Document:

First Amendment to the Second Amended and Restated Loan Agreement

 Exhibit 10.1 

FIRST AMENDMENT 
 TO

 SECOND AMENDED AND RESTATED LOAN AGREEMENT 

This First Amendment to Second Amended and Restated Loan Agreement (this “Amendment”) is dated December 30, 2013, by and
among: (i) RTI Surgical, Inc., a Delaware corporation formerly known as RTI Biologics, Inc. (“Borrower”); (ii) TD Bank, N.A., a national banking association, as administrative agent for the Lenders (in such capacity,
including any successor thereto, the “Administrative Agent”); and (iii) each of the Lenders from time to time party to the Loan Agreement. Capitalized terms used herein without definition shall have the respective meaning
assigned to such terms in that certain Second Amended and Restated Loan Agreement, dated July 16, 2013, by and among Borrower, the Administrative Agent and the Lenders (the “Loan Agreement”). 

Borrower, the Administrative Agent and the Lenders are party to the Loan Agreement pursuant to which the Lenders have extended credit to
Borrower on the terms set forth in the Loan Agreement. 
 Borrower, the Administrative Agent and the Lenders desire to amend the Loan
Agreement to: (i) clarify the rights of Borrower to make certain Distributions with respect to the Preferred Stock; (ii) modify the interest rate payable with respect to (a) Advances under the Revolving Credit and (b) the Term
Loan; (iii) modify the financial covenants; and (iv) modify the definition of Extraordinary Expenses. 
 Borrower, the
Administrative Agent and the Lenders are willing to make such amendments to the Loan Agreement on the terms and conditions set forth in this Amendment. 

Now, therefore, the parties hereto, intending to be legally bound, hereby agree as follows: 

SECTION 1 
 AMENDMENTS TO LOAN
AGREEMENT 
 1.1 Distributions on Preferred Stock. In accordance with the terms and conditions of the Loan Agreement, Borrower is
permitted to make certain Distributions with respect to the Preferred Stock in accordance with the Preferred Stock Certificate of Designation. Borrower acknowledges and agrees that Borrower is not permitted to make any Distribution on the Preferred
Stock at any time that a Default or Event of Default under the Loan Agreement has occurred and is continuing. Accordingly: 
 (a)
Amendment of Section 6.6, Distributions, Bonuses and Other Indebtedness. Section 6.6 of the Loan Agreement is deleted in its entirety and the following new Section 6.6 is substituted in its place: 

6.6 Distributions, Bonuses and Other Indebtedness. 

(a) Except for Distributions by any Subsidiary of Borrower to Borrower or a Domestic Subsidiary of Borrower, Borrower shall
not: (i) declare or pay or make any forms of Distribution to holders of Borrower’s Capital Stock except as provided in Section 6.6(b); (ii) declare or pay any bonus compensation to its officers if an Event of Default
exists or would result from the payment thereof; (iii) hereafter incur or become liable for any Indebtedness other than Permitted Indebtedness; or (iv) make any payments on Subordinated Debt, if any, not permitted by the applicable
Subordination Agreement. 
 (b) Notwithstanding withstanding the provisions of Section 6.6(a), Borrower shall
have the right to make Distributions: (i) to holders of Borrower’s Capital Stock upon the prior written consent of the Administrative Agent; and (ii) subject to Section 6.6(c), on the Preferred Stock in accordance with the
Preferred Stock Certificate of Designation so long as (A) no Event of Default has occurred and is continuing and (B) no Event of Default will result from such Distribution on the Preferred Stock. 

 (c) Borrower may not make any cash payment of any Distribution on the Preferred
Stock at any time until the Quarter immediately following the Quarter End in which the Leverage Ratio (measured as of such Quarter End) is less than 2.75 to 1.00. At such time that the Leverage Ratio (measured as of such Quarter End) is less than
2.75 to 1.00, Borrower may make any cash payment on any Distribution of the Preferred Stock at any time after such Quarter End in compliance with Section 6.6(b). 

(b) Amendment of Section 7.2, Rights and Remedies on Default. Section 7.2 of the Loan Agreement is amended by the addition of
the following new Section7.2(f): 
 (f) In addition to all other rights, options and remedies granted or available to
Administrative Agent on behalf of Lenders under this Agreement or the Loan Documents (each of which is also then exercisable by Administrative Agent), or otherwise available at law or in equity, upon or at any time after the occurrence and during
the continuance of an Event of Default, Borrower shall not make any Distribution on the Preferred Stock (or any other Capital Stock of Borrower) without the prior written consent of the Administrative Agent. 

1.2 Amendment of Section 1.1(ee), Definition of Consolidated EBITDA. Section 1.1(ee) of the Loan Agreement is deleted in its
entirety and the following new Section 1.1(ee) is substituted in its place: 
 (ee) “Consolidated
EBITDA” means, for any period, Borrower’s Consolidated Net Income (or deficit) plus (i) Consolidated Interest Expense, plus (ii) Consolidated Depreciation Expense, plus (iii) Consolidated Amortization Expense, plus
(iv) Consolidated Tax Expense, plus (v) non-cash stock based compensation plus (vi) Extraordinary Expenses minus (vii) Extraordinary Income, all as determined in accordance with GAAP. For purposes hereof, the contribution of
Pioneer Surgical Technologies and its Subsidiaries to “Consolidated EBITDA” (w) for the Quarter ending June 30, 2012 through the Quarter ending December 31, 2012 will be Two Million Eight Hundred Fifty-Two Thousand
and 00/100 Dollars ($2,852,000.00), (x) for the Quarter ending March 31, 2013 will be Two Million Nine Hundred Sixty-Five Thousand and 00/100 Dollars ($2,965,000.00), (y) for the Quarter ending June 30, 2013 will be Two Million
Eight Hundred Eighty Thousand and 00/100 Dollars ($2,880,000.00), and (z) for the period from July 1, 2013 through July 15, 2013 will be Four Hundred Eighty Thousand and 00/100 Dollars ($480,000.00). 

1.3 Amendment of Section 1.1(eee), Definition of Extraordinary Expenses. Section 1.1(eee) of the Loan Agreement is deleted in
its entirety and the following new Section 1.1(eee) is substituted in its place: 
 (eee) “Extraordinary
Expenses” means any one-time expenses such as: (i) non-cash intangible asset impairment charges; provided, however, the amount of such charges for purposes of determining Consolidated EBITDA under this Agreement is
subject to review and approval of Administrative Agent and Lenders; (ii) uninsured litigation settlement costs related to Biomedical Tissue Services incurred through December 31, 2014, not to exceed Three Million and 00/100 Dollars
($3,000,000.00); (iii) expenses incurred in connection with the acquisition of Pioneer Surgical Technologies related to: fees paid to consultants, advisors, financial investors or to the Securities and Exchange Commission (solely to the extent
legally payable); non-cash purchase price adjustments to Consolidated EBITDA for GAAP compliance; and severance and retention package payments; and (iv) restructuring and integration expenses incurred in the Quarter ending December 31,
2013, not to exceed in any event One Million Eight Hundred Thousand and 00/100 Dollars ($1,800,000.00). The acquisition expenses referred to in clause (iii) and the restructuring and integration expenses referred to in clause (iv) are
subject to good faith review and approval by Administrative Agent and Lenders for determination of eligibility under the defined categories, provided Administrative Agent and Lenders shall be deemed to have approved such expenses incurred prior to
December 23, 2013 which have been disclosed by Borrower to Administrative Agent in writing. 

  
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 1.4 Amendment of Section 1.1(iiiii), Definition of Total Funded Indebtedness.
Section 1.1(iiiii) of the Loan Agreement is deleted in its entirety and the following new Section 1.1(iiiii) is substituted in its place: 

(iiiii) “Total Funded Indebtedness” means outstanding Indebtedness for borrowed money and other interest
bearing Indebtedness, including current and long term Indebtedness. For the purposes of determining Total Funded Indebtedness for covenant calculation only, the outstanding Indebtedness associated solely with the Revolving Credit Note (but no other
Indebtedness) shall be reduced by the amount of Unrestricted Cash maintained by Borrower, on a consolidated basis, in excess of Ten Million and 00/100 Dollars ($10,000,000.00) (the “Covenant Net Debt Adjustment”), provided in no event
shall the Covenant Net Debt Adjustment be an amount greater than the outstanding balance under the Revolving Credit Note. 
 1.5
Amendment of Section 2.4(c), Definition of LIBOR Spread. Section 2.4(c) of the Loan Agreement is deleted in its entirety and the following new Section 2.4(c) is substituted in its place: 

(c) The “LIBOR Spread” shall be: (i) for the period commencing on the Closing Date and continuing
through, but not including, December 31, 2013, one hundred fifty (150) basis points per annum; and (ii) for the period commencing on December 31, 2013, the LIBOR Spread Applicable Basis Points. For purposes of this Agreement, the
“LIBOR Spread Applicable Basis Points” are determined based on Borrower’s financial performance under its Leverage Ratio as follows: 
  

			
	 Leverage Ratio
	  	LIBOR Spread
Applicable Basis Points
per annum
	 Less than 1x
	  	100 basis points
	 Equal to or greater than 1x but less than 1.5x
	  	125 basis points
	 Equal to or greater than 1.5x but less than 2x
	  	150 basis points
	 Equal to or greater than 2x but less than 2.5x
	  	175 basis points
	 Equal to or greater than 2.5x but less than 3x
	  	225 basis points
	 Equal to or greater than 3x
	  	300 basis points

 1.6 Amendment of Section 5.12(a), Minimum Fixed Charge Coverage Ratio. Section 5.12(a) of the
Loan Agreement is deleted in its entirety and the following new Section 5.12(a) is substituted in its place: 
 (a)
Minimum Fixed Charge Coverage Ratio. Borrower, on a consolidated basis, shall maintain a minimum Fixed Charge Coverage Ratio of not less than 1.25 to 1.0, measured quarterly as of each Quarter End, on a trailing four (4) Quarter basis.

  
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 1.7 Amendment of Section 5.12(b), Leverage Ratio. Section 5.12(b) of the Loan
Agreement is deleted in its entirety and the following new Section 5.12(b) is substituted in its place: 
 (b)
Leverage Ratio. Borrower, on a consolidated basis, shall maintain a Leverage Ratio, measured as of each Quarter End, on a trailing four (4) Quarter basis, of no greater than: 

 

			
	 Quarter End
	  	Leverage Ratio
	 December 31, 2013
	  	3.5 to 1.0
	 March 31, 2014
	  	3.6 to 1.0
	 June 30, 2014
	  	3.35 to 1.0
	 September 30, 2014, and December 31, 2014
	  	2.75 to 1.0
	 January 31, 2015 and after
	  	2.5 to 1.0

 1.8 Amendment of Section 5.12, Financial Covenants. Section 5.12 of the Loan Agreement is
amended by the addition of the following new Section 5.12(c): 
 (c) Minimum Cumulative Consolidated EBITDA. For
the period from October 1, 2013, through December 31, 2014 (the “Minimum Cumulative Consolidated EBITDA Requirement Period”), Borrower, on a consolidated basis, shall obtain and maintain a Minimum Cumulative Consolidated
EBITDA, measured as of each Quarter End, of not less than: 
  

					
	 Quarter End
	  	Minimum Cumulative
Consolidated EBITDA	 
	 December 31, 2013
	  	$	3,750,000.00	  
	 March 31, 2014
	  	$	9,750,000.00	  
	 June 30, 2014
	  	$	17,500,000.00	  
	 September 30, 2014
	  	$	25,000,000.00	  
	 December 31, 2014
	  	$	32,500,000.00	  

 For purposes of this Section 5.12(c), “Minimum Cumulative Consolidated EBITDA”
means the Consolidated EBITDA of Borrower calculated as of the applicable Quarter End for: (i) the applicable Quarter ending on such Quarter End; plus (ii) the cumulative Consolidated EBITDA of Borrower for each previous Quarter in the
Minimum Cumulative Consolidated EBITDA Requirement Period prior to such Quarter End. 
 SECTION 2 

CONDITIONS TO EFFECTIVENESS OF AMENDMENT 

2.1 Conditions to Effectiveness. This Amendment shall become effective as of the date (the “Amendment Date”)
when each of the following conditions is met (all instruments, documents and agreements to be in form and substance satisfactory to Administrative Agent and Lenders): 

(a) Receipt by the Administrative Agent of this Amendment duly and properly authorized, executed and delivered by each of the respective
parties to this Amendment. 

  
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 (b) Receipt by the Administrative Agent of certified copies of (i) resolutions of
Borrower’s board of directors authorizing the execution, delivery and performance of this Amendment and (ii) Borrower’s certificate of incorporation and by-laws. 

(c) Receipt by the Administrative Agent of an incumbency certificate for Borrower identifying all Authorized Officers, with specimen
signatures. 
 (d) Receipt of a certification by an officer of Borrower that, after giving effect to this Amendment, there has not occurred
any Post-Closing Material Adverse Effect. 
 (e) Payment by Borrower of the Amendment Fee. 

(f) Payment by Borrower of all of the Administrative Agent’s reasonable legal fees and expenses incurred in connection with the
preparation and negotiation of this Amendment. 
 SECTION 3 

REPRESENTATIONS AND WARRANTIES 

3.1 Representations and Warranties. Borrower represents and warrants to the Administrative Agent and the Lenders as follows:

 (a) The making and performance of this Amendment will not violate any Requirement of Law, or the charter, minutes or bylaw provisions of
Borrower, or violate or result in a default (immediately or with the passage of time) under any material contract, agreement or instrument to which Borrower is a party, or by which Borrower is bound. Borrower is not in violation of any term of any
material agreement or instrument to which it is a party or by which it may be bound which violation has or could reasonably be expected to have a Material Adverse Effect, or of its charter, minutes or bylaw provisions. 

(b) Borrower has all requisite power and authority to enter into and perform this Agreement and to incur the obligations herein provided for,
and has taken all proper and necessary action to authorize the execution, delivery and performance of this Amendment. 
 (c) This Amendment,
when delivered, will be valid and binding upon Borrower, and enforceable in accordance with their respective terms except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting
the enforcement of creditors’ rights generally and by general equitable principles. 
 (d) The execution, delivery and performance by
Borrower of this Amendment does not require any approval or consent of, or filing with, any governmental agency or authority other than those already obtained, if any. 

(e) The representations and warranties contained in Section 4 of the Loan Agreement and the other Loan Documents are true and
correct in all material respects as of the Amendment Date as though made on and as of the Amendment Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and
correct as of such earlier date and except to the extent of changes resulting from transactions contemplated or permitted by this Amendment and changes occurring in the ordinary course of business which singly or in the aggregate do not have a
Material Adverse Effect. For purposes of this Section 3.1, the representations and warranties contained in Section 4.7 of the Loan Agreement shall be deemed to refer to the most recent financial statements furnished pursuant to
Section 5.14(a) of the Loan Agreement. 
 (f) After giving effect to this Amendment, no Default or Event of Default under the Loan
Agreement has occurred and is continuing. 

  
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 SECTION 4 

MISCELLANEOUS 
 4.1 Amendment
Fee. At Closing, Lenders shall have fully earned and Borrower shall unconditionally pay to Lenders, a non-refundable fee with respect to this Amendment (the “Amendment Fee”) of One Hundred Thousand and 00/100 Dollars
($100,000.00). 
 4.2 Post-Closing Agreement. Borrower, the Administrative Agent and the Lenders agree that, as of the Amendment
Date, Borrower has satisfied and completed all of the post-closing items listed on Exhibit A to that certain Post-Closing Agreement, dated July 16, 2013 (the “Post-Closing Agreement”), by and among Borrower, the Administrative
Agent and the Lenders, except for Item C on Exhibit A to the Post-Closing Agreement which must be completed no later than February 28, 2014. 

4.3 Ratification and Confirmation. Except as expressly amended by this Amendment, the Loan Agreement, the other Loan Documents and all
documents, instruments and agreements related thereto are hereby ratified and confirmed in all respects and shall continue in full force and effect. This Amendment and the Loan Agreement shall hereafter be read and construed together as a single
document, and all references in the Loan Agreement, any other Loan Document or any agreement or instrument related to the Loan Agreement shall hereafter refer to the Loan Agreement as amended by this Amendment. 

4.4 Governing Law. THIS AMENDMENT, AND ALL MATERS ARISING OUT OF OR RELATING TO THIS AMENDMENT, AND ALL RELATED AGREEMENTS AND
DOCUMENTS, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE SUBSTANTIVE LAWS OF THE STATE OF FLORIDA. THE PROVISIONS OF THIS AMENDMENT AND ALL OTHER AGREEMENTS AND DOCUMENTS REFERRED TO HEREIN ARE TO BE DEEMED SEVERABLE, AND THE INVALIDITY
OR UNENFORCEABILITY OF ANY PROVISION SHALL NOT AFFECT OR IMPAIR THE REMAINING PROVISIONS WHICH SHALL CONTINUE IN FULL FORCE AND EFFECT. 

4.5 Successors and Assigns. This Amendment shall inure to the benefit of and be binding upon the successors and assigns of each of the
parties. 
 4.6 Duplicate Originals. Two (2) or more duplicate originals of this Agreement may be signed by the parties, each of
which shall be an original but all of which together shall constitute one and the same instrument. 
 [SIGNATURES TO FOLLOW ON SEPARATE
PAGE] 

  
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 WITNESS the due execution of this First Amendment to Second Amended and Restated Loan
Agreement as a document under seal as of the date first written above. 
  

			
	RTI SURGICAL, INC., as Borrower
		
	By:	 	 /s/ Brian K. Hutchison

	Name:	 	 Brian K. Hutchison

	Title:	 	 President and Chief Executive Officer

 (Signature Page to First Amendment to Second Amended and Restated Loan Agreement) 

 
			
	TD BANK, N.A., as Administrative Agent
		
	By:	 	 /s/ Mike Nursey

	Name:	 	 Mike Nursey

	Title:	 	 Regional Vice President

	
	TD BANK, N.A., as Lender
		
	By:	 	 /s/ Mike Nursey

	Name:	 	 Mike Nursey

	Title:	 	 Regional Vice President

	
	REGIONS BANK, as Lender
		
	By:	 	 /s/ William Benson

	Name:	 	 William Benson

	Title:	 	 Officer

 (Signature Page to First Amendment to Second Amended and Restated Loan Agreement)EX-4.2

 Exhibit 4.2 

Execution Copy 

FIFTH AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 

This Fifth Amended and Restated Registration Rights Agreement dated as of August 9, 2013 (this “Agreement”), among
Argos Therapeutics, Inc., a Delaware corporation (the “Company”), and the persons executing a counterpart of this Agreement listed as Holders on the signature pages of this Agreement. 

PRELIMINARY STATEMENT 
 The Company and
the Holders of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock were parties to a Fourth Amended and Restated Registration Rights Agreement dated as of August 31, 2012 (the “Old
Registration Rights Agreement”). 
 The Company and the purchasers of Series E Preferred Stock have entered into a certain Series E Preferred Stock
and Warrant Purchase Agreement of even date herewith (the “Series E Purchase Agreement”) pursuant to which the Company has agreed to sell and such purchasers have severally agreed to purchase shares of the Series E Preferred Stock.

 The Company and the other parties to this Agreement intend that, upon the execution of this Agreement, the Old Registration Rights Agreement shall be
superseded by, and amended and restated in its entirety as provided for in this Agreement. 
 In consideration of the mutual representations and agreements
set forth in this Agreement, the Company and the Holders agree to the following: 
 AGREEMENT 

 

	1.	RESTATEMENT 

  

	1.1	The Old Registration Rights Agreement is hereby superseded by, and amended and restated in its entirety as provided for herein. 

  

	2.	DEFINITIONS 

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

 

	2.1.1	“Affiliate” means any entity controlling, controlled by or under common control with a designated person. For the purposes of this definition, “control” shall have the meaning specified as of
the date of this Agreement for that word in Rule 405 promulgated by the Commission under the Securities Act. 

  

	2.1.2	“Agreement” shall have the meaning ascribed thereto in the introductory paragraph. 

  

	2.1.3	“Aurora Entities” means Aurora Ventures II, LLC, Harbinger/Aurora Venture Fund, LLC, Harbinger/Aurora QP Venture Fund, LLC, AV II Argos Enrichment, LLC and their Related Parties, collectively.

  

	2.1.4	“Board” means the Board of Directors of the Company. 

	2.1.5	“Commencement Date” means the earliest date as of which the Holders shall be entitled to exercise registration rights hereunder, which date shall be the earlier of (a) the second anniversary of the
date of this Agreement or (b) the 180th day after the effective date of a Qualified Public Offering 

  

	2.1.6	“Commission” means the Securities and Exchange Commission and any successor thereto. 

  

	2.1.7	“Common Stock” means the Company’s Common Stock, par value $0.001 per share. 

  

	2.1.8	“Company” shall have the meaning ascribed thereto in the introductory paragraph. 

  

	2.1.9	“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any statute or statutes which shall be enacted to take the place of such Exchange Act, together with all
rules and regulations promulgated thereunder. 

  

	2.1.10	“Forbion Entities” means Forbion Capital Partners, Coöperatieve AAC LS U.A., a cooperative association with corporate seat in Amsterdam, Forbion Co-Investment II Coöperatief U.A., their
Related Parties and ABN-AMRO Ventures B.V., collectively. 

  

	2.1.11	“Holders” means holders of outstanding Registrable Securities who are (a) persons executing a counterpart of this Agreement listed as Holders on the signature pages of this Agreement, and
(b) any subsequent legal or beneficial owner of Registrable Securities who has become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement in the form of Exhibit B attached
hereto. 

  

	2.1.12	“Intersouth Entities” means Intersouth Affiliates V, L.P., Intersouth Partners IV, L.P., Intersouth Partners V, L.P. and their Related Parties, collectively. 

 

	2.1.13	“Lumira Entities” means LCC Legacy Holdings Inc. (formerly, Lumira Capital Corp.), Lumira Capital I Limited Partnership, Lumira Capital I Quebec Limited Partnership, and their Related Parties,
collectively. 

  

	2.1.14	“Manager” shall have the meaning ascribed thereto in subsection 2.1.22. 

  

	2.1.15	“Morningside Entities” means Morningside Venture Investments Limited and its Related Parties, collectively. 

  

	2.1.16	“Notices” shall have the meaning ascribed thereto in subsection 16.4. 

  

	2.1.17	“Old Registration Rights Agreement” shall have the meaning ascribed thereto in the Preliminary Statement. 

  

	2.1.18	“Preferred Stock” means the Series A Preferred Stock, the Series B Preferred Stock, the Series C Preferred Stock, the Series D Preferred Stock and the Series E Preferred Stock, collectively.

  

	2.1.19	 Qualified Public Offering” means the closing of an initial public offering by the Company for its own account of Common Stock pursuant to
a registration statement on Form S-1 (or such successor form as the Securities and Exchange Commission under the Securities Act may promulgate) where such offering is at an offering price per share to the public of not less than three times the
Series E Original Purchase Price (as defined in the Company’s Sixth Amended 

  
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and Restated Certificate of Incorporation, as the same may be amended from time to time) (as adjusted for stock splits, dividends and the like) with aggregate proceeds to the Company of not less
than $50,000,000 (before deduction of underwriters commissions and expenses). 

  

	2.1.20	“Registrable Securities” shall mean the Series A Registrable Securities, the Series B Registrable Securities, the Series C Registrable Securities, the Series D Registrable Securities, the Series E
Registrable Securities and the Warrant Registrable Securities. Wherever reference is made in this Agreement to a request or consent of Holders of a certain percentage of Registrable Securities, the determination of such percentage shall include and
be calculated on the basis of shares of Common Stock issued or issuable in respect of the Preferred Stock. 

  

	2.1.21	“Registration Expenses” shall have the meaning ascribed thereto in subsection 8.1. 

  

	2.1.22	“Related Parties” means with respect to a Stockholder (a) such Stockholder’s Affiliates and (b) if such Stockholder is a venture capital or other investment fund, such Stockholder’s
exclusive provider of investment management or investment advisory services (a “Manager”), such Manager’s Affiliates, any other venture capital or investment fund to which such Manager or its Affiliates provide exclusive
investment management or investment advisory services, and any other venture capital or investment fund in the same fund family, and “Related Parties” shall mean all of them collectively. 

 

	2.1.23	“Rule 144” means Rule 144 promulgated by the Commission under the Securities Act, as such rule may be amended from time to time, or any successor Rule thereto. 

 

	2.1.24	“Securities Act” means the Securities Act of 1933, as amended prior to or after the date of this Agreement, or any federal statute or statutes which shall be enacted to take the place of such
Act, together with all rules and regulations promulgated thereunder. 

  

	2.1.25	“Selling Expenses” shall have the meaning ascribed thereto in subsection 8.1. 

  

	2.1.26	“Series A Preferred Stock” means the Company’s Series A Preferred Stock, par value $0.001 per share. 

  

	2.1.27	“Series A Registrable Securities” shall mean (i) shares of Common Stock issued or issuable pursuant to the conversion of shares of Series A Preferred Stock and (ii) any shares of Common Stock
issued or issuable in respect of such shares upon any stock split, stock dividend, recapitalization, reorganization, merger, consolidation, sale of assets or similar event, excluding in any event securities which have (a) been registered under
the Securities Act pursuant to an effective registration statement filed thereunder and disposed of in accordance with the registration statement covering them or (b) been sold to the public pursuant to Rule 144 under the Securities Act.

  

	2.1.28	“Series B Preferred Stock” means the Company’s Series B Preferred Stock, par value $0.001 per share. 

  

	2.1.29	 “Series B Registrable Securities” shall mean (i) shares of Common Stock issued or issuable pursuant to the conversion of shares
of Series B Preferred Stock and (ii) any shares of Common Stock issued or issuable in respect of such shares upon any stock split, stock dividend, recapitalization, reorganization, merger, consolidation, sale of assets or similar event,
excluding in any event securities which have (a) been registered under the Securities Act pursuant to an 

  
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effective registration statement filed thereunder and disposed of in accordance with the registration statement covering them or (b) been sold to the public pursuant to Rule 144 under the
Securities Act. 

  

	2.1.30	“Series C Preferred Stock” means the Company’s Series C Preferred Stock, par value $0.001 per share. 

  

	2.1.31	“Series C Registrable Securities” shall mean (i) shares of Common Stock issued or issuable pursuant to the conversion of shares of Series C Preferred Stock (including any shares of Series C
Preferred Stock issued upon exercise of outstanding warrants) and (ii) any shares of Common Stock issued or issuable in respect of such shares or warrants upon any stock split, stock dividend, recapitalization, reorganization, merger,
consolidation, sale of assets or similar event, excluding in any event securities which have (a) been registered under the Securities Act pursuant to an effective registration statement filed thereunder and disposed of in accordance with the
registration statement covering them or (b) been sold to the public pursuant to Rule 144 under the Securities Act. 

  

	2.1.32	“Series D Preferred Stock” means the Company’s Series D Preferred Stock, par value $0.001 per share. 

  

	2.1.33	“Series D Registrable Securities” shall mean (i) shares of Common Stock issued or issuable pursuant to the conversion of shares of Series D Preferred Stock and (ii) any shares of Common Stock
issued or issuable in respect of such shares upon any stock split, stock dividend, recapitalization, reorganization, merger, consolidation, sale of assets or similar event, excluding in any event securities which have (a) been registered under
the Securities Act pursuant to an effective registration statement filed thereunder and disposed of in accordance with the registration statement covering them or (b) been sold to the public pursuant to Rule 144 under the Securities Act.
Wherever reference is made in this Agreement to a request or consent of Holders of a certain percentage of Series D Registrable Securities, the determination of such percentage shall be calculated on the basis of shares of Common Stock issued or
issuable in respect of the Series D Preferred Stock. 

  

	2.1.34	“Series E Preferred Stock” means the Company’s Series E Preferred Stock, par value $0.001 per share. 

  

	2.1.35	“Series E Registrable Securities” shall mean (i) shares of Common Stock issued or issuable pursuant to the conversion of shares of Series E Preferred Stock and (ii) any shares of Common Stock
issued or issuable in respect of such shares upon any stock split, stock dividend, recapitalization, reorganization, merger, consolidation, sale of assets or similar event, excluding in any event securities which have (a) been registered under
the Securities Act pursuant to an effective registration statement filed thereunder and disposed of in accordance with the registration statement covering them or (b) been sold to the public pursuant to Rule 144 under the Securities Act.
Wherever reference is made in this Agreement to a request or consent of Holders of a certain percentage of Series E Registrable Securities, the determination of such percentage shall be calculated on the basis of shares of Common Stock issued or
issuable in respect of the Series E Preferred Stock. 

  

	2.1.36	“Series E Purchase Agreement” shall have the meaning ascribed thereto in the Preliminary Statement. 

  
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	2.1.37	“Short Form” means Form S-3 under the Securities Act, and any other form promulgated after the date of this Agreement applicable in circumstances substantially comparable to either of those forms,
regardless of its designation. 

  

	2.1.38	“TVM Entities” means TVM V Life Science Ventures GmbH & Co. KG and its Related Parties, collectively. 

  

	2.1.39	“Warrant Registrable Securities” shall mean (i) shares of Common Stock issued or issuable pursuant to the exercise of warrants issued pursuant to the Series E Purchase Agreement, including the
conversion of underlying shares of Series E Preferred Stock in the case of such warrants exercisable for shares of Series E Preferred Stock, and (ii) any shares of Common Stock issued or issuable in respect of such shares upon any stock split,
stock dividend, recapitalization, reorganization, merger, consolidation, sale of assets or similar event, excluding in any event securities which have (a) been registered under the Securities Act pursuant to an effective registration statement
filed thereunder and disposed of in accordance with the registration statement covering them or (b) been sold to the public pursuant to Rule 144 under the Securities Act. 

 

	3.	DEMAND REGISTRATIONS 

 3.1 At any time on or after the Commencement Date, by a written notice to the
Company, a Holder or Holders holding at least 25% of the Registrable Securities then outstanding may from time to time request that the Company register on Form S-1 under the Securities Act (or such successor form as the Commission may promulgate)
and under other relevant securities laws, for disposition in accordance with methods stated in the notice, Registrable Securities having an aggregate proposed offering price of at least $3,000,000. 

3.2 When it receives a registration notice under subsection 3.1, the Company shall promptly deliver a copy of the registration notice to each Holder who is
not a party to the registration notice, each of whom may then specify, by notice to the Company within fifteen (15) days of receipt of such registration notice, a number of shares of Registrable Securities which it wishes to include in any
registration pursuant to the registration notice under subsection 3.1. 
 3.3 When it receives a registration notice under subsection 3.1, the Company shall
use its best efforts to effect the registration under the Securities Act of Registrable Securities specified in the registration notice under subsection 3.1 and subsequent notices under subsection 3.2, all to the extent requisite to permit
disposition by such Holders in accordance with the intended methods of disposition described in the registration notice. 
  

	4.	REGISTRATIONS ON SHORT FORMS 

 4.1 In addition to the rights provided for in subsection 3.1, if at any
time the Company is a registrant entitled to use a Short Form to register Registrable Securities, one (1) or more Holders holding an aggregate of at least 15% of the Registrable Securities then outstanding may by a written notice to the Company
request that the Company register Registrable Securities specified in the notice on a Short Form. The Holders shall be entitled to request an unlimited number of registrations on Short Forms. 

4.2 When it receives a notice under subsection 4.1, and provided that the reasonably anticipated price to the public of the Registrable Securities proposed to
be registered would total more than $1,000,000, the Company shall use its best efforts to effect the expeditious registration under the Securities Act, on a Short Form, of Registrable Securities specified in the notice which are not then freely
tradable without any volume or other limitations pursuant to the provisions of Rule 144. 

  
 - 5 - 

 4.3 When it receives a registration notice under subsection 4.1, the Company shall promptly deliver a copy of the
registration notice to each Holder who is not a party to the registration notice, each of whom may then specify, by notice to the Company within fifteen (15) days of receipt of such registration notice, a number of Registrable Securities which
it wishes to include in any registration pursuant to the registration notice under subsection 4.1. 
 4.4 Notwithstanding subsections 4.1 and 4.2, the
Company shall not be required to effect any Short Form registration within six (6) months after the effective date of any other registration statement of the Company (other than on Forms S-4 or S-8 or their equivalents). 
 4.5 The Company shall use all reasonable efforts to qualify for registration on any Short
Form; and to that end the Company shall register (whether or not required by law to do so) the Common Stock under the Exchange Act in accordance with the provisions of that Act following the effective date of the first registration of any securities
of the Company on Form S-1 or any comparable or successor form. 
  

	5.	INCIDENTAL REGISTRATIONS 

 5.1 Each time the Company proposes to register any of its securities under the
Securities Act (other than pursuant to Section 3 or 4 hereof) prior to the tenth anniversary of the effective date of an initial public offering, for sale to the public, whether for its own account or for the account of other security holders
or both, it will give at least sixty (60) days’ advance written notice of its intention to do so to each Holder. Each Holder may then specify, by notice to the Company within fifteen (15) days of its receipt of the Company’s
notice, a number of shares of Registrable Securities which it wishes to include in the Company’s proposed registration. Subject to the market cutback limitations of Section 10, the Company will use its best efforts to effect the
registration under the Securities Act of Registrable Securities specified by Holders under this Section 5. 
  

	6.	LIMITATIONS ON REGISTRATION RIGHTS 

 6.1 Notwithstanding any contrary provision of this Agreement: 

 

	6.1.1	the Company shall not be required to effect more than two (2) registrations pursuant to Section 3 at its expense; provided, however, that a demand for registration shall not count as one (1) of the two
(2) registrations permitted pursuant to Section 3 under this paragraph 6.1.1 if either (i) the registration statement filed with respect to such registration is not declared effective by the Commission, or (ii) the Holders
requesting registration of Registrable Securities under subsections 3.1 and 3.2 do not register and sell at least 90% of the Registrable Securities they have requested be registered in such registration, and provided further that the Holders may
request registrations in excess of two (2) if the Holders agree to pay all Registration Expenses associated with such registrations in excess of two (2) and the Board does not deem such additional registrations to be unduly burdensome on
the management of the Company; and 

  

	6.1.2	Section 5 shall not apply to a registration effected solely to implement an employee benefit plan or to any other form or type of registration which does not permit inclusion of Registrable Securities pursuant to
Commission rule or practice. 

  
 - 6 - 

	7.	REGISTRATION PROCEDURES 

 7.1 Whenever the Company is required by the provisions of this Agreement to use
its best efforts to effect the registration of any Registrable Securities under the Securities Act, the Company will, as expeditiously as possible: 
  

	7.1.1	in the case of a registration required under Section 3, engage the underwriters designated by the sellers pursuant to subsection 14.1; 

 

	7.1.2	before filing each registration statement or prospectus or amendment or supplement thereto with the Commission, furnish each seller with copies of all such documents proposed to be filed which shall be subject to the
reasonable approval of such seller or its counsel; 

  

	7.1.3	prepare and file with the Commission a registration statement with respect to such Registrable Securities and use its best efforts to cause such registration statement to become and remain effective for the period
provided in subsection 7.2; 

  

	7.1.4	prepare and file with the Commission such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective and
to comply with the provisions of the Securities Act with respect to the sale or other disposition of all Registrable Securities covered by such registration statement in accordance with the intended methods of disposition set forth in such
registration statement; 

  

	7.1.5	prepare and promptly file with the Commission, and notify each seller of such Registrable Securities immediately after the filing of, such amendment or supplement to such registration statement or prospectus as may be
necessary to correct any statements or omissions if, during such periods as a prospectus relating to such securities is required to be delivered under the Securities Act, any event shall have occurred as the result of which any such prospectus or
any other prospectus as then in effect would include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading, and
notify each seller immediately after its discovery of such event; 

  

	7.1.6	furnish to the underwriters and each seller of such Registrable Securities such numbers of copies of such registration statement, each amendment and supplement thereto, the prospectus included in such registration
statement (including each preliminary prospectus) and such other documents as such underwriters or seller may reasonably request in order to facilitate the disposition of the Registrable Securities subject to such registration statement in
accordance with such registration statement; 

  

	7.1.7	use its best efforts to register or qualify any Registrable Securities covered by such registration statement under the securities or blue sky laws of such jurisdictions within the United States of America as a seller
or the underwriters reasonably request, and to take any other acts which a seller or the underwriters may reasonably request under such securities or blue sky laws to enable the consummation of the disposition in such jurisdictions of such
Registrable Securities (provided, however, that the Company may not be required under this Agreement (i) to qualify generally to do business as a foreign corporation in any jurisdiction in which it would not otherwise be required to qualify, or
(ii) to subject itself to taxation in any such jurisdiction, or (iii) to consent to general service of process in any such jurisdiction); 

  
 - 7 - 

	7.1.8	provide a transfer agent and registrar for all Registrable Securities sold under the registration and provide a CUSIP number for all Registrable Securities sold under the registration not later than the effective date
of the registration statement; 

  

	7.1.9	cause all Registrable Securities sold under the registration to be listed on each securities exchange or to be qualified and eligible for trading in any automated quotation system, if any, on which similar securities
issued by the Company are then listed or traded or, if no such listing or qualification has then occurred, to cause such securities to be so listed or qualified on an exchange or in a trading system that is reasonably acceptable to Holders holding
the Registrable Securities being sold; 

  

	7.1.10	enter into such customary agreements (including underwriting agreements in customary form) and take all such other actions as the underwriters, if any, or the Holders holding more than 50% of the Registrable Securities
being sold reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (including, without limitation, effecting a stock split or a combination of shares), it being understood that such agreements and actions
shall also benefit other Holders who are selling Registrable Securities thereunder; 

  

	7.1.11	advise each seller of Registrable Securities, immediately after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the Commission suspending the effectiveness of such registration
statement or the initiation or threatening of any proceeding for such purpose and promptly use reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal if such stop order should be issued; 

 

	7.1.12	make available for inspection by each seller of Registrable Securities, any underwriter participating in any disposition pursuant to such registration statement, and any attorney, accountant or other agent retained by
any such seller or underwriter, all financial and other records, pertinent corporate documents and properties of the Company, and cause the Company’s officers, directors, employees and independent accountants to supply all information
reasonably requested by any such seller or underwriter in connection with such registration statement, all subject to such limitations as the Company reasonably deems appropriate in order to protect the Company’s confidential or proprietary
information; and 

  

	7.1.13	if the offering is underwritten and at the request of any seller of Registrable Securities, use all reasonable efforts to furnish on the date that Registrable Securities are delivered to the underwriters for sale
pursuant to such registration: (i) an opinion dated such date of counsel representing the Company for the purpose of such registration, addressed to the underwriters to such effect as reasonably may be requested by counsel for the underwriters,
and executed counterparts of such opinion addressed to the sellers of Registrable Securities to the same effect as requested by counsel for the underwriters, and (ii) a letter dated such date from the independent public accountants (as defined
in Regulation S-X promulgated under the Exchange Act) retained by the Company, addressed to the underwriters stating that they are independent public accountants within the meaning of the Securities Act and
that, in the opinion of such accountants, the financial statements of the Company included in the registration statement or the prospectus, or any amendment or supplement thereof, comply as to form in all material respects with the applicable
accounting requirements of the Securities Act, and such letter shall additionally cover such other financial matters (including information as to the period ending no more than five business days prior to the date of such letter) with respect to
such registration as such underwriters reasonably may request. 

  
 - 8 - 

 In addition, the Company shall ensure that, at all times after any registration statement covering a public
offering of securities of the Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Company’s directors may implement a trading program under Rule 10b5-1 of the Exchange Act. 

7.2 Notwithstanding any contrary provision of this Section 7, the Company shall not be required to use its best efforts to maintain the effectiveness of
any registration statement for a period in excess of one hundred and eighty (180) days or until all of the sellers have sold or otherwise disposed of their Registrable Securities registered under such registration statement, whichever is
earlier. This one hundred and eighty (180) day period shall be extended by any period of time in which the sellers are prohibited by law from selling Registrable Securities pursuant to such registration statement. 

7.3 It shall be a condition precedent to the inclusion of the Registrable Securities of any seller in a registration effected pursuant to this Agreement that
such seller shall (a) furnish to the Company such information regarding such seller, the Registrable Securities of such seller to be registered and the intended method of disposition of such Registrable Securities, and (b) execute such
indemnities, underwriting agreements and other documents, as the Company shall reasonably request in order to satisfy the requirements applicable to such registration. 
  

	8.	EXPENSES 

 8.1 The Company shall pay all expenses incurred in effecting (a) the first two
(2) registrations of Registrable Securities provided for in Section 3 of this Agreement, (b) all registrations of Registrable Securities provided for in Section 4, and (c) all registrations of Registrable Securities provided
for in Section 5 of this Agreement, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel and independent public accountants for the Company, fees and expenses (including counsel
fees) incurred in connection with complying with state securities or “blue sky” laws, fees of the Financial Industry Regulatory Authority, transfer taxes, fees of transfer agents and registrations, costs of any insurance which might be
obtained by the Company with respect to the offering by the Company and reasonable fees and disbursements of a single counsel for the sellers selected by the Holders holding more than 50% of the Registrable Securities being sold (collectively, the
“Registration Expenses”), but excluding Selling Expenses. All underwriting discounts and selling commissions applicable to the sale of Registrable Securities are called “Selling Expenses”. All Selling Expenses in
connection with each registration statement under Sections 3, 4 and 5 shall be borne by the participating sellers in proportion to the number of Registrable Securities registered by each, or by such participating sellers other than the Company
(except to the extent the Company shall be a seller) as they may agree. 
  

	9.	INDEMNIFICATION 

 9.1 In the event of any registration of any of its Registrable Securities under the
Securities Act pursuant to this Agreement, the Company agrees, to the extent permitted by law, to indemnify and hold harmless each seller of Registrable Securities, and each Affiliate of such seller, against any losses, claims, damages or
liabilities, joint or several, arising out of or based upon: 
  

	9.1.1	any untrue statement or alleged untrue statement of any material fact contained in any registration statement under which such securities were registered under the Securities Act, any preliminary prospectus or final
prospectus contained therein, or any summary prospectus contained therein or any amendment or supplement thereto; 

  
 - 9 - 

	9.1.2	any omission or alleged omission to state in any such document a material fact required to be stated therein or necessary to make the statements therein not misleading; or 

 

	9.1.3	any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state
securities laws, 

  

	    	except insofar as any such loss, claim, damage or liability is: 

  

	 	(i)	caused by or contained in any information furnished in writing to the Company by such seller expressly for use in connection with such registration; or 

 

	 	(ii)	caused by such seller’s failure to deliver a copy of the registration statement or prospectus or any amendment or supplement thereto as required by the Securities Act; or 

 

	 	(iii)	caused by the seller’s use of a prospectus or preliminary prospectus or any amendment or supplement thereto after receipt of written notice from the Company that it should no longer be used. 

 

	    	In connection with an underwritten offering, the Company will indemnify such underwriters, their officers and directors and each person who controls (within the meaning of the Securities Act) such underwriters to the
same extent as provided above with respect to the sellers of Registrable Securities. The Company shall reimburse each person indemnified pursuant to this subsection 9.1 in connection with investigating or defending any loss, claim, damage, liability
or action indemnified against. The reimbursements required by this subsection 9.1 shall be made by periodic payments during the course of the investigation or defense, as and when bills are received or expenses incurred. The indemnities provided
pursuant to this subsection 9.1 shall remain in force and effect regardless of any investigation made by or on behalf of the indemnified party and shall survive transfer of Registrable Securities by a seller. 

9.2 In the event of any registration of any Registrable Securities under the Securities Act pursuant to this Agreement, each seller of Registrable Securities
agrees to furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any registration statement or prospectus in connection with the registration or any amendment or supplement
thereto. 
 9.3 To the extent permitted by law, and subject to the limitation set forth in the last sentence of this subsection 9.3, each Holder which is a
seller of Registrable Securities in a registration pursuant to this Agreement agrees severally and not jointly to indemnify and hold harmless the Company, its directors and officers, each Affiliate of the Company and each other seller of securities
in such registration and each Affiliate of each such other seller against any losses, claims, damages or liabilities, joint or several, arising out of or based upon: 
  

	9.3.1	any untrue statement or alleged untrue statement of any material fact contained in any registration statement under which such Registrable Securities were registered under the Securities Act, any preliminary prospectus
or final prospectus contained therein, or any summary prospectus contained therein, or any amendment or supplement thereto; or 

  

	9.3.2	 any omission or alleged omission to state in any such document a material fact required to be stated therein or necessary to make the statements
therein not misleading, 

  
 - 10 - 

	 	
but only insofar as any such loss, claim, damage or liability (a) is caused by or contained in any information furnished in writing to the Company by the indemnifying seller expressly for
use in connection with such registration, and excluding any such loss, claim, damage or liability which is caused by or contained in such statements, or caused by such omissions, based upon the authority of an expert as defined in the Securities Act
(but only if the indemnifying seller had no ground to believe, and did not believe, that the statements made on the authority of an expert were untrue or that there was an omission to state a material fact), (b) arises out of or is based upon
any failure by such seller to deliver a copy of the registration statement or prospectus or any amendment or supplement thereto as required by the Securities Act, or (c) is caused by the seller’s use of a prospectus or preliminary
prospectus or any amendment or supplement thereto after receipt of written notice from the Company that it should no longer use same. 

  

	    	In connection with an underwritten offering, each seller will indemnify such underwriters, their officers and directors and each person who controls (within the meaning of the Securities Act) such underwriters to the
same extent as provided above with respect to the Company and other sellers. Each seller shall reimburse each person indemnified pursuant to this subsection 9.3 in connection with investigating or defending any loss, claim, damage, liability or
action indemnified against. The reimbursements required by this subsection 9.3 shall be made by periodic payments during the course of the investigation or defense, as and when bills are received or expenses incurred. The indemnities provided
pursuant to this subsection 9.3 shall remain in force and effect regardless of any investigation made by or on behalf of the indemnified party and shall survive transfer of Registrable Securities by a seller. Notwithstanding any contrary provision
of this Agreement, however, the liability under this Section 9 of each Holder which is a seller of Registrable Securities shall be limited in the aggregate, with respect to the claims of all indemnified persons taken as a whole, to that portion
of any such loss, claim, damage, liability or expense which is equal to the proportion that the public offering price of the Registrable Securities sold by such indemnifying seller under such registration statement bears to the total public offering
price of all securities sold thereunder, up to a maximum amount equal to the amount of the net proceeds received by such indemnifying seller from the Registrable Securities sold by it thereunder. 

9.4 Promptly after receipt by an indemnified party hereunder of notice of the commencement of any action, such indemnified party shall, if a claim in respect
thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing thereof, but the omission so to notify the indemnifying party shall not relieve it from any liability which it may have to such indemnified
party other than under this Section 9 and shall only relieve it from any liability which it may have to such indemnified party under this Section 9 if and to the extent the indemnifying party is prejudiced by such omission. In case any
such action shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate in and, to the extent it shall wish, to assume and undertake
the defense thereof with counsel reasonably satisfactory to such indemnified party, and, after notice from the indemnifying party to such indemnified party of its election so to assume and undertake the defense thereof, the indemnifying party shall
not be liable to such indemnified party under this Section 9 for any legal expenses subsequently incurred by such indemnified party in connection with the defense thereof, provided, however, that, if the defendants in any such action include
both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be reasonable defenses available to it which are different from or additional to those available to the indemnifying party
or that the interest of the indemnified party reasonably may be deemed to conflict with the interests of the indemnifying party, the indemnified party shall have the right to select a separate counsel and to assume such legal defenses and otherwise
to 

  
 - 11 - 

 
participate in the defense of such action, with the expenses and fees of such separate counsel and other expenses related to such participation to be reimbursed by the indemnifying party as
incurred. No indemnifying party, in the defense of any such claim or action, shall, except with the consent of each indemnified party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term
thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or action. Each indemnified party shall furnish such information regarding itself or the claim in question as an
indemnifying party may reasonably request in writing and as shall be reasonably required in connection with defense of such claim or litigation resulting therefrom. 

9.5 In order to provide for just and equitable contribution to joint liability under the Securities Act in any case in which either (i) any Holder
exercising rights under this Agreement, or any Affiliate of any such Holder, makes a claim for indemnification pursuant to this Section 9 but it is judicially determined (by the entry of a final judgment or decree by a court of competent
jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact that this Section 9 provides for indemnification in such case, or
(ii) contribution under the Securities Act may be required on the part of any such selling Holder or any Affiliate in circumstances for which indemnification is provided under this Section 9; then, and in each such case, the Company and
such Holder will contribute to the aggregate losses, claims, damages or liabilities to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the indemnifying party
and the indemnified party in connection with the statements, omissions, or other actions that resulted in such loss, claim, damage or liability, as well as to reflect any other relevant equitable considerations (where the relative fault of the
indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to
information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission), provided, however, that, in any
such case, (A) no such Holder will be required to contribute any amount in excess of the net proceeds received from the sale of all such Registrable Securities offered by it pursuant to such registration statement; and (B) no person or
entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation. 

 

	10.	MARKETING RESTRICTIONS 

  

	10.1	If: 

  

	10.1.1	a registration is to be made pursuant to a registration notice under Section 3 or Section 4 of this Agreement; 

  

	10.1.2	the offering proposed to be made by the Holder or Holders for whom such registration is to be made is to be an underwritten public offering; and 

 

	10.1.3	 the managing underwriters of such public offering determine that the total amount of Common Stock to be included in such offering would exceed the
maximum number of shares of Common Stock (as specified in a written opinion to the Holders requesting registration) which can be marketed at a price reasonably related to the current market value of such Common Stock and without otherwise materially
and adversely affecting such offering, then the number of shares of Registrable Securities shall be reduced first by excluding the Series A Registrable Securities of the Holders requesting registration on a pro rata basis, second by excluding
the 

  
 - 12 - 

	 	
Series B Registrable Securities of the Holders requesting registration on a pro rata basis, third by excluding the Series C Registrable Securities of the Holders requesting registration on
a pro rata basis, fourth by excluding the Series D Registrable Securities of the Holders requesting registration on a pro rata basis, and fifth by excluding the Series E Registrable Securities of the Holders requesting registration on
a pro rata basis; provided, however, that such number of shares of Registrable Securities shall not be reduced if any shares are to be included in such underwriting for the account of the Company or any person other than the Holders, and no
Registrable Securities other than those registered and included in the underwritten offering shall be offered for sale or other disposition in a transaction which would require registration under the Securities Act until the expiration of one
hundred and eighty (180) days after the effective date of the registration statement filed in connection with such registration or such earlier time consented to by the managing underwriters. 

 

	10.2	If: 

  

	10.2.1	any Holder requests registration of Registrable Securities under Section 5 of this Agreement; 

  

	10.2.2	the offering proposed to be made is to be an underwritten public offering; and 

  

	10.2.3	the managing underwriters of such public offering determine that the total amount of Common Stock to be included in such offering would exceed the maximum amount of Common Stock (as specified in a written opinion to the
Holders requesting registration) which can be marketed at a price reasonably related to the then current market value of such Common Stock and without materially and adversely affecting such offering, then the number of shares of Registrable
Securities shall be reduced first by excluding the Series A Registrable Securities of the Holders requesting registration on a pro rata basis, second by excluding the Series B Registrable Securities of the Holders requesting registration on a
pro rata basis, third by excluding the Series C Registrable Securities of the Holders requesting registration on a pro rata basis, fourth by excluding the Series D Registrable Securities of the Holders requesting registration on a
pro rata basis, and fifth by excluding the Series E Registrable Securities of the Holders requesting registration on a pro rata basis; provided, however, that such number of shares of Registrable Securities shall not be reduced if any
shares are to be included in such underwriting for the account of any person other than the Company or the Holders; and no Registrable Securities other than those registered and included in the underwritten offering shall be offered for sale or
other disposition in a transaction which would require registration under the Securities Act until the expiration of one hundred and eighty (180) days after the effective date of the registration statement filed in connection with such
registration or such earlier time consented to by the managing underwriters. 

 10.3 In connection with any offering involving an underwriting
of Common Stock pursuant to Section 5 of this Agreement, the Company shall not be required to include any of the Registrable Securities of a Holder in such offering unless such Holder agrees to the terms of the underwriting agreed to between
the Company and the underwriter or underwriters selected by the Company, provided that all other persons who are holders of 5% or more of the outstanding shares of stock of the Company and that are selling shares in such offering also agree to the
terms of such underwriting. 
  

	11.	SALE OF PREFERRED STOCK TO UNDERWRITER 

 11.1 Notwithstanding anything in this Agreement to the contrary,
in lieu of converting any Preferred Stock to Common Stock prior to or simultaneously with the filing or the effectiveness of any registration 

  
 - 13 - 

 
statement filed pursuant to this Agreement, the Holder holding such Preferred Stock may sell such Preferred Stock to the underwriter of the offering being registered upon the undertaking of such
underwriter to convert such Preferred Stock into Common Stock before making any distribution pursuant to such registration statement and agreeing to include such Common Stock among the securities being offered pursuant to such registration
statement. The Company agrees to cause the Common Stock issuable on conversion of such Preferred Stock to be issued within such time as will permit the underwriter to make and complete the distribution contemplated by the underwriting and to
register the Preferred Stock in any registration statement so that the Holder may make the sale described in the first sentence of this Section 11. 
  

	12.	MARKET STAND-OFF 

 12.1 Each Holder agrees in connection with the registration in a Qualified Public
Offering that, upon the request of the Company or the underwriters managing such underwritten offering, he, she or it will not sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities (other
than the Registrable Securities included in the registration) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed one hundred and eighty (180) days) from the
effective date of such registration as the Company or the underwriters may specify, provided that all executive officers and directors of the Company and all other persons who are holders of 1% or more of the outstanding shares of stock of the
Company are similarly restricted. 
  

	13.	COMPLIANCE WITH RULE 144 

 13.1 In the event that the Company (a) registers a class of securities
under Section 12 of the Exchange Act, (b) issues an offering circular meeting the requirements of Regulation A under the Securities Act or (c) commences to file reports under Section 13 or 15(d) of the Exchange Act, then at the
request of any Holder who proposes to sell Registrable Securities in compliance with Rule 144 of the Commission, the Company shall (i) forthwith furnish to such Holder a written statement of compliance with the filing requirements of the
Commission as set forth in Rule 144 and (ii) make available to the public and such Holders such information as will enable the Holders to make sales pursuant to Rule 144. 

 

	14.	DESIGNATION OF UNDERWRITER 

 14.1 In the case of any registration effected pursuant to Section 3 or
4, the managing underwriters and any other investment banking advisers to the Company shall be selected by Holders holding not less than 50% of the Registrable Securities initiating the registration request, and shall be reasonably acceptable to the
Company. 
  

	15.	GRANT OF SUBSEQUENT REGISTRATION RIGHTS 

 15.1 The Company shall not grant registration rights to any
other person unless such rights are subordinate to the rights of the Holders pursuant to this Agreement or the Holders’ consent to such subsequent registration rights pursuant to Section 16 of this Agreement. 

 

	16.	MISCELLANEOUS 

 16.1 Amendment; Waiver. This Agreement may be amended or modified and the
observance of any term hereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of all of the following: 

 

	16.1.1	the Company; and 

  
 - 14 - 

	16.1.2	Holders holding (a) more than 60% of the Registrable Securities and (b) at least 70% of the Series E Registrable Securities. 

Any amendment, modification or waiver so effected shall be binding upon the Company, the Holders and all of their respective successors and permitted assigns
whether or not such party entered into or approved such amendment, modification or waiver; provided, however, that this Agreement may not be amended or modified and the observance of any term hereunder may not be waived with respect to
any Holder without the written consent of such Holder unless such amendment, modification or waiver applies to all Holders in the same manner. 
 16.2
Severability. In the event that any court or any governmental authority or agency declares all or any part of any Section of this Agreement to be unlawful or invalid, such unlawfulness or invalidity shall not serve to invalidate any
other Section of this Agreement, and in the event that only a portion of any Section is so declared to be unlawful or invalid, such unlawfulness or invalidity shall not serve to invalidate the balance of such Section. 

16.3 Assignments; Transfers. No party hereto may transfer or assign his, her or its rights hereunder to any third party without the prior
written consent of the Company and the Holders holding more than 50% of the Registrable Securities excluding the Registrable Securities of a Holder proposing such a transfer of rights, except that (a) any Holder shall be permitted to transfer
its rights hereunder without obtaining such prior consent to (i) its Affiliate or to a transferee pursuant to a transfer that is permitted pursuant to Section 4.1 of the Sixth Amended and Restated Stockholders’ Agreement of even date
herewith (as it may be amended or replaced), (ii) another Holder, or (iii) any transferee of at least 50,000 shares (as adjusted for stock splits, consolidations and the like) of Series E Registrable Securities from such Holder;
(b) each of the Aurora Entities shall be permitted to transfer its rights hereunder to any of the other Aurora Entities; (c) each of the Intersouth Entities shall be permitted to transfer its rights hereunder to any of the other Intersouth
Entities; (d) each of the Lumira Entities shall be permitted to transfer its rights hereunder to any of the other Lumira Entities; (e) each of the TVM Entities shall be permitted to transfer its rights hereunder to any of the other TVM
Entities; (f) each of the Forbion Entities shall be permitted to transfer its rights hereunder to any of the other Forbion Entities; and (g) each of the Morningside Entities shall be permitted to transfer its rights hereunder to any of the
other Morningside Entities; provided in each case that the Company is notified in writing of any such transfer. This Agreement is binding upon and inures to the benefit of the Company, its successors and assigns, and the Holders, their permitted
successors and assigns, heirs, and legal representatives. 
 16.4 Notices. All notices, requests, consents and other communications hereunder
(“Notices”) to any party shall be contained in a written instrument addressed to such party at the address set forth below or such other address as may hereafter be designated in writing by the addressee to the addressor listing all
parties and shall be deemed given (a) when delivered in person or duly sent by fax showing confirmation of receipt, (b) three days after being duly sent by first class mail postage prepaid (other than in the case of Notices to or from any
non-U.S. resident, which Notices must be sent in the manner specified in clause (a) or (c)), or (c) two days after being duly sent by email, DHL, Federal Express or other recognized express international courier service: 

(a) if to the Company, to Argos Therapeutics, Inc., 4233 Technology Drive, Durham, North Carolina 27704, Attn: Chief Executive Officer,
with a copy (which shall not constitute notice) to Hutchison PLLC, 3110 Edwards Mill Road, Suite 300, Raleigh, NC 27612, Attn: William N. Wofford (bwofford@hutchlaw.com, facsimile: 866-479-7550); or, 

  
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 (b) if to a Holder, at such Holder’s address as set forth in Exhibit A hereto or, if
no such address appears, at such Holder’s address as shown on the books of the Company or its transfer agent, with a copy (which shall not constitute notice) to Ropes & Gray LLP, 1900 University Avenue, 6th Floor, East Palo Alto, CA
94303, Attn: Lowell Segal (email: lowell.segal@ropesgray.com; facsimile: 650-566-4244). 
 16.5 Governing Law. This Agreement shall be
governed by and construed in accordance with the laws of the State of Delaware, without giving effect to its principles of conflicts of laws. 
 16.6
Counterparts. This Agreement may be executed in two (2) or more counterparts, each which shall be deemed an original but all of which shall together constitute one and the same instrument. 

16.7 Headings. The headings used herein are solely for the convenience of the parties and shall not serve to modify or interpret the text of the
Sections at the beginning of which they appear. 
 [SIGNATURE PAGES FOLLOW] 

  
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 Execution Copy 

IN WITNESS WHEREOF, the parties have caused this Fifth Amended and Restated Registration Rights Agreement to be duly executed and delivered by their proper
and duly authorized officers as of the date and year first written above. 
  

			
	COMPANY:
	
	ARGOS THERAPEUTICS, INC.
		
	By:	 	 /s/ Jeffrey D. Abbey

		
	Name:	 	 Jeffrey D. Abbey

		
	Its:	 	 President and Chief Executive Officer

 EXHIBIT B 

ADDITIONAL HOLDER SIGNATURE PAGE 

By executing this signature page in the space provided, the undersigned hereby agrees (i) that it is a “Holder” as defined in
the Fifth Amended and Restated Registration Rights Agreement dated as of August 9, 2013, among Argos Therapeutics, Inc. and certain Holders named on Exhibit A thereto (the “Registration Rights Agreement”), (ii) that it is a party
to the Registration Rights Agreement for all purposes, and (iii) that it is bound by all terms and conditions of the Registration Rights Agreement. 

EXECUTED this      day of             ,
20    . 
  

			
	Holder:	 	  

		
	By:	 	  

		
	Name:	 	  

		
	Its:

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