Document:

EX-4.4

 EXHIBIT 4.4 

CRAY INC. 

2013 EQUITY INCENTIVE PLAN 
 1. PURPOSE. The purpose of this Plan is to provide incentives to attract, retain and motivate eligible persons whose present and potential contributions are important to the success of the
Company, and any Parents and Subsidiaries that exist now or in the future, by offering them an opportunity to participate in the Company’s future performance through the grant of Awards. Capitalized terms not defined elsewhere in the text are
defined in Section 26. 
 2. SHARES SUBJECT TO THE PLAN. 

2.1 Number of Shares Available. Subject to Sections 2.5 and 20 and any other applicable provisions hereof, the total number of
Shares reserved and available for grant and issuance pursuant to this Plan is Three Million Five Hundred Thousand (3,500,0000) Shares plus (i) any reserved shares not issued or not subject to outstanding grants under the
Company’s 2009 Amended and Restated Long-Term Equity Compensation Plan, the Company’s 2006 Long-Term Incentive Plan, the Company’s 2004 Long-Term Incentive Plan or the Company’s 2003 Stock Option Plan, collectively, (the
“Prior Plans”) on the Effective Date (as defined below); (ii) shares that are subject to options or other awards granted under the Prior Plans that cease to be subject to Awards by forfeiture or otherwise after the Effective Date for
any reason; (iii) shares issued under the Prior Plans before or after the Effective Date pursuant to the exercise of options or stock appreciation rights that are, after the Effective Date, forfeited, (iv) shares issued under the Prior
Plans that are repurchased by the Company at the original issue price; and (v) shares that are subject to options or other awards granted under the Prior Plans that otherwise terminate without shares being issued, in each case, regardless of
the type of award that could be issued with respect to such shares under the Prior Plans. Any Award other than an Option or a SAR granted with respect to such shares shall reduce the number of Shares available for issuance by 1.55
Shares. Awards issued as an Option or a SAR shall reduce the number of Shares available for issuance by the number of Shares underlying the Award, regardless of the number of Shares actually issued upon exercise of the Award. The Company may
issue Shares that are authorized but unissued shares pursuant to the Awards granted under the Plan. The Company will reserve and keep available a sufficient number of Shares to satisfy the requirements of all outstanding Awards granted under the
Plan. 
 2.2 Lapsed, Returned Awards. Subject to Section 20 hereof, Shares subject to Awards, and Shares issued
under the Plan under any Award, will again be available for grant and issuance in connection with subsequent Awards under this Plan to the extent such Shares: (a) are subject to issuance upon exercise of an Option or SAR granted under this Plan
but which cease to be subject to the Option or SAR for any reason other than exercise of the Option or SAR; (b) are subject to Awards granted under this Plan that are forfeited or are repurchased by the Company at the original issue price;
(c) are subject to Awards granted under this Plan that otherwise terminate without such Shares being issued; or (d) are surrendered pursuant to an Exchange Program. The following Shares may not again be made available for future grant and
issuance as Awards under the Plan: (i) Shares that are withheld to pay the exercise or purchase price of an Award or to satisfy any tax withholding obligations in connection with an Option or SAR, (ii) Shares not issued or delivered as a
result of the net settlement of an outstanding Option or SAR or (iii) shares of the Company’s Common Stock repurchased on the open market with the proceeds of an Option exercise price. To the extent that a Performance Award in the form of
a cash bonus has been made, such Award will not reduce the number of Shares available for issuance under the Plan. To the extent that any Award other than an Option or a SAR is forfeited, repurchased or terminates without Shares being issued
pursuant to this Section 2.2, Shares may again be available for issuance under this Plan at the rate of 1.55 Shares for every such Share returned to the Plan. 
 2.3 Minimum Share Reserve. At all times the Company shall reserve and keep available a sufficient number of Shares as shall be required to satisfy the requirements of all outstanding Awards granted
under this Plan. 
 2.4 Limitations. No more than 10,000,000 Shares shall be issued pursuant to the exercise of ISOs.

 2.5 Adjustment of Shares. If the number of outstanding Shares is changed by a stock dividend, recapitalization, stock
split, reverse stock split, subdivision, combination, reclassification or similar change in the 

 
capital structure of the Company, without consideration, then (a) the number of Shares reserved for issuance and future grant under the Plan set forth in Sections 2.1 or 2.2, (b) the
Exercise Prices of and number of Shares subject to outstanding Options and SARs, (c) the number of Shares subject to other outstanding Awards, (d) the maximum number of shares that may be issued as ISOs set forth in Section 2.4,
(e) the maximum number of Shares that may be issued to an individual or to a new Employee in any one calendar year set forth in Section 3, and (f) the number of Shares that are granted as Awards to Non-Employee Directors as set forth
in Section 12, shall be proportionately adjusted, subject to any required action by the Board or the stockholders of the Company and in compliance with applicable securities laws; provided that fractions of a Share will not be issued.

 3. ELIGIBILITY. ISOs may be granted only to Employees. All other Awards may be granted to Employees,
Consultants, Directors and Non-Employee Directors of the Company or any Parent or Subsidiary of the Company; provided such Consultants, Directors and Non-Employee Directors render bona fide services not in connection with the offer and sale
of securities in a capital-raising transaction. No Participant will be eligible to receive more than 1,000,000 Shares in any calendar year under this Plan pursuant to the grant of Awards except that new Employees of the Company or a Parent or
Subsidiary of the Company (including new Employees who are also officers and directors of the Company or any Parent or Subsidiary of the Company) are eligible to receive up to a maximum of 2,000,000 Shares in the calendar year in which they commence
their employment. 
 4. ADMINISTRATION. 
 4.1 Committee Composition; Authority. This Plan will be administered by the Committee or by the Board acting as the Committee. Subject to the general purposes, terms and conditions of this Plan,
and to the direction of the Board, the Committee will have full power to implement and carry out this Plan, except, however, the Board shall establish the terms for the grant of an Award to Non-Employee Directors. The Committee will have the
authority to: 
 (a) construe and interpret this Plan, any Award Agreement and any other agreement or document executed
pursuant to this Plan; 
 (b) prescribe, amend and rescind rules and regulations relating to this Plan or any Award;

 (c) select persons to receive Awards; 
 (d) determine the form and terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and conditions include, but are not limited to, the exercise price,
the time or times when Awards may vest and be exercised (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding any Award or the Shares relating
thereto, based in each case on such factors as the Committee will determine; 
 (e) determine the number of Shares or other
consideration subject to Awards; 
 (f) determine the Fair Market Value in good faith and interpret the applicable provisions
of this Plan and the definition of Fair Market Value in connection with circumstances that impact the Fair Market Value, if necessary; 
 (g) determine whether Awards will be granted singly, in combination with, in tandem with, in replacement of, or as alternatives to, other Awards under this Plan or any other incentive or compensation plan
of the Company or any Parent or Subsidiary of the Company; 
 (h) grant waivers of Plan or Award conditions; 

(i) determine the vesting, exercisability and payment of Awards; 

(j) correct any defect, supply any omission or reconcile any inconsistency in this Plan, any Award or any Award Agreement; 

(k) determine whether an Award has been earned; 
 (l) subject to Section 18, determine the terms and conditions of any, and to institute any Exchange Program; 

  
 2 

 (m) reduce or waive any criteria with respect to Performance Factors; 

(n) adjust Performance Factors to take into account changes in law and accounting or tax rules as the Committee deems necessary or
appropriate to reflect the impact of extraordinary or unusual items, events or circumstances to avoid windfalls or hardships provided that such adjustments are consistent with the regulations promulgated under Section 162(m) of the Code with
respect to persons whose compensation is subject to Section 162(m) of the Code 
 (o) adopt terms and conditions, rules
and/or procedures (including the adoption of any subplan under this Plan) relating to the operation and administration of the Plan to accommodate requirements of local law and procedures outside of the United States; 

(p) make all other determinations necessary or advisable for the administration of this Plan; and 

(q) delegate any of the foregoing as permitted by applicable law to one or more executive officers pursuant to a specific delegation, in
which case references to “Committee” in this Section 4.1 will refer to such delegate(s), except with respect to Insiders. 
 4.2 Committee Interpretation and Discretion. Any determination made by the Committee with respect to any Award shall be made in its sole discretion at the time of grant of the Award or, unless
in contravention of any express term of the Plan or Award, at any later time, and such determination shall be final and binding on the Company and all persons having an interest in any Award under the Plan. Any dispute regarding the interpretation
of the Plan or any Award Agreement shall be submitted by the Participant or the Company to the Committee for review. The resolution of such a dispute by the Committee shall be final and binding on the Company and the Participant. The Committee may
delegate to one or more executive officers the authority to review and resolve disputes with respect to Awards held by Participants who are not Insiders, in which case references to “Committee” in this Section 4.2 will refer to such
delegate(s), and such resolution shall be final and binding on the Company and the Participant. 
 4.3 Section 162(m) of
the Code and Section 16 of the Exchange Act. When necessary or desirable for an Award to qualify as “performance-based compensation” under Section 162(m) of the Code the Committee shall include at least two persons who are
“outside directors” (as defined under Section 162(m) of the Code) and at least two (or a majority if more than two then serve on the Committee) such “outside directors” shall approve the grant of such Award and timely
determine (as applicable) the Performance Period and any Performance Factors upon which vesting or settlement of any portion of such Award is to be subject. When required by Section 162(m) of the Code, prior to settlement of any such Award at
least two (or a majority if more than two then serve on the Committee) such “outside directors” then serving on the Committee shall determine and certify in writing the extent to which such Performance Factors have been timely achieved and
the extent to which the Shares subject to such Award have thereby been earned. Awards granted to Participants who are subject to Section 16 of the Exchange Act must be approved by two or more “non-employee directors” (as defined in
the regulations promulgated under Section 16 of the Exchange Act). With respect to Participants whose compensation is subject to Section 162(m) of the Code, and provided that such adjustments are consistent with the regulations promulgated
under Section 162(m) of the Code, the Committee may adjust the performance goals to account for changes in law and accounting and to make such adjustments as the Committee deems necessary or appropriate to reflect the impact of extraordinary or
unusual items, events or circumstances to avoid windfalls or hardships, including without limitation (i) restructurings, discontinued operations, extraordinary items, and other unusual or non-recurring charges, (ii) an event either not
directly related to the operations of the Company or not within the reasonable control of the Company’s management, or (iii) a change in accounting standards required by generally accepted accounting principles. 

4.4 Documentation. The Award Agreement for a given Award, the Plan and any other documents may be delivered to, and accepted by, a
Participant or any other person in any manner (including electronic distribution or posting) that meets applicable legal requirements. 
 5. OPTIONS. The Committee may grant Options to Participants and will determine whether such Options will be Incentive Stock Options within the meaning of the Code
(“ISOs”) or Nonqualified Stock Options (“NQSOs”), the number of Shares subject to the Option, the Exercise Price of the Option, the period during which the Option may vest and be exercised, and all
other terms and conditions of the Option, subject to the following: 

  
 3 

 5.1 Option Grant. Each Option granted under this Plan will identify the Option as an
ISO or an NQSO. An Option may be, but need not be, awarded upon satisfaction of such Performance Factors during any Performance Period as are set out in advance in the Participant’s individual Award Agreement. If the Option is being earned upon
the satisfaction of Performance Factors, then the Committee will: (x) determine the nature, length and starting date of any Performance Period for each Option; and (y) select from among the Performance Factors to be used to measure the
performance, if any. Performance Periods may overlap and Participants may participate simultaneously with respect to Options that are subject to different performance goals and other criteria. 

5.2 Date of Grant. The date of grant of an Option will be the date on which the Committee makes the determination to grant such
Option, or a specified future date. The Award Agreement and a copy of this Plan will be delivered to the Participant within a reasonable time after the granting of the Option. 
 5.3 Exercise Period. Options may be exercisable within the times or upon the conditions as set forth in the Award Agreement governing such Option; provided, however, that no Option
will be exercisable after the expiration of ten (10) years from the date the Option is granted; and provided further that no ISO granted to a person who, at the time the ISO is granted, directly or by attribution owns more than ten
percent (10%) of the total combined voting power of all classes of stock of the Company or of any Parent or Subsidiary of the Company (“Ten Percent Stockholder”) will be exercisable after the expiration of five
(5) years from the date the ISO is granted. The Committee also may provide for Options to become exercisable at one time or from time to time, periodically or otherwise, in such number of Shares or percentage of Shares as the Committee
determines. 
 5.4 Exercise Price. The Exercise Price of an Option will be determined by the Committee when the Option is
granted; provided that: (i) the Exercise Price of an Option will be not less than one hundred percent (100%) of the Fair Market Value of the Shares on the date of grant and (ii) the Exercise Price of any ISO granted to a Ten Percent
Stockholder will not be less than one hundred ten percent (110%) of the Fair Market Value of the Shares on the date of grant. Payment for the Shares purchased may be made in accordance with Section 11 and the Award Agreement and in
accordance with any procedures established by the Company. 
 5.5 Method of Exercise. Any Option granted hereunder will
be exercisable according to the terms of the Plan and at such times and under such conditions as determined by the Committee and set forth in the Award Agreement. An Option may not be exercised for a fraction of a Share. An Option will be deemed
exercised when the Company receives: (i) notice of exercise (in such form as the Committee may specify from time to time) from the person entitled to exercise the Option, and (ii) full payment for the Shares with respect to which the
Option is exercised (together with applicable withholding taxes). Full payment may consist of any consideration and method of payment authorized by the Committee and permitted by the Award Agreement and the Plan. Shares issued upon exercise of an
Option will be issued in the name of the Participant. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any
other rights as a stockholder will exist with respect to the Shares, notwithstanding the exercise of the Option. The Company will issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will be made for a
dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 2.6 of the Plan. Exercising an Option in any manner will decrease the number of Shares thereafter available, both for
purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised. 
 5.6
Termination of Participant. Except as may be set forth in the Participant’s Award Agreement, vesting ceases on such Participant’s Termination Date (unless determined otherwise by the Committee). The exercise of an Option will be
subject to the following (except as may be otherwise provided in an Award Agreement): 
 (a) If the Participant is Terminated
for any reason except for Cause or the Participant’s death or Disability, then the Participant may exercise such Participant’s Options only to the extent that such Options would have been exercisable by the Participant on the Termination
Date no later than three (3) months after the Termination Date (or such shorter time period or longer time period not exceeding five (5) years as may be determined by the Committee, with any exercise beyond three (3) months after the
Termination Date deemed to be the exercise of an NQSO), but in any event no later than the expiration date of the Options. 

(b) If the Participant is Terminated because of the Participant’s death (or the Participant dies within three (3) months after
a Termination other than for Cause or because of the Participant’s Disability), then the 

  
 4 

 
Participant’s Options may be exercised only to the extent that such Options would have been exercisable by the Participant on the Termination Date and must be exercised by the
Participant’s legal representative, or authorized assignee, no later than twelve (12) months after the Termination Date (or such shorter time period not less than six (6) months or longer time period not exceeding five (5) years
as may be determined by the Committee), but in any event no later than the expiration date of the Options. 
 (c) If the
Participant is Terminated because of the Participant’s Disability, then the Participant’s Options may be exercised only to the extent that such Options would have been exercisable by the Participant on the Termination Date and must be
exercised by the Participant (or the Participant’s legal representative or authorized assignee) no later than twelve (12) months after the Termination Date (or such shorter time period not less than six (6) months or longer time
period not exceeding five (5) years as may be determined by the Committee), with any exercise beyond (a) three (3) months after the Termination Date when the Termination is for a Disability that is not a “permanent and
total disability” as defined in Section 22(e)(3) of the Code, or (b) twelve (12) months after the Termination Date when the Termination is for a Disability that is a “permanent and total disability” as defined in
Section 22(e)(3) of the Code, deemed to be exercise of an NQSO, but in any event no later than the expiration date of the Options. 
 (d) If the Participant is terminated for Cause, then Participant’s Options shall expire on such Participant’s Termination Date, or at such later time and on such conditions as are determined by
the Committee, but in any no event later than the expiration date of the Options. Unless otherwise provided in the Award Agreement, Cause will have the meaning set forth in the Plan. 

5.7 Limitations on Exercise. The Committee may specify a minimum number of Shares that may be purchased on any exercise of an
Option, provided that such minimum number will not prevent any Participant from exercising the Option for the full number of Shares for which it is then exercisable. 
 5.8 Limitations on ISOs. With respect to Awards granted as ISOs, to the extent that the aggregate Fair Market Value of the Shares with respect to which such ISOs are exercisable for the first time
by the Participant during any calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds one hundred thousand dollars ($100,000), such Options will be treated as NQSOs. For purposes of this Section 5.8, ISOs will be
taken into account in the order in which they were granted. The Fair Market Value of the Shares will be determined as of the time the Option with respect to such Shares is granted. In the event that the Code or the regulations promulgated thereunder
are amended after the Effective Date to provide for a different limit on the Fair Market Value of Shares permitted to be subject to ISOs, such different limit will be automatically incorporated herein and will apply to any Options granted after the
effective date of such amendment. 
 5.9 Modification, Extension or Renewal. The Committee may modify, extend or renew
outstanding Options and authorize the grant of new Options in substitution therefor, provided that any such action may not, without the written consent of a Participant, impair any of such Participant’s rights under any Option previously
granted. Any outstanding ISO that is modified, extended, renewed or otherwise altered will be treated in accordance with Section 424(h) of the Code. Subject to Section 18 of this Plan, by written notice to affected Participants, the
Committee may reduce the Exercise Price of outstanding Options without the consent of such Participants; provided, however, that the Exercise Price may not be reduced below the Fair Market Value on the date the action is taken to
reduce the Exercise Price. 
 5.10 Delegation. The Committee may, to the extent permitted by applicable law, delegate to
one or more executive officers pursuant to a specific delegation the authority to grant Options to Participants other than Insiders, subject to the foregoing provisions of this Section 5 (substituting references to “the Committee” by
“the Committee’s delegate(s)” as the context requires). 
 5.11 No Disqualification. Notwithstanding any
other provision in this Plan, no term of this Plan relating to ISOs will be interpreted, amended or altered, nor will any discretion or authority granted under this Plan be exercised, so as to disqualify this Plan under Section 422 of the Code
or, without the consent of the Participant affected, to disqualify any ISO under Section 422 of the Code. 

  
 5 

 6. RESTRICTED STOCK AND OTHER STOCK AWARDS. 

6.1 Awards of Restricted Stock. A Restricted Stock Award is an offer by the Company to sell to a Participant Shares that are
subject to restrictions (“Restricted Stock”) or not subject to restrictions (“Stock Bonus Award”). The Committee will determine to whom an offer will be made, the number of Shares the Participant may
purchase, the Purchase Price, if any, the restrictions under which the Shares will be subject and all other terms and conditions of the Restricted Stock Award or Stock Bonus Award, subject to the Plan. 

6.2 Restricted Stock Purchase Agreement. All purchases under a Restricted Stock Award or Stock Bonus Award will be
evidenced by an Award Agreement. Except as may otherwise be provided in an Award Agreement, a Participant accepts an Award by signing and delivering to the Company an Award Agreement with full payment of the Purchase Price, within thirty
(30) days from the date the Award Agreement was delivered to the Participant. If the Participant does not accept such Award within thirty (30) days, then the offer of such Award may be terminated by the Company, unless the Committee
determines otherwise. 
 6.3 Purchase Price. The Purchase Price, if any, for a Restricted Stock Award or Stock Bonus
Award will be determined by the Committee and may be zero. Payment of the Purchase Price must be made in accordance with Section 11 of the Plan, and the Award Agreement, and the Award Agreement and in accordance with any procedures established
by the Company. 
 6.4 Terms of Restricted Stock Awards. Restricted Stock Awards will be subject to such restrictions as
the Committee may impose or are required by law. These restrictions may be based on completion of a specified number of years of service with the Company or upon completion of Performance Factors, if any, during any Performance Period as set out in
advance in the Participant’s Award Agreement. Prior to the grant of a Restricted Stock Award, the Committee shall: (a) determine the nature, length and starting date of any Performance Period for the Restricted Stock Award; (b) select
from among the Performance Factors to be used to measure performance goals, if any; and (c) determine the number of Shares that may be awarded to the Participant. Performance Periods may overlap and a Participant may participate simultaneously
with respect to Restricted Stock Awards that are subject to different Performance Periods and having different performance goals and other criteria. 
 6.5 Termination of Participant. Except as may be set forth in the Participant’s Award Agreement, vesting ceases on such Participant’s Termination Date (unless determined otherwise by the
Committee). 
 6.6 Delegation. The Committee may, to the extent permitted by applicable law, delegate to one or more
executive officers pursuant to a specific delegation the authority to grant Restricted Stock Awards or Stock Bonus Awards to Participants other than Insiders, subject to the foregoing provisions of this Section 6 (substituting references to
“the Committee” by “the Committee’s delegate(s)” as the context requires). 
 7. STOCK
APPRECIATION RIGHTS. 
 7.1 Awards of SARs. A Stock Appreciation Right (“SAR”) is an award
to a Participant that may be settled in cash or Shares, having a value equal to (a) the difference between the Fair Market Value on the date of exercise over the Exercise Price multiplied by (b) the number of Shares with respect to which
the SAR is being settled (subject to any maximum number of Shares that may be issuable as specified in an Award Agreement). All SARs shall be made pursuant to an Award Agreement. 

7.2 Terms of SARs. The Committee will determine the terms of each SAR including, without limitation: (a) the number of Shares
subject to the SAR; (b) the Exercise Price and the time or times during which the SAR may be settled; (c) the consideration to be distributed on settlement of the SAR; and (d) the effect of the Participant’s Termination on each
SAR. The Exercise Price of the SAR will be determined by the Committee when the SAR is granted, and may not be less than Fair Market Value. A SAR may be awarded upon satisfaction of Performance Factors, if any, during any Performance Period as are
set out in advance in the Participant’s individual Award Agreement. If the SAR is being earned upon the satisfaction of Performance Factors, then the Committee will: (x) determine the nature, length and starting date of any Performance
Period for each SAR; and (y) select from among the Performance Factors to be used to measure the performance, if any. Performance Periods may overlap and Participants may participate simultaneously with respect to SARs that are subject to
different Performance Factors and other criteria. 
 7.3 Exercise Period and Expiration Date. A SAR will be exercisable
within the times or upon the occurrence of events determined by the Committee and set forth in the Award Agreement governing such SAR. The 

  
 6 

 
SAR Agreement shall set forth the expiration date; provided that no SAR will be exercisable after the expiration of ten (10) years from the date the SAR is granted. The Committee may also
provide for SARs to become exercisable at one time or from time to time, periodically or otherwise (including, without limitation, upon the attainment during a Performance Period of performance goals based on Performance Factors), in such number of
Shares or percentage of the Shares subject to the SAR as the Committee determines. Except as may be set forth in the Participant’s Award Agreement, vesting ceases on such Participant’s Termination Date (unless determined otherwise by the
Committee). Notwithstanding the foregoing, the rules of Section 5.6 also will apply to SARs. 
 7.4 Form of
Settlement. Upon exercise of a SAR, a Participant will be entitled to receive payment from the Company in an amount determined by multiplying (i) the difference between the Fair Market Value of a Share on the date of exercise over the
Exercise Price; times (ii) the number of Shares with respect to which the SAR is exercised. At the discretion of the Committee, the payment from the Company for the SAR exercise may be in cash, in Shares of equivalent value, or in some
combination thereof. The portion of a SAR being settled may be paid currently or on a deferred basis with such interest or dividend equivalent, if any, as the Committee determines, provided that the terms of the SAR and any deferral satisfy the
requirements of Section 409A of the Code. 
 7.5 Termination of Participation. Except as may be set forth in the
Participant’s Award Agreement, vesting ceases on such Participant’s Termination Date (unless determined otherwise by the Committee). 
 7.6 Delegation. The Committee may, to the extent permitted by applicable law, delegate to one or more executive officers pursuant to a specific delegation the authority to grant SARs to
Participants other than Insiders, subject to the foregoing provisions of this Section 8 (substituting references to “the Committee” by “the Committee’s delegate(s)” as the context requires). 

8. REPRICING; EXCHANGE AND BUYOUT OF AWARDS. The repricing of Options or SARs is not permitted without prior stockholder
approval. Repricing is defined as the terms of outstanding awards may not be amended to reduce the exercise price of outstanding Options or SARs or cancel, substitute, buyout or exchange outstanding Options or SARs in exchange for cash, other Awards
or Options or SARs with an exercise price that is less than the exercise price of the original Options or SARs. The Committee may, at any time or from time to time authorize the Company, in the case of an Option or SAR exchange with stockholder
approval, and with the consent of the respective Participants (unless not required pursuant to Section 5.9 of the Plan), to pay cash or issue new Awards in exchange for the surrender and cancellation of any, or all, outstanding Awards.

 9. RESTRICTED STOCK UNITS. 
 9.1 Awards of Restricted Stock Units. A Restricted Stock Unit (“RSU”) is an award to a Participant covering a number of Shares that may be settled in cash, or by issuance of
those Shares. All RSUs shall be made pursuant to an Award Agreement. 
 9.2 Terms of RSUs. The Committee will determine
the terms of an RSU including, without limitation: (a) the number of Shares subject to the RSU; (b) the time or times during which the RSU may be settled; (c) the consideration to be distributed on settlement; and (d) the effect
of the Participant’s Termination on each RSU. An RSU may be awarded upon satisfaction of such performance goals based on Performance Factors (if any) during any Performance Period as are set out in advance in the Participant’s Award
Agreement. If the RSU is being earned upon satisfaction of Performance Factors, then the Committee will: (x) determine the nature, length and starting date of any Performance Period for the RSU; (y) select from among the Performance
Factors to be used to measure the performance, if any; and (z) determine the number of Shares deemed subject to the RSU. Performance Periods may overlap and participants may participate simultaneously with respect to RSUs that are subject to
different Performance Periods and different performance goals and other criteria. 
 9.3 Form and Timing of Settlement.
Payment of earned RSUs shall be made as soon as practicable after the date(s) determined by the Committee and set forth in the Award Agreement. The Committee, in its sole discretion, may settle earned RSUs in cash, Shares, or a combination of both.
The Committee may also permit a Participant to defer payment under a RSU to a date or dates after the RSU is earned provided that the terms of the RSU and any deferral satisfy the requirements of Section 409A of the Code. 

9.4 Termination of Participant. Except as may be set forth in the Participant’s Award Agreement, vesting ceases on such
Participant’s Termination Date (unless determined otherwise by the Committee). 

  
 7 

 9.5 Delegation. The Committee may, to the extent permitted by applicable law,
delegate to one or more executive officers pursuant to a specific delegation the authority to grant RSUs to Participants other than Insiders, subject to the foregoing provisions of this Section 9 (substituting references to “the
Committee” by “the Committee’s delegate(s)” as the context requires). 
 10. PERFORMANCE AWARDS.

 10.1 Performance Awards. A Performance Award is an award to a Participant of a cash bonus or a Performance Share
bonus. Grants of Performance Awards shall be made pursuant to an Award Agreement. 
 10.2 Terms of Performance Awards.
The Committee will determine, and each Award Agreement will set forth, the terms of each award of Performance Award including, without limitation: (a) the amount of any cash bonus; (b) the number of Shares deemed subject to a Performance
Share bonus; (c) the Performance Factors and Performance Period that shall determine the time and extent to which each Performance Award will be settled; (d) the consideration to be distributed on settlement; and (e) the effect of the
Participant’s Termination on each Performance Award. In establishing Performance Factors and the Performance Period the Committee will: (x) determine the nature, length and starting date of any Performance Period; and (y) select from
among the Performance Factors to be used. Prior to settlement the Committee shall determine the extent to which Performance Awards have been earned. Performance Periods may overlap and Participants may participate simultaneously with respect to
Performance Awards that are subject to different Performance Periods and different performance goals and other criteria. No Participant will be eligible to receive more than five million dollars ($5,000,000) in Performance Awards in any calendar
year under this Plan. 
 10.3 Value, Earning and Timing of Performance Shares. Any Performance Share bonus will have an
initial value equal to the Fair Market Value of a Share on the date of grant. After the applicable Performance Period has ended, the holder of a Performance Share bonus will be entitled to receive a payout of the number of Shares earned by the
Participant over the Performance Period, to be determined as a function of the extent to which the corresponding Performance Factors or other vesting provisions have been achieved. The Committee, in its sole discretion, may pay an earned Performance
Share bonus in the form of cash, in Shares (which have an aggregate Fair Market Value equal to the value of the earned Performance Shares at the close of the applicable Performance Period) or in a combination thereof. Performance Share bonuses may
also be settled in Restricted Stock. 
 10.4 Termination of Participant. Except as may be set forth in the
Participant’s Award Agreement, vesting ceases on such Participant’s Termination Date (unless determined otherwise by the Committee). 
 10.5 Delegation. The Committee may, to the extent permitted by applicable law, delegate to one or more executive officers pursuant to a specific delegation the authority to grant Performance Awards
to Participants other than Insiders, subject to the foregoing provisions of this Section 10 (substituting references to “the Committee” by “the Committee’s delegate(s)” as the context requires). 

11. PAYMENT FOR SHARE PURCHASES. Payment from a Participant for Shares purchased pursuant to this Plan may be made in cash
or by check or, where expressly approved for the Participant by the Committee and where permitted by law (and to the extent not otherwise set forth in the applicable Award Agreement): 

(a) by cancellation of indebtedness of the Company to the Participant; 

(b) by surrender of shares of the Company held by the Participant that have a Fair Market Value on the date of surrender equal to the
aggregate exercise price of the Shares as to which said Award will be exercised or settled; 
 (c) by waiver of compensation
due or accrued to the Participant for services rendered or to be rendered to the Company or a Parent or Subsidiary of the Company; 
 (d) by consideration received by the Company pursuant to a broker-assisted or other form of cashless exercise program implemented by the Company in connection with the Plan; 

(e) by any combination of the foregoing; or 
 (f) by any other method of payment as is permitted by applicable law. 

  
 8 

 12. GRANTS TO NON-EMPLOYEE DIRECTORS. 

12.1 Types of Awards. Non-Employee Directors are eligible to receive any type of Award offered under this Plan except ISOs;
provided, that no such Award shall exceed 150,000 Shares in any one fiscal year. Awards pursuant to this Section 12 may be automatically made pursuant to policy adopted by the Board, or made from time to time as determined in the discretion of
the Board. 
 12.2 Eligibility. Awards pursuant to this Section 12 shall be granted only to Non-Employee Directors.
A Non-Employee Director who is elected, re-elected or appointed as a member of the Board will be eligible to receive an Award under this Section 12. 
 12.3 Vesting, Exercisability and Settlement. Except as set forth in Section 21, Awards shall vest, become exercisable and be settled as determined by the Board. With respect to Options and
SARs, the exercise price granted to Non-Employee Directors shall not be less than the Fair Market Value of the Shares at the time that such Option or SAR is granted. 
 12.4 Election to Receive Awards in Lieu of Cash. A Non-Employee Director may elect to receive his or her annual retainer payments and/or meeting fees from the Company in the form of cash or Awards
or a combination thereof, as determined by the Committee. Such Awards will be issued under the Plan. An election under this Section 12.4 shall be filed with the Company on the form prescribed by the Company. 

13. WITHHOLDING TAXES. 
 13.1 Withholding Generally. Whenever Shares are to be issued in satisfaction of Awards granted under this Plan, the Company may require the Participant to remit to the Company, or to the Parent or
Subsidiary employing the Participant, an amount sufficient to satisfy applicable U.S. federal, state, local and international withholding tax requirements or any other tax liability legally due from the Participant prior to the delivery of Shares
pursuant to exercise or settlement of any Award. Whenever payments in satisfaction of Awards granted under this Plan are to be made in cash, such payment will be net of an amount sufficient to satisfy applicable U.S. federal, state, local and
international withholding tax requirements or any other tax liability legally due from the Participant. 
 13.2 Stock
Withholding. No election under Section 83(b) of the Code will be available or permitted with respect to any of the Restricted Stock and any income recognized as a result of receiving the Restricted Stock will be treated as ordinary
compensation income subject to federal, state and local income, employment and other tax withholding. At the election of the Committee and without further consent from Participant, upon the vesting of any Award, the Company will either
(1) retain and cancel or (2) sell pursuant to a “sell to cover” mandatory sale arranged by the Company (on Participant’s behalf), that number of Shares having an aggregate Fair Market Value equal to the minimum amount the
Company is required to withhold for income and employment tax purposes with respect to the Award. The Fair Market Value of the Shares to be withheld or delivered will be determined as of the date that the taxes are required to be withheld.

 14. TRANSFERABILITY. 
 14.1 Transfer Generally. Unless determined otherwise by the Committee or its delegate(s) or pursuant to this Section 14, an Award may not be sold, pledged, assigned, hypothecated, transferred,
or disposed of in any manner, other than by (i) a will or (ii) by the laws of descent or distribution. If the Committee makes an Award transferable, including, without limitation, by instrument to an inter vivos or testamentary trust in
which the Awards are to be passed to beneficiaries upon the death of the trustor (settlor) or by gift or domestic relations order to a Permitted Transferee, such Award may contain such additional terms and conditions as the Committee or its
delegate(s) deems appropriate. All Awards will be exercisable: (A) during the Participant’s lifetime only by (x) the Participant, or (y) the Participant’s guardian or legal representative; (B) after the
Participant’s death, by the legal representative of the Participant’s heirs or legatees; and (C) in the case of all awards except ISOs, by a Permitted Transferee (for awards made transferable by the Committee) or such person’s
guardian or legal representative. 
 14.2 Award Transfer Program. Notwithstanding any contrary provision of the Plan, the
Committee shall have all discretion and authority to determine and implement the terms and conditions of any Award Transfer Program instituted pursuant to this Section 14.2 and will have the authority to amend the terms of any Award

  
 9 

 
participating, or otherwise eligible to participate in, the Award Transfer Program, including (but not limited to) the authority to (i) amend (including to extend) the expiration date,
post-termination exercise period and/or forfeiture conditions of any such Award, (ii) amend or remove any provisions of the Award relating to the Award holder’s continued service to the Company or one of its Subsidiaries, (iii) amend
the permissible payment methods with respect to the exercise or purchase of any such Award, (iv) amend the adjustments to be implemented in the event of changes in the capitalization and other similar events with respect to such Award, and
(v) make such other changes to the terms of such Award as the Committee deems necessary or appropriate in its sole discretion. Notwithstanding anything to the contrary in the Plan, in no event will the Committee have the right to determine and
implement the terms and conditions of any Award Transfer Program without stockholder approval. 
 15. PRIVILEGES OF STOCK
OWNERSHIP; RESTRICTIONS ON SHARES. 
 15.1 Voting and Dividends. No Participant will have any of the rights of a
stockholder with respect to any Awards until the Shares subject to the Award are issued to the Participant, except for any Dividend Equivalent Rights permitted by an applicable Award Agreement. After Shares are issued to the Participant, the
Participant will be a stockholder and have all the rights of a stockholder with respect to such Shares, including the right to vote and receive all dividends or other distributions made or paid with respect to such Shares; provided, that if
such Shares are Restricted Stock, then any new, additional or different securities the Participant may become entitled to receive with respect to such Shares by virtue of a stock dividend, stock split or any other change in the corporate or capital
structure of the Company will be subject to the same restrictions as the Restricted Stock; provided, further, that the Participant will have no right to retain such stock dividends or stock distributions with respect to Shares that are
repurchased at the Participant’s Purchase Price or Exercise Price, as the case may be, pursuant to Section 15.2. 

15.2 Restrictions on Shares / Dividend Equivalent Rights. At the discretion of the Committee, the Company may reserve to itself
and/or its assignee(s) a right of forfeiture or a right to repurchase a portion of any or all Unvested Shares held by a Participant following such Participant’s Termination, with any right of repurchase being exercised for cash and/or
cancellation of purchase money indebtedness, at the Participant’s Purchase Price or Exercise Price, as the case may be. The Committee, in its discretion, may provide in the Award Agreement evidencing any Award that the Participant shall be
entitled to Dividend Equivalent Rights with respect to the payment of cash dividends on Shares during the period beginning on the date the Award is granted and ending, with respect to each share subject to the Award, on the earlier of the date on
which the Award is exercised or settled or the date on which they are forfeited. Such Dividend Equivalent Rights, if any, shall be credited to the Participant in the form of additional whole Shares as of the date of payment of such cash dividends on
Shares. 
 16. CERTIFICATES. All Shares or other securities, whether or not certificated, delivered under this
Plan will be subject to such stock transfer orders, legends and other restrictions as the Committee may deem necessary or advisable, including restrictions under any applicable U.S. federal, state or foreign securities law, or any rules, regulations
and other requirements of the SEC or any stock exchange or automated quotation system upon which the Shares may be listed or quoted and any non-U.S. exchange controls or securities law restrictions to which the Shares are subject. 

17. ESCROW; PLEDGE OF SHARES. To enforce any restrictions on a Participant’s Shares, the Committee may require the
Participant to deposit all certificates representing Shares, together with stock powers or other instruments of transfer approved by the Committee, appropriately endorsed in blank, with the Company or an agent designated by the Company to hold in
escrow until such restrictions have lapsed or terminated, and the Committee may cause a legend or legends referencing such restrictions to be placed on the certificates. Any Participant who is permitted to execute a promissory note as partial or
full consideration for the purchase of Shares under this Plan will be required to pledge and deposit with the Company all or part of the Shares so purchased as collateral to secure the payment of the Participant’s obligation to the Company
under the promissory note; provided, however, that the Committee may require or accept other or additional forms of collateral to secure the payment of such obligation and, in any event, the Company will have full recourse against the
Participant under the promissory note notwithstanding any pledge of the Participant’s Shares or other collateral. In connection with any pledge of the Shares, the Participant will be required to execute and deliver a written pledge agreement in
such form as the Committee will from time to time approve. The Shares purchased with the promissory note may be released from the pledge on a pro rata basis as the promissory note is paid. 

  
 10 

 18. SECURITIES LAW AND OTHER REGULATORY COMPLIANCE. An Award will not be
effective unless such Award is in compliance with all applicable U.S. and foreign federal and state securities and exchange control laws, rules and regulations of any governmental body, and the requirements of any stock exchange or automated
quotation system upon which the Shares may then be listed or quoted, as they are in effect on the date of grant of the Award and also on the date of exercise or other issuance. Notwithstanding any other provision in this Plan, the Company will have
no obligation to issue or deliver certificates for Shares under this Plan prior to: (a) obtaining any approvals from governmental agencies that the Company determines are necessary or advisable; and/or (b) completion of any registration or
other qualification of such Shares under any state or federal or foreign law or ruling of any governmental body that the Company determines to be necessary or advisable. The Company will be under no obligation to register the Shares with the SEC or
to effect compliance with the registration, qualification or listing requirements of any foreign or state securities laws, stock exchange or automated quotation system, and the Company will have no liability for any inability or failure to do so.

 19. NO OBLIGATION TO EMPLOY. Nothing in this Plan or any Award granted under this Plan will confer or be deemed
to confer on any Participant any right to continue in the employ of, or to continue any other relationship with, the Company or any Parent or Subsidiary of the Company or limit in any way the right of the Company or any Parent or Subsidiary of the
Company to terminate Participant’s employment or other relationship at any time. 
 20. CORPORATE
TRANSACTIONS. 
 20.1 Assumption or Replacement of Awards by Successor. In the event of a
Corporate Transaction, all Shares acquired under the Plan and all Awards will be subject to the agreement governing such Corporate Transaction. Such agreement need not treat all Awards in an identical manner, and it will provide for one or more of
the following with respect to each Award: 
 (a) The continuation of the Award by the Company (if the Company is the surviving
corporation). 
 (b) The assumption of the Award by the surviving corporation or its parent and, with respect to an Award that
is subject to Section 409A of the Code, in a manner that complies with Section 424(a) of the Code (whether or not the Award is an ISO). 
 (c) The substitution by the surviving corporation or its parent of a new Award, and with respect an Award that is subject to Section 409A of the Code, in a manner that complies with
Section 424(a) of the Code (whether or not the Award is an ISO). 
 (d) Full exercisability of an Option and/or a SAR,
full vesting of the Shares subject to an Option and/or a SAR and/or full vesting of all other Awards, followed by the cancellation of the Option, SAR or Award. The full exercisability of an Option and/or a SAR, full vesting of the Shares subject to
the Option and/or SAR and/or full vesting of all other Awards may be contingent on the closing of such Corporate Transaction. The Participant will be able to exercise an Option and/or a SAR during a period of not less than five full business days
preceding the effective date of such Corporate Transaction, unless (i) a shorter period is required to permit a timely closing of such Corporate Transaction and (ii) such shorter period still offers the Participant a reasonable opportunity
to exercise an Option and/or a SAR. Any exercise of an Option and/or a SAR during such period may be contingent on the closing of such Corporate Transaction. 
 (e) A payment to the Participant equal to the excess of (i) the Fair Market Value of the Shares subject to the Award as of the effective date of such Corporate Transaction over (ii) the Exercise
Price or Purchase Price of Shares, as the case may be, subject to the Award in connection with the cancellation of the Award. Such payment will be made in the form of cash, cash equivalents, or securities of the surviving corporation or its parent
with a Fair Market Value equal to the required amount. The successor corporation may provide substantially similar consideration to Participants as was provided to stockholders (after taking into account the existing provisions of the Awards).
Subject to Section 409A of the Code, such payment may be made in installments and may be deferred until the date or dates when the Award would have become exercisable or such Shares would have vested. The amount of such payment initially will
be calculated without regard to whether or not the Award is then exercisable or such Shares are then vested. However, such payment may be subject to vesting based on the Participant’s continuing service as an Employee, Consultant or Director.
In addition, any escrow, holdback, earnout or similar 

  
 11 

 
provisions in the agreement for such Corporate Transaction may apply to such payment to the same extent and in the same manner as such provisions apply to the holders of Shares. If the Exercise
Price of the Shares subject to an Option exceeds the Fair Market Value of such Shares, then the Option may be cancelled without making a payment to the Participant. For purposes of this subsection, the Fair Market Value of any security will be
determined without regard to any vesting conditions that may apply to such security. 
 20.2 Assumption of Awards by the
Company. The Company, from time to time, also may substitute or assume outstanding awards granted by another company, whether in connection with an acquisition of such other company or otherwise, by either; (a) granting an Award under this
Plan in substitution of such other company’s award; or (b) assuming such award as if it had been granted under this Plan if the terms of such assumed award could be applied to an Award granted under this Plan. Such substitution or
assumption will be permissible if the holder of the substituted or assumed award would have been eligible to be granted an Award under this Plan if the other company had applied the rules of this Plan to such grant. In the event the Company assumes
an award granted by another company, the terms and conditions of such award will remain unchanged (except that the Purchase Price or the Exercise Price, as the case may be, and the number and nature of Shares issuable upon exercise or
settlement of any such Award will be adjusted appropriately pursuant to Section 424(a) of the Code). In the event the Company elects to grant a new Option in substitution rather than assuming an existing option, such new Option may be granted
with a similarly adjusted Exercise Price. Substitute Awards will not reduce the number of Shares authorized for grant under the Plan or authorized for grant to a Participant in any calendar year. 

20.3 Non-Employee Directors’ Awards. Notwithstanding any provision to the contrary herein, in the event of a Corporate
Transaction, the vesting of all Awards granted to Non-Employee Directors shall accelerate and such Awards shall become exercisable (as applicable) in full prior to the consummation of such event at such times and on such conditions as the Committee
determines. 
 21. ADOPTION AND STOCKHOLDER APPROVAL. This Plan shall be submitted for the approval of the
Company’s stockholders, consistent with applicable laws, within twelve (12) months before or after the date this Plan is adopted by the Board. 
 22. TERM OF PLAN/GOVERNING LAW. Unless earlier terminated as provided herein, this Plan will become effective on the Effective Date and will terminate ten (10) years from the date this
Plan is adopted by the Board. This Plan and all Awards granted hereunder shall be governed by and construed in accordance with the laws of the State of Washington, without regard to its conflict of laws rules. 

23. AMENDMENT OR TERMINATION OF PLAN. The Board may at any time terminate or amend this Plan in any respect, including,
without limitation, amendment of any form of Award Agreement or instrument to be executed pursuant to this Plan; provided, however, that the Board will not, without the approval of the stockholders of the Company, amend this Plan in
any manner that requires such stockholder approval; provided further, that a Participant’s Award shall be governed by the version of this Plan then in effect at the time such Award was granted. 

24. NONEXCLUSIVITY OF THE PLAN. Neither the adoption of this Plan by the Board, the submission of this Plan to the
stockholders of the Company for approval, nor any provision of this Plan will be construed as creating any limitations on the power of the Board to adopt such additional compensation arrangements as it may deem desirable, including, without
limitation, the granting of stock awards and bonuses otherwise than under this Plan, and such arrangements may be either generally applicable or applicable only in specific cases. 

25. INSIDER TRADING POLICY. Each Participant who receives an Award shall comply with any policy adopted by the Company from
time to time covering transactions in the Company’s securities by Employees, officers and/or directors of the Company. 

26. DEFINITIONS. As used in this Plan, and except as elsewhere defined herein, the following terms will have the following
meanings: 
 “Award” means any award under the Plan, including any Option, Restricted Stock Award, Stock
Bonus Award, Stock Appreciation Right, Restricted Stock Unit or Performance Award. 
 “Award Agreement”
means, with respect to each Award, the written or electronic agreement between the Company and the Participant setting forth the terms and conditions of the Award, and country-specific appendix

  
 12 

 
thereto for grants to non-U.S. Participants, which shall be in substantially a form (which need not be the same for each Participant) that the Committee (or in the case of Award Agreements that
are not used by Insiders, the Committee’s delegate(s)) has from time to time approved, and will comply with and be subject to the terms and conditions of this Plan. 
 “Award Transfer Program” means, any program instituted by the Committee that would permit Participants the opportunity to transfer for value any outstanding Awards to a financial
institution or other person or entity approved by the Committee. A transfer for “value” shall not be deemed to occur under this Plan where an Award is transferred by a Participant for bona fide estate planning purposes to a trust or other
testamentary vehicle approved by the Committee. 
 “Board” means the Board of Directors of the Company.

 “Cause” means (i) the violation by the optionee of any reasonable rule or policy of the Board or
the optionee’s superiors or the chief executive officer or the President of the Company, Parent or Subsidiary that results in damage to the Company, Parent or Subsidiary or which, after notice to do so, the optionee fails to correct within a
reasonable time; (ii) any willful misconduct or gross negligence by the optionee in the responsibilities assigned to him or her; (iii) any willful failure to perform his or her job as required to meet the objectives of the Company, Parent
or Subsidiary; (iv) any wrongful conduct of an optionee which has an adverse impact on the Company, Parent or Subsidiary or which constitutes a misappropriation of the assets of the Company, Parent or Subsidiary; (v) unauthorized
disclosure of confidential information; (vi) the optionee’s performing services for any other Company, Parent or Subsidiary or person which competes with the Company, Parent or Subsidiary while he or she is employed by or provides services
to the Company, without the prior written approval of the Chairman or President of the Company; or (vii) a resignation by an optionee of employment with or service to the Company, Parent or Subsidiary if (A) the Company, Parent or
Subsidiary has given prior notice to such optionee of its intent to dismiss the optionee for circumstances that constitute cause, or (B) within two months of the optionee’s resignation, the Chairman or President of the Company or the Board
determines, which determination shall be final and binding, that such resignation was related to an act which would have led to a termination for cause. 
 “Code” means the United States Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder. 

“Committee” means the Compensation Committee of the Board or those persons to whom administration of the Plan, or
part of the Plan, has been delegated as permitted by law. 
 “Common Stock” means the common stock of
the Company. 
 “Company” means CRAY INC., or any successor corporation. 

“Consultant” means any person, including an advisor or independent contractor, engaged by the Company or a Parent
or Subsidiary to render services to such entity. 
 “Corporate Transaction” means the occurrence of any
of the following events: (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of
securities of the Company representing fifty percent (50%) or more of the total voting power represented by the Company’s then-outstanding voting securities; (ii) the consummation of the sale or disposition by the Company of all or
substantially all of the Company’s assets; (iii) the consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company
outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least fifty percent (50%) of the total voting power
represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation; (iv) any other transaction which qualifies as a “corporate transaction” under
Section 424(a) of the Code wherein the stockholders of the Company give up all of their equity interest in the Company (except for the acquisition, sale or transfer of all or substantially all of the outstanding shares of the Company); or
(v) any liquidation or dissolution of the Company. Notwithstanding the foregoing, to the extent that any amount constituting deferred compensation as defined in Section 409A of the Code) would become payable under this Plan by reason of a
Change in Control, such amount shall become payable only if the event constituting a Change in Control would also constitute a change in ownership or effective control of the Company or a change in the ownership of a substantial portion of the
assets of the Company (both as defined in Section 409A of the Code. 

  
 13 

 “Director” means a member of the Board. 

“Disability” means in the case of incentive stock options, total and permanent disability as defined in
Section 22(e)(3) of the Code and in the case of other Awards, as determined by Company policies. 
 “Dividend
Equivalent Right” means the right of a Participant, granted at the discretion of the Committee or as otherwise provided by the Plan, to receive a credit for the account of such Participant in an amount equal to the cash dividends paid
on one Share for each Share represented by an Award held by such Participant. 
 “Effective Date” means
the date this Plan is approved by the Company’s stockholders, the date of which shall be within twelve (12) months before or after the date this Plan is adopted by the Board. 

“Employee” means any person, including Officers and Directors, employed by the Company or any Parent or
Subsidiary of the Company. Neither service as a Director nor payment of a director’s fee by the Company will be sufficient to constitute “employment” by the Company. 

“Exchange Act” means the United States Securities Exchange Act of 1934, as amended. 

“Exchange Program” means a program pursuant to which (i) outstanding Awards are surrendered, cancelled or
exchanged for cash, the same type of Award or a different Award (or combination thereof) or (ii) the exercise price of an outstanding Award is increased or reduced. 
 “Exercise Price” means, with respect to an Option, the price at which a holder may purchase the Shares issuable upon exercise of an Option and with respect to a SAR, the price at
which the SAR is granted to the holder thereof. 
 “Fair Market Value” means, as of any date, the value
of a share of the Company’s Common Stock determined as follows: 
 (a) its closing price on the date of determination on
the principal national securities exchange on which the Common Stock is listed or admitted to trading as officially quoted in the composite tape of transactions on such exchange or such other source as the Board or the Committee deems reliable for
the applicable date; 
 (b) if such Common Stock is publicly traded but is neither listed nor admitted to trading on a national
securities exchange, the average of the closing bid and asked prices on the date of determination as reported in The Wall Street Journal or such other source as the Board or the Committee deems reliable; or 

(c) if none of the foregoing is applicable, by the Board or the Committee in good faith. 

“Insider” means an officer or director of the Company or any other person whose transactions in the
Company’s Common Stock are subject to Section 16 of the Exchange Act. 
 “Non-Employee
Director” means a Director who is not an Employee of the Company or any Parent or Subsidiary. 

“Option” means an award of an option to purchase Shares pursuant to Section 5 or Section 12 of the
Plan. 
 “Parent” has the same meaning as “parent corporation” in Section 424(e) of the
Code. 
 “Participant” means a person who holds an Award under this Plan. 

“Performance Award” means an Award granted pursuant to Section 10 or Section 12 of the Plan.

 “Performance Factors” means the factors selected by the Committee applicable to the Company or a
Parent or Subsidiary of the Company, business unit or market segment, which may include, but are not limited to the, the following measures (whether or not in comparison to other peer companies) to determine whether the performance goals established
by the Committee and applicable to Awards have been satisfied: 
  

	 	•	 	 Profit Before Tax; 

  

	 	•	 	 Billings; 

  
 14 

	 	•	 	 Revenue; 

  

	 	•	 	 Net revenue; 

  

	 	•	 	 Earnings (which may include earnings before interest and taxes, earnings before taxes, and net earnings); 

 

	 	•	 	 Operating income; 

  

	 	•	 	 Operating margin; 

  

	 	•	 	 Operating profit; 

  

	 	•	 	 Controllable operating profit, or net operating profit; 

 

	 	•	 	 Net Profit; 

  

	 	•	 	 Gross margin; 

  

	 	•	 	 Operating expenses or operating expenses as a percentage of revenue; 

 

	 	•	 	 Net income; 

  

	 	•	 	 Earnings per share; 

  

	 	•	 	 Total stockholder return; 

  

	 	•	 	 Market share; 

  

	 	•	 	 Return on assets or net assets; 

  

	 	•	 	 The Company’s stock price; 

  

	 	•	 	 Growth in stockholder value relative to a pre-determined index; 

 

	 	•	 	 Return on equity; 

  

	 	•	 	 Return on invested capital; 

  

	 	•	 	 Cash Flow (including free cash flow or operating cash flows) 

 

	 	•	 	 Cash conversion cycle; 

  

	 	•	 	 Economic value added; 

  

	 	•	 	 Individual confidential business objectives; 

  

	 	•	 	 Contract awards or backlog; 

  

	 	•	 	 Overhead or other expense reduction; 

  

	 	•	 	 Credit rating; 

  

	 	•	 	 Strategic plan development and implementation; 

  

	 	•	 	 Succession plan development and implementation; 

  

	 	•	 	 Improvement in workforce diversity; 

  

	 	•	 	 Customer indicators; 

  

	 	•	 	 New product invention or innovation; 

  

	 	•	 	 Attainment of research and development milestones; 

  

	 	•	 	 Improvements in productivity; 

  

	 	•	 	 Bookings; 

  

	 	•	 	 Attainment of objective operating goals and employee metrics; 

 

	 	•	 	 Any other metric that is capable of measurement as determined by the Committee; and 

  
 15 

	 	•	 	 Any sale or initial public offering of a Subsidiary or the Company. 

The Committee may, in recognition of unusual or non-recurring items such as acquisition-related activities or changes in applicable
accounting rules, provide for one or more equitable adjustments (based on objective standards) to the Performance Factors to preserve the Committee’s original intent regarding the Performance Factors at the time of the initial award grant. It
is within the sole discretion of the Committee to make or not make any such equitable adjustments. 
 “Performance
Period” means the period of service determined by the Committee or its delegate(s) with respect to Participants who are not Insiders, not to exceed five (5) years, during which years of service or performance is to be measured for
the Award. 
 “Performance Share” means a performance share bonus granted as a Performance Award
pursuant to Section 10 or Section 12 of the Plan. 
 “Permitted Transferee” means any child,
stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law (including adoptive relationships) of the Employee,
any person sharing the Employee’s household (other than a tenant or employee), a trust in which these persons (or the Employee) have more than 50% of the beneficial interest, a foundation in which these persons (or the Employee) control the
management of assets, and any other entity in which these persons (or the Employee) own more than 50% of the voting interests. 

“Plan” means this Cray Inc. 2013 Equity Incentive Plan. 

“Purchase Price” means the price to be paid for Shares acquired under the Plan, other than Shares acquired upon
exercise of an Option or SAR. 
 “Restricted Stock Award” means an award of Shares pursuant to
Section 6 or Section 12 of the Plan, or issued pursuant to the early exercise of an Option. 
 “Restricted
Stock Unit” means an Award granted pursuant to Section 9 or Section 12 of the Plan. 

“SEC” means the United States Securities and Exchange Commission. 

“Securities Act” means the United States Securities Act of 1933, as amended. 

“Shares” means shares of the Company’s Common Stock and the common stock of any successor security.

 “Stock Appreciation Right” means an Award granted pursuant to Section 7 or Section 12 of
the Plan. 
 “Stock Bonus Award” means an Award granted pursuant to Section 6 or
Section 12 of the Plan. 
 “Subsidiary” has the same meaning as “subsidiary corporation”
in Section 424(f) of the Code. 
 “Termination” or “Terminated” means, for
purposes of this Plan with respect to a Participant, that the Participant has for any reason ceased to provide services as an employee, officer, director, consultant, independent contractor or advisor to the Company or a Parent or Subsidiary of the
Company. An employee will not be deemed to have ceased to provide services in the case of (i) sick leave, (ii) military leave, or (iii) any other leave of absence approved by the Committee; provided, that such leave is for a
period of not more than 90 days, unless reemployment upon the expiration of such leave is guaranteed by contract or statute or unless provided otherwise pursuant to formal policy adopted from time to time by the Company and issued and promulgated to
employees in writing. In the case of any employee on an approved leave of absence, the Committee may make such provisions respecting suspension of vesting of the Award while on leave from the employ of the Company or a Parent or Subsidiary of the
Company as it may deem appropriate, except that in no event may an Award be exercised after the expiration of the term set forth in the applicable Award Agreement. In the event of military leave, if required by applicable laws, vesting will continue
for the longest period that vesting continues under any other statutory or Company approved leave of absence and, upon a Participant’s returning from military leave (under conditions that would entitle him or her to protection upon such return
under the Uniform Services Employment and Reemployment Rights Act), he or she will be given vesting credit with respect to Awards to the same extent as would have applied had the Participant 

  
 16 

 
continued to provide services to the Company throughout the leave on the same terms as he or she was providing services immediately prior to such leave. An employee will have terminated
employment as of the date he or she ceases to provide services (regardless of whether the termination is in breach of local laws or is later found to be invalid) and employment will not be extended by any notice period or garden leave mandated by
local law. The Committee will have sole discretion to determine whether a Participant has ceased to provide services for purposes of the Plan and the effective date on which the Participant ceased to provide services (the “Termination
Date”). 
 “Unvested Shares” means Shares that have not yet vested or are subject to a
right of repurchase in favor of the Company (or any successor thereto). 

  
 17EX-4.2

 Exhibit 4.2 
 CONATUS PHARMACEUTICALS INC. 
 FIRST AMENDED AND RESTATED 

INVESTOR RIGHTS AGREEMENT 
 February 9, 2011 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 SECTION 1.
	 	 CERTAIN DEFINITIONS
	  	 	1	  
			
	 SECTION 2.
	 	 COVENANTS OF THE COMPANY
	  	 	3	  
			
	 2.1
	 	 Financial Statements and Reports to Stockholders; Budget
	  	 	3	  
			
	 2.2
	 	 Confidentiality
	  	 	4	  
			
	 2.3
	 	 Proprietary Information and Inventions Agreements
	  	 	4	  
			
	 2.4
	 	 Restriction on Sales by Employees
	  	 	4	  
			
	 2.5
	 	 Qualified Small Business
	  	 	4	  
			
	 2.6
	 	 Board Meeting; Compensation of Directors
	  	 	5	  
			
	 2.7
	 	 Stock Vesting
	  	 	5	  
			
	 2.8
	 	 Property Insurance
	  	 	5	  
			
	 2.9
	 	 Inspection
	  	 	5	  
			
	 2.10
	 	 Termination of Covenants
	  	 	5	  
			
	 SECTION 3.
	 	 REGISTRATION RIGHTS
	  	 	5	  
			
	 3.1
	 	 Demand Registration
	  	 	5	  
			
	 3.2
	 	 Piggyback Registration
	  	 	8	  
			
	 3.3
	 	 Expenses of Registration
	  	 	10	  
			
	 3.4
	 	 Registration Procedures
	  	 	10	  
			
	 3.5
	 	 Information Furnished by Holder
	  	 	12	  
			
	 3.6
	 	 Indemnification
	  	 	12	  
			
	 3.7
	 	 Limitations on Registration Rights Granted to Other Securities
	  	 	14	  
			
	 3.8
	 	 Transfer of Rights
	  	 	14	  
			
	 3.9
	 	 Market Stand-off
	  	 	15	  
			
	 3.10
	 	 No-Action Letter or Opinion of Counsel in Lieu of Registration; Conversion of Registrable Securities
	  	 	15	  
			
	 3.11
	 	 Sale of Preferred Stock to Underwriter
	  	 	15	  
			
	 3.12
	 	 Rule 144 Requirements
	  	 	16	  
			
	 3.13
	 	 Termination of Company Agreements
	  	 	16	  
			
	 SECTION 4.
	 	 RIGHT OF FIRST REFUSAL
	  	 	16	  
			
	 4.1
	 	 Right of First Refusal
	  	 	16	  
			
	 4.2
	 	 Definition of New Securities
	  	 	16	  
			
	 4.3
	 	 Notices
	  	 	17	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 4.4
	 	 Failure to Exercise Right
	  	 	18	  
			
	 4.5
	 	 Rights of Affiliated Investors
	  	 	18	  
			
	 4.6
	 	 Assignment
	  	 	18	  
			
	 4.7
	 	 Termination
	  	 	18	  
			
	 SECTION 5.
	 	 MISCELLANEOUS
	  	 	18	  
			
	 5.1
	 	 Entire Agreement; Successors and Assigns
	  	 	18	  
			
	 5.2
	 	 Aggregation of Stock
	  	 	18	  
			
	 5.3
	 	 Governing Law
	  	 	19	  
			
	 5.4
	 	 Counterparts
	  	 	19	  
			
	 5.5
	 	 Headings
	  	 	19	  
			
	 5.6
	 	 Notices
	  	 	19	  
			
	 5.7
	 	 Amendment of Agreement; Waivers
	  	 	19	  
			
	 5.8
	 	 Additional Investors
	  	 	19	  

  
 ii 

 CONATUS PHARMACEUTICALS INC. 

FIRST AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 
 THIS FIRST AMENDED AND RESTATED INVESTOR RIGHTS
AGREEMENT (this “Agreement”) is made as of February 9, 2011, by and among CONATUS PHARMACEUTICALS INC., a
Delaware corporation (the “Company”), and each of the entities and persons listed on Schedule A hereto (collectively, the “Investors”). 

RECITALS 
 A. Certain of the Investors are purchasing shares of the Company’s Series B Preferred Stock, par value $0.0001 per share (the “Series B Preferred Stock”), pursuant to that certain
Series B Preferred Stock Purchase Agreement of even date herewith (the “Purchase Agreement”). 
 B. The Company
and certain of the Investors are party to that certain Investor Rights Agreement dated as of October 27, 2006 among the Company and the parties named therein (the “Prior Agreement”). 

C. The Company and the Investors party to the Prior Agreement desire to amend and restate the Prior Agreement in its entirety pursuant to
Section 5.7 thereof and to accept the rights and obligations provided herein in lieu of such previously granted rights and obligations. 
 D. The obligations in the Purchase Agreement are conditioned upon the execution and delivery of this Agreement. 
 THE PARTIES AGREE AS FOLLOWS: 
 SECTION 1.    CERTAIN DEFINITIONS. 
 As used in this
Agreement, the following terms shall have the following respective meanings: 
 (a) “Affiliate” shall mean with
respect to any Person, any Person which directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such Person. 
 (b) “Board” shall mean the Board of Directors of the Company. 

(c) “Commission” shall mean the Securities and Exchange Commission or any other federal agency at the time administering
the Securities Act. 
 (d) “Form S-3” shall mean Form S-3 issued by the Commission or any substantially similar
form then in effect. 
 (e) “Founders” shall mean Steven J. Mento, Alfred P. Spada, Charles J. Cashion and
Jennifer Giottonini Cayer. 
 (f) “Holder” shall mean any Person entering into this Agreement and any holder of
outstanding Registrable Securities or an assignee or transferee of Registration rights as permitted by Section 3.8. 

 (g) “Initiating Holders” shall mean Holders who in the aggregate hold at
least thirty percent (30%) of the Registrable Securities. 
 (h) “Major Investor” shall mean any Investor
or subsequent holder of at least 1,000,000 shares of Preferred Stock or the Common Stock issued upon conversion thereof (equitably adjusted for all stock splits, subdivisions, stock dividends, combinations and the like with respect to such shares).
For purposes of determining the status of an Investor as a “Major Investor,” shares of Preferred Stock and Common Stock of any general partners, managing members and Affiliates of such Investor shall be deemed to be shares of such
Investor. 
 (i) “Material Adverse Event” shall mean an occurrence having a consequence that either (a) is
materially adverse as to the business, properties, prospects or financial condition of the Company or (b) is reasonably foreseeable, has a reasonable likelihood of occurring, and if it were to occur would reasonably be expected to materially
adversely affect the business, properties, prospects or financial condition of the Company. 
 (j) “Person”
shall mean an individual, a corporation, a partnership, a trust or unincorporated organization or any other entity or organization. 
 (k) “Preferred Directors” shall mean the Series A Directors and the Series B Directors. 
 (l) “Preferred Stock” shall mean the Company’s Series A Preferred Stock and Series B Preferred Stock. 
 (m) “Qualified Public Offering” shall mean a firmly underwritten public offering of the Company’s Common Stock Registered pursuant to the Securities Act on Form S-1 (as defined in
the Securities Act) or any successor form, provided, however, that (i) the per share price to the public is not less than $2.70 (equitably adjusted for all stock splits, sub-divisions, stock dividends, combinations and the like),
(ii) the aggregate gross proceeds to the Company are not less than $30,000,000, and (iii) the Company’s Common Stock is listed on a national exchange or the Nasdaq Stock Market in connection with such public offering. 

(n) The terms “Register,” “Registered” and “Registration” refer to a registration
effected by preparing and filing a registration statement in compliance with the Securities Act (“Registration Statement”), and the declaration or ordering of the effectiveness of such Registration Statement. 

(o) “Registrable Securities” shall mean (i) all Common Stock not previously sold to the public issued or issuable
upon conversion of any of the Preferred Stock purchased by or issued to the Investors, (ii) all shares of Common Stock owned by the Investors, (iii) any shares of Common Stock issued or issuable upon conversion of any Preferred Stock
granted registration rights pursuant to Section 3.7 of this Agreement, and (iv) any Common Stock of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security that is issued as) a dividend or
other distribution with respect to, or in exchange for, or in replacement of, the Common Stock described in clauses (i) through (iii) of this definition. 
 (p) “Registration Expenses” shall mean all expenses incurred by the Company in complying with Sections 3.1 or 3.2 of this Agreement, including, without limitation, all federal and state
registration, qualification and filing fees, printing expenses, fees and disbursements of counsel for the Company and fees and disbursements of not more than one (1) special counsel for the Holders (if different from the Company), blue sky fees
and expenses, and the expense of any special audits incident to or required by any such Registration. 

  
 2 

 (q) “Securities Act” shall mean the Securities Act of 1933, as amended, or
any similar federal statute, and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time. 
 (r) “Selling Expenses” shall mean all underwriting discounts and selling commissions applicable to the sale of Registrable Securities pursuant to this Agreement. 

(s) “Series A Directors” shall mean the directors elected solely by the holders of the Company’s Series A Preferred
Stock. 
 (t) “Series B Directors” shall mean the directors elected solely by the holders of the Company’s
Series B Preferred Stock. 
 (u) “Special Registration Statement” shall mean (i) a registration statement
relating to any employee benefit plan, (ii) with respect to any corporate reorganization or transaction under Rule 145 of the Securities Act, including any registration statements related to the resale of securities issued in such a
transaction, or (iii) a registration related to stock issued upon conversion of debt securities. 
 SECTION
2.    COVENANTS OF THE COMPANY 
 2.1 Financial Statements and Reports to Stockholders; Budget. The Company shall
deliver to each Major Investor: 
 (a) As soon as practicable after the end of each fiscal year of the Company, but in any
event within one hundred twenty (120) days thereafter, an audited consolidated balance sheet of the Company as of the end of such year and audited consolidated statements of income, stockholders’ equity and cash flows for such year, which
year-end financial reports shall be in reasonable detail and prepared in accordance with generally accepted accounting principles (“GAAP”), and shall be accompanied by the opinion of independent public accountants of recognized
standing selected by the Company. 
 (b) As soon as practicable after the end of each of the first three fiscal quarters of
each fiscal year of the Company, but in any event within forty-five (45) days thereafter, (i) unaudited financial statements of the Company on a quarterly basis prepared in accordance with GAAP and fairly reflecting the fiscal affairs of
the Company to the date thereof (with the exception that no notes need be attached to such statements and year-end audit adjustments may not have been made) and (ii) a summary of actual performance versus budgeted performance for such fiscal
quarter in form and substance reasonably acceptable to the Investors. 
 (c) As soon as practicable after the end of each
month, but in any event within thirty (30) days thereafter, consolidated balance sheets of the Company and its subsidiaries, if any, as of the end of each such month and consolidated statements of income and cash flow for such month and for the
current fiscal year to date, which shall be in reasonable detail. 
 (d) Within thirty (30) days prior to the end of each
fiscal year, an operating budget and plan respecting the next fiscal year, prepared on a monthly basis, and, as soon as prepared, any other updated or revised budgets for such fiscal year prepared by the Company. 

  
 3 

 2.2 Confidentiality. Each Investor agrees and will cause any representative of the Investor to hold
in confidence and trust and not use or disclose any information provided to or learned by it in connection with its rights under this Section 2, except that such Investor may disclose such information to any general partner, limited partner,
member, subsidiary or parent (and their respective representatives) of such Investor for the purpose of evaluating its investment in the Company as long as (a) such general partner, limited partner, member, subsidiary or parent is advised of
the confidentiality provisions of this Section 2.2 and (b) such Investor uses its commercially reasonable best efforts to ensure that such general partner, limited partner, member, subsidiary or parent agrees to hold such information in
confidence as provided herein. Notwithstanding the foregoing, however, the obligation of each Investor to hold information confidential as provided herein or any other document or agreement relating thereto shall not prohibit such Investor from
disclosing such information: (i) to its board of directors, investment advisers, attorneys, accountants, consultants and other professionals to the extent necessary to obtain their services in connection with its investment in the Company,
provided that such persons agree to hold such information confidential as provided herein and in such provisions (as modified by this paragraph); (ii) to any prospective purchaser of any shares of the Company owned by such Investor as
long as such prospective purchaser agrees in writing to be bound by the confidentiality provisions as provided herein or in such provisions (as modified by this paragraph); (iii) to such Investor’s investment advisor or any investment
companies managed by such Investor’s investment advisor, provided that such persons agree to hold such information confidential as provided herein or in such provisions (as modified by this paragraph); or (iv) as required by
applicable law or regulation, regulatory body, stock exchange, court or administrative order, or any listing or trading agreement concerning such Investor or the Company. Furthermore, nothing in this Section 2.2 shall restrict any
Investor’s ability to disclose the existence or nature of its relationship with the Company, the nature or amount of its investment in securities of the Company or to provide its Affiliates with quarterly, annual or other reports and such other
information about the Company prepared by such Investor in the ordinary course of its business, provided that said Investor takes commercially reasonable measures to ensure that any such Affiliates protect the confidential nature of such
confidential information. 
 2.3 Proprietary Information and Inventions Agreements. The Company agrees to require each employee and
officer of the Company to execute the form of proprietary information and inventions assignment agreement previously provided to the Investors or their counsel, and each consultant and advisor of the Company to execute an agreement that provides for
confidential treatment of the Company’s proprietary information as a condition of employment or engagement, or continued employment or engagement, as the case may be, unless otherwise approved by the Board. 

2.4 Restriction on Sales by Employees. The Company and Holders agree that, until the time of a Qualified Public Offering, first, the Company, and
second, the Investors will have a right of first refusal on all transfers of Common Stock by employees of the Company, subject to transfers to family members or trusts for the benefit of family members and other limited exceptions as determined by
the Board. The Company agrees to include appropriate language to this effect in its Bylaws or in future employment agreements, stock option and/or restricted stock grants, or other similar agreements with employees. 

2.5 Qualified Small Business. The Company covenants that so long as any Preferred Stock, or the Common Stock into which such shares are converted,
are held by a Holder in whose hands such shares of Common Stock are eligible to qualify as “qualified small business stock” as defined in Section 1202(c) of the of the Internal Revenue Code of 1986, as amended (the
“Code”) (“Qualified Small Business Stock”), it will (i) comply with any applicable filing or reporting requirements imposed by the Code on issuers of Qualified Small Business Stock and (ii) execute and
deliver to each Holder, from time to time, such forms, documents, schedules and other instruments as may be reasonably requested thereby to cause the Preferred Stock, or the Common Stock into which such shares are converted, to qualify as Qualified
Small Business Stock. 

  
 4 

 2.6 Board Meeting; Compensation of Directors. The Company hereby covenants that so long as the
holders of Preferred Stock are entitled to appoint any members of the Board of Directors pursuant to the Company’s Restated Certificate of Incorporation, the Board shall not meet less frequently than quarterly. The Board will determine the
compensation for all directors. All out-of-pocket and travel expenses of the directors incurred in attending Board meetings (or meetings of committees thereof) or in connection with the performance of their duties as directors shall be paid or
reimbursed promptly by the Company. 
 2.7 Stock Vesting. Unless otherwise approved by the Board, including a majority of the Preferred
Directors, all stock options and stock awards (other than those certain stock options contemplated by Section 6.15 of the Purchase Agreement) granted after the date of this Agreement to employees, consultants and other service providers shall
be subject to four year vesting as follows: (a) 25% of such stock shall vest at the end of the first year following the date of grant and (b) 75% of such stock shall vest monthly over the remaining three years. 

2.8 Property Insurance. Except as otherwise decided in accordance with policies adopted by the Board, including a majority of the Preferred
Directors, the Company will keep its assets and those of its subsidiaries which are of an insurable character insured by financially sound and reputable insurers against loss or damage by fire, explosion and other risks customarily insured against
by companies in the Company’s line of business, and the Company will maintain, with financial sound and reputable insurers, insurance against other hazards and risks and liability to persons and property to the extent and in the manner
customary for companies in similar businesses similarly situated. 
 2.9 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 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. 
 2.10 Termination of Covenants. The covenants of the Company set forth in this Section 2
shall be terminated and be of no further force or effect upon the earlier of (a) the effective date of the Company’s Registration Statement filed in connection with the Company’s first Qualified Public Offering, (b) the date when
no shares of Registrable Securities or Preferred Stock shall be outstanding and (c) the date the Company becomes a reporting company under the Securities and Exchange Act of 1934, as amended. 

SECTION 3.    REGISTRATION RIGHTS 
 3.1 Demand Registration. 
 3.1.1. Request for Registration on Form other
than Form S-3. Subject to the terms of this Agreement, in the event that the Company shall receive from the Initiating Holders at any time after the earlier of (i) two (2) years after the date of this Agreement and (ii) six
(6) months after the effective date of the Company’s initial public offering of shares of Common Stock under a Registration Statement, a written request that the Company effect any Registration with respect to all or a part of the
Registrable Securities on a form other than Form S-3 for an offering of at least thirty percent (30%) of the then outstanding Registrable Securities, or a lesser percentage if the reasonably anticipated aggregate offering price to the public
(before deduction of underwriter discounts and commissions) is not less than Five Million Dollars ($5,000,000), the Company shall (i) promptly give written notice of the proposed Registration to all other Holders and shall (ii) use its
best efforts to effect Registration of the Registrable Securities specified in such request, together with any Registrable Securities of any Holder joining in such request as are specified in a written request given within twenty (20) days
after written notice from the Company. The Company shall not be obligated to take any action to effect any such Registration pursuant to this Section 3.1.1: 
 (i) at any such time as the Company has effected two (2) such Registrations in any twelve (12)-month period pursuant to this Section 3.1.1 and such Registrations have been declared effective,
and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, has kept effective for up to 120 days, or until the distribution described in such Registration Statement is completed, if earlier; 

  
 5 

 (ii) during the period starting with the date of filing of, and ending on the date one
hundred eighty (180) days following the effective date of the Registration Statement pertaining to any public offering, other than pursuant to a Special Registration Statement; provided that the Company is actively employing in good faith all
commercially reasonable efforts to cause such Registration Statement to become effective; 
 (iii) if within thirty
(30) days of receipt of a written request from the Initiating Holders pursuant to Section 3.1.1, the Company gives notice to the Holders of the Company’s intention to file a Registration Statement for a public offering, other than
pursuant to a Special Registration Statement, within ninety (90) days; provided that the Company is actively employing in good faith all commercially reasonable efforts to cause such Registration Statement to become effective; or 

(iv) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3
pursuant to a request made pursuant to Section 3.1.3 below. 
 3.1.2. Right of Deferral of Registration on Form other
than Form S-3. If the Company shall furnish to all such Holders who joined in the request a certificate signed by the President of the Company stating that, in the good faith judgment of the Board, it would be seriously detrimental to the
Company for any Registration to be effected as requested under Section 3.1.1, the Company shall have the right to defer the filing of a Registration Statement with respect to such offering for a period of not more than ninety (90) days
from delivery of the request of the Initiating Holders; provided, however, that the Company may not utilize this right more than once in any twelve (12)-month period. 
 3.1.3. Request for Registration on Form S-3. Subject to the terms of this Agreement, in the event that the Company receives from one or more Holders a written request that the Company effect any
Registration on Form S-3 (or any successor form to Form S-3 regardless of its designation) at a time when the Company is eligible to Register securities on Form S-3 (or any successor form to Form S-3 regardless of its designation) for an offering of
Registrable Securities which such Holders in their good faith discretion determine would have an anticipated offering price to the public of at least One Million Dollars ($1,000,000), the Company will promptly give written notice of the proposed
Registration to all the Holders and will as soon as practicable use its best efforts to effect Registration of the Registrable Securities specified in such request, together with all or such portion of the Registrable Securities of any Holder
joining in such request as are specified in a written request delivered to the Company within thirty (30) days after written notice from the Company of the proposed Registration. There shall be no limit to the number of occasions on which the
Company shall be obligated to effect Registration under this Section 3.1.3, but the Company shall not be required to effect more than two (2) such Registrations in any twelve (12)-month period. Notwithstanding the foregoing, the Company
shall not be obligated to effect any Registration pursuant to this Section 3.1.3: 
 (i) if Form S-3 is not available for
such offering by the Holders; 
 (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) at an aggregate price to the public of less than One Million Dollars ($1,000,000); 

  
 6 

 (iii) if within fifteen (15) days of receipt of a written request from any Holder or
Holders pursuant to this Section 3.1.3, the Company gives notice to such Holder or Holders of the Company’s intention to make a public offering within ninety (90) days, other than pursuant to a Special Registration Statement; provided
that the Company is actively employing in good faith all commercially reasonable efforts to cause such Registration Statement to become effective; or 
 (iv) if the Company shall furnish to the Holders a certificate signed by the President of the Company stating that, in the good faith judgment of the Board, it would be seriously detrimental to the
Company for any Registration to be effected as requested under Section 3.1.3, the Company shall have the right to defer the filing of a Registration Statement with respect to such offering for a period of not more than ninety (90) days
from delivery of the request of the Holders requesting such Registration; provided, however, that the Company may not utilize this right more than once in any twelve (12)-month period. 

3.1.4. Registration of Other Securities in Demand Registration. Any Registration Statement filed pursuant to the request of the
Initiating Holders under this Section 3 may, subject to the provisions of Section 3.1.5, include securities of the Company other than Registrable Securities. 
 3.1.5. Underwriting in Demand Registration. 
 a. Notice of
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 3.1, and the Company shall include such information in the written notice referred to in Section 3.1.1 or 3.1.3. In such
event, the right of any Holder to Registration pursuant to Section 3 shall be conditioned upon such Holder’s agreement to participate in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting.

 b. Inclusion of other Holders in Demand Registration. 

If the Company, officers or directors of the Company holding Common Stock other than Registrable Securities or holders of securities
issued by the Company other than Registrable Securities, request inclusion in such Registration, the Holders of a majority of the Registrable Securities to be Registered by the Holders in the applicable Registration, to the extent they deem
advisable and consistent with the goals of such Registration, shall, on behalf of all Holders, offer to any or all of the Company, such officers or directors and such holders of securities other than Registrable Securities that such securities other
than Registrable Securities be included in the underwriting and may condition such offer on the acceptance by such persons of the terms of this Section 3.1. 
 c. Selection of Underwriter in Demand Registration. 
 The Company shall
(together with all Holders proposing to distribute their securities through such underwriting) enter into an underwriting agreement with the representative (“Underwriter’s Representative”) of the underwriter or underwriters
selected for such underwriting by the Holders of a majority of the Registrable Securities being Registered and agreed to by the Company. 
 d. Marketing Limitation in Demand Registration. 
 In the event the
Underwriter’s Representative advises the Initiating Holders in writing that market factors (including, without limitation, the aggregate number of shares of 

  
 7 

 
Common Stock requested to be Registered, the general condition of the market, and the status of the persons proposing to sell securities pursuant to the Registration) require a limitation of the
number of shares to be underwritten, then (i) first the securities other than Registrable Securities and (ii) next the securities requested to be registered by the Company, shall be excluded from such Registration to the extent required by
such limitation. If a limitation of the number of shares is still required, the Initiating Holders shall so advise all participating Holders and the number of shares of Registrable Securities that may be included in the Registration and underwriting
shall be allocated among all participating Holders in proportion, as nearly as practicable, to the respective amounts of Registrable Securities entitled to inclusion in such Registration held by such Holders at the time of filing the Registration
Statement. No Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.1.5(d) shall be included in such Registration Statement. To facilitate the allocation of shares in accordance with the above
provisions, the Company or the Underwriter’s Representative may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. 
 e. Right of Withdrawal in Demand Registration. 
 If any Holder of
Registrable Securities, or a holder of other securities entitled (upon request) to be included in such Registration, disapproves of the terms of the underwriting, such person may elect to withdraw therefrom by written notice to the Company, the
underwriter and the Initiating Holders delivered at least seven (7) business days prior to the effective date of the Registration Statement. The securities so withdrawn shall also be withdrawn from the Registration Statement. 

3.1.6. Blue Sky in Demand Registration. In the event of any Registration pursuant to Section 3.1, the Company will exercise
its reasonable best efforts to Register and qualify the securities covered by the Registration Statement under such other securities or Blue Sky laws of such jurisdictions (not exceeding twenty (20) at the expense of the Company) as shall be
reasonably appropriate for the distribution of such securities; provided, however, that (i) the Company shall not be required to qualify to do business or to file a general consent to service of process in any such states or
jurisdictions, and (ii) notwithstanding anything in this Agreement to the contrary, in the event any jurisdiction in which the securities shall be qualified imposes a non-waivable requirement that expenses incurred in connection with the
qualification of the securities be borne by selling stockholders, such expenses shall be payable pro rata by selling stockholders. 
 3.2
Piggyback Registration. 
 3.2.1. Notice of Piggyback Registration and Inclusion of Registrable Securities.
Subject to the terms of this Agreement, in the event the Company decides to Register any of its Common Stock (either for its own account or the account of a security holder or holders exercising their respective demand Registration rights) on a form
(other than a Registration on Form S-4 and Form S-8, as those forms are issued by the Commission or any substantially similar forms then in effect) that would be suitable for a Registration involving solely Registrable Securities, the Company will:
(i) promptly give each Holder written notice thereof (which shall include a list of the jurisdictions in which the Company intends to attempt to qualify such securities under the applicable Blue Sky or other state securities laws) and
(ii) include in such Registration (and any related qualification under Blue Sky laws or other compliance), and in any underwriting involved therein, all the Registrable Securities specified in a written request delivered to the Company by any
Holder within fifteen (15) days after receipt of such written notice from the Company. 

  
 8 

 3.2.2. Underwriting in Piggyback Registration. 

a. Notice of Underwriting in Piggyback Registration. 
 If the Registration of which the Company gives notice pursuant to Section 3.2.1 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 3.2.1. In such event the right of any Holder to Registration shall be conditioned upon such underwriting and the inclusion of such Holder’s Registrable Securities in such underwriting to the extent
provided in this Section 3. All Holders proposing to distribute their securities through such underwriting shall (together with the Company and the other holders distributing their securities through such underwriting) enter into an
underwriting agreement with the Underwriter’s Representative for such offering. The Holders shall have no right to participate in the selection of the underwriters for an offering pursuant to this Section 3.2. 

b. Marketing Limitation in Piggyback Registration. 
 In the event the Underwriter’s Representative advises the Holders seeking Registration of Registrable Securities pursuant to Section 3.2 in writing that market factors (including, without
limitation, the aggregate number of shares of Common Stock requested to be Registered, the general condition of the market, and the status of the persons proposing to sell securities pursuant to the Registration) require a limitation of the number
of shares to be underwritten, the Underwriter’s Representative (subject to the allocation priority set forth in Section 3.2.2(c)) may: 
 i. in the case of the Company’s initial Registered public offering, exclude some or all Registrable Securities from such Registration and underwriting; provided that no other stockholder’s
securities are included in such offering; and 
 ii. in the case of any subsequent registered public offering, limit the number
of shares of Registrable Securities to be included in such Registration and underwriting to not less than thirty percent (30%) of the securities included in such Registration (based on aggregate market values); provided that no other
stockholder’s securities are included in such offering. 
 c. Allocation of Shares in Piggyback Registration.

 In the event that the Underwriter’s Representative limits the number of shares to be included in a Registration
pursuant to Section 3.2.2(b), the number of shares to be included in such Registration shall be allocated (subject to Section 3.2.2(b)) in the following manner: The number of shares, if any, that may be included in the Registration and
underwriting by selling stockholders shall first be allocated among all the requesting Holders pro rata according to the respective amounts of Registrable Securities entitled to be included in such offering by such requesting Holders and then among
all other holders of securities other than Registrable Securities requesting and legally entitled to include shares in such Registration, in proportion, as nearly as practicable, to the respective amounts of securities (including Registrable
Securities) which such Holders and such other holders would otherwise be entitled to include in such Registration. No Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.2.2(c) shall be included
in the Registration Statement. To facilitate the allocation of shares in accordance with the above provisions, the Company or the Underwriter’s Representative may round the number of shares allocated to any Holder to the nearest one hundred
(100) shares. 
 d. Withdrawal in Piggyback Registration. 

If any Holder disapproves of the terms of any such underwriting, he may elect to withdraw therefrom by written notice to the Company and
the underwriter delivered at least seven (7) business days prior to the effective date of the Registration Statement. Any Registrable Securities or other securities excluded or withdrawn from such underwriting shall be withdrawn from such
Registration. 

  
 9 

 3.2.3. Blue Sky in Piggyback Registration. In the event of any Registration of
Registrable Securities pursuant to Section 3.2, the Company will exercise its best efforts to Register and qualify the securities covered by the Registration Statement under such other securities or Blue Sky laws of such jurisdictions (not
exceeding twenty (20) unless otherwise agreed to by the Company) as shall be reasonably appropriate for the distribution of such securities; provided, however, that (i) the Company shall not be required to qualify to do business or
to file a general consent to service of process in any such states or jurisdictions, and (ii) notwithstanding anything in this Agreement to the contrary, in the event any jurisdiction in which the securities shall be qualified imposes a
non-waivable requirement that expenses incurred in connection with the qualification of the securities be borne by selling stockholders, such expenses shall be payable pro rata by selling stockholders. 

3.3 Expenses of Registration. All Registration Expenses incurred in connection with two (2) Registrations pursuant to Section 3.1.1, all
Registrations pursuant to Section 3.1.3 (Form S-3) and all Registrations pursuant to Section 3.2 shall be borne by the Company. All Registration Expenses incurred in connection with any other registration, qualification or compliance shall
be apportioned among the Holders and other holders of the securities so registered on the basis of the number of shares so registered. Notwithstanding the above, the Company shall not be required to pay for any expenses of any Registration
proceeding begun pursuant to Section 3.1 if the Registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be Registered (which Holders shall bear such expenses), unless the
Holders of a majority of the Registrable Securities agree to forfeit their right to one (1) demand Registration pursuant to Section 3.1; provided further, however, that if at the time of such withdrawal, (a) the Holders have
learned of a Material Adverse Event not known to the Holders at the time of their request and (b) the Holders have withdrawn the request with reasonable promptness following disclosure by the Company of such Material Adverse Event, then the
Holders shall not be required to pay any of such expenses and shall retain their rights pursuant to Section 3.1. All Selling Expenses shall be borne by the respective holders of the securities Registered pro rata on the basis of the number of
shares registered. 
 3.4 Registration Procedures. In the case of each registration, qualification or compliance effected by the Company
pursuant to this Section 3, the Company will: 
  

	 	(a)	 Keep each Holder whose Registrable Securities are included in any Registration pursuant to this Agreement advised as to the initiation and completion
of such Registration. At its expense the Company will: (i) use its best efforts to keep such Registration effective for a period of one hundred twenty (120) days or until the Holder or Holders have completed the distribution described in
the Registration Statement relating thereto, whichever first occurs; and (ii) furnish such number of prospectuses (including preliminary prospectuses) and other documents as a Holder from time to time may reasonably request. With respect to
clause (i) of the preceding sentence, the Company may at any time upon written notice to the participating Holders and for a period not to exceed thirty (30) days thereafter (the “Suspension Period”) delay the filing or
effectiveness of any Registration Statement or suspend the use or effectiveness of any Registration Statement (and the Holders hereby agree not to offer or sell any Registrable Securities pursuant to such Registration Statement during the Suspension
Period) if the Company reasonably believes that the Company may, in the absence of such delay or suspension hereunder, be required under state or federal securities laws to disclose any corporate development the disclosure of which could reasonably
be expected to have an adverse effect upon the 

  
 10 

	 	
Company, its stockholders, a potentially significant transaction or event involving the Company, or any negotiations, discussions, or proposals directly relating thereto. In the event that the
Company shall exercise its rights hereunder, the applicable time period during which the Registration Statement is to remain effective shall be extended by a period of time equal to the duration of the Suspension Period. The Company may extend the
Suspension Period for an additional consecutive thirty (30) days with the consent of the Holders of a majority of the Registrable Securities proposed to be sold by the Holders in the applicable Registration, which consent shall not be
unreasonably withheld. If so directed by the Company, the Holders shall use their best efforts to deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holders’ possession, of the
prospectus relating to such Registrable Securities current at the time of receipt of such notice. 

  

	 	(b)	Prepare and file with the Commission such amendments and supplements to such Registration Statement and the prospectus used in connection with such Registration
Statements 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 a period of up to one hundred twenty (120) days;

  

	 	(c)	Promptly notify each Holder of Registrable Securities covered by the Registration Statement at any time when the Company becomes aware of the happening of any event as
a result of which the Registration Statement or the prospectus included in such Registration Statement or any supplement to the prospectus (as then in effect) contains any untrue statement of a material fact or omits to state a material fact
necessary to make the statements therein (in the case of the prospectus, in light of the circumstances under which they were made) not misleading or, if for any other reason it shall be necessary during such time period to amend or supplement the
Registration Statement or the prospectus in order to comply with the Securities Act, whereupon, in either case, each Holder shall immediately cease to use such Registration Statement or prospectus for any purpose and, as promptly as practicable
thereafter, the Company shall prepare and file with the Commission, and furnish without charge to the appropriate Holders and managing underwriters, if any, a supplement or amendment to such Registration Statement or prospectus which will correct
such statement or omission or effect such compliance and such copies thereof as the Holders and any underwriters may reasonably request; 

  

	 	(d)	Use its best efforts to register and qualify the securities covered by such Registration Statement under such other securities or Blue Sky laws of such jurisdictions as
shall be reasonably requested by the 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 except as may be required by law; 

  

	 	(e)	Cause all such Registrable Securities to be listed on each securities exchange on which similar securities issued by the Company are then listed;

  

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

  
 11 

	 	(g)	In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing
underwriter of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement; and 

 

	 	(h)	Use its best efforts to furnish, at the request of any Holder requesting registration of Registrable Securities pursuant to this Section 3, on the date that such
Registrable Securities are delivered to the underwriters for sale in connection with a registration pursuant to this Section 3, if such securities are being sold through underwriters, or, if such securities are not being sold through
underwriters, on the date that the Registration Statement with respect to such securities becomes effective, (i) an opinion, dated such date, of the counsel representing the Company for the purposes of such registration, in form and substance
as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and to the Holders requesting registration of Registrable Securities and (ii) a letter dated such date, from the independent
certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters, if any, and to the Holders
requesting registration of Registrable Securities (to the extent the then applicable standards of professional conduct permit said letter to be addressed to the Holders). 

 3.5 Information Furnished by Holder. It shall be a condition precedent of the Company’s obligations under Section 3 of this Agreement that each Holder of Registrable Securities included
in any Registration furnish to the Company such information regarding such Holder and the distribution proposed by such Holder or Holders as the Company may reasonably request. 
 3.6 Indemnification. 
 3.6.1. Company’s Indemnification of
Holders. To the extent permitted by law, the Company will indemnify each Holder, each of its officers, directors, managers, stockholders, members, partners, legal counsel for the Holders and each person controlling such Holder (each, a
“Holder Indemnified Party”), with respect to which Registration, qualification or compliance of Registrable Securities has been effected pursuant to this Agreement, and each underwriter, if any, and each person who controls any
underwriter (each, an “Underwriter Indemnified Party”), against all claims, losses, damages or liabilities (or actions in respect thereof) to the extent such claims, losses, damages or liabilities arise out of or are based upon any
untrue statement (or alleged untrue statement) of a material fact contained in any Registration Statement, prospectus, offering circular, or other document incident to any such Registration, qualification or compliance, or are based on 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 any violation by the Company of any rule or regulation promulgated under the Securities Act or
Exchange Act or state or federal law applicable to the Company and relating to action or inaction required of the Company in connection with any such Registration, qualification or compliance; and the Company will reimburse each such Holder
Indemnified Party and Underwriter Indemnified Party for any legal and any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability or action; provided, however, that the
indemnity contained in this Section 3.6.1 shall not apply to amounts paid in settlement of any such claim, loss, damage, liability or action if settlement is effected without the consent of the Company (which consent shall not unreasonably be
withheld); and provided, further, that the Company will not be liable in any such case to the extent that any such claim, 

  
 12 

 
loss, damage, liability or expense arises out of or is based upon any untrue statement or omission based upon written information furnished to the Company by such Holder Indemnified Party and
Underwriter Indemnified Party and stated to be for use in connection with the offering of securities of the Company to which such claim, loss, damage, liability or expense relates. 

3.6.2. Holder’s Indemnification of Company. 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 pursuant to this Agreement, indemnify the Company, each of its directors and officers that has signed the Registration
Statement, 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 the Securities Act, and each other such Holder, each of
its officers, directors, partners and each person controlling such other Holder, against all claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based upon any untrue statement (or alleged untrue statement) of a
material fact contained in any such Registration Statement, prospectus, offering circular or other document incident to such Registration, qualification or compliance, or 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 any violation by such Holder of any rule or regulation promulgated under the Securities Act or Exchange Act or state or federal law applicable to such Holder and
relating to action or inaction required of such Holder in connection with any such Registration, qualification or compliance; and will reimburse the Company, such Holders, such directors, officers, partners, persons, underwriters or control persons
for any legal and 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 in connection with the offering of securities of the Company to which such claim, loss, damage, liability or expense relates; provided, however, that the indemnity contained in this Section 3.6.2
shall not apply to amounts paid in settlement of any such claim, loss, damage, liability or action if settlement is effected without the consent of such Holder (which consent shall not unreasonably be withheld); and provided, further,
that each Holder’s liability under this Section 3.6.2 shall be several, and not joint with other Holders, and shall not exceed such Holder’s net proceeds from the offering of securities made in connection with such Registration.

 3.6.3. Indemnification Procedure. Promptly after receipt by an indemnified party under this Section 3.6 of notice
of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying party under this Section 3.6, notify the indemnifying party in writing of the commencement thereof and generally
summarize such action. The indemnifying party shall have the right to participate in and to assume the defense of such claim; provided, however, that the indemnifying party shall be entitled to select counsel for the defense of such claim
with the approval of any parties entitled to indemnification, which approval shall not be unreasonably withheld; provided further, however, that if either party reasonably determines that there may be a conflict between the position of the
indemnifying party and the indemnified party in conducting the defense of such action, suit or proceeding by reason of recognized claims for indemnity under this Section 3.6, then counsel for such party shall be entitled to conduct the defense
to the extent reasonably determined by such counsel to be necessary to protect the interest of such party. The failure to notify an indemnifying party promptly of the commencement of any such action, if prejudicial to the ability of the indemnifying
party to defend such action, shall relieve such indemnifying party, to the extent so prejudiced, of any liability to the indemnified party under this Section 3.6, but the omission so to notify the indemnifying party will not relieve such party
of any liability that such party may have to any indemnified party otherwise other than under this Section 3.6. 

  
 13 

 3.6.4. Contribution. If the indemnification provided for in this Section 3.6 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 therein, 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; provided that, in no event
shall any contribution by a Holder under this Subsection 3.6 exceed the net proceeds from the offering received by such Holder. 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. 
 3.6.5. Underwriting
Agreement. 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. 
 3.6.6. Survival. The obligations of
the Company and Holders under this Section 3.6 shall survive the completion of any offering of Registrable Securities in a Registration Statement under this Section 3, and otherwise. No indemnifying party, in defense of any claim of
litigation set forth under this Section 3.6, shall, except with the 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. 
 3.7 Limitations on
Registration Rights Granted to Other Securities. From and after the date of this Agreement, the Company shall not enter into any other agreement with any holder or prospective holder of any securities of the Company providing for the granting to
such holder of any information or Registration rights, except that, with the consent of the Holders of at least a majority of the Registrable Securities then outstanding, additional holders may be added as parties to this Agreement with regard to
any or all securities of the Company held by them. Any such additional parties shall execute a counterpart of this Agreement, and upon execution by such additional parties and by the Company, shall be considered an Investor for all purposes of this
Agreement. The additional parties and the additional Registrable Securities shall be identified in an amendment to Schedule A hereto. 
 3.8
Transfer of Rights. The right to cause the Company to Register securities granted by the Company to the Investors under Sections 3.1 and 3.2 may be assigned by any Holder to a transferee or assignee of any Preferred Stock or Registrable
Securities not sold to the public acquiring at least twenty percent (20%) of such Holder’s Registrable Securities (equitably adjusted for all stock splits, subdivisions, stock dividends, combinations and the like); provided,
however, that the Company must receive written notice prior to the time of said transfer, stating the name and address of said transferee or assignee and identifying the securities with respect to which such rights are being assigned.
Notwithstanding the limitation set forth in the foregoing sentence respecting the minimum amount of shares which must be transferred, (a) any Holder which is a partnership may transfer such Holder’s rights to such Holder’s constituent
partners, retired partners (including spouses, ancestors, lineal descendants and siblings of such partners or spouses who acquire Preferred Stock or Registrable Securities by gift, will or intestate succession), (b) any Holder which is a
natural person may transfer such Holder’s rights to any immediate family member, niece or nephew or to any trust created for the benefit of such Holder or his or her immediate family members, nieces or nephews, and (c) any Holder may
transfer such Holder’s 

  
 14 

 
rights to an Affiliate, subject in each case to such transferee’s agreeing to be bound by the rights and restrictions of this Agreement. The rights under Sections 4 and 5 may be assigned by
an Investor only as provided in such Sections. 
 3.9 Market Stand-off. If requested in writing by the Company or the underwriters for
the initial public offering of the Company’s Common Stock, each holder of Registrable Securities who is a party to this Agreement shall agree not to sell publicly any shares of Registrable Securities or any other securities of the Company
(other than shares of Registrable Securities or other securities of the Company being registered in such offering), without the consent of the Company or such underwriters, for a period of not more than one hundred eighty (180) days following
the effective date of the Registration Statement relating to such offering (or such other period as may be reasonably requested by the underwriters to accommodate regulatory restrictions on (i) the publication or other distribution of research
reports and (ii) analyst recommendations and opinions, including, but not limited to, the restrictions contained in NASD Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto); provided, however, that
the Company shall use commercially reasonable efforts to convince such managing underwriters to allow for alternative means of liquidity for the holders if, in the opinion of such managing underwriters, such liquidity can be provided without an
adverse impact on such initial public offering; and, provided, further, however, that all persons entitled to registration rights with respect to shares of Common Stock who are not parties to this Agreement, all other persons selling shares
of Common Stock in such offering and all executive officers and directors of the Company and holders of at least one percent (1%) of the Company’s voting securities shall also have agreed not to sell publicly their Common Stock under the
circumstances and pursuant to the terms set forth in this section. Each Holder agrees to execute and deliver such other agreements as may be reasonably requested by the Company, or the Company’s underwriters, which are consistent with the
foregoing, or which are reasonably necessary to give further effect thereto. 
 3.10 No-Action Letter or Opinion of Counsel in Lieu of
Registration; Conversion of Registrable Securities. Notwithstanding anything else in this Agreement, if the Company shall have obtained from the Commission a “no-action” letter in which the Commission has indicated that it will take no
action if, without Registration under the Securities Act, any Holder disposes of Registrable Securities covered by any request for Registration made under this Agreement in the specific manner in which such Holder proposes to dispose of the
Registrable Securities included in such request (such as including, without limitation, the inclusion of such Registrable Securities in an underwriting initiated by either the Company or the Holders), or if in the opinion of counsel for the Company
concurred in by counsel for such Holder, which concurrence shall not be unreasonably withheld, no Registration under the Securities Act is required in connection with such disposition, the shares included in such request shall not be eligible for
Registration under this Agreement; provided, however, that any Registrable Securities not so disposed of shall be eligible for Registration in accordance with the terms of this Agreement with respect to other proposed dispositions to which
this Section 3.10 does not apply. The Registration rights of the Holders of Preferred Stock set forth in this Agreement are conditioned upon the conversion of the Preferred Stock with respect to which Registration is sought into Common Stock
prior to the effective date of the Registration Statement. 
 3.11 Sale of Preferred Stock to Underwriter. Notwithstanding any provision
in this Agreement to the contrary, in lieu of converting any Preferred Stock prior to the filing of any Registration Statement filed pursuant to this Agreement, the holder of such Preferred Stock may sell such Preferred Stock to the underwriters of
the offering being Registered upon the undertaking of such underwriters to convert the Preferred Stock on or prior to the closing date of the offering. If and when the Preferred Stock are converted in accordance with their applicable terms and
conditions, the Company agrees to cause the Common Stock issuable on the conversion of the Preferred Stock to be issued within such time period as will permit the underwriters to make and complete the distribution contemplated by the underwriting.

  
 15 

 3.12 Rule 144 Requirements. Immediately after the date on which a Registration Statement filed by
the Company under the Securities Act becomes effective, the Company agrees to make and keep publicly available, and available to the Holders of Registrable Securities, such information as is necessary to enable the holders of Registrable Securities
to make sales of Registrable Securities pursuant to Rule 144 of the Commission under the Securities Act. The Company shall furnish to any holder of Registrable Securities, upon request, a written statement executed by the Company that it has
complied with the current public information requirements of Rule 144, and if it has not so complied, an explanation of any non-compliance. 
 3.13 Termination of Company Agreements. The Registration rights set forth in Sections 3.1 and 3.2 shall terminate seven (7) years after the effective date of the Company’s Registration
Statement filed in connection with the Company’s first Qualified Public Offering or, as to any Holder, at any time following the effective date of the Company’s first Qualified Public Offering, when such Holder is entitled to sell all of
such Investor’s Registrable Securities pursuant to Rule 144 of the Commission under the Securities Act during any three-month period. 

SECTION 4.    RIGHT OF FIRST REFUSAL 
 4.1 Right of First Refusal. The Company hereby grants to each Major Investor the right of first refusal to purchase such Major Investor’s pro rata share of New Securities (as defined in
Section 4.2) which the Company may from time to time propose to sell and issue (the “Right of First Refusal”). For purposes of the Right of First Refusal, a Major Investor’s pro rata share (the “Pro Rata
Share”) shall be determined as follows: a Major Investor’s pro rata share shall be equal to that number or amount of New Securities to be sold multiplied by a fraction, the numerator of which shall be the number of shares of Common
Stock issued or issuable to such Major Investor upon conversion of all Preferred Stock owned by such Major Investor (including any shares of Common Stock issued as, or issuable upon the conversion or exercise of any warrant, right or other security
that is issued as, a dividend or other distribution with respect to, or in exchange for, or in replacement of, such Preferred Stock) and the denominator of which shall be the total number of shares of the Company’s Common Stock deemed to be
outstanding assuming the conversion of all outstanding Preferred Stock. Notwithstanding the foregoing, any Major Investor may, at the time it accepts the Company’s offer, subscribe to purchase any or all of the securities offered
(“Oversubscription Securities”) which may be available as a result of the rejection, or partial rejection, of the offer by other Investors. All such Oversubscription Securities shall be allocated on a pro rata basis among those
Major Investors subscribing to purchase them. Notwithstanding the foregoing, the Company shall not be required to offer or sell such New Securities to any Major Investor who would cause the Company to be in violation of applicable federal securities
laws by virtue of such offer or sale. The Right of First Refusal shall be subject to the following provisions: 
 4.2 Definition of New
Securities. “New Securities” shall mean any shares of Common Stock or Preferred Stock of the Company, whether now authorized or not, and rights, options, or warrants to purchase such shares of Common Stock or Preferred Stock,
and all other securities having equity features, such as convertible notes or notes issued in conjunction with options or warrants; provided that “New Securities” shall not include: 

 

	 	(a)	securities issued upon the conversion of any Preferred Stock, bonds, debentures, notes or other evidences of indebtedness, and any options, warrants, shares or any
other securities convertible into, exercisable for, or exchangeable for Common Stock, in each case outstanding on the date hereof or subsequently issued after the date hereof in accordance with the exceptions to “New Securities” set forth
in this Section 4.2. 

  
 16 

	 	(b)	securities issued or sold pursuant to (i) the Purchase Agreement or (ii) the Company’s 2006 Equity Incentive Plan as in effect on the date hereof and as
may be amended from time to time with the approval of the Board of Directors, including a majority of the Preferred Directors. 

  

	 	(c)	securities issued to effect any stock split, stock dividend or recapitalization of the Company; 

 

	 	(d)	securities issued as a dividend on the Company’s stock; 

  

	 	(e)	securities issued to the Company’s employees or officers or directors or outside consultants or contractors pursuant to a plan, agreement or arrangement (including
the reissuance of shares repurchased by the Company from employees or consultants of the Company) in each case to the extent duly approved by the Board, including a majority of the Preferred Directors; 

 

	 	(f)	securities issued to lenders, financial institutions, equipment lessors, or real estate lessors to the Company in connection with a bona fide borrowing or leasing
transaction approved by the Board, including a majority of the Preferred Directors; 

  

	 	(g)	securities issued pursuant to (i) the acquisition of another business by the Company by merger, purchase of substantially all of the assets or shares, or other
reorganization whereby the Company or its stockholders own not less than a majority of the voting power of the surviving or successor business or (ii) the acquisition of technology or other intellectual property by outright purchase or
(iii) a bona fide license of intellectual property, whether an in-license or out-license of such intellectual property, in each case on terms approved by the Board, including a majority of the Preferred Directors; 

 

	 	(h)	securities issued to vendors, suppliers, customers, service providers or other persons affiliated with such organizations with which the Company has a commercial
relationship on terms approved by the Board, including a majority of the Preferred Directors; 

  

	 	(i)	securities issued (i) in a public offering before or in connection with which all outstanding shares of Preferred Stock will be converted to Common Stock or
(ii) to underwriters in connection with such a public offering, in each case on terms approved by the Board, including a majority of the Preferred Directors; and 

 

	 	(j)	any right, option or warrant to acquire any security convertible into the securities excluded from the definition of New Securities pursuant to subsections
(a) through (i) above. 

 4.3 Notices. In the event the Company proposes to undertake an issuance of New
Securities, it shall give each Major Investor written notice (the “Notice”) of its intention, describing the type of New Securities, the price, and the principal terms upon which the Company proposes to issue the same. Each Major
Investor shall have twenty (20) days from the delivery of the Notice to agree to purchase up to the Major Investor’s Pro Rata Share for the price and upon the terms specified in the Notice by giving written notice to the Company and
stating therein the quantity of New Securities to be purchased. In the event any of the Major Investors do not subscribe to purchase its Pro Rata Share, the Company will promptly 

  
 17 

 
provide an additional notice to the Major Investors who have subscribed to purchase their Pro Rata Shares as to the amount of Oversubscription Securities (the “Oversubscription
Notice”). Each such Major Investor shall have ten (10) days from the delivery of such Oversubscription Notice to agree to purchase the Oversubscription Securities up to the amount set forth in such Major Investor’s written notice
to the Company, and the exact amount to be purchased by each such Major Investor shall be determined in accordance with Section 4.1 hereof. 
 4.4 Failure to Exercise Right. In the event a Major Investor does not elect to purchase all of such Major Investor’s Pro Rata Share of the New Securities pursuant to Section 4.1 and such
New Securities are not purchased by other Major Investors, the Company shall have forty five (45) days after the last date on which any Major Investor’s right to purchase lapsed to sell or enter into an agreement (pursuant to which the
sale of New Securities covered thereby shall be closed, if at all, within sixty (60) days from the date of said agreement) to sell any unsubscribed portion of the New Securities at or above the price and upon terms not materially more favorable
to the purchasers of such securities than the terms specified in the initial Notice given in connection with such sale. In the event the Company has not sold the New Securities within said 45-day period (or sold and issued New Securities in
accordance with the foregoing within sixty (60) days from the date of said agreement), the Company shall not thereafter issue or sell any New Securities without first offering such New Securities to the Major Investors in the manner provided in
this Section 4. 
 4.5 Rights of Affiliated Investors. For the purposes of this Section 4, Investors who are Affiliates of one
or more other Investors shall, at the election of an Investor and one or more such Affiliates, be treated as a group (an “Investor Group”). Members of an Investor Group shall have the right to reallocate the rights granted by this
Section 4 among themselves as they determine. 
 4.6 Assignment. The Right of First Refusal set forth in this Section 4 may not
be assigned or transferred, except that each Investor shall have the right to assign its right to purchase securities under this Section 4 to any Affiliate of such Investor; provided such Affiliate agrees in writing with the Company and
the Investors, prior to and as a condition precedent to such transfer, to be bound by all the provisions of Sections 3.9, 5 and 6 of this Agreement. 
 4.7 Termination. The Right of First Refusal granted under this Section 4 shall not apply to, and shall terminate on and be of no further force or effect upon the effective date of the
Company’s Registration Statement filed in connection with the Company’s first Qualified Public Offering. 
 SECTION
5.    MISCELLANEOUS. 
 5.1 Entire Agreement; Successors and Assigns. This Agreement constitutes the entire
contract between the Company and the Investors relative to the subject matter hereof. Any previous agreement between the Company, the Investors and the Holders concerning Registration rights, is superseded by this Agreement, and upon execution and
delivery of this Agreement by the parties hereto, the Prior Agreement shall be of no further force and effect and is hereby amended and restated as set forth herein. Subject to the exceptions specifically set forth in this Agreement, the terms and
conditions of this Agreement shall inure to the benefit of and be binding upon the respective executors, administrators, heirs, successors and assigns of the parties. 
 5.2 Aggregation of Stock. All Preferred Stock and Registrable Securities held or acquired by affiliated entities or persons shall be aggregate together for the purpose of determining the
availability of any rights under this Agreement. 

  
 18 

 5.3 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF CALIFORNIA APPLICABLE TO CONTRACTS ENTERED INTO AND WHOLLY TO BE PERFORMED WITHIN THE STATE OF CALIFORNIA BY CALIFORNIA RESIDENTS. 

5.4 Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. 
 5.5 Headings. The headings of the Sections of this Agreement are for
convenience and shall not by themselves determine the interpretation of this Agreement. 
 5.6 Notices. Any notice required or permitted
hereunder shall be given in writing and shall be conclusively deemed effectively given upon personal delivery, or five (5) days after deposit in the United States mail, by registered or certified mail (or airmail, if notice shall be sent
outside the United States), postage prepaid, or five (5) days after delivery to a nationally known air courier company, addressed (i) if to the Company, to the Company’s address as set forth below the Company’s name on the
signature page of this Agreement and (ii) if to an Investor, to such Investor’s address as set forth on the signature page of this Agreement, or at such other address as the Company or such Investor may designate by ten (10) days,
advance written notice to the other parties hereto. 
 5.7 Amendment of Agreement; Waivers. Subject to Section 3.7, any provision of
this Agreement may be amended or waived by a written instrument signed by the Company and by the Holders of at least (i) a majority of the Registrable Securities and (ii) a majority of the Preferred Stock then outstanding; provided,
however, that with respect to any amendment or waiver adversely affecting the rights hereunder of the Preferred Stockholders of any class or series of Preferred Stock in a manner that is different in any material respect from the manner in which the
rights hereunder of the Preferred Stockholders of any other class or series of Preferred Stock are being adversely affected by such amendment or waiver, then the consent of the Holders of (x) at least a majority of the issued and outstanding
shares of Series A Preferred Stock and (y) at least 66.67% of the issued and outstanding shares of Series B Preferred Stock is required to effect such amendment or waiver. Any amendment or waiver effected in accordance with Section 3.7 or
this Section 5.7 shall be binding upon the Company and all Holders and each of their respective successors and assigns. 
 5.8
Additional Investors. Notwithstanding anything to the contrary contained herein, if the Company shall issue additional shares of its Series B Preferred Stock pursuant to the Purchase Agreement, any purchaser of such shares of Series B
Preferred Stock shall become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement and shall be deemed an “Investor” hereunder and Schedule A shall be amended accordingly.

 [REMAINDER OF THIS PAGE INTENTIONALLY
LEFT BLANK] 

  
 19 

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

			
	COMPANY:
	
	CONATUS PHARMACEUTICALS INC.
		
	By:	 	 /s/ Steven J. Mento

	Name:	 	Steven J. Mento, Ph.D.
	Title:	 	President and Chief Executive Officer

 
			
		
	Address:	 	4365 Executive Drive, Suite 200
		 	San Diego, California 92121
		 	Fax No.: (858) 558-8920

  

CONATUS PHARMACEUTICALS INC. 

AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

 COUNTERPART SIGNATURE PAGE 

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

			
	INVESTORS:
	
	AGECHEM VENTURE FUND L.P.
		
	By:	 	 /s/ Louis Lacasse

	Name:	 	Louis Lacasse
	Title:	 	

 
			
		
	Address:	 	 1001 De Maisonneuve Blvd. West

Suite 920
 Montreal, Quebec H3A 3C8

Canada

  

CONATUS PHARMACEUTICALS INC. 

AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

 COUNTERPART SIGNATURE PAGE 

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

					
	INVESTORS:
	
	 ABERDARE VENTURES III, L.P.,
 a Delaware limited partnership

	By:	 	 Aberdare GP III, L.L.C.,

	 Its General Partner 

		
	By:	 	 /s/ Paul H. Klingenstein

		 	Name:	 	Paul H. Klingenstein
		 	Title:	 	Manager
	
	 ABERDARE PARTNERS III, L.P.,
 a Delaware limited partnership

	By:	 	Aberdare GP III, L.L.C.,
	 Its General Partner

		
	By:	 	 /s/ Paul H. Klingenstein

			
		 	Name:	 	Paul H. Klingenstein
		 	Title:	 	Manager

  

CONATUS PHARMACEUTICALS INC. 

AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

 COUNTERPART SIGNATURE PAGE 

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

					
	INVESTORS:
	
	ADVENT PRIVATE EQUITY FUND III ‘A’
		
	          By:	 	Advent Venture Partners LLP,
		 	Acting in its capacity as Manager of Advent Private Equity Fund III ‘A’
			
		 	By:	 	 /s/ L. Gabb

		 	Name:	 	L. Gabb
		 	Title:	 	Partner
		
	Address:	 	25 Buckingham Gate
		 	London, United Kingdom
		 	SW1E 6LD
	
	ADVENT PRIVATE EQUITY FUND III ‘B’
		
	          By:	 	Advent Venture Partners LLP,
		 	Acting in its capacity as Manager of Advent Private Equity Fund III ‘B’
			
		 	By:	 	 /s/ L. Gabb

		 	Name:	 	L. Gabb
		 	Title:	 	Partner
		
	Address:	 	25 Buckingham Gate
		 	London, United Kingdom
		 	SW1E 6LD
	
	ADVENT PRIVATE EQUITY FUND III ‘C’
		
	          By:	 	Advent Venture Partners LLP,
		 	Acting in its capacity as Manager of Advent Private Equity Fund III ‘C’
			
		 	By:	 	 /s/ L. Gabb

		 	Name:	 	L. Gabb
		 	Title:	 	Partner
		
	Address:	 	25 Buckingham Gate
		 	London, United Kingdom
		 	SW1E 6LD

  

CONATUS PHARMACEUTICALS INC. 

AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

 COUNTERPART SIGNATURE PAGE 

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

					
	INVESTORS:
	
	ADVENT PRIVATE EQUITY FUND III ‘D’
		
	          By:	 	Advent Venture Partners LLP,
		 	Acting in its capacity as Manager of Advent Private Equity Fund III ‘D’
			
		 	By:	 	 /s/ L. Gabb

		 	Name:	 	L. Gabb
		 	Title:	 	Partner
		
	Address:	 	25 Buckingham Gate
		 	London, United Kingdom
		 	SW1E 6LD
	
	ADVENT PRIVATE EQUITY FUND III GmbH & Co KG
		
	          By:	 	Advent Venture Partners LLP,
		 	Acting in its capacity as Manager of Advent Private Equity Fund III GmbH & Co. KG
			
		 	By:	 	 /s/ L. Gabb

		 	Name:	 	L. Gabb
		 	Title:	 	Partner
		
	Address:	 	Theresienstrasse 6
		 	Munich 80333, Germany
	
	ADVENT PRIVATE EQUITY FUND III AFFILIATES
		
	          By:	 	Advent Venture Partners LLP,
		 	Acting in its capacity as Manager of Advent Private Equity Fund III Affiliates
			
		 	By:	 	 /s/ L. Gabb

		 	Name:	 	L. Gabb
		 	Title:	 	Partner
		
	Address:	 	25 Buckingham Gate
		 	London, United Kingdom
		 	SW1E 6LD

  

CONATUS PHARMACEUTICALS INC. 

AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

 COUNTERPART SIGNATURE PAGE 

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

					
	INVESTORS:
	
	ADVENT MANAGEMENT III LIMITED PARTNERSHIP
		
	          By:	 	Advent Venture Partners LLP,
		 	Acting in its capacity as Manager of Advent Management III Limited Partnership
			
		 	By:	 	 /s/ L. Gabb

		 	Name:	 	L. Gabb
		 	Title:	 	Partner
		
	Address:	 	50 Lothian Road
		 	Festival Square
		 	Edinburgh, EH3 9WJ
	
	ADVENT PRIVATE EQUITY FUND IV
		
	          By:	 	Advent Venture Partners LLP,
		 	Acting in its capacity as Manager of Advent Private Equity Fund IV
			
		 	By:	 	 /s/ L. Gabb

		 	Name:	 	L. Gabb
		 	Title:	 	Partner
		
	Address:	 	25 Buckingham Gate
		 	London, United Kingdom
		 	SW1E 6LD
	
	ADVENT MANAGEMENT IV LIMITED PARTNERSHIP
		
	          By:	 	Advent Venture Partners LLP,
		 	Acting in its capacity as Manager of Advent Management IV Limited Partnership
			
		 	By:	 	 /s/ L. Gabb

		 	Name:	 	L. Gabb
		 	Title:	 	Partner
		
	Address:	 	50 Lothian Road
		 	Festival Square
		 	Edinburgh, EH3 9WJ

  

CONATUS PHARMACEUTICALS INC. 

AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

 COUNTERPART SIGNATURE PAGE 

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

					
	INVESTORS:
	
	BAY CITY CAPITAL MANAGEMENT IV, LLC
	GENERAL PARTNER OF:
	BAY CITY CAPITAL FUND IV CO-INVESTMENT FUND,
L.P.
	BY:	 	BAY CITY CAPITAL LLC, ITS MANAGER
		
	By:	 	 /s/ Carl Goldfischer

	Name:	 	Carl Goldfischer
	Title:	 	Manager and Managing Director
	
	BAY CITY CAPITAL MANAGEMENT IV, LLC
	GENERAL PARTNER OF:
	BAY CITY CAPITAL FUND IV, L.P.
	BY:	 	BAY CITY CAPITAL LLC, ITS MANAGER
		
	By:	 	 /s/ Carl Goldfischer

	Name:	 	Carl Goldfischer
	Title:	 	Manager and Managing Director

 
					
		
	Address:	 	750 Battery Street, Suite 400
		 	San Francisco, CA 94111
		 	Fax No.: (415) 837-0503

  

CONATUS PHARMACEUTICALS INC. 

AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

 COUNTERPART SIGNATURE PAGE 

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

			
	INVESTORS:
	
	STEVEN J. MENTO AND LINDA A. MENTO AS TRUSTEES
UNDER THE MENTO FAMILY TRUST DATED DECEMBER 29, 1994
		
	By:	 	 /s/ Steven J. Mento

		 	Steven J. Mento, Trustee

 
			
		
	Address:	 	16036 Country Day Road
		 	Poway, CA 92064
		 	Fax No.: (858) 673-5385

  

CONATUS PHARMACEUTICALS INC. 

AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

 COUNTERPART SIGNATURE PAGE 

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

					
	INVESTORS:
	
	CHARLES J. CASHION AND MARTHA DIANE CASHION, AS
TRUSTEE UDT (UNDER DECLARATION OF TRUST) DATED JULY 27, 1988, WHEREIN CHARLES J. CASHION
AND MARTHA DIANE CASHION ARE TRUSTORS, OR ANY SUCCESSOR TRUSTEE
THEREUNDER
		
	By:	 	 /s/ Charles J. Cashion, Trustee

		 	Name:	 	Charles J. Cashion
		 	Title:	 	Trustee
		
	By:	 	 /s/ Martha Diane Cashion, Trustee

		 	Name:	 	Martha Diane Cashion
		 	Title:	 	Trustee

 
					
		
	Address:	 	18778 Olmeda Place
		 	San Diego, CA 92128
		 	Fax No.: (858) 558-8920

  

CONATUS PHARMACEUTICALS INC. 

AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

 COUNTERPART SIGNATURE PAGE 

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

					
	INVESTORS:
	
	ALFRED P. SPADA, JR. AND JANICE SPADA, TRUSTEES, U.D.T.
DATED FEBRUARY 6, 2007, THE ALFRED AND JANICE SPADA FAMILY TRUST
		
	By:	 	 /s/ Alfred P. Spada

		 	Name:	 	Alfred P. Spada, Ph.D.
		 	Title:	 	Trustee
		
	By:	 	 /s/ Janice Spada

		 	Name:	 	Janice Spada
		 	Title:	 	Trustee

 
					
		
	Address:	 	2891 Camino Serbal
		 		 	Carlsbad, CA 92009
	
	Fax No.: (858) 558-8920

  

CONATUS PHARMACEUTICALS INC. 

AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

 COUNTERPART SIGNATURE PAGE 

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

					
	INVESTORS:
	
	THE PAUL E. CAYER AND JENNIFER G. CAYER TRUST
DATED MARCH 1, 2005
		
	By:	 	 /s/ Jennifer Cayer

		 	Name:	 	Jennifer Giottonini Cayer
		 	Title:	 	Trustee

 
					
		
	Address:	 	PO Box 3362
		 		 	Rancho Santa Fe, CA 92067
		 		 	Fax No.: (858) 558-8920

  

CONATUS PHARMACEUTICALS INC. 

AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

 COUNTERPART SIGNATURE PAGE 

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

			
	INVESTORS:
	
	HALE BIOPHARMA VENTURES LLC
		
	By:	 	 /s/ David F. Hale

		
	Name:	 	David F. Hale
	Title:	 	Chief Executive Officer

 
			
		
	Address:	 	1042-B N. El Camino Real, Suite 430
		 	Encinitas, California 92024-1322
		 	Fax No.: (858) 756-3567

  

CONATUS PHARMACEUTICALS INC. 

AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

 COUNTERPART SIGNATURE PAGE 

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

			
	INVESTORS:
	
	COÖPERATIEVE GILDE HEALTHCARE II U.A.
		
	By:	 	 /s/ Marc Oliver Perret /s/ Edwin de Graaf

	Name:	 	Marc Oliver Perret/Edwin de Graaf
	Title:	 	General Partners

 
			
		
	Address:	 	Newtonlaan 91
		 	P.O. Box 85067
		 	3508 AB Utrecht
		 	The Netherlands

  

CONATUS PHARMACEUTICALS INC. 

AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

 COUNTERPART SIGNATURE PAGE 

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

			
	INVESTORS:
	
	 ROCHE HOLDINGS, INC.
 a Delaware corporation

		
	By:	 	 /s/ Frank J. D’Angelo

	Name:	 	Frank J. D’Angelo
	Title:	 	VP & General Manager

 
			
		
	Address:	 	340 Kingsland Street
		 	Nutley, NJ 07110
		
	FedEx:	 	150 Clove Road
		 	8th Floor
		 	Little Falls, NJ 07424

 
			
	
	 ROCHE FINANCE LTD
 a Swiss company

		
	By:	 	 /s/ Andreas Knierzinger

	Name:	 	Andreas Knierzinger
	Title:	 	
		
	By:	 	 /s/ Carole Nuechterlein

	Name:	 	Carole Nuechterlein
	Title:	 	Authorized signatories

 
			
		
	Address:	 	Grenzacherstrasse 122
		 	Basel, Switzerland 4070

  

CONATUS PHARMACEUTICALS INC. 

AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

 COUNTERPART SIGNATURE PAGE 

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

			
	INVESTORS:
	
	VP COMPANY INVESTMENTS 2004, LLC
		
	By:	 	 /s/ David Raab

	Name:	 	David Raab
	Title:	 	Member of Management Committee

 
			
		
	Address:	 	555 W. Fifth Street, Suite 800
		 	Los Angeles, California 90013-1010
		 	Attention: Grant Johnson
		 	Fax No.: (213) 891-7123

  

CONATUS PHARMACEUTICALS INC. 

AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

 COUNTERPART SIGNATURE PAGE 

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

			
	INVESTORS:
		
	By:	 	 /s/ Scott N. Wolfe

		 	SCOTT N. WOLFE

 
			
		
	Address:	 	c/o Latham & Watkins LLP
		 	12636 High Bluff Dr., Suite 400
		 	San Diego, CA 92130
		 	Fax No.: (858) 523-5450

  

CONATUS PHARMACEUTICALS INC. 

AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

 COUNTERPART SIGNATURE PAGE 

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

			
	INVESTORS:
	
	FAYE HUNTER RUSSELL TRUST U/T/D 7/11/88
		
	By:	 	 /s/ Faye H. Russell

	Name:	 	Faye Hunter Russell
	Title:	 	Trustee

 
			
		
	Address:	 	c/o Latham & Watkins LLP
		 	12636 High Bluff Dr., Suite 400
		 	San Diego, CA 92130
		 	Fax No.: (858) 523-5450

  

CONATUS PHARMACEUTICALS INC. 

AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

 COUNTERPART SIGNATURE PAGE 

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

			
	INVESTORS:
		
	By:	 	 /s/ Cheston J. Larson

		 	CHESTON J. LARSON

 
			
		
	Address:	 	c/o Latham & Watkins LLP
		 	12636 High Bluff Dr., Suite 400
		 	San Diego, CA 92130
		 	Fax No.: (858) 523-5450

  

CONATUS PHARMACEUTICALS INC. 

AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

 COUNTERPART SIGNATURE PAGE 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the 29th day of
March, 2011. 
  

			
	INVESTORS:
	
	MPM BIOVENTURES IV-QP, L.P.
		
	By:	 	MPM BIOVENTURES IV GP LLC, its General Partner
	By:	 	MPM BIOVENTURES IV LLC, its Managing Member
		
	By:	 	 /s/ James P. Spada

	Name:	 	James P. Spada
	Title:	 	Member
	
	MPM BIOVENTURES IV GMBH & CO. BETEILIGUNGS KG
		
	By:	 	MPM BIOVENTURES IV GP LLC, in its capacity as the Managing Limited Partner
	By:	 	MPM BIOVENTURES IV LLC, its Managing Member
		
	By:	 	 /s/ James P. Spada

	Name:	 	James P. Spada
	Title:	 	Member
	
	MPM ASSET MANAGEMENT INVESTORS BV4 LLC
		
	By:	 	MPM BIOVENTURES IV LLC, its Manager
		
	By:	 	 /s/ James P. Spada

	Name:	 	James P. Spada
	Title:	 	Member
	
	MPM BIOVENTURES V, L.P.
		
	By:	 	MPM BIOVENTURES V GP LLC, its General Partner
	By:	 	MPM BIOVENTURES V LLC, its Managing Member
		
	By:	 	 /s/ James P. Spada

	Name:	 	James P. Spada
	Title:	 	Member

  

CONATUS PHARMACEUTICALS INC. 

AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

 COUNTERPART SIGNATURE PAGE 

 SCHEDULE A 

INVESTORS 
  

	
	 AGECHEM VENTURE FUND L.P.
  

ABERDARE VENTURES III, L.P.
  
 ABERDARE PARTNERS III, L.P.
  

ADVENT PRIVATE EQUITY FUND IV
  
 ADVENT MANAGEMENT IV L.P.
  

ADVENT PRIVATE EQUITY FUND III ‘A’
  

ADVENT PRIVATE EQUITY FUND III ‘B’
  

ADVENT PRIVATE EQUITY FUND III ‘C’
  

ADVENT PRIVATE EQUITY FUND III ‘D’
  

ADVENT PRIVATE EQUITY FUND III GMBH & CO KG
  

ADVENT PRIVATE EQUITY FUND III AFFILIATES
  

ADVENT MANAGEMENT III LP
  
 BAY CITY CAPITAL FUND IV CO-INVESTMENT FUND, L.P.
 BAY CITY CAPITAL FUND IV, L.P.

COÖPERATIEVE GILDE HEALTHCARE II U.A.

STEVEN J. MENTO AND LINDA A. MENTO
 AS TRUSTEES
UNDER THE MENTO FAMILY TRUST DATED
 DECEMBER 29, 1994
  

CHARLES J. CASHION AND MARTHA DIANE CASHION, AS TRUSTEE UDT (UNDER DECLARATION OF TRUST) DATED JULY 27, 1988, WHEREIN CHARLES J. CASHION AND MARTHA DIANE
CASHION ARE TRUSTORS, OR ANY SUCCESSOR TRUSTEE THEREUNDER
  
 ALFRED P. SPADA,
JR. AND JANICE SPADA, TRUSTEES, U.D.T. DATED FEBRUARY 6, 2007, THE ALFRED AND JANICE SPADA FAMILY TRUST
  
 THE PAUL E. CAYER AND JENNIFER G. CAYER TRUST DATED MARCH 1, 2005
  
 HALE BIOPHARMA VENTURES LLC

	
	 ROCHE HOLDINGS, INC.
  

ROCHE FINANCE LTD
  
 VP COMPANY INVESTMENTS 2004, LLC
  
 SCOTT N. WOLFE
  
 FAYE HUNTER
RUSSELL TRUST U/T/D 7/11/88
  
 CHESTON J. LARSON

 
 MPM BIOVENTURES IV-QP, L.P.

 
 MPM BIOVENTURES IV GMBH & CO. BETEILIGUNGS KG

 
 MPM ASSET MANAGEMENT INVESTORS BV4 LLC

 
 MPM BIOVENTURES V, L.P.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}]]