Document:

EX-10.2

 Exhibit 10.2 

AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT 

THIS AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT is made as of the 18th day of August 2017, by and among electroCore, LLC, a
Delaware limited liability company (the “Company”), each of the investors listed on Schedule A hereto (each of which is referred to in this Agreement as an “Investor”), each of the holders of
Common Units listed on Schedule B hereto (each of whom is referred to herein as a “Key Holder”), and any additional person that become a party to this Agreement herewith, and amends and restates that
certain Investors’ Rights Agreement dated as of March 28, 2013 among the Company and the other parties thereto (the “Original Agreement”). 

RECITALS 
 WHEREAS, the
Company and certain of the Investors are parties to the Original Agreement; and 
 WHEREAS, in order to induce the Company to enter
into the Series B Preferred Unit Purchase Agreement of even date herewith among the Company and the other parties thereto (the “Series B Purchase Agreement”) and to induce the Investors who are party to the Series B Purchase
Agreemnt to invest funds in the Company pursuant to the Series B Purchase Agreement, the Investors and the Company hereby agree to amend and restate the Original Agreement governing the rights of the Investors to cause the Company to register
certain Common Units, to receive certain information from the Company, and to shall govern certain other matters as set forth in this Agreement. 

NOW, THEREFORE, the parties hereby agree as follows: 

1. Definitions. For purposes of this Agreement: 

1.1 “Affiliate” means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is
controlled by, or is under common control with such Person, including without limitation any general partner, managing member, officer or director of such Person or any venture capital fund now or hereafter existing that is controlled by one or more
general partners or managing members of, or shares the same management company with, such Person. 
 1.2 “Common Units”
means the common units of the Company (or common stock of the Company if the Company is converted or otherwise becomes a corporation) with the rights, privileges, preferences and restrictions set forth in the Restated Operating Agreement. 

1.3 “Damages” means any loss, damage, claim or liability (joint or several) to which a party hereto may become subject under
the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of or is based upon (i) any untrue statement or alleged untrue statement of a
material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; (ii) an omission or alleged omission to state therein a
material fact required to be stated therein, or 

 
necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying party (or any of its agents or Affiliates) 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 law. 

1.4 “Derivative Securities” means any securities or rights convertible into, or exercisable or exchangeable for (in each
case, directly or indirectly), Common Units, including options and warrants. 
 1.5 “Exchange Act” means the
Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 1.6 “Excluded
Registration” means (i) a registration relating to the sale of securities to employees of the Company or a subsidiary pursuant to a stock or unit option, stock or unit purchase, or similar plan; (ii) a registration relating to an
SEC Rule 145 transaction; (iii) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a
registration in which the only Common Units being registered are Common Units issuable upon conversion of debt securities that are also being registered. 

1.7 “Finance Committee” means the Finance Committee of the Company’s Board of Managers (the “Board”)
constituted and operating in accordance with the Restated Operating Agreement. 
 1.8 “Form
S-1” means such form under the Securities Act as in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC. 

1.9 “Form S-3” means such form under the Securities Act as in effect on the
date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC that permits incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

1.10 “GAAP” means generally accepted accounting principles in the United States. 

1.11 “Holder” means any Investor who holds Registrable Securities and who is a party to this Agreement; provided that for
purposes of Section 2.2 (and other associated Sections to the extent they govern procedures related to Section 2.2), Holders shall be deemed to include the Key Holders. 

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

1.13 “Initiating Holders” means, collectively, Holders who properly initiate a registration request under this Agreement.

  
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 1.14 “Investor” shall have the meaning set forth in the preamble to this
Agreement. 
 1.15 “IPO” means the Company’s first underwritten public offering of its Common Units under the
Securities Act. 
 1.16 “Key Holder Registrable Securities” means (i) all Common Units held by the Key Holders, and
(ii) any Common Unit issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of such units. 

1.17 “New Securities” means, collectively, equity securities of the Company, whether or not currently authorized, as well as
rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or exchangeable into or exercisable for such equity securities. 

1.18 “Person” means any individual, corporation, partnership, trust, limited liability company, association or other entity.

 1.19 “ Preferred Units” means, collectively, the Series A Preferred Units and the Series B Preferred Units. 

1.20 “Registrable Securities” means (i) the Units issuable or issued upon conversion of the Preferred Units;
(ii) any Common Units, or any Common Units issued or issuable (directly or indirectly) upon conversion and/or exercise of any other securities of the Company, acquired by the Investors after the
date hereof; (iii) the Key Holder Registrable Securities; and (iv) any Common Units issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution with
respect to, or in exchange for or in replacement of, the units referenced in clauses (i) and (ii) above; excluding for purposes of Section 2 any units for which registration rights have terminated
pursuant to Subsection 2.13 of this Agreement. 
 1.21 “Registrable Securities then outstanding” means the
number of units determined by adding the number of outstanding Common Units that are Registrable Securities and the number of Common Units issuable (directly or indirectly) pursuant to then exercisable and/or convertible securities that are
Registrable Securities. 
 1.22 “Restated Operating Agreement” means the Second Amended and Restated Limited Liability
Company Agreement of the Company dated as of August 18, 2017, as such agreement may be further amended and/or restated from time to time. 

1.23 “Restricted Securities” means the securities of the Company required to bear the legend set forth in Subsection
2.12(b) hereof. 
 1.24 “SEC” means the Securities and Exchange Commission. 

1.25 “SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act. 

  
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 1.26 “SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities
Act. 
 1.27 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 1.28 “Selling Expenses” means all underwriting discounts, selling commissions, and unit transfer taxes
applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as provided in Subsection 2.6. 

1.29 “Series A Preferred Units” means the Company’s Series A Preferred Units or shares of Series A or
other preferred stock received in respect of the Series A Preferred Units if the Company is converted or otherwise becomes a corporation. 

1.30 “Series B Preferred Units” means the Company’s Series B Preferred Units or shares of Series B or other preferred
stock received in respect of the Series B Preferred Units if the Company is converted or otherwise becomes a corporation. 
 1.31
“Units” means, collectively, the Common Units and the Preferred Units. 
 2. Registration Rights. The Company
covenants and agrees as follows: 
 2.1 Demand Registration. 

(a) Form S-1 Demand. If at any time after the earlier of (i) five (5) years after the date of
this Agreement or (ii) one hundred eighty (180) days after the effective date of the registration statement for the IPO, the Company receives a request from Holders of forty five percent (45%) in the case of clause (i) or fifty-five
percent (55%) in the case of clause (ii) of the Registrable Securities then outstanding that the Company file a Form S-1 registration statement with respect to at least forty percent (40%) of the
Registrable Securities then outstanding (or a lesser percent if the anticipated aggregate offering price, net of Selling Expenses, would exceed $5 million), then the Company shall (x) within ten (10) days after the date such request is
given, give notice thereof (the “Demand Notice”) to all Holders other than the Initiating Holders; and (y) as soon as practicable, and in any event within sixty (60) days after the date such request is given by the
Initiating Holders, file a Form S-1 registration statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested to be registered and any additional
Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject
to the limitations of Subsection 2.1(c) and Subsection 2.3. 
 (b) Form S-3 Demand.
If at any time when it is eligible to use a Form S-3 registration statement, the Company receives a request from Holders of at least twenty percent (20%) of the Registrable Securities then outstanding that the
Company file a Form S-3 registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least $500,000,
then the Company shall (i) within ten (10) days after the date such request is given, give a Demand 

  
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Notice to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within forty-five (45) days after the date such request is given by the
Initiating Holders, file a Form S-3 registration statement under the Securities Act covering all Registrable Securities requested to be included in such registration by any other Holders, as specified by
notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsection 2.1(c) and Subsection 2.3. 

(c) Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant to this Subsection
2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Company’s Board of Directors it would be materially detrimental to the Company and its equityholders for such registration
statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would (i) materially interfere with a significant acquisition, corporate
reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company
unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing, and any time periods with respect to filing or effectiveness thereof shall be
tolled correspondingly, for a period of not more than ninety (90) days after the request of the Initiating Holders is given; provided, however, that the Company may not invoke this right more than once in any twelve
(12) month period ; and provided further that the Company shall not register any securities for its own account or that of any other equityholder during such ninety (90) day period other than an Excluded Registration. 

(d) The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection
2.1(a)(i) during the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is one hundred eighty (180) days after the effective date of, a
Company-initiated registration, provided, that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; (ii) after the Company has effected three
registrations pursuant to Subsection 2.1(a); or (iii) if the Initiating Holders propose to dispose of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request
made pursuant to Subsection 2.1(b). The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.1(b) (i) during the period that is thirty (30) days before the
Company’s good faith estimate of the date of filing of, and ending on a date that is ninety (90) days after the effective date of, a Company-initiated registration, provided, that the Company is actively employing in good faith
commercially reasonable efforts to cause such registration statement to become effective; or (ii) if the Company has effected two registrations pursuant to Subsection 2.1(b) within the twelve (12) month period immediately preceding
the date of such request. A registration shall not be counted as “effected” for purposes of this Subsection 2.1(d) until such time as the applicable registration statement has been declared effective by the SEC, unless the
Initiating Holders withdraw their request for such registration, elect not to pay the registration expenses therefor, and forfeit their right to one demand registration statement pursuant to Subsection 2.6, in which case such withdrawn
registration statement shall be counted as “effected” for purposes of this Subsection 2.1(d). 

  
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 2.2 Company Registration. If the Company proposes to register (including, for this
purpose, a registration effected by the Company for equityholders other than the Holders) any of its Common Units under the Securities Act in connection with the public offering of such securities solely for cash (other than in an Excluded
Registration), the Company shall, at such time, promptly give each Holder notice of such registration. Upon the request of each Holder given within twenty (20) days after such notice is given by the Company, the Company shall, subject to the
provisions of Subsection 2.3, cause to be registered all of the Registrable Securities that each such Holder has requested to be included in such registration. The Company shall have the right to terminate or withdraw any registration
initiated by it under this Subsection 2.2 before the effective date of such registration, whether or not any Holder has elected to include Registrable Securities in such registration. The expenses (other than Selling Expenses) of such
withdrawn registration shall be borne by the Company in accordance with Subsection 2.6. 
 2.3 Underwriting Requirements. 

(a) If, pursuant to Subsection 2.1, the Initiating Holders intend to distribute the Registrable Securities covered by their
request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Subsection 2.1, and the Company shall include such information in the Demand Notice. The underwriter(s) will be selected by the
Company and shall be reasonably acceptable to a majority in interest of the Initiating Holders. In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration shall be conditioned upon such
Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall
(together with the Company as provided in Subsection 2.4(e)) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting. Notwithstanding any other provision of this Subsection 2.3, if
the managing underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number of securities to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities
that otherwise would be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among such Holders of Registrable Securities, including the Initiating Holders, in proportion
(as nearly as practicable) to the number of Registrable Securities owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling Holders; provided, however, that the number of Registrable
Securities held by the Holders to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting. To facilitate the allocation of units in accordance with the above provisions, the
Company or the underwriters may round the number of units allocated to any Holder to the nearest 100 units. 
 (b) In connection with any
offering involving an underwriting of the Company’s securities pursuant to Subsection 2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders accept the
terms of the underwriting as agreed upon between the Company and its underwriters, and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total
number of securities, including Registrable Securities, requested by equityholders to be included in such offering exceeds the number of 

  
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securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the success of the offering, then the Company shall be required
to include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering. If the underwriters
determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated among the selling Holders in proportion (as
nearly as practicable to) the number of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to by all such selling Holders. To facilitate the allocation of units in accordance with the above
provisions, the Company or the underwriters may round the number of units allocated to any Holder to the nearest 100 units. Notwithstanding the foregoing, in no event shall (i) the number of Registrable Securities included in the offering be
reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from the offering, and (ii) the number of Registrable Securities included in the offering be reduced below thirty percent (30%) of
the total number of securities included in such offering, unless such offering is the IPO, in which case the selling Holders may be excluded further if the underwriters make the determination described above and no other equityholder’s
securities are included in such offering. For purposes of the provision in this Subsection 2.3(b) concerning apportionment, for any selling Holder that is a partnership, limited liability company, or corporation, the partners, members,
retired partners, retired members, equityholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired partners, members, and retired members and any trusts for the benefit of any of the foregoing
Persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate number of Registrable Securities owned by all Persons included in such
“selling Holder,” as defined in this sentence. 
 (c) For purposes of Subsection 2.1, a registration shall not be counted
as “effected” if, as a result of an exercise of the underwriter’s cutback provisions in Subsection 2.3(a), fewer than fifty percent (50%) of the total number of Registrable Securities that Holders have requested to be included
in such registration statement are actually included. 
 2.4 Obligations of the Company. Whenever required under this Section 2
to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 
 (a) prepare and
file with the SEC a registration statement with respect to such Registrable Securities and use its best efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities
registered thereunder, keep such registration statement effective for a period of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided,
however, that (i) such one hundred twenty (120) day period shall be extended for a period of time equal to the period the Holder refrains, at the request of an underwriter of Common Units (or other securities) of the Company, from
selling any securities included in such registration, and (ii) in the case of any registration of Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed basis,
subject to compliance with applicable SEC rules, such one hundred twenty (120) day period shall be extended for up to thirty (30) days, if necessary, to keep the registration statement effective until all such Registrable Securities are
sold; 

  
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 (b) prepare and file with the SEC such amendments and supplements to such registration
statement, and the prospectus used in connection with such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by such registration statement; 

(c) furnish to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus, as required by the Securities
Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities; 

(d) use its commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other
securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided that the Company shall not be required to qualify to do business or to file a
general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; 

(e) in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and
customary form, with the underwriter(s) of such offering; 
 (f) use its commercially reasonable efforts to cause all such Registrable
Securities covered by such registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed; 

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

(i) notify each selling Holder, promptly after the Company receives notice thereof, of the time when such registration statement has been
declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and 

  
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 (j) after such registration statement becomes effective, notify each selling Holder of any
request by the SEC that the Company amend or supplement such registration statement or prospectus. 
 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. 
 2.5 Furnish
Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company
such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration of such Holder’s Registrable Securities. 

2.6 Expenses of Registration. All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or
qualifications pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for the Company; and the reasonable fees and disbursements of one counsel
for the selling Holders (“Selling Holder Counsel”), shall be borne and paid by the Company; provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding begun
pursuant to Subsection 2.1 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all selling Holders shall bear such expenses pro rata
based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one registration pursuant to Subsection
2.1(a) or Subsection 2.1(b), as the case may be; provided further that if, at the time of such withdrawal, the Holders shall have learned of a material adverse change in the condition, business, or prospects of the
Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness after learning of such information then the Holders shall not be required to pay any of such expenses and shall not forfeit
their right to one registration pursuant toSubsection 2.1(a) or Subsection 2.1(b). All Selling Expenses relating to Registrable Securities registered pursuant to this Section 2 shall be borne and paid by the
Holders pro rata on the basis of the number of Registrable Securities registered on their behalf. 
 2.7 Delay of Registration. No
Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this
Section 2. 
 2.8 Indemnification. If any Registrable Securities are included in a registration statement under this
Section 2: 
 (a) To the extent permitted by law, the Company will indemnify and hold harmless each selling Holder, and the partners,
members, officers, directors, and 

  
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equityholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each Person, if any, who
controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person, or other aforementioned Person any legal or other
expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this
Subsection 2.8(a) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the Company
be liable for any Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling Person, or
other aforementioned Person expressly for use in connection with such registration. 
 (b) To the extent permitted by law, each selling
Holder, severally and not jointly, will indemnify and hold harmless the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company within the meaning of the
Securities Act, legal counsel and accountants for the Company, any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or other
Holder, against any Damages, in each case only to the extent that such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such selling Holder
expressly for use in connection with such registration; and each such selling Holder will pay to the Company and each other aforementioned Person its proportionate share of any legal or other expenses reasonably incurred thereby in connection with
investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Subsection 2.8(b) shall not apply to
amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; and provided further that in no event shall the aggregate
amounts payable by any Holder by way of indemnity or contribution under Subsections 2.8(b) and 2.8(d) exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case
of fraud or willful misconduct by such Holder. 
 (c) Promptly after receipt by an indemnified party under this Subsection 2.8
of notice of the commencement of any action (including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying
party under this Subsection 2.8, give the indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate
jointly with any other indemnifying party to which notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other
indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if 

  
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representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and
any other party represented by such counsel in such action. The failure to give notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the
indemnified party under this Subsection 2.8, to the extent that such failure materially prejudices the indemnifying party’s ability to defend such action. The failure to give notice to the indemnifying party will not relieve it of any
liability that it may have to any indemnified party otherwise than under this Subsection 2.8. 
 (d) To provide for just and
equitable contribution to joint liability under the Securities Act in any case in which either (i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Subsection 2.8 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 Subsection 2.8 provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this
Subsection 2.8, then, and in each such case, such parties will contribute to the aggregate losses, claims, damages, liabilities, or expenses 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, liability, or expense, as well as to reflect any other
relevant equitable considerations. 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, (x) no Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by such
Holder pursuant to such registration statement, and (y) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of
such fraudulent misrepresentation; and provided further that in no event shall a Holder’s liability pursuant to this Subsection 2.8(d), when combined with the amounts paid or payable by such Holder pursuant to Subsection
2.8(b), exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of willful misconduct or fraud by such Holder. 

(e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

(f) Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the
obligations of the Company and Holders under this Subsection 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section 2, and otherwise shall survive the
termination of this Agreement. 

  
 11 

 2.9 Reports Under Exchange Act. With a view to making available to the
Holders the benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company shall: 
 (a) make and keep available adequate current public information, as those
terms are understood and defined in SEC Rule 144, at all times after the effective date of the registration statement filed by the Company for the IPO; 

(b) use commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents required of the Company under
the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and 
 (c)
furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to the extent accurate, a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any
time after ninety (90) days after the effective date of the registration statement filed by the Company for the IPO), the Securities Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or
that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after the Company so qualifies); (ii) a copy of the most recent annual or quarterly report of the Company and
such other reports and documents so filed by the Company; and (iii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any such securities without
registration (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form S-3 (at any time after the Company so qualifies to use such form). 

2.10 Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without the prior
written consent of the Holders of at least 55% of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company that would allow such holder or prospective holder to
include such securities in any registration unless, under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of such securities will not reduce
the number of the Registrable Securities of the Holders that are included; provided that this limitation shall not apply to any additional Investor who becomes a party to this Agreement in accordance with Subsection 6.9. 

2.11 “Market Stand-off” Agreement. Each Holder hereby
agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the registration by the Company of its Common Units or any other equity securities
under the Securities Act on a registration statement on Form S-1, and ending on the date specified by the Company and the managing underwriter 

  
 12 

 
(such period not to exceed one hundred eighty (180) days) (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell;
grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any Common Units or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Units or
(ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described in clause (i) or (ii) above is to be
settled by delivery of Common Units or other securities, in cash, or otherwise. The foregoing provisions of this Subsection 2.11 shall apply only to the IPO, shall not apply to the sale of any units to an underwriter pursuant to an
underwriting agreement, or the transfer of any units to any trust for the direct or indirect benefit of the Holder or the immediate family of the Holder, provided that the trustee of the trust agrees to be bound in writing by the restrictions
set forth herein, and provided further that any such transfer shall not involve a disposition for value, and shall be applicable to the Holders only if all officers and directors are subject to the same restrictions and the Company
uses commercially reasonable efforts to obtain a similar agreement from all equityholders individually owning more than one percent (1%) of the Company’s outstanding Common Units (after giving effect to conversion into Common Units of all
outstanding Preferred Units). The underwriters in connection with such registration are intended third-party beneficiaries of this Subsection 2.11 and shall have the right, power, and authority to
enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent with this
Subsection 2.11 or that are necessary to give further effect thereto. Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters shall apply pro rata to all Holders subject
to such agreements, based on the number of units subject to such agreements. 
 2.12 Restrictions on Transfer. 

(a) The Preferred Units and the Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company shall not
recognize and shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with the
provisions of the Securities Act. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Preferred Units and the Registrable Securities held by such Holder to agree to take and hold such securities subject to the
provisions and upon the conditions specified in this Agreement. 
 (b) Each certificate or instrument representing (i) the Preferred
Units, (ii) the Registrable Securities, and (iii) any other securities issued in respect of the securities referenced in clauses (i) and (ii), upon any unit split, unit dividend, recapitalization, merger, consolidation, or similar
event, shall (unless otherwise permitted by the provisions of Subsection 2.12(c)) be stamped or otherwise imprinted with a legend substantially in the following form: 

THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933. SUCH UNITS MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT. 

  
 13 

 THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE
TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE EQUITYHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 
 The Holders
consent to the Company making a notation in its records and giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this Subsection 2.12. 

(c) The holder of each certificate representing Restricted Securities, by acceptance thereof, agrees to comply in all respects with the
provisions of this Section 2. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed transaction, the
Holder thereof shall give notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer. Each such notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail
and, if reasonably requested by the Company, shall be accompanied at such Holder’s expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to
the Company, to the effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a “no action” letter from the SEC to the effect that the proposed sale, pledge, or transfer of such
Restricted Securities without registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company to the effect that
the proposed sale, pledge, or transfer of the Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted
Securities in accordance with the terms of the notice given by the Holder to the Company. The Company will not require such a legal opinion or “no action” letter (x) in any transaction in compliance with SEC Rule 144 or (y) in
any transaction in which such Holder distributes Restricted Securities to an Affiliate of such Holder for no consideration; provided that each transferee agrees in writing to be subject to the terms of this Subsection 2.12. Each
certificate or instrument evidencing the Restricted Securities transferred as above provided shall bear, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in Subsection 2.12(b), except that
such certificate shall not bear such restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with any provisions of the Securities Act. 

2.13 Termination of Registration Rights. The right of any Holder to request registration or inclusion of Registrable Securities in any
registration pursuant to Subsection 2.1 or Subsection 2.2 shall terminate upon the earliest to occur of: 
 (a) the closing
of a Deemed Liquidation Event, as such term is defined in the Company’s Restated Operating Agreement; 

  
 14 

 (b) such time as Rule 144 or another similar exemption under the Securities Act is available for
the sale of all of such Holder’s units without limitation during a three-month period without registration; and 
 (c) the seven
year anniversary of the IPO. 
 3. Information and Observer Rights, Etc. 

3.1 Delivery of Financial Statements. The Company shall deliver to each Investor: 

(a) as soon as practicable, but in any event within ninety (90) days after the end of each fiscal year of the Company, (i) a
balance sheet as of the end of such year; (ii) statements of income and of cash flows for such year; and (iii) a statement of members’ (or stockholders’) equity as of the end of such year, audited and certified by independent
public accountants of nationally or regionally recognized standing selected by the Company; 
 (b) as soon as practicable, but in any event
within forty five (45) days after the end of each of the first three quarters of each fiscal year of the Company, unaudited statements of income and of cash flows for such fiscal quarter and for the current fiscal year to date, and an unaudited
balance sheet and a statement of members’ (or stockholders’) equity as of the end of such fiscal quarter, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes thereto that may be required in accordance with GAAP); 

(c) as soon as practicable, but in no event less than thirty (30) days before the end of each fiscal year, a budget and business plan
for the next fiscal year; 
 (d) with respect to the financial statements called for in Section 3.1(a) and
Section 3.1(b), an instrument executed by the chief executive officer of the Company certifying that such financial statements were prepared in accordance with GAAP consistently applied (except as otherwise set forth in
Section 3.1(b); and 
 (e) such other information relating to the financial condition, business, prospects, or
corporate affairs of the Company or its subsidiaries as any Investor may from time to time reasonably request; provided, however, that the Company shall not be obligated under this Section 3.1 to provide information
(i) that the Company reasonably determines in good faith to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form acceptable to the Company) or (ii) the disclosure of which would
adversely affect the attorney-client privilege between the Company and its counsel. 
 (f) If, for any period, the Company has any
subsidiary whose accounts are consolidated with those of the Company, then in respect of such period the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the
Company and all such consolidated subsidiaries. 
 (g) Notwithstanding anything else in this Section 3.1 to the
contrary, the Company may cease providing the information set forth in this Section 3.1 during the period 

  
 15 

 
starting with the date sixty (60) days before the Company’s good-faith estimate of the date of filing of a registration statement under the Securities Act; provided that the
Company’s covenants under this Section 3.1 shall be reinstated at such time as the Company is no longer actively employing its commercially reasonable efforts to cause such registration statement to become effective.

 3.2 Inspection. The Company shall permit each Investor, at such Investor’s expense, to visit and inspect the Company’s
and its subsidiaries’ properties; examine its and its subsidiaries’ books of account and records; and discuss the Company’s and its subsidiaries’ affairs, finances, and accounts with its officers, during normal business hours of
the Company and its subsidiaries as may be reasonably requested by the Investor; provided, however, that the Company shall not be obligated pursuant to this Section 3.2 to provide access to any information
that it reasonably considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form acceptable to the Company) or the disclosure of which would adversely affect the attorney-client
privilege between the Company and its counsel. 
 3.3 Termination of Information Rights. The covenants set forth in
Section 3.1 and Section 3.2 shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the
periodic reporting requirements of section 12(g) or 15(d) of the Exchange Act, (iii) upon a Deemed Liquidation Event, or (iv) as to any Investor, when such Investor no longer holds any equity securities of the Company, whichever event
occurs first. 
 3.4 Confidentiality. Each Investor agrees that such Investor will keep confidential and will not disclose, divulge,
or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this Agreement (including notice of the Company’s intention to file a registration
statement), unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Section 3.4 by such Investor), (b) is or has been independently
developed or conceived by the Investor without use of the Company’s confidential information, or (c) is or has been made known or disclosed to the Investor by a third party without a breach of any obligation of confidentiality such third
party may have to the Company; provided, however, that an Investor may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals in connection with monitoring its investment in the Company;
(ii) to any prospective purchaser of any Registrable Securities from such Investor, if such prospective purchaser agrees to be bound by the provisions of this Section 3.4; (iii) to any Affiliate, partner, member,
equityholder, or wholly owned subsidiary of such Investor in the ordinary course of business, provided that such Investor informs such Person that such information is confidential and directs such Person to maintain the confidentiality of such
information; or (iv) as may otherwise be required by law, provided that the Investor promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure. 

3.5 Liability Insurance; Directors’ and Officers’ Liability Insurance. The Company shall obtain within 30 days of the date
hereof, or be an insured party beneficiary pursuant to, (i) a general liability insurance policy, a product liability insurance policy and a directors’ and officers’ liability insurance policy (the “D&O Policy”),
on terms reasonably 

  
 16 

 
satisfactory to the Investors, and (ii) key man life insurance on its Chief Executive Officer of not less than $3,000,000, in each such case on terms and conditions that are reasonably
acceptable the Board. The Company shall maintain such policies in full force and effect at all times. 
 3.6 Unit Vesting; Unit
Restriction Agreements. All units, profits interest, options and other equity equivalents issued after the date of this Agreement to employees, managers, consultants and other service providers in their capacities as such shall be subject to
vesting on terms approved by the Board. 
 3.7 Reservation of Common Units. The Company shall at all times reserve and keep
available, solely for issuance and delivery upon the conversion of the Preferred Units, all Common Units issuable from time to time upon such conversion. 

3.8 Proprietary Rights Agreement. The Company and each of its subsidiaries shall require all employees, officers and consultants to
execute and deliver an Invention Assignment, Non-Disclosure and Non-Compete Agreement in form and substance reasonably acceptable to the Board. 

3.9 Managers Liability and Indemnification. The Company’s and each of its subsidiaries’ operating agreement and other
organizational documents shall provide (a) for elimination of the liability of Managers to the maximum extent permitted by applicable law and (b) for indemnification of Managers for acts on behalf of the Company and its subsidiaries to the
maximum extent permitted by applicable law.  
 3.10 Scientific Advissory Board. Within 90 days of the date hereof, the
Company shall form a Scientific Advisory Board (“SAB”) of at least five (5) members, of which Merck Global Health Innovation Fund, LLC, so long as it is a Member of the Company, shall have the right to appoint two
(2) members. The Company shall reasonably consult with the Investor Managers (as such term is defined in the Restated Operating Agreement) with respect to other prospective members of the SAB prior to their appointment. 

4. Rights to Future Equity Issuances. The Members of the Company shall have pre-emptive rights
to purchase new securities issued by the Company on the terms set forth in the Restated Operating Agreement. 
 5. Additional
Covenants. 
 5.1 Successor Indemnification. If the Company or any of its successors or assignees consolidates with or merges into
any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and assignees of the Company assume the obligations of
the Company with respect to indemnification of members of the Board as in effect immediately before such transaction, whether such obligations are contained in the Company’s Bylaws, its Certificate of Incorporation, or elsewhere, as the case
may be. 
 5.2 Board Expenses. The Company shall reimburse the non-employee members of the
Board and Investor Board observers for all reasonable out-of-pocket travel expenses incurred in connection with attending meetings of the Board (and any committee
thereof), as well as any other expenses approved by the Board in connection with their work on behalf of the Company.  

  
 17 

 5.3 Expenses of Counsel. In the event of a Deemed Liquidation Event, the reasonable fees
and disbursements, not to exceed $50,000, of one counsel for the Investors, selected by a majority of the Registrable Securities then held by the Investors, (“Investor Counsel”), in their capacities as equityholders, shall be borne
and paid by the Company. At the outset of considering a transaction which, if consummated would constitute a Deemed Liquidation Event, the Company shall obtain the ability to share with the Investor Counsel (and such counsel’s clients) and
shall share the confidential information (including without limitation the initial and all subsequent drafts of memoranda of understanding, letters of intent and other transaction documents and related noncompete, employment, consulting and other
compensation agreements and plans) pertaining to and memorializing any of the transactions which, individually or when aggregated with others would constitute the Deemed Liquidation Event. The Company shall be obligated to share (and cause the
Company’s counsel and investment bankers to share) such materials when distributed to the Company’s executives and/or any one or more of the other parties to such transaction(s). In the event that Investor Counsel deems it appropriate, in
its reasonable discretion, to enter into a joint defense agreement or other arrangement to enhance the ability of the parties to protect their communications and other reviewed materials under the attorney client privilege, the Company shall, and
shall direct its counsel to, execute and deliver to Investor Counsel and its clients such an agreement in form and substance reasonably acceptable to Investor Counsel. In the event that one or more of the other party or parties to such transactions
require the clients of Investor Counsel to enter into a confidentiality agreement and/or joint defense agreement in order to receive such information, then the Company shall share whatever information can be shared without entry into such agreement
and shall, at the same time, in good faith work expeditiously to enable Investor Counsel and its clients to negotiate and enter into the appropriate agreement(s) without undue burden to the clients of Investor Counsel. 

5.4 Termination of Covenants. The covenants set forth in this Section 5 shall terminate and be of no further
force or effect (i) immediately before the consummation of the IPO, or (ii) when the Company first becomes subject to the periodic reporting requirements of section 12(g) or 15(d) of the Exchange Act, or (iii) upon a Deemed
Liquidation Event, whichever event occurs first; provided that the reimbursement obligations set forth in Section 5.2 and Section 5.3 shall survive. 

6. Miscellaneous. 
 6.1
Successors and Assigns. The rights under this Agreement may be assigned (but only with all related obligations) by a Holder to a transferee of Registrable Securities that (i) is an Affiliate of a Holder; (ii) is a
Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such Holder’s Immediate Family Members; or (iii) after such transfer, holds at least 1,000,000 units of Registrable Securities
(subject to appropriate adjustment for unit splits, unit dividends, combinations, and other recapitalizations); provided, however, that (x) the Company is, within a reasonable time after such transfer, furnished with written notice of the name
and address of such transferee and the Registrable Securities with respect to which such rights are being transferred; and (y) such 

  
 18 

 
transferee agrees in a written instrument delivered to the Company to be bound by and subject to the terms and conditions of this Agreement, including the provisions of Subsection 2.11. For the
purposes of determining the number of units of Registrable Securities held by a transferee, the holdings of a transferee (1) that is an Affiliate or equityholder of a Holder; (2) who is a Holder’s Immediate Family Member; or
(3) that is a trust for the benefit of an individual Holder or such Holder’s Immediate Family Member shall be aggregated together and with those of the transferring Holder; provided further that all transferees who would not qualify
individually for assignment of rights shall have a single attorney-in-fact for the purpose of exercising any rights, receiving notices, or taking any action under this
Agreement. The terms and conditions of this Agreement inure to the benefit of and are binding upon the respective successors and permitted assignees of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party
other than the parties hereto or their respective successors and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein. 

6.2 Governing Law. This Agreement shall be governed by the internal law of the State of Delaware. 

6.3 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly
delivered and be valid and effective for all purposes.  
 6.4 Titles and Subtitles. The titles and subtitles used in
this Agreement are for convenience only and are not to be considered in construing or interpreting this Agreement. 
 6.5 Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or: (i) personal delivery to the party to be notified; (ii) when
sent, if sent by electronic mail or facsimile during the recipient’s normal business hours, and if not sent during normal business hours, then on the recipient’s next business day; (iii) five (5) days after having been sent by
registered or certified mail, return receipt requested, postage prepaid; or (iv) one (1) business day after the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying
next-day delivery, with written verification of receipt. All communications shall be sent to the respective parties at their address as set forth on the signature page or Exhibit A,
or to such e-mail, facsimile number or address as subsequently modified by written notice given in accordance with this Section. If notice is given to the Company, a copy shall also be sent to Dentons
US LLP, 22 Little West 12th Street, New York, NY 10014-1321, Attention: Ira Kotel, Esq. 
 6.6 Amendments and Waivers. Any term
of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with Required Series B Consent (including the consent of
each of Core Ventures II, LLC and Merck Merck Global Health Innovation Fund, LLC); provided that the Company may in its sole discretion waive compliance with Subsection 2.12(c) (and the Company’s failure to object promptly in
writing 

  
 19 

 
after notification of a proposed assignment allegedly in violation of Subsection 2.12(c) shall be deemed to be a waiver); and provided further that any provision hereof may
be waived by any waiving party on such party’s own behalf, without the consent of any other party. Notwithstanding the foregoing, this Agreement may not be amended or terminated and the observance of any term hereof may not be waived with
respect to any Investor without the written consent of such Investor, unless such amendment, termination, or waiver applies to all Investors in the same fashion. Further, this Agreement may not be amended, and no provision hereof may be waived, in
each case, in any way which would adversely affect the rights of the Key Holders hereunder in a manner disproportionate to any adverse effect such amendment or waiver would have on the rights of the Investors hereunder, without also the written
consent of the holders of at least a majority of the Registrable Securities held by the Key Holders. The Company shall give prompt notice of any amendment or termination hereof or waiver hereunder to any party hereto that did not consent in writing
to such amendment, termination, or waiver. Any amendment, termination, or waiver effected in accordance with this Subsection 6.6 shall be binding on all parties hereto, regardless of whether any such party has consented thereto. No waivers of
or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision. 

6.7 Severability. In case any one or more of the provisions contained in this Agreement is for any reason held to be invalid, illegal
or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable provision shall be reformed and construed so that it will be valid,
legal, and enforceable to the maximum extent permitted by law. 
 6.8 Aggregation of Units. All Registrable Securities held or
acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliated persons may apportion such rights as among themselves in any manner they deem appropriate.

 6.9 Additional Investors. Notwithstanding anything to the contrary contained herein, if the Company issues additional Preferred
Units after the date hereof, whether pursuant to the Series B Purchase Agreement or otherwise, any purchaser of such Preferred Units may become a party to this Agreement by executing and delivering an additional counterpart signature page to this
Agreement, and thereafter shall be deemed an “Investor” for all purposes hereunder. No action or consent by the Investors shall be required for such joinder to this Agreement by such additional Investor, so long as such additional Investor
has agreed in writing to be bound by all of the obligations as an “Investor” hereunder. 
 6.10 Entire Agreement. This
Agreement (including any Schedules and Exhibits hereto) constitutes the full and entire understanding and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter
hereof existing between the parties is expressly canceled, including the Original Agreement. 
 6.11 Dispute Resolution. The parties
(a) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of New York and to the jurisdiction 

  
 20 

 
of the U.S. District Court for the Southern District of New York for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree to initially
commence any suit, action or other proceeding arising out of or based upon this Agreement in the state courts of New York or the U.S. District Court for the Southern District of New York, and (c) hereby waive, and agree not to assert, by way of
motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit,
action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court. Each party will bear its own costs in
respect of any disputes arising under this Agreement. The prevailing party shall be entitled to reasonable attorney’s fees, costs, and necessary disbursements in addition to any other relief to which such party may be entitled. 

WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT,
THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND
THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY
EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND
VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 
 6.12 Delays or Omissions. No delay or omission
to exercise any right, power, or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching or nondefaulting party, nor
shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default
theretofore or thereafter occurring. All remedies, whether under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative. 

6.13 Acknowledgment. The Company acknowledges that certain of the Investors are in the business of venture capital investing and
therefore review the business plans and related proprietary information of many enterprises, including enterprises which may have products or services which compete directly or indirectly with those of the Company. Nothing in this Agreement shall
preclude or in any way restrict the Investors from investing or participating in any particular enterprise whether or not such enterprise has products or services which compete with those of the Company. 

[Remainder of Page Intentionally Left Blank] 

  
 21 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

					
	ELECTROCORE, LLC
		
	By:	 	 /s/ Francis R. Amato

		 	Name:	 	Francis R. Amato
		 	Title:	 	Chief Executive Officer
	
	MERCK GLOBAL HEALTH INNOVATION FUND, LLC
		
	By:	 	 /s/ William Taranto

		 	William Taranto
		 	Managing Director
	
	CORE VENTURES II, LLC
		
	By:	 	 /s/ Joseph P. Errico

		 	Joseph P. Errico
		 	Managing Director
	
	ECNG, LLC
		
	By:	 	 /s/ Joseph P. Errico

		 	Joseph P. Errico
		 	Managing Director
	
	TULLIS OPPORTUNITY FUND II, LP
	
	By: Its General Partner, Tullis Opportunity Fund II, LLC
		
	By:	 	 /s/ James L.L. Tullis

		 	 Name: James L.L. Tullis

		 	 Title: Manager

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 SCHEDULE A 

Investors 
 Merck Global Health Innovation
Fund, LLC 
 One Merck Drive, Mailstop 3E12 
 Whitehouse
Station, NJ 08889 
 Conure Electrocore, LLC 
 c/o Easton
Capital Investment Group 
 767 Third Avenue, 7th Floor 
 New
York, New York 10017 
 Core Ventures II, LLC 
 101 JFK
Parkway, Suite 400 
 Short Hills, NJ 07078 
 Tullis
Opportunity Fund II, LP 
 c/o Tullis Health Investors 
 11770
US Highway 1 
 Suite 503 
 Palm Beach Gardens, FL 33408 

ECNG, LLC 
 150 Allen Road, Suite 201 

Basking Ridge, NJ 07920 

 SCHEDULE B 

Key Holders 
 Joseph P. Errico 

The Errico 2010 Dynasty Trust 
 Dr. Thomas J. Errico

 The Thomas J. Errico 2010 Family Trust 
 Kathryn Theofilos

 NeuroCore Investment Partners, LLC 
 2010 Core Investment
Partners, LLC 
 IC-1, LLC 

IC-2, LLC 
 IC-4, LLC 
 Core Ventures, LLCEX-10.3

 Exhibit 10.3 

UNIT FORFEITURE AGREEMENT 

This Unit Forfeiture Agreement is made as of the          day of
            , 201    , by and between ElectroCore, LLC, a Delaware limited liability company (the “Company” or “ElectroCore”), and the
Member of the Company whose name is set forth on the signature page hereto (the “Member”). 
 WHEREAS, in connection with
the Letter Agreement (as defined below), the Member is being issued                  Units in the Company (the “Acquired Units”); and 

WHEREAS, as a condition to such issuance, all of the Acquired Units shall be subject to forfeiture by the Member to the extent such Units are
deemed Unvested Units hereunder in accordance with Section 2; and 
 WHEREAS, the Member agrees to be bound by the forfeiture
provisions with respect to the Unvested Units pursuant to the terms of this Agreement. 
 NOW THEREFORE, the parties agree as follows: 

1. Units. ElectroCore and the Member are party to a letter agreement dated on or about the date hereof pursuant to which the Member
agreed to perform certain services to the Company as provided therein (the “Letter Agreement”). In the event that the Member’s service to ElectroCore pursuant to the Letter Agreement is terminated (provided that a change in
status from employee to consultant shall not be deemed a termination of service for purposes of this Agreement), all or a portion of the Units will be subject to forfeiture by the Member as provided herein. 

2. Forfeiture of Unvested Units. 

2.1 In the event that the Member’s service to ElectroCore pursuant to the Letter Agreement is terminated for any reason (including,
without limitation, death, disability, termination or voluntary resignation), as of such date (the “Termination Date”), the Member shall forfeit, and have no further right, title, interest or claim in or to any of the Acquired Units
which as of the Termination Date are “Unvested Units” as defined below in Section 2.2 below. 
 2.2 Unvested
Units. For purposes of this Agreement, “Unvested Units” means the Acquired Units which, as of the Termination Date, are designated “Unvested Units” pursuant to this Section 2 after taking into account
Sections 2.3 and 2.4 hereto. The term “Unvested Units” shall initially mean all of the Acquired Units; provided, that (i) on the [12] month anniversary of your employment start date with the Company
one-third of the Acquired Units shall cease to be Unvested units; and (ii) thereafter, quarterly on the first day of each quarterly monthly anniversary of such date the number of Unvested Units shall be
reduced by 8.33% of the total Acquired Units until there are no Unvested Units remaining; provided, however, for purposes of clauses (i) and (ii) above from and after the Termination Date, there shall be no further reductions to the number of
Unvested Units hereunder (whether pursuant to Sections 2.3, 2.4 or otherwise). 
  

 2.3 Acceleration Upon a Change in Control Event. In the event of a Change in Control Event
(as defined in Section 2.5 below) prior to the Termination Date, then one hundred percent (100%) percent of the Unvested Units shall cease to be, and shall no longer be deemed, Unvested Units, upon such Change in Control Event. 

2.4 Acceleration Upon Death or Disability. Notwithstanding anything to the contrary in this Agreement, one hundred percent (100%) of the
then Unvested Units shall cease to be, and no longer be deemed, Unvested Units hereunder immediately upon the Member’s death and fifty percent (50%) of the then Unvested Units shall cease to be, and no longer be deemed, Unvested Units hereunder
immediately in the event of the Member’s Disability (as defined in Section 2.5 below); provided, such event occurs on or prior to the Termination Date. 

2.5 Certain Defined Terms. For purposes of this Agreement: 

(i) “Change in Control Event” shall mean (A) any merger or consolidation in which (x) the Company is a constituent
party or (y) a subsidiary of the Company is a constituent party and the Company issues equity pursuant to such merger or consolidation (except, in the case of both clauses (x) and (y) above, any such merger or consolidation involving the
Company or a subsidiary in which the equity of the Company outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares of capital stock or equity that represent, immediately
following such merger or consolidation at least a majority, by voting power, of the outstanding capital stock or equity of (aa) the surviving or resulting entity or (bb) if the surviving or resulting entity is wholly owned by another entity
immediately following such merger or consolidation, of the parent entity of such surviving or resulting entity), or (B) the sale, lease, exchange or transfer in a single transaction or series of related transactions of all or substantially all
of the assets of the Company. Notwithstanding the foregoing, neither an equity or other financing for capital raising purposes nor an internal reorganization shall be deemed a Change in Control Event. 

(ii) “Disability” shall mean physical or mental disability, or combination thereof, which, in the good faith judgment of the
Board of Managers of the Company, renders the Member incapable of performing the Member’s duties under the Letter Agreement for a cumulative period of sixty days in any consecutive twelve month period. 

3. Certain Rights; Lock-up Agreement; Transfer Restrictions. (a) The Member agrees
that, in the event that the Company effects any underwritten public offering of Common Stock registered under the Securities Act of 1933, none of the Acquired Units (nor any shares of capital stock received in respect thereof) nor any interest
therein may be sold, offered for sale, pledged or otherwise disposed of, directly or indirectly (including through the granting of options or any hedging transactions), without the prior written consent of the managing underwriter(s) of the
offering, for the same period of time after the execution of an underwriting agreement in connection with such offering, and on the same terms, that all of the Company’s then directors and executive officers agree to be restricted. 

  
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 (b) Subject to any restrictions contained herein and in the Operating Agreement of the Company
(as amended from time to time, the “Operating Agreement”), until such time, if at all, as such Units are forfeit as provided herein, the Member may exercise all rights and privileges of a member of the Company with respect to the
Acquired Units and shall be deemed to be the holder for purposes of receiving any distributions that may be paid with respect to such Units and for the purpose of exercising any voting rights relating to such Units, even if some or all of such Units
have not yet vested hereunder. 
 (c) In addition to any other limitation on transfer created by applicable securities laws or any other
agreements between the Company and the Member, the Member shall not assign, hypothecate, donate, encumber or otherwise dispose of any interest in any Unvested Units. After any Acquired Units cease to be Unvested Units, the Member shall not assign,
hypothecate, donate, encumber or otherwise dispose of any interest in such Units except in compliance with the provisions herein and applicable securities laws. Furthermore, the Acquired Units shall be subject to the terms and conditions contained
in the Operating Agreement. 
 4. Tax Consequences. The parties hereto acknowledge that the Acquired Units are intended to constitute
“profits interests” for services to be rendered for federal income tax purposes and the provisions of this Agreement, the Letter Agreement and the Operating Agreement shall be interpreted consistently therewith. It is understood that in
connection with the issuance of such Units pursuant to the Letter Agreement, as of the date of such issuance, the capital accounts of the other members of the Company will be adjusted in accordance with Section 6.2 of the Company’s
Operating Agreement based on an estimated value of the Company of $                 per Unit. The effect of this revaluation is that generally, with respect to such
Units, the Member will be only be entitled to his or her share of profit in the Company in excess of the fair market value of the Company as of such revaluation date. The Member understands that the Member (and not the Company) shall be responsible
for the Member’s own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement. The Member understands that Section 83 of the Code may apply to property received for services rendered
that is subject to a substantial risk of forfeiture and that, if applicable, the amount of income includible is equal to the difference between the amount paid for the property and the fair market value of such property as of the date such
restrictions lapse. The Member has reviewed with the Member’s own tax advisors the federal, state, local and foreign tax consequences of his investment and the transactions contemplated by this Agreement. The Member is relying solely on such
advisors and not on any statements or representations of the Company or any of its agents. 
 5. Remedies. 

5.1 Equitable Relief. The Member acknowledges and agrees that a violation by him of any of the provisions of this Agreement will cause
irreparable damage to the Company and that the Company will have no adequate remedy at law for such violation. Accordingly, the Member agrees that the Company shall be entitled as a matter of right to an injunction, specific performance, or other
appropriate equitable relief from any court of competent jurisdiction, restraining any further violation of such provision or affirmatively compelling the Member to carry out his obligations hereunder. Such right to equitable relief shall be
cumulative and in addition to whatever remedies the Company may have at law or in equity. 

  
 3 

 5.2 Rights of the Company. The Company shall not be required to (i) transfer on its
books any Acquired Units that have been sold or transferred in contravention of this Agreement or (ii) treat as the owner of the Acquired Units, or otherwise to accord voting, dividend or liquidation rights to any transferee to whom Acquired
Units have been transferred in contravention of this Agreement. 
 6. Miscellaneous. 

6.1 Notices. All notices, requests, consents and other communications hereunder shall be in writing, shall be addressed to the receiving
party’s address set forth on the signature page hereto or to such other address as a party may designate by notice hereunder, and shall be either (i) delivered by hand, (ii) made by telex, telecopy or facsimile transmission,
(iii) sent by recognized overnight courier or (iv) sent by registered or certified mail, return receipt requested, postage prepaid. 

All notices, requests, consents and other communications hereunder shall be deemed to have been received (i) if by hand, at the time of
the delivery thereof to the receiving party at the address of such party set forth above, (ii) if made by telex, telecopy or facsimile transmission, at the time that receipt thereof has been acknowledged by electronic confirmation or otherwise,
(iii) if sent by overnight courier, on the next business day following the day such notice is delivered to the courier service, or (iv) if sent by registered or certified mail, on the 5th business day following the day such mailing is
made. 
 6.2 Entire Agreement. This Agreement, together with the Letter Agreement, embodies the entire agreement and understanding
between the parties hereto with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty, covenant or agreement of any
kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict, the express terms and provisions of this Agreement. 

6.3 Modifications. The terms and provisions of this Agreement may be modified or amended only by written agreement executed by all
parties hereto. 
 6.4 No Waivers. No failure or delay by a party hereto in exercising any right, power or remedy under this
Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of the party. 

6.5 Benefits and Obligations. This Agreement shall be binding upon and inure solely to the benefit of each party hereto and their
permitted successors and assigns, and nothing in this Agreement, express or implied, is intended to confer upon any other person any rights or remedies of any nature whatsoever under or by reason of this Agreement. Except as expressly stated herein,
nothing in this Agreement shall be construed to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded as a third-party beneficiary of this Agreement. 

  
 4 

 6.6 Governing Law. This Agreement and the rights and obligations of the parties hereunder
shall be construed in accordance with and governed by the internal law of the State of New Jersey, without giving effect to the conflict of laws principles thereof. 

6.7 Construction. The parties hereto acknowledge and agree that: (i) each party and its counsel reviewed and negotiated the terms
and provisions of this Agreement and have contributed to its revision; (ii) the rule of construction to the effect that any ambiguities are resolved against the drafting party shall not be employed in the interpretation of this Agreement; and
(iii) the terms and provisions of this Agreement shall be construed fairly as to all parties hereto and not in favor of or against any party, regardless of which party was generally responsible for the preparation of this Agreement. 

6.8 Headings. The headings and captions of the various subdivisions of this Agreement are for convenience of reference only and shall in
no way modify, or affect, or be considered in construing or interpreting the meaning or construction of any of the terms or provisions hereof. 

6.9 Counterparts. This Agreement may be executed in one or more counterparts, and by different parties hereto on separate counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 6.10 Severability
and Reformation. The parties hereto intend all provisions of this Agreement to be enforced to the fullest extent permitted by law. If, however, any provision of this Agreement is held to be illegal, invalid, or unenforceable under any present or
future law, such provision shall be fully severable, and this Agreement shall be construed and enforced as if such illegal, invalid, or unenforceable provision were never a part hereof, and the remaining provisions shall remain in full force and
effect and shall not be affected by the illegal, invalid, or unenforceable provision or by its severance. Furthermore, there shall be added automatically, as a part of this Agreement, a provision as similar in terms to such illegal, invalid, or
unenforceable provision as may be possible and be construed and enforced as legal, valid, and enforceable. 
 6.11 No Employment or
Service Contract. Nothing in this Agreement shall confer upon the Member any right to remain an employee of the Company for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company or of the
Member, which rights are hereby expressly reserved by each, to terminate the Member’s employment with ElectroCore at any time for any reason, with or without cause. 

[Remainder of Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as an instrument under seal on the
date first above written. 
  

					
	THE COMPANY:
		
		 	        ELECTROCORE, LLC
		
		 	        By:                           
                                         
 
		 	                 Name:

                Title:
	 	

  

					
	THE MEMBER:
	
	                                    
                                     
			
		 	      Address:	 	

  
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