X0306 5 2019-12-31 0 0 1 0001253176 VAPOTHERM INC VAPO 0001762924 3x5 Partners, LLC 2540 NE MARTIN LUTHER KING JR. BLVD. PORTLAND OR 97212 0 0 1 0 0001529594 3x5 Special Opportunity Fund, L.P. 101 S. HANLEY ROAD, SUITE 1850 ST. LOUIS MO 63105 0 0 1 0 0001561748 Vapotherm Investors, LLC 2540 NE MARTIN LUTHER KING JR. BLVD. PORTLAND OR 97212 0 0 1 0 Common Stock 2019-08-02 4 P 0 10000 14.34 A 10000 D Common Stock 2019-09-11 4 P 0 20000 8.68 A 30000 D Common Stock 2294204 I By Vapotherm Investors, LLC Common Stock 1049958 I By 3x5 Special Opportunity Fund, L.P. This transaction was executed in multiple trades at prices ranging from $14.325 to $14.35. The price reported above reflects the weighted average price. The Reporting Person hereby undertakes to provide upon request to the staff of the Securities and Exchange Commission, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected. This transaction was executed in multiple trades at prices ranging from $8.64 to $8.74. The price reported above reflects the weighted average price. The Reporting Person hereby undertakes to provide upon request to the staff of the Securities and Exchange Commission, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected. 3x5 Partners, LLC is the managing member of Vapotherm Investors, LLC and a member of 3x5 Special Opportunity Partners, LLC, which is the general partner of 3x5 Special Opportunity Fund, L.P., and by virtue of these relationships 3x5 Partners, LLC may be deemed to indirectly beneficially own the shares directly held by Vapotherm Investors, LLC and 3x5 Special Opportunity Partners, L.P. 3x5 Partners, LLC disclaims beneficial ownership, within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, or otherwise, of such securities except to the extent of its pecuniary interest therein. /s/Anthony Ten Haagen, as Attorney In Fact for 3x5 Partners, LLC, Vapotherm Investors, LLC and 3x5 Special Opportunity Fund, L.P. 2020-01-24