Document:

EX-4.2

 Exhibit 4.2 

EXECUTION VERSION 

INVESTORS’ RIGHTS AGREEMENT 

 TABLE OF CONTENTS 
  

									
	 Page
	 	 	  	 	  	 	 
			
	 1.
	 	 Definitions
	  	 	1	 
			
	 2.
	 	 Registration Rights
	  	 	4	 
		 	2.1	  	 Demand Registration
	  	 	4	 
		 	2.2	  	 Company Registration
	  	 	5	 
		 	2.3	  	 Underwriting Requirements
	  	 	6	 
		 	2.4	  	 Obligations of the Company
	  	 	7	 
		 	2.5	  	 Furnish Information
	  	 	8	 
		 	2.6	  	 Expenses of Registration
	  	 	9	 
		 	2.7	  	 Delay of Registration
	  	 	9	 
		 	2.8	  	 Indemnification
	  	 	9	 
		 	2.9	  	 Reports Under Exchange Act
	  	 	11	 
		 	2.10	  	 Limitations on Subsequent Registration Rights
	  	 	12	 
		 	2.11	  	 “Market Stand-off” Agreement
	  	 	12	 
		 	2.12	  	 Restrictions on Transfer
	  	 	13	 
		 	2.13	  	 Termination of Registration Rights
	  	 	14	 
			
	 3.
	 	 Rights to Future Stock Issuances
	  	 	15	 
		 	3.1	  	 Right of First Offer
	  	 	15	 
		 	3.2	  	 Termination
	  	 	16	 
			
	 4.
	 	 Miscellaneous
	  	 	16	 
		 	4.1	  	 Successors and Assigns
	  	 	16	 
		 	4.2	  	 Governing Law
	  	 	17	 
		 	4.3	  	 Counterparts
	  	 	17	 
		 	4.4	  	 Titles and Subtitles
	  	 	17	 
		 	4.5	  	 Notices
	  	 	17	 
		 	4.6	  	 Amendments and Waivers
	  	 	18	 
		 	4.7	  	 Severability
	  	 	19	 
		 	4.8	  	 Aggregation of Units
	  	 	19	 
		 	4.9	  	 Additional Investors
	  	 	19	 
		 	4.10	  	 Entire Agreement
	  	 	19	 
		 	4.11	  	 Dispute Resolution
	  	 	19	 
		 	4.12	  	 Delays or Omissions
	  	 	20	 

  

					
	Schedule A	 	-	  	Schedule of Investors

  
 i 

 INVESTORS’ RIGHTS AGREEMENT 

THIS INVESTORS’ RIGHTS AGREEMENT (this “Agreement”), is made as of the
22nd day of December, 2020, by and among Context Therapeutics LLC, a Delaware limited liability company (the “Company”), and each of the investors listed on Schedule A
hereto, each of which is referred to in this Agreement as an “Investor” and any Additional Purchaser (as defined in the Purchase Agreement) that becomes a party to this Agreement in accordance with Section 4.9
hereof. 
 RECITALS 

WHEREAS, the Company and the Investors are parties to that certain Series A Preferred Unit Purchase Agreement of even date herewith (the
“Purchase Agreement”); and 
 WHEREAS, in order to induce the Company to enter into the Purchase Agreement and to
induce the Investors to invest funds in the Company pursuant to the Purchase Agreement, the Investors and the Company hereby agree that this Agreement shall govern the rights of the Investors to cause the Company to register Common Units issuable to
the Investors, to receive certain information from the Company, and to participate in future equity offerings by the Company, and shall govern certain other matters as set forth in this Agreement; and 

WHEREAS, pursuant to Section 10.1(c) of the Company’s Amended and Restated Operating Agreement (as amended, the
“Restated Operating Agreement”), this Agreement supersedes the provisions of Articles V and XI of that Restated Operating Agreement, and in the event of any inconsistencies between these agreements, the terms of this Agreement shall
be controlling; 
 NOW, THEREFORE, the parties hereby agree as follows: 

1. Definitions. For purposes of this Agreement: 

1.1 “Affiliate” means, with respect to any specified Person, any other Person who, directly or indirectly,
controls, is controlled by, or is under common control with such Person, including without limitation any general partner, managing member, officer, director or trustee of such Person, or any venture capital fund or registered investment company now
or hereafter existing that is controlled by one or more general partners, managing members or investment adviser of, or units the same management company or investment adviser with, such Person. 

1.2 “Common Units” means the Company’s common units. 

1.3 “Damages” means any loss, damage, claim or liability (joint or several) to which a party hereto may become
subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of or is based upon: (i) any untrue statement or alleged untrue
statement of a material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or 

 
any amendments or supplements thereto; (ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not
misleading; or (iii) any violation or alleged violation by the indemnifying party (or any of its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities
Act, the Exchange Act, or any state securities law. 
 1.4 “Derivative Securities” means any securities or
rights convertible into, or exercisable or exchangeable for (in each case, directly or indirectly), Common Units, including options and warrants. 

1.5 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. 
 1.6 “Excluded Registration” means (i) a registration relating to the sale or
grant of securities to employees of the Company or a subsidiary pursuant to a unit option, unit purchase, equity incentive or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; (iii) a registration on any form that
does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration in which the only Common Units being registered are
Common Units issuable upon conversion of debt securities that are also being registered. 
 1.7 “FOIA Party”
means a Person that, in the determination of the Management Committee, may be subject to, and thereby required to disclose non-public information furnished by or relating to the Company under, the Freedom of
Information Act, 5 U.S.C. 552 (“FOIA”), any state public records access law, any state or other jurisdiction’s laws similar in intent or effect to FOIA, or any other similar statutory or regulatory requirement. 

1.8 “Form S-1” means such form under the Securities Act as in effect
on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC. 
 1.9
“Form S-3” means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently adopted by the SEC that permits forward
incorporation of substantial information by reference to other documents filed by the Company with the SEC. 
 1.10
“GAAP” means generally accepted accounting principles in the United States as in effect from time to time. 

1.11 “Holder” means any holder of Registrable Securities who is a party to this Agreement. 

1.12 “Immediate Family Member” means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse,
sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including, adoptive relationships, of a natural person referred to herein. 

  
 2 

 1.13 “Initiating Holders” means, collectively, Holders who
properly initiate a registration request under this Agreement. 
 1.14 “IPO” means the Company’s first
underwritten public offering of its Common Units under the Securities Act. 
 1.15 “Key Employee” means any
executive-level employee (including, division director and vice president-level positions) as well as any employee who, either alone or in concert with others, develops, invents, programs, or designs any Company Intellectual Property (as defined in
the Purchase Agreement). 
 1.16 “Major Investor” means any Investor that, individually or together with
such Investor’s Affiliates, holds at least 209,381 Series A Preferred Units. 
 1.17 “Management
Committee” means the management committee of the Company. 
 1.18 “New Securities” means,
collectively, equity securities of the Company, whether or not currently authorized, as well as rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or
exchangeable into or exercisable for such equity securities. 
 1.19 “Person” means any individual,
corporation, partnership, trust, limited liability company, association or other entity. 
 1.20 “Preferred
Units” means, collectively, the Company’s Series A Preferred Units and the Series Seed Units. 
 1.21
“Registrable Securities” means (i) the Common Units issuable or issued upon conversion of the Preferred Units; (ii) any Common Units, or any Common Units issued or issuable (directly or indirectly) upon conversion
and/or exercise of any other securities of the Company, acquired by the Investors after the date hereof; and (iii) any Common Units issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued
as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the units referenced in clauses (i) and (ii) above; excluding in all cases, however, any Registrable Securities sold by a Person in a
transaction in which the applicable rights under this Agreement are not assigned pursuant to Subsection 4.1, and excluding for purposes of Section 2 any units for which registration rights have terminated pursuant to
Subsection 2.13 of this Agreement. 
 1.22 “Registrable Securities then outstanding” means the number
of units determined by adding the number of outstanding Common Units that are Registrable Securities and the number of Common Units issuable (directly or indirectly) pursuant to then exercisable and/or convertible securities that are Registrable
Securities. 

  
 3 

 1.23 “Restated Operating Agreement” means the
Company’s Amended and Restated Operating Agreement. 
 1.24 “Restricted Securities” means the
securities of the Company required to be notated with the legend set forth in Subsection 2.12(b) hereof. 
 1.25
“SEC” means the Securities and Exchange Commission. 
 1.26 “SEC Rule 144” means Rule 144
promulgated by the SEC under the Securities Act. 
 1.27 “SEC Rule 145” means Rule 145 promulgated by the
SEC under the Securities Act. 
 1.28 “Securities Act” means the Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder. 
 1.29 “Selling Expenses” means all underwriting discounts,
selling commissions, and unit transfer taxes applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as
provided in Subsection 2.6. 
 1.30 “Series A Preferred Units” means the Company’s Series A
Preferred Units. 
 2. Registration Rights. The Company covenants and agrees as follows: 

2.1 Demand Registration. 

(a) Form S-3 Demand. If at any time when it is eligible to use a Form S-3 registration statement, the Company receives a request from Holders of at least thirty percent (30%) of the Registrable Securities then outstanding that the Company file a Form
S-3 registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least $5 million, then the
Company shall (i) within ten (10) days after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within forty-five (45) days
after the date such request is given by the Initiating Holders, file a Form S-3 registration statement under the Securities Act covering all Registrable Securities requested to be included in such registration
by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(b) and 2.3;
provided, however, that the Holders may not invoke this right more than twice in any twelve-month period. 
 (b)
Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant to this Subsection 2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith
judgment of the 

  
 4 

 
Management Committee it would be materially detrimental to the Company and its unitholders for such registration statement to either become effective or remain effective for as long as such
registration statement otherwise would be required to remain effective, because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company;
(ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange
Act, then the Company shall have the right to defer taking action with respect to such filing, and any time periods with respect to filing or effectiveness thereof shall be tolled correspondingly, for a period of not more than one hundred twenty
(120) days after the request of the Initiating Holders is given; provided, however, that the Company may not invoke this right more than once in any twelve (12) month period. 

(c) The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.1(a)
(i) during the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is one hundred eighty (180) days after the effective date of, a Company-initiated registration,
provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; (ii) after the Company has effected one registration pursuant to
Subsection 2.1(a); or (iii) if the Initiating Holders propose to dispose of units of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant
to Subsection 2.1(b). The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.1(b) (i) during the period that is thirty (30) days before the
Company’s good faith estimate of the date of filing of, and ending on a date that is ninety (90) days after the effective date of, a Company-initiated registration, provided that the Company is actively employing in good faith commercially
reasonable efforts to cause such registration statement to become effective; or (ii) if the Company has effected two registrations pursuant to Subsection 2.1(b) within the twelve (12) month period immediately preceding the date
of such request. A registration shall not be counted as “effected” for purposes of this Subsection 2.1(c) until such time as the applicable registration statement has been declared effective by the SEC, unless the Initiating
Holders withdraw their request for such registration, elect not to pay the registration expenses therefor, and forfeit their right to a demand registration statement pursuant to Subsection 2.6, in which case such withdrawn registration
statement shall be counted as “effected” for purposes of this Subsection 2.1(c); provided, that if such withdrawal is during a period the Company has deferred taking action pursuant to Subsection 2.1(c), then the
Initiating Holders may withdraw their request for registration and such registration will not be counted as “effected” for purposes of this Subsection 2.1(c). 

2.2 Company Registration. If the Company proposes to register (including, for this purpose, a registration effected by
the Company for unitholders other than the Holders) any of its Common Units under the Securities Act in connection with the public offering of such securities solely for cash (other than in an Excluded Registration), the Company shall, at such time,
promptly give each Holder notice of such registration. Upon the request of each Holder given within twenty (20) days after such notice is given by the Company, the Company shall, subject to the provisions of Subsection 2.3, cause to
be registered all of the Registrable Securities that each such Holder has requested to be 

  
 5 

 
included in such registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this Subsection 2.2 before the effective date of such
registration, whether or not any Holder has elected to include Registrable Securities in such registration. The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by the Company in accordance with Subsection
2.6. 
 2.3 Underwriting Requirements. 

(a) If, pursuant to Subsection 2.1, the Initiating Holders intend to distribute the Registrable Securities covered by their request by
means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Subsection 2.1, and the Company shall include such information in the Demand Notice. The underwriter(s) will be selected by the Company and
shall be reasonably acceptable to a majority in interest of the Initiating Holders. In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration shall be conditioned upon such Holder’s
participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall (together with
the Company as provided in Subsection 2.4(e)) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting. Notwithstanding any other provision of this Subsection 2.3, if the managing
underwriter(s) advise the Initiating Holders in writing that marketing factors require a limitation on the number of units to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that otherwise would be
underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among such Holders of Registrable Securities, including the Initiating Holders, in proportion (as nearly as
practicable) to the number of Registrable Securities owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling Holders; provided, however, that the number of Registrable Securities held by the
Holders to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting. 

(b) In connection with any offering involving an underwriting of the Company’s units pursuant to Subsection 2.2, the Company
shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as agreed upon between the Company and its underwriters, and then only in such quantity as
the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total number of securities, including Registrable Securities, requested by unitholders to be included in such offering exceeds
the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the success of the offering, then the Company shall be required to include in the offering only that
number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering. If the underwriters determine that less than all of the
Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated among the selling Holders in proportion (as nearly as practicable to) the
number of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to by all such selling 

  
 6 

 
Holders. Notwithstanding the foregoing, in no event shall (i) the number of Registrable Securities included in the offering be reduced unless all other securities (other than securities to
be sold by the Company) are first entirely excluded from the offering, or (ii) the number of Registrable Securities included in the offering be reduced below twenty percent (20%) of the total number of securities included in such offering,
unless such offering is the IPO, in which case the selling Holders may be excluded further if the underwriters make the determination described above and no other unitholder’s securities are included in such offering. For purposes of the
provision in this Subsection 2.3(b) concerning apportionment, for any selling Holder that is a partnership, limited liability company, or corporation, the partners, members, retired partners, retired members, unitholders, and Affiliates of
such Holder, or the estates and Immediate Family Members of any such partners, retired partners, members, and retired members and any trusts for the benefit of any of the foregoing Persons, shall be deemed to be a single “selling Holder,”
and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate number of Registrable Securities owned by all Persons included in such “selling Holder,” as defined in this sentence. 

(c) For purposes of Subsection 2.1, a registration shall not be counted as “effected” if, as a result of an exercise of the
underwriter’s cutback provisions in Subsection 2.3(a), fewer than fifty percent (50%) of the total number of Registrable Securities that Holders have requested to be included in such registration statement are actually included.

 2.4 Obligations of the Company. Whenever required under this Section 2 to effect the
registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 
 (a) prepare and file with the
SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable
Securities registered thereunder, keep such registration statement effective for a period of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed;
provided, however, that such one hundred twenty (120) day period shall be extended for a period of time equal to the period the Holder refrains, at the request of an underwriter of Common Units (or other securities) of the
Company, from selling any securities included in such registration; 
 (b) prepare and file with the SEC such amendments and supplements to
such registration statement, and the prospectus used in connection with such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by such registration statement;

 (c) furnish to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus, as required by the
Securities Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities; 

  
 7 

 (d) use its commercially reasonable efforts to register and qualify the securities covered
by such registration statement under such other securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided that the Company shall not be required
to qualify to do business or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; 

(e) in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and
customary form, with the underwriter(s) of such offering; 
 (f) use its commercially reasonable efforts to cause all such Registrable
Securities covered by such registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed; 

(g) provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide a CUSIP number
for all such Registrable Securities, in each case not later than the effective date of such registration; 
 (h) promptly make available
for inspection by the selling Holders, any managing underwriter(s) participating in any disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling
Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s officers, Management Committee members, employees, and independent accountants to supply all information reasonably
requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection
therewith; 
 (i) notify each selling Holder, promptly after the Company receives notice thereof, of the time when such registration
statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and 

(j) after such registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or
supplement such registration statement or prospectus. 
 In addition, the Company shall ensure that, at all times after any registration
statement covering a public offering of securities of the Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Company’s Management Committee members may implement a trading program
under Rule 10b5-1 of the Exchange Act. 
 2.5 Furnish Information. It
shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the

  
 8 

 
Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration of
such Holder’s Registrable Securities. 
 2.6 Expenses of Registration. All expenses (other than Selling Expenses)
incurred in connection with registrations, filings, or qualifications pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel
for the Company; and the reasonable fees and disbursements, not to exceed $10,000, of one counsel for the selling Holders (“Selling Holder Counsel”), shall be borne and paid by the Company; provided, however, that the
Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Subsection 2.1 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable
Securities to be registered (in which case all selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless the Holders of a majority of the
Registrable Securities agree to forfeit their right to a registration pursuant to Subsection 2.1(a), as the case may be. All Selling Expenses relating to Registrable Securities registered pursuant to this Section 2
shall be borne and paid by the Holders pro rata on the basis of the number of Registrable Securities registered on their behalf. 

2.7 Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise
delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

2.8 Indemnification. If any Registrable Securities are included in a registration statement under this
Section 2: 
 (a) To the extent permitted by law, the Company will indemnify and hold harmless each selling
Holder, and the partners, members, officers, directors, and unitholders or stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each
Person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person, or other aforementioned Person
any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement
contained in this Subsection 2.8(a) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall
the Company be liable for any Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling
Person, or other aforementioned Person expressly for use in connection with such registration. 

  
 9 

 (b) To the extent permitted by law, each selling Holder, severally and not jointly, will
indemnify and hold harmless the Company, and each of its Management Committee members, each of its officers who has signed the registration statement, each Person (if any), who controls the Company within the meaning of the Securities Act, legal
counsel and accountants for the Company, any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or other Holder, against any Damages,
in each case only to the extent that such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such selling Holder expressly for use in connection
with such registration; and each such selling Holder will pay to the Company and each other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from
which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Subsection 2.8(b) shall not apply to amounts paid in settlement of any such claim or proceeding if such
settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; and provided further that in no event shall the aggregate amounts payable by any Holder by way of indemnity or contribution
under Subsections 2.8(b) and 2.8(d) exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder. 

(c) Promptly after receipt by an indemnified party under this Subsection 2.8 of notice of the commencement of any action (including
any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Subsection 2.8, give the indemnifying
party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party to which notice has been
given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be represented without conflict by one
counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due
to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such action. The failure to give notice to the indemnifying party within a reasonable time of the commencement of any such
action shall relieve such indemnifying party of any liability to the indemnified party under this Subsection 2.8, to the extent that such failure materially prejudices the indemnifying party’s ability to defend such action. The failure
to give notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Subsection 2.8. 

(d) To provide for just and equitable contribution to joint liability under the Securities Act in any case in which either: (i) any
party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Subsection 2.8 but it is judicially determined (by the entry of a final judgment or decree by a court of competent

  
 10 

 
jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this
Subsection 2.8 provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this Subsection 2.8, then, and in
each such case, such parties will contribute to the aggregate losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each
of the indemnifying party and the indemnified party in connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations.
The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material
fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission; provided,
however, that, in any such case (x) no Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement,
and (y) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and
provided further that in no event shall a Holder’s liability pursuant to this Subsection 2.8(d), when combined with the amounts paid or payable by such Holder pursuant to Subsection 2.8(b), exceed the proceeds from
the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of willful misconduct or fraud by such Holder. 

(e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

(f) Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the
obligations of the Company and Holders under this Subsection 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section 2, and otherwise shall survive the
termination of this Agreement. 
 2.9 Reports Under Exchange Act. With a view to making available to the Holders the
benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form
S-3, the Company shall: 
 (a) make and keep available adequate current public information, as
those terms are understood and defined in SEC Rule 144, at all times after the effective date of the registration statement filed by the Company for the IPO; 

  
 11 

 (b) use commercially reasonable efforts to file with the SEC in a timely manner all reports
and other documents required of the Company under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and 

(c) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to the extent accurate, a
written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the registration statement filed by the Company for the IPO), the Securities
Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any
time after the Company so qualifies); and (ii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration (at any time
after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form S-3 (at any time after the Company so qualifies to use such form). 

2.10 Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not,
without the prior written consent of the Holders of at least 50% of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company that would provide to such holder or
prospective holder the right to include securities in any registration on other than either a pro rata basis with respect to the Registrable Securities or on a subordinate basis after all Holders have had the opportunity to include in the
registration and offering all units of Registrable Securities that they wish to so include; provided that this limitation shall not apply to Registrable Securities acquired by any additional Investor that becomes a party to this Agreement in
accordance with Subsection 4.9. 
 2.11 “Market
Stand-off” Agreement. Each Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final
prospectus relating to the registration by the Company of its Common Units or any other equity securities under the Securities Act on a registration statement on Form S-1 or Form
S-3, as applicable, and ending on the date specified by the Company and the managing underwriter (such period not to exceed three hundred and sixty five (365) days in the case of the IPO, or such other
period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other distribution of research reports, and (2) analyst recommendations and opinions, including, but not limited
to, the restrictions contained in applicable FINRA rules, or any successor provisions or amendments thereto), (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant
any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any Common Units or other equity securities or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common
Units or other equity securities (whether such units or any such securities are then owned by the Holder or are thereafter acquired) or (ii) enter into any swap or other 

  
 12 

 
arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described in clause (i) or (ii)
above is to be settled by delivery of Common Units or other equity securities, in cash, or otherwise. The foregoing provisions of this Subsection 2.11 shall not apply to certain exceptions as may be agreed by the Company and managing
underwriter in anticipation of an IPO or other registered underwritten offering, including but not limited to, the sale of any units or other equity securities to an underwriting syndicate pursuant to an underwriting agreement, or the transfer of
any units to any trust for the direct or indirect benefit of the Holder or the immediate family of the Holder, provided that the trustee of the trust agrees to be bound in writing by the restrictions set forth herein, and provided
further that any such transfer shall not involve a disposition for value. The underwriters in connection with such registration are intended third-party beneficiaries of this Subsection 2.11 and shall have the right, power and
authority to enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the Company or managing underwriter in connection with any such registered
underwritten offering that are consistent with this Subsection 2.11 or that are necessary to give further effect thereto. 

2.12 Restrictions on Transfer. 

(a) The Preferred Units and the Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company shall not
recognize and shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with the
provisions of the Securities Act. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Preferred Units and the Registrable Securities held by such Holder to agree to take and hold such securities subject to the
provisions and upon the conditions specified in this Agreement. 
 (b) Each certificate, instrument, or book entry representing
(i) the Preferred Units, (ii) the Registrable Securities, and (iii) any other securities issued in respect of the securities referenced in clauses (i) and (ii), upon any split, dividend paid in units, recapitalization, merger,
consolidation, or similar event, shall (unless otherwise permitted by the provisions of Subsection 2.12(c)) be notated with a legend substantially in the following form: 

THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. SUCH SHARES
MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT. 

THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER,
A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 

  
 13 

 The Holders consent to the Company making a notation in its records and giving instructions
to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this Subsection 2.12. 

(c) The holder of such Restricted Securities, by acceptance of ownership thereof, agrees to comply in all respects with the provisions of
this Section 2. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed transaction, the Holder thereof
shall give notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer. Each such notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if reasonably
requested by the Company, shall be accompanied at such Holder’s expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the
effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a “no action” letter from the SEC to the effect that the proposed sale, pledge, or transfer of such Restricted Securities without
registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or
transfer of the Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted Securities in accordance with the
terms of the notice given by the Holder to the Company. The Company will not require such a legal opinion or “no action” letter (x) in any transaction in compliance with SEC Rule 144; or (y) in any transaction in which such
Holder distributes Restricted Securities to an Affiliate of such Holder for no consideration; provided that each transferee agrees in writing to be subject to the terms of this Subsection 2.12. Each certificate, instrument, or book
entry representing the Restricted Securities transferred as above provided shall be notated with, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in Subsection 2.12(b), except that such
certificate instrument, or book entry shall not be notated with such restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with any provisions of the Securities
Act. 
 2.13 Termination of Registration Rights. The right of any Holder to request registration or inclusion of
Registrable Securities in any registration pursuant to Subsections 2.1 or 2.2 shall terminate upon the earliest to occur of: 

(a) the closing of a Dissolution Event, as such term is defined in the Restated Operating Agreement; 

(b) such time after consummation of the IPO as Rule 144 or another similar exemption under the Securities Act is available for the sale of
all of such Holder’s units without limitation during a three-month period without registration; 
 (c) the third anniversary of the
IPO. 

  
 14 

 3. Rights to Future Stock Issuances. 

3.1 Right of First Offer. Subject to the terms and conditions of this Subsection 3.1 and applicable securities
laws, if the Company proposes to offer or sell any New Securities, the Company shall first offer such New Securities to each Series A Investor shall be entitled to apportion the right of first offer hereby granted to it in such proportions as it
deems appropriate, among (i) itself, and (ii) its Affiliates; provided that each such Affiliate (x) is not a FOIA Party, unless such party’s purchase of New Securities is otherwise consented to by the Management Committee,
(y) agrees to enter into this Agreement and each of the Voting Agreement and Right of First Refusal and Co-Sale Agreement of even date herewith among the Company, the Investors and the other parties named
therein, as an “Investor” under each such agreement (provided that any FOIA Party shall not be entitled to any rights as a Series A Investor under Subsection 3.1 hereof), and (z) agrees to purchase at least such number
of New Securities as are allocable hereunder to the Series A Investor holding the fewest number of Preferred Units and any other Derivative Securities. 

(a) The Company shall give notice (the “Offer Notice”) to each Series A Investor, stating (i) its bona fide intention
to offer such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms, if any, upon which it proposes to offer such New Securities. 

(b) By notification to the Company within twenty (20) days after the Offer Notice is given, each Series A Investor may elect to purchase
or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities equal to the ratio of such Series A Units to the number of Common Units outstanding on a fully diluted basis, assuming the
exercise, conversion and exchange of all outstanding securities of the Company for or into Common Units. At the expiration of such twenty (20) day period, the Company shall promptly notify each Series A Investor that elects to purchase or
acquire all the units available to it (each, a “Fully Exercising Investor”) of any other Series A Investor’s failure to do likewise. During the ten (10) day period commencing after the Company has given such notice, each
Fully Exercising Investor may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of units specified above, that portion of the New Securities for which Major Investors were entitled to subscribe but that were
not subscribed for by the Major Investors, on a pro rata basis. 
 (c) If all New Securities referred to in the Offer Notice are not
elected to be purchased or acquired as provided in Subsection 4.1(b), the Company may, during the ninety (90) day period following the expiration of the periods provided in Subsection 4.1(b), offer and sell the remaining
unsubscribed portion of such New Securities to any Person or Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for the sale of
the New Securities within such period, or if such agreement is not consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless
first reoffered to the Major Investors in accordance with this Subsection 3.1. 

  
 15 

 (d) The right of first offer in this Subsection 3.1 shall not be applicable to
(i) Common Units issued in the IPO and (ii) the issuance of Preferred Units to Additional Purchasers pursuant to Subsection 1.3 of the Purchase Agreement. 

(e) The right of first offer set forth in this Subsection 3.1 shall terminate with respect to any Major Investor who fails to
purchase, in any transaction subject to this Subsection 3.1, all of such Major Investor’s pro rata amount of the New Securities allocated (or, if less than such Major Investor’s pro rata amount is offered by the Company, such lesser
amount so offered) to such Major Investor pursuant to this Subsection 3.1. Following any such termination, such Investor shall no longer be deemed a “Major Investor” for any purpose of this Subsection 3.1. 

(f) Notwithstanding any provision hereof to the contrary, in lieu of complying with the provisions of this Subsection 3.1, the Company
may elect to give notice to the Major Investors within thirty (30) days after the issuance of New Securities. Such notice shall describe the type, price, and terms of the New Securities. Each Major Investor shall have twenty (20) days from
the date notice is given to elect to purchase up to the number of New Securities that would, if purchased by such Major Investor, maintain such Major Investor’s percentage-ownership position, calculated as set forth in Subsection 4.1(b)
before giving effect to the issuance of such New Securities. 
 3.2 Termination. The covenants set forth in
Subsection 3.1 and Subsection 3.1(f) shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements
of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon the closing of a Dissolution Event, as such term is defined in the Restated Operating Agreement, whichever event occurs first and, as to each Major Investor, in accordance with
Subsection 3.1(e); provided, however, that the covenants set forth in Subsection 3.1 with respect to any Major Investor shall remain in full force and effect until the date that is two years after consummation of the IPO.

 4. Miscellaneous. 

4.1 Successors and Assigns. The rights under this Agreement may be assigned (but only with all related obligations) by a
Holder to a transferee of Registrable Securities that (i) is an Affiliate of a Holder or (ii) is a Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such Holder’s Immediate Family
Members; provided, however, that (x) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to which such
rights are being transferred; and (y) such transferee agrees in a written instrument delivered to the Company to be bound by and subject to the terms and conditions of this Agreement, including the provisions of Subsection 2.11. For the
purposes of determining the number of units of Registrable Securities held by a transferee, the holdings of a transferee (1) that is an Affiliate or unitholder of a Holder; (2) who is a Holder’s Immediate Family Member; or
(3) that is a trust for the benefit of an individual Holder or such Holder’s Immediate 

  
 16 

 
Family Member shall be aggregated together and with those of the transferring Holder; provided further that all transferees who would not qualify individually for assignment of
rights shall, as a condition to the applicable transfer, establish a single attorney-in-fact for the purpose of exercising any rights, receiving notices, or taking any
action under this Agreement. The terms and conditions of this Agreement inure to the benefit of and are binding upon the respective successors and permitted assignees of the parties. Nothing in this Agreement, express or implied, is intended to
confer upon any party other than the parties hereto or their respective successors and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein. 

4.2 Governing Law. This Agreement shall be governed by the internal law of the State of Delaware, without regard to
conflict of law principles that would result in the application of any law other than the law of the State of Delaware. 

4.3 Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g.,
www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

4.4 Titles and Subtitles. The titles and subtitles used in this Agreement are for convenience only and are not to be
considered in construing or interpreting this Agreement. 
 4.5 Notices. 

(a) All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given
upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent by electronic mail or facsimile during the recipient’s normal business hours, and if not sent during normal business
hours, then on the recipient’s next business day; (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (iv) one (1) business day after the business day of deposit
with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written verification of receipt. All communications shall be sent to the Unitholders at such address as may
be furnished to the Company from time to time. If notice is given to the Company, it shall be sent to 3675 Market Street, Suite 200, Phildelphia, PA 19104 and a copy shall also be sent to Walter J. Mostek, Jr. at Faegre Drinker Biddle &
Reath LLP, One Logan Square, Suite 2000, Philadelphia, PA 19103. 
 (b) Consent to Electronic Notice. Each Investor consents to the
delivery of any unitholder notice pursuant to the Delaware Limited Liability Company Act (the “Act”) as amended or superseded from time to time, by electronic transmission pursuant to Section Title 6 of the Act (or any successor thereto)
at the electronic mail address or the 

  
 17 

 
facsimile number as on the books of the Company. To the extent that any notice given by means of electronic transmission is returned or undeliverable for any reason, the foregoing consent shall
be deemed to have been revoked until a new or corrected electronic mail address has been provided, and such attempted Electronic Notice shall be ineffective and deemed to not have been given. Each Investor agrees to promptly notify the Company of
any change in such unitholder’s electronic mail address, and that failure to do so shall not affect the foregoing. 

4.6 Amendments and Waivers. Any term of this Agreement may be amended, modified or terminated and the observance of any
term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company and the holders of at least a majority of the Registrable Securities then
outstanding; provided that the Company may in its sole discretion waive compliance with Subsection 2.12(c) (and the Company’s failure to object promptly in writing after notification of a proposed assignment allegedly in violation
of Subsection 2.12(c) shall be deemed to be a waiver); and provided further that any provision hereof may be waived by any waiving party on such party’s own behalf, without the consent of any other party. Notwithstanding
the foregoing, (a) this Agreement may not be amended, modified or terminated and the observance of any term hereof may not be waived with respect to any Investor without the written consent of such Investor, unless such amendment, modification,
termination, or waiver applies to all Investors in the same fashion (it being agreed that a waiver of the provisions of Section 3 with respect to a particular transaction shall be deemed to apply to all Investors in the
same fashion if such waiver does so by its terms, notwithstanding the fact that certain Investors may nonetheless, by agreement with the Company, purchase securities in such transaction) and (b) Subsections 3.1 and 3.2,
Section 4 and any other section of this Agreement applicable to the Major Investors (including this clause (b) of this Subsection 6.6) may not be amended, modified, terminated or waived without the written
consent of the holders of at least a majority of the Registrable Securities then outstanding and held by the Major Investors. Further, this Agreement may not be amended, modified or terminated, and no provision hereof may be waived, in each case, in
a manner disproportionate to any adverse effect such amendment, modification, termination or waiver would have on the rights of the Investors hereunder, without also the written consent of the holders of at least a majority of the Registrable
Securities. Notwithstanding the foregoing, Schedule A hereto may be amended by the Company from time to time to add transferees of any Registrable Securities in compliance with the terms of this Agreement without the consent of the other
parties; and Schedule A hereto may also be amended by the Company after the date of this Agreement without the consent of the other parties to add information regarding any additional Investor who becomes a party to this Agreement in
accordance with Subsection 6.9. The Company shall give prompt notice of any amendment, modification or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, modification, termination, or
waiver. Any amendment, modification, termination, or waiver effected in accordance with this Subsection 4.6 shall be binding on all parties hereto, regardless of whether any such party has consented thereto. No waivers of or exceptions to any
term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision. 

  
 18 

 4.7 Severability. In case any one or more of the provisions contained
in this Agreement is for any reason held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable
provision shall be reformed and construed so that it will be valid, legal, and enforceable to the maximum extent permitted by law. 

4.8 Aggregation of Units. All units of Registrable Securities held or acquired by Affiliates shall be aggregated
together for the purpose of determining the availability of any rights under this Agreement and such Affiliated persons may apportion such rights as among themselves in any manner they deem appropriate. 

4.9 Additional Investors. Notwithstanding anything to the contrary contained herein, if the Company issues additional
units of the Company’s Series A Preferred Units after the date hereof, whether pursuant to the Purchase Agreement or otherwise, any purchaser of such Series A Preferred Units may become a party to this Agreement by executing and delivering an
additional counterpart signature page to this Agreement, and thereafter shall be deemed an “Investor” for all purposes hereunder. No action or consent by the Investors shall be required for such joinder to this Agreement by such additional
Investor, so long as such additional Investor has agreed in writing to be bound by all of the obligations as an “Investor” hereunder. 

4.10 Entire Agreement. This Agreement (including any Schedules and Exhibits hereto) constitutes the full and entire
understanding and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled. 

4.11 Dispute Resolution. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the
state courts of Delaware and to the jurisdiction of the United States District Court for the District of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any
suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of Delaware or the United States District Court for the District of Delaware, and (c) hereby waive, and agree not to assert, by way of
motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit,
action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court. 

WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF

  
 19 

 
THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE
ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING
NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER
WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 

4.12 Delays or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party under this
Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching or nondefaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach
or default, or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. All remedies, whether under this
Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative. 
 [Remainder of Page Intentionally Left
Blank] 

  
 20 

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

			
	CONTEXT THERAPEUTICS LLC
		
	By:	 	 /s/ Martin Lehr

	Name:	 	Martin Lehr
	Title:	 	Chief Executive Officer
	
	INVESTORS:
	
	MARTIN LEHR 2000 TRUST
		
	By:	 	 /s/ Martin Lehr

	Name:	 	Martin Lehr
	Title:	 	Trustee

 SIGNATURE PAGE TO INVESTORS’
RIGHTS AGREEMENT 

 SCHEDULE A 

Investors 
  

					
	 Name
	  	Number of Units Held	 
		
	 Martin Lehr 2000 Trust
	  	 	1,278,314EX-4.3

 Exhibit 4.3 

EXECUTION VERSION 
 RIGHT
OF FIRST REFUSAL AND CO-SALE AGREEMENT 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
			
	1.	 	 Definitions
	  	 	1	 
			
	2.	 	 Agreement Among the Company and the Investors
	  	 	3	 
		 	2.1	  	 Right of First Refusal
	  	 	3	 
		 	2.2	  	 Right of Co-Sale
	  	 	5	 
		 	2.3	  	 Effect of Failure to Comply
	  	 	7	 
			
	3.	 	 Exempt Transfers
	  	 	7	 
		 	3.1	  	 Exempted Transfers
	  	 	7	 
		 	3.2	  	 Exempted Offerings
	  	 	8	 
			
	4.	 	 Legend
	  	 	8	 
			
	5.	 	 Lock-Up
	  	 	9	 
		 	5.1	  	 Agreement to Lock-Up
	  	 	9	 
		 	5.2	  	 Stop Transfer Instructions
	  	 	9	 
			
	6.	 	 Miscellaneous
	  	 	9	 
		 	6.1	  	 Term
	  	 	9	 
		 	6.2	  	 Unit Split
	  	 	9	 
		 	6.3	  	 Ownership
	  	 	9	 
		 	6.4	  	 Dispute Resolution
	  	 	9	 
		 	6.5	  	 Notices
	  	 	10	 
		 	6.6	  	 Entire Agreement
	  	 	11	 
		 	6.7	  	 Delays or Omissions
	  	 	11	 
		 	6.8	  	 Amendment; Waiver and Termination
	  	 	11	 
		 	6.9	  	 Assignment of Rights
	  	 	12	 
		 	6.10	  	 Severability
	  	 	12	 
		 	6.11	  	 Additional Investors
	  	 	12	 
		 	6.12	  	 Governing Law
	  	 	12	 
		 	6.13	  	 Titles and Subtitles
	  	 	12	 
		 	6.14	  	 Counterparts
	  	 	12	 
		 	6.15	  	 Aggregation of Units
	  	 	12	 
		 	6.16	  	 Specific Performance
	  	 	13	 

  

					
	Schedule A	  	-	  	Investors

  
 i 

 RIGHT OF FIRST REFUSAL 

AND CO-SALE AGREEMENT 

THIS RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT (this “Agreement”), is made as of
the 22nd day of December, 2020 by and among Context Therapeutics LLC, a Delaware limited liability company (the “Company”) and the Investors (as defined below) listed on
Schedule A. 
 WHEREAS, the Company and the Investors are parties to that certain Series A Preferred Unit
Purchase Agreement, of even date herewith (the “Purchase Agreement”), pursuant to which the Investors have agreed to purchase Series A Preferred Units of the Company (“Series A Units”); and 

WHEREAS, pursuant to Section 10.1(c) of the Company’s Amended and Restated Operating Agreement (as amended, the
“Restated Operating Agreement”), this Agreement supersedes the provisions of Article XI of that Restated Operating Agreement, and in the event of any inconsistencies between these agreements, the terms of this Agreement shall be
controlling; 
 NOW, THEREFORE, the Company and the Investors, intending to be legally bound, agree as follows: 

1. Definitions. 
 1.1
“Affiliate” means, with respect to any specified Investor, any other Investor who directly or indirectly, controls, is controlled by or is under common control with such Investor, including, without limitation, any general partner,
managing member, officer, director or trustee of such Investor, or any venture capital fund or registered investment company now or hereafter existing which is controlled by one or more general partners, managing members or investment advisers of,
or shares the same management company or investment adviser with, such Investor. 
 1.2 “Change of Control” means a
transaction or series of related transactions in which a person, or a group of related persons, acquires from unitholders of the Company units representing more than fifty percent (50%) of the outstanding voting power of the Company. 

1.3 “Common Units” means Common Units of the Company. 

1.4 “Company Notice” means written notice from the Company notifying the selling Investors and each Investor that the Company
intends to exercise its Right of First Refusal as to some or all of the Transfer Units with respect to any Proposed Investor Transfer. 

1.5 “Investor Notice” means written notice from any Investor notifying the Company and the selling Investor(s) that such
Investor intends to exercise its Secondary Refusal Right as to a portion of the Transfer Units with respect to any Proposed Investor Transfer. 

1.6 “Investors” means the persons named on Schedule A hereto, each person to whom the rights of an
Investor are assigned pursuant to Subsection 6.9, each person who hereafter becomes a signatory to this Agreement pursuant to Subsection 6.11 and any one of them, as the context may require; provided, however, that any
such person shall cease to be considered 

 
an Investor for purposes of this Agreement at any time such person and his, her or its Affiliates collectively hold less than 0.5% of Units on a fully-diluted basis (as adjusted for any
combination, split, dividend paid in units, recapitalization or other similar transaction). 
 1.7 “Management Committee”
means the management committee of the Company. 
 1.8 “Preferred Units” means collectively, all Series A Units and Series
Seed Units. 
 1.9 “Proposed Investor Transfer” means any assignment, sale, offer to sell, pledge, mortgage, hypothecation,
encumbrance, disposition of or any other like transfer or encumbering of any Transfer Units (or any interest therein) proposed by any of the Investors. 

1.10 “Proposed Transfer Notice” means written notice from an Investor setting forth the terms and conditions of a Proposed
Investor Transfer. 
 1.11 “Prospective Transferee” means any person to whom an Investor proposes to make a Proposed
Investor Transfer. 
 1.12 “Restated Operating Agreement” means the Company’s Amended and Restated Operating
Agreement. 
 1.13 “Right of Co-Sale” means the right, but not an obligation, of an
Investor to participate in a Proposed Investor Transfer on the terms and conditions specified in the Proposed Transfer Notice. 
 1.14
“Right of First Refusal” means the right, but not an obligation, of the Company, or its permitted transferees or assigns, to purchase some or all of the Transfer Units with respect to a Proposed Investor Transfer, on the terms and
conditions specified in the Proposed Transfer Notice. 
 1.15 “Secondary Notice” means written notice from the Company
notifying the Investors and the selling Investor that the Company does not intend to exercise its Right of First Refusal as to all Transfer Units with respect to a Proposed Investor Transfer, on the terms and conditions specified in the Proposed
Transfer Notice. 
 1.16 “Secondary Refusal Right” means the right, but not an obligation, of each Investor to purchase up
to its pro rata portion (based upon the total number of Units then held by all Investors) of any Transfer Units not purchased pursuant to the Right of First Refusal, on the terms and conditions specified in the Proposed Transfer Notice. 

1.17 “Transfer Units” means Units owned by an Investor, or issued to an Investor after the date hereof (including, without
limitation, in connection with any split, dividend paid in units, recapitalization, reorganization, or the like), but does not include any Preferred Units or Common Units that are issued or issuable upon conversion of Preferred Units. 

  
 2 

 1.18 “Undersubscription Notice” means written notice from an Investor
notifying the Company and the selling Investor that such Investor intends to exercise its option to purchase all or any portion of the Transfer Units not purchased pursuant to the Right of First Refusal or the Secondary Refusal Right. 

1.19 “Units” means (a) Common Units and Preferred Units (whether now outstanding or hereafter issued in any context),
(b) Common Units issued or issuable upon conversion of Preferred Units, and (c) Common Units issued or issuable upon exercise or conversion, as applicable, of unit options, warrants or other convertible securities of the Company, in each case
now owned or subsequently acquired by any Investor or such Investor’s respective successors or permitted transferees or assigns. For purposes of the number of Units held by an Investor (or any other calculation based thereon), all Preferred
Units shall be deemed to have been converted into Common Units at the then-applicable conversion ratio. 

2. Agreement Among the Company and the Investors. 

2.1 Right of First Refusal. 

(a) Grant. Subject to the terms of Section 3 below, each Investor hereby unconditionally and irrevocably
grants to the Company a Right of First Refusal to purchase all or any portion of Transfer Units that such Investor may propose to transfer in a Proposed Investor Transfer, at the same price and on the same terms and conditions as those offered to
the Prospective Transferee. 
 (b) Notice. Each Investor proposing to make a Proposed Investor Transfer must deliver a Proposed
Transfer Notice to the Company and each Investor not later than 45 days prior to the consummation of such Proposed Investor Transfer. Such Proposed Transfer Notice shall contain the material terms and conditions (including price and form of
consideration) of the Proposed Investor Transfer, the identity of the Prospective Transferee and the intended date of the Proposed Investor Transfer. To exercise its Right of First Refusal under this Section 2, the Company
must deliver a Company Notice to the selling Investor and the Investors within 15 days after delivery of the Proposed Transfer Notice specifying the number of Transfer Units to be purchased by the Company. In the event of a conflict between this
Agreement and any other agreement that may have been entered into by an Investor with the Company that contains a preexisting right of first refusal, the Company and the Investor acknowledge and agree that the terms of this Agreement shall control
and the preexisting right of first refusal shall be deemed satisfied by compliance with Subsection 2.1(a) and this Subsection 2.1(b). 

(c) Grant of Secondary Refusal Right to the Investors. Subject to the terms of Section 3
below, each Investor hereby unconditionally and irrevocably grants to each other Investor a Secondary Refusal Right to purchase all or any portion of the Transfer Units not purchased by the Company pursuant to the Right of First Refusal, as provided
in this Subsection 2.1(c). If the Company does not provide the Company Notice exercising its Right of First Refusal with respect to all Transfer Units subject to a Proposed Investor Transfer, the Company must deliver a Secondary Notice
to the selling Investor and to each other Investor to that effect no later than 15 days after the selling Investor delivers the Proposed Transfer Notice to the Company. To exercise its Secondary Refusal Right, an Investor must deliver an Investor
Notice to the selling Investor and the Company within ten days after the Company’s deadline for its delivery of the Secondary Notice as provided in the preceding sentence. 

  
 3 

 (d) Undersubscription of Transfer Units. If options to purchase have been exercised
by the Company and the Investors pursuant to Subsections 2.1(b) and (c) with respect to some but not all of the Transfer Units by the end of the ten day period specified in the last sentence of Subsection 2.1(c) (the “Investor
Notice Period”), then the Company shall, within five days after the expiration of the Investor Notice Period, send written notice (the “Company Undersubscription Notice”) to those Investors who fully exercised their
Secondary Refusal Right within the Investor Notice Period (the “Exercising Investors”). Each Exercising Investor shall, subject to the provisions of this Subsection 2.1(d), have an additional option to purchase all or any
part of the balance of any such remaining unsubscribed Transfer Units on the terms and conditions set forth in the Proposed Transfer Notice. To exercise such option, an Exercising Investor must deliver an Undersubscription Notice to the selling
Investor and the Company within ten days after the expiration of the Investor Notice Period. In the event there are two or more such Exercising Investors that choose to exercise the last-mentioned option for a total number of remaining units in
excess of the number available, the remaining units available for purchase under this Subsection 2.1(d) shall be allocated to such Exercising Investors pro rata based on the number of Transfer Units such Exercising Investors have elected to
purchase pursuant to the Secondary Refusal Right (without giving effect to any Transfer Units that any such Exercising Investor has elected to purchase pursuant to the Company Undersubscription Notice). If the options to purchase the remaining units
are exercised in full by the Exercising Investors, the Company shall immediately notify all of the Exercising Investors and the selling Investor of that fact. 

(e) Forfeiture of Rights. Notwithstanding the foregoing, if the total number of Transfer Units that the Company and the Investors have
agreed to purchase in the Company Notice, Investor Notices and Undersubscription Notices is less than the total number of Transfer Units, then the Company and the Investors shall be deemed to have forfeited any right to purchase such Transfer Units,
and the selling Investor shall be free to sell all, but not less than all, of the Transfer Units to the Prospective Transferee on terms and conditions substantially similar to (and in no event more favorable than) the terms and conditions set forth
in the Proposed Transfer Notice, it being understood and agreed that (i) any such sale or transfer shall be subject to the other terms and restrictions of this Agreement, including, without limitation, the terms and restrictions set forth in
Subsections 2.2 and 6.9(b); (ii) any future Proposed Investor Transfer shall remain subject to the terms and conditions of this Agreement, including this Section 2; and (iii) such sale shall be
consummated within 45 days after receipt of the Proposed Transfer Notice by the Company and, if such sale is not consummated within such 45 day period, such sale shall again become subject to the Right of First Refusal and Secondary Refusal Right on
the terms set forth herein. 
 (f) Consideration; Closing. If the consideration proposed to be paid for the Transfer Units is in
property, services or other non-cash consideration, the fair market value of the consideration shall be as determined in good faith by the Management Committee and as set forth in the Company Notice. If the
Company or any Investor cannot for any reason pay for the Transfer Units in the same form of non-cash consideration, the Company or such Investor may pay the cash value equivalent thereof, as determined in
good faith by the Management Committee and as set forth in the Company Notice. The closing of the purchase of Transfer Units by the 

  
 4 

 
Company and the Investors shall take place, and all payments from the Company and the Investors shall have been delivered to the selling Investor, by the later of (i) the date specified in
the Proposed Transfer Notice as the intended date of the Proposed Investor Transfer; and (ii) 45 days after delivery of the Proposed Transfer Notice. 

2.2 Right of Co-Sale. 

(a) Exercise of Right. If any Transfer Units subject to a Proposed Investor Transfer are not purchased pursuant to Subsection
2.1 above and thereafter are to be sold to a Prospective Transferee, each respective Investor may elect to exercise its Right of Co-Sale and participate on a pro rata basis in the Proposed Investor
Transfer as set forth in Subsection 2.2(b) below and, subject to Subsection 2.2(d), otherwise on the same terms and conditions specified in the Proposed Transfer Notice. Each Investor who desires to exercise its Right of Co-Sale (each, a “Participating Investor”) must give the selling Investor written notice to that effect within 15 days after the deadline for delivery of the Secondary Notice described above, and
upon giving such notice such Participating Investor shall be deemed to have effectively exercised the Right of Co-Sale. 

(b) Units Includable. Each Participating Investor may include in the Proposed Investor Transfer all or any part of such Participating
Investor’s Units equal to the product obtained by multiplying (i) the aggregate number of Transfer Units subject to the Proposed Investor Transfer (excluding units purchased by the Company or the Participating Investors pursuant to the
Right of First Refusal or the Secondary Refusal Right) by (ii) a fraction, the numerator of which is the number of Units owned by such Participating Investor immediately before consummation of the Proposed Investor Transfer (including any units
that such Participating Investor has agreed to purchase pursuant to the Secondary Refusal Right) and the denominator of which is the total number of Units owned, in the aggregate, by all Participating Investors immediately prior to the consummation
of the Proposed Investor Transfer (including any units that all Participating Investors have collectively agreed to purchase pursuant to the Secondary Refusal Right), plus the number of Transfer Units held by the selling Investor. To the extent one
or more of the Participating Investors exercise such right of participation in accordance with the terms and conditions set forth herein, the number of Transfer Units that the selling Investor may sell in the Proposed Investor Transfer shall be
correspondingly reduced. 
 (c) Purchase and Sale Agreement. The terms and conditions of any Proposed Investor Transfer in
accordance with this Subsection 2.2 shall be memorialized in, and governed by, a written purchase and sale agreement with the Prospective Transferee (the “Purchase and Sale Agreement”) with customary terms and provisions
for such a transaction, and the Participating Investors and the selling Investor shall enter into such Purchase and Sale Agreement as a condition precedent to any sale or other transfer in accordance with this Subsection 2.2. 

(d) Allocation of Consideration. 

(i) Subject to Subsection 2.2(d)(ii), the aggregate consideration payable to the Participating Investors and the selling Investor
shall be allocated based on the number of Units sold to the Prospective Transferee by each Participating Investor and the selling 

  
 5 

 
Investor as provided in Subsection 2.2(b), provided that if a Participating Investor wishes to sell Preferred Units, the price set forth in the Proposed Transfer Notice shall be
appropriately adjusted based on the conversion ratio of the Preferred Units into Common Units. 
 (ii) In the event that the Proposed
Investor Transfer constitutes a Change of Control, the terms of the Purchase and Sale Agreement shall provide that the aggregate consideration from such transfer shall be allocated to the Participating Investors and the selling Investor in
accordance with Section 13.2 and Schedule 2.4(b) of the Restated Operating Agreement and as if (A) such transfer were a Dissolution Event (as defined in the Restated Operating Agreement), and (B) the Units sold in accordance with the
Purchase and Sale Agreement were the only Units outstanding. In the event that a portion of the aggregate consideration payable to the Participating Investor(s) and selling Investor is placed into escrow and/or is payable only upon satisfaction of
contingencies, the Purchase and Sale Agreement shall provide that (x) the portion of such consideration that is not placed in escrow and is not subject to contingencies (the “Initial Consideration”) shall be allocated in
accordance with Section 13.2 and Schedule 2.4(b) of the Restated Operating Agreement as if the Initial Consideration were the only consideration payable in connection with such transfer, and (y) any additional consideration which becomes
payable to the Participating Investor(s) and selling Investor upon release from escrow or satisfaction of such contingencies shall be allocated in accordance with Section 13.2 and Schedule 2.4(b) of the Restated Operating Agreement after taking
into account the previous payment of the Initial Consideration as part of the same transfer. 
 (e) Purchase by Selling Investor;
Deliveries. Notwithstanding Subsection 2.2(c) above, if any Prospective Transferee or Transferees refuse(s) to purchase securities subject to the Right of Co-Sale from any Participating Investor or
Investors or upon the failure to negotiate in good faith a Purchase and Sale Agreement reasonably satisfactory to the Participating Investors, no Investor may sell any Transfer Units to such Prospective Transferee or Transferees unless and until,
simultaneously with such sale, such Investor purchases all securities subject to the Right of Co-Sale from such Participating Investor or Investors on the same terms and conditions (including the proposed
purchase price) as set forth in the Proposed Transfer Notice and as provided in Subsection 2.2(d)(i); provided, however, if such sale constitutes a Change of Control, the portion of the aggregate
consideration paid by the selling Investor to such Participating Investor or Investors shall be made in accordance with the first sentence of Subsection 2.2(d)(ii). In connection with such purchase by the selling Investor, such
Participating Investor or Investors shall deliver to the selling Investor any unit certificate or certificates, properly endorsed for transfer, representing the Units being purchased by the selling Investor (or request that the Company effect such
transfer in the name of the selling Investor). Any such units transferred to the selling Investor will be transferred to the Prospective Transferee against payment therefor in consummation of the sale of the Transfer Units pursuant to the terms and
conditions specified in the Proposed Transfer Notice, and the selling Investor shall concurrently therewith remit or direct payment to each such Participating Investor the portion of the aggregate consideration to which each such Participating
Investor is entitled by reason of its participation in such sale as provided in this Subsection 2.2(e). 
 (f) Additional
Compliance. If any Proposed Investor Transfer is not consummated within 45 days after receipt of the Proposed Transfer Notice by the Company, the Investors proposing the Proposed Investor Transfer may not sell any Transfer Units unless they

  
 6 

 
first comply in full with each provision of this Section 2. The exercise or election not to exercise any right by any Investor hereunder shall not adversely affect its
right to participate in any other sales of Transfer Units subject to this Subsection 2.2. 
 2.3 Effect of
Failure to Comply. 
 (a) Transfer Void; Equitable Relief. Any Proposed Investor Transfer not made in compliance with the
requirements of this Agreement shall be null and void ab initio, shall not be recorded on the books of the Company or its transfer agent and shall not be recognized by the Company. Each party hereto acknowledges and agrees that any breach of this
Agreement would result in substantial harm to the other parties hereto for which monetary damages alone could not adequately compensate. Therefore, the parties hereto unconditionally and irrevocably agree that any
non-breaching party hereto shall be entitled to seek protective orders, injunctive relief and other remedies available at law or in equity (including, without limitation, seeking specific performance or the
rescission of purchases, sales and other transfers of Transfer Units not made in strict compliance with this Agreement). 
 (b)
Violation of First Refusal Right. If any Investor becomes obligated to sell any Transfer Units to the Company or any Investor under this Agreement and fails to deliver such Transfer Units in accordance with the terms of this Agreement, the
Company and/or such Investor may, at its option, in addition to all other remedies it may have, send to such Investor the purchase price for such Transfer Units as is herein specified and transfer to the name of the Company or such Investor (or
request that the Company effect such transfer in the name of an Investor) on the Company’s books any certificates, instruments, or book entry representing the Transfer Units to be sold. 

(c) Violation of Co-Sale Right. If any Investor purports to sell any Transfer Units in
contravention of the Right of Co-Sale (a “Prohibited Transfer”), each Participating Investor who desires to exercise its Right of Co-Sale under
Subsection 2.2 may, in addition to such remedies as may be available by law, in equity or hereunder, require such Investor to purchase from such Participating Investor the type and number of Units that such Participating Investor would have
been entitled to sell to the Prospective Transferee had the Prohibited Transfer been effected in compliance with the terms of Subsection 2.2. The sale will be made on the same terms, including, without limitation, as provided in Subsection
2.2(d)(i) and the first sentence of Subsection 2.2(d)(ii), as applicable, and subject to the same conditions as would have applied had the Investor not made the Prohibited Transfer, except that the sale (including, without limitation, the
delivery of the purchase price) must be made within 90 days after the Participating Investor learns of the Prohibited Transfer, as opposed to the timeframe proscribed in Subsection 2.2. Such Investor shall also reimburse
each Participating Investor for any and all reasonable and documented out-of-pocket fees and expenses, including reasonable legal fees and expenses, incurred pursuant to
the exercise or the attempted exercise of the Participating Investor’s rights under Subsection 2.2. 
 3. Exempt
Transfers. 
 3.1 Exempted Transfers. Notwithstanding the foregoing or anything to the contrary herein, the provisions of
Subsections 2.1 and 2.2 shall not apply (a) in the case of an 

  
 7 

 
Investor that is an entity, upon a transfer by such Investor to its unitholders, members, partners or other equity holders, (b) to a repurchase of Transfer Units from an Investor by the
Company at a price no greater than that originally paid by such Investor for such Transfer Units and pursuant to an agreement containing vesting and/or repurchase provisions approved by a majority of the Management Committee, (c) to a pledge of
Transfer Units that creates a mere security interest in the pledged Transfer Units, provided that the pledgee thereof agrees in writing in advance to be bound by and comply with all applicable provisions of this Agreement to the same extent
as if it were an Investor making such pledge, or (d) in the case of an Investor that is a natural person, upon a transfer of Transfer Units by such Investor made for bona fide estate planning purposes, either during his or her lifetime or on
death by will or intestacy to his or her spouse, child (natural or adopted), or any other direct lineal descendant of such Investor (or his or her spouse) (all of the foregoing collectively referred to as “family members”), or any
custodian or trustee of any trust, partnership or limited liability company for the benefit of, or the ownership interests of which are owned wholly by such Investor or any such family members; provided that the Investor shall deliver prior
written notice to the Investors of such pledge, gift or transfer and such Transfer Units shall at all times remain subject to the terms and restrictions set forth in this Agreement and such transferee shall, as a condition to such Transfer, deliver
a counterpart signature page to this Agreement as confirmation that such transferee shall be bound by all the terms and conditions of this Agreement as an Investor (but only with respect to the securities so transferred to the transferee), including
the obligations of an Investor with respect to Proposed Investor Transfers of such Transfer Units pursuant to Section 2. 

3.2 Exempted Offerings. Notwithstanding the foregoing or anything to the contrary herein, the provisions of
Section 2 shall not apply to the sale of any Transfer Units (a) to the public in an offering pursuant to an effective registration statement under the Securities Act of 1933, as amended (a “Public
Offering”); or (b) pursuant to a Dissolution Event (as defined in the Restated Operating Agreement). 
 4. Legend. Each
certificate, instrument, or book entry representing Transfer Units held by the Investors or issued to any permitted transferee in connection with a transfer permitted by Subsection 3.1 hereof shall be notated with the following legend:

 THE SALE, PLEDGE, HYPOTHECATION, OR TRANSFER OF THE SECURITIES REPRESENTED HEREBY IS SUBJECT TO, AND IN CERTAIN CASES PROHIBITED BY, THE
TERMS AND CONDITIONS OF A CERTAIN RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT BY AND AMONG THE UNITHOLDER, THE CORPORATION AND CERTAIN OTHER HOLDERS OF UNITS OF THE CORPORATION. COPIES OF SUCH AGREEMENT MAY
BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE CORPORATION. 
 The Company may instruct its transfer agent to impose transfer restrictions on the
units notated with the legend referred to in this Section 4 above to enforce the provisions of this Agreement. The legend shall be removed upon termination of this Agreement at the request of the holder. 

  
 8 

 5. Lock-Up. 

5.1 Agreement to Lock-Up. Each Investor shall not, without the prior written consent of the
managing underwriter, during the period commencing on the date of the final prospectus relating to the Company’s initial public offering (the “IPO”) and ending on the date specified by the Company and the managing underwriter
(such period not to exceed three hundred and sixty five (365) days) (a) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to
purchase, or otherwise transfer or dispose of, directly or indirectly, any Units held immediately prior to the effectiveness of the registration statement for the IPO; or (b) enter into any swap or other arrangement that transfers to another,
in whole or in part, any of the economic consequences of ownership of the Units, whether any such transaction described in clause (a) or (b) above is to be settled by delivery of Units or other securities, in cash or otherwise. The
foregoing provisions of this Section 5 shall not apply to the sale of any units to an underwriter pursuant to an underwriting agreement, and shall only be applicable to the Investors if all officers, directors and holders
of more than one percent (1%) of the outstanding Common Units (after giving effect to the conversion into Common Units of all outstanding Preferred Units) enter into similar agreements. The underwriters in connection with the IPO are intended third-party beneficiaries of this Section 5 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each Investor further agrees
to execute such agreements as may be reasonably requested by the underwriters in the IPO that are consistent with this Section 5 or that are necessary to give further effect thereto. 

5.2 Stop Transfer Instructions. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with
respect to the Units of each Investor (and transferees and assignees thereof) until the end of such restricted period. 
 6.
Miscellaneous. 
 6.1 Term. This Agreement shall automatically terminate upon the earlier of (a) immediately prior to the
consummation of the Company’s IPO; and (b) the consummation of a Dissolution Event (as defined in the Restated Operating Agreement). 

6.2 Unit Split. All references to numbers of units in this Agreement shall be appropriately adjusted to reflect any unit distribution,
split, combination or other recapitalization affecting the Units occurring after the date of this Agreement. 
 6.3 Ownership. Each
Investor represents and warrants that such Investor is the sole legal and beneficial owner of the Transfer Units subject to this Agreement and that no other person or entity has any interest in such units (other than a community property interest as
to which the holder thereof has acknowledged and agreed in writing to the restrictions and obligations hereunder). 
 6.4 Dispute
Resolution. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of Delaware and to the jurisdiction of the United States District Court for the District of Delaware for the purpose of any
suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other 

  
 9 

 
proceeding arising out of or based upon this Agreement except in the state courts of Delaware or the United States District Court for the District of Delaware, and (c) hereby waive, and
agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from
attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such
court. 
 WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS
AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY
COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY
DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY
KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 
 6.5 Notices. 

(a) All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given
upon the earlier of actual receipt or (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic mail or facsimile during normal business hours of the recipient, and if not sent during normal business hours,
then on the recipient’s next business day, (c) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) business day after deposit with a nationally recognized
overnight courier, freight prepaid, specifying next business day delivery, with written verification of receipt. All communications shall be sent to the Investors at such address as may be furnished to the Company from time to time. If notice is
given to the Company, it shall be sent to 3675 Market Street, Suite 200, Philadelphia, PA 19104; and a copy (which shall not constitute notice) shall also be sent to Walter J. Mostek, Jr. at Faegre Drinker Biddle & Reath LLP, One Logan
Square, Suite 2000, Philadelphia, PA 19103. 
 (b) Consent to Electronic Notice. Each Investor consents to the delivery of any
unitholder notice pursuant to the Delaware Limited Liability Company Act (the “Act”) as amended or superseded from time to time, by electronic transmission pursuant to Section Title 6 of the Act (or any successor thereto) at the
electronic mail address or the facsimile number set forth below such Investor’s name on the Schedules hereto, as updated from time to time by notice to the Company, or as on the books of the Company. To the extent that any notice given by means
of electronic transmission is returned or undeliverable for any reason, the foregoing consent shall be deemed to have been revoked until a new or corrected electronic mail address has been 

  
 10 

 
provided, and such attempted Electronic Notice shall be ineffective and deemed to not have been given. Each Investor agrees to promptly notify the Company of any change in its electronic mail
address, and that failure to do so shall not affect the foregoing. 
 6.6 Entire Agreement. This Agreement (including, the Exhibits
and Schedules hereto) constitutes the full and entire understanding and agreement between the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the
parties are expressly canceled. 
 6.7 Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to
any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching or
non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of
any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this
Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by
law or otherwise afforded to any party, shall be cumulative and not alternative. 
 6.8 Amendment; Waiver and Termination. This
Agreement may be amended, modified or terminated (other than pursuant to Section 6.1 above) and the observance of any term hereof may be waived (either generally or in a particular instance and either retroactively or
prospectively) only by a written instrument executed by (a) the Company and (b) the holders of 80% of the Common Units issued or issuable upon conversion of the then outstanding Preferred Units held by the Investors (voting as a single
separate class and on an as-converted basis). Any amendment, modification, termination or waiver so effected shall be binding upon the Company, the Investors, and all of their respective successors and
permitted assigns whether or not such party, assignee or other shareholder entered into or approved such amendment, modification, termination or waiver. Notwithstanding the foregoing, (i) this Agreement may not be amended, modified or
terminated and the observance of any term hereunder may not be waived with respect to any Investor without the written consent of such Investor unless such amendment, modification, termination or waiver applies to all Investors in the same fashion,
(ii) this Agreement may not be amended, modified or terminated and the observance of any term hereunder may not be waived with respect to any Investor without the written consent of such Investor, if such amendment, modification, termination or
waiver would adversely affect the rights of such Investor in a manner disproportionate to any adverse effect such amendment, modification, termination or waiver would have on the rights of the other Investors under this Agreement, and
(iii) Schedule A hereto may be amended by the Company from time to time in accordance with the Purchase Agreement to add information regarding Additional Purchasers (as defined in the Purchase Agreement) without the consent of the other parties
hereto. The Company shall give prompt written notice of any amendment, modification or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, modification, termination or waiver. No waivers of
or exceptions to any term, condition or provision of this Agreement, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision. 

  
 11 

 6.9 Assignment of Rights. 

(a) The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and permitted
assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assigns any rights, remedies, obligations, or liabilities
under or by reason of this Agreement, except as expressly provided in this Agreement. 
 (b) The rights of the Investors hereunder are not
assignable without the Company’s written consent. 
 (c) Except in connection with an assignment by the Company by operation of law to
the acquirer of the Company, the rights and obligations of the Company hereunder may not be assigned under any circumstances. 
 6.10
Severability. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision. 

6.11 Additional Investors. Notwithstanding anything to the contrary contained herein, if the Company issues additional the
Company’s Series A Preferred Units after the date hereof, any purchaser of such Series A Preferred Units may become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement and thereafter
shall be deemed an “Investor” for all purposes hereunder. 
 6.12 Governing Law. This Agreement shall be governed by the
internal law of the State of Delaware, without regard to conflict of law principles that would result in the application of any law other than the law of the State of Delaware. 

6.13 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered
in construing or interpreting this Agreement. 
 6.14 Counterparts. This Agreement may be executed in two (2) or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with
the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

6.15 Aggregation of Units. All Units held or acquired by Affiliated entities or persons shall be aggregated together for the purpose of
determining the availability of any rights under this Agreement and such Affiliated persons may apportion such rights as among themselves in any manner they deem appropriate. 

  
 12 

 6.16 Specific Performance. In addition to any and all other remedies that may be
available at law in the event of any breach of this Agreement, each Investor shall be entitled to specific performance of the agreements and obligations of the Company hereunder and to such other injunction or other equitable relief as may be
granted by a court of competent jurisdiction. 
 [Remainder of Page Intentionally Left Blank] 

  
 13 

 IN WITNESS WHEREOF, the parties have executed this Right of First Refusal and Co-Sale Agreement as of the date first written above. 
  

			
	CONTEXT THERAPEUTICS LLC
		
	By:	 	 /s/ Martin Lehr

		
	Name:	 	Martin Lehr
	Title:	 	Chief Executive Officer
	
	INVESTORS:
	
	MARTIN LEHR 2000 TRUST
		
	By:	 	 /s/ Martin Lehr

	Name:	 	Martin Lehr
	Title:	 	Trustee

 SIGNATURE PAGE TO RIGHT OF
FIRST REFUSAL AND CO-SALE AGREEMENT 

 SCHEDULE A 

INVESTORS 
  

					
	 Name
	  	Number of Units Held	 
		
	 Martin Lehr 2000 Trust
	  	 	1,278,314

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00328-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00328-of-00352.parquet"}]]