion or exchange of any such Option or Convertible Security or (2) any decrease in the consideration payable to the Corporation
upon such exercise, conversion or exchange, then such Option or Convertible Security, as so amended or adjusted, and the Additional Shares of Common Stock subject thereto (determined in the manner provided in Subsection 4.4.3(a) shall be
deemed to have been issued effective upon such increase or decrease becoming effective. 
 (d) Upon the expiration or termination of any
unexercised Option or unconverted or unexchanged Convertible Security (or portion thereof) which resulted (either upon its original issuance or upon a revision of its terms) in an adjustment to the Series A Conversion Price, Series B Conversion
Price, Series C Conversion Price or Series D Conversion Price pursuant to the terms of Subsection 4.4.4, the Series A Conversion Price, 

 
Series B Conversion Price, Series C Conversion Price, or Series D Conversion Price, respectively, shall be readjusted to such Series A Conversion Price, Series B Conversion Price, Series C
Conversion Price, or Series D Conversion Price, respectively, as would have obtained had such Option or Convertible Security (or portion thereof) never been issued. 

(e) If the number of shares of Common Stock issuable upon the exercise, conversion and/or exchange of any Option or Convertible Security, or
the consideration payable to the Corporation upon such exercise, conversion and/or exchange, is calculable at the time such Option or Convertible Security is issued or amended but is subject to adjustment based upon subsequent events, any adjustment
to the Series A Conversion Price, Series B Conversion Price, Series C Conversion Price, or Series D Conversion Price provided for in this Subsection 4.4.3 shall be effected at the time of such issuance or amendment based on such number of
shares or amount of consideration without regard to any provisions for subsequent adjustments (and any subsequent adjustments shall be treated as provided in clauses (b) and (c) of this Subsection 4.4.3). If the number of shares of
Common Stock issuable upon the exercise, conversion and/or exchange of any Option or Convertible Security, or the consideration payable to the Corporation upon such exercise, conversion and/or exchange, cannot be calculated at all at the time such
Option or Convertible Security is issued or amended, any adjustment to the Series A Conversion Price, Series B Conversion Price, Series C Conversion Price, or Series D Conversion Price that would result under the terms of this Subsection
4.4.3 at the time of such issuance or amendment shall instead be effected at the time such number of shares and/or amount of consideration is first calculable (even if subject to subsequent adjustments), assuming for purposes of calculating such
adjustment to the Series A Conversion Price, Series B Conversion Price, Series C Conversion Price, or Series D Conversion Price that such issuance or amendment took place at the time such calculation can first be made. 

4.4.4 Adjustment of Conversion Price Upon Issuance of Additional Shares of Common Stock. In the event the Corporation shall at any
time after the Series D Original Issue Date issue Additional Shares of Common Stock (including Additional Shares of Common Stock deemed to be issued pursuant to Subsection 4.4.3), without consideration or for a consideration per share less
than the Series A Conversion Price, Series B Conversion Price, Series C Conversion Price, or Series D Conversion Price in effect immediately prior to such issue, then the Series A Conversion Price, Series B Conversion Price, Series C Conversion
Price, and/or Series D Conversion Price, as applicable, shall be reduced, concurrently with such issue, to a price (calculated to the nearest one-hundredth of a cent) determined in accordance with the
following formula: 
 CP2 =
CP1* (A + B) ÷ (A + C). 
 For purposes of the foregoing formula, the following definitions
shall apply: 
 (a) “CP2” shall mean the Series A Conversion Price, Series
B Conversion Price, Series C Conversion Price, or Series D Conversion Price, as applicable, in effect immediately after such issue of Additional Shares of Common Stock 

 (b) “CP1” shall mean the
Series A Conversion Price, Series B Conversion Price, Series C Conversion Price, or Series D Conversion Price, as applicable, in effect immediately prior to such issue of Additional Shares of Common Stock; 

(c) “A” shall mean the number of shares of Common Stock outstanding immediately prior to such issue of Additional Shares of Common
Stock (treating for this purpose as outstanding all shares of Common Stock issuable upon exercise of Options outstanding immediately prior to such issue or upon conversion or exchange of Convertible Securities (including the Preferred Stock)
outstanding (assuming exercise of any outstanding Options therefor) immediately prior to such issue); 
 (d) “B” shall mean the
number of shares of Common Stock that would have been issued if such Additional Shares of Common Stock had been issued at a price per share equal to CP1 (determined by dividing the aggregate
consideration received by the Corporation in respect of such issue by CP1); and 

(e) “C” shall mean the number of such Additional Shares of Common Stock issued in such transaction. 

4.4.5 Determination of Consideration. For purposes of this Subsection 4.4, the consideration received by the
Corporation for the issue of any Additional Shares of Common Stock shall be computed as follows: 
 (a) Cash and Property: Such
consideration shall: 
  

	 	(i)	 insofar as it consists of cash, be computed at the aggregate amount of cash received by the Corporation,
excluding amounts paid or payable for accrued interest which is not exchangeable for or convertible into Additional Shares of Common Stock; 

  

	 	(ii)	 insofar as it consists of property other than cash, be computed at the fair market value thereof at the time of
such issue, as determined in good faith by the Board of Directors of the Corporation; and 

  

	 	(iii)	 in the event Additional Shares of Common Stock are issued together with other shares or securities or other
assets of the Corporation for consideration which covers both, be the proportion of such consideration so received, computed as provided in clauses (i) and (ii) above, as determined in good faith by the Board of Directors of the
Corporation. 

 (b) Options and Convertible Securities. The consideration per share received by the
Corporation for Additional Shares of Common Stock deemed to have been issued pursuant to Subsection 4.4.3, relating to Options and Convertible Securities, shall be determined by dividing the total amount, if any, received or receivable by the
Corporation as consideration for the issue of such Options or Convertible Securities, plus the minimum aggregate amount of additional consideration (as set forth in the instruments relating thereto, without regard to any provision contained therein
for a subsequent adjustment of such consideration) payable to the Corporation upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such
Options for Convertible Securities and the conversion or exchange of such Convertible Securities, by the maximum number of shares of Common Stock (as set forth in the instruments relating thereto, without regard to any provision contained therein
for a subsequent adjustment of such number) issuable upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options for Convertible
Securities and the conversion or exchange of such Convertible Securities. 
 4.4.6 Multiple Closing Dates. In the event the
Corporation shall issue on more than one date Additional Shares of Common Stock that are a part of one transaction or a series of related transactions and that would result in an adjustment to the Series A Conversion Price, Series B Conversion
Price, Series C Conversion Price, and/or Series D Conversion Price pursuant to the terms of Subsection 4.4.4, and such issuance dates occur within a period of no more than 90 days from the first such issuance to the final such issuance, then,
upon the final such issuance, the Series A Conversion Price, Series B Conversion Price, Series C Conversion Price, and/or Series D Conversion Price, as applicable, shall be readjusted to give effect to all such issuances as if they occurred on the
date of the first such issuance (and without giving effect to any additional adjustments as a result of any such subsequent issuances within such period). 

4.5 Adjustment for Stock Splits and Combinations. If the Corporation shall at any time or from time to time after the Series D
Original Issue Date effect a subdivision of the outstanding Common Stock without a comparable subdivision of the Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, and/or Series D Preferred Stock, as applicable, or combine
the outstanding shares of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, or Series D Preferred Stock without a comparable combination of the Common Stock, the Series A Conversion Price, Series B Conversion Price,
Series C Conversion Price, and/or Series D Conversion Price, as applicable, in effect immediately before that subdivision shall be proportionately decreased so that the number of shares of Common Stock issuable on conversion of each share of such
series shall be increased in proportion to such increase in the aggregate number of shares of Common Stock outstanding. If the Corporation shall at any time or from time to time after the Series D Original Issue Date combine the outstanding shares
of Common Stock without a comparable combination of the Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock as applicable, or effect a subdivision of the outstanding shares of Series A Preferred
Stock, Series B Preferred Stock, Series C Preferred Stock, or Series D Preferred Stock without a comparable subdivision of the Common Stock, the Series A Conversion Price, Series B Conversion Price, Series C Conversion Price, and/or Series D
Conversion Price as applicable, in effect immediately before the combination or subdivision shall be proportionately increased so that the number of shares of Common Stock 

 
issuable on conversion of each share of such series shall be decreased in proportion to such decrease in the aggregate number of shares of Common Stock outstanding. Any adjustment under this
subsection shall become effective at the close of business on the date the subdivision or combination becomes effective. 
 4.6
Adjustment for Certain Dividends and Distributions. In the event the Corporation at any time or from time to time after the Series D Original Issue Date shall make or issue, or fix a record date for the determination of holders of capital
stock of the Corporation entitled to receive, a dividend or other distribution payable on the Common Stock in additional shares of Common Stock, then and in each such event the Series A Conversion Price, Series B Conversion Price, Series C
Conversion Price, and Series D Conversion Price in effect immediately before such event shall be decreased as of the time of such issuance or, in the event such a record date shall have been fixed, as of the close of business on such record date, by
multiplying the Series A Conversion Price, Series B Conversion Price, Series C Conversion Price, or Series D Conversion Price, respectively, then in effect by a fraction: 

(1) the numerator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of such
issuance or the close of business on such record date, and 
 (2) the denominator of which shall be the total number of shares of Common
Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date plus the number of shares of Common Stock issuable in payment of such dividend or distribution. 

Notwithstanding the foregoing, (a) if such record date shall have been fixed and such dividend is not fully paid or if such distribution is not fully
made on the date fixed therefor, the Series A Conversion Price, Series B Conversion Price, Series C Conversion Price, and Series D Conversion Price shall be recomputed accordingly as of the close of business on such record date and thereafter the
Series A Conversion Price, Series B Conversion Price, Series C Conversion Price, and Series D Conversion Price shall be adjusted pursuant to this subsection as of the time of actual payment of such dividends or distributions; and (b) that no
such adjustment shall be made if the holders of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, or Series D Preferred Stock, as applicable, simultaneously receive a dividend or other distribution of shares of Common
Stock in a number equal to the number of shares of Common Stock as they would have received if all outstanding shares of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, or Series D Preferred Stock, as applicable, had
been converted into Common Stock on the date of such event. 
 4.7 Adjustments for Other Dividends and Distributions. In the event
the Corporation at any time or from time to time after the Series D Original Issue Date shall make or issue, or fix a record date for the determination of holders of capital stock of the Corporation entitled to receive, a dividend or other
distribution payable in securities of the Corporation (other than a distribution of shares of Common Stock in respect of outstanding shares of Common Stock) or in other property and the provisions of Section 1 do not apply to such
dividend or distribution, then and in each such event the holders of Preferred Stock shall receive, simultaneously with the distribution to the holders of such capital stock, a dividend or other distribution of such securities or other property in
an amount equal to the amount of such securities or other property as they would have received if all outstanding shares of Preferred Stock had been converted into Common Stock on the date of such event. 

 4.8 Adjustment for Merger or Reorganization, etc. Subject to the provisions of
Subsection 2.3, if there shall occur any reorganization, recapitalization, reclassification, consolidation or merger involving the Corporation in which the Common Stock (but not the Preferred Stock) is converted into or exchanged for
securities, cash or other property (other than a transaction covered by Subsections 4.4, 4.6 or 4.7), then, following any such reorganization, recapitalization, reclassification, consolidation or merger, each share of Series A Preferred
Stock, Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock shall thereafter be convertible in lieu of the Common Stock into which it was convertible prior to such event into the kind and amount of securities, cash or
other property which a holder of the number of shares of Common Stock of the Corporation issuable upon conversion of one share of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, or Series D Preferred Stock, as
applicable, immediately prior to such reorganization, recapitalization, reclassification, consolidation or merger would have been entitled to receive pursuant to such transaction; and, in such case, appropriate adjustment (as determined in good
faith by the Board of Directors of the Corporation) shall be made in the application of the provisions in this Section 4 with respect to the rights and interests thereafter of the holders of the Preferred Stock, to the end
that the provisions set forth in this Section 4 (including provisions with respect to changes in and other adjustments of the Series A Conversion Price, Series B Conversion Price, Series C Conversion Price, and Series D
Conversion Price) shall thereafter be applicable, as nearly as reasonably may be, in relation to any securities or other property thereafter deliverable upon the conversion of the Preferred Stock. For the avoidance of doubt, nothing in this
Subsection 4.8 shall be construed as preventing the holders of Preferred Stock from seeking any appraisal rights to which they are otherwise entitled under the General Corporation Law in connection with a merger triggering an adjustment hereunder,
nor shall this Subsection 4.8 be deemed conclusive evidence of the fair value of the shares of Preferred Stock in any such appraisal proceeding. 

4.9 Certificate as to Adjustments. Upon the occurrence of each adjustment or readjustment of the Series A Conversion Price, Series B
Conversion Price, Series C Conversion Price, or Series D Conversion Price pursuant to this Section 4, the Corporation at its expense shall, as promptly as reasonably practicable but in any event not later than 20 days
thereafter, compute such adjustment or readjustment in accordance with the terms hereof and furnish to each holder of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, or Series D Preferred Stock, as applicable, a
certificate setting forth such adjustment or readjustment (including the kind and amount of securities, cash or other property into which such series of Preferred Stock is convertible) and showing in detail the facts upon which such adjustment or
readjustment is based. The Corporation shall, as promptly as reasonably practicable after the written request at any time of any holder of Preferred Stock (but in any event not later than 10 days thereafter), furnish or cause to be furnished to such
holder a certificate setting forth (i) the Series A Conversion Price, Series B Conversion Price, Series C Conversion Price, and Series D Conversion Price then in effect, and (ii) the number of shares of Common Stock and the amount, if any,
of other securities, cash or property which then would be received upon the conversion of Preferred Stock. 

 4.10 Notice of Record Date. In the event: 

(a) the Corporation shall take a record of the holders of its Common Stock (or other capital stock or securities at the time issuable upon
conversion of the Preferred Stock) for the purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any right to subscribe for or purchase any shares of capital stock of any class or any other securities, or
to receive any other security; or 
 (b) of any capital reorganization of the Corporation, any reclassification of the Common Stock of the
Corporation, or any Deemed Liquidation Event; or 
 (c) of the voluntary or involuntary dissolution, liquidation or winding-up of the Corporation, 
 then, and in each such case, the Corporation will send or cause to be sent to the
holders of the Preferred Stock a notice specifying, as the case may be, (i) the record date for such dividend, distribution or right, and the amount and character of such dividend, distribution or right, or (ii) the effective date on which
such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up is proposed to take place, and the time, if any is to be fixed, as of which the holders of record
of Common Stock (or such other capital stock or securities at the time issuable upon the conversion of the Preferred Stock) shall be entitled to exchange their shares of Common Stock (or such other capital stock or securities) for securities or
other property deliverable upon such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up, and the amount per share and character of such exchange
applicable to the Preferred Stock and the Common Stock. Such notice shall be sent at least 10 days prior to the record date or effective date for the event specified in such notice. 

5. Mandatory Conversion. 

5.1 Trigger Events. Upon either (a) the closing of the sale of shares of Common Stock to the public at a price of at least two
(2) times the Series D Original Issue Price per share (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Common Stock), in a firm-commitment
underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, resulting in at least $40 million of proceeds, net of the underwriting discount and commissions, to the Corporation (a
“Qualified Public Offering”) or (b) the date and time, or the occurrence of an event, specified by vote or written consent of the holders of the Preferred Voting Threshold (the time of such closing or the date and time
specified or the time of the event specified in such vote or written consent is referred to herein as the “Mandatory Conversion Time”), (i) all outstanding shares of Preferred Stock shall automatically be converted into shares of
Common Stock, at the then effective conversion rate and (ii) such shares may not be reissued by the Corporation. 
 5.2 Procedural
Requirements. All holders of record of shares of Preferred Stock shall be sent written notice of the Mandatory Conversion Time and the place designated for mandatory conversion of all such shares of Preferred Stock pursuant to this
Section 5. Such notice need not be sent in advance of the occurrence of the Mandatory Conversion Time. 

 
Such notice shall be sent by first class or registered mail, postage prepaid, or given by electronic communication in compliance with the provisions of the General Corporation Law, to each record
holder of Preferred Stock. Upon receipt of such notice, each holder of shares of Preferred Stock shall surrender his, her or its certificate or certificates for all such shares (or, if such holder alleges that such certificate has been lost, stolen
or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such
certificate) to the Corporation at the place designated in such notice, and shall thereafter receive certificates for the number of shares of Common Stock to which such holder is entitled to receive pursuant to this Section 5. If so required by
the Corporation, certificates surrendered for conversion shall be endorsed or accompanied by written instrument or instruments of transfer, in form satisfactory to the Corporation, duly executed by the registered holder or by his, her or its
attorney duly authorized in writing. All rights with respect to the Preferred Stock converted pursuant to Subsection 5.1, including the rights, if any, to receive notices and vote (other than as a holder of Common Stock), will terminate at
the Mandatory Conversion Time (notwithstanding the failure of the holder or holders thereof to surrender the certificates at or prior to such time), except only the rights of the holders thereof, upon surrender of their certificate or certificates
(or lost certificate affidavit and agreement) therefor, to receive the items provided for in the next sentence of this Subsection 5.2. As soon as practicable after the Mandatory Conversion Time and the surrender of the certificate or
certificates (or lost certificate affidavit and agreement) for Preferred Stock, the Corporation shall issue and deliver to such holder, or to his, her or its nominees, a certificate or certificates for the number of full shares of Common Stock
issuable on such conversion in accordance with the provisions hereof, together with cash as provided in Subsection 4.2 in lieu of any fraction of a share of Common Stock otherwise issuable upon such conversion and the payment of any declared
but unpaid dividends on the shares of Preferred Stock converted. Such converted Preferred Stock shall be retired and cancelled and may not be reissued as shares of such series, and the Corporation may thereafter take such appropriate action (without
the need for stockholder action) as may be necessary to reduce the authorized number of shares of Preferred Stock accordingly. 
 5A.
Special Mandatory Conversion. 
 5A.1. Trigger Events. Each conversion set forth in Section 5.A.1.1 and 5.A.1.2 below is
referred to as a “Special Mandatory Conversion.” 
 5A.1.1 Qualified Financing. In the event that any Major
Investor does not participate in a Qualified Financing (as defined below) by purchasing in the aggregate, in such Qualified Financing and within the time period specified by the Corporation (provided that the Corporation has sent to each
Major Investor at least 15 business days written notice of, and the opportunity to purchase its Pro Rata Amount (as defined below) of, the Qualified Financing), such Major Investor’s Pro Rata Amount, then each share of Preferred Stock held by
such Major Investor shall automatically, and without any further action on the part of such Major Investor, be converted into shares of Common Stock at the Series A Conversion Price, Series B Conversion Price, Series C Conversion Price, or Series D
Conversion Price, as applicable, in effect immediately prior to the consummation of such Qualified Financing, effective upon, subject to, and concurrently with, the consummation of the Qualified Financing. For purposes of determining the number of
shares of Preferred Stock owned by a holder (including for purposes of determining if such holder is a Major 

 
Investor), and for determining the number of Offered Securities (as defined below) a holder of Preferred Stock has purchased in a Qualified Financing, all shares of Preferred Stock held by
Affiliates (as defined below) of such holder shall be aggregated with such holder’s shares and all Offered Securities purchased by Affiliates of such holder shall be aggregated with the Offered Securities purchased by such holder (provided
that no shares or securities shall be attributed to more than one entity or person within any such group of affiliated entities or persons). 

5A.1.2 Second Tranche Closing. In the event that the Second Tranche Closing is consummated and any Purchaser and its Purchaser
Affiliates has not purchased in the aggregate such Purchaser’s Second Tranche Purchase Commitment (including Shares purchased by such Purchaser or its Purchaser Affiliates at the Second Tranche Closing or any Optional Closing), then each share
of Preferred Stock held by such Purchaser shall automatically, and without any further action on the part of such Purchaser, be converted into shares of Common Stock at a ratio of ten (10) to one (1), such that each ten shares of Preferred
Stock shall convert into one share of Common Stock, on the first day following the Second Tranche Closing Date. All capitalized terms used but not defined in this Section 5A shall have the meanings assigned to them in the Series D Purchase
Agreement. 
 5A.2. Procedural Requirements. Upon a Special Mandatory Conversion, each holder of shares of Preferred Stock converted
pursuant to Subsection 5A.1 shall be sent written notice of such Special Mandatory Conversion and the place designated for mandatory conversion of all such shares of Preferred Stock pursuant to this Section 5A. Upon receipt of such
notice, each holder of such shares of Preferred Stock shall surrender his, her or its certificate or certificates for all such shares (or, if such holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit
and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate) to the Corporation at the place
designated in such notice, and shall thereafter receive certificates for the number of shares of Common Stock to which such holder is entitled pursuant to this Section 5A. If so required by the Corporation, certificates surrendered for
conversion shall be endorsed or accompanied by written instrument or instruments of transfer, in form satisfactory to the Corporation, duly executed by the registered holder or by his, her or its attorney duly authorized in writing. All rights with
respect to the Preferred Stock converted pursuant to Subsection 5A.1, including the rights, if any, to receive notices and vote (other than as a holder of Common Stock), will terminate at the time of the Special Mandatory Conversion
(notwithstanding the failure of the holder or holders thereof to surrender the certificates for such shares at or prior to such time), except only the rights of the holders thereof, upon surrender of their certificate or certificates therefor (or
lost certificate affidavit and agreement), to receive the items provided for in the next sentence of this Subsection 5A.2. As soon as practicable after the Special Mandatory Conversion and the surrender of the certificate or certificates (or
lost certificate affidavit and agreement) for Preferred Stock so converted, the Corporation shall issue and deliver to such holder, or to his, her or its nominees, a certificate or certificates for the number of full shares of Common Stock issuable
on such conversion in accordance with the provisions hereof, together with cash as provided in Subsection 4.2 in lieu of any fraction of a share of Common Stock otherwise issuable upon such conversion and the payment of any declared but
unpaid dividends on the shares of Preferred Stock converted. Such converted Preferred Stock shall be retired and cancelled and may not be reissued as shares of such series, and the Corporation may thereafter take such appropriate action (without the
need for stockholder action) as may be necessary to reduce the authorized number of shares of Preferred Stock accordingly. 

 5A.3. Definitions. For purposes of this Section 5A, the
following definitions shall apply: 
 5A.3.1 “Affiliate” shall mean, with respect to any holder of shares of Preferred
Stock, any person, entity or firm which, directly or indirectly, controls, is controlled by or is under common control with such holder, including, without limitation, any entity of which the holder is a partner or member, any partner, officer,
director, member or employee of such holder and any venture capital fund now or hereafter existing of which the holder is a partner or member which is controlled by or under common control with one or more general partners of such holder or shares
the same management company with such holder. Notwithstanding anything to the contrary herein (i) each of Kaiser Foundation Hospitals, The Permanente Federation LLC – Series F, The Permanente Federation LLC – Series I and The
Permanente Federation LLC – Series J shall be deemed to be Affiliates of one another and (ii) each of SightLine Healthcare Opportunity Fund II, L.P., SightLine Healthcare Opportunity Fund II-A, L.P.
and SightLine Healthcare Opportunity Fund II-B, L.P. shall be deemed to be Affiliates of one another. 

5A.3.2 “Major Investor” shall mean a holder of at least 175,000 shares of Preferred Stock (subject to appropriate adjustment
in the event of any stock dividend, stock split, combination or other similar recapitalization). 
 5A.3.3 “Offered
Securities” shall mean the equity securities of the Corporation set aside by the Board of Directors of the Corporation for purchase by holders of outstanding shares of Preferred Stock in connection with a Qualified Financing, and offered to
such holders. 
 5A.3.4 “Pro Rata Amount” shall mean, with respect to any holder of Preferred Stock, the lesser of
(a) a number of Offered Securities calculated by multiplying the aggregate number of Offered Securities by a fraction, the numerator of which is equal to the number of shares of Preferred Stock issued or, upon exercise or conversion of
securities held by such holder, issuable to such holder, and the denominator of which is equal to the total number of shares of Preferred Stock then outstanding, including shares of Preferred Stock issuable upon exercise or conversion of outstanding
securities (in each case, for purposes of the foregoing calculations, assuming conversion of all outstanding shares of Preferred Stock into Common Stock pursuant to the provisions of Section 4), or (b) the maximum
number of Offered Securities that such holder is permitted by the Corporation to purchase in such Qualified Financing, after giving effect to any cutbacks or limitations established by the Board of Directors, including at least three Preferred
Directors, and applied on a pro rata basis to all holders of Preferred Stock. 
 5A.3.5 “Qualified Financing” shall mean
any transaction involving the issuance or sale of Additional Shares of Common Stock in connection with any financing after the Series D Original Issue Date that would result in at least $500,000 in gross proceeds to the Corporation (other than a
financing led by a new investor that is not an Affiliate of any of the Corporation’s existing stockholders, at a price per share greater than the Series D Original Issue Price (subject to appropriate adjustment in the event of any stock
dividend, stock split, combination 

 
or other similar recapitalization)), unless the holders of at least 75% of the Preferred Stock (voting together as a single class on an as converted to Common Stock basis) elect, by written
notice sent to the Corporation at least five (5) days prior to the consummation of the Qualified Financing, that such transaction not be treated as a Qualified Financing for purposes of this Section 5A. Notwithstanding the
foregoing, the sale of Series D Preferred Stock pursuant to the terms of the Series D Purchase Agreement shall not be deemed a Qualified Financing. 

6. Redemption. 
 6.1
General. Upon receipt by the Corporation of written notice from the holders of the Preferred Voting Threshold requesting redemption of all shares of Preferred Stock (the “Redemption Request”) given at any time on or after the
fifth anniversary of the Series D Original Issue Date, unless prohibited by Delaware law governing distributions to stockholders, all of the outstanding shares of Preferred Stock shall be redeemed by the Corporation at a price equal to the Series A
Original Issue Price per share, the Series B Original Issue Price per share, the Series C Original Issue Price per share, or the Series D Original Issue Price per share as applicable, plus all declared but unpaid dividends thereon (the
“Redemption Price”), payable in three annual equal installments commencing not more than 60 days after receipt by the Corporation of the Redemption Request. Upon receipt of a Redemption Request, the Corporation shall apply all of
its assets to any such redemption, and to no other corporate purpose, except to the extent prohibited by Delaware law governing distributions to stockholders. The date of each such installment shall be referred to as a “Redemption
Date”. On each Redemption Date, the Corporation shall redeem, on a pro rata basis in accordance with the number of shares of Preferred Stock owned by each holder, that number of outstanding shares of Preferred Stock determined by dividing
(i) the total number of shares of Preferred Stock outstanding immediately prior to such Redemption Date by (ii) the number of remaining Redemption Dates (including the Redemption Date to which such calculation applies). If on any
Redemption Date Delaware law governing distributions to stockholders prevents the Corporation from redeeming all shares of Preferred Stock to be redeemed, the Corporation shall (i) first ratably redeem the maximum amount of Series D Preferred
Stock that it may redeem consistent with such law, and shall redeem the remaining shares of Series C Preferred Stock as soon as it may lawfully do so under such law, (ii) second, after all shares of Series D Preferred Stock are redeemed,
ratably redeem the maximum amount of Series C Preferred Stock that it may redeem consistent with such law, and shall redeem the remaining shares of Series C Preferred Stock as soon as it may lawfully do so under such law, (iii) third, after all
shares of Series D Preferred Stock and Series C Preferred Stock are redeemed, ratably redeem the maximum amount of Series B Preferred Stock that it may redeem consistent with such law, and shall redeem the remaining shares of Series B Preferred
Stock as soon as it may lawfully do so under such law, and (iv) fourth, after all shares of Series D Preferred Stock, Series C Preferred Stock, and Series B Preferred Stock are redeemed, ratably redeem the maximum amount of Series A Preferred
Stock that it may redeem consistent with such law, and shall redeem the remaining shares of Series A Preferred Stock as soon as it may lawfully do so under such law. 

6.2 Redemption Notice. The Corporation shall mail written notice of the mandatory redemption (the “Redemption
Notice”), postage prepaid, to each holder of record of Preferred Stock, at its post office address last shown on the records of the Corporation, or given by electronic communication in compliance with the provisions of the General
Corporation Law, not less than 40 days prior to each Redemption Date. Each Redemption Notice shall state: 
 (a) the number of shares of
Preferred Stock held by the holder that the Corporation shall redeem on the Redemption Date specified in the Redemption Notice; 

 (b) the Redemption Date and the Redemption Price; 

(c) the date upon which the holder’s right to convert such shares terminates (as determined in accordance with Subsection 4.1);
and 
 (d) that the holder is to surrender to the Corporation, in the manner and at the place designated, his, her or its certificate or
certificates representing the shares of Preferred Stock to be redeemed. 
 6.3 Surrender of Certificates; Payment. On or before the
applicable Redemption Date, each holder of shares of Preferred Stock to be redeemed on such Redemption Date, unless such holder has exercised his, her or its right to convert such shares as provided in Section 4, shall
surrender the certificate or certificates representing such shares (or, if such registered holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation
to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate) to the Corporation, in the manner and at the place designated in the Redemption Notice,
and thereupon the Redemption Price for such shares shall be payable to the order of the person whose name appears on such certificate or certificates as the owner thereof. In the event less than all of the shares of Preferred Stock represented by a
certificate are redeemed, a new certificate representing the unredeemed shares of such series of Preferred Stock shall promptly be issued to such holder. 

6.4 Rights Subsequent to Redemption. If the Redemption Notice shall have been duly given, and if on the applicable Redemption Date the
Redemption Price payable upon redemption of the shares of Preferred Stock to be redeemed on such Redemption Date is paid or tendered for payment or deposited with an independent payment agent so as to be available therefor in a timely manner, then
notwithstanding that the certificates evidencing any of the shares of Preferred Stock so called for redemption shall not have been surrendered, dividends with respect to such shares of Preferred Stock shall cease to accrue after such Redemption Date
and all rights with respect to such shares shall forthwith after the Redemption Date terminate, except only the right of the holders to receive the Redemption Price without interest upon surrender of their certificate or certificates therefor. 

7. Redeemed or Otherwise Acquired Shares. Any shares of Preferred Stock that are redeemed or otherwise acquired by the Corporation or
any of its subsidiaries shall be automatically and immediately cancelled and retired and shall not be reissued, sold or transferred. Neither the Corporation nor any of its subsidiaries may exercise any voting or other rights granted to the holders
of Preferred Stock following redemption. 
 8. Waiver. Any of the rights, powers, preferences and other terms of the Preferred Stock
set forth herein may be waived on behalf of all holders of Preferred Stock by the affirmative written consent or vote of the holders of the Preferred Voting Threshold; provided, however, that the terms of Subsection 5A may only be amended or waived
by the holders of at least 75% of the shares of Preferred Stock then outstanding (voting together as a separate class on an as converted to Common Stock basis). 

 9. Notices. Any notice required or permitted by the provisions of this Article Fourth
to be given to a holder of shares of Preferred Stock shall be mailed, postage prepaid, to the post office address last shown on the records of the Corporation, or given by electronic communication in compliance with the provisions of the General
Corporation Law, and shall be deemed sent upon such mailing or electronic transmission. 
 FIFTH: Subject to any additional vote
required by the Certificate of Incorporation or Bylaws, in furtherance and not in limitation of the powers conferred by statute, the Board of Directors is expressly authorized to make, repeal, alter, amend and rescind any or all of the Bylaws of the
Corporation. 
 SIXTH: Subject to any additional vote required by the Certificate of Incorporation, the number of directors of the
Corporation shall be determined in the manner set forth in the Bylaws of the Corporation. 
 SEVENTH: Elections of directors need not
be by written ballot unless the Bylaws of the Corporation shall so provide. 
 EIGHTH: Meetings of stockholders may be held within or
without the State of Delaware, as the Bylaws of the Corporation may provide. Any action required or permitted by the General Corporation Law to be taken at a stockholder’s meeting may be taken without a meeting if the action is taken by
stockholders having not less than the minimum number of votes that would be necessary to take such action at a meeting at which all stockholders entitled to vote on the action were present and voted. The books of the Corporation may be kept outside
the State of Delaware at such place or places as may be designated from time to time by the Board of Directors or in the Bylaws of the Corporation. 

NINTH: To the fullest extent permitted by law, a director of the Corporation shall not be personally liable to the Corporation or its
stockholders for monetary damages for breach of fiduciary duty as a director. If the General Corporation Law or any other law of the State of Delaware is amended after approval by the stockholders of this Article Ninth to authorize corporate action
further eliminating or limiting the personal liability of directors, then the liability of a director of the Corporation shall be eliminated or limited to the fullest extent permitted by the General Corporation Law as so amended. 

Any repeal or modification of the foregoing provisions of this Article Ninth by the stockholders of the Corporation shall not adversely affect
any right or protection of a director of the Corporation existing at the time of, or increase the liability of any director of the Corporation with respect to any acts or omissions of such director occurring prior to, such repeal or modification.

 TENTH: To the fullest extent permitted by applicable law, the Corporation is authorized to provide indemnification of (and
advancement of expenses to) directors, officers and agents of the Corporation (and any other persons to which General Corporation Law permits the Corporation to provide indemnification) through Bylaw provisions, agreements with such agents or other
persons, vote of stockholders or disinterested directors or otherwise, in excess of the indemnification and advancement otherwise permitted by Section 145 of the General Corporation Law. 

 Any amendment, repeal or modification of the foregoing provisions of this Article Tenth
shall not adversely affect any right or protection of any director, officer or other agent of the Corporation existing at the time of, or increase the liability of any director of the Corporation with respect to any acts or omissions of such
director, officer or agent occurring prior to, such amendment, repeal or modification. 
 ELEVENTH: The Corporation renounces, to the
fullest extent permitted by law, any interest or expectancy of the Corporation in, or in being offered an opportunity to participate in, any Excluded Opportunity. An “Excluded Opportunity” is any matter, transaction or interest that
is presented to, or acquired, created or developed by, or which otherwise comes into the possession of, (i) any director of the Corporation who is not an employee of the Corporation or any of its subsidiaries, or (ii) any holder of
Preferred Stock or any partner, member, director, stockholder, employee or agent of any such holder, other than someone who is an employee of the Corporation or any of its subsidiaries (collectively, “Covered Persons”), unless such
matter, transaction or interest is presented to, or acquired, created or developed by, or otherwise comes into the possession of, a Covered Person expressly and solely in such Covered Person’s capacity as a director of the Corporation. 

TWELFTH: Unless the Corporation consents in writing to the selection of an alternative forum, the Court of Chancery in the State of
Delaware shall be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Corporation, (ii) any action asserting a claim of breach of fiduciary duty owed by any director, officer or other employee
of the Corporation to the Corporation or the Corporation’s stockholders, (iii) any action asserting a claim arising pursuant to any provision of the General Corporation Law for the Corporation’s certificate of incorporation or bylaws
or (iv) any action asserting a claim governed by the internal affairs doctrine. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, this Eighth Amended and Restated Certificate of Incorporation has
been executed by a duly authorized officer of this corporation on this 2nd day of April, 2018. 
  

			
		
	By:	 	 /s/ Joseph Army

		 	Name: Joseph Army
		 	Title: President and Chief Executive Officer

 EXHIBIT B 

Bylaws 
 [see
attached] 

 BY-LAWS 

OF 
 VAPOTHERM, INC.

 Section 1. LAW, CERTIFICATE OF INCORPORATION AND BY-LAWS 

1.1. These by-laws are subject to the certificate of incorporation of the corporation. In these by-laws, references to law, the certificate of incorporation and by-laws mean the law, the provisions of the certificate of incorporation and the by-laws as from time to time in effect. 
 Section 2. STOCKHOLDERS 

2.1. Annual Meeting. The annual meeting of stockholders shall be held at such date and time as shall be designated from time to time by
the board of directors and stated in the notice of the meeting, at which they shall elect a board of directors and transact such other business as may be required by law or these by-laws or as may properly
come before the meeting. 
 2.2. Special Meetings. A special meeting of the stockholders may be called at any time by the chairman of
the board, if any, the president or the board of directors and must be called by the secretary upon the written request of any stockholder holding of record at least a majority of the outstanding shares of stock of the corporation entitled to vote
at such meeting. A special meeting of the stockholders shall be called by the secretary, or in the case of the death, absence, incapacity or refusal of the secretary, by an assistant secretary or some other officer, upon application of a majority of
the directors. Any such application shall state the purpose or purposes of the proposed meeting. Any such call shall state the place, date, hour, and purposes of the meeting. 

2.3. Place of Meeting. All meetings of the stockholders for the election of directors or for any other purpose shall be held at such
place within or without the State of Delaware as may be determined from time to time by the chairman of the board, if any, the president or the board of directors. Any adjourned session of any meeting of the stockholders shall be held at the place
designated in the vote of adjournment. 
 2.4. Notice of Meetings. Except as otherwise provided by law, a written notice of each
meeting of stockholders stating the place, day and hour thereof and, in the case of a special meeting, the purposes for which the meeting is called, shall be given not less then ten nor more than sixty days before the meeting, to each stockholder
entitled to vote thereat, and to each stockholder who, by law, by the certificate of incorporation or by these by-laws, is entitled to notice, by leaving such notice with him or at his residence or usual place
of business, or by depositing it in the United States mail, postage prepaid, and addressed to such stockholder at his address as it appears in the records of the corporation. Without limiting the manner by which notice otherwise may be given
effectively to stockholders, any notice to stockholders may be given by electronic transmission in the manner provided in Section 232 of the General 

 
Corporation Law of the State of Delaware. Such notice shall be given by the secretary or assistant secretary, or by an officer or person designated by the board of directors, or in the case of a
special meeting by the officer or director calling the meeting. As to any adjourned session of any meeting of stockholders, notice of the adjourned meeting need not be given if the time and place thereof are announced at the meeting at which the
adjournment was taken except that if the adjournment is for more than thirty days or if after the adjournment a new record date is set for the adjourned session, notice of any such adjourned session of the meeting shall be given in the manner
heretofore described. No notice of any meeting of stockholders or any adjourned session thereof need be given to a stockholder if a written waiver of notice, or a waiver by electronic transmission by such stockholder, given before or after the
meeting or such adjourned session by such stockholder, is filed with the records of the meeting or if the stockholder attends such meeting without objecting at the beginning of the meeting to the transaction of any business because the meeting is
not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any meeting of the stockholders or any adjourned session thereof need be specified in any written waiver of notice. 

2.5. Quorum of Stockholders. At any meeting of the stockholders a quorum as to any matter shall consist of a majority of the votes
entitled to be cast on the matter, except where a larger quorum is required by law, by the certificate of incorporation or by these by-laws. Any meeting may be adjourned from time to time by a majority of the
votes properly cast upon the question, whether or not a quorum is present. If a quorum is present at an original meeting, a quorum need not be present at an adjourned session of that meeting. Shares of its own stock belonging to the corporation or
to another corporation, if a majority of the shares entitled to vote in the election of directors of such other corporation is held, directly or indirectly, by the corporation, shall neither be entitled to vote nor be counted for quorum purposes;
provided, however, that the foregoing shall not limit the right of any corporation to vote stock, including but not limited to its own stock, held by it in a fiduciary capacity. 

2.6. Action by Vote. When a quorum is present at any meeting, a plurality of the votes properly cast for election to any office shall
elect to such office and a majority of the votes properly cast upon any question other than an election to an office shall decide the question, except when a larger vote is required by law, by the certificate of incorporation, by these by-laws or by agreement among the stockholders. No ballot shall be required for any election unless requested by a stockholder present or represented at the meeting and entitled to vote in the election. 

2.7. Action without Meetings. Unless otherwise provided in the certificate of incorporation, any action required or permitted to be
taken by stockholders for or in connection with any corporate action may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing or electronic transmission, setting forth the action so taken, shall be
signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be
delivered to the corporation by delivery to its registered office in Delaware by hand, electronic delivery or 

 
certified or registered mail, return receipt requested, to its principal place of business or to an officer or agent of the corporation having custody of the book in which proceedings of meetings
of stockholders are recorded. Each such written or electronic consent shall bear the date of signature of each stockholder who signs the consent. No written or electronic consent shall be effective to take the corporate action referred to therein
unless written or electronic consents signed by a number of stockholders sufficient to take such action are delivered to the corporation in the manner specified in this paragraph within sixty days of the earliest dated consent so delivered. 

If action is taken by consent of stockholders and in accordance with the foregoing, there shall be filed with the records of the meetings of
stockholders the writing or writings comprising such consent. 
 If action is taken by less than unanimous consent of stockholders, prompt
notice of the taking of such action without a meeting shall be given to those who have not consented in writing. 
 In the event that the
action which is consented to is such as would have required the filing of a certificate under any provision of the General Corporation Law of the State of Delaware, if such action had been voted upon by the stockholders at a meeting thereof, the
certificate filed under such provision shall state, in lieu of any statement required by such provision concerning a vote of stockholders, that written consent has been given under Section 228 of said General Corporation Law and that written
notice has been given as provided in such Section 228. 
 2.8. Proxy Representation. Every stockholder may authorize another
person or persons to act for him by proxy in all matters in which a stockholder is entitled to participate, whether by waiving notice of any meeting, objecting to or voting or participating at a meeting, or expressing consent or dissent without a
meeting. Every proxy must be signed by the stockholder or by his attorney-in-fact. No proxy shall be voted or acted upon after three years from its date unless such
proxy provides for a longer period. A duly executed proxy shall be irrevocable if it states that it is irrevocable and, if, and only as long as, it is coupled with an interest sufficient in law to support an irrevocable power. A proxy may be made
irrevocable regardless of whether the interest with which it is coupled is an interest in the stock itself or an interest in the corporation generally. The authorization of a proxy may but need not be limited to specified action, provided, however,
that if a proxy limits its authorization to a meeting or meetings of stockholders, unless otherwise specifically provided such proxy shall entitle the holder thereof to vote at any adjourned session but shall not be valid after the final adjournment
thereof. 
 2.9. Inspectors. The directors or the person presiding at the meeting may, and shall if required by applicable law,
appoint one or more inspectors of election and any substitute inspectors to act at the meeting or any adjournment thereof. Each inspector, before entering upon the discharge of his duties, shall take and sign an oath faithfully to execute the duties
of inspector at such meeting with strict impartiality and according to the best of his ability. The inspectors, if any, shall determine the number of shares of stock outstanding and the voting 

 
power of each, the shares of stock represented at the meeting, the existence of a quorum, the validity and effect of proxies, and shall receive votes, ballots or consents, hear and determine all
challenges and questions arising in connection with the right to vote, count and tabulate all votes, ballots or consents, determine the result, and do such acts as are proper to conduct the election or vote with fairness to all stockholders. On
request of the person presiding at the meeting, the inspectors shall make a report in writing of any challenge, question or matter determined by them and execute a certificate of any fact found by them. 

2.10. List of Stockholders. The secretary shall prepare and make, at least ten days before every meeting of stockholders, a complete
list of the stockholders entitled to vote at such meeting, arranged in alphabetical order and showing the address of each stockholder and the number of shares registered in his name. The stock ledger shall be the only evidence as to who are
stockholders entitled to examine such list or to vote in person or by proxy at such meeting. 
 2.11. Participation in Meetings by
Conference Telephone. Stockholders may participate in any stockholders’ meeting by means of (i) conference telephone or similar communications equipment through which all persons participating in the meeting may communicate with the
other participants and all participants are advised of the communications equipment and the names of the participants in the conference, or (ii) any other means of participation permitted by law. Such participation shall constitute presence in
person at such meeting. 
 Section 3. BOARD OF DIRECTORS 

3.1. Number. Subject to the provisions of the certificate of incorporation and any agreement among the stockholders, the corporation
shall have one or more directors, the number of directors to be determined from time to time by vote of a majority of the directors then in office. Except in connection with the election of directors at the annual meeting of stockholders and subject
to the provisions of the certificate of incorporation, the number of directors may be decreased only to eliminate vacancies by reason of death, resignation or removal of one or more directors. No director need be a stockholder. 

3.2. Tenure. Except as otherwise provided by law, by the certificate of incorporation or by these
by-laws, each director shall hold office until the next annual meeting and until his successor is elected and qualified, or until he sooner dies, resigns, is removed or becomes disqualified. 

3.3. Powers. The business and affairs of the corporation shall be managed by or under the direction of the board of directors who shall
have and may exercise all the powers of the corporation and do all such lawful acts and things as are not by law, the certificate of incorporation or these by-laws directed or required to be exercised or done
by the stockholders. 

 3.4. Vacancies. In the case of directorships entitled to be elected by a particular
class or series of stock, vacancies and any newly created directorships resulting from any increase in the number of directors may be filled by vote of the holders of the particular class or series of stock entitled to elect such director at a
meeting called for the purpose, or by any remaining director or directors, in each case elected by the particular class or series of stock entitled to elect such directors. In the case of directorships entitled to be elected at large by all classes
or series of stock, vacancies and any newly created directorships resulting from any increase in the number of directors may be filled by vote of the stockholders generally at a meeting called for the purpose, by a majority of the directors then in
office, although less than a quorum or by a sole remaining director. In the case of directorships entitled to be elected at large by all classes or series of stock, when one or more directors shall resign from the board, effective at a future date,
a majority of the directors then in office, including those who have resigned, who were elected by the particular class or series of stock entitled to elect such resigning director or directors shall have power to fill such vacancy or vacancies, the
vote or action by writing thereon to take effect when such resignation or resignations shall become effective. The directors shall have and may exercise all their powers notwithstanding the existence of one or more vacancies in their number, subject
to any requirements of law or of the certificate of incorporation or of these by-laws as to the number of directors required for a quorum or for any vote or other actions. 

3.5. Committees. The board of directors may, by vote of a majority of the whole board, (a) designate, change the membership of or
terminate the existence of any committee or committees, each committee to consist of one or more of the directors; (b) designate one or more directors as alternate members of any such committee who may replace any absent or disqualified member
at any meeting of the committee; and (c) determine the extent to which each such committee shall have and may exercise the powers of the board of directors in the management of the business and affairs of the corporation, including the power to
authorize the seal of the corporation to be affixed to all papers which require it and the power and authority to declare dividends or to authorize the issuance of stock; excepting, however, such powers which by law, by the certificate of
incorporation or by these by-laws the board of directors is prohibited from so delegating. In the absence or disqualification of any member of such committee and his alternate, if any, the member or members
thereof present at any meeting and not disqualified from voting, whether or not constituting a quorum, may unanimously appoint another member of the board of directors to act at the meeting in the place of any such absent or disqualified member.
Except as the board of directors may otherwise determine, any committee may make rules for the conduct of its business, but unless otherwise provided by the board or such rules, its business shall be conducted as nearly as may be in the same manner
as is provided by these by-laws for the conduct of business by the board of directors. Each committee shall keep regular minutes of its meetings and report the same to the board of directors upon request. 

3.6. Regular Meetings. Regular meetings of the board of directors may be held without call or notice at such places within or without
the State of Delaware and at such times as the board may from time to time determine, provided that notice of the first regular meeting following any such determination shall be given to absent directors. A regular meeting of the directors may be
held without call or notice immediately after and at the same place as the annual meeting of stockholders. 

 3.7. Special Meetings. Special meetings of the board of directors may be held at any
time and at any place within or without the State of Delaware designated in the notice of the meeting, when called by the chairman of the board, if any, the president, or by one-third or more in number of the
directors, reasonable notice thereof being given to each director by the secretary or by the chairman of the board, if any, the president or any one of the directors calling the meeting. 

3.8. Notice. It shall be reasonable and sufficient notice to a director to send notice by mail at least forty-eight hours or by email
at least twenty-four hours before the meeting addressed to him at his usual or last known business or residence address or to give notice to him in person or by telephone at least twenty-four hours before the meeting. Notice of a meeting need not be
given to any director if a written waiver of notice, executed by him before or after the meeting, is filed with the records of the meeting, or to any director who attends the meeting without protesting prior thereto or at its commencement the lack
of notice to him. Neither notice of a meeting nor a waiver of a notice need specify the purposes of the meeting. 
 3.9. Quorum.
Except as may be otherwise provided by law, by the certificate of incorporation or by these by-laws, at any meeting of the directors a majority of the directors shall constitute a quorum; a quorum shall not in
any case be less than one-third of the total number of directors constituting the whole board. Any meeting may be adjourned from time to time by a majority of the votes cast upon the question, whether or not a
quorum is present, and the meeting may be held as adjourned without further notice. 
 3.10. Action by Vote. Except as may be
otherwise provided by law, by the certificate of incorporation or by these by-laws, when a quorum is present at any meeting the vote of a majority of the directors present shall be the act of the board of
directors. 
 3.11. Action Without a Meeting. Any action required or permitted to be taken at any meeting of the board of directors
or a committee thereof may be taken without a meeting if all the members of the board or of such committee, as the case may be, consent thereto in writing or by electronic means, and such writing or writings are filed with the records of the
meetings of the board or of such committee. Such consent shall be treated for all purposes as the act of the board or of such committee, as the case may be. 

3.12. Participation in Meetings by Conference Telephone. Members of the board of directors, or any committee designated by such board,
may participate in a meeting of such board or committee by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other or by any other means permitted by law. Such
participation shall constitute presence in person at such meeting. 
 3.13. Compensation. In the discretion of the board of
directors, each director may be paid such fees for his services as director and be reimbursed for his reasonable expenses incurred in the performance of his duties as director as the board of directors from time to time may determine. Nothing
contained in this section shall be construed to preclude any director from serving the corporation in any other capacity and receiving reasonable compensation therefor. 

 3.14. Interested Directors and Officers. 

(a) No contract or transaction between the corporation and one or more of its directors or officers, or between the corporation and any other
corporation, partnership, association, or other organization in which one or more of the corporation’s directors or officers are directors or officers, or have a financial interest, shall be void or voidable solely for this reason, or solely
because the director or officer is present at or participates in the meeting of the board or committee thereof which authorizes the contract or transaction, or solely because his or their votes are counted for such purpose, if: 

(1) The material facts as to his relationship or interest and as to the contract or transaction are disclosed or are known to the board of
directors or the committee, and the board or committee in good faith authorizes the contract or transaction by the affirmative votes of a majority of the disinterested directors, even though the disinterested directors be less than a quorum; or 

(2) The material facts as to his relationship or interest and as to the contract or transaction are disclosed or are known to the stockholders
entitled to vote thereon, and the contract or transaction is specifically approved in good faith by vote of the stockholders; or 
 (3) The
contract or transaction is fair as to the corporation as of the time it is authorized, approved or ratified, by the board of directors, a committee thereof, or the stockholders. 

(b) Common or interested directors may be counted in determining the presence of a quorum at a meeting of the board of directors or of a
committee which authorizes the contract or transaction. 
 Section 4. OFFICERS AND AGENTS 

4.1. Enumeration; Qualification. The officers of the corporation shall be a president, a treasurer, a secretary and such other
officers, if any, as the board of directors from time to time may in its discretion elect or appoint including without limitation a chairman of the board, one or more vice presidents and a controller. The corporation may also have such agents, if
any, as the board of directors from time to time may in its discretion choose. Any officer may be but none need be a director or stockholder. Any two or more offices may be held by the same person. Any officer may be required by the board of
directors to secure the faithful performance of his duties to the corporation by giving bond in such amount and with sureties or otherwise as the board of directors may determine. 

4.2. Powers. Subject to law, to the certificate of incorporation and to the other provisions of these
by-laws, each officer shall have, in addition to the duties and powers herein set forth, such duties and powers as are commonly incident to his office and such additional duties and powers as the board of
directors may from time to time designate. 

 4.3. Election. The officers may be elected by the board of directors at their first
meeting following the annual meeting of the stockholders or at any other time. At any time or from time to time the directors may delegate to any officer their power to elect or appoint any other officer or any agents. 

4.4. Tenure. Each officer shall hold office until the first meeting of the board of directors following the next annual meeting of the
stockholders and until his respective successor is chosen and qualified unless a shorter period shall have been specified by the terms of his election or appointment, or in each case until he sooner dies, resigns, is removed or becomes disqualified.
Each agent shall retain his authority at the pleasure of the directors, or the officer by whom he was appointed or by the officer who then holds agent appointive power. 

4.5. Chairman of the Board of Directors, President and Vice President. The chairman of the board, if any, shall have such duties and
powers as shall be designated from time to time by the board of directors. Unless the board of directors otherwise specifies, the chairman of the board, or if there is none the chief executive officer, shall preside, or designate the person who
shall preside, at all meetings of the stockholders and of the board of directors. 
 Unless the board of directors otherwise specifies, the
president shall be the chief executive officer and shall have direct charge of all business operations of the corporation and, subject to the control of the directors, shall have general charge and supervision of the business of the corporation.

 Any vice presidents shall have such duties and powers as shall be set forth in these by-laws or
as shall be designated from time to time by the board of directors or by the president. 
 4.6. Treasurer and Assistant Treasurers.
Unless the board of directors otherwise specifies, the treasurer shall be the chief financial officer of the corporation and shall be in charge of its funds and valuable papers, and shall have such other duties and powers as may be designated from
time to time by the board of directors or by the president. If no controller is elected, the treasurer shall, unless the board of directors otherwise specifies, also have the duties and powers of the controller. 

Any assistant treasurers shall have such duties and powers as shall be designated from time to time by the board of directors, the president
or the treasurer. 
 4.7. Controller and Assistant Controllers. If a controller is elected, he shall, unless the board of directors
otherwise specifies, be the chief accounting officer of the corporation and be in charge of its books of account and accounting records, and of its accounting procedures. He shall have such other duties and powers as may be designated from time to
time by the board of directors, the president or the treasurer. 
 Any assistant controller shall have such duties and powers as shall be
designated from time to time by the board of directors, the president, the treasurer or the controller. 

 4.8. Secretary and Assistant Secretaries. The secretary shall record all proceedings
of the stockholders, of the board of directors and of committees of the board of directors in a book or series of books to be kept therefor and shall file therein all actions by written consent of stockholders or directors. In the absence of the
secretary from any meeting, an assistant secretary, or if there be none or he is absent, a temporary secretary chosen at the meeting, shall record the proceedings thereof. Unless a transfer agent has been appointed the secretary shall keep or cause
to be kept the stock and transfer records of the corporation, which shall contain the names and record addresses of all stockholders and the number of shares registered in the name of each stockholder. He shall have such other duties and powers as
may from time to time be designated by the board of directors or the president. 
 Any assistant secretaries shall have such duties and
powers as shall be designated from time to time by the board of directors, the president or the secretary. 
 Section 5. RESIGNATIONS
AND REMOVALS 
 5.1. Any director or officer may resign at any time by delivering his resignation in writing to the chairman of the board,
if any, the president, or the secretary or to a meeting of the board of directors. Such resignation shall be effective upon receipt unless specified to be effective at some other time, and without in either case the necessity of its being accepted
unless the resignation shall so state. Except as may be otherwise provided by law, by the certificate of incorporation or by these by-laws, a director (including persons elected by stockholders or directors to
fill vacancies in the board) may be removed from office with or without cause by the vote of the holders of a majority of the issued and outstanding shares of the particular class or series entitled to vote in the election of such directors. The
board of directors may at any time remove any officer either with or without cause. The board of directors may at any time terminate or modify the authority of any agent. 

Section 6. VACANCIES 
 6.1.
If the office of the president or the treasurer or the secretary becomes vacant, the directors may elect a successor by vote of a majority of the directors then in office. If the office of any other officer becomes vacant, any person or body
empowered to elect or appoint that officer may choose a successor. Each such successor shall hold office for the unexpired term, and in the case of the president, the treasurer and the secretary until his successor is chosen and qualified or in each
case until he sooner dies, resigns, is removed or becomes disqualified. Any vacancy of a directorship shall be filled as specified in Section 3.4 of these by-laws. 

Section 7. CAPITAL STOCK 

7.1. Stock Certificates. Each stockholder shall be entitled to a certificate stating the number and the class and the designation of
the series, if any, of the shares held by him, in such form as shall, in conformity to law, the certificate of incorporation and the by-laws, be prescribed from time to time by the board of directors. Such
certificate shall be signed by the chairman or vice chairman of the board, if any, or the president or a vice president and by the treasurer or an 

 
assistant treasurer or by the secretary or an assistant secretary. Any of or all the signatures on the certificate may be a facsimile. In case an officer, transfer agent, or registrar who has
signed or whose facsimile signature has been placed on such certificate shall have ceased to be such officer, transfer agent, or registrar before such certificate is issued, it may be issued by the corporation with the same effect as if he were such
officer, transfer agent, or registrar at the time of its issue. 
 7.2. Loss of Certificates. In the case of the alleged theft, loss,
destruction or mutilation of a certificate of stock, a duplicate certificate may be issued in place thereof, upon such terms, including receipt of a bond sufficient to indemnify the corporation against any claim on account thereof, as the board of
directors may prescribe. 
 Section 8. TRANSFER OF SHARES OF STOCK 

8.1. Transfer on Books. Subject to the restrictions, if any, stated or noted on the stock certificate, shares of stock may be
transferred on the books of the corporation by the surrender to the corporation or its transfer agent of the certificate therefor properly endorsed or accompanied by a written assignment and power of attorney properly executed, with necessary
transfer stamps affixed, and with such proof of the authenticity of signature as the board of directors or the transfer agent of the corporation may reasonably require. Except as may be otherwise required by law, by the certificate of incorporation
or by these by-laws, the corporation shall be entitled to treat the record holder of stock as shown on its books as the owner of such stock for all purposes, including the payment of dividends and the right to
receive notice and to vote or to give any consent with respect thereto and to be held liable for such calls and assessments, if any, as may lawfully be made thereon, regardless of any transfer, pledge or other disposition of such stock until the
shares have been properly transferred on the books of the corporation. 
 It shall be the duty of each stockholder to notify the corporation
of his post office address. 
 8.2. Record Date. In order that the corporation may determine the stockholders entitled to notice of
or to vote at any meeting of stockholders or any adjournment thereof, the board of directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the board of directors,
and which record date shall not be more than sixty nor less than ten days before the date of such meeting. If no such record date is fixed by the board of directors, the record date for determining the stockholders entitled to notice of or to vote
at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A
determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the board of directors may fix a new record date for the adjourned meeting.

 In order that the corporation may determine the stockholders entitled to consent to
corporate action in writing without a meeting, the board of directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the board of directors, and which date shall not
be more than ten days after the date upon which the resolution fixing the record date is adopted by the board of directors. If no such record date has been fixed by the board of directors, the record date for determining stockholders entitled to
consent to corporate action in writing without a meeting, when no prior action by the board of directors is required by the General Corporation Law of the State of Delaware, shall be the first date on which a signed written consent setting forth the
action taken or proposed to be taken is delivered to the corporation by delivery to its registered office in Delaware by hand or certified or registered mail, return receipt requested, to its principal place of business or to an officer or agent of
the corporation having custody of the book in which proceedings of meetings of stockholders are recorded. If no record date has been fixed by the board of directors and prior action by the board of directors is required by the General Corporation
Law of the State of Delaware, the record date for determining stockholders entitled to consent to corporate action in writing without a meeting shall be at the close of business on the day on which the board of directors adopts the resolution taking
such prior action. 
 In order that the corporation may determine the stockholders entitled to receive payment of any dividend or other
distribution or allotment of any rights or to exercise any rights in respect of any change, conversion or exchange of stock, or for the purpose of any other lawful action, the board of directors may fix a record date, which record date shall not
precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than sixty days prior to such payment, exercise or other action. If no such record date is fixed, the record date for determining
stockholders for any such purpose shall be at the close of business on the day on which the board of directors adopts the resolution relating thereto. 

Section 9. CORPORATE SEAL 

9.1. Subject to alteration by the directors, the seal of the corporation shall consist of a flat-faced circular die with the word
“Delaware” and the name of the corporation cut or engraved thereon, together with such other words, dates or images as may be approved from time to time by the directors. 

Section 10. EXECUTION OF PAPERS 

10.1. Except as the board of directors may generally or in particular cases authorize the execution thereof in some other manner, all deeds,
leases, transfers, contracts, bonds, notes, checks, drafts or other obligations made, accepted or endorsed by the corporation shall be signed by the chairman of the board, if any, the president, a vice president or the treasurer. 

Section 11. FISCAL YEAR 

11.1. The fiscal year of the corporation shall be as fixed by the Board of Directors. 

 Section 12. AMENDMENTS 

12.1. These by-laws may be adopted, amended or repealed by vote of a majority of the directors then in
office or by vote of a majority of the voting power of the stock outstanding and entitled to vote. Any by-law, whether adopted, amended or repealed by the stockholders or directors, may be amended or
reinstated by the stockholders or the directors. 

 EXHIBIT D 

Compliance Certificate 
 (See
Attached) 

 COMPLIANCE CERTIFICATE 

 

			
	TO:	  	WESTERN ALLIANCE BANK, an Arizona corporation (the “Lender”)
		
	FROM:	  	VAPOTHERM, INC. (the “Borrower”)

 The undersigned authorized officer of Borrower hereby certifies that in accordance with the terms and
conditions of the Amended and Restated Business Financing Agreement between Borrower and Lender (the “Agreement”), (i) Borrower is in complete compliance for the period ending ________ with all required covenants except as noted below and
(ii) all representations and warranties of Borrower stated in the Agreement are true and correct as of the date hereof. Attached herewith are the required documents supporting the above certification. The Officer further certifies that these are
prepared in accordance with Generally Accepted Accounting Principles (GAAP) and are consistently applied from one period to the next except as explained in an accompanying letter or footnotes. 

Please indicate compliance status by circling Yes/No under “Complies” column. 

 

									
	 Reporting Covenants
	  	 Required
	  	 Complies

	1.	  	Financial statements (including cash flow statements each quarter)	  	Monthly within 30 days	  	Yes	  	No
					
	2.	  	Audited financial statements	  	Annually within 180 days or within 5 days of filing with the SEC	  	Yes	  	No
					
	3.	  	Annual Financial Projections/Budget (prepared on a monthly basis)	  	Annually (within 30 days of the end of Borrower’s fiscal year), and when revised	  	Yes	  	No
					
	4.	  	8-K, 10-K and 10-Q Filings	  	If applicable, within 5 days of filing	  	Yes	  	No
					
	5.	  	Compliance Certificate	  	Monthly within 30 days	  	Yes	  	No
					
	6.	  	Total amount of Borrower’s cash and cash equivalents at the last day of the measurement period	  	$                         .	  	Yes	  	No
					
	7.	  	Total amount of Borrower’s Subsidiaries’ cash and cash equivalents at the last day of the measurement period	  	$                         .	  	Yes	  	No
					
	8.	  	Borrowing Base Certificate setting forth Eligible Receivables and Receivables Amounts as of the last day of the preceding calendar month	  	 RML 3 5: Monthly within 30 days

RML < 5: Monthly within 15 days and 30 days and with each advance request
	  	Yes	  	No
					
	9.	  	Detailed A/R and A/P agings report, cash receipts report and sales or billings journal	  	 RML 3 5: Monthly within 30 days

RML < 5: Monthly within 15 days and 30 days and with each advance request
	  	Yes	  	No
				
	Remaining Months Liquidity (RML)	  	RML:                         .	  		  	
			
	 Financial Covenants
	  	 Required
	  	 Complies

	Minimum Cash	  		  		  	
					
	A.	  	If on or prior to March 31, 2019	  	Is unrestricted cash at Bank equal to or more than One Million Dollars ($1,000,000)?	  	Yes	  	No
					
	B.	  	If after March 31, 2019	  	Is unrestricted cash at Bank equal to or more than Three Million Dollars ($3,000,000)?	  	Yes	  	No
				
	Minimum Revenue (Attach Calculations)	  		  		  	
					
	A.	  	If measuring for the 2018 fiscal year	  	Is revenue as of the last day of this period, measured on a trailing 3-month basis greater than or equal to 80% of Management Case Revenue?	  	Yes	  	No
					
	B.	  	If measuring for the 2019 fiscal year	  	Is revenue as of the last day of this period, measured on a trailing 3-month basis greater than or equal to 75% of Management Case Revenue?	  	Yes	  	No
					
	C.	  	If measuring for the 2020 fiscal year or thereafter	  	Is revenue as of the last day of this fiscal year, measured on a trailing 3-month basis greater than or equal to 10% in year over year growth of Management Case Revenue?	  	Yes	  	No

 Deposits 

Deposits held at Western Alliance Bank:
$                                        .

 Deposits held outside of Western Alliance Bank:
$                            . 

 

					
	Comments Regarding Exceptions: See Attached	 		  	BANK USE ONLY
			
	Sincerely,	 		  	Received and Verified:
			
	VAPOTHERM, INC.	 		  	
			
	 	 		  	 
	SIGNATURE	 		  	AUTHORIZED SIGNER
			
	 	 		  	 
	TITLE	 		  	DATE
			
	 	 		  	
	DATE	 		  	In Compliance?  Yes    No

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