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Exhibit 4.1  

Common
Stock Warrant

Number C-14 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE
REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES, THE SALE IS MADE IN ACCORDANCE WITH RULE 144 UNDER THE ACT, OR THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF THESE
SECURITIES, REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF
SUCH ACT. 

Void
after 8 August 2007 

 
 

ACCURAY INCORPORATED
  COMMON STOCK PURCHASE WARRANT    
    

        THIS CERTIFIES THAT, for value received, Hazem Chehabi, M.D. is entitled to purchase from ACCURAY INCORPORATED, a California corporation (the "Company"),
for the period of five (5) years beginning on the Date of Grant set forth below, five hundred twenty-five thousand (525,000) shares of common stock of the Company. The per share
price to be paid for the Common to be issued hereunder shall be the Warrant Price, initially one dollar ($1.00) per share, as adjusted pursuant to the terms hereof. 

        1.    Definitions.    As used herein, the following terms, unless the context otherwise requires, shall have the
following meanings: 

        (a)    "Act"    shall mean the Securities Act of 1933, as amended, or any successor federal statute, and the rules and
regulations of the Commission thereunder, all as the same shall be in effect at the time. 

        (b)    "Commission"    shall mean the Securities and Exchange Commission, or any other federal agency at the time
administering the Act. 

        (c)    "Common Stock" or "Common"    shall mean shares of the Company's presently or subsequently authorized Common
Stock, and any stock into which such Common Stock may hereafter be exchanged. 

        (d)    "Company"    shall mean ACCURAY INCORPORATED, a California corporation, and any corporation which shall succeed
to or assume the obligations of ACCURAY INCORPORATED under this Warrant 

        (e)    "Date of Grant"    shall mean 9 August 2002. 

        (f)    "Exercise Date"    shall mean the effective date of the delivery of the Notice of Exercise pursuant to
Sections 4 and 11 below. 

        (g)    "Holder"    shall mean any person who shall at the time be the registered holder of this Warrant. 

        (h)    "Shares"    shall mean shares of Common purchased or purchasable by the Holder under this Warrant. 

        2.    Issuance of Warrant and Consideration Therefor.    This Warrant is issued in consideration of the payment of ten
thousand dollars ($10,000) and of the Holder's surrender concurrently with the issuance by the Company of this Warrant of warrant number C-4, expiring 1 November 2004,
to purchase 225,000 shares of the common stock of the Company at $0.75 per share. 

 

        3.    Term.    The purchase right represented by this Warrant is exercisable only during the period commencing upon
the Date of Grant and ending on the earliest of (a) fifth anniversary of the Date of Grant, (b) the closing of an underwritten public offering of the Company's Common Stock registered
under the Act, or (c) upon the closing of a consolidation or merger of the Company (other than with its parent or wholly-owned subsidiary) with or into, or the transfer of all or substantially
all of the Company's assets to, another corporation (unless the owners of the capital stock of the Company, prior to such transaction, continue to own a majority of the capital stock of the surviving
corporation). 

        4.    Method of Exercise and Payment.    

        (a)    Method of Exercise    Subject to Section 3 hereof and compliance with all applicable federal and state
securities laws, the purchase right represented by this Warrant may be exercised, in whole or in part and from time to time, by the Holder by (i) surrender of this Warrant and delivery of the
Notice of Exercise (the form of which is attached hereto as Exhibit A), duly executed, at the principal office of the Company and (ii) payment to the
Company of an amount equal to the product of the then applicable Warrant Price multiplied by the number of Shares then being purchased pursuant to one of the payment methods permitted under
Section 4(b) below. 

        (b)    Method of Payment.    Payment shall be made either (1) by check drawn on a United States bank and
for United States funds made payable to the Company, or (2) by wire transfer of United States funds for the account of the Company. 

        (c)    Net Issue Exercise.    Notwithstanding any provisions herein to the contrary, in lieu of exercising this
Warrant for cash, the Holder may elect to receive Shares equal to the value (as determined below) of this Warrant (or the portion thereof being canceled) by surrender of this Warrant at
the principal office of the Company together with a properly endorsed notice of exercise and notice of such election, in which event the Company shall issue to the Holder a number of Shares of Common
computed using the following formula: 

X =Y(A–B)/A 

Where
X = the number of Shares of Common to be issued to the Holder. 

Y =
the number of Shares of Common purchasable under the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being canceled (at the date of such
calculation), 

A =
the fair market value of one share of the Common (at the date of such calculation), and 

B =
the Warrant Price (as adjusted to the date of such calculation). 

        For
the purposes of the above calculation, fair market value of one share of Common shall be determined by agreement of the Company and the Holder or, failing such agreement, by a
qualified business appraiser acceptable to the Company and the Holder; provided, however, that where there exists a public market for the Common at the time of such exercise, fair market value shall
mean the average over the preceding twenty (20) trading days (or such fewer number of days as such public market has existed) of the mean of the high closing bid and asked prices on the
over-the-counter market as reported by Nasdaq, or if then traded on a national securities exchange or the Nasdaq National Market, the average over the preceding twenty
(20) trading days (or such fewer number of days as the Common has been so traded) of the mean of the high and low prices on the principal national securities exchange or the National
Market on which it is so traded. Notwithstanding the foregoing, in the event the Warrant is exercised in connection with the Company's initial public offering of Common, the fair market value per
share shall be the per share offering price to the public of the Company's initial public offering. 

        (d)    Delivery of Certificate.    In the event of any exercise of the purchase right represented by this Warrant,
certificates for the Shares so purchased shall be delivered to the Holder within thirty 

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(30) days
of delivery of the Notice of Exercise and, unless this Warrant has been fully exercised or has expired, a new warrant representing the portion of the Shares with respect to which this
Warrant shall not then have been exercised shall also be issued to the Holder within such thirty (30) day period. 

        (e)    No Fractional Shares.    No fractional Shares shall be issued in connection with any exercise hereunder, but in
lieu of such fractional Shares the Company shall make a cash payment therefor upon the basis of the fair market value per Share as of the date of exercise. 

        (f)    Company's Representations.    

	(i)
	All
Shares which may be issued upon the exercise of the purchase right represented by this Warrant shall, upon issuance, be duly authorized, validly issued, fully paid
and nonassessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under applicable federal and state securities laws. During the period within which
the purchase right represented by this Warrant may be exercised, the Company shall at all times have authorized, and reserved for the purpose of issuance upon exercise of the purchase right
represented by this Warrant, a sufficient number of Shares to provide for the exercise of the purchase right represented by this Warrant.

	(ii)
	This
Warrant has been duly authorized and executed by the Company and is a valid and binding obligation of the Company enforceable in accordance with its terms, subject
to applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting the enforcement of creditors' rights.

	(iii)
	The
execution and delivery of this Warrant are not, and the issuance of the Shares upon exercise of this Warrant in accordance with the terms hereof will not be,
inconsistent with the Company's Articles of Incorporation or Bylaws, do not and will not contravene any law, governmental rule or regulation, judgment or order applicable to the Company, and do not
and will not conflict with or contravene any provision of, or constitute a material default under, any material indenture, mortgage, contract or other instrument of which the Company is a party or by
which it is bound or, assuming the accuracy of the initial Holder's representations and warranties in the Subscription Agreement, require the consent or approval of, the giving of notice to, the
registration or filing with, or the taking of any action in respect of or by any federal, state or local government authority or agency (other than such consents, approvals, notices, actions, filings,
etc., as have already been obtained or made, as the case may be). 

        5.    Adjustment of Warrant Price and Number of Shares.    The number of securities issuable upon the exercise of this
Warrant and the Warrant Price shall be subject to adjustment from time to time upon the occurrence of certain events, as follows: 

        (a)    Adjustment for Dividends in Stock.    In case at any time or from time to time on or after the date hereof the
holders of the Common of the Company (or any shares of stock or other securities at the time receivable upon the exercise of this Warrant) shall have received or, on or after the record date
fixed for the determination of eligible stockholders, shall have become entitled to receive, without payment therefor, other or additional stock of the Company by way of dividend, then, and in each
case, the Holder of this Warrant shall, upon the exercise hereof, be entitled to receive, in addition to the number of Shares receivable thereupon, and without payment of any additional consideration
therefor, the amount of such other or additional stock of the Company which such Holder would hold on the date of such exercise had it been the holder of record of such Common on the date hereof and
had thereafter, during the period from the date hereof to and including the date of such exercise, retained such Shares and/or all other additional 

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stock
receivable by it as aforesaid during such period, giving effect to all adjustments called for during such period by subparagraphs (a), (b), (c), and (d) of this Paragraph 5. 

        (b)    Adjustment for Reclassification or Reorganization.    In case of any reclassification or change of the
outstanding securities of the Company or of any reorganization of the Company on or after the date hereof, then, and in each such case, the Holder of this Warrant, upon the exercise hereof at any time
after the consummation of such reclassification, change or reorganization, shall be entitled to receive, in lieu of or in addition to the stock or other securities and property receivable upon the
exercise
hereof prior to such consummation, the stock or other securities to which such Holder would have been entitled upon such consummation if such Holder had exercised this Warrant immediately prior
thereto, all subject to further adjustment as provided in subparagraphs (a), (c) and (d) of this Paragraph 5.; in each such case, the terms of this Paragraph 5 shall
be applicable to the shares of stock or other securities properly receivable upon the exercise of this Warrant after such consummation. 

        (c)    Stock Splits and Reverse Stock Splits.    If, at any time on or after the date hereof, the Company shall
subdivide its outstanding Shares of Common into a greater number of Shares, the Warrant Price in effect immediately prior to such subdivision shall thereby be proportionately reduced and the number of
Shares receivable upon exercise of this Warrant shall thereby be proportionately increased; and, conversely, if at any time on or after the date hereof the outstanding number of Shares of Common shall
be combined into a smaller number of Shares, the Warrant Price in effect immediately prior to such combination shall thereby be proportionately increased and the number of Shares receivable upon
exercise of the Warrant shall be proportionately decreased. 

        (d)    Merger, Sale of Assets, Etc.    If, at any time while this Warrant, or any portion thereof, is outstanding and
unexpired there shall be (i) a reorganization (other than a combination, reclassification, exchange or subdivision of Shares otherwise provided for herein), (ii) a merger or
consolidation of the Company with or into another corporation in which the Company is not the surviving entity, or a reverse triangular merger in which the Company is the surviving entity but the
shares of the Company's capital stock outstanding immediately prior to the merger are converted by virtue of the merger into other property, whether in the form of securities, cash or otherwise, or
(iii) a sale or transfer of the Company's properties and assets as, or substantially as, an entirety to any other person, then, as a part of such reorganization, merger, consolidation, sale or
transfer, lawful provision shall be made so that the Holder of this Warrant shall thereafter be entitled to receive upon exercise of this Warrant, during the period specified herein and upon payment
of the Warrant Price then in effect, the number of shares of stock or other securities or property of the successor corporation resulting from such reorganization, merger, consolidation, sale or
transfer that a holder of the Shares deliverable upon exercise of this Warrant would have been entitled to receive in such reorganization, consolidation, merger, sale or transfer if this Warrant had
been exercised immediately before such reorganization, merger, consolidation, sale or transfer, all subject to further adjustment as provided in this Paragraph 5. If the per-share
consideration payable to the Holder hereof for Shares in connection with any such transaction is in the form other than cash or marketable securities, then the value of such consideration shall be
determined by agreement of the Company and the Holders of Warrants representing two-thirds of all Common Shares purchasable under this and all similar Warrants or, failing such agreement,
by a qualified business appraiser acceptable to the Company and the said Holders. In all events, appropriate adjustment (determined as aforesaid) shall be made in the application of the provisions of
this Warrant with respect to the rights and interests of the Holder after the transaction, to the end that the provisions of this Warrant shall be applicable after that event, as near as reasonably
may be, in relation to any Shares or other property deliverable after that event upon exercise of this Warrant. 

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        6.    Notices of Record Date, Etc.    In the event of (a) any taking by the Company of a record of the holders
of any class of securities for the purpose of determining the holders thereof who are entitled to receive any dividend or other distribution (the "Distribution"), (b) any capital
reorganization or reclassification of the stated capital of the Company or any consolidation or merger of the Company with any other corporation or corporations (other than a wholly-owned subsidiary),
or the sale or distribution of all or substantially all of the Company's property and assets (the "Reorganization Event"), or (c) any proposed filing of a registration statement under
the Act in connection with a primary public offering of the Company's Common Stock (the "Registration Event"), the Company will mail or cause to be mailed to the Holder a notice specifying
(i) the date of any such Distribution stating the amount and character of such Distribution, (ii) the date on which any such Reorganization Event or Registration Event is expected to
become effective, and (iii) the time, if any, that is to be fixed as to when the holders of record of the Company's securities shall be entitled to exchange their shares of the Company's
securities for securities or other property deliverable upon such Reorganization Event. Such notice shall be mailed at least thirty (30) days prior to the date therein specified 

        7.    Compliance with Act; Transferability and Negotiability of Warrant; Disposition of Shares.    

        (a)    Compliance with Act.    The Holder, by acceptance hereof, agrees that this Warrant and the Shares to be issued
upon the exercise hereof are being acquired solely for its own account (or a trust account if the Holder is a trust) and not as a nominee for any other party and not with a view toward the
resale or distribution thereof, and that it will not offer, sell or otherwise dispose of this Warrant or any Shares to be issued upon the exercise hereof except under circumstances which will not
result in a violation of the Act. Upon the exercise of this Warrant, the Holder shall confirm in writing, in a form satisfactory to the Company, that the Shares so issued are being acquired solely for
its own account (or a trust account if the Holder is a trust) and not as a nominee for any other party and not with a view toward resale or distribution thereof. This Warrant and the Shares to
be issued upon the exercise hereof (unless registered under the Act) shall be imprinted with a legend in substantially the following form. 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN ELECTIVE
REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES, THE SALE IS MADE IN ACCORDANCE WITH RULE 144 UNDER THE ACT, OR THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF THESE
SECURITIES REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF
SUCH ACT. 

In
addition, this Warrant and the Shares to be issued upon the exercise hereof shall bear any legends required by the securities laws of any applicable states. 

        (b)    Transferability and Negotiability of Warrant.    This Warrant may not be transferred or assigned in whole or in
part without compliance with all applicable federal and state securities laws by the transferor and the transferee (including the delivery of investment representation letters and legal opinions
satisfactory to the Company, if requested by the Company, and the transfer is to a person other than a general partner of the initial Holder). Subject to the provisions of this Warrant with respect to
compliance with the Act, title to this Warrant may be transferred by endorsement and delivery in the same manner as a negotiable instrument transferable by endorsement and delivery; provided, however,
that neither this Warrant nor the Shares purchasable with this Warrant may be transferred to any entity or person which the Company reasonably determines to be an actual or potential competitor of the
Company. The Company shall act promptly to record 

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transfers
of this Warrant on its books, but the Company may treat the registered Holder of this Warrant as the absolute owner of this Warrant for all purposes, notwithstanding any notice to
the contrary. 

        (c)    Disposition of Shares.    With respect to any offer, sale, transfer or other disposition of any Shares
(or securities issued upon conversion of the Shares) acquired pursuant to the exercise of this Warrant prior to registration of such Shares, except for any such offer, sale, transfer or other
disposition of Shares to a general partner of the initial Holder, the Holder and each subsequent holder of this Warrant agrees to give written notice to the Company prior thereto, describing briefly
the manner thereof, together with a written opinion of legal counsel for such holder, reasonably satisfactory to the Company and its legal counsel, if requested by the Company, to the effect that such
offer, sale or other disposition may be effected without registration or qualification (under the Act or any other federal or state securities laws) of such Shares and indicating whether or not under
the Act certificates for such Shares to be sold or otherwise disposed of require any restrictive legend as to the applicable restrictions on transferability in order to insure compliance with the Act.
Promptly upon receiving such written notice and reasonably satisfactory opinion, if so requested, the Company, as promptly as practicable, shall notify such holder that such holder may sell or
otherwise dispose of such Shares, all in accordance with the terms of the notice delivered to the Company. If a determination has been made pursuant to this subsection (c) that the opinion of
legal counsel for the holder is not reasonably satisfactory to the Company and its legal counsel, the Company shall so notify the holder promptly after such determination has been made.
Notwithstanding the foregoing, such Shares may be offered, sold or otherwise disposed of in accordance with Rule 144, provided that the Company shall have been furnished with such information
as the Company may reasonably request to provide a reasonable assurance that the provisions of Rule 144 have been satisfied. Each certificate representing the Shares thus transferred (except a
transfer pursuant to Rule 144(k)) shall bear a restrictive legend as to the applicable restrictions on transferability in order to insure compliance with the Act, unless, in the aforesaid
opinion of legal counsel for the holder, such legend is not required in order to insure compliance with the Act. The Company may issue stop transfer instructions to its transfer agent in connection
with such restrictions. 

        8.    Rights of Shareholders.    No Holder shall be entitled to vote or receive dividends or be deemed the holder of
Shares or any other securities of the Company which may at any time be issuable on the exercise of this Warrant for any purpose, nor shall anything contained herein be construed to confer upon the
Holder, as such, any of the rights of a shareholder of the Company or any right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to
give or withhold consent to any corporate action (whether upon any recapitalization, issuance of stock, reclassification of stock, consolidation, merger, transfer of assets or otherwise) or to receive
notice of meetings, or to receive dividends or subscription rights or otherwise until this Warrant shall have been exercised and the Shares issuable upon exercise hereof shall have become deliverable,
as provided herein. 

        9.    Replacement of Warrants.    On receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company or, in the
case of mutilation, on surrender and cancellation of this Warrant, the Company at its expense shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor. 

        10.    Exchange of Warrant.    Subject to the other provisions of this Warrant, on surrender of this Warrant for
exchange, properly endorsed and subject to the provisions of this Warrant with respect to compliance with the Act, the Company at its expense shall issue to or on the order of the Holder a new warrant
or warrants of like tenor, in the name of the Holder or as the Holder (on payment by the 

6

 

Holder
of any applicable transfer taxes) may direct, for the number of Shares issuable upon exercise thereof. 

        11.    Notices    All notices and other communications from the Company to the Holder, or vice versa, shall be deemed
delivered and effective when given personally or mailed by first-class registered or certified mail, postage prepaid, to such address as may have been furnished to the Company or the Holder, as the
case may be, in writing by the Company or such Holder from time to time. 

        12.    Waiver.    This Warrant and any term hereof may be changed, waived, discharged or terminated only by an
instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 

        13.    Governing Law.    This Warrant shall be governed by and construed in accordance with the laws of the State of
California, as such laws are applied to agreements entered into in California and to be performed solely by California residents. The Company represents to the Holder that this Warrant constitutes the
legal, valid and binding obligation of the Company enforceable in accordance with its terms, subject to laws of general application relating to bankruptcy, insolvency and the relief of debtors and
rules of law governing specific performance, injunctive relief and other equitable remedies. 

        14.    Titles and Subtitles; Forms of Pronouns.    The titles of the Sections and Subsections of this Warrant are for
convenience only and are not to be considered in construing this Warrant. All pronouns used in this Warrant shall be deemed to include masculine, feminine and neuter forms. 

        15.    Expiration.    Subject to earlier termination pursuant to Section 3 above, the right to exercise this
Warrant shall expire at 5:00 P.M. California time on the ending date determined in accordance with Paragraph 3. 

	Dated:	 	9 Aug, 2002
	 	ACCURAY INCORPORATED
	

 	
 	

 	
 	

By:	
 	

/s/  DONALD CADDES      

	 	 	 	 	Title:	 	President & COO

7

 
 

EXHIBIT A
  
    NOTICE OF EXERCISE    
    

TO:
ACCURAY INCORPORATED 

        1.     The
undersigned Holder of the attached original, executed Common Stock Purchase Warrant hereby elects to exercise its purchase right under such Warrant with respect to
                                     Shares, as defined in the
Warrant, of Accuray Incorporated Common. 

        2.     The
undersigned Holder elects to pay the aggregate Warrant Price for such Shares (the "Exercise Shares") in the following manner: 

	o
	by
the enclosed check drawn on a United States bank and for United States funds made payable to the Company in the amount of
$                        ;

	o
	by
wire transfer of United States funds to the account of the Company in the amount of $                        , which transfer
has been
made before or simultaneously with the delivery of this Notice pursuant to the instructions of the Company; or

	o
	pursuant
to the forgiveness provisions set forth in Section 4(b)(3) of the Warrant, the Company to apply the amount of the aggregate
Warrant Price first to interest owed and then to principal owed.

	o
	pursuant
to the net exercise provisions set forth in Section 4(c) of the Warrant 

        3.     Please
issue a stock certificate or certificates representing the appropriate number of Shares in the name of the undersigned or in such other names as is specified
below; 

	 	 	Name:	 	
	 	 
	
 	
 	

Address:	
 	

	
 	

 
	
 	
 	

 	
 	

	
 	

 
	
 	
 	

Tax Ident. No.:	
 	

	
 	

 

	Date.
	 	HOLDER:

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Exhibit 4.2  

 
 

ACCURAY INCORPORATED
  INVESTORS' RIGHTS AGREEMENT
  OCTOBER 30, 2006    
    

 
 
 

TABLE OF CONTENTS    
    

	 
	 	Page

	 Section 1 Definitions	 	1
	 	 1.1 Certain Definitions	 	1
	 Section 2 Registration Rights	 	4
	 	 2.1 Requested Registration	 	4
	 	 2.2 Company Registration	 	6
	 	 2.3 Registration on Form S-3	 	8
	 	 2.4 Expenses of Registration	 	8
	 	 2.5 Registration Procedures	 	8
	 	 2.6 Indemnification	 	9
	 	 2.7 Information by Holder	 	11
	 	 2.8 Restrictions on Transfer	 	11
	 	 2.9 Rule 144 Reporting	 	13
	 	 2.10 Market Stand-Off Agreement	 	13
	 	 2.11 Delay of Registration	 	13
	 	 2.12 Transfer or Assignment of Registration Rights	 	13
	 	 2.13 Limitations on Subsequent Registration Rights	 	14
	 	 2.14 Termination of Registration Rights	 	14
	 Section 3 Covenants of the Company	 	14
	 	 3.1 Basic Financial Information and Inspection Rights	 	14
	 	 3.2 Inspections	 	14
	 	 3.3 Aggregation of Stock	 	15
	 	 3.4 Confidentiality	 	15
	 	 3.5 Termination of Covenants	 	15
	 Section 4 Waiver of Prior Rights Agreement	 	15
	 	 4.1 Amendment, Waiver and Termination of Prior Rights Agreement	 	15
	 Section 5 Right of First Refusal	 	15
	 	 5.1 Right of First Refusal	 	15
	 	 5.2 Assignment of Right of First Refusal	 	16
	 	 5.3 Termination of Right of First Refusal	 	16
	 Section 6 Miscellaneous	 	16
	 	 6.1 Amendment	 	16
	 	 6.2 Notices	 	17
	 	 6.3 Governing Law	 	17
	 	 6.4 Successors and Assigns	 	17
	 	 6.5 Entire Agreement	 	17
	 	 6.6 Delays or Omissions	 	17
	 	 	 

i

 

	 	 6.7 Severability	 	18
	 	 6.8 Titles and Subtitles	 	18
	 	 6.9 Counterparts	 	18
	 	 6.10 Telecopy Execution and Delivery	 	18
	 	 6.11 Jurisdiction; Venue	 	18
	 	 6.12 Further Assurances	 	18
	 	 6.13 Termination Upon Change of Control	 	18
	 	 6.14 Conflict	 	18
	 	 6.15 Attorneys' Fees	 	18

ii

  

 
 

ACCURAY INCORPORATED
  INVESTORS' RIGHTS AGREEMENT    
    

        This Investors' Rights Agreement (this "Agreement") is made as of October 30, 2006, by and among Accuray
Incorporated, a California corporation (the "Company"), and the holders of the Company's Series C Preferred Stock as converted
("Prior C Holders"), the holders of the Company's Series A Preferred Stock ("Series A
Holders"), the holders of the Company's Series A-1 Preferred Stock
("Series A-1 Holders"), the holders of the Company's Series B Preferred Stock ("Series B
Holders") and the holders of the Company's Series C Preferred Stock ("Series C Holders"). The Prior C Holders, the
Series A Holders, the Series B Holders and the Series C Holders are listed on Exhibit A and are referred to herein either collectively as the
"Investors" or individually as an "Investor". Unless otherwise defined herein, capitalized terms used in
this Agreement have the meanings ascribed to them in Section 1. 

 
 

RECITALS    
    

        WHEREAS:    The Company and each of the Investors has previously entered into agreements granting certain registration rights to
each of the Investors; 

        WHEREAS:    The Company and the Prior C Holders entered into an Prior C Rights Agreement, pursuant to which the Company granted
certain registration rights to the Prior C Holders; 

        WHEREAS:    The Company and the Series A Holders entered into a Series A Rights Agreement, pursuant to which the
Company granted certain registration rights to the Series A Holders; 

        WHEREAS:    The Company and the Series A-1 Holders entered into a
Series A-1 Rights Agreement, pursuant to which the Company granted certain registration rights to the Series A-1 Holders; 

        WHEREAS:    The Company and the Series B Holders entered into a Series B Rights Agreement, pursuant to which the
Company granted certain registration rights to the Series B Holders; 

        WHEREAS:    The Company and the Series C Holders each entered into a Series C Rights Agreement, pursuant to which
the Company granted certain registration rights to the Series C Holders; 

        WHEREAS:    The Company and the Investors each desire to adopt this Agreement in order to clarify the rights of the Investors
under the Prior Rights Agreements, and each desire to waive any rights they may have under the Prior Agreements, and to terminate the Prior Agreements upon adoption of this Agreement; 

        NOW, THEREFORE:    In consideration of the mutual promises and covenants set forth herein, and other consideration, the receipt
and adequacy of which is hereby acknowledged, the Company and the Investors hereto agree as follows: 

 
 

Section 1
  Definitions    
    

        1.1    Certain Definitions.    As used in this Agreement, the following terms shall have the meanings set
forth below: 

        (a)   "Board" shall mean the Company's Board of Directors. 

        (b)   "Commission" shall mean the Securities and Exchange Commission or any other federal agency at the time administering the
Securities Act. 

        (c)   "Common Stock" means the Common Stock of the Company. 

1

 

        (d)   "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended, or any similar successor federal statute and
the rules and regulations thereunder, all as the same shall be in effect from time to time. 

        (e)   "Holder" shall mean any Investor who holds Registrable Securities and any holder of Registrable Securities to whom the
registration rights conferred by this Agreement have been duly and validly transferred in accordance with Section 2.12 of this Agreement. 

        (f)    "Indemnified Party" shall have the meaning set forth in  Section 2.6(c) hereto. 

        (g)   "Indemnifying Party" shall have the meaning set forth in  Section 2.6(c) hereto. 

        (h)   "Initial Public Offering" shall mean the closing of the Company's first firm commitment underwritten public offering of
the Company's Common Stock registered under the Securities Act. 

        (i)    "Initiating Holders" shall mean any Holder or Holders who in the aggregate hold not less than thirty percent (30%) of the
outstanding Registrable Securities. 

        (j)    "Inspection Rights" shall have the meaning set forth in  Section 3.2 hereto. 

        (k)   "Prior C Rights Agreement" shall mean Section 7 of the Series C Preferred Stock Purchase Agreement
between the Company and the Prior C Holders, dated August, 1994, pursuant to which the Company granted certain registration rights to the Prior C Holders. 

        (l)    "New Securities" shall mean any shares of capital stock of the
Company, including Common Stock and Preferred Stock, whether authorized or not, and rights, options, or warrants to purchase said shares of capital stock, and securities of any type whatsoever that
are, or may become, convertible into capital stock; provided, however, that the term
"New Securities" does not include (i) securities issued upon conversion of the Shares; (ii) securities issued to employees, consultants, officers, and directors of the Company,
pursuant to any arrangement or Company employee benefit plan, in each case approved by the Board; (iii) securities issued pursuant to any rights or agreements, including, without limitation,
convertible securities, options, bonds, debentures, notes or other evidences of indebtedness and warrants, provided that the Company shall have complied with the right of first offer established by
Section 5 below with respect to the initial sale or grant by the Company of such rights or agreements; (iv) securities issued in connection with any stock split, stock dividend or
recapitalization by the Company; (v) securities issued pursuant to the acquisition of another entity by the Company by merger, purchase of substantially all of the assets or shares or other
reorganization whereby the Company will own not less than a majority of the voting power of the surviving or successor business, provided that such transaction was approved by the Board;
(vi) securities issued pursuant to the acquisition of technology or other intellectual property by outright purchase or exclusive license, provided that such transaction was approved by the
Board; (vii) securities issued to lenders, financial institutions, equipment lessors or real estate lessors of the Company in connection with a bona fide borrowing or leasing
transaction, in each case approved by the Board; (viii) securities issued to vendors or customers of the Company, or to other persons in similar commercial arrangements with the Company other
than for primarily equity financing purposes, if such issuance is in each case approved by the Board; (ix) securities issued in connection with corporate partnering transactions other than for
primarily equity financing purposes, if such issuance is in each case approved by the Board; and (x) any right, option, or warrant to acquire any security convertible into the securities
excluded from the definition of New Securities pursuant to clauses (i) through (ix) above. 

        (m)  "Other Selling Stockholders" shall mean persons other than Holders who, by virtue of agreements with the Company, are
entitled to include their securities in certain registrations hereunder. 

        (n)   "Other Registrable Securities" shall mean securities of the Company, with respect to which registration rights have
been granted. 

2

 

        (o)   "Pro Rata Portion" means the ratio that (x) the sum of the number of shares of the Company's Common Stock
held by an Series C Holder immediately prior to the issuance of New Securities, assuming full exercise and/or conversion of the Shares and all Company securities exercisable and/or
convertible into the Company's Common Stock then held by such Series C Holder, bears to (y) the sum of the total number of shares of the Company's Common Stock then outstanding, assuming
full exercise and/or conversion of all Company securities exercisable and/or convertible into the Company's Common Stock then outstanding. 

        (p)   "Prior Rights Agreements" shall mean, collectively, the Prior C Rights Agreement, the Series A Rights Agreement,
the Series A-1 Rights Agreement, the Series B Rights Agreement and the Series C Rights Agreement, as such terms are defined herein. 

        (q)   "Qualifying IPO" shall mean an Initial Public Offering where the aggregate net proceeds to the Company (before deductions
of underwriters' commissions and expenses) equals or exceeds $25,000,000 at a price per share to the public equal to at least $3.00 (as adjusted for stock dividends, combinations, subdivisions
or stock splits with respect to such shares). 

        (r)   "Registrable Securities" shall mean (i) shares of Common Stock issued or issuable pursuant to the conversion of
the Shares and (ii) any Common Stock issued as a dividend or other distribution with respect to or in exchange for or in replacement of the shares referenced in (i) above;  provided,
however, that Registrable Securities shall not include any shares of Common Stock described in
clause (i) or (ii) above which have previously been registered or which have been sold to the public either pursuant to a registration statement or Rule 144, or which have been
sold in a private transaction in which the transferor's rights under this Agreement are not validly assigned in accordance with this Agreement. 

        (s)   The
terms "register," "registered" and
"registration" shall refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act and
applicable rules and regulations thereunder, and the declaration or ordering of the effectiveness of such registration statement. 

        (t)    "Registration Expenses" shall mean all expenses incurred in effecting any registration pursuant to this Agreement,
including, without limitation, all registration, qualification, and filing fees, printing expenses, escrow fees, fees and disbursements of counsel for the Company, blue sky fees and expenses, and
expenses of any regular or special audits incident to or required by any such registration, but shall not include Selling Expenses, fees and disbursements of counsel for the Holders and the
compensation of regular employees of the Company, which shall be paid in any event by the Company. 

        (u)   "Restricted Securities" shall mean any Registrable Securities required to bear the first legend set forth in  Section 2.8(c) hereof. 

        (v)   "Rule 144" shall mean Rule 144 as promulgated by the Commission under the Securities Act, as such Rule may
be amended from time to time, or any similar successor rule that may be promulgated by the Commission. 

        (w)  "Rule 145" shall mean Rule 145 as promulgated by the Commission under the Securities Act, as such Rule may
be amended from time to time, or any similar successor rule that may be promulgated by the Commission 

        (x)   "Rule 415" shall mean Rule 415 as promulgated by the Commission under the Securities Act, as such Rule may
be amended from time to time, or any similar successor rule that may be promulgated by the Commission. 

        (y)   "Securities Act" shall mean the Securities Act of 1933, as amended, or any similar successor federal statute and the
rules and regulations thereunder, all as the same shall be in effect from time to time. 

3

 

        (z)   "Selling Expenses" shall mean all underwriting discounts, selling commissions and stock transfer taxes applicable to the
sale of Registrable Securities and fees and disbursements of counsel for any Holder. 

        (aa) "Series A Rights Agreement" shall mean the Amended and Restated Registration Rights Agreement, dated March, 2001,
pursuant to which the Company granted certain registration rights to the Series A Holders; 

        (bb) "Series A-1 Rights Agreement" shall mean the Amended and Restated Registration Rights
Agreement, dated June 6, 2001, pursuant to which the Company granted certain registration rights to the Series A-1 Holders; 

        (cc) "Series B Rights Agreement" shall mean Amended and Restated Registration Rights Agreement, dated June 6,
2001, pursuant to which the Company granted certain registration rights to the Series B Holders. 

        (dd) "Series C Rights Agreement" shall mean Series C Registration Rights Agreements, dated variously from
February 7, 2002 through June 30, 2002, pursuant to which the Company granted certain registration rights to the Series C Holders. 

        (ee) "Series C Registrable Securities" shall mean the shares of Series C Preferred Stock held by the
Series C Holders. 

        (ff)  "Shares" shall mean the shares of the Company's Series C Preferred Stock, as converted, held by the Prior C
Holders, the shares of Series A Preferred Stock held by the Series A Holders, the shares of Series A-1 Preferred Stock held by the
Series A-1 Holders, the shares of Series B Preferred Stock held by the Series B Holders, the shares of Series C Preferred Stock held by the
Series C Holders, and the shares of Common Stock issuable or issued upon conversion of any of the "Shares". 

        (gg) "Withdrawn Registration" shall mean a forfeited demand registration under  Section 2.1 in accordance with the terms and conditions of Section 2.4. 

 
 

Section 2
  Registration Rights    
    

        2.1    Requested Registration.    

        (a)    Request for Registration.    Subject to the conditions set forth in this  Section 2.1, if the Company shall receive from
Initiating Holders a written request signed by such Initiating Holders that the Company effect any
registration with respect to all or a part of the Registrable Securities (such request shall state the number of shares of Registrable Securities to be disposed of by such Initiating Holders), the
Company will: 

	(i)
	promptly
give written notice of the proposed registration to all other Holders; and

	(ii)
	as
soon as practicable, file and use its commercially reasonable efforts to effect such registration (including, without limitation, filing post-effective
amendments, appropriate qualifications under applicable blue sky or other state securities laws, and appropriate compliance with the Securities Act) and to permit or facilitate the sale and
distribution of all or such portion of such Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any Holder or Holders joining in
such request as are specified in a written request received by the Company within thirty (30) days after such written notice from the Company is mailed or delivered. 

4

 

        (b)    Limitations on Requested Registration.    The Company shall not be obligated to effect, or to take any action
to effect, any such registration pursuant to this Section 2.1: 

	(i)
	Prior
to the earlier of (A) the One (1) year anniversary of the date of this Agreement or (B) one hundred eighty (180) days following the
effective date of the first registration statement filed by the Company covering an underwritten offering of any of its securities to the general public;

	(ii)
	If
the Initiating Holders propose to sell Registrable Securities equal to less than 30% of the total outstanding Registrable Securities, unless the anticipated
aggregate proceeds of such sale (after deduction for underwriter's discounts and expenses related to the issuance) would exceed $5,000,000;

	(iii)
	In
any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting such registration, qualification,
or compliance, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act;

	(iv)
	After
the Company has initiated two such registrations pursuant to this Section 2.1 (counting for these purposes
only (x) registrations which have been declared or ordered effective and pursuant to which securities have been sold, and (y) Withdrawn Registrations);

	(v)
	During
the period starting with the date sixty (60) days prior to the Company's good faith estimate of the date of filing of, and ending on a date 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; or

	(vi)
	If
the Initiating Holders propose to dispose of shares of Registrable Securities which may be immediately registered on Form S-3 pursuant to a
request made under Section 2.3 hereof. 

        (c)    Deferral.    If (i) in the good faith judgment of the Board of Directors of the Company, the filing of a
registration statement covering the Registrable Securities would be detrimental to the Company and the Board of Directors of the Company concludes, as a result, that it is in the best interests of the
Company to defer the filing of such registration statement at such time, and (ii) the Company shall furnish to such Holders a certificate signed by the President of the Company stating that in
the good faith judgment of the Board of Directors of the Company, it would be detrimental to the Company for such registration statement to be filed in the near future and that it is, therefore, in
the best interests of the Company to defer the filing of such registration statement, then (in addition to the limitations set forth in  Section 2.1(b)(v) above) the Company shall have the
right to defer such filing for a period of not more than one hundred eighty (180) days
after receipt of the request of the Initiating Holders, and, provided further, that the Company shall not defer its obligation in this manner more than twice in any twelve-month period. 

        (d)    Other Securities.    The registration statement filed pursuant to the request of the Initiating Holders may,
subject to the provisions of Section 2.1(e), include Other Registrable Securities, and may include securities of the Company being sold for the
account of the Company. 

        (e)    Underwriting.    If 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 this Section 2.1 and the
Company shall include such information in the written notice given pursuant to Section 2.1(a)(i). In such event, the right of any Holder to
include all or any portion of its Registrable Securities in a registration pursuant to this Section 2.1

5

 

shall
be conditioned upon such Holder's participation in such underwriting and the inclusion of such Holder's Registrable Securities to the extent provided herein. If the Company shall request
inclusion in any registration pursuant to Section 2.1 of securities being sold for its own account, or if other persons shall request inclusion
in any registration pursuant to Section 2.1, the Initiating Holders shall, on behalf of all Holders, offer to include such securities in the
underwriting and such offer shall be conditioned upon the participation of the Company or such other persons in such underwriting and the inclusion of the Company's and such person's other securities
of the Company and their acceptance of the further applicable provisions of this Section 2 (including  Section 2.10). The Company shall (together
with all Holders and other persons proposing to distribute their securities through such underwriting)
enter into an underwriting agreement in customary form with the representative of the underwriter or underwriters selected for such underwriting by a majority in interest of the Initiating Holders,
which underwriters are reasonably acceptable to the Company. 

Notwithstanding
any other provision of this Section 2.1, if the underwriters advise the Initiating Holders in writing that marketing factors
require a limitation on the number of shares to be underwritten, the number of shares to be included in the registration statement or underwriting shall be allocated as follows: (i) first,
among all Series C Holders requesting to include Series C Registrable Securities in such registration statement or underwriting, on a pro rata basis according to the number of
Series C Registrable Securities then outstanding and held by each Series C Holder requesting registration; (ii) second, after the inclusion of all the Series C Registrable
Securities held by the Series C Holders requesting registration, then among all Holders requesting to include Registrable Securities in such registration statement on a on a pro rata
basis according to the number of outstanding Registrable Securities held by each Holder requesting registration, assuming such Registrable Securities were converted into Common Stock;
(iii) third, after the inclusion of the Registrable Securities held by the
Holders requesting registration, then among any Other Selling Stockholders requesting to include Other Registrable Securities in such registration statement on a on a pro rata basis according
to the number of outstanding Other Registrable Securities held by each Other Selling Stockholder requesting registration, assuming such Other Registrable Securities were converted into Common Stock;
and (iv) fourth, after the inclusion of the Other Registrable Securities held by the Other Selling Stockholders requesting registration, to the Company which the Company may allocate, at its
discretion, for its own account, or for the account of other holders or employees of the Company. 

If
a person who has requested inclusion in such registration as provided above does not agree to the terms of any such underwriting, such person shall be excluded therefrom by written notice from the
Company, the underwriter or the Initiating Holders. The securities so excluded shall also be withdrawn from registration. Any Registrable Securities or Other Registrable Securities excluded or
withdrawn from such underwriting shall also be withdrawn from such registration. If shares are so withdrawn from the registration and if the number of shares to be included in such registration was
previously reduced as a result of marketing factors pursuant to this Section 2.1(e), then the Company shall then offer to all Holders and Other
Selling Stockholders who have retained rights to include securities in the registration the right to include additional Registrable Securities or Other Registrable Securities in the registration in an
aggregate amount equal to the number of shares so withdrawn, with such shares to be allocated among such Holders and Other Selling Stockholders requesting additional inclusion, as set
forth above. 

        2.2    Company Registration.    

        (a)    Company Registration.    If the Company shall determine to register any of its securities either for its own
account or the account of a security holder or holders, other than a registration pursuant to Section 2.1
or 2.3, a registration relating solely to employee benefit plans, a registration relating to the offer and sale of debt securities, a
registration relating to a corporate 

6

 

reorganization
or other Rule 145 transaction, or a registration on any registration form that does not permit secondary sales, the Company will: 

	(i)
	promptly
give written notice of the proposed registration to all Holders; and

	(ii)
	use
its commercially reasonable efforts to include in such registration (and any related qualification under blue sky laws or other compliance), except as set
forth in Section 2.2(b) below, and in any underwriting involved therein, all of such Registrable Securities as are specified in a written
request or requests made by any Holder or Holders received by the Company within ten (10) days after such written notice from the Company is mailed or delivered. Such written request may
specify all or a part of a Holder's Registrable Securities. 

        (b)    Underwriting.    If the registration of which the Company gives notice is for a registered public offering
involving an underwriting, the Company shall so advise the Holders as a part of the written notice given pursuant to Section 2.2(a)(i). In such
event, the right of any Holder to registration pursuant to this Section 2.2 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 and the other holders of securities of the Company with registration rights to participate therein distributing their securities through such underwriting) enter into
an underwriting agreement in customary form with the representative of the underwriter or underwriters selected by the Company. 

Notwithstanding
any other provision of this Section 2.2, if the underwriters advise the Company in writing that marketing factors require a
limitation on the number of shares to be underwritten, the underwriters may (subject to the limitations set forth below) exclude all Registrable Securities from, or limit the number of Registrable
Securities to be included in, the registration and underwriting. The Company shall so advise all holders of securities requesting registration, and the number of shares of securities that are entitled
to be included in the registration and underwriting shall be allocated, as follows: (i) first, to the Company for securities being sold for its own account, (ii) second, after the
inclusion of all the securities being offered by the Company, to any Series C Holders requesting to include Series C Registrable Securities in such registration statement based on the
pro rata percentage of Series C Registrable Securities held by such Series C Holders, (iii) third, after the inclusion of all the securities of the Company and the
Series C Registrable Securities of the Series C Holders, then to the Holders requesting to include Registrable Securities in such registration statement based on the pro rata
percentage of Registrable Securities held by such Holders, on an as converted to Common Stock basis, and (iv) fourth, after the inclusion of all the securities of the Company and the
Registrable Securities of the Holders, then to the Other Selling Stockholders requesting to include Other Registrable Securities in such registration statement based on the pro rata percentage
of Registrable Securities held by such Other Selling Stockholders, on an as converted to Common Stock basis; provided however 

If
a person who has requested inclusion in such registration as provided above does not agree to the terms of any such underwriting, such person shall also be excluded therefrom by written notice from
the Company or the underwriter. The Registrable Securities or other securities so excluded shall also be withdrawn from such registration. Any Registrable Securities or other securities excluded or
withdrawn from such underwriting shall be withdrawn from such registration. 

        (c)    Right to Terminate Registration.    The Company shall have the right to terminate or withdraw any registration
initiated by it under this Section 2.2 prior to the effectiveness of such registration whether or not any Holder has elected to include
securities in such registration. 

7

 

        2.3    Registration on Form S-3.    

        (a)    Request for Form S-3 Registration.    After its Initial Public Offering, the Company
shall use commercially reasonable efforts to qualify for registration on Form S-3 or any comparable or successor form or forms. After the Company has qualified for the use of
Form S-3, in addition to the rights contained in the foregoing provisions of this Section 2 and subject to the
conditions set forth in this Section 2.3, if the Company shall receive from a Holder or Holders of Registrable Securities a written request that
the Company effect any registration on Form S-3 or any similar short form registration statement with respect to all or part of the Registrable Securities (such request shall
state the number of shares of Registrable Securities to be disposed of and the intended methods of disposition of such shares by such Holder or Holders), the Company will take all such action with
respect to such Registrable Securities as required by Section 2.1(a)(i) and (ii). 

        (b)    Limitations on Form S-3 Registration.    The Company shall not be obligated to
effect, or take any action to effect, any such registration pursuant to this Section 2.3: 

	(i)
	In
the circumstances described in either Sections 2.1(b)(i),  2.1(b)(iii) or 2.1(b)(v);

	(ii)
	If
the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and
such other securities (if any) on Form S-3 at an aggregate price to the public of less than 2,000,000; or

	(iii)
	If,
in a given twelve-month period, the Company has effected two (2) such registrations in such period. 

        (c)    Deferral.    The provisions of Section 2.1(c) shall
apply to any registration pursuant to this Section 2.3. 

        (d)    Underwriting.    If the Holders of Registrable Securities requesting registration under this  Section 2.3 intend to
distribute the Registrable Securities covered by their request by means of an underwriting, the provisions of  Sections 2.1(e) shall apply to such registration. Notwithstanding anything contained
herein to the contrary, registrations effected pursuant to
this Section 2.3 shall not be counted as requests for registration or registrations effected pursuant to  Section 2.1. 

        2.4    Expenses of Registration.    All Registration Expenses incurred in connection with registrations pursuant to  Sections 2.1, 2.2 and 2.3 hereof shall be
borne by the Company; provided, however, that the Company shall not be required to pay for any expenses
of any registration proceeding begun pursuant to Sections 2.1 and 2.3 if the registration
request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered or because a sufficient number of Holders shall have withdrawn so that the
minimum offering conditions set forth in Sections 2.1 and 2.3 are no longer satisfied
(in which case all participating Holders shall bear such expenses pro rata among each other based on the number of Registrable Securities requested to be so registered), unless the
Holders of a majority of the Registrable Securities agree to forfeit their right to a demand registration pursuant to Section 2.1. All Selling
Expenses relating to securities registered on behalf of the Holders shall be borne by the holders of securities included in such registration pro rata among each other on the basis of the
number of Registrable Securities so registered. 

        2.5    Registration Procedures.    In the case of each registration effected by the Company pursuant to  Section 2, the Company
will keep each Holder advised in writing as to the initiation of each registration and as to the completion thereof. At
its expense, the Company will use its commercially reasonable efforts to: 

        (a)   Keep
such registration effective for a period ending on the earlier of the date which is sixty (60) days from the effective date of the registration statement or
such time as the Holder or Holders have completed the distribution described in the registration statement relating thereto. 

8

 

        (b)   Prepare
and file with the Commission 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 provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for the period set forth in
subsection (a) above; 

        (c)   Furnish
such number of prospectuses, including any preliminary prospectuses, and other documents incident thereto, including any amendment of or supplement to the
prospectus, as a Holder from time to time may reasonably request; 

        (d)   Use
its reasonable best efforts to register and qualify the securities covered by such registration statement under such other securities or Blue Sky laws of such
jurisdiction as shall be reasonably requested by the Holders; provided, that the Company shall not be required in connection therewith or as a condition
thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions. 

        (e)   Notify
each seller of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is required to be delivered under the
Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to
state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in light of the circumstances then existing, and following such
notification promptly prepare and furnish to such seller a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the
purchasers of such shares, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading or incomplete in light of the circumstances then existing; 

        (f)    Provide
a transfer agent and registrar for all Registrable Securities registered pursuant to such registration statement and a CUSIP number for all such Registrable
Securities, in each case not later than the effective date of such registration; 

        (g)   Cause
all such Registrable Securities registered pursuant hereunder to be listed on each securities exchange on which similar securities issued by the Company are then
listed; and 

        (h)   In
connection with any underwritten offering pursuant to a registration statement filed pursuant to Section 2.1
hereof, enter into an underwriting agreement in form reasonably necessary to effect the offer and sale of Common Stock, provided such underwriting agreement contains reasonable and customary
provisions, and provided further, that each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement. 

        2.6    Indemnification.    

        (a)   To
the extent permitted by law, the Company will indemnify and hold harmless each Holder, each of its officers, directors and partners, legal counsel, and accountants
and each person controlling such Holder within the meaning of Section 15 of the Securities Act, with respect to which registration, qualification, or compliance has been effected pursuant to
this Section 2, and each underwriter, if any, and each person who controls within the meaning of Section 15 of the Securities Act any
underwriter, against all expenses, claims, losses, damages, and liabilities (or actions, proceedings, or settlements in respect thereof) arising out of or based on: (i) any untrue
statement (or alleged untrue statement) of a material fact contained or incorporated by reference in any prospectus, offering circular, or other document (including any related registration
statement, notification, or the like) incident to any such registration, qualification, or compliance, (ii) any 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 

9

 

violation)
by the Company of the Securities Act, any state securities laws or any rule or regulation thereunder applicable to the Company and relating to action or inaction required of the Company in
connection with any offering covered by such registration, qualification, or compliance, and the Company will reimburse each such Holder, each of its officers, directors, partners, legal counsel, and
accountants and each person controlling such Holder, each such underwriter, and each person who controls any such underwriter, for any legal and any other expenses reasonably incurred in connection
with investigating and defending or settling any such claim, loss, damage, liability, or action; provided that the Company will not be liable in any
such case to the extent that any such claim, loss, damage, liability, or action arises out of or is based on any untrue statement or omission based upon written information furnished to the Company by
such Holder, any of such Holder's officers, directors, partners, legal counsel or accountants, any person controlling such Holder, such underwriter or any person who controls any such underwriter and
stated to be specifically for use therein; and provided, further that, the indemnity contained in this  Section 2.6(a)
 shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, or action if such settlement is effected
without the consent of the Company (which consent shall not be unreasonably withheld). 

        (b)   To
the extent permitted by law, each Holder will, if Registrable Securities held by such Holder are included in the securities as to which such registration,
qualification, or compliance is being effected, indemnify and hold harmless the Company, each of its directors, officers, partners, legal counsel, and accountants and each underwriter, if any, of the
Company's securities covered by such a registration statement, each person who controls the Company or such underwriter within the meaning of Section 15 of the Securities Act, each other such
Holder, and each of their officers, directors, and partners, and each person controlling such Holder, against all claims, losses, damages and liabilities (or actions in respect thereof) arising
out of or based on: (i) any untrue statement (or alleged untrue statement) of a material fact contained or incorporated by reference in any such registration statement, prospectus,
offering circular, or other document, or (ii) any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading, and will reimburse the Company and such Holders, directors, officers, partners, legal counsel, and accountants, persons, underwriters, or control persons for any legal or any
other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability, or action, in each case to the extent, but only to the extent, that such
untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration statement, prospectus, offering circular, or other document in reliance upon
and in conformity with written information furnished to the Company by such Holder and stated to be specifically for use therein; provided,  however, that
the obligations of such Holder hereunder shall not apply to amounts paid in settlement of any such claims, losses,
damages, or liabilities (or actions in respect thereof) if such settlement is effected without the consent of such Holder (which consent shall not be unreasonably withheld); and  provided that in no
event shall any indemnity under this Section 2.6 exceed the gross proceeds
from the offering received by such Holder. 

        (c)   Each
party entitled to indemnification under this Section 2.6 (the "Indemnified
Party") shall give notice to the party required to provide indemnification (the "Indemnifying Party") promptly after such
Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of such claim or any litigation resulting
therefrom; provided that counsel for the Indemnifying Party, who shall conduct the defense of such claim or any litigation resulting therefrom, shall be
approved by the Indemnified Party (whose approval shall not be unreasonably withheld), and the Indemnified Party may participate in such defense at such party's expense; and  provided further that the
failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations
under this Section 2.6, to the extent such failure is not prejudicial. No Indemnifying 

10

 

Party,
in the defense of any such claim or litigation, shall, without the written consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement that 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 litigation. 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 and litigation resulting therefrom. 

        (d)   If
the indemnification provided for in this Section 2.6 is held by a court of competent jurisdiction to be
unavailable to an Indemnified Party with respect to any loss, liability, claim, damage, or expense referred to herein, then the Indemnifying Party, in lieu of indemnifying such Indemnified Party
hereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect the
relative fault of the Indemnifying Party on the one hand and of the Indemnified Party on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage,
or expense as well as 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 alleged untrue statement of a material fact or the omission to state 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. 

        (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. 

        2.7    Information by Holder.    Each Holder of Registrable Securities shall furnish to the Company such information
regarding such Holder and the distribution proposed by such Holder as the Company may reasonably request in writing and as shall be reasonably required in connection with any registration,
qualification, or compliance referred to in this Section 2. 

        2.8    Restrictions on Transfer.    

        (a)   The
holder of each certificate representing Registrable Securities by acceptance thereof agrees to comply in all respects with the provisions of this  Section 2.8. Each Holder agrees not to make any
sale, assignment, transfer, pledge or other disposition of all or any portion of the Restricted
Securities, or any beneficial interest therein, unless and until (x) the transferee thereof has agreed in writing for the benefit of the Company to take and hold such Restricted Securities
subject to, and to be bound by, the terms and conditions set forth in this Agreement, including, without limitation, this Section 2.8 and  Section 2.10, except for transfers permitted under Section 2.8(b): 

	(i)
	There
is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is made in accordance with such
registration statement; or

	(ii)
	Such
Holder shall have given prior written notice to the Company of such Holder's intention to make such disposition and shall have furnished the Company with a
detailed description of the manner and circumstances of the proposed disposition, and, if requested by the Company, such Holder shall have furnished the Company, at the Holder's expense, with
(i) an opinion of counsel, reasonably satisfactory to the Company, to the effect that such disposition will not require registration of such Restricted Securities under the Securities Act or
(ii) a "no action" letter from the Commission to the effect that the transfer of such securities without registration will not result in a 

11

 

recommendation
by the staff of the Commission that action be taken with respect thereto, whereupon the holder of such Restricted Securities shall be entitled to transfer such Restricted Securities in
accordance with the terms of the notice delivered by the Holder to the Company. 

        (b)   Permitted
transfers include (i) a transfer not involving a change in beneficial ownership, or (ii) a transactions involving the distribution without
consideration of Restricted Securities by any Holder to (x) the Holder's family member or trust for the benefit of an individual Holder (y) a parent, subsidiary or other affiliate of
Holder that is a Corporation, or (z) any of its partners, members or other equity owners, or retired partners, retired members or other equity owners, or to the estate of any of its partners,
members or other equity owners or retired partners, retired members or other equity owners, or (iii) transfers in compliance with Rule 144(k), as long as the Company is furnished with
satisfactory
evidence of compliance with such Rule; provided, in each case, that the Holder thereof shall give written notice to the Company of such Holder's
intention to effect such disposition and shall have furnished the Company with a detailed description of the manner and circumstances of the proposed disposition. 

        (c)   Each
certificate representing Registrable Securities shall (unless otherwise permitted by the provisions of this Agreement) be stamped or otherwise imprinted with a
legend substantially similar to the following (in addition to any legend required under applicable state securities laws): 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER THE
SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS
PURSUANT TO REGISTRATION OR AN EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE OR TRANSFER, PLEDGE OR
HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 

THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE, INCLUDING A LOCK-UP PERIOD OF UP TO 180 DAYS IN THE EVENT OF A PUBLIC OFFERING,
AS SET FORTH IN AN INVESTOR RIGHTS AGREEMENT AMONG THE COMPANY AND THE ORIGINAL HOLDERS OF THESE SHARES, COPIES OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY. 

        The
Holders consent to the Company making a notation on its records and giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on
transfer established in this Section 2.8. 

        (d)   The
first legend referring to federal and state securities laws identified in Section 2.8(c) hereof stamped on a
certificate evidencing the Restricted Securities and the stock transfer instructions and record notations with respect to such Restricted Securities shall be removed and the Company shall issue a
certificate without such legend to the holder of such Restricted Securities if (i) such securities are registered under the Securities Act, or (ii) such holder provides the Company with
an opinion of counsel reasonably acceptable to the Company to the effect that a public sale or transfer of such securities may be made without registration under the Securities Act, or
(iii) such holder provides the Company with reasonable assurances, which may, at the 

12

 

option
of the Company, include an opinion of counsel satisfactory to the Company, that such securities can be sold pursuant to Section (k) of Rule 144 under the Securities Act. 

        2.9    Rule 144 Reporting.    With a view to making available the benefits of certain rules and regulations of
the Commission that may permit the sale of the Restricted Securities to the public without registration, the Company agrees to use its commercially reasonable efforts to: 

        (a)   Make
and keep public information regarding the Company available as those terms are understood and defined in Rule 144 under the Securities Act, at all times from
and after ninety (90) days following the effective date of the first registration under the Securities Act filed by the Company for an offering of its securities to the general public; 

        (b)   File
with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act at any time after it
has become subject to such reporting requirements; and 

        (c)   So
long as a Holder owns any Restricted Securities, furnish to the Holder forthwith upon written request a written statement by the Company as to its compliance with the
reporting requirements of Rule 144 (at any time from and after ninety (90) days following the effective date of the first registration statement filed by the Company for an
offering of its securities to the general public), and of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), a copy of the most
recent annual or quarterly report of the Company, and such other reports and documents so filed as a Holder may reasonably request in availing itself of any rule or regulation of the Commission
allowing a Holder to sell any such securities without registration. 

        2.10    Market Stand-Off Agreement.    Each Holder hereby agrees that such Holder shall not sell or
otherwise transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, of any Common Stock
(or other securities) of the Company held by such Holder (other than those included in the registration) during the one hundred eighty (180) day period following the effective date of a
registration statement of the Company filed under the Securities Act; provided that all officers, directors and holders of not
less than one percent (1%) of the Company's securities are similarly obligated; and provided further that should the Company release any amount of
securities, then this release shall be effected on a pro rata basis with respect to all Holders so obligated under this Section 2.10. The
obligations described in this Section 2.10 shall not apply to a registration relating solely to the Company's employee benefit plans, or a
registration relating solely to a transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer
instructions and may stamp each such certificate with the second legend set forth in Section 2.8(c) hereof with respect to the shares of Common
Stock (or other securities) subject to the foregoing restriction until the end of such one hundred eighty (180) day period. Each Holder agrees to execute a market standoff agreement with
said underwriters in customary form consistent with the provisions of this Section 2.10. 

        2.11    Delay of Registration.    No Holder shall have any right to take any action to restrain, enjoin, or otherwise
delay any registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

        2.12    Transfer or Assignment of Registration Rights.    The rights to cause the Company to register securities
granted to a Holder by the Company under this Section 2 may be transferred or assigned by a Holder only to (i) a transferee or assignee of
not less than 100,000 shares of Registrable Securities (as presently constituted and subject to subsequent adjustments for stock splits, stock dividends, reverse stock splits, and the
like) or (ii) a transferee or assignee of all of the transferring Holder's Registrable Securities); provided that (i) such transfer or
assignment of Registrable Securities is effected in accordance with the terms of Section 2.8 hereof and applicable securities laws,
(ii) the Company is 

13

 

given
written notice prior to said transfer or assignment, stating the name and address of the transferee or assignee and identifying the securities with respect to which such registration rights are
intended to be transferred or assigned and (iii) the transferee or assignee of such rights assumes in writing the obligations of such Holder under this Agreement, including without limitation
the obligations set forth in Section 2.10. 

        2.13    Limitations on Subsequent Registration Rights.    From and after the date of this Agreement, the Company shall
not, without the prior written consent of a majority in interest of the Holders, enter into any agreement with any holder or prospective holder of any securities of the Company giving such holder or
prospective holder any registration rights the terms of which are pari passu with or senior to the registration rights granted to the Holders
hereunder. 

        2.14    Termination of Registration Rights.    The right of any Holder to request registration or inclusion in any
registration pursuant to Section 2.1, 2.2
or 2.3 shall terminate on the earlier of (i) such date, on or after the closing of the Company's first registered public offering of
Common Stock, on which all shares of Registrable Securities held or entitled to be held upon conversion by such Holder may immediately be sold under Rule 144 during any ninety
(90)-day period, and (ii) three (3) years after the closing of a Qualifying IPO. 

 
 

Section 3
  Covenants of the Company    
    

        The Company hereby covenants and agrees, as follows: 

        3.1    Basic Financial Information and Inspection Rights.    So long as an Investor is a Holder of not less than
100,000 shares of Registrable Securities (as adjusted for any stock splits, consolidations and the like) (each a "Major Investor"), the
Company will furnish to such Major Investor the following reports: 

        (a)   as
soon as practicable after the end of each fiscal year, and in any event within ninety (90) days thereafter, consolidated balance sheets of the Company and its
subsidiaries, if any, as of the end of such fiscal year, and consolidated statements of income and cash flows of the Company and its subsidiaries, if any, for such year, prepared in accordance with
generally accepted accounting principles consistently applied and setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and audited and
certified by independent public accountants of national standing selected by the Company; 

        (b)   as
soon as practicable, but in any event within forty-five (45) days after the end of each fiscal quarter, consolidated balance sheets of the Company
and its subsidiaries, if any, as of the end of such quarterly period, and consolidated statements of income and cash flows of the Company and its subsidiaries, if any, for such quarterly period,
prepared in accordance with generally accepted accounting principles consistently applied and setting forth in each case in comparative form the figures for the corresponding quarterly periods of the
previous fiscal year, subject to changes resulting from normal year-end audit adjustments, all in reasonable detail and certified by the principal financial or accounting officer of the
Company, except such financial statements need not contain the notes required by generally accepted accounting principles; 

        (c)   as
soon as practicable, but in any event within thirty (30) days prior to the start of each fiscal year, the Company will furnish each Major Investor with the
Company's annual and quarterly budgets (including projected balance sheets and profit and loss and cash flow statements) on a month to month basis for such fiscal year. 

        3.2    Inspection.    The Company shall permit each Major Investor, at such Major Investor's expense, to visit and
inspect the Company's properties, to examine its books of account and other 

14

 

records,
and to discuss the Company's affairs, finances and accounts with its officers, all at such reasonable times as may be requested by the Major Investor
(the "Inspection Rights"). 

        3.3    Aggregation of Stock.    All Shares held or acquired by affiliated entities or persons shall be aggregated
together for the purpose of determining the availability of any rights under Sections 3.1 and 3.2. 

        3.4    Confidentiality.    Anything in this Agreement to the contrary notwithstanding, the Holders shall not have
access to or the right to receive any confidential, trade secrets or classified information of the Company as reasonably determined in good faith by the Company's Board of Directors. The Company shall
not be required to comply with any information rights of Section 3.1 with respect to any Holder if the Company's Board of Directors reasonably
determines in good faith that such Holder is a competitor or an officer, employee, director or holder of more than ten percent (10%) of a competitor. Each Holder acknowledges that the information
received by it pursuant to this Agreement is confidential and for its use only in connection with its relationship to the Company, and it will not misuse such confidential information or use such
confidential information in violation of the Exchange Act or reproduce, disclose or disseminate such information to any other person (other than its employees or agents having a need to know the
contents of such information, and its attorneys or other legal or financial advisors, who in each case shall be subject to confidentiality requirements at least as restrictive as those set forth
herein), unless the Company has made such information available to the public generally or such Holder is required to disclose such information by a governmental authority. 

        3.5    Termination of Covenants.    The covenants set forth in this  Section 3 shall terminate and be of no further force and
effect after the closing of a Qualifying IPO. 

 
 

Section 4
  Waiver of Prior Rights Agreements    
    

        4.1    Amendment, Waiver and Termination of Prior Rights Agreements.    Effective and contingent upon execution of
this Agreement by the Company and the Investors, the Prior Rights Agreements, or such portions of those agreements as either explicitly or implicitly might be construed to grant any registration
rights contrary to those rights set forth herein, are amended and restated in their entirety and shall be of no further force and effect, and the Prior Rights Agreements shall be terminated. 

 
 

Section 5
  Right of First Refusal

        5.1    Right of First Refusal.    

        (a)    Right of First Refusal.    Subject to the terms and conditions contained in this Section 5.1, the
Company hereby grants to each Series C Holder the right of first refusal to purchase such Series C Holder's Pro Rata Portion of any New Securities which the Company may,
from time to time, propose to issue and sell. A Series C Holder shall be entitled to apportion the right of first refusal hereby granted it among itself and its partners, members and affiliates
in such proportions as it deems appropriate. 

        (b)    Notice of Right.    In the event the Company proposes to undertake an issuance of New Securities, it
shall give each Series C Holder written notice of its intention, describing the type of New Securities and the price and terms upon which the Company proposes to issue the same. Each
Series C Holder shall have twenty (20) days from the date of delivery of any such notice to agree to purchase up to such Series C Holder's Pro Rata Portion of such
New Securities, for the price and upon the terms specified in the notice, by delivering written notice to the Company and stating therein the quantity of New Securities to
be purchased. 

15

 

        (c)    Right of Over-Allotment.    In the event that the Investors fail to fully exercise the right of
first refusal within such twenty (20) day period, each Investor fully exercising its right of first refusal may purchase, on a pro rata basis (calculated with respect to other fully
exercising Investors only), the non-purchasing Series C Holder's or Series C Holders' Pro Rata Portion(s). The Company will promptly notify those Series C
Holders fully exercising their rights of first refusal, in writing, of the availability of additional New Securities, and each of the fully-exercising Series C Holders shall have ten
(10) days from the date of receipt of any such notice to agree to purchase up to such Investor's pro rata portion of such additional New Securities. 

        (d)    Lapse and Reinstatement of Right.    The Company shall have sixty (60) days following the twenty
(20) day period described in Section 2.1(b) and the additional ten (10) day period described in Section 2.1(c) to sell or enter into an agreement (pursuant to
which the sale of New Securities covered thereby shall be closed, if at all, within thirty (30) days from the date of said agreement) to sell the New Securities with respect to
which the Series C Holders' right of first refusal was not exercised, at a price and upon terms no more favorable to the purchasers of such securities than specified in the Company's notice. In
the event the Company has not sold the New Securities or entered into an agreement to sell the New Securities within said sixty (60) day period (or sold and issued
New Securities
in accordance with the foregoing within thirty (30) days from the date of said agreement), the Company shall not thereafter issue or sell any New Securities without first offering such
securities to the Series C Holders in the manner provided above. 

        5.2    Assignment of Right of First Refusal.    The right of first refusal granted hereunder may be assigned by a
Series C Holder only to a transferee or assignee of not less than 100,000 shares of Series C Registrable Securities (as appropriately adjusted for stock splits and the
like) then outstanding, provided that the Company is given written notice at the time of or within a reasonable time after said assignment, stating the name and address of the transferee or assignee
and identifying the securities with respect to which such rights are being assigned. Notwithstanding the foregoing, the right of first refusal granted hereunder is assignable (i) between and
among any Series C Holders; (ii) to an Affiliate of a Series C Holder or (iii) to a Series C Holder which is (A) a partnership to its partners or retired
partners in accordance with partnership interests, (B) a limited liability company to its members or former members in accordance with their interest in the limited liability company,
(C) a corporation to its stockholders in accordance with their interests in the corporation or (D) to the Series C Holder's family member or trust for the benefit of an individual
Series C Holder. 

        5.3    Termination of Right of First Refusal.    The right of first refusal granted under Section 5.1 of this
Agreement shall expire immediately prior to the earlier of: (i) any reorganization, merger, consolidation or similar transaction (or series of related transactions) in which the
outstanding capital stock of the Company immediately prior to such transaction or series of related transactions represents less than a majority of the voting power of (1) the surviving entity
or, (2) the parent of such surviving entity if the surviving entity is owned by such parent, immediately following such transaction or series of related transactions; (ii) the
consummation of an Qualifying IPO. 

 
 

Section 6
  Miscellaneous    
    

        6.1    Amendment.    Except as expressly provided herein, neither this Agreement nor any term hereof may be amended,
waived, discharged or terminated other than by a written instrument referencing this Agreement and signed by the Company and the Holders of two-thirds in interest of the Registrable
Securities; provided, however, that if any amendment, waiver, discharge or termination operates in a
manner that treats any Holder different from other Holders, the consent of such Holder shall also be required for such amendment, waiver, discharge or termination. Any such amendment, waiver,
discharge or termination effected in accordance with this paragraph shall be binding upon each Holder and each future holder of all such securities of Holder. Each Holder acknowledges that by the 

16

 

operation
of this paragraph, the holders of a majority of the Registrable Securities will have the right and power to diminish or eliminate all rights of such Holder under this Agreement. 

        6.2    Notices.    All notices and other communications required or permitted hereunder shall be in writing and shall
be mailed by registered or certified mail, postage prepaid, sent by facsimile or electronic mail or otherwise delivered by hand or by messenger addressed: 

        (a)   if
to an Investor, at the Investor's address, facsimile number or electronic mail address as shown in the Company's records, as may be updated in accordance with the
provisions hereof; 

        (b)   if
to any Holder, at such address, facsimile number or electronic mail address as shown in the Company's records, or, until any such holder so furnishes an address,
facsimile number or electronic mail address to the Company, then to and at the address of the last holder of such shares for which the Company has contact information in its records; or 

        (c)   if
to the Company, one copy should be sent to 1310 Chesapeake Terrace, Sunnyvale, CA 94089, (415) 716-4600, Attn: Chief Executive Officer, or
at such other address as the Company shall have furnished to the Investors, with a copy to Michael Hall, Latham & Watkins, 135 Commonwealth Dr., Menlo Park, California 94025. 

        Each
such notice or other communication shall for all purposes of this Agreement be treated as effective or having been given when delivered if delivered personally, or, if sent by mail,
at the earlier of its receipt or 72 hours after the same has been deposited in a regularly maintained receptacle for the deposit of the United States mail, addressed and mailed as
aforesaid or, if sent by facsimile, upon confirmation of facsimile transfer or, if sent by electronic mail, upon confirmation of delivery when directed to the electronic mail address set forth on the
Schedule of Investors. 

        6.3    Governing Law.    This Agreement shall be governed in all respects by the internal laws of the State of
California as applied to agreements entered into among California residents to be performed entirely within California, without regard to principles of conflicts of law. 

        6.4    Successors and Assigns.    This Agreement, and any and all rights, duties and obligations hereunder, shall not
be assigned, transferred, delegated or sublicensed by any Investor without the prior written consent of the Company. Any attempt by an Investor without such permission to assign, transfer, delegate or
sublicense any rights, duties or obligations that arise under this Agreement shall be void. Subject to the foregoing and except as otherwise provided herein, the provisions of this Agreement shall
inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto. 

        6.5    Entire Agreement.    This Agreement and the exhibits hereto constitute the full and entire understanding and
agreement between the parties with regard to the subjects hereof. No party hereto shall be liable or bound to any other party in any manner with regard to the subjects hereof or thereof by any
warranties, representations or covenants except as specifically set forth herein. 

        6.6    Delays or Omissions.    Except as expressly provided herein, no delay or omission to exercise any right, power
or remedy accruing to any party to this Agreement upon any breach or default of any other party under this Agreement shall impair any such right, power or remedy of such non-defaulting
party, nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in 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. Any waiver, permit, consent or approval of any kind or character on the part of any
party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the
extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any party to this Agreement, shall be cumulative and not alternative. 

17

 

        6.7    Severability.    If any provision of this Agreement becomes or is declared by a court of competent jurisdiction
to be illegal, unenforceable or void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Agreement, and such court will replace such
illegal, void or unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the same economic, business and other purposes of the
illegal, void or unenforceable provision. The balance of this Agreement shall be enforceable in accordance with its terms. 

        6.8    Titles and Subtitles.    The titles and subtitles used in this Agreement are used for convenience only and are
not to be considered in construing or interpreting this Agreement. All references in this Agreement
to sections, paragraphs and exhibits shall, unless otherwise provided, refer to sections and paragraphs hereof and exhibits attached hereto. 

        6.9    Counterparts.    This Agreement may be executed in any number of counterparts, each of which shall be
enforceable against the parties that execute such counterparts, and all of which together shall constitute one instrument. 

        6.10    Telecopy Execution and Delivery.    A facsimile, telecopy or other reproduction of this Agreement may be
executed by one or more parties hereto and delivered by such party by facsimile or any similar electronic transmission device pursuant to which the signature of or on behalf of such party can be seen.
Such execution and delivery shall be considered valid, binding and effective for all purposes. At the request of any party hereto, all parties hereto agree to execute and deliver an original of this
Agreement as well as any facsimile, telecopy or other reproduction hereof. 

        6.11    Jurisdiction; Venue.    With respect to any disputes arising out of or related to this Agreement, the parties
consent to the exclusive jurisdiction of, and venue in, the state courts in Santa Clara County in the State of California (or in the event of exclusive federal jurisdiction, the courts of the
Northern District of California). 

        6.12    Further Assurances.    Each party hereto agrees to execute and deliver, by the proper exercise of its
corporate, limited liability company, partnership or other powers, all such other and additional instruments and documents and do all such other acts and things as may be necessary to more fully
effectuate this Agreement. 

        6.13    Termination Upon Change of Control.    Notwithstanding anything to the contrary herein, this Agreement
(excluding any then-existing obligations) shall terminate upon (a) the acquisition of the Company by another entity by means of any transaction or series of related transactions to
which the Company is party (including, without limitation, any stock acquisition, reorganization, merger or consolidation but excluding any sale of stock for capital raising purposes) other than a
transaction or series of transactions in which the holders of the voting securities of the Company outstanding immediately prior to such transaction continue to retain (either by such voting
securities remaining outstanding or by such voting securities being converted into voting securities of the surviving entity), as a result of shares in the Company held by such holders prior to such
transaction, at least fifty percent (50%) of the total voting power represented by the voting securities of the Corporation or such surviving entity outstanding immediately after such transaction or
series of transactions; or (b) a sale, lease or other conveyance of all substantially all of the assets of the Company. 

        6.14    Conflict.    In the event of any conflict between the terms of this Agreement and the Company's Certificate of
Incorporation or its Bylaws, the terms of the Company's Certificate of Incorporation or its Bylaws, as the case may be, will control. 

        6.15    Attorneys' Fees.    In the event that any suit or action is instituted to enforce any provision in this
Agreement, the prevailing party in such dispute shall be entitled to recover from the losing party all fees, costs and expenses of enforcing any right of such prevailing party under or with respect to
this 

18

 

Agreement,
including without limitation, such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses of appeals. 

[Remainder
of Page Intentionally Left Blank] 

19

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Investors' Rights Agreement effective as of the day and year first above written. 

	 	 	ACCURAY INCORPORATED

a California corporation
	
 	
 	

By:	
 	

/s/  EUAN THOMSON      

	 	 	 	 	Name:	Euan Thomson

	 	 	 	 	Title:	President and CEO

[Signature Page to Investors' Rights Agreement]

20

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Investors' Rights Agreement effective as of the day and year first above written. 

	 
	 	 

	 	 	INVESTOR
	

 	
 	

/s/  PAUL BATE      
 (Signature)
	

 	
 	

Paul Bate
 (Name of Investor)
	

 	
 	

 (Name and Title of Signatory, if Applicable)

[Signature Page to Investors' Rights Agreement]

21

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Investors' Rights Agreement effective as of the day and year first above written. 

	 
	 	 

	 	 	INVESTOR
	

 	
 	

/s/  JACQUELINE CASTER/ANDREW CASTER      
 (Signature)
	

 	
 	

Jacqueline Caster/Andrew Caster
 (Name of Investor)
	

 	
 	

Trustee/Trustee
 (Name and Title of Signatory, if Applicable)
	 	 	Andrew and Jacqueline Caster

Living Trust

[Signature Page to Investors' Rights Agreement]

22

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Investors' Rights Agreement effective as of the day and year first above written. 

	 
	 	 

	 	 	INVESTOR
	

 	
 	

/s/  YANG, JAU-CHANG      
 (Signature)
	

 	
 	

Yang, Jau-Chang
 (Name of Investor)
	

 	
 	

 (Name and Title of Signatory, if Applicable)

[Signature Page to Investors' Rights Agreement]

23

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Investors' Rights Agreement effective as of the day and year first above written. 

	 
	 	 

	 	 	INVESTOR
	

 	
 	

/s/  ALLEN CHAO      
 (Signature)
	

 	
 	

Allen Chao
 (Name of Investor)
	

 	
 	

 (Name and Title of Signatory, if Applicable)

[Signature Page to Investors' Rights Agreement]

24

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Investors' Rights Agreement effective as of the day and year first above written. 

	 
	 	 

	 	 	INVESTOR
	

 	
 	

/s/  TSENG WEI-JENG      
 (Signature)
	

 	
 	

China United Investments Inc.
 (Name of Investor)
	

 	
 	

Tseng Wei-Jeng, Director
 (Name and Title of Signatory, if Applicable)

[Signature Page to Investors' Rights Agreement]

25

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Investors' Rights Agreement effective as of the day and year first above written. 

	 
	 	 

	 	 	INVESTOR
	

 	
 	

/s/  JOSIE FITSIMONS      
 (Signature)
	

 	
 	

Josie Fitsimons
 (Name of Investor)
	

 	
 	

 (Name and Title of Signatory, if Applicable)

[Signature Page to Investors' Rights Agreement]

26

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Investors' Rights Agreement effective as of the day and year first above written. 

	 
	 	 

	 	 	INVESTOR
	

 	
 	

/s/  KAO-HSIANG WANG      &

/s/  CHIUNG-JUNG WANG CHIU      
 (Signature)
	

 	
 	

Kao-Hsiang Wang

Chiung-Jung Wang Chiu
 (Name of Investor)
	

 	
 	

 (Name and Title of Signatory, if Applicable)

[Signature Page to Investors' Rights Agreement]

27

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Investors' Rights Agreement effective as of the day and year first above written. 

	 
	 	 

	 	 	INVESTOR
	

 	
 	

/s/  YVONNE HUSON      
 (Signature)
	

 	
 	

Yvonne Huson
 (Name of Investor)
	

 	
 	

 (Name and Title of Signatory, if Applicable)

[Signature Page to Investors' Rights Agreement]

28

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Investors' Rights Agreement effective as of the day and year first above written. 

	 
	 	 

	 	 	INVESTOR
	

 	
 	

/s/  YVONNE M. HUSON      
 (Signature)
	

 	
 	

Yvonne M. Huson
 (Name of Investor)
	

 	
 	

Member R.S. Huson Marital Trust
 (Name and Title of Signatory, if Applicable)

[Signature Page to Investors' Rights Agreement]

29

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Investors' Rights Agreement effective as of the day and year first above written. 

	 
	 	 

	 	 	INVESTOR
	

 	
 	

/s/  NG SIOK KEOW      
 (Signature)
	

 	
 	

Ng Siok Keow
 (Name of Investor)
	

 	
 	

 (Name and Title of Signatory, if Applicable)

[Signature Page to Investors' Rights Agreement]

30

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Investors' Rights Agreement effective as of the day and year first above written. 

	 
	 	 

	 	 	INVESTOR
	

 	
 	

/s/  TENG A-HUA      
 (Signature)
	

 	
 	

Kingland Overseas Development Inc.
 (Name of Investor)
	

 	
 	

Teng A-Hua/Managing Director
 (Name and Title of Signatory, if Applicable)
	

 	
 	

For and on behalf of

KINGLAND OVERSEAS DEVELOPMENT INC.
	

 	
 	

/s/  TENG A-HUA      
Authorized Signature(s)

[Signature Page to Investors' Rights Agreement]

31

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Investors' Rights Agreement effective as of the day and year first above written. 

	 
	 	 

	 	 	INVESTOR
	

 	
 	

/s/  KING LING WONG      
 (Signature)
	

 	
 	

King Ling Wong and Lee Min Wong Trustees

Under Declaration of Trust Dated Oct. 5, 1990
 (Name of Investor)
	

 	
 	

King Ling Wong, Trustee
 (Name and Title of Signatory, if Applicable)

[Signature Page to Investors' Rights Agreement]

32

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Investors' Rights Agreement effective as of the day and year first above written. 

	 
	 	 

	 	 	INVESTOR
	

 	
 	

/s/  HUAN-CHIU KUO      
 (Signature)
	

 	
 	

Huan-Chiu Kuo
 (Name of Investor)
	

 	
 	

 (Name and Title of Signatory, if Applicable)

[Signature Page to Investors' Rights Agreement]

33

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Investors' Rights Agreement effective as of the day and year first above written. 

	 
	 	 

	 	 	INVESTOR
	

 	
 	

/s/  YAO-CHANG KUO      
 (Signature)
	

 	
 	

Yao-Chang Kuo
 (Name of Investor)
	

 	
 	

 (Name and Title of Signatory, if Applicable)

[Signature Page to Investors' Rights Agreement]

34

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Investors' Rights Agreement effective as of the day and year first above written. 

	 
	 	 

	 	 	INVESTOR
	

 	
 	

/s/  KOICHI MOKUDAI      
 (Signature)
	

 	
 	

Maruberi Corporation
 (Name of Investor)
	

 	
 	

Koichi Mokudai, General Manager, Solution Business Dept.
 (Name and Title of Signatory, if Applicable)

[Signature Page to Investors' Rights Agreement]

35

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Investors' Rights Agreement effective as of the day and year first above written. 

	 
	 	 

	 	 	INVESTOR
	

 	
 	

/s/  NORWYN R. NEWBY      
 (Signature)
	

 	
 	

Norwyn R. Newby
 (Name of Investor)
	

 	
 	

 (Name and Title of Signatory, if Applicable)

[Signature Page to Investors' Rights Agreement]

36

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Investors' Rights Agreement effective as of the day and year first above written. 

	 
	 	 

	 	 	INVESTOR
	

 	
 	

/s/  PHILIP R. CONLEY    

/s/  FRANCES K. CONLEY      
 (Signature)
	

 	
 	

Philip R. Conley

Frances K. Conley
 (Name of Investor)
	

 	
 	

As Community Property
 (Name and Title of Signatory, if Applicable)

[Signature Page to Investors' Rights Agreement]

37

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Investors' Rights Agreement effective as of the day and year first above written. 

	 
	 	 

	 	 	INVESTOR
	

 	
 	

/s/  KUAN-MING LIN      
 (Signature)
	

 	
 	

PK Venture Capital Corp.

PK II Venture Capital Corp.
 (Name of Investor)
	

 	
 	

Kuan-Ming Lin, President
 (Name and Title of Signatory, if Applicable)

[Signature Page to Investors' Rights Agreement]

38

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Investors' Rights Agreement effective as of the day and year first above written. 

	 	 	INVESTOR
	

 	
 	

PRESIDENT (BVI) INTERNATIONAL

INVESTMENT HOLDINGS LTD.
	

 	
 	

/s/  [ILLEGIBLE]      
 (Signature)
	

 	
 	

Name:	
 	

[ILLEGIBLE]

	

 	
 	

Title:	
 	

[Signature Page to Investors' Rights Agreement]

39

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Investors' Rights Agreement effective as of the day and year first above written. 

	 
	 	 

	 	 	INVESTOR
	

 	
 	

/s/  GEORGE ROBINSON      
 (Signature)
	

 	
 	

George Robinson
 (Name of Investor)
	

 	
 	

 (Name and Title of Signatory, if Applicable)

[Signature Page to Investors' Rights Agreement]

40

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Investors' Rights Agreement effective as of the day and year first above written. 

	 
	 	 

	 	 	INVESTOR
	

 	
 	

/s/  THOMAS J. FOGARTY      
 (Signature)
	

 	
 	

Thomas Fogarty Separate Property Trust

Trust DTD 2/6/87
 (Name of Investor)
	

 	
 	

Thomas J. Fogarty, Trustee
 (Name and Title of Signatory, if Applicable)

[Signature Page to Investors' Rights Agreement]

41

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Investors' Rights Agreement effective as of the day and year first above written. 

	 
	 	 

	 	 	INVESTOR
	

 	
 	

/s/  TSENG WEI-JERNG      
 (Signature)
	

 	
 	

UC Fund II
 (Name of Investor)
	

 	
 	

Tseng Wei-Jerng, Director
 (Name and Title of Signatory, if Applicable)

[Signature Page to Investors' Rights Agreement]

42

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Investors' Rights Agreement effective as of the day and year first above written. 

	 
	 	 

	 	 	INVESTOR
	

 	
 	

/s/  TSENG WEI-JERNG      
 (Signature)
	

 	
 	

United Investments Funds
 (Name of Investor)
	

 	
 	

Tseng Wei-Jerng, Director
 (Name and Title of Signatory, if Applicable)

[Signature Page to Investors' Rights Agreement]

43

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Investors' Rights Agreement effective as of the day and year first above written. 

	 
	 	 

	 	 	INVESTOR
	

 	
 	

/s/  TSENG WEI-JERNG      
 (Signature)
	

 	
 	

UNITED VENTURE CAPITAL CORPORATION
 (Name of Investor)
	

 	
 	

Tseng Wei-Jerng, Director
 (Name and Title of Signatory, if Applicable)

[Signature Page to Investors' Rights Agreement]

44

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Investors' Rights Agreement effective as of the day and year first above written. 

	 
	 	 

	 	 	INVESTOR
	

 	
 	

/s/  S. OSTERMAIER      
 (Signature)
	

 	
 	

Venture Select GmbH & Co./Alpha Fonds KG
 (Name of Investor)
	

 	
 	

S. Ostermaier, Managing Director
 (Name and Title of Signatory, if Applicable)

[Signature Page to Investors' Rights Agreement]

45

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Investors' Rights Agreement effective as of the day and year first above written. 

	 
	 	 

	 	 	INVESTOR
	

 	
 	

/s/  KNUD WOLLENBEGER      
 (Signature)
	

 	
 	

Knud Wollenberger
 (Name of Investor)
	

 	
 	

 (Name and Title of Signatory, if Applicable)

[Signature Page to Investors' Rights Agreement]

46

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Investors' Rights Agreement effective as of the day and year first above written. 

	 
	 	 

	 	 	INVESTOR
	

 	
 	

/s/  YVONNE M. HUSON      
 (Signature)
	

 	
 	

Yvonne M. Huson, Trustee

Richard S. Huson Martial u/t/a 9/4/98
 (Name of Investor)
	

 	
 	

 (Name and Title of Signatory, if Applicable)

[Signature Page to Investors' Rights Agreement]

47

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Investors' Rights Agreement effective as of the day and year first above written. 

	 
	 	 

	 	 	INVESTOR
	

 	
 	

/s/  YVONNE M. HUSON      
 (Signature)
	

 	
 	

Yvonne M. Huson, Trustee

Richard S. Huson Marital Trust u/t/a 9/4/98
 (Name of Investor)
	

 	
 	

 (Name and Title of Signatory, if Applicable)

[Signature Page to Investors' Rights Agreement]

48

 
 
 

EXHIBIT A
  INVESTORS    
    

Prior C Holders:  

Philip
R. Conley and Frances K. Conley, as Community Property

Richard S. Huson Marital Trust U/T/A dated 9/4/98

Michael Kendrick

Norwyn R. Newby

David Smith

Charles Schwab & Co., Custodian FBO Yvonne Huson IRA A/C No. 1379-3311 

Series A Preferred Holders:  

President
(BVI) International Investment Holdings Ltd. 

Series A-1 Preferred Holders:  

Kao-Hsiang
Wang & Chiung-Jung Wang Chiu

Allen Y. Chao

President (BVI) International Investment Holdings Ltd.

Thomas J. Fogarty, Trustee of the Thomas Fogarty Separate Property Trust Dated February 6, 1987

President International Investment Holdings Ltd.

Venture Select GmbH & Co. Alpha-Fonds KG

Andrew and Jacqueline Caster Living Trust

Josie M. Fitzsimmons

George Robinson

Paul William Bate

Marubeni Venture Capital Fund I, L.P. 

Series B Preferred Holders:  

President
International Investment Holdings Ltd.

Allen Y. Chao

Thomas J. Fogarty

Kao-Hsiang Wang & Chiung-Jung Wang Chiu 

Series C Preferred Holders:  

China
United Investments Inc.

Kingland Overseas Development Inc.

Huan-Chiu Kuo

Yao-Chang Kuo

Maurbeni Venture Capital Fund I, L.P.

Siok Keow Ng

PK Venture Capital Corp.

Pacific Republic Securities, LLC

President (BVI) International Investment Holdings Ltd.

Taishin Venture Capital Investment Co., Ltd.

UC Fund II

United Venture Capital Corporation

Knud Wollenberger

Jau-Chang Yang 

49

QuickLinks

ACCURAY INCORPORATED INVESTORS' RIGHTS AGREEMENT OCTOBER 30, 2006

TABLE OF CONTENTS

ACCURAY INCORPORATED INVESTORS' RIGHTS AGREEMENT

RECITALS

Section 1 Definitions

Section 2 Registration Rights

Section 3 Covenants of the Company

Section 4 Waiver of Prior Rights Agreements

Section 5 Right of First Refusal

Section 6 Miscellaneous

EXHIBIT A INVESTORS

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