OCULAR THERAPEUTIX, INC

FORM S-3(Securities Registration Statement (simplified form))

Filed 04/01/19

Address 24 CROSBY DRIVE

BEDFORD, MA, 01730Telephone 781-895-3235

CIK 0001393434Symbol OCUL

SIC Code 2834 - Pharmaceutical PreparationsIndustry Pharmaceuticals

Sector HealthcareFiscal Year 12/31

http://www.edgar-online.com© Copyright 2020, EDGAR Online, a division of Donnelley Financial Solutions. All Rights Reserved.

Distribution and use of this document restricted under EDGAR Online, a division of Donnelley Financial Solutions, Terms of Use.

UsetheselinkstorapidlyreviewthedocumentTABLEOFCONTENTS

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AsfiledwiththeSecuritiesandExchangeCommissiononApril1,2019

RegistrationNo.333-

UNITEDSTATESSECURITIESANDEXCHANGECOMMISSION

Washington,D.C.20549

FORMS-3REGISTRATIONSTATEMENT

UNDERTHESECURITIESACTOF1933

OCULARTHERAPEUTIX,INC.(ExactNameofRegistrantasSpecifiedinItsCharter)

Delaware(StateorOtherJurisdictionofIncorporationorOrganization)

20-5560161(I.R.S.Employer

IdentificationNumber)

15CrosbyDriveBedford,MA01730(781)357-4000

(Address,IncludingZipCode,andTelephoneNumber,IncludingAreaCode,ofRegistrant'sPrincipalExecutiveOffices)

AntonyMattessichPresidentandChiefExecutiveOfficer

OcularTherapeutix,Inc.15CrosbyDrive

Bedford,MA01730(781)357-4000

(Name,Address,IncludingZipCode,andTelephoneNumber,IncludingAreaCode,ofAgentforService)

Copyto:

BrianA.Johnson,Esq.WilmerHale

7WorldTradeCenter250GreenwichStreet

NewYork,NewYork10007(212)230-8800

Approximatedateofcommencementofproposedsaletothepublic:Fromtimetotimeaftertheeffectivedatehereof.

IftheonlysecuritiesbeingregisteredonthisFormarebeingofferedpursuanttodividendorinterestreinvestmentplans,pleasecheckthefollowingbox.o

IfanyofthesecuritiesbeingregisteredonthisFormaretobeofferedonadelayedorcontinuousbasispursuanttoRule415undertheSecuritiesActof1933,otherthansecuritiesofferedonlyinconnectionwithdividendorinterestreinvestmentplans,checkthefollowingbox.ý

IfthisFormisfiledtoregisteradditionalsecuritiesforanofferingpursuanttoRule462(b)undertheSecuritiesAct,pleasecheckthefollowingboxandlisttheSecuritiesActregistrationstatementnumberoftheearliereffectiveregistrationstatementforthesameoffering.o

IfthisFormisapost-effectiveamendmentfiledpursuanttoRule462(c)undertheSecuritiesAct,checkthefollowingboxandlisttheSecuritiesActregistrationstatementnumberoftheearliereffectiveregistrationstatementforthesameoffering.o

IfthisFormisaregistrationstatementpursuanttoGeneralInstructionI.D.orapost-effectiveamendmenttheretothatshallbecomeeffectiveuponfilingwiththeCommissionpursuanttoRule462(e)undertheSecuritiesAct,checkthefollowingbox.o

IfthisFormisapost-effectiveamendmenttoaregistrationstatementfiledpursuanttoGeneralInstructionI.D.filedtoregisteradditionalsecuritiesoradditionalclassesofsecuritiespursuanttoRule413(b)undertheSecuritiesAct,checkthefollowingbox.o

Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,smallerreportingcompany,oranemerginggrowthcompany.Seethedefinitionsof"largeacceleratedfiler,""acceleratedfiler,""smallerreportingcompany,"and"emerginggrowthcompany"inRule12b-2oftheExchangeAct.

Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanyneworrevisedfinancialaccountingstandardsprovidedpursuanttoSection7(a)(2)(B)oftheSecuritiesAct.ý

CALCULATIONOFREGISTRATIONFEE

Titleofeachclassofsecuritiestoberegistered

AmounttobeRegistered(1)

ProposedMaximumOfferingPricePer

Unit(2)

ProposedMaximumAggregateOffering

Price(2) Amountof

RegistrationFee

CommonStock,$0.0001parvaluepershare 5,769,232(3) $3.94 $22,730,774.08 $2,754.97

CommonStock,$0.0001parvaluepershare 3,804,788(4) $3.94 $14,990,864.72 $1,816.89

(1) Thesharesofcommonstockwillbeofferedforresalebythesellingstockholders.PursuanttoRule416undertheSecuritiesAct,thisRegistrationStatementalsorelatestoanindeterminatenumberofadditionalsharesofcommonstocktobeissuedasaresultofstocksplits,stockdividendsorsimilartransactionswithrespecttothesecuritiesbeingregisteredpursuanttothisRegistrationStatement.

(2) EstimatedsolelyforpurposesofcalculatingtheregistrationfeepursuanttoRule457(c)undertheSecuritiesAct,basedonaverageofhighandlowpricepershareofthecommonstockasreportedontheNasdaqGlobalMarketonMarch25,2019.

(3) Consistsofsharesofcommonstockissuableupontheconversionofseniorsubordinatedconvertiblenotesissuedbytheregistranttoasellingstockholderandbasedontheinitialconversionrateof153.8462sharesofcommonstockper$1,000principalamountoftheoutstandingseniorsubordinatedconvertiblenotesoftheRegistrant,whichisequaltoaninitialconversionpriceofapproximately$6.50pershareofcommonstock.

(4) Consistsofissuedandoutstandingsharesofcommonstockheldbythesellingstockholders.

TheRegistrantherebyamendsthisRegistrationStatementonsuchdateordatesasmaybenecessarytodelayitseffectivedateuntiltheRegistrantshallfileafurtheramendmentwhichspecificallystatesthatthisRegistrationStatementshallthereafterbecomeeffectiveinaccordancewithSection8(a)oftheSecuritiesActof1933oruntiltheRegistrationStatementshallbecomeeffectiveonsuchdateastheCommission,actingpursuanttosaidSection8(a),maydetermine.

Largeacceleratedfilero Acceleratedfilerý Non-acceleratedfilero SmallerreportingcompanyýEmerginggrowthcompanyý

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Theinformationinthispreliminaryprospectusisnotcompleteandmaybechanged.ThesellingstockholdersnamedinthispreliminaryprospectusmaynotsellthesesecuritiesuntiltheregistrationstatementfiledwiththeSecuritiesandExchangeCommissioniseffective.Thispreliminaryprospectusisnotanoffertosellthesesecuritiesandthesellingstockholdersnamedinthispreliminaryprospectusisnotsolicitingofferstobuythesesecuritiesinanyjurisdictionwheresuchofferorsaleisnotpermitted.

SUBJECTTOCOMPLETION,DATEDAPRIL1,2019

PROSPECTUS

9,574,020SHARESOFCOMMONSTOCK

Thisprospectusrelatestotheresale,fromtimetotime,ofupto9,574,020sharesofourcommonstock,allofwhicharebeingofferedbythesellingstockholdersnamedinthisprospectus,whichsharesinclude3,804,788sharesofourcommonstockthatareissuedandoutstandingandupto5,769,232sharesofourcommonstockissuableupontheconversionofoutstandingseniorsubordinatedconvertiblenotes.TheseniorsubordinatedconvertiblesnotesweresoldbyustoasellingstockholderinconnectionwithaprivateplacementpursuanttoRule506ofRegulationDpromulgatedundertheSecuritiesActof1933,asamended,ortheSecuritiesAct.Weareregisteringthesesharesonbehalfofthesellingstockholderstobeofferedandsoldbythemfromtimetotime.

Wearenotsellinganysharesofourcommonstockunderthisprospectusandwillnotreceiveanyproceedsfromthesaleofthesharesofourcommonstockbythesellingstockholders.

Thesellingstockholdersidentifiedinthisprospectus,ortheirpledgees,assignees,donees,transfereesorothersuccessors-in-interest,mayofferthesharesfromtimetotimethroughpublicorprivatetransactionsatprevailingmarketprices,atpricesrelatedtoprevailingmarketpricesoratprivatelynegotiatedprices.

OurcommonstockistradedontheNasdaqGlobalMarket,orNasdaq,underthesymbol"OCUL."OnMarch29,2019,theclosingsalepriceofourcommonstockonNasdaqwas$3.97pershare.Youareurgedtoobtaincurrentmarketquotationsforourcommonstock.

Investinginourcommonstockinvolvesahighdegreeofrisk.See"RiskFactors"beginningonpage3.

NeithertheSecuritiesandExchangeCommissionnoranystatesecuritiescommissionhasapprovedordisapprovedofthesesecuritiesordeterminedifthisprospectusistruthfulorcomplete.Anyrepresentationtothecontraryisacriminaloffense.

Thedateofthisprospectusis,2019.

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ABOUTTHISPROSPECTUS

Youshouldcarefullyreadthisprospectusandtheinformationsetforthundertheheading"WhereYouCanFindMoreInformation"onpage16.Neitherwenorthesellingstockholdershaveauthorizedanyonetoprovideyouwithinformationdifferentfromthatcontainedorincorporatedbyreferenceinthisprospectus.Ifanyoneprovidesyouwithdifferentorinconsistentinformation,youshouldnotrelyonit.Thesellingstockholdersareofferingtosell,andseekingofferstobuy,sharesofourcommonstockonlyinjurisdictionswheresuchoffersandsalesarepermitted.Nooneismakingofferstosellorseekingofferstobuysharesofcommonstockinanyjurisdictionwheresuchoffersorsalesarenotpermitted.Theinformationappearinginthisprospectusisaccurateonlyasofthedateonthefrontcoverofthisprospectus,regardlessofthetimeofdeliveryofthisprospectusorofanysaleofcommonstock.Ourbusiness,financialcondition,resultsofoperationsandprospectsmayhavechangedsincesuchdate.

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AboutthisProspectus i

ProspectusSummary 1

TheOffering 2

RiskFactors 3

CautionaryNoteRegardingForward-LookingInformation 4

StatementRegardingIndustryandMarketData&Trademarks 5

UseOfProceeds 6

SellingStockholders 7

DescriptionofCapitalStock 10

PlanOfDistribution 14

LegalMatters 16

Experts 16

WhereYouCanFindMoreInformation 16

IncorporationOfCertainDocumentsByReference 16

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PROSPECTUSSUMMARY

This summary highlights selected information appearing elsewhere in this prospectus and in the documents incorporated herein by reference and doesnot contain all of the information that you should consider before investing in our common stock. You should read the entire prospectus carefully, especiallythe risks of investing in our common stock discussed under "Risk Factors" beginning on page 3, the information incorporated herein by reference and theexhibits to the registration statement which this prospectus is a part.

Unless the context otherwise indicates, references in this prospectus to "we," "our" and "us" refer, collectively, to Ocular Therapeutix, Inc., aDelaware corporation, and its consolidated subsidiary.

OcularTherapeutix,Inc.

Weareabiopharmaceuticalcompanyfocusedontheformulation,developmentandcommercializationofinnovativetherapiesfordiseasesandconditionsoftheeyeusingourproprietary,bioresorbablehydrogelplatformtechnology.Weusethistechnologytotailordurationandamountofdeliveryofarangeoftherapeuticagentsofvaryingdurationinourproductcandidates.

Wecurrentlyincorporatetherapeuticagentsthathavepreviouslyreceivedregulatoryapproval,includingsmallmoleculesandproteins,intoourhydrogeltechnologywiththegoalofprovidinglocalprogrammed-releaseddeliveryofdrugtotheeye.Webelievethatourlocalprogrammed-releasetechnologyhasthepotentialtotreatconditionsanddiseasesofboththefrontandthebackoftheeyeandcanbeadministeredthrougharangeofdifferentmodalitiesincludingintracanalicularinserts,intracameralimplantsandintravitrealimplants.Wehaveproductsandproductcandidatesinclinicalandpreclinicaldevelopmentapplyingthistechnologytotreatpost-surgicalocularpainandinflammation,allergicconjunctivitis,dryeyedisease,glaucomaandocularhypertension,andwetage-relatedmaculardegeneration,orwetAMD,amongotherconditions.

Inadditiontoourfocusonformulating,developingandcommercializinginnovativetherapiesfordiseasesandconditionsoftheeye,wearealsoassessingthepotentialuseofourhydrogelplatformtechnologyinotherareasofthebody.

CorporateInformation

Ourprincipalexecutiveofficesandresearchanddevelopmentoperationsarelocatedat15CrosbyDrive,Bedford,MA01730,andourtelephonenumberis(781)357-4000.Ourmanufacturingoperationsarelocatedat36CrosbyDrive,Bedford,MA01730.

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THEOFFERING

2

CommonStockofferedbysellingstockholders 9,574,020shares

Termsoftheoffering

Thesellingstockholdersidentifiedinthisprospectus,ortheirpledgees,assignees,donees,transfereesorothersuccessors-in-interest,mayofferthesharesfromtimetotimethroughpublicorprivatetransactionsatprevailingmarketprices,atpricesrelatedtoprevailingmarketpricesoratprivatelynegotiatedprices.Youshouldreadthe"PlanofDistribution"sectionbeginningonpage14foradditionalinformationonhowthesellingstockholdersmayconductsalesofourcommonstock.

Useofproceeds

Wewillnotreceiveanyproceedsfromthesaleofsharesofcommonstockofferedhereby.

RiskFactors

Youshouldreadthe"RiskFactors"sectionbeginningonpage3ofthisprospectusforadiscussionoffactorstoconsidercarefullybeforedecidingtoinvestinsharesofourcommonstock.

NasdaqGlobalMarketsymbol

"OCUL"

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RISKFACTORS

Investinginourcommonstockinvolvesahighdegreeofrisk.YoushouldcarefullyconsidertherisksanduncertaintiesdescribedinourfilingswiththeSecuritiesandExchangeCommission,ortheSEC,includingourmostrecentAnnualReportonForm10-K,asrevisedorsupplementedbyoursubsequentQuarterlyReportsonForm10-Q,whichareincorporatedbyreferencehereinintheirentirety,togetherwithotherinformationinthisprospectus,aswellasanyapplicableprospectussupplement,andtheinformationanddocumentsincorporatedbyreferenceinthisprospectusbeforemakinganinvestmentdecisionpursuanttothisprospectus.Ourbusiness,financialconditionandresultsofoperationscouldbemateriallyandadverselyaffectedbyanyoralloftheserisksorbyadditionalrisksanduncertaintiesnotpresentlyknowntousorthatwecurrentlydeemimmaterialthatmayadverselyaffectusinthefuture.Inanysuchcase,thetradingpriceofourcommonstockcouldfall,andyoumayloseallorpartofthemoneyyoupaidtobuyourcommonstock.

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CAUTIONARYNOTEREGARDINGFORWARD-LOOKINGINFORMATION

Thisprospectusandtheinformationincorporatedbyreferencehereininclude"forward-lookingstatements"withinthemeaningofSection27AoftheSecuritiesActandSection21EoftheSecuritiesExchangeActof1934,asamended,ortheExchangeAct,thatinvolvesubstantialrisksanduncertainties.Allstatements,otherthanstatementsofhistoricalfacts,containedinthisprospectusandtheinformationincorporatedbyreferenceherein,includingstatementsregardingourstrategy,futureoperations,futurefinancialposition,futurerevenues,projectedcosts,prospects,plansandobjectivesofmanagement,areforward-lookingstatements.Thewords"anticipate,""believe,""estimate,""expect,""intend,""may,""might,""plan,""predict,""project,""target,""potential,""goals,""will,""would,""could,""should,""continue"andsimilarexpressionsareintendedtoidentifyforward-lookingstatements,althoughnotallforward-lookingstatementscontaintheseidentifyingwords.

Wemaynotactuallyachievetheplans,intentionsorexpectationsdisclosedinourforward-lookingstatements,andyoushouldnotplaceunduerelianceonourforward-lookingstatements.Actualresultsoreventscoulddiffermateriallyfromtheplans,intentionsandexpectationsdisclosedintheforward-lookingstatementswemake.Wehaveincludedimportantfactorsinthecautionarystatementsincludedorincorporatedinthisprospectus,particularlyundertheheading"RiskFactors,"thatwebelievecouldcauseactualresultsoreventstodiffermateriallyfromtheforward-lookingstatementsthatwemake.Ourforward-lookingstatementsdonotreflectthepotentialimpactofanyfutureacquisitions,mergers,dispositions,jointventures,collaborationsorinvestmentswemaymake.Youshouldreadthisprospectusandthedocumentsincorporatedbyreferenceinthisprospectuscompletelyandwiththeunderstandingthatouractualfutureresultsmaybemateriallydifferentfromwhatweexpect.Wedonotassumeanyobligationtoreviseorupdateanyforward-lookingstatements,whetherasaresultofnewinformation,futureeventsorotherwise,exceptasrequiredbyapplicablelaw.

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STATEMENTREGARDINGINDUSTRYANDMARKETDATA&TRADEMARKS

Weobtainedthemarket,industryandcompetitivepositiondatacontainedinorincorporatedbyreferenceintothisprospectusfromourowninternaldataandestimatesandavarietyofthird-partysources,includingindependentindustrypublications,governmentpublications,reportsbymarketresearchfirmsorotherpublishedindependentsources.Ourinternaldataandestimatesarebaseduponinformationobtainedfromtradeandbusinessorganizationsandothercontactsinthemarketsinwhichweoperateandourmanagement'sunderstandingofindustryconditions.

Thisprospectusandthedocumentsincorporatedbyreferencehereincontainreferencestoourtrademarksandservicemarksandtothosebelongingtootherentities.Solelyforconvenience,trademarksandtradenamesreferredtointhisprospectusandthedocumentsincorporatedbyreferencehereinmayappearwithoutthe®or™symbols,butsuchreferencesarenotintendedtoindicate,inanyway,thatwewillnotassert,tothefullestextentunderapplicablelaw,ourrightsortherightsoftheapplicablelicensortothesetrademarksandtradenames.Wedonotintendouruseordisplayofothercompanies'tradenames,trademarksorservicemarkstoimplyarelationshipwith,orendorsementorsponsorshipofusby,anyothercompanies.

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USEOFPROCEEDS

Wewillnotreceiveanyproceedsfromthesaleofthesharesofourcommonstockcoveredbythisprospectus.Allproceedsfromthesaleoftheshareswillbefortheaccountofthesellingstockholdersnamedherein.

Thesellingstockholderswillpayanyunderwritingdiscountsandcommissionsandexpensesincurredbythesellingstockholdersforbrokerage,accounting,taxorlegalservicesoranyotherexpensesincurredbythesellingstockholdersindisposingofthesharescoveredbythisprospectus.Wewillbearallothercosts,feesandexpensesincurredineffectingtheregistrationofthesharescoveredbythisprospectus,including,withoutlimitation,allregistrationandfilingfees,Nasdaqlistingfees,andfeesandexpensesofourcounselandouraccountants.

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SELLINGSTOCKHOLDERS

Thesharesofcommonstockcoveredbythisprospectusconsistof5,769,232sharesofcommonstockissuableupontheconversionofaseniorsubordinatedconvertiblenote,datedMarch1,2019,betweenusandCap1LLC,orCap1,anaffiliateofSummerRoad,LLC,orSummerRoad,inaccordancewiththetermstherein,and3,804,788additionaloutstandingsharesofcommonstockheldbyCap1andanotheraffiliateofSummerRoad,orthesellingstockholders,asofMarch1,2019,allofwhichwehaveagreedtousecommerciallyreasonableefforttoregisterinaccordancewitharegistrationrightsagreement.Foradditionalinformationregardingtheseniorsubordinatedconvertiblenoteandtherelatedregistrationrightsagreement,see"—Description of Transactions with the SellingStockholders "below.Weareregisteringthesharesofcommonstocktopermitthesellingstockholderstoofferthesharesforresalefromtimetotime.

Toourknowledgeandexceptasnotedunderthecaptiontitled"—Description of Transactions with the Selling Stockholders "below,thesellingstockholdersdonothave,andwithinthepastthreeyearshavenothad,anyposition,officeorothermaterialrelationshipwithusoranyofourpredecessorsoraffiliates.

Thefollowingtablesetsforth,toourknowledge,certaininformationaboutthesellingstockholdersasofMarch15,2019.Theinformationinthetablebelowwithrespecttothesellingstockholdershasbeenobtainedfromthesellingstockholders.Thepercentageofbeneficialownershipisbasedupon42,836,572sharesofcommonstockoutstandingonMarch15,2019.

BeneficialownershipisdeterminedinaccordancewiththerulesoftheSECandincludesvotingorinvestmentpowerwithrespecttoshares.Sharesofcommonstockthattheholderhastherighttoacquireupontheexerciseorconversionofderivativesecuritieswithin60daysafterMarch15,2019aredeemedoutstandingforcomputingthepercentageofownershipofthepersonholdingsuchderivativesecuritiesbutarenotdeemedoutstandingforcomputingthepercentageownershipofanyotherpersons.Unlessotherwiseindicatedbelow,toourknowledge,allpersonsnamedinthetablehavesolevotingandinvestmentpowerwithrespecttotheirsharesofcommonstock,excepttotheextentauthorityissharedbyspousesunderapplicablelaw.Theinclusionofanysharesinthistabledoesnotconstituteanadmissionofbeneficialownershipforthepersonnamedbelow.

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SharesofCommonStocktobe

BeneficiallyOwnedAfterOffering(1)

SharesofCommonStockBeneficially

OwnedPriortoOffering

NumberofSharesofCommonStockBeing

Offered

NameofSellingStockholders Number Percentage Number Percentage Cap1LLC(2) 8,946,532(3) 18.4% 8,946,532 0 —EastRiverPartnersLtd.(2) 627,488 1.5% 627,488 0 —

(1) Wedonotknowwhenorinwhatamountsthesellingstockholdersmayoffersharesforsale.Thesellingstockholdersmightnotsellanyofthesharesofferedbythisprospectus.Becausethesellingstockholdersmayofferallorsomeofthesharespursuanttothisoffering,andbecausetherearecurrentlynoagreements,arrangementsorunderstandingswithrespecttothesaleofanyofthesharescoveredbythisprospectus,wecannotestimatethenumberofthesharesthatwillbeheldbythesellingstockholdersaftercompletionoftheoffering.However,forpurposesofthistable,wehaveassumedthat,aftercompletionoftheoffering,noneofthesharescoveredbythisprospectuswillbeheldbythesellingstockholders.

(2) SummerRoadisafamilyofficeofthesamefamilyunderInvestmentAdvisersActof1940Rule202(a)(11)(G)-1,ortheFamilyOfficeRule.Pursuanttoinvestmentmanagementagreementsbetweenitselfandits"FamilyClients"(asdefinedintheFamilyOfficeRule),SummerRoadexercisesvotinganddispositivepowerwithrespecttoourcommonstockheldbyeachofthe

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DescriptionofTransactionswiththeSellingStockholders

Private Placement of Convertible Debt

OnFebruary21,2019,ortheAgreementDate,weenteredintoaNotePurchaseAgreement,orthePurchaseAgreement,withCap1toissueandselltoCap1unsecuredseniorsubordinatedconvertiblenotes,ortheNotes,intheoriginalaggregateprincipalamountof$37.5million.TheissuanceandsaleoftheNotesoccurredonMarch1,2019,ortheClosingDate.TheNoteswereissuedinrelianceontheexemptionfromregistrationsetforthinRule506ofRegulationDpromulgatedundertheSecuritiesAct.InaccordancewiththePurchaseAgreement,eachNoteaccruesinterestatarateof6%ofitsoutstandingprincipalamountperannum,payableatmaturity.ThematuritydateofeachNoteisMarch1,2026,unlessearlierconverted,repurchasedorredeemedasdescribedbelow.

HoldersoftheNotesmay,subjecttocertainconditions,convertallorpartoftheoutstandingprincipalamountoftheirNotesintosharesofourcommonstock,providedthatnoconversionresultsintheholderoritsaffiliatesbeneficiallyowningmorethan19.99%ofourissuedandoutstandingcommonstock.TheconversionratefortheNotesisinitially153.8462sharesofourcommonstockper$1,000principalamountoftheNotes,whichisequivalenttoaninitialconversionpriceofapproximately$6.50pershare.Theconversionrateissubjecttoadjustmentincustomarycircumstancessuchasstocksplitsorsimilarchangestoourcapitalization.Atourelection,wemaychoosetomakesuchconversionpaymentincash,insharesofourcommonstock,orinacombinationthereof.UponanyconversionofanyNote,weareobligatedtomakeacashpaymenttotheholderofsuchNoteforanyinterestaccruedbutunpaidontheprincipalamountconverted.Upontheoccurrenceofa"CorporateTransaction"(asdefinedintheNotes),theholderofaNoteisentitled,atsuchholder'soption,toconvertalloftheoutstandingprincipalamountoftheNoteinaccordancewiththeforegoingandreceiveanadditional"make-whole"cashpaymentinaccordancewithatablesetforthineachNote.

UpontheoccurrenceofaCorporateTransaction,eachholderofaNotehastheoptiontorequireustorepurchaseallorpartoftheoutstandingprincipalamountofsuchNoteatarepurchasepriceequalto100%oftheoutstandingprincipalamountoftheNotetoberepurchased,plusaccruedandunpaidinterestto,butexcluding,therepurchasedate.

OnorafterMarch1,2022,ifthelastreportedsalepriceofourcommonstockhasbeenatleast130%oftheconversionratethenineffectfortwentyoftheprecedingthirtytradingdays(includingthelasttradingdayofsuchperiod),weareentitled,atouroption,toredeemallorpartoftheoutstandingprincipalamountoftheNotes,onaproratabasis,atanoptionalredemptionpriceequalto100%oftheoutstandingprincipalamountoftheNotestoberedeemed,plusaccruedandunpaidinterestto,butexcluding,theoptionalredemptiondate.

ThePurchaseAgreementcontainscustomaryrepresentationsandwarrantiesbyusandCap1.ThePurchaseAgreementdoesnotincludeanyfinancialcovenants.OurobligationsunderthePurchaseAgreementandtheNotesaresubjecttoaccelerationupontheoccurrenceofspecifiedeventsofdefault,includinginthecaseofadefaultorbreachofcertaincontractsmaterialtous,andthedelistingandderegistrationofourcommonstock.

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FamilyClients.SummerRoad'smailingaddressis655MadisonAvenue,19thFloor,NewYork,NewYork10065Attn:RichardA.Silerberg,ChiefOperatingOfficer.

(3) Includes5,769,232sharesofourcommonstocksubjecttoissuancepursuanttotheseniorsubordinatedconvertiblenote.

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Registration Rights Agreement

InconnectionwiththeexecutionofthePurchaseAgreementandtheissuanceandsaleoftheNotesthereunder,weandCap1enteredintoaregistrationrightsagreement,ortheRegistrationRightsAgreement,ontheClosingDate.UnderthetermsoftheRegistrationRightsAgreementandsubjecttospecifiedexceptions,weareobligatedtousecommerciallyreasonableefforts,atourexpense,tofilewiththeSECaresaleregistrationstatementtowhichthisprospectusrelates,ortheRegistrationStatement,toregisterourcommonstockunderlyingtheNotesandcertainotherregistrablesecuritieswithin30daysoftheClosingDateandtohavetheSECdeclaretheRegistrationStatementeffectivewithin90daysoftheClosingDate.WewillbefurtherobligatedtousecommerciallyreasonableeffortstocausetheRegistrationStatementtoremaincontinuouslyeffectiveuntiltheearlierofthedateswhenallsecuritiesregistrableundertheRegistrationRightsAgreement(i)havebeensoldor(ii)maybesoldwithoutrestriction,subjecttocertainconditions,pursuanttoRule144promulgatedundertheSecuritiesAct.

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DESCRIPTIONOFCAPITALSTOCK

Thefollowingdescriptionofourcapitalstockandprovisionsofourcertificateofincorporationandby-lawsaresummariesandarequalifiedbyreferencetoourcertificateofincorporation,ourby-lawsandapplicableprovisionsofDelawarecorporatelaw.Wehavefiledcopiesofourcertificateofincorporationandourby-lawswiththeSECasexhibitstotheRegistrationStatement.

Ourauthorizedcapitalstockconsistsof100,000,000sharesofourcommonstock,parvalue$0.0001pershare,and5,000,000sharesofourpreferredstock,parvalue$0.0001pershare,allofwhichpreferredstockisundesignated.

AsofMarch15,2019,wehadissuedandoutstanding42,836,572sharesofourcommonstockandnosharesofourpreferredstock.

CommonStock

Voting Rights. Holdersofourcommonstockareentitledtoonevoteforeachshareheldonallmatterssubmittedtoavoteofstockholdersanddonothavecumulativevotingrights.Eachelectionofdirectorsbyourstockholderswillbedeterminedbyapluralityofthevotescastbythestockholdersentitledtovoteontheelection.Ingeneral,except(1)fortheelectionofdirectors,(2)asdescribedbelowunder"—ProvisionsofOurCertificateofIncorporationandBy-lawsandDelawareLawThatMayHaveAnti-TakeoverEffects—Super-MajorityVoting,"(3)inthefuturetotheextentthatwehavetwoormoreclassesorseriesofstockoutstandingwithseparatevotingrightsand(4)asotherwiserequiredbylaw,anymattertobevotedonbyourstockholdersatanymeetingisdecidedbythevoteoftheholdersofamajorityinvotingpowerofthevotescastbytheholdersofsharesofourstockpresentorrepresentedatthemeetingandvotingaffirmativelyornegativelyonsuchmatter.

Dividends. Holdersofcommonstockareentitledtoreceiveproportionatelyanydividendsasmaybedeclaredbyourboardofdirectors,subjecttoanypreferentialdividendrightsofoutstandingpreferredstock.

Liquidation and Dissolution. Intheeventofourliquidationordissolution,theholdersofourcommonstockareentitledtoreceiveproportionatelyallassetsavailablefordistributiontostockholdersafterthepaymentofalldebtsandotherliabilitiesandsubjecttothepriorrightsofanyofouroutstandingpreferredstock.

Other Rights. Holdersofourcommonstockhavenopreemptive,subscription,redemptionorconversionrights.Therights,preferencesandprivilegesofholdersofourcommonstockaresubjecttoandmaybeadverselyaffectedbytherightsoftheholdersofsharesofanyseriesofourpreferredstockthatwemaydesignateandissueinthefuture.

Transfer Agent and Registrar. ComputershareTrustCompany,Inc.istransferagentandregistrarforourcommonstock.

Nasdaq Global Market. OurcommonstockislistedonNasdaqunderthesymbol"OCUL."

PreferredStock

Underthetermsofourcertificateofincorporation,ourboardofdirectorsisauthorizedtoissuesharesofourpreferredstockinoneormoreserieswithoutstockholderapproval,subjecttoanylimitationsimposedbyapplicableNasdaqrules.Ourboardofdirectorshasthediscretiontodeterminetherights,preferences,privilegesandrestrictions,includingvotingrights,dividendrights,conversionrights,redemptionprivilegesandliquidationpreferences,ofeachseriesofpreferredstock.

Thepurposeofauthorizingourboardofdirectorstoissuepreferredstockanddetermineitsrightsandpreferencesistoeliminatedelaysassociatedwithastockholdervoteonspecificissuances.The

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issuanceofpreferredstock,whileprovidingflexibilityinconnectionwithpossibleacquisitions,futurefinancingsandothercorporatepurposes,couldhavetheeffectofmakingitmoredifficultforathirdpartytoacquire,orcoulddiscourageathirdpartyfromseekingtoacquire,amajorityofouroutstandingvotingstock.Currently,wehavenosharesofpreferredstockoutstanding.

EffectsofAuthorizedbutUnissuedStock

Wehavesharesofcommonstockandpreferredstockavailableforfutureissuancewithoutstockholderapproval,subjecttoanylimitationsimposedbythelistingstandardsofNasdaq.Wemayutilizetheseadditionalsharesforavarietyofcorporatepurposes,includingforfuturepublicofferingstoraiseadditionalcapitalorfacilitatecorporateacquisitionsorforpaymentasadividendonourcapitalstock.Theexistenceofunissuedandunreservedcommonstockandpreferredstockmayenableourboardofdirectorstoissuesharestopersonsfriendlytocurrentmanagementortoissuepreferredstockwithtermsthatcouldhavetheeffectofmakingitmoredifficultforathirdpartytoacquire,orcoulddiscourageathirdpartyfromseekingtoacquire,acontrollinginterestinourcompanybymeansofamerger,tenderoffer,proxycontestorotherwise.Inaddition,ifweissuepreferredstock,theissuancecouldadverselyaffectthevotingpowerofholdersofcommonstockandthelikelihoodthatsuchholderswillreceivedividendpaymentsandpaymentsuponliquidation.

ProvisionsofOurCertificateofIncorporationandBy-lawsandDelawareLawThatMayHaveAnti-TakeoverEffects

Delaware Law

WearesubjecttoSection203oftheDelawareGeneralCorporationLaw,ortheDGCL.Subjecttocertainexceptions,Section203preventsapubliclyheldDelawarecorporationfromengagingina"businesscombination"withany"interestedstockholder"forthreeyearsfollowingthedatethatsuchpersonbecameaninterestedstockholder,unlesseithertheinterestedstockholderattainedsuchstatuswiththeapprovalofourboardofdirectors,thebusinesscombinationisapprovedbyourboardofdirectorsandstockholdersinaprescribedmannerortheinterestedstockholderacquiredatleast85%ofouroutstandingvotingstockinthetransactioninwhichitbecameaninterestedstockholder.A"businesscombination"includes,amongotherthings,(i)amergerorconsolidationinvolvingusandthe"interestedstockholder"and(ii)thesaleofmorethan10%ofourassets.Ingeneral,an"interestedstockholder"isanyentityorpersonbeneficiallyowning15%ormoreofouroutstandingvotingstockandanyentityorpersonaffiliatedwithorcontrollingorcontrolledbysuchentityorperson.TherestrictionscontainedinSection203arenotapplicabletoanyofourexistingstockholdersthatowned15%ormoreofouroutstandingvotingstockupontheclosingofourinitialpublicoffering.

Staggered Board; Removal of Directors

Ourcertificateofincorporationandourby-lawsdivideourboardofdirectorsintothreeclasseswithstaggeredthree-yearterms.Inaddition,ourcertificateofincorporationandourby-lawsprovidethatdirectorsmayberemovedonlyforcauseandonlybytheaffirmativevoteoftheholdersof75%ofoursharesofcapitalstockpresentinpersonorbyproxyandentitledtovote.Underourcertificateofincorporationandby-laws,anyvacancyonourboardofdirectors,includingavacancyresultingfromanenlargementofourboardofdirectors,maybefilledonlybyvoteofamajorityofourdirectorstheninoffice.Furthermore,ourcertificateofincorporationprovidesthattheauthorizednumberofdirectorsmaybechangedonlybytheresolutionofourboardofdirectors.Theclassificationofourboardofdirectorsandthelimitationsontheabilityofourstockholderstoremovedirectors,changetheauthorizednumberofdirectorsandfillvacanciescouldmakeitmoredifficultforathirdpartytoacquire,ordiscourageathirdpartyfromseekingtoacquire,controlofourcompany.

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Stockholder Action; Special Meeting of Stockholders; Advance Notice Requirements for Stockholder Proposals and Director Nominations

Ourcertificateofincorporationandourby-lawsprovidethatanyactionrequiredorpermittedtobetakenbyourstockholdersatanannualmeetingorspecialmeetingofstockholdersmayonlybetakenifitisproperlybroughtbeforesuchmeetingandmaynotbetakenbywrittenactioninlieuofameeting.Ourcertificateofincorporationandourby-lawsalsoprovidethat,exceptasotherwiserequiredbylaw,specialmeetingsofthestockholderscanonlybecalledbythechairmanofourboardofdirectors,ourchiefexecutiveofficerorourboardofdirectors.Inaddition,ourby-lawsestablishanadvancenoticeprocedureforstockholderproposalstobebroughtbeforeanannualmeetingofstockholders,includingproposednominationsofcandidatesforelectiontoourboardofdirectors.Stockholdersatanannualmeetingmayonlyconsiderproposalsornominationsspecifiedinthenoticeofmeetingorbroughtbeforethemeetingbyoratthedirectionofourboardofdirectors,orbyastockholderofrecordontherecorddateforthemeetingwhoisentitledtovoteatthemeetingandwhohasdeliveredtimelywrittennoticeinproperformtooursecretaryofthestockholder'sintentiontobringsuchbusinessbeforethemeeting.Theseprovisionscouldhavetheeffectofdelayinguntilthenextstockholdermeetingstockholderactionsthatarefavoredbytheholdersofamajorityofouroutstandingvotingsecurities.Theseprovisionsalsocoulddiscourageathirdpartyfrommakingatenderofferforourcommonstockbecauseevenifthethirdpartyacquiredamajorityofouroutstandingvotingstock,itwouldbeabletotakeactionasastockholder,suchaselectingnewdirectorsorapprovingamerger,onlyatadulycalledstockholdersmeetingandnotbywrittenconsent.

Super-Majority Voting

TheDGCLprovidesgenerallythattheaffirmativevoteofamajorityofthesharesentitledtovoteonanymatterisrequiredtoamendacorporation'scertificateofincorporationorby-lawsunlessacorporation'scertificateofincorporationorby-laws,asthecasemaybe,requiresagreaterpercentage.Ourby-lawsmaybeamendedorrepealedbyamajorityvoteofourboardofdirectorsortheaffirmativevoteoftheholdersofatleast75%ofthevotesthatallourstockholderswouldbeentitledtocastinanyannualelectionofdirectors.Inaddition,theaffirmativevoteoftheholdersofatleast75%ofthevotesthatallourstockholderswouldbeentitledtocastinanyelectionofdirectorsisrequiredtoamendorrepealortoadoptanyprovisionsinconsistentwithanyoftheprovisionsofourcertificateofincorporationdescribedabove.

Registration Rights

Weenteredintoafourthamendedandrestatedinvestors'rightsagreementdatedJune30,2013,asamended,ortheinvestorrightsagreement,withholdersofourthen-outstandingpreferredstockpriortotheclosingofourinitialpublicoffering.Suchpreferredstockwasconvertedintocommonstockuponconsummationofourinitialpublicoffering.Holdersofatotalof2,656,538sharesofourcommonstockoutstandingorissuableuponexerciseofwarrantsoutstandingasofMarch15,2019havetherighttorequireustoregisterthesesharesundertheSecuritiesActunderspecifiedcircumstances.Afterregistrationpursuanttotheserights,theseshareswillbecomefreelytradablewithoutrestrictionundertheSecuritiesAct.Ifnototherwiseexercised,therightsundertheinvestorrightsagreementdescribedbelowwillexpirefiveyearsaftertheclosingofourinitialpublicoffering,whichoccurredonJuly30,2014.

Demand and Form S-3 Registration Rights

Subjecttospecifiedlimitationssetforthintheinvestorrightsagreement,atanytime,theholdersofatleast50%ofthethenoutstandingshareshavingrightsundertheinvestorrightsagreement,ortheregistrablesecurities,maydemandthatweregisterregistrablesecuritiesthenoutstandingundertheSecuritiesActforpurposesofapublicofferinghavinganaggregateofferingpricetothepublicofnot

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lessthan$10million.Wearenotobligatedtofilearegistrationstatementpursuanttothisprovisiononmorethantwooccasions.

Inaddition,subjecttospecifiedlimitationssetforthintheinvestorrightsagreement,atanytimeafterwebecomeeligibletofilearegistrationstatementonFormS-3,holdersoftheregistrablesecuritiesthenoutstandingmayrequestthatweregistertheirregistrablesecuritiesonFormS-3forpurposesofconductingapublicofferingforwhichthereasonablyanticipatedaggregateofferingpricetothepublicwouldexceed$1million.

Incidental Registration Rights

IfweproposetoregisterforourownaccountanyofoursecuritiesundertheSecuritiesAct,theholdersofregistrablesecuritieswillbeentitledtonoticeoftheregistrationand,subjecttospecifiedexceptions,havetherighttorequireustouseourbesteffortstoregisteralloraportionoftheregistrablesecuritiesthenheldbytheminthatregistration.Underouroutstandingwarrants,eachoftheholdersofthewarrantsisalsoentitledtonoticeoftheregistrationatthetimethatweprovidenoticeoftheregistrationtotheholdersofregistrablesecurities.Theholdersofregistrablesecuritieswaivedtheseincidentalregistrationrightsinconnectionwiththisoffering.

Intheeventthatanyregistrationinwhichtheholdersofregistrablesecuritiesparticipatepursuanttoourinvestorrightsagreementisanunderwrittenpublicofferingorifanywarrantholderparticipatesinsuchanofferingpursuanttothewarrants,wehaveagreedtoenterintoanunderwritingagreementcontainingcustomaryrepresentationsandwarrantiesandcovenants,includingwithoutlimitationcustomaryprovisionswithrespecttoindemnificationoftheunderwritersofsuchoffering.

Intheeventthatanyregistrationinwhichtheholdersofregistrablesecuritiesparticipatepursuanttoourinvestorrightsagreementisanunderwrittenofferingorifanywarrantholderparticipatespursuanttothewarrants,wewilluseourbesteffortstoincludetherequestedsecuritiestobeincluded,butsuchinclusionsmaybelimitedbymarketconditionstotheextentsetforthintheinvestorrightsagreement.

Expenses

Pursuanttotheinvestorrightsagreement,wearerequiredtopayallregistrationexpenses,includingallregistrationandfilingfees,exchangelistingfees,printingexpenses,feesandexpensesofonecounselselectedbythesellingstockholdersnamedthereintorepresentsuchsellingstockholders,stateBlueSkyfeesandexpenses,andtheexpenseofanyspecialauditsincidenttoorrequiredbyanysuchregistration,butexcludingunderwritingdiscounts,sellingcommissionsandthefeesandexpensesofthesellingstockholders'owncounsel(otherthanthecounselselectedtorepresentallsellingstockholders).Wearenotrequiredtopayregistrationexpensesiftheregistrationrequestundertheinvestorrightsagreementiswithdrawnattherequestofholdersinitiatingsuchregistrationrequest,unlessthewithdrawalisrelatedtoinformationconcerningthebusinessorfinancialconditionofusaftertheinitiationofsuchregistrationrequest.

Theinvestorrightsagreementcontainscustomarycross-indemnificationprovisions,pursuanttowhichweareobligatedtoindemnifythesellingstockholdersnamedthereinintheeventofmaterialmisstatementsoromissionsintheregistrationstatementattributabletousoranyviolationorallegedviolationwhetherbyactionorinactionbyusundertheSecuritiesAct,theExchangeAct,anystatesecuritiesorBlueSkylaworanyruleorregulationpromulgatedundertheSecuritiesAct,theExchangeActoranystatesecuritiesorBlueSkylawinconnectionwithsuchregistrationstatementorthequalificationorcomplianceoftheoffering,andtheyareobligatedtoindemnifyusformaterialmisstatementsoromissionsintheregistrationstatementattributabletothem.

Registration Rights Regarding Shares Issuable Upon Conversion of Convertible Notes

Asdescribedaboveundertheheading"SellingStockholders—DescriptionofTransactionswiththeSellingStockholders—Registration Rights Agreement ,"wealsoenteredintotheRegistrationRightsAgreementinconnectionwiththeissuanceandsaleoftheNotesontheClosingDate.

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PLANOFDISTRIBUTION

Thesellingstockholders,whichasusedhereinincludesdonees,pledgees,transfereesorothersuccessors-in-interestsellingsharesofcommonstockorinterestsinsharesofcommonstockreceivedafterthedateofthisprospectusfromasellingstockholderasagift,pledge,partnershipdistributionorothertransfer,may,fromtimetotime,sell,transferorotherwisedisposeofanyorallofitssharesofcommonstockorinterestsinsharesofcommonstockonanystockexchange,marketortradingfacilityonwhichthesharesaretradedorinprivatetransactions.Thesedispositionsmaybeatfixedprices,atprevailingmarketpricesatthetimeofsale,atpricesrelatedtotheprevailingmarketprice,atvaryingpricesdeterminedatthetimeofsale,oratnegotiatedprices.

Thesellingstockholdersmayuseanyoneormoreofthefollowingmethodswhendisposingofsharesorintereststherein:

• ordinarybrokeragetransactionsandtransactionsinwhichthebroker-dealersolicitspurchasers;

• blocktradesinwhichthebroker-dealerwillattempttosellthesharesasagent,butmaypositionandresellaportionoftheblockasprincipaltofacilitatethetransaction;

• purchasesbyabroker-dealerasprincipalandresalebythebroker-dealerforitsaccount;

• anexchangedistributioninaccordancewiththerulesoftheapplicableexchange;

• privatelynegotiatedtransactions;

• shortsaleseffectedafterthedatetheregistrationstatementofwhichthisprospectusisapartisdeclaredeffectivebytheSEC;

• throughthewritingorsettlementofoptionsorotherhedgingtransactions,whetherthroughanoptionsexchangeorotherwise;

• broker-dealersmayagreewithasellingstockholdertosellaspecifiednumberofsuchsharesatastipulatedpricepershare;

• acombinationofanysuchmethodsofsale;and

• anyothermethodpermittedbyapplicablelaw.

Totheextentrequired,thisprospectusmaybeamendedorsupplementedfromtimetotimetodescribeaspecificplanofdistribution.

Asellingstockholdermay,fromtimetotime,pledgeorgrantasecurityinterestinsomeorallofthesharesofcommonstockownedbyitand,ifitdefaultsintheperformanceofitssecuredobligations,thepledgeesorsecuredpartiesmayofferandsellthesharesofcommonstock,fromtimetotime,underthisprospectus,orunderanamendmenttothisprospectusunderRule424(b)(3)orotherapplicableprovisionoftheSecuritiesAct,amendingthelistofsellingstockholderstoincludethepledgee,transfereeorothersuccessorsininterestassellingstockholderunderthisprospectus.Asellingstockholderalsomaytransferthesharesofcommonstockinothercircumstances,inwhichcasethetransferees,pledgeesorothersuccessorsininterestwillbethesellingbeneficialownersforpurposesofthisprospectus.

Inconnectionwiththesaleofcommonstockorintereststherein,asellingstockholdermayenterintohedgingtransactionswithbroker-dealersorotherfinancialinstitutions,whichmayinturnengageinshortsalesofourcommonstockinthecourseofhedgingthepositionsitassumes.Asellingstockholdermayalsosellsharesofcommonstockshortanddeliverthesesecuritiestocloseoutitsshortpositions,orloanorpledgeourcommonstocktobroker-dealersthatinturnmaysellthesesecurities.Asellingstockholdermayalsoenterintooptionorothertransactionswithbroker-dealersorotherfinancialinstitutionsorthecreationofoneormorederivativesecuritieswhichrequirethe

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deliverytosuchbroker-dealerorotherfinancialinstitutionofsharesofferedbythisprospectus,whichsharessuchbroker-dealerorotherfinancialinstitutionmayresellpursuanttothisprospectus(assupplementedoramendedtoreflectsuchtransaction).

Theaggregateproceedstoasellingstockholderfromthesaleofourcommonstockofferedbyitwillbethepurchasepriceofthecommonstocklessdiscountsorcommissions,ifany.Thesellingstockholdersreservetherighttoacceptand,togetherwiththeiragentsfromtimetotime,toreject,inwholeorinpart,anyproposedpurchaseofourcommonstocktobemadedirectlyorthroughagents.Wewillnotreceiveanyoftheproceedsfromthisoffering.

AsellingstockholderalsomayresellalloraportionofthesharesinopenmarkettransactionsinrelianceuponRule144undertheSecuritiesAct,providedthattheymeetthecriteriaandconformtotherequirementsofthatrule.

Thesellingstockholdersandanyunderwriters,broker-dealersoragentsthatparticipateinthesaleofourcommonstockorintereststhereinmaybe"underwriters"withinthemeaningofSection2(11)oftheSecuritiesAct.Anydiscounts,commissions,concessionsorprofittheyearnonanyresaleofthesharesmaybeunderwritingdiscountsandcommissionsundertheSecuritiesAct.Asellingstockholderwhoisan"underwriter"withinthemeaningofSection2(11)oftheSecuritiesActwillbesubjecttotheprospectusdeliveryrequirementsoftheSecuritiesAct.

Totheextentrequired,thesharesofourcommonstocktobesold,thenameofthesellingstockholders,therespectivepurchasepricesandpublicofferingprices,thenamesofanyagents,dealerorunderwriter,andanyapplicablecommissionsordiscountswithrespecttoaparticularofferwillbesetforthinanaccompanyingprospectussupplementor,ifappropriate,apost-effectiveamendmenttotheRegistrationStatement.

Inordertocomplywiththesecuritieslawsofsomestates,ifapplicable,ourcommonstockmaybesoldinthosejurisdictionsonlythroughregisteredorlicensedbrokersordealers.Inaddition,insomestatessuchcommonstockmaynotbesoldunlessithasbeenregisteredorqualifiedforsaleoranexemptionfromregistrationorqualificationrequirementsisavailableandiscompliedwith.

Wehaveadvisedthesellingstockholdersthattheanti-manipulationrulesofRegulationMpromulgatedundertheExchangeActmayapplytosalesofsharesinthemarketandtotheactivitiesofthesellingstockholdersandtheiraffiliates.Inaddition,totheextentapplicablewewillmakecopiesofthisprospectus(asitmaybesupplementedoramendedfromtimetotime)availabletothesellingstockholdersforthepurposeofsatisfyingtheprospectusdeliveryrequirementsoftheSecuritiesAct.Thesellingstockholdersmayindemnifyanybroker-dealerthatparticipatesintransactionsinvolvingthesaleofthesharesagainstcertainliabilities,includingliabilitiesarisingundertheSecuritiesAct.

Wehaveagreedtoindemnifythesellingstockholdersagainstliabilities,includingliabilitiesundertheSecuritiesActandstatesecuritieslaws,relatingtotheregistrationofthesharesofferedbythisprospectus.

WehaveagreedwiththesellingstockholderstokeeptheRegistrationStatementeffectiveuntiltheearlierof(1)suchtimeasallofthesharescoveredbythisprospectusandactuallyissuedorissuableuponconversionoftheNoteshavebeensoldand(2)thedateonwhichallofthesharesmaybesoldwithoutrestrictionpursuanttoRule144oftheSecuritiesAct.

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LEGALMATTERS

ThevalidityofthesharesofourcommonstockbeingofferedbythisprospectushasbeenpasseduponforusbyWilmerCutlerPickeringHaleandDorrLLP.

EXPERTS

ThefinancialstatementsincorporatedinthisProspectusbyreferencetotheAnnualReportonForm10-KfortheyearendedDecember31,2018havebeensoincorporatedinrelianceonthereport(whichcontainsanexplanatoryparagraphrelatingtotheCompany'sabilitytocontinueasagoingconcernasdescribedinNote1tothefinancialstatements)ofPricewaterhouseCoopersLLP,anindependentregisteredpublicaccountingfirm,givenontheauthorityofsaidfirmasexpertsinauditingandaccounting.

WHEREYOUCANFINDMOREINFORMATION

Wefileannual,quarterlyandcurrentreports,proxystatementsandotherinformationwiththeSEC.OurSECfilingsareavailabletothepublicovertheInternetattheSEC'swebsiteathttp://www.sec.gov.CopiesofcertaininformationfiledbyuswiththeSECarealsoavailableonourwebsiteathttp://www.ocutx.com.Ourwebsiteisnotapartofthisprospectusandisnotincorporatedbyreferenceinthisprospectus.

ThisprospectusconstitutesapartofaregistrationstatementonFormS-3thatwehavefiledwiththeSECundertheSecuritiesAct.Theregistrationstatementcontainsmoreinformationthanthisprospectusregardingusandourcommonstock,includingcertainexhibitsandschedules.YoucanobtainacopyoftheregistrationstatementfromtheSEC'sInternetsiteorourwebsite.

INCORPORATIONOFCERTAINDOCUMENTSBYREFERENCE

TheSECrequiresusto"incorporate"intothisprospectusinformationthatwefilewiththeSECinotherdocuments.Thismeansthatwecandiscloseimportantinformationtoyoubyreferringtootherdocumentsthatcontainthatinformation.Theinformationincorporatedbyreferenceisconsideredtobepartofthisprospectus.InformationcontainedinthisprospectusandinformationthatwefilewiththeSECinthefutureandincorporatebyreferenceinthisprospectusautomaticallyupdatesandsupersedespreviouslyfiledinformation.WeincorporatebyreferencethedocumentslistedbelowandanyfuturefilingswemakewiththeSECunderSections13(a),13(c),14or15(d)oftheExchangeActafterthedateofthisprospectusandpriortothesaleofallthesharescoveredbythisprospectus.

(1) OurAnnualReportonForm10-KfortheyearendedDecember31,2018;

(2) TheinformationincludedinourdefinitiveproxystatementonSchedule14Aforthe2018AnnualMeetingofStockholders,filedonApril23,2018,totheextentincorporatedbyreferenceintoPartIIIoftheAnnualReportonForm10-KforthefiscalyearendedDecember31,2017;

(3) OurCurrentReportsonForm8-KdatedFebruary20,2019;February22,2019;andMarch25,2019;

(4) AnyotherfilingswemakepursuanttotheExchangeActafterthedateoffilingtheinitialregistrationstatementandpriortoeffectivenessoftheregistrationstatement;and

(5) ThedescriptionofourcommonstockcontainedinourRegistrationStatementonForm8-AfiledonJuly21,2014,includinganyamendmentsorreportsfiledforthepurposeofupdatingsuchdescription.

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Astatementcontainedinadocumentincorporatedbyreferenceintothisprospectusshallbedeemedtobemodifiedorsupercededforpurposesofthisprospectustotheextentthatastatementcontainedinthisprospectusorinanyothersubsequentlyfileddocumentwhichisalsoincorporatedinthisprospectusmodifiesorreplacessuchstatement.Anystatementssomodifiedorsupercededshallnotbedeemed,exceptassomodifiedorsuperceded,toconstituteapartofthisprospectus.

Youmayrequestacopyofthesedocuments,whichwillbeprovidedtoyouatnocost,bywritingortelephoningususingthefollowingcontactinformation:

OcularTherapeutix,Inc.Attn:ChiefFinancialOfficer

15CrosbyDriveBedford,MA01730(781)357-4000

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PROSPECTUS

9,574,020SHARESOFCOMMONSTOCK

,2019

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PARTII

INFORMATIONNOTREQUIREDINPROSPECTUS

Item14.OtherExpensesofIssuanceandDistribution.

Thefollowingtablesetsforththevariousexpensestobeincurredinconnectionwiththesaleanddistributionofourcommonstockbeingregisteredhereby,allofwhichwillbebornebyOcularTherapeutix,Inc.(exceptanyunderwritingdiscountsandcommissionsandexpensesincurredbythesellingstockholdersforbrokerage,accounting,taxorlegalservicesoranyotherexpensesincurredbythesellingstockholdersindisposingoftheshares).AllamountsshownareestimatesexcepttheSECregistrationfee.

Item15.IndemnificationofDirectorsandOfficers.

Section102oftheDGCLpermitsacorporationtoeliminatethepersonalliabilityofitsdirectorsoritsstockholdersformonetarydamagesforabreachoffiduciarydutyasadirector,exceptwherethedirectorbreachedhisorherdutyofloyalty,failedtoactingoodfaith,engagedinintentionalmisconductorknowinglyviolatedalaw,authorizedthepaymentofadividendorapprovedastockrepurchaseinviolationofDelawarecorporatelaworobtainedanimproperpersonalbenefit.Ourcertificateofincorporationprovidesthatnodirectorshallbepersonallyliabletousorourstockholdersformonetarydamagesforanybreachoffiduciarydutyasadirector,notwithstandinganyprovisionoflawimposingsuchliability,excepttotheextentthattheDGCLprohibitstheeliminationorlimitationofliabilityofdirectorsforbreachesoffiduciaryduty.

Section145oftheDGCLprovidesthatacorporationhasthepowertoindemnifyadirector,officer,employeeoragentofthecorporationandcertainotherpersonsservingattherequestofthecorporationinrelatedcapacitiesagainstexpenses(includingattorneys'fees),judgments,finesandamountspaidinsettlementsactuallyandreasonablyincurredbythepersoninconnectionwithanaction,suitorproceedingtowhichheorsheisoristhreatenedtobemadeapartybyreasonofsuchposition,ifsuchpersonactedingoodfaithandinamannerheorshereasonablybelievedtobeinornotopposedtothebestinterestsofthecorporation,and,inanycriminalactionorproceeding,hadnoreasonablecausetobelievehisorherconductwasunlawful,exceptthat,inthecaseofactionsbroughtbyorintherightofthecorporation,noindemnificationshallbemadewithrespecttoanyclaim,issueormatterastowhichsuchpersonshallhavebeenadjudgedtobeliabletothecorporationunlessandonlytotheextentthattheCourtofChanceryorotheradjudicatingcourtdeterminesthat,despitetheadjudicationofliabilitybutinviewofallofthecircumstancesofthecase,suchpersonisfairlyandreasonablyentitledtoindemnificationforsuchexpenseswhichtheCourtofChanceryorsuchothercourtshalldeemproper.

Ourcertificateofincorporationprovidesthatwewillindemnifyeachpersonwhowasorisapartyorthreatenedtobemadeapartytoanythreatened,pendingorcompletedaction,suitorproceeding,whethercivil,criminal,administrativeorinvestigative(otherthananactionbyorintherightofus),byreasonofthefactthatheorsheisorwas,orhasagreedtobecome,ourdirectororofficer,orisorwasserving,orhasagreedtoserve,atourrequestasadirector,officer,partner,employeeortrusteeof,orinasimilarcapacitywith,anothercorporation,partnership,jointventure,trustorotherenterprise(allsuchpersonsbeingreferredtoasanIndemnitee),orbyreasonofanyactionallegedtohavebeentakenoromittedinsuchcapacity,againstallexpenses(includingattorneys'fees),judgments,finesandamountspaidinsettlementactuallyandreasonablyincurredinconnectionwithsuchaction,suitorproceedingandanyappealtherefromifsuchIndemniteeactedingoodfaithandinamanner

SECregistrationfee $ 4,572Legalfeesandexpenses $ 50,000Accountingfeesandexpenses $ 40,000Miscellaneousexpenses $ 5,428Totalexpenses $ 100,000

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heorshereasonablybelievedtobein,ornotopposedto,ourbestinterests,and,withrespecttoanycriminalactionorproceeding,heorshehadnoreasonablecausetobelievehisorherconductwasunlawful.

OurcertificateofincorporationalsoprovidesthatwewillindemnifyanyIndemniteewhowasorisapartytoanactionorsuitbyorintherightofustoprocureajudgmentinourfavorbyreasonofthefactthattheIndemniteeisorwas,orhasagreedtobecome,ourdirectororofficer,orisorwasserving,orhasagreedtoserve,atourrequestasadirector,officer,partner,employeeortrusteeor,orinasimilarcapacitywith,anothercorporation,partnership,jointventure,trustorotherenterprise,orbyreasonofanyactionallegedtohavebeentakenoromittedinsuchcapacity,againstallexpenses(includingattorneys'fees)and,totheextentpermittedbylaw,amountspaidinsettlementactuallyandreasonablyincurredinconnectionwithsuchaction,suitorproceeding,andanyappealtherefrom,iftheIndemniteeactedingoodfaithandinamannerheorshereasonablybelievedtobein,ornotopposedto,ourbestinterests,exceptthatnoindemnificationshallbemadewithrespecttoanyclaim,issueormatterastowhichsuchpersonshallhavebeenadjudgedtobeliabletous,unlessacourtdeterminesthat,despitesuchadjudicationbutinviewofallofthecircumstances,heorsheisentitledtoindemnificationofsuchexpenses.Notwithstandingtheforegoing,totheextentthatanyIndemniteehasbeensuccessful,onthemeritsorotherwise,heorshewillbeindemnifiedbyusagainstallexpenses(includingattorneys'fees)actuallyandreasonablyincurredbyhimorheroronhisorherbehalfinconnectiontherewith.Ifwedonotassumethedefense,expensesmustbeadvancedtoanIndemniteeundercertaincircumstances.

Wehaveenteredintoindemnificationagreementswithallofourdirectorsandexecutiveofficers.Ingeneral,theseagreementsprovidethatwewillindemnifythedirectororofficertothefullestextentpermittedbylawforclaimsarisinginhisorhercapacityasadirectororofficerofourcompanyorinconnectionwiththeirserviceatourrequestforanothercorporationorentity.Theindemnificationagreementsalsoprovideforproceduresthatwillapplyintheeventthatadirectororofficermakesaclaimforindemnificationandestablishcertainpresumptionsthatarefavorabletothedirectororofficer.

Wemaintainageneralliabilityinsurancepolicythatcoverscertainliabilitiesofourdirectorsandofficersarisingoutofclaimsbasedonactsoromissionsintheircapacitiesasdirectorsorofficers.

Inanyunderwritingagreementweenterintoinconnectionwiththeofferingofcommonstockbeingregisteredhereby,theunderwriterswillagreetoindemnify,undercertainconditions,ourdirectorsandofficers(aswellascertainotherpersons)againstcertainliabilitiesarisinginconnectionwithsuchoffering.

Insofarastheforgoingprovisionspermitindemnificationofdirectors,executiveofficers,orpersonscontrollingusforliabilityarisingundertheSecuritiesActwehavebeeninformedthat,intheopinionoftheSEC,suchindemnificationisagainstpublicpolicyasexpressedintheSecuritiesActandisthereforeunenforceable.

Item16.Exhibits

ExhibitNumber Description 4.1 RestatedCertificateofIncorporationoftheRegistrant(incorporatedbyreferencetoExhibit3.1toourCurrentReport

onForm8-K(FileNo.001-36554)filedwiththeSEConJuly30,2014)

4.2 AmendedandRestatedBy-lawsoftheRegistrant(incorporatedbyreferencetoExhibit3.2toourCurrentReportonForm8-K(FileNo.001-36554)filedwiththeSEConJuly30,2014)

4.3 SpecimenStockCertificateevidencingthesharesofcommonstock(incorporatedbyreferencetoExhibit4.1toourRegistrationStatementonFormS-1/A(FileNo.333-196932)filedwiththeSEConJuly11,2014)

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Item17.Undertakings.

Item 512(a) of Regulation S-K. TheundersignedRegistrantherebyundertakes:

(1)Tofile,duringanyperiodinwhichoffersorsalesarebeingmade,apost-effectiveamendmenttothisRegistrationStatement:

(i)ToincludeanyprospectusrequiredbySection10(a)(3)oftheSecuritiesActof1933,asamended(the"SecuritiesAct");

(ii)ToreflectintheprospectusanyfactsoreventsarisingaftertheeffectivedateofthisRegistrationStatement(orthemostrecentpost-effectiveamendmentthereof)which,individuallyorintheaggregate,representafundamentalchangeintheinformationsetforthinthisRegistrationStatement.Notwithstandingtheforegoing,anyincreaseordecreaseinthevolumeofsecuritiesoffered(ifthetotaldollarvalueofsecuritiesofferedwouldnotexceedthatwhichwasregistered)andanydeviationfromtheloworhighendoftheestimatedmaximumofferingrangemaybereflectedintheformofprospectusfiledwiththeCommissionpursuanttoRule424(b)if,intheaggregate,thechangesinvolumeandpricerepresentnomorethan20percentchangeinthemaximumaggregateofferingpricesetforthinthe"CalculationofRegistrationFee"tableintheeffectiveRegistrationStatement;and

(iii)ToincludeanymaterialinformationwithrespecttotheplanofdistributionnotpreviouslydisclosedinthisRegistrationStatementoranymaterialchangetosuchinformationinthisRegistrationStatement;

provided, however ,thatparagraphs(1)(i),(1)(ii)and(1)(iii)abovedonotapplyiftheinformationrequiredtobeincludedinapost-effectiveamendmentbythoseparagraphsiscontainedinreportsfiledwithorfurnishedtotheCommissionbytheRegistrantpursuanttoSection13orSection15(d)oftheSecuritiesExchangeActof1934,asamended(the"ExchangeAct"),thatare

ExhibitNumber Description 4.4 FourthAmendedandRestatedInvestors'RightsAgreementoftheRegistrant(incorporatedbyreferencetoExhibit4.2

toourRegistrationStatementonFormS-1(FileNo.333-196932)filedwiththeSEConJune20,2014)

4.5 NotePurchaseAgreement(includingFormofSeniorSubordinatedConvertibleNote),datedasofFebruary21,2019,byandamongtheRegistrantandthePurchaserslistedtherein(incorporatedbyreferencetoExhibit10.1toourCurrentReportonForm8-K(FileNo.001-36554)filedwiththeSEConFebruary22,2019)

4.6 SeniorSubordinatedConvertibleNote,datedMarch1,2019,byandbetweentheRegistrantandCap1LLC

4.7 RegistrationRightsAgreement,datedMarch1,2019,byandamongtheRegistrantandthePurchaserslistedtherein(incorporatedbyreferencetoExhibit4.2toourAnnualReportonForm10-K(FileNo.001-36554)filedwiththeSEConMarch7,2019)

4.8 SubordinationAgreement,datedasofFebruary21,2019,byandamongtheRegistrant,MidCapFinancialTrust,asadministrativeagent,andtheLenderslistedtherein(incorporatedbyreferencetoExhibit10.4toourCurrentReportonForm8-K(FileNo.001-36554)filedwiththeSEConFebruary22,2019)

5.1 OpinionofWilmerCutlerPickeringHaleandDorrLLP

23.1 ConsentofPricewaterhouseCoopersLLP,anindependentregisteredpublicaccountingfirm

23.2 ConsentofWilmerHale(includedinExhibit5.1)

24.1 PowerofAttorney(includedinthesignaturepagestotheRegistrationStatement)

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incorporatedbyreferenceinthisRegistrationStatementoriscontainedinaformofprospectusfiledpursuanttoRule424(b)thatispartofthisRegistrationStatement.

(2)That,forthepurposesofdetermininganyliabilityundertheSecuritiesAct,eachsuchpost-effectiveamendmentshallbedeemedtobeanewregistrationstatementrelatingtothesecuritiesofferedtherein,andtheofferingofsuchsecuritiesatthetimeshallbedeemedtobetheinitialbona fideofferingthereof.

(3)Toremovefromregistrationbymeansofapost-effectiveamendmentanyofthesecuritiesbeingregisteredwhichremainunsoldattheterminationoftheoffering.

(4)That,forthepurposeofdeterminingliabilityundertheSecuritiesActtoanypurchaser:

(i)EachprospectusfiledbytheRegistrantpursuanttoRule424(b)(3)shallbedeemedtobepartofthisRegistrationStatementasofthedatethefiledprospectuswasdeemedpartofandincludedintheRegistrationStatement;and

(ii)EachprospectusrequiredtobefiledpursuanttoRule424(b)(2),(b)(5),or(b)(7)aspartofaregistrationstatementinrelianceonRule430BrelatingtoanofferingmadepursuanttoRule415(a)(1)(i),(vii),or(x)forthepurposeofprovidingtheinformationrequiredbySection10(a)oftheSecuritiesActshallbedeemedtobepartofandincludedinthisRegistrationStatementasoftheearlierofthedatesuchformofprospectusisfirstusedaftereffectivenessorthedateofthefirstcontractofsaleofsecuritiesintheofferingdescribedintheprospectus.AsprovidedinRule430B,forliabilitypurposesoftheissuerandanypersonthatisatthatdateanunderwriter,suchdateshallbedeemedtobeaneweffectivedateoftheregistrationstatementrelatingtothesecuritiesintheregistrationstatementtowhichthatprospectusrelates,andtheofferingofsuchsecuritiesatthattimeshallbedeemedtobetheinitialbona fide offeringthereof.Provided ,however ,thatnostatementmadeinaregistrationstatementorprospectusthatispartoftheregistrationstatementormadeinadocumentincorporatedordeemedincorporatedbyreferenceintotheregistrationstatementorprospectusthatispartoftheregistrationstatementwill,astoapurchaserwithatimeofcontractofsalepriortosucheffectivedate,supersedeormodifyanystatementthatwasmadeintheregistrationstatementorprospectusthatwaspartoftheregistrationstatementormadeinanysuchdocumentimmediatelypriortosucheffectivedate.

Item 512(b) of Regulation S-K. TheundersignedRegistrantherebyundertakesthat,forpurposesofdetermininganyliabilityundertheSecuritiesAct,eachfilingoftheRegistrant'sannualreportpursuanttoSection13(a)or15(d)oftheExchangeAct(and,whereapplicable,eachfilingofanemployeebenefitplan'sannualreportpursuanttoSection15(d)oftheExchangeAct)thatisincorporatedbyreferenceinthisRegistrationStatementshallbedeemedtobeanewregistrationstatementrelatingtothesecuritiesofferedtherein,andtheofferingofsuchsecuritiesatthattimeshallbedeemedtobetheinitialbona fide offeringthereof.

Item 512(h) of Regulation S-K. InsofarasindemnificationforliabilitiesarisingundertheSecuritiesActmaybepermittedtodirectors,officersandcontrollingpersonsoftheRegistrantpursuanttotheindemnificationprovisionsdescribedherein,orotherwise,theRegistranthasbeenadvisedthatintheopinionoftheSecuritiesandExchangeCommissionsuchindemnificationisagainstpublicpolicyasexpressedintheSecuritiesActandis,therefore,unenforceable.Intheeventthataclaimforindemnificationagainstsuchliabilities(otherthanthepaymentbytheRegistrantofexpensesincurredorpaidbyadirector,officerorcontrollingpersonoftheRegistrantinthesuccessfuldefenseofanyaction,suitorproceeding)isassertedbysuchdirector,officerorcontrollingpersoninconnectionwiththesecuritiesbeingregistered,theRegistrantwill,unlessintheopinionofitscounselthematterhasbeensettledbycontrollingprecedent,submittoacourtofappropriatejurisdictionthequestionwhethersuchindemnificationbyitisagainstpublicpolicyasexpressedintheSecuritiesActandwillbegovernedbythefinaladjudicationofsuchissue.

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SIGNATURES

PursuanttotherequirementsoftheSecuritiesActof1933,asamended,theRegistrantcertifiesthatithasreasonablegroundstobelievethatitmeetsalloftherequirementsforfilingonFormS-3andhasdulycausedthisRegistrationStatementtobesignedonitsbehalfbytheundersigned,thereuntodulyauthorized,intheCityofBedford,CommonwealthofMassachusetts,onApril1,2019.

SIGNATURESANDPOWEROFATTORNEY

We,theundersignedofficersanddirectorsofOcularTherapeutix,Inc.,herebyseverallyconstituteandappointAntonyMattessichandDonaldNotman,andeachofthemsingly,ourtrueandlawfulattorneyswithfullpowertoanyofthem,andtoeachofthemsingly,tosignforusandinournamesinthecapacitiesindicatedbelowtheRegistrationStatementonFormS-3filedherewithandanyandallpre-effectiveandpost-effectiveamendmentstosaidRegistrationStatementandgenerallytodoallsuchthingsinournameandbehalfinourcapacitiesasofficersanddirectorstoenableOcularTherapeutix,Inc.tocomplywiththeprovisionsoftheSecuritiesActof1933,asamended,andallrequirementsoftheSecuritiesandExchangeCommission,herebyratifyingandconfirmingoursignaturesastheymaybesignedbyoursaidattorneys,oranyofthem,tosaidRegistrationStatementandanyandallamendmentsthereto.

PursuanttotherequirementsoftheSecuritiesActof1933,asamended,thisRegistrationStatementhasbeensignedbythefollowingpersonsinthecapacitiesandonthedatesindicated.

OCULARTHERAPEUTIX,INC.

By:/s/AntonyMattessich

Name: AntonyMattessich Title: President and Chief Executive Officer

Signature Title Date

/s/AntonyMattessich

AntonyMattessich

PresidentandChiefExecutiveOfficerandDirector(PrincipalExecutiveOfficer) April1,2019

/s/DonaldNotman

DonaldNotman

ChiefFinancialOfficer(PrincipalFinancialandAccountingOfficer)

April1,2019

/s/AmarpreetSawhney,Ph.D.

AmarpreetSawhney,Ph.D.

ChairmanoftheBoard April1,2019

/s/JaswinderChadha

JaswinderChadha

Director April1,2019

/s/JeffreyS.Heier,M.D.

JeffreyS.Heier,M.D.

Director April1,2019

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Signature Title Date

/s/RichardL.Lindstrom,M.D.

RichardL.Lindstrom,M.D.

Director April1,2019

/s/WilliamJamesO'Shea

WilliamJamesO'Shea

Director April1,2019

/s/BruceA.Peacock

BruceA.Peacock

Director April1,2019

/s/CharlesWarden

CharlesWarden

Director April1,2019

/s/LeslieJ.Williams

LeslieJ.Williams

Director April1,2019

Exhibit 4.6THISSECURITYANDTHECOMMONSTOCKISSUABLEUPONCONVERSIONOFTHISSECURITYHAVENOTBEENREGISTEREDUNDERTHESECURITIESACTOF1933,ASAMENDED(THE“SECURITIESACT”),ORAPPLICABLESTATESECURITIESLAWS.THESECURITIESMAYNOTBESOLD,TRANSFERREDORASSIGNEDINTHEABSENCEOFANEFFECTIVEREGISTRATIONSTATEMENTFORTHESECURITIESUNDERTHESECURITIESACT,ORPURSUANTTOANEXEMPTIONFROMREGISTRATIONUNDERTHESECURITIESACT.INTHECASEOFATRANSACTIONEXEMPTFROMREGISTRATIONTHECOMPANYRESERVESTHERIGHTTOREQUIREANOPINIONOFCOUNSELSATISFACTORYTOITASTOTHEAVAILABILITYOFANYEXEMPTIONFROMTHEREGISTRATIONREQUIREMENTSOFTHESECURITIESACT.THISNOTEANDTHEINDEBTEDNESS,RIGHTSANDOBLIGATIONSEVIDENCEDHEREBYARESUBORDINATEINTHEMANNERANDTOTHEEXTENTSETFORTHINTHATCERTAINSUBORDINATIONAGREEMENT(ASAMENDED,RESTATED,SUPPLEMENTEDOROTHERWISEMODIFIED,THE“SUBORDINATIONAGREEMENT”)DATEDASOFFEBRUARY21,2019,AMONGTHECOMPANY(ASDEFINEDBELOW),CAP1LLC,ASAGENTFORHOLDERANDALLOTHERHOLDERS(ASDEFINEDINTHENOTEPURCHASEAGREEMENT(ASDEFINEDBELOW)),ANDMIDCAPFINANCIALTRUST,ASADMINISTRATIVEAGENTFORTHELENDERS(ASDEFINEDINTHESUBORDINATIONAGREEMENT);ANDTHEHOLDEROFTHISNOTE,ANDEACHFUTUREHOLDEROFTHISNOTE,BYITSACCEPTANCEHEREOF,SHALLBEBOUNDBYTHEPROVISIONSOFTHESUBORDINATIONAGREEMENT.

SENIOR SUBORDINATED CONVERTIBLE NOTE

IssuanceDate:March1,2019 Principal:U.S.$37,500,000FOR VALUE RECEIVED, OCULAR THERAPEUTIX, INC .,aDelawarecorporation(the“Company ”),herebypromisestopaytoCAP1LLC,oritsregisteredassigns(the“Holder ”)theprincipalamountofTHIRTY SEVEN MILLION FIVE HUNDRED THOUSAND DOLLARS ($37,500,000) pursuantto,andinaccordancewith,thetermsofthatcertainNotePurchaseAgreement,datedasofFebruary21,2019,byandamongtheCompanyandthePurchaserssetforthonSchedule1thereto(togetherwithallexhibitsandschedulestheretoandasmaybeamended,restated,modifiedandsupplementedfromtimetotime,the“Note Purchase Agreement ”).TheCompanyherebypromisestopayaccruedandunpaidInterest(asdefinedbelow)assetforthbelow.ThisSeniorSubordinatedConvertibleNote(includingallSeniorSubordinatedConvertibleNotesissuedinexchange,transferorreplacementhereof,andasanyoftheforegoingmaybeamended,restated,supplementedorotherwisemodifiedfromtimetotime,this“Note ”)isoneoftheSeniorSubordinatedConvertibleNotesissuedpursuanttotheNotePurchaseAgreement(collectively,includingallSeniorSubordinatedConvertibleNotesissuedinexchange,transferorreplacementthereof,andasanyoftheforegoingmaybeamended,restated,supplementedorotherwisemodifiedfromtimetotime,the“Notes ”).AllcapitalizedtermsusedandnototherwisedefinedhereinshallhavetherespectivemeaningssetforthintheNotePurchaseAgreement.

1.Definitions.

(a)CertainDefinedTerms.ForpurposesofthisNote,thefollowingtermsshallhavethefollowingmeanings:

(i)“Affiliate ”meansanypersonorentitythat,directlyorindirectlythroughoneormoreintermediaries,controlsoriscontrolledbyorisundercommoncontrolwithapersonorentity,assuchtermsareusedinandconstruedunderRule144undertheSecuritiesAct.WithrespecttoaHolder,anyinvestmentfundormanagedaccountthatismanagedonadiscretionarybasisbythesameinvestmentmanagerassuchHolderwillbedeemedtobeanAffiliateofsuchHolder.Asusedinthisdefinitionof“Affiliate,”theterm“control”meansthepossession,directlyorindirectly,ofthepowertodirectorcausethedirectionofthemanagementandpoliciesofaPerson,whetherthroughownershipofvotingsecuritiesorpartnershiporotherownershipinterest,bycontract,orotherwise.

(ii)“Business Day ”meansanydayotherthanaSaturday,aSundayoradayonwhichtheFederalReserveBankofNewYorkisauthorizedorrequiredbylaw,regulationorexecutiveordertocloseorbeclosed.

(iii)“Cash Settlement ”shallhavethemeaningsetforthinSection4(e)(i).

(iv)“Combination Settlement ”shallhavethemeaningsetforthinSection4(e)(i).

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(v)“Common Stock ”meansthecommonstock,parvalue$0.0001pershare,oftheCompany.

(vi)“Conversion Amount ”meansthePrincipaltobeconverted,redeemedorotherwisewithrespecttowhichthisdetermination

isbeingmade.

(vii)“Conversion Date ”meansanyofaCorporateTransactionConversionDateoraHolderConversionDate.

(viii)“Conversion Notice ”shallhavethemeaningsetforthinSection4(a).

(ix)“Conversion Price ”means,asofanydate,$1,000,dividedbytheConversionRateasofsuchdate.

(x)“Conversion Rate ”means,initially153.8462Sharesper$1,000principalamountoftheNotes,subjecttoadjustment,andtothesettlementprovisions,asprovidedinthisNote.

(xi)“Conversion Shares ”meanstheSharesissuedorissuableupontheconversionoftheNote.

(xii)“Corporate Transaction ”meansanyofthefollowingeventsoccurringpriortoorontheMaturityDate:(1)exceptasdescribedinclause(2)below,a“person”or“group”withinthemeaningofSection13(d)oftheExchangeAct,otherthantheCompanyoritsSubsidiaries,filesaScheduleTO(oranysuccessorschedule,formorreport)oranyschedule,formorreportundertheExchangeActdisclosingthatsuchpersonorgrouphasbecomethedirectorindirect“beneficialowner,”asdefinedinRule13d-3undertheExchangeAct,ofCommonStockrepresentingmorethan50%ofthevotingpoweroftheCommonStock;(2)theconsummationof(A)anyrecapitalization,reclassificationorchangeoftheCommonStock(otherthanchangesresultingfromasubdivisionorcombinationorsolelyachangeinparvalue)asaresultofwhichtheCommonStockwouldbeconvertedinto,orexchangedfor,stock,othersecurities,otherpropertyorassets(otherthanatransactiondescribedinclause(B)below),(B)anyshareexchange,consolidationormergeroftheCompanypursuanttowhichtheCommonStockwillbeconvertedintocash,securitiesorotherpropertyorassets,or(C)anysale,leaseorothertransferinonetransactionoraseriesoftransactionsofallorsubstantiallyalloftheconsolidatedassetsoftheCompanyanditsSubsidiaries,takenasawhole,toanypersonotherthanoneoftheCompany’sdirectorindirectwholly-ownedsubsidiaries;provided,however,thatneither(i)atransactiondescribedinclause(A)or(B)inwhichtheholdersofallclassesoftheCompany’scapitalstockimmediatelypriortosuchtransactionown,directlyorindirectly,morethan50%ofallclassesofthecapitalstockofthecontinuingorsurvivingcorporationortransfereeortheparentthereofimmediatelyaftersuchtransactioninsubstantiallythesameproportions(relativetoeachother)assuchownershipimmediatelypriortosuchtransactionnor(ii)anymergerorconsolidationoftheCompanysolelyforthepurposeofchangingitsjurisdictionofincorporationthatresultsinareclassification,conversionorexchangeofoutstandingsharesofCommonStocksolelyintosharesofcommonstockofthesurvivingentityshallbedeemedaCorporateTransaction;or(3)theCommonStockceasestobelistedorquoted

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onanyofTheNewYorkStockExchange,TheNasdaqGlobalSelectMarket,TheNasdaqGlobalMarketortheNasdaqCapitalMarket(oranyoftheirrespectivesuccessors).Atransactionortransactionsdescribedinclause(2)aboveshallnotconstituteaCorporateTransactionifatleast90%oftheconsiderationreceivedortobereceivedbytheholdersofCommonStock,excludingcashpaymentsforfractionalsharesandcashpaymentsmadeinrespectofdissenters’appraisalrights,inconnectionwithsuchtransactionortransactionsconsistsofsharesofcommonstockthatarelistedorquotedonanyofTheNewYorkStockExchange,TheNasdaqGlobalSelectMarketorTheNasdaqGlobalMarket(oranyoftheirrespectivesuccessors)orwillbesolistedorquotedwhenissuedorexchangedinconnectionwithsuchtransactionortransactionsandasaresultofsuchtransactionortransactionstheNotesbecomeconvertibleintosuchconsideration,excludingcashpaymentsforfractionalsharesandcashpaymentsmadeinrespectofdissenters’appraisalrights.

(xiii)“Corporate Transaction Conversion Date ”meansthedateofdeliveryofaCorporateTransactionConversionNoticepursuanttoSection4(b).

(xiv)“Corporate Transaction Conversion Notice ”shallhavethemeaningsetforthinSection4(b).

(xv)“Corporate Transaction Notice ”meansanoticespecifyingthataCorporateTransactionhasoccurred,thematerialtermsandconditionsoftheCorporateTransactionandspecifyingtheRepurchaseDate.

(xvi)“Corporate Transaction Repurchase Date ”shallhavethemeaningsetforthinSection13.

(xvii)“Corporate Transaction Repurchase Notice ”shallhavethemeaningsetforthinSection13.

(xviii)“Corporate Transaction Repurchase Option ”shallhavethemeaningsetforthinSection13.

(xix)“Daily Conversion Value ”means,foreachofthe20consecutiveTradingDaysduringtheObservationPeriod,5.0%oftheproductof(a)theConversionRateonsuchTradingDayand(b)theDailyVWAPonsuchTradingDay.

(xx)“Daily Measurement Value ”meanstheSpecifiedDollarAmount,ifany,dividedby20.

(xxi)“Daily Settlement Amount ,”foreachofthe20consecutiveTradingDaysduringtheObservationPeriod,shallconsistof:

(a)cashinanamountequaltothelesserof(i)theDailyMeasurementValueand(ii)theDailyConversionValueonsuchTradingDay;and

(b)iftheDailyConversionValueonsuchTradingDayexceedstheDailyMeasurementValue,anumberofSharesequalto(i)the

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differencebetweentheDailyConversionValueandtheDailyMeasurementValue,dividedby(ii)theDailyVWAPforsuchTradingDay.

(xxii)“Daily VWAP ”means,foreachofthe20consecutiveTradingDaysduringtheapplicableObservationPeriod,thepershare

volume-weightedaveragepriceasdisplayedundertheheading“BloombergVWAP”onBloombergpage“OCUL<equity>AQR”(oritsequivalentsuccessorifsuchpageisnotavailable)inrespectoftheperiodfromthescheduledopenoftradinguntilthescheduledcloseoftradingoftheprimarytradingsessiononsuchTradingDay(orifsuchvolume-weightedaveragepriceisunavailable,themarketvalueofoneshareoftheCommonStockonsuchTradingDaydetermined,usingavolume-weightedaveragemethod,byanationallyrecognizedindependentinvestmentbankingfirmretainedforthispurposebytheCompany).The“DailyVWAP”shallbedeterminedwithoutregardtoafter-hourstradingoranyothertradingoutsideoftheregulartradingsessiontradinghours.

(xxiii)“Dollars ”or“$ ”meansUnitedStatesDollars.

(xxiv)“Effective Date ”shallhavethemeaningsetforthinSection4(c)(ii).

(xxv)“Exchange Act ”meanstheSecuritiesExchangeActof1934,asamended.

(xxvi)“Holder Conversion Date ”meansthedateofdeliveryofaConversionNoticepursuanttoSection4(a).

(xxvii)“Interest ”meansanyinterestaccruedonthePrincipalpursuanttothetermsofthisNoteandtheNotePurchaseAgreement.

(xxviii)“Issuance Date ”meansMarch1,2019,regardlessofanyexchangeorreplacementhereof.

(xxix)“Last Reported Sale Price” oftheCommonStock(oranyothersecurityforwhichaclosingsalepricemustbedetermined)onanydatemeanstheclosingsalepricepershare(orifnoclosingsalepriceisreported,theaverageofthebidandaskpricesor,ifmorethanoneineithercase,theaverageoftheaveragebidandtheaverageaskprices)onthatdateasreportedincompositetransactionsfortheprincipalU.S.nationalorregionalsecuritiesexchangeonwhichtheCommonStock(orsuchothersecurity)istraded.IftheCommonStock(orsuchothersecurity)isnotlistedfortradingonaU.S.nationalorregionalsecuritiesexchangeontherelevantdate,the“Last Reported Sale Price ”shallbethelastquotedbidpricefortheCommonStock(orsuchothersecurity)intheover-the-countermarketontherelevantdateasreportedbyOTCMarketsGroupInc.orasimilarorganization.IftheCommonStock(orsuchothersecurity)isnotsoquoted,the“Last Reported Sale Price ”shallbetheaverageofthemid-pointofthelastbidandaskpricesfortheCommonStock(orsuchothersecurity)ontherelevantdatefromeachofatleastthreenationallyrecognizedindependentinvestmentbankingfirmsselectedbytheCompanyforthispurpose.The“Last Reported Sale Price ”shallbedeterminedwithoutregardtoafter-hourstradingoranyothertradingoutsideofregulartradingsessionhours.

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(xxx)“Make-Whole Consideration ”shallhavethemeaningsetforthinSection4(c)(i).

(xxxi)“Maturity Date ”meansMarch1,2026.

(xxxii)“Notice of Optional Redemption” shallhavethemeaningsetforthinSection3(b).

(xxxiii)“Observation Period ”withrespecttoanyNotesurrenderedforconversionmeans:(i)subjecttoclause(ii)below,the20

consecutiveTradingDaysbeginningon,andincluding,the22ndScheduledTradingDayimmediatelyprecedingtheConversionDateand(ii)iftherelevantConversionDateoccursonthesecondTradingDayimmediatelyprecedingtheMaturityDate,the20consecutiveTradingDaysbeginningon,andincluding,the22ndScheduledTradingDayimmediatelyprecedingtheMaturityDate.

(xxxiv)“Optional Redemption” shallhavethemeaningsetforthinSection3(a).

(xxxv)“Optional Redemption Date” shallhavethemeaningsetforthinSection3(b).

(xxxvi)“Optional Redemption Price” means,foranyNotes,orportionthereof,toberedeemedpursuanttoSection3(a),100%ofthePrincipalamountofsuchNotes,orportionthereof,plusaccruedandunpaidInterest,ifany,to,butexcluding,theOptionalRedemptionDate.

(xxxvii)“Ownership Cap ”shallhavethemeaningsetforthinSection4(a).

(xxxviii)“Person ”meansanindividual,acorporation,alimitedliabilitycompany,anassociation,apartnership,ajointventure,ajointstockcompany,atrust,anunincorporatedorganizationoragovernmentoragencyorapoliticalsubdivisionthereof.

(xxxix)“Physical Settlement ”shallhavethemeaningsetforthinSection4(e)(i).

(xl)“Principal ”meanstheoutstandingprincipalamountofthisNoteasofanydateofdetermination.

(xli)“Principal Trading Market ”meanstheTradingMarketonwhichtheCommonStockisprimarilylistedonandquotedfortrading,which,asoftheAgreementAgreement,shallbetheNasdaqGlobalMarket.

(xlii)“Repurchase Consideration ”shallhavethemeaningsetforthinSection13.

(xliii)“Required Note Holders ”meansHoldersofmorethan50%oftheaggregateprincipalamountoftheNotesoutstanding.

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(xliv)“Rule 144 ”meansRule144promulgatedbytheSECundertheSecuritiesAct.

(xlv)“Scheduled Trading Day ”meansadaythatisscheduledtobeaTradingDayonthePrincipalTradingMarketortheother

principalsecuritiesexchangeorothersecuritiesmarketorquotationsystemonwhichtheCommonStockisthenbeingtraded.IftheCommonStockisnotsolistedoradmittedfortrading,“ScheduledTradingDay”meansaBusinessDay.

(xlvi)“SEC ”meanstheSecuritiesandExchangeCommission.

(xlvii)“Securities Act ”meanstheSecuritiesActof1933,asamended.

(xlviii)“Settlement Amount ”shallhavethemeaningsetforthinSection4(e)(i).

(xlix)“Settlement Notice ”shallhavethemeaningsetforthinSection4(e)(i).

(l)“Shares ”meanssharesofCommonStock.

(li)“Specified Dollar Amount ”meansthemaximumcashamountper$1,000principalamountofNotestobereceiveduponconversionasspecifiedinthenoticespecifyingtheCompany’schosensettlementmethod.

(lii)“Stock Price ”shallhavethemeaningsetforthinSection4(c)(iii).

(liii)“Trading Day ”meansanydayonwhichtheCommonStockistradedforanyperiodonthePrincipalTradingMarketortheotherprincipalsecuritiesexchangeorothersecuritiesmarketorquotationsystemonwhichtheCommonStockisthenbeingtraded.

(liv)Trading Market ”meanswhicheveroftheNewYorkStockExchange,theNYSEAlternext(formerlytheAmericanStockExchange),theNasdaqGlobalSelectMarket,theNasdaqGlobalMarket,theNasdaqCapitalMarketortheOTCBulletinBoardonwhichtheCommonStockislistedorquotedfortradingonthedateinquestion.

(lv)“Transfer Delivery Period ”shallhavethemeaningsetforthinSection12(b).

2.PaymentTerms;Maturity.SimpleinterestontheunpaidprincipalbalanceofthisNotewillaccrueattherateof6.0%perannum.AccrualofinterestwillcommenceontheIssuanceDate,willcontinueuntilthisNoteisfullypaid,andwillbepayableinasingleinstallmentatmaturityassetforthbelow.Theinterestratewillbecomputedonthebasisoftheactualnumberofdayselapsedina365-dayyear.IfnotsoonerredeemedpursuanttoSection3,convertedpursuanttoSection4orrepurchasedpursuanttoSection13,theentireunpaidprincipalbalance,togetherwithallaccruedbutunpaidInterest,willbedueandpayableincashonMarch1,2026.AllpaymentsofInterestandPrincipalwillbemadeinlawfulmoneyoftheUnitedStatesofAmericaandwillbemadeprorataamongallHolders,withoutanydeductionby

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wayofset-off,counterclaim,orotherwise.AllpaymentswillbeappliedfirsttoInterestandthereaftertoPrincipal.AllpaymentswillbemadetotheHoldersattheirrespectiveaddressessetforthintheAgreementoratsuchotheraddressasisprovidedinwritingtotheCompany.

3.Redemption.

(a)ThisNoteshallnotberedeemablebytheCompanypriortoMarch1,2022.OnandafterMarch1,2022,theCompanymay,atitsoption,redeem(an“Optional Redemption ”)forcashalloranyportionofthisNote,attheOptionalRedemptionPrice,iftheLastReportedSalePriceoftheCommonStockhasbeenatleast130%oftheConversionRatethenineffectforatleasttwenty(20)TradingDays(whetherornotconsecutive)duringanythirty(30)consecutiveTradingDayperiod(includingthelastTradingDayofsuchperiod)endingon,andincluding,theTradingDayimmediatelyprecedingthedateonwhichtheCompanyprovidestheNoticeofOptionalRedemption(asdefinedbelow)inaccordancewiththisSection3(b).

(b)IncasetheCompanyexercisesitsOptionalRedemptionrighttoredeemallor,asthecasemaybe,anypartofthisNotepursuanttoSection3(a),theCompanyshallgivetheHolderfifteen(15)BusinessDays’priorwrittennoticeofanysuchOptionalRedemption(the“Notice of OptionalRedemption ”)andshallfixadateforredemption(the“Optional Redemption Date ”).UponreceiptofaNoticeofOptionalRedemption,theHoldermaysurrenderalloranyportionoftheirNotesforconversionpursuanttoSection4(a)atanytimepriortothecloseofbusinessontheScheduledTradingDayimmediatelyprecedingtheOptionalRedemptionDate.Afterthattime,therighttoconvertshallexpire,unlesstheCompanydefaultsinthepaymentoftheOptionalRedemptionPrice,inwhichcasetheHoldermayconvertitsNotesuntiltheOptionalRedemptionPricehasbeenpaidordulyprovidedfor.IffewerthanalloftheoutstandingNotesaretoberedeemed,theCompanyshallredeemtheNotesonaproratabasisamongallHolders.IfanyNoteselectedforpartialredemptionissubmittedforconversionpursuanttoSection4(a)inpartaftersuchselection,theportionoftheNotesubmittedforconversionshallbedeemed(sofarasmaybepossible)tobetheportionselectedforredemption.

4.ConversionRights.ThisNotemaybeconvertedonthetermsandconditionssetforthinthisSection4.

(a)ConversionatOptionoftheHolder.OnorafterthedatehereofandpriortothesecondTradingDayimmediatelyprecedingtheMaturityDate,theHoldershallbeentitledtoconvertalloranypartofthePrincipal(iftheportiontobeconvertedis$1,000principalamountoranintegralmultipleinexcessthereof)inaccordancewithSection4(e)attheConversionRate.Notwithstandinganythinghereintothecontrary,theCompanyshallnotissuetotheHolder,andtheHoldermaynotacquire,anumberofSharesuponconversionofthisNoteandtheCompanyshallnototherwiseissueanySharespursuantheretoortheNotePurchaseAgreement,totheextentthat,(i)uponsuchconversion,thenumberofSharesthenbeneficiallyownedbytheHolderanditsAffiliatesandanyotherPersonsorentitieswhosebeneficialownershipofCommonStockwouldbeaggregatedwiththeHolder’sforpurposesofSection13(d)oftheExchangeAct(includinganysharesheldbyany“group”ofwhichtheHolderisamember,butexcludingsharesbeneficiallyownedbyvirtueoftheownershipofsecuritiesorrightstoacquiresecuritiesthathavelimitationsontherighttoconvert,exerciseorpurchase

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similartothelimitationsetforthherein)wouldexceed19.99%ofthetotalnumberofSharesissuedandoutstanding(the“Ownership Cap ”)or(ii)suchissuance,whenaggregatedwithanyotherSharestheretoforeorsimultaneouslytherewithissuedtoorotherwisebeneficiallyownedbytheHolderanditsAffiliatesandanyotherPersonsorentitieswhosebeneficialownershipofCommonStockwouldbeaggregatedwiththeHolder’sforpurposesofSection13(d)oftheExchangeAct(includinganysharesheldbyany“group”ofwhichtheHolderisamember,butexcludingsharesbeneficiallyownedbyvirtueoftheownershipofsecuritiesorrightstoacquiresecuritiesthathavelimitationsontherighttoconvert,exerciseorpurchasesimilartothelimitationsetforthherein)wouldotherwiseresultina“changeofcontrol”oftheCompanywithinthemeaningofNasdaqListingRule5635(b).Forpurposeshereof,“group”hasthemeaningsetforthinSection13(d)oftheExchangeActandapplicableregulationsoftheSEC,andthepercentageheldbytheHoldershallbedeterminedinamannerconsistentwiththeprovisionsofSection13(d)oftheExchangeAct.UponthewrittenrequestoftheHolder,theCompanyshall,withintwo(2)BusinessDays,confirmorallyandinwritingtotheHolderthenumberofSharesthenoutstanding.Notwithstandinganythinghereintothecontrary,theCompanyshallhavenoobligationtotheHoldertopaythevalueoftheConversionSharesincash.ToexerciseaConversionpursuanttothisSection4(a)onanyHolderConversionDate,theHoldershalltransmitbyelectronicmail(orotherwisedeliver),forreceiptonorpriorto5:00p.m.NewYorkCitytimeonsuchdate,acopyofanexecutedconversionnoticeintheformattachedheretoasExhibitA(the“Conversion Notice ”)totheCompanyassetforthintheNotePurchaseAgreement.

(b)CorporateTransactionConversion.IfaCorporateTransactionoccursatanytime,theHoldershallhavetherightandoption,butnottheobligation,toconvertalloftheunpaidPrincipalattheConversionRateandreceiveacashpaymentequalto(i)theoutstandingaccruedbutunpaidInterestunderthisNoteto,butexcluding,theCorporateTransactionConversionDate(totheextentsuchdateoccurspriortotheMaturityDate)plus(ii)theMake-WholeConsiderationasdescribedinSection4(c)asfullandcompletesatisfactionofallobligationsunderthisNote.TheCompanywillprovideaCorporateTransactionNoticeinnoeventlaterthanfifteen(15)BusinessDaysfromwhentheCompanyfirstbecomesawareofsuchaCorporateTransaction.TheHoldermayelectaconversionpursuanttothisSection4(b)bydeliveringawrittennoticeofitselectiontoexerciseitsconversionright(the“Corporate Transaction ConversionNotice ”)notmorethanten(10)BusinessDaysafterreceivingtheCorporateTransactionNotice.SuchCorporateTransactionConversionNoticewillbebindingupondeliveryandwillconstituteanirrevocableelectionbytheHolder.

(c)Make-WholeConsideration.

(i)IfaCorporateTransactionoccurspriortotheMaturityDate,andtheHolderelectstoconvertitsNotesinconnectionwithsuchCorporateTransaction,theCompanyshall,underthecircumstancesdescribedbelow,includeasadditionalconsiderationanadditionalcashpaymentfortheNotessosurrenderedforconversion(the“Make-WholeConsideration”),asdescribedbelow.

(ii)TheamountofMake-WholeConsideration,ifany,shallbedeterminedbyreferencetothetablebelow,basedonthedateonwhichtheCorporate

Transactionoccurs(each,the“Effective Date ”)andtheprice(the“Stock Price ”)paid(ordeemedtobe

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paid)pershareoftheCommonStockintheCorporateTransaction.TheStockPriceshallbetheaverageoftheLastReportedSalePricesoftheCommonStockoverthefiveTradingDayperiodendingon,andincluding,theTradingDayimmediatelyprecedingtheCorporateTransaction.

(iii)TheStockPricessetforthinthecolumnheadingsofthetablebelowshallbeadjustedasofanydateonwhichtheConversionRateoftheNotesis

otherwiseadjusted.TheadjustedStockPricesshallequaltheStockPricesapplicableimmediatelypriortosuchadjustment,multipliedbyafraction,thenumeratorofwhichistheConversionRateimmediatelypriortosuchadjustmentgivingrisetotheStockPriceadjustmentandthedenominatorofwhichistheConversionRateassoadjusted.

(iv)ThefollowingtablesetsforththeamountofMake-WholeConsiderationper$1,000principalamountofNotespursuanttothisSection4(c)foreach

StockPriceandEffectiveDatesetforthbelow:

 

Stock Price

Effective Date 

$3.61 

$4.00 

$5.00 

$6.50 

$7.00 

$8.45 

$10.00 

$15.00 

$20.00 

$25.00 

$50.00 

$75.00

March1,2019

$ 444.61

$ 428.91

$ 387.36

$ 289.90

$ 282.77

$ 250.99

$ 224.63

$ 166.50

$ 135.17

$ 116.54

$ 58.39

$ 0.00

March1,2020

$ 444.61

$ 422.82

$ 365.85

$ 250.07

$ 243.92

$ 216.51

$ 193.77

$ 143.63

$ 116.60

$ 100.53

$ 50.37

$ 0.00

March1,2021

$ 444.61

$ 416.74

$ 344.34

$ 210.24

$ 205.08

$ 182.03

$ 162.91

$ 120.75

$ 98.03

$ 84.52

$ 42.34

$ 0.00

March1,2022

$ 444.61

$ 410.65

$ 322.82

$ 170.42

$ 166.23

$ 147.55

$ 132.05

$ 97.88

$ 79.46

$ 68.51

$ 34.32

$ 0.00

March1,2023

$ 444.61

$ 404.57

$ 301.31

$ 130.59

$ 127.38

$ 113.06

$ 101.19

$ 75.00

$ 60.89

$ 52.50

$ 26.30

$ 0.00

March1,2024

$ 444.61

$ 398.48

$ 279.80

$ 90.76

$ 88.53

$ 78.58

$ 70.33

$ 52.13

$ 42.32

$ 36.49

$ 18.28

$ 0.00

March1,2025

$ 444.61

$ 392.39

$ 258.28

$ 50.94

$ 49.68

$ 44.10

$ 39.47

$ 29.25

$ 23.75

$ 20.47

$ 10.26

$ 0.00

March1,2026

$ 444.61

$ 384.61

$ 230.76

$ 0.00

$ 0.00

$ 0.00

$ 0.00

$ 0.00

$ 0.00

$ 0.00

$ 0.00

$ 0.00

(v)TheexactStockPricesandEffectiveDatesmaynotbesetforthinthetableabove,inwhichcase:

(A)iftheStockPriceisbetweentwoStockPricesinthetableaboveortheEffectiveDateisbetweentwoEffectiveDatesinthetable,theamountof

Make-WholeConsiderationshallbedeterminedbyastraight-lineinterpolationbetweentheamountofMake-WholeConsiderationsetforthforthehigherandlowerStockPricesandtheearlierandlaterEffectiveDates,asapplicable,basedona365-dayyear;

(B)iftheStockPriceisgreaterthan$75.00pershare(subjecttoadjustmentinthesamemannerastheStockPricessetforthinthecolumnheadings

ofthetableabovepursuanttosubsection(iii)above),noMake-WholeConsiderationshallbepayable;and

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(C)iftheStockPriceislessthan$3.61pershare(subjecttoadjustmentinthesamemannerastheStockPricessetforthinthecolumnheadingsof

thetableabovepursuanttosubsection(iii)above),noMake-WholeConsiderationshallbepayable.Notwithstandingtheforegoing,innoeventshalltheamountofMake-WholeConsiderationper$1,000principalamountofNotesexceed$444.61.

(d)ConversionRateAdjustment.IftheCompanyshall,atanytimeorfromtimetotime,(A)declareadividendontheCommonStockpayableinsharesofitscapitalstock(includingCommonStock),(B)subdividetheoutstandingCommonStockintoalargernumberofShares,(C)combinetheoutstandingCommonStockintoasmallernumberofsharesofitsCommonStock,or(D)issueanysharesofitscapitalstockinareclassificationoftheCommonStock(includinganysuchreclassificationinconnectionwithaconsolidationormergerinwhichtheCompanyisthecontinuingcorporation),thenineachsuchcase,theConversionRateineffectatthetimeoftherecorddateforsuchdividendoroftheeffectivedateofsuchsubdivision,combinationorreclassificationshallbeadjustedsothattheHolderofthisNoteuponconversionaftersuchdateshallbeentitledtoreceivetheaggregatenumberandkindofsharesofcapitalstockwhich,ifthisNotehadbeenconvertedimmediatelypriortosuchdate(withoutregardtotheOwnershipCap),suchholderwouldhaveowneduponsuchconversionandbeenentitledtoreceivebyvirtueofsuchdividend,subdivision,combinationorreclassification.Anysuchadjustmentshallbecomeeffectiveimmediatelyaftertherecorddateofsuchdividendortheeffectivedateofsuchsubdivision,combinationorreclassification.Suchadjustmentshallbemadesuccessivelywheneveranyeventlistedaboveshalloccur.IfadividendontheCommonStockpayableinsharesofitscapitalstock(includingCommonStock)isdeclaredandsuchdividendisnotpaid,theConversionRateshallagainbeadjustedtobetheConversionRate,ineffectimmediatelypriortosuchrecorddate(givingeffecttoalladjustmentsthatotherwisewouldberequiredtobemadepursuanttothisSection4(d)fromandaftersuchrecorddate).

(e)MechanicsofConversion.TheconversionofthisNoteshallbeconductedinthefollowingmanner:

(i)SettlementMethod.UponconversionofthisNotepursuanttoSection4(a)orSection4(b),theCompanyshallpayordeliver,asthecasemaybe,totheHolder,inrespectofeach$1,000principalamountofNotesbeingconverted,(A)cash(“Cash Settlement ”),(B)Shares,togetherwithcash,ifapplicable,inlieuofdeliveringanyfractionalshareofCommonStock(“Physical Settlement ”),or(C)acombinationofcashandShares,togetherwithcash,ifapplicable,inlieuofdeliveringanyfractionalShares(“Combination Settlement ”),atitselection,ineachcaseplusacashpaymentforaccruedandunpaidInterestto,butexcluding,thedateofsettlement.InrespectofanyConversionDate,theCompanyshalldeliveranotice(the“SettlementNotice ”)oftherelevantsettlementmethodinrespectofsuchConversionDate,theCompanyshalldeliversuchSettlementNoticetoconvertingHoldersnolaterthanthecloseofbusinessontheTradingDayimmediatelyfollowingtherelevantConversionDate.IftheCompanydoesnotelectasettlementmethodpriortothedeadlinesetforthintheimmediatelyprecedingsentence,theCompanyshallnolongerhavetherighttoelectCashSettlementorPhysicalSettlementandtheCompanyshallbedeemedtohaveelectedCombinationSettlement,andtheSpecifiedDollarAmountper$1,000principalamountofNotes

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shallbeequalto$1,000.SuchSettlementNoticeshallspecifytherelevantSettlementMethodandinthecaseofanelectionofCombinationSettlement,therelevantSettlementNoticeshallindicatetheSpecifiedDollarAmountper$1,000principalamountofNotes.IftheCompanydeliversaSettlementNoticeelectingCombinationSettlementbutdoesnotindicateaSpecifiedDollarAmountper$1,000principalamountofNotesinsuchSettlementNotice,theSpecifiedDollarAmountper$1,000principalamountofNotesshallbedeemedtobe$1,000.Thecash,Shares(andcashinlieuofanyfractionalshares)oracombinationofcashandSharesinrespectofanyconversionofNotes(the“Settlement Amount ”)shallbecomputedasfollows:

(A)iftheCompanyelectstosatisfysuchconversionbyPhysicalSettlement,theCompanyshalldelivertotheconvertingHolderinrespectofeach$1,000principalamountofNotesbeingconvertedanumberofSharesequaltotheConversionRateineffectontheConversionDate;

(B)iftheCompanyelectstosatisfysuchconversionbyCashSettlement,theCompanyshallpaytotheconvertingHolderinrespectofeach$1,000

principalamountofNotesbeingconvertedcashinanamountequaltothesumoftheDailyConversionValuesforeachofthetwenty(20)consecutiveTradingDaysduringtherelatedObservationPeriod;and

(C)iftheCompanyelectstosatisfysuchconversionbyCombinationSettlement,theCompanyshallpayordeliver,asthecasemaybe,inrespectofeach

$1,000principalamountofNotesbeingconverted,aSettlementAmountequaltothesumoftheDailySettlementAmountsforeachofthetwenty(20)consecutiveTradingDaysduringtherelatedObservationPeriod.

TheDailySettlementAmounts(ifapplicable)andtheDailyConversionValues(ifapplicable)shallbedeterminedbytheCompanypromptlyfollowingthelastdayoftheapplicableObservationPeriod.PromptlyaftersuchdeterminationoftheDailySettlementAmountsortheDailyConversionValues,asthecasemaybe,andtheamountofcashpayableinlieuofdeliveringanyfractionalshareofCommonStock,theCompanyshallnotifytheHolderoftheDailySettlementAmountsortheDailyConversionValues,asthecasemaybe,andtheamountofcashpayableinlieuofdeliveringfractionalShares.

(ii)DisputeResolution.InthecaseofadisputeastothedeterminationoftheConversionPriceorthearithmeticcalculationoftheConversionRateortheMake-WholeConsideration,theCompanyshallissuetotheHolderthenumberofConversionSharesandtheamountofcashthatisnotdisputedandshalltransmitanexplanationofthedisputeddeterminationsorarithmeticcalculationstotheHolderviaelectronicmailwithintwo(2)BusinessDaysofreceiptordeemedreceiptoftheHolder’sConversionNoticeorotherdateofdetermination.IftheHolderandtheCompanyareunabletoagreeuponthedeterminationoftheConversionPriceorarithmeticcalculationoftheConversionRatewithinone(1)BusinessDayofsuchdisputeddeterminationorarithmeticcalculationbeingtransmittedtotheHolder,thentheCompanyshallpromptly(andinanyeventwithintwo(2)BusinessDays)submitviafacsimile(A)thedisputeddeterminationoftheConversionPricetoanindependent,reputableinvestmentbankingfirmagreedtobytheCompanyandtheRequiredNoteHolders,or(B)thedisputedarithmeticcalculationoftheConversionRateortheMake-WholeConsiderationtothe

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Company’sindependentregisteredpublicaccountingfirm,asthecasemaybe.TheCompanyshalldirecttheinvestmentbankortheaccountingfirm,asthecasemaybe,toperformthedeterminationsorcalculationsandnotifytheCompanyandtheHolderoftheresultsnolaterthantwo(2)BusinessDaysfromthetimeitreceivesthedisputeddeterminationsorcalculations.Suchinvestmentbank’soraccountingfirm’sdeterminationorcalculation,asthecasemaybe,shallbebindinguponallpartiesabsentmanifesterror.

(iii)RecordHolder.ThePersonorPersonsentitledtoreceivetheConversionSharesissuableuponaconversionofthisNoteshallbetreatedforallpurposesasthelegalandrecordholderorholdersofsuchSharesupondeliveryoftheConversionNoticeviaelectronicmailorotherwiseinaccordancewiththetermshereof.

(iv)Book-Entry.Notwithstandinganythingtothecontrarysetforthherein,uponconversionorredemptionofthisNoteinaccordancewiththetermshereof,theHoldershallnotberequiredtophysicallysurrenderthisNotetotheCompanyunlessallofthePrincipalisbeingconvertedorredeemed.TheHolderandtheCompanyshallmaintainrecordsshowingthePrincipalconvertedorredeemedandthedatesofsuchconversionsorredemptionsorshallusesuchothermethod,reasonablysatisfactorytotheHolderandtheCompany,soasnottorequirephysicalsurrenderofthisNoteuponanysuchpartialconversionorredemption.Notwithstandingtheforegoing,ifthisNoteisconvertedorredeemedasaforesaid,theHoldermaynottransferthisNoteunlesstheHolderfirstphysicallysurrendersthisNotetotheCompany,whereupontheCompanywillforthwithissueanddeliverupontheorderoftheHolderanewNoteofliketenor,registeredastheHoldermayrequest,representingintheaggregatetheremainingPrincipalrepresentedbythisNote.TheHolderandanyassignee,byacceptanceofthisNote,acknowledgeandagreethat,byreasonoftheprovisionsofthisparagraph,followingconversionorredemptionofanyportionofthisNote,thePrincipalofthisNotemaybelessthantheprincipalamountstatedonthefacehereof.

(f)Legends.

(i)RestrictiveLegend.TheHolderunderstandsthatuntilsuchtimeasthisNoteortheConversionShareshavebeenregisteredundertheSecuritiesActorotherwisemaybesoldpursuanttoRule144undertheSecuritiesActoranexemptionfromregistrationundertheSecuritiesActwithoutanyrestrictionastothenumberofsecuritiesasofaparticulardatethatcanthenbeimmediatelysold,thisNoteandtheConversionShares,asapplicable,maybeararestrictivelegendinsubstantiallythefollowingform(andastop-transferordermaybeplacedagainsttransferofthecertificatesforsuchsecurities):

“[THISSECURITYANDTHECOMMONSTOCKISSUABLEUPONCONVERSIONOFTHISSECURITY][THESESHARESOFCOMMONSTOCK]HAVENOTBEENREGISTEREDUNDERTHESECURITIESACTOF1933,ASAMENDED(THE“SECURITIESACT”),ORAPPLICABLESTATESECURITIESLAWS.THE[SECURITIES][COMMONSTOCK]MAYNOTBESOLD,TRANSFERREDORASSIGNEDINTHEABSENCEOFANEFFECTIVEREGISTRATIONSTATEMENTFORTHESECURITIESUNDERTHESECURITIESACT,ORPURSUANTTOANEXEMPTIONFROMREGISTRATIONUNDERTHESECURITIESACT.INTHECASEOFA

12

TRANSACTIONEXEMPTFROMREGISTRATIONTHECOMPANYRESERVESTHERIGHTTOREQUIREANOPINIONOFCOUNSELSATISFACTORYTOITASTOTHEAVAILABILITYOFANYEXEMPTIONFROMTHEREGISTRATIONREQUIREMENTSOFTHESECURITIESACT.”

5.RepurchaseatHolder’sOptionUponaCorporateTransaction.

(a)Generally.IfaCorporateTransactionoccursatanytime,theHoldershallhavetherightandoption,butnottheobligation,tocause

theCompanytopurchaseontheCorporateTransactionRepurchaseDate(asdefinedbelow)alloranyportionoftheunpaidPrincipalamountofthisNote(the“Corporate Transaction Repurchase Option ”)thatisequalto$1,000oranintegralmultipleof$1,000inexcessthereof,onthedatespecifiedbytheCompany(the“Corporate Transaction Repurchase Date ”)thatisnotlessthanfifteen(15)BusinessDaysfollowingthedateoftheCorporateTransactionNoticeforapurchasepriceincash(the“Repurchase Consideration ”)equaltothesumof:(i)100%ofthePrincipalamountofthisNotetobepurchased;plus(ii)accruedandunpaidInterestthereon,tobutexcludingtheRepurchaseDate(totheextentsuchdateoccurspriortotheMaturityDate).

(b)RequiredNotices.TheCompanyshallpromptlyprovidetheHolderwiththeCorporateTransactionNotice,butinnoeventlaterthanfifteen(15)BusinessDaysfromwhentheCompanyfirstbecomesawareofsuchaCorporateTransaction.TheHoldermaydelivertotheCompanywrittennoticeofitselectiontoexerciseitsrepurchaseright(the“Corporate Transaction Repurchase Notice ”)onorbeforethecloseofbusinessontheBusinessDayimmediatelyprecedingtheCorporateTransactionRepurchaseDate.

(c)PaymentofConsideration.TheCompanyshallpaytotheHolderontheCorporateTransactionRepurchaseDate,theRepurchaseConsiderationbywiretransferofimmediatelyavailablefundsagainstthedeliverytotheCompanyofthisNote,andthisNoteshallbecancelledandretired;provided,however,thatifonlyaportionoftheprincipalamountofthisNoteisbeingpurchased,thentheCompanyshall,concurrentlywithsuchdelivery,dulyexecuteanddelivertotheHolderanewNoteofthesametenorasthisNote,butwithaprincipalamountequaltotheprincipalamountoftheportionofthisNotenotbeingpurchased.Notwithstandingtheforegoing,intheeventthataHolderexercisestheCorporateTransactionRepurchaseOptionandtheCompanyfailstopaytheRepurchaseConsiderationinfullduetotheCompanymaintaininginsufficientfundstopaysuchRepurchaseConsideration,(i)thisNoteandthethenoutstandingPrincipalplusallaccruedandunpaidInterestthereonshallremainoutstandinguntilthedatetheHolderreceivestheRepurchaseConsiderationinfull,(ii)InterestonthePrincipalshallcontinuetoaccrue(upuntiltheHolderreceivestheRepurchaseConsiderationinfull)and(iii)theHoldershallmaintainallofitsrightsandremediesundertheNoteDocuments.

6.NoRightsasaStockholder.ThisNotedoesnotbyitselfentitletheHoldertoanyvotingrightsorotherrightsasastockholderoftheCompany.IntheabsenceofconversionofthisNote,noprovisionsofthisNote,andnoenumerationhereinoftherightsorprivilegesoftheHolder,shallcausetheHoldertobeastockholderoftheCompanyforanypurpose.

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7.VotingRights.Exceptasrequiredbylaw,theHoldershallhavenovotingrightswithrespecttoanyoftheConversionSharesuntildeliveryof

theConversionShares.

8.Amendment;Waiver.ThetermsandprovisionsofthisNoteshallnotbeamendedorwaivedexceptinawritingsignedbytheCompanyandtheHolder.

9.Remedies,Characterizations,OtherObligations,BreachesandInjunctiveRelief.TheremediesprovidedinthisNoteshallbecumulativeandinadditiontoallotherremediesavailableunderthisNote,theNotePurchaseAgreement,atlaworinequity(includingadecreeofspecificperformanceand/orotherinjunctiverelief).Noremedycontainedhereinshallbedeemedawaiverofcompliancewiththeprovisionsgivingrisetosuchremedy,andnothinghereinshalllimittheHolder’srighttopursueactualdamagesforanyfailurebytheCompanytocomplywiththetermsofthisNote.TheCompanycovenantstotheHolderthatthereshallbenocharacterizationconcerningthisinstrumentotherthanasexpresslyprovidedherein.TheCompanyacknowledgesthatabreachbyitofitsobligationshereunderwillcauseirreparableharmtotheHolderandthattheremedyatlawforanysuchbreachmaybeinadequate.TheCompanythereforeagreesthat,intheeventofanysuchbreachorthreatenedbreach,theHoldershallbeentitled,inadditiontoallotheravailableremedies,toaninjunctionrestraininganybreach,withoutthenecessityofshowingeconomiclossandwithoutanybondorothersecuritybeingrequired.

10.SpecificShallNotLimitGeneral;Construction.NospecificprovisioncontainedinthisNoteshalllimitormodifyanymoregeneralprovisioncontainedherein.ThisNoteshallbedeemedtobejointlydraftedbytheCompanyandallpurchasersofNotespursuanttotheNotePurchaseAgreementandshallnotbeconstruedagainstanyPersonasthedrafterhereof.

11.FailureorIndulgenceNotWaiver.NofailureordelayonthepartoftheHolderintheexerciseofanypower,rightorprivilegehereundershalloperateasawaiverthereof,norshallanysingleorpartialexerciseofanysuchpower,rightorprivilegeprecludeotherorfurtherexercisethereoforofanyotherright,powerorprivilege.

12.Notices.WhenevernoticeisrequiredtobegivenunderthisNote,unlessotherwiseprovidedherein,suchnoticeshallbegiveninaccordancewithSection7.1oftheNotePurchaseAgreement.

13.RestrictionsonTransfer.

(a)RegistrationorExemptionRequired.ThisNotehasbeenissuedinatransactionexemptfromtheregistrationrequirementssetforthundertheSecuritiesAct.NoneoftheNoteortheConversionSharesmaybepledged,transferred,sold,assigned,hypothecatedorotherwisedisposedofexceptpursuanttoaneffectiveregistrationstatementoranexemptiontotheregistrationrequirementsoftheSecuritiesActandapplicablestatelaws.

(b)Assignment;Transfer.ThetermsandconditionsofthisNoteshallinuretothebenefitofandbebindingupontherespectivesuccessorsandassignsoftheCompanyandtheHolder.TheHoldermaysell,assign,pledgeorotherwisetransferthisNoteif:(i)theHoldershallhavedeliveredthree(3)days’priorwrittennoticetotheCompany,substantiallyintheformoftheAssignmentattachedheretoasExhibitB,indicatingthePersonorPersonstowhomthe

14

NoteshallbeassignedandtherespectiveprincipalamountoftheNotetobeassignedtoeachassignee;(ii)otherthaninthecaseofanassignmentortransferpursuanttoaneffectiveregistrationstatementfiledwiththeSECcoveringthedispositionofthisNoteorpursuanttoRule144,theHoldershallhavedeliveredtotheCompanyalegalopinionreasonablyacceptabletotheCompanytotheeffectthattheNotetobetransferredmaybetransferredpursuanttoanexemptionfromregistrationundertheSecuritiesAct;and(iii)theHoldershallhaveotherwisecompliedwithSection6.6oftheNotePurchaseAgreement.TheCompanyshalleffecttheassignmentwithinthree(3)BusinessDays(the“Transfer Delivery Period ”),andshalldelivertotheassignee(s)designatedbytheHolderaNoteorNotesofliketenorandtermsfortheappropriateprincipalamount.ThisNoteandtherightsevidencedherebyshallinuretothebenefitofandbebindinguponthesuccessorsandpermittedassignsoftheHolder.TheprovisionsofthisNoteareintendedtobeforthebenefitofallHoldersfromtimetotimeofthisNote,andshallbeenforceablebyanysuchHolder.TheOwnershipCapshallremaininplaceuponassignmentofthisNote.

14.PaymentofCollection,EnforcementandOtherCosts.If(a)thisNoteisplacedinthehandsofanattorneyforcollectionorenforcementoriscollectedorenforcedthroughanylegalproceeding;or(b)anattorneyisretainedtorepresenttheHolderinanybankruptcy,reorganization,orreceivershipoftheCompanyorotherproceedingsaffectingCompanycreditors’rightsandinvolvingaclaimunderthisNote,thentheCompanyshallpaythecostsincurredbytheHolderforsuchcollection,enforcementoraction,includingreasonableattorneys’feesanddisbursements.

15.Cancellation.AfterallPrincipal,Interestandotheramountsatanytimeowedunder,oronaccountof,thisNotehavebeenpaidinfullorconvertedinaccordancewiththetermshereof,thisNoteshallautomaticallybedeemedcancelled,shallbesurrenderedtotheCompanyforcancellationandshallnotbereissued.

16.WaiverofNotice.Totheextentpermittedbylaw,theCompanyherebywaivesdemand,notice,presentment,protestandallotherdemandsandnoticesinconnectionwiththedelivery,acceptance,performance,defaultorenforcementofthisNoteandtheNotePurchaseAgreement.

17.GoverningLaw.Allquestionsconcerningtheconstruction,validity,enforcementandinterpretationofthisNoteshallbegovernedbyandconstruedandenforcedinaccordancewiththeinternallawsoftheStateofNewYorkwithoutregardtothechoiceoflawprinciplesthereof.TheCompanyagreesthatalllegalproceedingsconcerningtheinterpretations,enforcementanddefenseofthetransactionscontemplatedbythisNoteshallbecommencedexclusivelyinthestateandfederalcourtssittingintheCityofNewYork.TheCompanyherebyirrevocablysubmitstotheexclusivejurisdictionofthestateandfederalcourtssittingintheCityofNewYork,boroughofManhattanfortheadjudicationofanydisputehereunderorinconnectionherewithorwithanytransactioncontemplatedherebyordiscussedherein,andherebyirrevocablywaives,andagreesnottoassertinanysuit,actionorotherproceeding,anyclaimthatitisnotpersonallysubjecttothejurisdictionofanysuchcourt,thatsuchsuit,actionorproceedingisimproperorisaninconvenientvenueforsuchproceeding.TheCompanyherebyirrevocablywaivespersonalserviceofprocessandconsentstoprocessbeingservedinanysuchsuit,actionorotherproceedingbymailingacopythereofviaregisteredorcertifiedUnitedStates

15

mailorovernightdelivery(withevidenceofdelivery)tosuchPartyattheaddressineffectfornoticestoitundertheNotePurchaseAgreementandagreesthatsuchserviceshallconstitutegoodandsufficientserviceofprocessandnoticethereof.Nothingcontainedhereinshallbedeemedtolimitinanywayanyrighttoserveprocessinanyothermannerpermittedbylaw.THECOMPANYHEREBYWAIVESALLRIGHTSTOATRIALBYJURY.

18.InterpretativeMatters.Unlessthecontextotherwiserequires,(a)allreferencestoSectionsorExhibitsaretoSectionsorExhibitscontainedinorattachedtothisNote,(b)eachaccountingtermnototherwisedefinedinthisNotehasthemeaningassignedtoitinaccordancewithgenerallyacceptedaccountingprinciplesconsistentlyappliedassetforthintheopinionsandpronouncementsoftheAccountingPrinciplesBoardandtheAmericanInstituteofCertifiedPublicAccountants,(c)wordsinthesingularorpluralincludethesingularandpluralandpronounsstatedineitherthemasculine,thefeminineorneutergendershallincludethemasculine,feminineandneuterand(d)theuseoftheword“including”inthisNoteshallbebywayofexampleratherthanlimitation.Ifastocksplit,stockdividend,stockcombinationorothersimilareventoccursduringanyperiodoverwhichanaveragepriceisbeingdetermined,thenanappropriateadjustmentwillbemadetosuchaveragetoreflectsuchevent.

19.Execution.APDForotherreproductionofthisNotemaybedeliveredbytheCompany,andanexecutedcopyofthisNotemaybedeliveredbytheCompanybye-mailorothersimilarelectronictransmissiondevicepursuanttowhichthesignatureoforonbehalfoftheCompanycanbeseen,andsuchexecutionanddeliveryshallbeconsideredvalid,bindingandeffectiveforallpurposes.TheCompanyherebyagreesthatitshallnotraisetheexecutionofPDForotherreproductionofthisNote,orthefactthatanysignaturewastransmittedbye-mailorothersimilarelectronictransmissiondevice,asadefensetotheCompany’sexecutionofthisNote.Notwithstandingtheforegoing,theCompanyshallberequiredtodeliveranoriginallyexecutedNotetotheHolder.

20.SubordinationAgreement.EachHolderofthisNote,whethertheinitialHolderonthedatehereoforanysubsequentHolderbyassignmentorothertransfer,acknowledgesandagreesthattherepaymentofthisNoteandsuchHolder’srightsandremedieshereunder,areinallrespectssubjecttothetermsoftheSubordinationAgreement.EachHolderfurther(a)acknowledgesthatithasreceivedacopyoftheSubordinationAgreementandagreestobeboundtherebyasifanoriginalsignatorytheretoasa“SubordinatedCreditor”and(b)irrevocablyappoints,designatesandauthorizesCap1LLC,oritsassignee,asSubordinatedAgenttotakesuchactionorrefrainfromtakinganyactiononitsbehalfundertheprovisionsoftheSubordinationAgreementandtoexercisesuchpowersandperformsuchdutiesasareexpresslydelegatedtoitbythetermsofthisAgreement,togetherwithsuchpowersasarereasonablyincidentalthereto.

[Signaturepagefollows]

16

INWITNESSWHEREOF,theCompanyhascausedthisNotetobedulyexecutedasofthedatefirstsetforthabove.

COMPANY:

 

OCULAR THERAPEUTIX, INC .  

By: /s/DonaldNotmanName: DonaldNotmanTitle: ChiefFinancialOfficer

Exhibit A

CONVERSION NOTICE

ReferenceismadetotheSeniorSubordinatedConvertibleNote(the“Note ”)ofOCULAR THERAPEUTIX, INC. ,aDelawarecorporation(the“

Company ”),intheoriginalprincipalamountof$37,500,000.InaccordancewithandpursuanttotheNote,theundersignedherebyelectstoconverttheConversionAmount(asdefinedintheNote)oftheNoteindicatedbelowintoSharesofCommonStock,parvalue$0.0001pershare(the“Common Stock ”),oftheCompany,asofthedatespecifiedbelow.DateofConversion:

AggregateConversionAmounttobeconvertedattheConversionPrice(asdefinedintheNote):Principal,applicablethereto,tobeconverted:PleaseissuetheCommonStockintowhichtheNoteisbeingconvertedinthefollowingnameandtothefollowingaddress:Issueto:EmailAddress:

Authorization:

By:

Title:

Dated:

DTCParticipantNumberandName(ifelectronicbookentrytransfer):AccountNumber(ifelectronicbookentrytransfer):

Exhibit B

ASSIGNMENT

(Tobeexecutedbytheregisteredholder

desiringtotransfertheNote)

FORVALUERECEIVED,theundersignedholderoftheattachedSeniorSubordinatedConvertibleNote(the“Note ”)herebysells,assignsandtransfersuntothepersonorpersonsbelownamedtherighttoreceivetheprincipalamountof$fromOcularTherapeutix,Inc.,aDelawarecorporation,evidencedbytheattachedNoteanddoesherebyirrevocablyconstituteandappointattorneytotransferthesaidNoteonthebooksoftheCompany,withfullpowerofsubstitutioninthepremises.Dated:,20[]

SignatureFillinfornewregistrationofNote:

Name

Address

Pleaseprintnameandaddressofassignee(includingzipcodenumber)

NOTICEThesignaturetotheforegoingAssignmentmustcorrespondtothenameaswrittenuponthefaceoftheattachedNoteineveryparticular,withoutalterationorenlargementoranychangewhatsoever.

Exhibit 5.1

+12122308800(t)+12122308888(f)

wilmerhale.comApril1,2019OcularTherapeutix,Inc.15CrosbyDriveBedford,Massachusetts01730Re:RegistrationStatementonFormS-3LadiesandGentlemen:ThisopinionisfurnishedtoyouinconnectionwithaRegistrationStatementonFormS-3(the“RegistrationStatement”)filedwiththeSecuritiesandExchangeCommission(the“Commission”)undertheSecuritiesActof1933,asamended(the“SecuritiesAct”),fortheregistrationofanaggregateof9,574,021sharesofcommonstock,$0.0001parvaluepershare(the“CommonStock”),ofOcularTherapeutix,Inc.,aDelawarecorporation(the“Company”),including3,804,788sharesoftheCompany’sCommonStockcurrentlyissuedandoutstanding(the“InitialCommonShares”)and5,769,233sharesoftheCompany’sCommonStockissuableupontheconversionofoutstandingseniorsubordinatedconvertiblenotes(the“ConversionShares”andtogether,withtheInitialCommonShares,the“Shares”)heldbyCap1LLC(the“SellingStockholder”).AlloftheSharesarebeingregisteredonbehalfoftheSellingStockholder.WeareactingascounselfortheCompanyinconnectionwiththeregistrationforresaleoftheShares.WehaveexaminedandrelieduponcopiesoftheRegistrationStatement,asfiledwiththeCommission,includingtheexhibitsthereto.WehavealsoexaminedandreliedupontheRestatedCertificateofIncorporationoftheCompany(asamendedorrestatedfromtimetotime);theAmendedandRestatedBy-lawsoftheCompany(asamendedorrestatedfromtimetotime);recordsofmeetingsandactionsofstockholdersandoftheBoardofDirectorsoftheCompany,includingcommitteesthereof,asprovidedtousbytheCompany;certificatesofrepresentativesoftheCompany;certificatesofpublicofficials;andsuchotherdocuments,instrumentsandcertificatesaswehavedeemednecessaryasabasisfortheopinionhereinafterexpressed.

Inourexaminationoftheforegoingdocuments,wehaveassumedthegenuinenessofallsignatures,thelegalcapacityofallsignatories,theauthenticityofalldocumentssubmittedtousasoriginals,theconformitytooriginaldocumentsofalldocumentssubmittedtousascopies,theauthenticityofsuchoriginaldocuments,andthecompletenessandaccuracyofthecorporaterecordsandstockbooksoftheCompanyprovidedtousbytheCompany.Ouropinionbelow,insofarasitrelatestotheSharesbeingfullypaid,isbasedsolelyonacertificateoftheChiefFinancialOfficeroftheCompanyconfirmingtheCompany’sreceiptoftheconsiderationcalledforbytheapplicableresolutionsauthorizingtheissuanceofsuchShares.Weassumethattheappropriateactionwillbetaken,priortotheofferandsaleoftheShares,toregisterandqualifytheSharesforsaleunderallapplicablestatesecuritiesor“bluesky”laws.WeexpressnoopinionhereinastothelawsofanystateorjurisdictionotherthantheGeneralCorporationLawoftheStateofDelawareandthefederallawsoftheUnitedStatesofAmerica.Inaddition,weexpressnoopinionandmakenostatementhereinwithrespecttotheantifraudlawsofanyjurisdiction.Baseduponandsubjecttotheforegoing,weareoftheopinionthat(i)theInitialCommonShareshavebeendulyauthorizedandarevalidlyissued,fullypaidandnonassessableand(ii)theConversionShares,whenissuedanddeliveredupontheconversionoftheseniorsubordinatedconvertiblenotesissuedbytheCompanyinaccordancewiththetermsofsuchnotes,willbedulyauthorized,validlyissued,fullypaidandnonassessable.ItisunderstoodthatthisopinionistobeusedonlyinconnectionwiththeofferandsaleoftheShareswhiletheRegistrationStatementisineffect.Pleasenotethatweareopiningonlyastothemattersexpresslysetforthherein,andnoopinionshouldbeinferredastoanyothermatters.Thisopinionisbaseduponcurrentlyexistingstatutes,rules,regulationsandjudicialdecisions,andwedisclaimanyobligationtoadviseyouofanychangeinanyofthesesourcesoflaworsubsequentlegalorfactualdevelopmentswhichmightaffectanymattersoropinionssetforthherein.WeherebyconsenttothefilingofthisopinionwiththeCommissionasanexhibittotheRegistrationStatementinaccordancewiththerequirementsofItem601(b)(5)ofRegulationS-KundertheSecuritiesActandtotheuseofournamethereinandintherelatedprospectusunderthecaption“LegalMatters.”Ingivingsuchconsent,wedonotherebyadmitthatweareinthecategoryofpersonswhoseconsentisrequiredunderSection7oftheSecuritiesActortherulesandregulationsoftheCommission.

Verytrulyyours,

WILMERCUTLERPICKERINGHALEANDDORRLLP

By: /s/BrianA.Johnson

BrianA.Johnson,aPartner

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Exhibit23.1

CONSENTOFINDEPENDENTREGISTEREDPUBLICACCOUNTINGFIRM

WeherebyconsenttotheincorporationbyreferenceinthisRegistrationStatementonFormS-3ofOcularTherapeutix,Inc.ofourreportdatedMarch7,2019relatingtothefinancialstatements,whichappearsinOcularTherapeutixInc.'sAnnualReportonForm10-KfortheyearendedDecember31,2018.Wealsoconsenttothereferencetousundertheheading"Experts"insuchRegistrationStatement.

/s/PricewaterhouseCoopersLLPBoston,MassachusettsApril1,2019

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Exhibit23.1

CONSENTOFINDEPENDENTREGISTEREDPUBLICACCOUNTINGFIRM