WHEREAS, on or about the date hereof, the
Company anticipates selling to certain investors convertible promissory notes in an aggregate principal amount of up to $14,752,667
WHEREAS, it is a condition to the closing
of the Financing that the Stockholders become subject to a market standoff agreement on the terms set forth herein;
WHEREAS, to facilitate the Financing, the
Company and the Stockholders desire to reduce the number of shares of Common Stock that may be subject to award under stock incentive
plans to fifteen percent (15%) of the total number of fully diluted capital stock issued and outstanding at the date of the offer
of the option;
WHEREAS, pursuant to Section 6.6 of
the Agreement, any amendment of the Agreement requires the written consent of the Company and Stockholders holding Shares (as defined
in the Agreement) representing at least 66 2/3% of the voting power of all Shares held by the Stockholders and is binding on all
parties to the Agreement even if they do not execute such consent; and
WHEREAS, the undersigned
Stockholders hold Shares representing at least 66 2/3% of the voting power of all Shares held by the Stockholders;
NOW, THEREFORE, in consideration of the foregoing, and for other
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned agree to amend the Agreement
first paragraph of Section 3.11 and Section 3.11(a) of the Agreement shall be amended to read in their entirety as follows:
“The Company may establish a stock incentive
plan pursuant to which the Board may award options to acquire Common Stock, or restricted stock awards, or stock awards pursuant
to performance bonuses to Officers, Directors and employees of, and consultants and advisors to, the Company (the “Plan”).
The Plan shall comply with the following rules:
to (b), the total number of shares of Common Stock subject to options or other awards granted or offered to be granted under
the Plan shall not, assuming each outstanding option will be exercised, when aggregated with all shares of capital stock
issued as a result of any option granted pursuant to the Plan, exceed fifteen percent (15%) of the total number of fully
diluted capital stock issued and outstanding at the date of the offer of the option or other award,”
following Section 4A shall be inserted immediately following Section 4 of the Agreement:
Stand-off” Agreement. In connection with the Qualified Public Offering, if any, each Stockholder hereby agrees that,
for a period of 365 days following the effective date of the registration statement for the Qualified Public Offering (such date,
the “IPO Commencement Date”, and such period, the “Restricted Period”), it will not (i)
offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant
any option, right or warrant to purchase, lend or otherwise transfer or dispose of any shares of Common Stock or any securities
convertible into or exercisable or exchangeable for Common Stock, whether now owned or hereafter acquired or with respect to which
such Stockholder has or hereafter acquires the power of disposition, other than any of the securities to be offered to the public
in the Qualified Public Offering through an underwriter or selling group member or any securities acquired in the public market
in, or at any time after, the Qualified Public Offering (collectively, “Restricted Stock”); or (ii) enter into
any swap or other agreement, arrangement or transaction that transfers to another, in whole or in part, directly or indirectly,
any of the economic consequence of ownership of any Restricted Stock, whether any transaction described in clause (i) or (ii)
is to be settled by delivery of Common Stock, other securities, in cash or otherwise, without the prior written consent of the
managing or lead underwriter of such offering; provided, however that, (A) on the 181st day following the IPO
Commencement Date and on every subsequent 31st day thereafter, 15% of the securities shall be released from the this
lock-up provision until the 366th day following the date of the IPO Commencement Date when all such prohibitions shall
have been removed (for purpose of clarity, the table below contains a summary of the lock-up period); and (B) notwithstanding
the foregoing, if during the last seventeen (17) days of the one hundred eighty (180) day period following the IPO Commencement
Date (the “FINRA Restricted Period”) the Company issues an earnings release or material news or , a material
event relating to the Company occurs, or prior to the expiration of the FINRA Restricted Period the Company announces that it
will release earnings results during the sixteen (16) day period beginning on the last day of the restricted period, then, upon
the request of the managing or lead underwriter, to the extent required by any FINRA rules, the restrictions imposed by this Section
4(A) shall continue to apply until the end of the third (3rd) trading day following the expiration of the fifteen (15)
day period beginning on the issuance of the earnings release or the occurrence of the material news or material event. In order
to enforce the restrictions agreed to by each Stockholder in this Section 4(A), the Company may impose stop-transfer instructions
with respect to any security acquired under or subject to this Agreement until the end of the Restricted Period, The Company’s
underwriters shall be third-party beneficiaries of the restrictions set forth in this Section 4(A).
- 2 -
Days Following the
% of Securities
Qualified Public Offering
Subject to Lock-Up
366 and thereafter
Agreement, as amended by this Amendment, contains the entire agreement among the parties with respect to the subject matter thereof
and amends, restates and supersedes all prior and contemporaneous arrangements or understandings with respect thereto.
the effectiveness of this Amendment, on and after the date hereof, each reference in the Agreement to “this Agreement,”
“hereunder,” “hereof,” “herein” or words of like import shall mean and be a reference to the Agreement,
as amended hereby. Except as specifically amended above, the Agreement shall remain in full force and effect and is hereby ratified
Amendment shall be governed by and construed in accordance with the General Corporation Law of the State of Delaware as to matters
within the scope thereof, and as to all other matters shall be governed by and construed in accordance with the internal laws of
the Commonwealth of Massachusetts (without reference to the conflict of law provisions thereof), as to all other matters.
Amendment may be executed in any number of counterparts, and each such counterpart shall be deemed to be an original instrument,
but all such counterparts together shall constitute but one agreement.
This Agreement dated as of November 14, 2011 is entered into
by and among MEARS Technologies, Inc., a Delaware corporation (the “Company”), and the parties that have executed
a counterpart signature page hereto (the “Stockholders”).
WHEREAS, certain of the Stockholders (the “Existing Stockholders”)
own certain outstanding shares of capital stock of the Company;
WHEREAS, the Company and the Existing Stockholders are party
to that certain Second Amended and Restated Investor Rights Agreement, dated as of June 15, 2011 (the “Prior Agreement”),
pursuant to which the Company and the Existing Stockholders provided for certain arrangements with respect to (i) certain Stockholders’
(as defined in the Prior Agreement) right of first refusal with respect to certain issuances of securities of the Company and (ii)
certain covenants of the Company;
WHEREAS, concurrently herewith, the Company is issuing to certain
of the Stockholders shares of its Series F Convertible Preferred Stock, $0.01 par value per share (the “Series F Preferred
Stock”) pursuant to Subscription Agreements;
WHEREAS, on or about the date hereof, the Company is effecting
a recapitalization pursuant to which, among other things, shares of the Company’s Series A Convertible Preferred Stock, $0.01 par
value per share, Series B Convertible Preferred Stock, $0.01 par value per share, Series C Convertible Preferred Stock, $0.01 par
value per share, Series D Convertible Preferred Stock, $0.01 par value per share, Series E Convertible Preferred Stock, $0.01 par
value per share, and Series F Preferred Stock will convert into shares of the Company’s Common Stock, $0.001 par value per share;
WHEREAS, the Company and the Existing Stockholders desire to
amend and restate the Prior Agreement in its entirety to provide for certain arrangements with respect to (i) certain Stockholders’
right of first refusal with respect to certain issuances of securities of the Company and (ii) certain covenants of the Company,
both as set forth below.
NOW, THEREFORE, the Company and the Existing Stockholders representing
at least 66 2/3% of the voting power of all Shares (as defined in the Prior Agreement) hereby agree that the Prior Agreement shall
be amended and restated, and the parties to this Agreement further agree as follows:
As used in this Agreement, the following terms shall have the
following respective meanings:
“Affiliated Party” means, with respect to any
Stockholder, any person or entity which, directly or indirectly, controls, is controlled by or is under common control with such
Stockholder, including, without limitation, any general partner, officer or director of such Stockholder and any venture capital
fund now or hereafter existing which is controlled by one or more general partners of, or shares the same management company as,
“Basic Amount” means, with respect to a Qualified
Stockholder, its pro rata portion of the Offered Securities determined by multiplying the Offered Securities by a fraction, the
numerator of which is the aggregate number of shares of Common Stock held or issuable upon conversion of all Shares then held by
such Qualified Stockholder and the denominator of which is the total number of shares of Common Stock then outstanding (giving
effect to the conversion into Common Stock of any outstanding shares of convertible preferred stock).
“Board” means the Board of Directors of the
“Budget” has the meaning ascribed to it Section
“Business Plan” has the meaning ascribed to
it in Section 3.5.
“Commission” means the Securities and Exchange
Commission, or any other federal agency at the time administering the Securities Act.
“Common Stock” means the common stock, $.001
par value per share, of the Company.
“Company” has the meaning ascribed to it in
the introductory paragraph hereto.
“Company Sale” means: (a) a merger or consolidation
in which (i) the Company is a constituent party, or (ii) a Company Subsidiary is a constituent party and the Company issues shares
of its capital stock pursuant to such merger or consolidation, except in the case of either clause (i) or (ii) any such merger
or consolidation involving the Company or a Company Subsidiary in which the shares of capital stock of the Company outstanding
immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares of capital
stock which represent, immediately following such merger or consolidation, more than 50% by voting power of the capital stock of
(A) the surviving or resulting corporation or (B) if the surviving or resulting corporation is a wholly owned subsidiary of another
corporation immediately following such merger or consolidation, the parent corporation of such surviving or resulting corporation;
or (b) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions,
by the Company or a Company Subsidiary of all or substantially all the assets of the Company and the Company Subsidiaries taken
as a whole (except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned Company Subsidiary).
“Company Subsidiary” means any corporation,
partnership, trust, limited liability company or other non-corporate business enterprise in which the Company (or another Company
Subsidiary) holds stock or other ownership interests representing (a) more than 50% of the voting power of all outstanding stock
or ownership interests of such entity or (b) the right to receive more than 50% of the net assets of such entity available for
distribution to the holders of outstanding stock or ownership interests upon a liquidation or dissolution of such entity.
“Confidential Information” means any information
that is labeled as confidential, proprietary or secret, or which a Stockholder obtains from the Company pursuant to financial statements,
reports and other materials provided by the Company to such Stockholder pursuant to this Agreement or pursuant to visitation or
inspection rights granted hereunder.
“Director” means an individual who is a member
of the Board.
“Financial Year” means each period of 12 months
ending at midnight on December 31 unless otherwise agreed by the Board.
“GAAP” means U.S. Generally Accepted Accounting
Principles consistently applied.
“Notice of Acceptance” means a written notice
from a Stockholder to the Company containing the information specified in Section 2.1(b).
“Offer” means a written notice of any proposed
or intended issuance, sale or exchange of Offered Securities containing the information specified in Section 2.1(a).
“Offered Securities” means (a) any shares of
its Common Stock, (b) any other equity securities of the Company, including, without limitation, shares of preferred stock, (c)
any option, warrant or other right to subscribe for, purchase or otherwise acquire any equity securities of the Company, or (d)
any debt securities convertible into capital stock of the Company.
“Officer” means any individual appointed as
an officer by the Board according to Company’s by-laws.
“Plan” has the meaning ascribed to it in Section
“Qualified Public Offering” means the Company’s
first underwritten public offering of its Common Stock under the Securities Act.
“Qualified Stockholder” means a Stockholder
that either (a) is an “accredited investor” within the meaning of Rule 501(a) under the Securities Act or (b) meets comparable
“sophistication” or other requirements of any applicable jurisdiction such that the offering of such securities by the
Company to such Stockholder would not result in the violation of any law by the Company or impose any undue burden on the Company
as determined in the good faith judgment of the Board.
“Refused Securities” means those Offered Securities
as to which a Notice of Acceptance has not been given by the Qualified Stockholders pursuant to Section 2.1.
“Securities Act” means the Securities Act of
1933, as amended, or any successor federal statute, and the rules and regulations of the Commission issued under such Act, as they
each may, from time to time, be in effect,
“Shares” means all shares of capital stock
of the Company held by the Stockholders, whether now owned or hereafter acquired.
“Stockholder” has the meaning ascribed to it
in the introductory paragraph hereto.
of First Refusal.
of Stockholders to Acquire Offered Securities.
Company shall not issue, sell or exchange, agree to issue, sell or exchange, or reserve or set aside for issuance, sale or exchange,
any Offered Securities, unless in each such case the Company shall have first complied with this Section 2.1.
Company shall deliver to each Stockholder an Offer, which shall (i) identify and describe the Offered Securities, (ii) describe
the price and other terms upon which they are to be issued, sold or exchanged, and the number or amount of the Offered Securities
to be issued, sold or exchanged, (iii) identify the persons or entities (if known) to which or with which the Offered Securities
are to be offered, issued, sold or exchanged, and (iv) offer to issue and sell to or exchange with such Stockholder that is a Qualified
Stockholder such Qualified Stockholder’s Basic Amount. Notwithstanding the other provisions of this Section 2.1, after delivery
of the Offer, the Company may issue, sell or exchange, agree to issue, sell or exchange, or reserve or set aside for issuance,
sale or exchange, Offered Securities to the offerees or purchasers described in the Offer and upon the terms and conditions (including,
without limitation, unit prices and interest rates) which are not more favorable, in the aggregate, to the acquiring person or
persons or less favorable to the Company than those set forth in the Offer without complying with the terms of this Section 2.1,
provided that the Company permits each Qualified Stockholder to purchase the number of Offered Securities that such Qualified Stockholder
is entitled to purchase pursuant to this Section 2.1 on substantially the same terms as the Company sold the Offered Securities
in the initial transaction, within 10 days after the Company receives a Notice of Acceptance from such Qualified Stockholder.
accept an Offer, in whole or in part, a Qualified Stockholder must deliver to the Company, on or prior to the date 15 days after
the date of delivery of such Offer to such Qualified Stockholder, a Notice of Acceptance providing a representation letter certifying
that such Qualified Stockholder is an accredited investor within the meaning of Rule 501 under the Securities Act and indicating
the portion of the Qualified Stockholder’s Basic Amount that such Qualified Stockholder elects to purchase.
Company shall have 90 days from the expiration of the period set forth in Section 2.1(b) to issue, sell or exchange all or any
part of the Refused Securities, but only to the offerees or purchasers described in the Offer (if so described therein) and only
upon terms and conditions (including, without limitation, unit prices and interest rates) which are not more favorable, in the
aggregate, to the acquiring person or persons or less favorable to the Company than those set forth in the Offer.
(i) the closing of the issuance, sale or exchange of all or less than all of the Refused Securities or (ii) such other date agreed
to by the Company and Qualified Stockholders who have subscribed for a majority of the Offered Securities subscribed for by the
Qualified Stockholders, such Qualified Stockholder or Stockholders shall acquire from the Company and the Company shall issue to
such Qualified Stockholder or Stockholders, the number or amount of Offered Securities specified in the Notices of Acceptance upon
the terms and conditions specified in the Offer.
purchase by the Qualified Stockholders of any Offered Securities is subject in all cases to the preparation, execution and delivery
by the Company and the Qualified Stockholders of a purchase agreement relating to such Offered Securities reasonably satisfactory
in form and substance to the Qualified Stockholders and their respective counsel.
Offered Securities not acquired by the Qualified Stockholders or other persons in accordance with Section 2.1(c) may not be issued,
sold or exchanged until they are again offered to the Qualified Stockholders under the procedures specified in this Agreement.
rights of the Qualified Stockholders under this Section 2.1 shall not apply to the issuance of:
of Common Stock (and/or options, warrants or other rights to purchase shares of Common Stock) issued by the Company to employees,
consultants and directors (in their capacity as directors) of the Company in accordance with agreements or plans approved by the
issued by the Company in connection with any acquisition, merger, joint venture, stock split, distribution reinvestment plan or
of Common Stock in a Qualified Public Offering;
pursuant to strategic or one-off alliances;
of Common Stock issuable upon conversion of shares of preferred stock;
(vi) shares of
capital stock of the Company issued upon the exercise or conversion of any options, warrants or other rights to purchase shares
of capital stock of the Company if such option, warrant or right is not subject to the right of first refusal pursuant to this
Section 2.1; and
(vii) shares of capital
stock to an investor or investors who, in the good faith judgment of the Board, would add material value to the Company in a manner
beyond the capital subscribed.
This Section 2 shall terminate upon the earlier of the closing of a Company Sale of the closing of a Qualified Public Offering.
of Business. The Company shall, except as may be otherwise directed by the Board, use commercially reasonable efforts to ensure
that, in material respects, it:
its property in good working order and condition (reasonable fair wear and tear excepted) and makes any necessary repairs and replacements;
respect to insurance:
and keeps insured at all times the assets of the Company which are of an insurable nature against damage, destruction and other
risks, in each case as is customary and prudent for a similarly situated company in a business similar to the Company’s business;
out and keeps in force workers’ compensation, public risk, business interruption and any other risk insurance as is customary and
prudent for a similarly situated company in a business similar to the Company’s business;
(iii) takes out
and keeps in force Directors and Officers’ indemnity insurance policies for all Directors and Officers, in an amount to be agreed
by the Board; and
with the requirements of any governmental agency relating to the conduct of the Company’s business and the Company’s assets.
of Records. The Company shall use commercially reasonable efforts to ensure that it:
books and records in accordance with applicable law and regulations including, but not limited to, GAAP; and
provision in its accounts for all applicable taxes payable as they are incurred after deducting any taxation credits arising from
losses and adjustments in previous years.
Reports. The Company shall make available for inspection by each Stockholder all information concerning the Company’s business
and the operations of the Company, including, but not limited to, the following reports in reasonable detail; provided, however,
that such Stockholder shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to all information
soon as practicable after the end of each quarter, but no later than 20 business days after the end of each quarter, an unaudited
profit and loss statement, cash flow statement and balance sheet as at the end of the quarter;
90 days of the end of each Financial Year, an audited profit and loss statement and balance sheet for the Financial Year prepared
in accordance with GAAP; and
to Section 3.6, as soon as reasonably possible, any information reasonably requested by a Stockholder.
Budget. The Company shall before the end of each Financial Year prepare an annual budget, subject to Board approval, for
the following Financial Year in a form and content approved by the Board (the “Budget”).
Plan. The Company shall ensure that:
the end of each Financial Year, the Officers prepare, subject to Board approval, a one-year business plan and a three-year business
plan for the Company (together, as each plan is amended from time to time in accordance with this Section 3.5, the ‘Business
the Business Plan has been approved under Section 3.5(a), the Officers shall update:
one-year business plan every twelve months, for adoption by the Board, with a view to ensuring that the Company always has in place
a Business Plan for the next 12 months; and
three-year business plan every 12 months, for adoption by the Board.
the Officers believe that any current Business Plan approved by the Board requires amendment and re-approval by the Board, the
amended Business Plan is provided to the Board for approval; and
material change to the Business Plan is first approved by the Board.
to Information. Subject to Section 3.7, the Company shall on reasonable notice and during normal business hours permit any
Stockholder, or Stockholder’s representative, for purposes relating to a Stockholder’s capacity as such and provided that such
Stockholder shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to all information so provided,
any property of the Company;
and take any copies of any document relating to the Company’s business, including its accounts; and
the Company’s affairs, finances and accounts with the Company’s Officers and auditors.
3.7 Stockholders’ Permitted Access.
by a Stockholder of property and or documents and the provision of copies of any documents to a Stockholder, may only occur under
the supervision of an Officer;
by a Stockholder of any property or document, which in the reasonable opinion of the Board (i) compromises the attorney-client
privilege or (ii) comprises confidential technical or commercially sensitive information, may only occur with the prior written
approval of the Board; and
of any documents, which in the reasonable opinion of the Board comprise confidential technical or commercially sensitive information,
may only be made available to a Stockholder with the prior written approval of the Board.
accounts of the Company (prepared in accordance with GAAP) shall be audited at the end of each Financial Year. In addition, a set
of consolidated accounts prepared in accordance with GAAP shall be prepared and audited at the end of each Financial Year.
Company shall use its best efforts to procure that the audits referred to in Section 3.8(a) are completed by the end of three months
after the end of the relevant Financial Year.
The auditors of the Company shall be determined by the Board.
Company shall promptly reimburse in full each Director of the Company who is not an employee of the Company for all of his or her
reasonable out-of-pocket expenses incurred in attending each meeting of the Board or any committee thereof.
Board shall meet on at least a monthly basis, unless otherwise agreed by a majority of the members of the Board who are not employees
of the Company or a Company Subsidiary.
Incentive Plan. The Company may establish a stock incentive plan pursuant to which the Board may award options to acquire
Common Stock or restricted stock awards to Officers, Directors and employees of, and consultants and advisors to, the Company
(the “Plan”). The Plan shall comply with the following rules:
to (b), the total number of shares of Common Stock subject to options or other awards granted or offered to be granted under the
Plan shall not, assuming each outstanding option will be exercised, when aggregated with all shares of capital stock issued as
a result of any option granted pursuant to the Plan, exceed twenty percent (20%) of the total number of fully diluted capital stock
issued and outstanding at the date of the offer of the option.
granted under the Plan shall (i) be granted at such exercise prices, in such amounts, and for such term as the Board may determine
with respect to each option grant, and (ii) become exercisable (“vest”) on such schedule(s) and in such amount(s)
as the Board may determine with respect to each such grant (provided that if the Board approves an option grant under the Plan
without approving a vesting schedule for such grant, such option shall vest in equal monthly installments over three years). The
Company shall have the right to repurchase shares of Common Stock acquired through exercise of options granted under the Plan
at fair market value (as determined by the Board) from certain terminating employees in accordance with the terms of their respective
other terms and conditions of the Plan shall be determined by the Board.
of Covenants. All covenants of the Company contained in this Section 3 shall terminate upon the earlier of the closing of a
Company Sale or the closing of a Qualified Public Offering.
Each Stockholder agrees that he, she or it will keep confidential and will not disclose, divulge or use for any purpose, other
than to monitor its investment in the Company, any Confidential Information, unless such Confidential Information (a) is known
or becomes known to the public in general (other than as a result of a breach of this Section 4 by such Stockholder), (b) is or
has been independently developed or conceived by the Stockholder without use of the Company’s Confidential Information or (c) is
or has been made known or disclosed to the Stockholder by a third party without a breach of any obligation of confidentiality such
third party may have to the Company; provided, however, that a Stockholder may disclose Confidential Information (i) to
its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection
with monitoring its investment in the Company, (ii) to any prospective purchaser of any Shares from such Stockholder as long as
such prospective purchaser agrees to be bound by the provisions of this Section 4, (iii) to any Affiliated Party of such Stockholder,
provided that such party is obligated not to disclose, divulge or use any Confidential Information to the same extent as the Stockholders,
or (iv) as may otherwise be required by law, provided that the Stockholder takes reasonable steps to minimize the extent of any
such required disclosure. Notwithstanding the foregoing, such information shall not be deemed confidential for the purpose of enforcing
this Agreement. Notwithstanding anything to the contrary, in the event of a pending, threatened or actual breach of a Stockholder’s
obligations under this Section 4, the Company shall have the right to seek injunctive relief in a court of competent jurisdiction
to enjoin such breach.
of Rights; Calculation of Share Numbers.
of Rights. This Agreement, and the rights and obligations of each Stockholder hereunder, may be assigned by such Stockholder
to (a) any person or entity to which Shares are transferred by such Stockholder, or (b) to any Affiliated Party of such Stockholder,
and, in each case, such transferee shall be deemed a “Stockholder” for purposes of this Agreement; provided that
such assignment of rights shall be contingent upon the transferee providing a written instrument to the Company notifying the Company
of such transfer and assignment and agreeing in writing to be bound by the terms of this Agreement.
of Share Numbers. In determining the number of Shares owned by a Stockholder for purposes of exercising rights under this Agreement,
all Shares held by affiliated entities or persons shall be aggregated together (provided that no shares shall be attributed to
more than one entity or person within any such group of affiliated entities or persons).
The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement.
Performance. In addition to any and all other remedies that may be available at law in the event of any breach of this Agreement,
each Stockholder shall be entitled to specific performance of the agreements and obligations of the Company hereunder and to such
other injunctive or other equitable relief as may be granted by a court of competent jurisdiction.
6.3 Governing Law. This Agreement shall be governed
by and construed in accordance with the General Corporation Law of the State of Delaware, as to matters within the scope thereof,
and the internal laws of the Commonwealth of Massachusetts (without reference to the conflicts of law provisions thereof), as to
all other matters.
6.4 Notices. All notices, requests, consents and other
communications under this Agreement shall be in writing and shall be deemed delivered (i) three business days after being sent
by registered or certified mail, return receipt requested, postage prepaid or (ii) one business day after being sent via a reputable
nationwide overnight courier service guaranteeing next business day delivery, in each case to the intended recipient as set forth
If to the Company, at 189 Wells Ave, 3rd Floor, Newton, MA 02459;
Attention: President, or at such other address as may have been furnished in writing by the Company to the other parties hereto,
with a copy to WilmerHale, 850 Winter Street, Waltham, MA 02451, Attention: Michael Bain, Esq.; or
If to a Stockholder, at its address set forth in the records
of the Company, or at such other address as may have been furnished in writing by such Stockholder to the other parties hereto.
Any party may give any notice, request, consent or other communication
under this Agreement using any other means (including, without limitation, personal delivery, messenger service, telecopy, first
class mail or electronic mail), but no such notice, request, consent or other communication shall be deemed to have been duly given
unless and until it is actually received by the party for whom it is intended. Any party may change the address to which notices,
requests, consents or other communications hereunder are to be delivered by giving the other parties notice in the manner set forth
in this Section 6.4.
of Prior Agreement; Complete Agreement. The Company and the Existing Stockholders holding Shares (as defined in the Prior Agreement)
representing at least 66 2/3% of the voting power of all Shares (as defined in the Prior Agreement) held by Stockholders (as defined
in the Prior Agreement) agree that, as of the date of this Agreement, (i) the Prior Agreement is hereby amended and restated in
its entirety by this Agreement, (ii) the provisions of the Prior Agreement shall no longer be of any force or effect and (iii)
this Agreement constitutes the entire agreement and understanding of the parties hereto with respect to the subject matter hereof
and supersedes all prior agreements and understandings relating to such subject matter.
and Waivers. This Agreement may be amended or terminated and the observance of any term of this Agreement may be waived with
respect to all parties to this Agreement (either generally or in a particular instance and either retroactively or prospectively),
with the written consent of the Company and Stockholders holding Shares representing at least 66 2/3% of the voting power of all
Shares then held by Stockholders. Notwithstanding the foregoing, this Agreement may not be amended or terminated and the observance
of any term hereunder may not be waived with respect to any Stockholder without the written consent of such Stockholder unless
such amendment, termination or waiver applies to all Stockholders in the same fashion (it being agreed that a waiver of the provisions
of Section 2 with respect to a particular transaction shall be deemed to apply to all Qualified Stockholders in the same fashion
if such waiver does so by its terms, notwithstanding the fact that certain Qualified Stockholders may nonetheless, by agreement
with the Company, purchase securities in such transaction). The Company shall give prompt written notice of any amendment or termination
hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, termination or waiver. Any amendment,
termination or waiver effected in accordance with this Section 6.6 shall be binding on all parties hereto, even if they do not
execute such consent. No waivers of or exceptions to any term, condition or provision of this Agreement, in any one or more instances,
shall be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision.
Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter
forms, and the singular form of nouns and pronouns shall include the plural, and vice versa.
Facsimile Signatures. This Agreement may be executed in any number of counterparts (including, in the case of the Stockholders,
a counterpart signature page to the Transaction Documents (as defined in the subscription agreements between the Company and individual
Stockholders)), each of which shall be deemed to be an original, and all of which together shall constitute one and the same document.
This Agreement (including such counterpart signature pages) may be executed by facsimile signatures.
Headings and References. The section headings are for the convenience of the parties and in no way alter, modify, amend, limit
or restrict the contractual obligations of the parties. Any reference in this agreement to a particular section or subsection shall
refer to a section or subsection of this Agreement, unless specified otherwise.
6.10 Additional Stockholders. Persons or entities that,
after the date hereof, purchase Shares may, with the prior written approval of the Company (but without the need for approval by
any other party to this Agreement), become parties to this Agreement by executing and delivering a counterpart signature page,
whereupon they shall be deemed “Stockholders” for all purposes of this Agreement.