Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

SYNDAX PHARMACEUTICALS, INC. 

THIRD AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 SECTION 1 [INTENTIONALLY OMITTED]
	  	 	1	  
		
	 SECTION 2 REGISTRATION RIGHTS; RESTRICTIONS ON TRANSFERABILITY
	  	 	2	  
	 2.1
	 	 Certain Definitions.
	  	 	2	  
	 2.2
	 	 Restrictions.
	  	 	3	  
	 2.3
	 	 Restrictive Legend.
	  	 	4	  
	 2.4
	 	 Notice of Proposed Transfers.
	  	 	4	  
	 2.5
	 	 Requested Registration.
	  	 	5	  
	 2.6
	 	 Company Registration.
	  	 	6	  
	 2.7
	 	 Registration on Form S-3.
	  	 	7	  
	 2.8
	 	 Corporate Transaction.
	  	 	8	  
	 2.9
	 	 Expenses of Registration.
	  	 	8	  
	 2.10
	 	 Registration Procedures.
	  	 	8	  
	 2.11
	 	 Indemnification.
	  	 	10	  
	 2.12
	 	 Information by Holder.
	  	 	12	  
	 2.13
	 	 Rule 144 Reporting.
	  	 	12	  
	 2.14
	 	 Transfer of Registration Rights.
	  	 	12	  
	 2.15
	 	 Market Stand-off Agreement.
	  	 	12	  
	 2.16
	 	 Termination of Rights.
	  	 	13	  
		
	 SECTION 3 RIGHT OF FIRST OFFER
	  	 	13	  
	 3.1
	 	 Right of First Offer.
	  	 	13	  
	 3.2
	 	 Definition of New Securities.
	  	 	14	  
	 3.3
	 	 Notice of Right.
	  	 	14	  
	 3.4
	 	 Exercise of Right.
	  	 	15	  
	 3.5
	 	 Lapse and Reinstatement of Right.
	  	 	15	  
	 3.6
	 	 Transfer of Right of First Offer.
	  	 	15	  
	 3.7
	 	 Rights of Affiliated Investors.
	  	 	15	  
	 3.8
	 	 Termination of Right of First Offer.
	  	 	15	  
		
	 SECTION 4 [INTENTIONALLY OMITTED]
	  	 	16	  
		
	 SECTION 5 AFFIRMATIVE COVENANTS OF THE COMPANY
	  	 	16	  
	 5.1
	 	 Financial Information.
	  	 	16	  
	 5.2
	 	 Inspection.
	  	 	17	  
	 5.3
	 	 Confidentiality.
	  	 	17	  
	 5.4
	 	 No Promotion.
	  	 	18	  
	 5.5
	 	 Patent, Copyright and Nondisclosure Agreements.
	  	 	18	  
	 5.6
	 	 Stock Vesting.
	  	 	18	  
	 5.7
	 	 Insurance.
	  	 	19	  
	 5.8
	 	 Annual Budget.
	  	 	19	  
	 5.9
	 	 Board Matters.
	  	 	19	  
	 5.10
	 	 Management Compensation.
	  	 	19	  
	 5.11
	 	 Compliance with Laws.
	  	 	19	  
	 5.12
	 	 Payment of Taxes.
	  	 	19	  
	 5.13
	 	 Financings.
	  	 	19	  
	 5.14
	 	 Fourth Amended and Restated Voting Agreement.
	  	 	19	  
	 5.15
	 	 Indemnification Matters.
	  	 	20	  
	 5.16
	 	 Right to Conduct Activities.
	  	 	20	  
	 5.17
	 	 Successor Indemnification.
	  	 	20	  
	 5.18
	 	 Prime Preferred Stock Protective Provisions.
	  	 	20	  
	 5.19
	 	 Employee Stock Option Grants.
	  	 	21	  
	 5.20
	 	 Termination of Covenants.
	  	 	21	  

  
 - i - 

							
	 SECTION 6 MISCELLANEOUS
	  	 	21	  
	 6.1
	 	 Successors and Assigns.
	  	 	21	  
	 6.2
	 	 Third Parties.
	  	 	21	  
	 6.3
	 	 Governing Law.
	  	 	21	  
	 6.4
	 	 Counterparts.
	  	 	21	  
	 6.5
	 	 Notices.
	  	 	21	  
	 6.6
	 	 Severability.
	  	 	22	  
	 6.7
	 	 Amendment and Waiver.
	  	 	22	  
	 6.8
	 	 Rights of Holders.
	  	 	22	  
	 6.9
	 	 Delays or Omissions.
	  	 	22	  
	 6.10
	 	 Attorneys’ Fees.
	  	 	22	  
	 6.11
	 	 Headings.
	  	 	22	  
	 6.12
	 	 Entire Agreement.
	  	 	23	  
	 6.13
	 	 Further Assurances.
	  	 	23	  
	 6.14
	 	 Aggregation of Stock.
	  	 	23	  

  
 - ii - 

 THIRD AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

THIS THIRD AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”) is effective as of August 21, 2015
pursuant to the amendment provisions of Subsection 7.7 of that certain Second Amended and Restated Investors’ Rights Agreement dated June 1, 2015 (the “Prior Agreement”), by and among Syndax Pharmaceuticals, Inc., a
Delaware corporation (the “Company”), the investors listed on Exhibit A (each individually, an “Investor” and collectively, the “Investors”), Eckard Weber Living Trust UTA, Ronald Evans, Ph.D.,
Peter Ordentlich, Ph.D., Michael Downes, Ph.D. and Richard Heyman, Ph.D. (each individually, a “Stockholder” and collectively, the “Stockholders”) and Bayer Pharma AG (formerly known as Bayer Schering Pharma AG), a
corporation organized under the laws of the Federal Republic of Germany (“Bayer”), and with regard to Bayer, only with respect to Subsection 2.6, Subsection 2.7 and any other provisions of this Agreement applicable
thereto. 
 RECITALS 

WHEREAS, certain Investors are purchasing shares of Series C-1 Preferred Stock of the Company (the “Series C-1 Preferred
Stock”) pursuant to that certain Series C-1 Preferred Stock Purchase Agreement dated as of even date herewith (the “Purchase Agreement”); 

WHEREAS, the amendment and restatement of the Prior Agreement in the manner set forth in this Agreement is a condition to closing under the
Purchase Agreement; 
 WHEREAS, the parties to the Prior Agreement (the “Existing Investors”) desire to amend and restate
the Prior Agreement and to accept the rights and covenants hereof in lieu of their rights and covenants under the Prior Agreement; and 

WHEREAS, the Existing Investors who are signatories to this Agreement hold the requisite power and authority pursuant to Subsection 7.7
of the Prior Agreement to effectuate the amendment and restatement of the Prior Agreement and enter into this Agreement as set forth herein. 

NOW, THEREFORE, in consideration of these premises and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Company and the Existing Investors hereby agree that the Prior Agreement is amended, restated and superseded in its entirety by this Agreement, and the parties to this Agreement further agree as follows: 

AGREEMENT 
 SECTION 1

 [Intentionally Omitted.] 

 SECTION 2 

REGISTRATION RIGHTS; 

RESTRICTIONS ON TRANSFERABILITY 

2.1 Certain Definitions. As used in this Agreement, the following terms shall have the following respective meanings: 

“Affiliate” shall mean with respect to any specified Person, any other Person who, directly or indirectly, through one or
more intermediaries, controls, is controlled by or is under common control with such Person, including without limitation any parent, subsidiary, affiliate of parent, general partner, managing member, officer or director or employee of such Person
or any venture capital or other investment fund now or hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management company or investment advisor (or sub-advisor) with, such Person. 

“Commission” shall mean the U.S. Securities and Exchange Commission or any other federal agency at the time administering the
Securities Act. 
 “Common Stock” shall mean the common stock of the Company, par value $0.0001 per share. 

“Conversion Shares” shall mean the Common Stock issued or issuable upon conversion of the Shares. 

“Holder” shall mean any Investor owning or having the right to acquire Registrable Securities or any assignee thereof in
accordance with Subsection 2.14 hereof; provided, however, that with respect to Subsection 2.6 hereof and other provisions of this Agreement applicable to a registration pursuant to such subsection, in addition to the
foregoing definition, “Holder” shall also mean the Stockholders and Bayer; provided, further, that with respect to Subsection 2.7 hereof and other provisions of this Agreement applicable to a registration pursuant to such
subsection, in addition to the foregoing definition, “Holder” shall also mean Bayer. 
 “Initiating Holders”
shall mean the Investor or transferees of the Investor under Subsection 2.14 hereof who in the aggregate are Holders of not less than thirty-five percent (35%) of the outstanding Registrable Securities. 

“Major Holder” shall mean: (i) the Investor or transferees of the Investor under Subsection 2.14 hereof who in
the aggregate are Holders of not less than five percent (5%) of the fully-diluted shares of the Company on an as-converted basis (as adjusted for any stock splits, consolidations and the like); and (ii) for purposes of Subsections
5.1 and 5.2 only, BMV Direct II LP, provided, however, that BMV Direct II LP shall no longer be deemed a “Major Holder” on the date on which it no longer holds Registrable Securities. 

“MF Holder” shall mean an (i) Investor that is a registered investment company within the meaning of the Investment
Company Act of 1940, as amended, that is listed on Exhibit B (which Exhibit may be updated from time to time by the Company) and (ii) Jennison Global Healthcare Master Fund, Ltd. and its Affiliates. 

“Person” shall mean an individual, a corporation, a partnership, a trust or unincorporated organization or any other entity
or organization. 
 “Preferred Stock” shall mean the Series A Preferred Stock, Series A-1 Preferred Stock, Series B
Preferred Stock, Series B-1 Preferred Stock and Series C-1 Preferred Stock of the Company. 
 “Prime Preferred Stock” shall
mean the Series A-1 Preferred Stock, Series B-1 Preferred Stock and the Series C-1 Preferred Stock of the Company. 

  
 2 

 The terms “register,” “registered” and
“registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such registration statement. 

“Registrable Securities” means (a) the Conversion Shares, (b) all shares of Common Stock owned by the Investors,
(c) any Common Stock issued (or issuable upon the conversion or exercise of any warrant, right or other security that is issued as) a dividend or other distribution with respect to, or in exchange for, or in replacement of, the Common Stock
described in clauses (a) or (b) hereof; provided, however, that with respect to Subsection 2.6 hereof and other provisions’ of this Agreement applicable to a registration pursuant to such subsection, in addition
to the foregoing definition, “Registrable Securities” shall also mean all shares of Common Stock owned by the Stockholders and Bayer; provided further, that with respect to Subsection 2.7 hereof and other provisions of this
Agreement applicable to a registration pursuant to such subsection, in addition to the foregoing definition, “Registrable Securities” shall also mean all shares of Common Stock owned by Bayer. 

“Registration Expenses” shall mean all reasonable expenses incurred by the Company in complying with Subsections 2.5,
2.6 and 2.7 hereof, including, without limitation, all registration, qualification and filing fees, printing expenses, escrow fees, fees and disbursements of counsel for the Company, blue sky fees and expenses, the expense of any
special audits incident to or required by any such registration (but excluding the compensation of regular employees of the Company which shall be paid in any event by the Company) and all reasonable fees and disbursements of (a) one special
counsel for all of the Holders who elect to include their Registrable Securities in any such registration and (b) one special counsel for Bayer if it elects to include its Registrable Securities in any such registration. 

“Restricted Securities” shall mean the securities of the Company required to bear the legend set forth in Subsection
2.3 hereof. 
 “Securities Act” shall mean the Securities Act of 1933, as amended, or any similar or successor federal
statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time. 
 “Selling
Expenses” shall mean all underwriting discounts, selling commissions and stock transfer taxes applicable to the securities registered by the Holders. 

“Shares” shall mean shares of the Preferred Stock. 

“Warrant Agreement” shall mean the Warrant Agreement between the Company and Bayer, dated March 26, 2007. 

2.2 Restrictions. The Shares and the Conversion Shares shall not be sold, assigned, transferred or pledged except upon the conditions
specified in this Agreement, which conditions are intended to ensure compliance with the provisions of the Securities Act. The Investor will cause any proposed purchaser, assignee, transferee or pledgee of the Shares and the Conversion Shares to
agree to take and hold such securities subject to the provisions and upon the conditions specified in this Agreement. 

  
 3 

 2.3 Restrictive Legend. Each certificate representing (a) the Shares, (b) the
Conversion Shares, and (c) any other securities issued in respect of the securities referenced in clauses (a) and (b) upon any stock split, stock dividend, recapitalization, merger, consolidation or similar event, shall (unless
otherwise permitted by the provisions of Subsection 2.4 below) be stamped or otherwise imprinted with a legend in substantially the following form (in addition to any legend required under applicable state securities laws): 

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED. THE SHARES MAY NOT BE SOLD, TRANSFERRED OR PLEDGED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED OR UNLESS
SOLD PURSUANT TO RULE 144 OF SUCH ACT.” 
 “THE SHARES REPRESENTED BY THIS CERTIFICATE MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH
THE TERMS OF AGREEMENTS BETWEEN THE COMPANY AND THE ORIGINAL STOCKHOLDER, COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE COMPANY.” 

Each Holder consents to the Company making a notation on its records and giving instructions to any transfer agent of the Restricted
Securities in order to implement the restrictions on transfer established in this Section 2. 
 2.4 Notice of Proposed
Transfers. The holder of each certificate representing Restricted Securities, by acceptance thereof, agrees to comply in all respects with the provisions of this Section 2. Prior to any proposed sale, assignment, transfer or pledge
of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed transfer, the holder thereof shall give written notice to the Company of such holder’s intention to effect such
transfer, sale, assignment or pledge. Each such notice shall describe the manner and circumstances of the proposed transfer, sale, assignment or pledge in sufficient detail, and shall be accompanied at such holder’s expense by either
(a) an unqualified 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 transfer of the Restricted Securities may be
effected without registration under the Securities Act, or (b) a “no action” letter from the Commission to the effect that the transfer of such securities without registration will not result in a recommendation by the staff of the
Commission that action be taken with respect thereto, or (c) any other evidence reasonably satisfactory to counsel to the Company, whereupon the holder of such Restricted Securities shall be entitled to transfer such Restricted Securities in
accordance with the terms of the notice delivered 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 Rule 144, (y) in any transaction in
which an Investor which is a corporation distributes Restricted Securities solely to its Affiliates for no consideration, or (z) in any transaction in which an Investor which is a partnership distributes Restricted Securities solely to its
partners, limited partners, retired partners, members or retired members for no consideration; provided that each transferee agrees in writing to be subject to the terms of this Section 2. Each certificate evidencing the Restricted
Securities transferred as above provided shall bear, except if such transfer is made pursuant to Rule 144, the appropriate restrictive legends set forth in this Section 2, except that such certificate shall not bear 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 or this Agreement. 

  
 4 

 2.5 Requested Registration. 

(a) In case the Company shall receive from Initiating Holders a written request that the Company effect any registration, qualification or
compliance with respect to the Registrable Securities, the Company will: 
 (i) promptly give written notice of the proposed
registration, qualification or compliance to all other Holders; and 
 (ii) as soon as practicable and in any event within
ninety (90) days after receipt of such written request, use its commercially reasonable best efforts to effect such registration, qualification or compliance (including, without limitation, the execution of an undertaking to file post-effective
amendments, appropriate qualification under applicable blue sky or other state securities laws and appropriate compliance with applicable regulations issued under the Securities Act and any other governmental requirements or regulations) as may be
so requested and as would permit or facilitate the sale and distribution of all or such portion of such Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any Holder or Holders
joining in such request as are specified in a written request received by the Company within twenty (20) days after receipt of the written notice from the Company; provided, however, that the Company shall not be obligated to take
any action to effect any such registration, qualification or compliance pursuant to this Subsection 2.5: 
 (A) In
any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting such registration, qualification or compliance unless the Company is already subject to service in such jurisdiction
and except as may be required by the Securities Act; 
 (B) Prior to twelve (12) months after the effective date of the
Company’s initial public offering; 
 (C) After the Company has effected two (2) such registrations pursuant to
this subparagraph 2.5(a), such registration has been declared or ordered effective and the securities offered pursuant to each such registration have been sold; provided that all Registrable Securities requested for inclusion were in fact
included in such registration. The Company shall not be obligated to effect more than two registration statements in any twelve (12) month period; 

(D) During the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date
of filing of, and ending on a date one hundred eighty (180) days after the effective date of, a registration initiated by the Company; provided that the Company is actively employed in good faith in all commercially reasonable best efforts to
cause such registration statement to become effective and provided further that the rights of the Initiating Holders to include Registrable Securities for registration in the Company’s registration shall be governed by Subsection 2.6
hereof; or 
 (E) If such registration, qualification or compliance involves securities with an aggregate value less than
Ten Million Dollars ($10,000,000). 
 Subject to the foregoing clauses (A) through (E), the Company shall file a registration statement
covering the Registrable Securities so requested to be registered as soon as practicable after receipt of the request or requests of the Initiating Holders; provided, however, that if (i) in the good faith judgment of the board of
directors of the Company (the “Board”), such registration would be seriously detrimental to the Company and the Board concludes, as a result, that it is essential to defer the filing of such registration statement at such time, and
(ii) the Company shall furnish to such Holders a certificate signed by the President of the Company stating that in the good faith judgment of the Board, it would be seriously detrimental to the Company for such registration statement to be
filed in the near future and that it is, therefore, essential to defer 

  
 5 

 
the filing of such registration statement, then the Company shall have the right to defer such filing (except as provided in clause (D) above) for up to two (2) periods of not more than
sixty (60) days each after receipt of the request of the Initiating Holders, and provided further, that the Company shall not defer its obligation in this manner more than once in any twelve-month period. 

(b) Underwriting. In the event that a registration pursuant to Subsection 2.5 is for a registered public offering involving an
underwriting, the Company shall so advise the Holders as part of the notice given pursuant to Subsection 2.5(a)(i). The right of any Holder to registration pursuant to Subsection 2.5 shall be conditioned upon such Holder’s
participation in the underwriting arrangements required by this Subsection 2.5 and the inclusion of such Holder’s Registrable Securities in the underwriting, to the extent requested and provided herein. 

The Company shall (together with all Holders proposing to distribute their securities through such underwriting) enter into an underwriting
agreement in customary form with the managing underwriter selected for such underwriting by a majority in interest of the Initiating Holders (which managing underwriter shall be reasonably acceptable to the Company). Notwithstanding any other
provision of this Subsection 2.5, if the managing underwriter advises the Initiating Holders in writing that marketing factors require a limitation of the number of shares to be underwritten, then the Company shall so advise all Holders of
Registrable Securities and the number of shares of Registrable Securities that may be included in the registration and underwriting shall be allocated among all Holders thereof in proportion, as nearly as practicable, to the respective amounts of
Registrable Securities held by such Holders at the time of filing the registration statement. No Registrable Securities excluded from the underwriting by reason of the underwriter’s marketing limitation shall be included in such registration.
To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. 

If any Holder of Registrable Securities disapproves of the terms of the underwriting, such person may elect to withdraw therefrom by written
notice to the Company, the managing underwriter and the Initiating Holders. The Registrable Securities or other securities so withdrawn shall also be withdrawn from registration, and such Registrable Securities shall not be transferred in a public
distribution prior to ninety (90) days (one hundred eighty (180) days in the case of the Company’s initial public offering) after the date of the final prospectus used in such public offering. 

2.6 Company Registration. 

(a) Notice of Registration. If at any time or from time to time, the Company shall determine to register any of its securities, either
for its own account or the account of a security holder or holders exercising their respective demand registration rights other than (i) a registration relating solely to employee benefit plans, or (ii) a registration relating solely to a
merger, acquisition or exchange, or (iii) a registration relating to convertible debt transaction, the Company will: 

(i) promptly give to each Holder written notice thereof; and 

(ii) include in such registration (and any related qualification under blue sky laws or other compliance), and in any
underwriting involved therein, all the Registrable Securities specified in a written request or requests made within twenty (20) days after receipt of such written notice from the Company by any Holder, but only to the extent that such
inclusion will not diminish the number of securities included by the Company or by Holders of the Company’s securities who have demanded such registration and further subject to the underwriter’s right to limit the number of securities
included in the registration as set forth in Subsection 2.6(b) below. 

  
 6 

 (b) Underwriting. If the registration of which the Company gives notice is for a
registered public offering involving an underwriting, the Company shall so advise the Holders as a part of the written notice given pursuant to Subsection 2.6(a)(i). In such event, the right of any Holder to registration pursuant to
Subsection 2.6 shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of 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 and the other Holders distributing their securities through such underwriting) enter into an underwriting agreement in customary form with the managing underwriter selected for such
underwriting by the Company (or by the Holders who have demanded such registration, as the case may be). Notwithstanding any other provision of this Subsection 2.6, if the managing underwriter determines in its sole discretion that marketing
factors require a limitation of the number of shares to be underwritten, the managing underwriter may limit the number of Registrable Securities to be included in the registration and underwriting, on a pro rata basis based on the total number of
securities (including, without limitation, Registrable Securities owned by each participating Holder) entitled to be included in such registration; but in no event shall the amount of securities of the participating Holders included in the offering
be reduced below thirty percent (30%) of the total amount of securities included in such offering, unless such offering is the initial public offering of the Company’s securities, in which case the participating Holders may be entirely
excluded if the managing underwriter makes the determination described above and no other stockholder’s securities are included. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may
round the number of shares allocated to any Holder or other holder to the nearest one hundred (100) shares. If any Holder or other holder disapproves of the terms of any such underwriting, he or she may elect to withdraw therefrom by written
notice to the Company and the managing underwriter. Any securities excluded or withdrawn from such underwriting shall be withdrawn from such registration, and shall not be transferred in a public distribution prior to ninety (90) days (one
hundred eighty (180) days in the case of the Company’s initial public offering) after the date of the final prospectus included in the registration statement relating thereto. 

(c) Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it under
this Subsection 2.6 prior to the effectiveness of such registration, whether or not any Holder has elected to include securities in such registration. 

2.7 Registration on Form S-3. 

(a) If any Holder or Holders of at least twenty percent (20%) of the then outstanding Registrable Securities or Bayer or any assignee
thereof in accordance with the Warrant Agreement requests that the Company file a registration statement on Form S-3 (or any successor form to Form S-3) for a public offering of shares of the Registrable Securities, the reasonably anticipated
aggregate price to the public of which, net of underwriting discounts and commissions, would exceed One Million Dollars ($1,000,000), and the Company is a registrant entitled to use Form S-3 to register the Registrable Securities for such an
offering, the Company shall use its commercially reasonable best efforts to cause such Registrable Securities to be registered for the offering on such form. The Company will (i) promptly give written notice of the proposed registration to all
other Holders, and (ii) as soon as practicable, but in no event later than sixty (60) days following the request, use its commercially reasonable best efforts to effect such registration (including, without limitation, the execution of an
undertaking to file post-effective amendments, appropriate qualification under applicable blue sky or other state securities laws and appropriate compliance with applicable regulations issued under the Securities Act and any other governmental
requirements or regulations) as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Registrable Securities as are specified in such request, together with all or such portion of the
Registrable Securities of any Holder or Holders joining in such request as are specified in a written request received by the Company within twenty (20) days after receipt of written notice from the Company. The substantive provisions of
Subsection 2.5(b) shall be applicable to each registration initiated under this Subsection 2.7. 

  
 7 

 (b) Notwithstanding the foregoing, the Company shall not be obligated to take any action pursuant
to this Subsection 2.7: (i) in any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting such registration, qualification or compliance unless the Company is
already subject to service in such jurisdiction and except as may be required by the Securities Act; (ii) in a given twelve month period, after the Company has effected two (2) such registrations pursuant to subparagraph 2.7(a); or
(iii) if the Company shall furnish to such Holders a certificate signed by the President of the Company stating that, in the good faith judgment of the Board, it would be seriously detrimental to the Company or its stockholders for registration
statements to be filed in the near future, then the Company’s obligation to use its commercially reasonable best efforts to file a registration statement shall be deferred for up to two periods of sixty (60) days each, such sixty
(60) day periods not to exceed one hundred twenty (120) days from the receipt of the request to file such registration by such Holder or Holders. The Company shall not defer its obligation in this manner more than once in any twelve-month
period. 
 2.8 Corporate Transaction. In the event of a Corporate Transaction, the Company shall use reasonable efforts to cause the
registration rights described under this Section 2 to be assumed or equivalent registration rights to be substituted by a successor corporation or a parent or subsidiary of such successor corporation in writing: “Corporate
Transaction” means a sale of all or substantially all of the Company’s assets or a merger, consolidation or other capital reorganization or business combination transaction of the Company with or into another corporation, entity or
person or a sale of capital stock such that the stockholders immediately prior to such sale possess less than fifty percent (50%) of the voting power immediately after such sale; provided, however, that (a) the provisions of
this Subsection 2.8 may be waived by the holders of at least sixty percent (60%) of the then outstanding Registrable Securities and Bayer and (b) the provisions of this Subsection 2.8 shall not apply in the event of any
Corporate Transaction if all Holders are entitled to receive in exchange for their Registrable Securities consideration consisting solely of (i) cash or (ii) securities of the acquiring corporation which may be immediately sold to the
public without registration under the Securities Act. 
 2.9 Expenses of Registration. All Registration Expenses, including the
reasonable fees and expenses of not more than one special counsel to the Holders, incurred in connection with registrations pursuant to Subsections 2.5, 2.6 and 2.7 shall be borne by the Company, provided that the Company shall not be
required to pay the Registration Expenses of any registration proceeding begun pursuant to Subsection 2.5, the request of which has been subsequently withdrawn by the Initiating Holders. In such case, (i) the Holders of Registrable
Securities to have been registered shall bear all such Registration Expenses pro rata on the basis of the number of shares to have been registered and (ii) the Company shall be deemed not to have effected a registration pursuant to
subparagraph 2.5(a) of this Agreement. Notwithstanding the foregoing, however, if at the time of the withdrawal, the Holders have learned of a material adverse change in the condition, business or prospects of the Company from that known
to the Holders at the time of their request, of which the Company had knowledge at the time of the request, then the Holders shall not be required to pay any of such Registration Expenses, all of which shall be borne by the Company. In such case,
the Company shall be deemed not to have effected a registration pursuant to subparagraph 2.5(a) of this Agreement. Unless otherwise stated, all Selling Expenses relating to securities registered on behalf of the Holders shall be borne by the
Holders of the registered securities included in such registration pro rata on the basis of the number of shares so registered. 
 2.10
Registration Procedures. In the case of each registration, qualification or compliance effected by the Company pursuant to this Section 2, the Company will keep each Holder advised in writing as to the initiation of each
registration, qualification and compliance and as to the completion thereof. The Company will: 
 (a) Prepare and file with the Commission a
registration statement with respect to the Registrable Securities and use its commercially reasonable efforts to cause such registration statement to become and remain effective for at least one hundred twenty (120) days or until the
distribution described in the registration statement has been completed; provided, however, that (i) such one hundred twenty (120) day period shall be extended for a period of time equal to the period that the Holder refrains
from selling any securities included in such registration at the request of the Company or an underwriter of the Common Stock (or any other securities) of the Company and (ii) in the case of any registration on Form S-3 which is intended to be
offered on a continuous or delayed basis, such one hundred twenty (120) day period shall be extended, if necessary, to keep the registration statement effective until all such Registrable Securities are sold, provided that Rule 415, or any
successor rule under the Securities Act, permits an offering on a continuous or delayed basis, and provided further that applicable rules under the Securities Act governing the obligation to file a post-effective amendment permit, in lieu of filing
a post-effective amendment which includes (A) any prospectus required by Section 10(a)(3) of the Securities Act or (B) reflects facts or events representing a material or fundamental change in the information set forth in the
registration statement, the incorporation by reference of information required to be included in (a) and (b) above to be contained in periodic reports filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”) in the registration statement; 

  
 8 

 (b) Furnish to the Holders participating in such registration and to the underwriters of the
securities being registered such reasonable number of copies of the registration statement and amendments and supplements thereto, preliminary prospectus, final prospectus and such other documents as such underwriters may reasonably request in order
to facilitate the public offering of such securities; 
 (c) Cause all such Registrable Securities registered hereunder to be listed on each
securities exchange on which similar securities issued by the Company are then listed; 
 (d) Notify each Holder of Registrable Securities
covered by such registration statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as
then in effect, includes an untrue statement of material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; 

(e) Provide transfer agent and registrar for all Registrable Securities registered pursuant to such registration statement and a CUSIP number
for all such Registrable Securities, in each case not later than effective date of such registration; 
 (f) Prepare and file amendments of
or supplements to the registration statement or prospectus necessary to comply with the Securities Act with respect to disposition of the Registrable Securities covered by such registration statement; 

(g) Use all 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 Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general
consent to service of process in any such states or jurisdictions unless the Company is already qualified to do business or subject to service of process in that jurisdiction; 

  
 9 

 (h) Use its best efforts to furnish, at the request of any Holder requesting registration of
Registrable Securities pursuant to this Subsection 2.10, on the date that such Registrable Securities are delivered to the underwriters for sale in connection with a registration pursuant to this Subsection 2.10, if such securities are
being sold through underwriters, (i) an opinion, dated such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering,
addressed to the underwriters and (ii) a letter dated such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an
underwritten public offering, addressed to the underwriters; 
 (i) Make generally available to its security holders, and to deliver to each
Holder participating in the registration statement, an earnings statement of the Company that will satisfy the provisions of Section 11(a) of the Securities Act covering a period of 12 months beginning after the effective date of such
registration statement as soon as reasonably practicable after the termination of such 12-month period; and 
 (j) In the event of any
underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter of such offering. Each Holder and other security holder participating in such
underwriting shall also enter into and perform its obligations under such an agreement. 
 2.11 Indemnification. 

(a) The Company will indemnify each Holder, each of its officers and directors and partners, and each person controlling such Holder within
the meaning of Section 15 of the Securities Act, with respect to which registration, qualification or compliance has been effected pursuant to this Section 2, and each underwriter, if any and each person who controls any underwriter
within the meaning of Section 15 of the Securities Act, against all expenses, claims, losses, damages or liabilities (or actions in respect thereof), including any of the foregoing incurred in settlement of any litigation, commenced or
threatened, arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any registration statement, prospectus, offering circular or other document, or any amendment or supplement thereto, incident
to any such registration, qualification or compliance, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which
they were made, not misleading, or any violation by the Company of any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities laws applicable to the Company in connection with any such registration,
qualification or compliance, and the Company will reimburse each such Holder, each of its officers and directors, and each person controlling such Holder, each such underwriter and each person who controls any such underwriter, for any legal and any
other expenses reasonably incurred in connection with investigating, preparing or defending any such claim, loss, damage, liability or action, as such expenses are incurred,’ provided that the Company will not be liable in any such case to the
extent that any such claim, loss, damage, liability or expense arises out of or is based on any untrue statement or omission or alleged untrue statement or omission, made in reliance upon and in conformity with written information furnished to the
Company by an instrument duly executed by such Holder, controlling person or underwriter and stated to be specifically for use therein. 

(b) Each Holder will, if Registrable Securities held by such Holder are included in the securities as to which such registration,
qualification or compliance is being effected, severally, but not jointly, indemnify the Company, each of its directors and officers, each underwriter, if any, of the Company’s securities covered by such a registration statement, each person
who controls the Company or such underwriter 

  
 10 

 
within the meaning of Section 15 of the Securities Act, and each other such Holder, each of its officers and directors and each person controlling such Holder within the meaning of
Section 15 of the Securities Act, against all claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any such
registration statement, prospectus, offering circular or other document, or any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
in which they were made, not misleading, and will reimburse the Company, such Holders, such directors, officers, persons, underwriters or control persons for any legal or any other expenses reasonably incurred in connection with investigating or
defending any such claim, loss, damage, liability or action, as such expenses are incurred, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in
such registration statement, prospectus, offering circular or other document in reliance upon and in conformity with written information furnished to the Company by an instrument duly executed by such Holder and stated to be specifically for use
therein; provided, however, that in no event shall any indemnity under this Subsection 2.11(b) exceed the net proceeds from the offering received by such Holder unless such liability arises out of or is based upon the willful
misconduct by such Holder. 
 (c) If the indemnification provided for in this Subsection 2.11 is held by a court of competent
jurisdiction to be unavailable to a party entitled to indemnification under this Subsection 2.11 (the “Indemnified Party”) with respect to any loss, liability, claim, damage or expense referred to herein, then the party
required to provide indemnification (the “Indemnifying Party”), in lieu of indemnifying such Indemnified Party hereunder, instead shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, liability,
claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and of the Indemnified Party on the other in connection with the statements or omissions that resulted in such
loss, liability, claim, damage or expense, as well as any other relevant equitable considerations. The relative fault of the Indemnifying Party and of the Indemnified Party shall be determined by reference to, among other things, whether the untrue
or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the Indemnifying Party or by the Indemnified Party and the parties’ relative intent, knowledge, access to information,
and opportunity to correct or prevent such statement or omission. 
 (d) Each Indemnified Party shall give notice to the Indemnifying Party
promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom, provided that counsel
for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be approved by the Indemnified Party (whose approval shall not unreasonably be withheld), and the Indemnified Party may participate in such defense at such
party’s expense; provided, however, that an Indemnified Party (together with all other Indemnified Parties which may be represented without conflict by one counsel) shall have the right to retain its own separate counsel with the
reasonable fees and expenses to be paid by the Indemnifying Party if the Indemnified Party reasonably determines that representation of such Indemnified Party would be appropriate due to actual or potential differing interests between such
Indemnified Party and any other party represented by such counsel in such proceeding. The failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Section 2 unless
the failure to give such notice is materially prejudicial to an Indemnifying Party’s ability to defend such action. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the consent of each Indemnified Party,
consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect of such claim or
litigation. 

  
 11 

 2.12 Information by Holder. The Holder or Holders of Registrable Securities included in
any registration shall furnish to the Company such information regarding such Holder or Holders, the Registrable Securities held by them and the distribution proposed by such Holder or Holders as the Company may reasonably request in writing and as
shall be required in connection with any registration, qualification or compliance referred to in this Section 2. 
 2.13
Rule 144 Reporting. With a view to making available the benefits of certain rules and regulations of the Commission which may at any time permit the sale of the Restricted Securities to the public without registration, after such time as a
public market exists for the Common Stock of the Company, the Company agrees to use its commercially reasonable best efforts to: 
 (a) Make
and keep public information available, as those terms are understood and defined in Rule 144 under the Securities Act, at all times after the effective date that the Company becomes subject to the reporting requirements of the Exchange Act; 

(b) File with the Commission 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 it has become subject to such reporting requirements); and 
 (c) So long as an Investor owns any Restricted
Securities, to furnish to the Investor forthwith upon request a written statement by the Company as to its compliance with the reporting requirements of said Rule 144 (at any time after ninety (90) days after the effective date of the first
registration statement filed by the Company for an offering of its securities to the general public) and of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), a copy of the most recent
annual or quarterly report of the Company, and such other reports and documents of the Company and other information in the possession of or reasonably obtainable by the Company as an Investor may reasonably request in availing itself of any rule or
regulation of the Commission allowing an Investor to sell any such securities without registration. 
 2.14 Transfer of Registration
Rights. The rights to cause the Company to register securities granted Investors under Subsections 2.5, 2.6 and 2.7 may only be assigned to (i) a transferee or assignee who acquires at least sixty-six percent (66%) of an
original Holder’s Registrable Securities as of the date hereof (subject to adjustment for stock splits, reverse stock splits, stock dividends and other similar transactions), (ii) any other Investor who has such registration rights,
(iii) any assignee of Bayer in accordance with the Warrant Agreement, (iv) any affiliated fund of any Holder that is a partnership or limited liability company, (v) any partner or retired partner of any Holder which is a partnership
or member or retired member of any Holder which is a limited liability company, (vi) any family member or trust for the benefit of any individual Holder or (vii) as provided by restrictions required by law; provided in each case that
prompt written notice of such assignment is given to the Company and such assignee agrees to be bound by the provisions of this Agreement. 

2.15 Market Stand-off Agreement. Each Holder agrees in connection with the initial public offering of the Company’s securities
(other than a registration of securities in a Rule 145 transaction or with respect to an employee benefit plan) that, upon request of the Company or the underwriters managing any underwritten offering of the Company’s securities, not to sell,
make any short sale of, loan, grant any option for the purchase of, pledge, hypothecate, limit such Holder’s market risk regarding or otherwise directly or indirectly dispose of any Registrable Securities (other than those included in the
registration) or other capital stock of the Company or securities exchangeable or convertible into capital stock of the Company without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not
to exceed one hundred eighty (180) days from the date of the final prospectus used in such registration) as may be 

  
 12 

 
requested by the Company or such managing underwriters, and to enter into a lock-up agreement in customary form with such underwriters providing for restrictions approved by the Board, provided
that all officers and directors of the Company and holders of at least one percent (1%) of the Company’s voting securities are bound by and have entered into similar agreements, except as otherwise set forth herein. Notwithstanding the
foregoing, Fidelity Research and Management Company and its Affiliates will only be subject to the foregoing provisions of this Subsection 2.15 with regards to any Registrable Securities held immediately before the effective date of the
registration statement of the initial public offering. In the event of any early release of portions of the securities subject to such lock-up agreements, all Holders will be released on a pro rata basis from such agreements. Any discretionary
waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters shall apply pro rata to all Holders subject to such agreements, based on the number of shares subject to such agreements. The certificates
for the (a) Shares, (b) Conversion Shares, (c) any New Securities and (d) any other securities issued in respect of the securities referenced in clauses (a), (b) and (c) upon any stock split, stock dividend,
recapitalization, merger, consolidation or similar event shall contain, for so long as such market stand-off provision remains in place, a legend in substantially the following form: 

“THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER INCLUDING A MARKET STAND-OFF AGREEMENT BETWEEN
THE COMPANY AND THE ORIGINAL STOCKHOLDER THAT PROHIBITS SALE OR TRANSFER OF SUCH SHARES FOR A PERIOD OF UP TO 180 DAYS FOLLOWING THE DATE OF THE FINAL PROSPECTUS FOR THE INITIAL PUBLIC OFFERING OF THE ISSUER’S COMMON STOCK. THIS AGREEMENT IS
BINDING UPON TRANSFEREES. A COPY OF THE AGREEMENT IS ON FILE WITH THE SECRETARY OF THE ISSUER.” 
 2.16 Termination of Rights.
The rights of any particular Holder or permitted transferee thereof to cause the Company to register securities under Subsections 2.5, 2.6 and 2.7 shall terminate with respect to such Holder on the earlier of: (a) the date when such
Holder can sell all of its Registrable Securities in a single transaction pursuant to Rule 144 of the Securities Act, (b) the three (3) year anniversary of the effective date of the Company’s initial public offering, or (c) a
Liquidating Transaction (as defined in the Company’s Thirteenth Amended and Restated Certificate of Incorporation, as amended from time to time (the “Charter”)). 

SECTION 3 
 RIGHT OF
FIRST OFFER 
 3.1 Right of First Offer. Subject to the terms and conditions contained in this Section 3, the Company
hereby grants to each Investor holding Prime Preferred Stock (each an “RFO Holder”) the right of first offer (the “Right of First Offer”) to purchase its Pro Rata Portion (as defined below) of any New Securities (as
defined in Subsection 3.2) which the Company may, from time to time, propose to sell and issue. RFO Holder’s “Pro Rata Portion” for purposes of this Section 3 is equal to (x) the sum of the number of
shares of the Company’s Common Stock then held by such RFO Holder and the number of shares of the Company’s Common Stock issuable upon conversion of the Prime Preferred Stock then held by such RFO Holder divided by (y) the sum of the
total number of shares of the Company’s Common Stock then outstanding and the number of shares of the Company’s Common Stock issuable upon conversion of the then outstanding Prime Preferred Stock, as adjusted (assuming full conversion and
exercise of all convertible and exercisable securities). 

  
 13 

 3.2 Definition of New Securities. Except as set forth below, “New
Securities” shall mean any shares of capital stock of the Company, including Common Stock and Preferred Stock, whether authorized or not, and rights, options or warrants to purchase said shares of Common Stock or Preferred Stock, and
securities of any type whatsoever that are, or may become, convertible into said shares of Common Stock or Preferred Stock. Notwithstanding the foregoing, “New Securities” does not include: 

(a) the Conversion Shares; 
 (b)
all shares of Common Stock issued or deemed issued to employees or directors of, or consultants or advisors to this corporation, pursuant to the Company’s 2007 Stock Plan, as amended from time to time, and approved by a majority of the Board,
including a majority of the Preferred Directors (as defined in Charter); 
 (c) all shares of Common Stock issued or deemed issued in
connection with research and development partnerships, licensing, corporate partnering, collaborative arrangements or similar transactions approved by the holders of more than sixty percent (60%) of the outstanding Prime Preferred Stock on an
as converted basis; 
 (d) all securities issued by reason of a dividend, stock split, split-up or other distribution on shares of Common
Stock; 
 (e) securities to financial institutions or lessors issued in connection with commercial credit arrangements, equipment
financings, or similar transactions approved by a majority of the Board, including a majority of the Preferred Directors (as defined in the Charter); 

(f) capital stock issued in connection with bona fide acquisitions, mergers, consolidations or similar business combinations, provided that
such issuance has been approved by the holders of more than sixty percent (60%) of the outstanding Prime Preferred Stock; 
 (g) shares
of Common Stock or convertible securities actually issued upon the exercise of options or shares of Common Stock actually issued upon the conversion or exchange of convertible securities, in each case provided such issuance is pursuant to the terms
of such option or convertible security, and 
 (h) all securities issued pursuant to a firm commitment, underwritten initial public offering
registered under the Securities Act. 
 3.3 Notice of Right. In the event the Company proposes to undertake an issuance of New
Securities, it shall give each RFO Holder written notice of its intention, describing the type of New Securities and the price and terms upon which the Company proposes to issue the same. The RFO Holders shall have fifteen (15) days from the
date of receipt of any such notice to agree to purchase shares of such New Securities (up to the amount referred to in Subsection 3.1), for the price and upon the terms specified in the notice, by giving written notice to the Company and
stating therein the quantity of New Securities to be purchased. If any RFO Holders do not indicate an interest in purchasing any such RFO Holder’s full Pro Rata Portion of such New Securities by the end of the 15-day period, the Company shall
give notice of any remaining available New Securities (the “Overallotment Notice”) to each of the other RFO Holders who has elected to purchase its full Pro Rata Portion (the “Electing Holders”). Such Overallotment
Notice may be made by telephone if confirmed in writing within two (2) days. The Electing Holders shall then have a right of overallotment such that they shall have ten (10) days from the date such Overallotment Notice was given to
indicate an interest to increase the number of shares of New Securities they may purchase pursuant to this Section 3, in an aggregate amount of up to the number of remaining available shares of New Securities which, if necessary, shall
be 

  
 14 

 
apportioned pro rata on the basis of the proportion that the number of shares of Prime Preferred Stock and Common Stock then held by each such Electing Holder who elects to increase the number of
shares of New Securities it proposes to purchase bears to the number of shares of Prime Preferred Stock and Common Stock then held by all such Electing Holders who elect to increase the number of shares of New Securities they propose to purchase.

 3.4 Exercise of Right. If any RFO Holder exercises its Right of First Offer hereunder, the closing of the purchase of the New
Securities with respect to which such right has been exercised shall take place as soon as practicable after the RFO Holder gives notice of such interest. 

3.5 Lapse and Reinstatement of Right. In the event a RFO Holder fails to exercise the Right of First Offer provided in this
Section 3 in the manner provided above, the Company shall have ninety (90) days thereafter to sell or enter into an agreement (pursuant to which the sale of New Securities covered thereby shall be closed, if at all, within sixty
(60) days from the date of said agreement) to sell the New Securities not elected to be purchased by such RFO Holder at the price and upon the terms no more favorable to the purchasers of such securities than specified in the Company’s
notice. In the event the Company has not sold the New Securities or entered into an agreement to sell the New Securities within said ninety (90) day period (or sold and issued New Securities in accordance with the foregoing within sixty
(60) days from the date of said agreement), the Company shall not thereafter issue or sell any New Securities without first offering such securities to the RFO Holder in the manner provided above. 

3.6 Transfer of Right of First Offer. The Right of First Offer granted under Section 3 of this Agreement may be assigned to
a transferee or assignee reasonably acceptable to the Company in connection with any transfer of shares of the Company capital stock held by a RFO Holder; provided that (a) such transfer may otherwise be effected in accordance with applicable
securities laws; (b) written notice of such assignment is given to the Company; and (c) the transferee executes a written agreement to be bound by the terms of this Agreement. 

3.7 Rights of Affiliated Investors. For purposes of this Section 3, Investors who are Affiliates of one or more other
Investors shall, at the election of an Investor and one or more such Affiliates, be treated as a group (an “Investor Group”). Members of an Investor Group shall have the right to reallocate the rights granted by this
Section 3 among themselves as they determine. 
 3.8 Termination of Right of First Offer. The Right of First Offer
granted under this Section 3 of this Agreement shall terminate and be of no further force or effect upon the effective date of the Company’s initial public offering. In the event any RFO Holder fails to purchase its pro rata share
of any New Securities, the Right of First Offer granted under this Subsection 3 shall terminate and be of no further force or effect as to such RFO Holder (the “RFO Right Condition”); provided, however, that the
RFO Right Condition shall not apply to any Investor who purchased shares of Series C-1 Preferred Stock in connection with the Purchase Agreement or any Investor who purchases Registrable Securities after the date hereof. 

  
 15 

 SECTION 4 

[Intentionally omitted] 

SECTION 5 
 AFFIRMATIVE
COVENANTS OF THE COMPANY 
 The Company hereby covenants and agrees as follows: 

5.1 Financial Information. The Company will furnish to each MF Holder, Major Holder or transferee thereof under
Subsection 2.14 the following reports: 
 (a) As soon as practicable after the end of each fiscal year, and in any event within
two hundred seventy (270) days thereafter, consolidated balance sheets of the Company and its subsidiaries, if any, as of the end of such fiscal year, and consolidated statements of income and cash flows of the Company and its subsidiaries, if
any, for such year, prepared in accordance with generally accepted accounting principles applied on a consistent basis and setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and audited
by independent public accountants of national standing selected by the Company and approved by the Board; 
 (b) As soon as practicable
after the end of each quarter, and in any event within forty-five (45) days thereafter (other than the last calendar month of each fiscal year), unaudited consolidated balance sheets of the Company and its subsidiaries, if any, as of the end of
the quarter, and unaudited consolidated statements of income and cash flows of the Company and its subsidiaries, if any, for such quarter, prepared in accordance with generally accepted accounting principles applied on a consistent basis and setting
forth in each case in comparative form the figures for the same quarter one year earlier; provided that footnotes and schedule disclosure appearing in audited financial statements shall not be required, all in reasonable detail and signed by the
principal financial or accounting officer of the Company; 
 (c) As soon as practicable after the end of each month, and in any event within
thirty (30) days thereafter (other than the last calendar month of each fiscal year), unaudited consolidated balance sheets of the Company and its subsidiaries, if any, as of the end of the month, and unaudited consolidated statements of income
and cash flows of the Company and its subsidiaries, if any, for such month, prepared in accordance with generally accepted accounting principles applied on a consistent basis and setting forth in each case in comparative form the figures for the
same month one year earlier; provided that footnotes and schedule disclosure appearing in audited financial statements shall not be required, all in reasonable detail and signed by the principal financial or accounting officer of the Company; 

(d) As soon as practicable, but in any event thirty (30) days prior to the end of each fiscal year, a budget for the next fiscal year,
prepared on a monthly basis, and, as soon as prepared, any other updated or revised budgets for such fiscal year prepared by the Company and approved by the Board; and 

The Company shall respond with reasonable promptness and accuracy, and shall use its commercially reasonable efforts to cause its transfer agent to respond
promptly, to written requests made by or on behalf of any MF Holder, Major Holder or transferee thereof under Subsection 2.14 for information that is reasonably related to (i) accounting and securities law matters required in connection
with such Investor’s year-end audit or (ii) the number of shares of the Company’s securities held by such Investor so as to permit such Investor to calculate its percentage equity ownership in the Company; provided,
however, that the Company shall not be obligated to provide any information that could reasonably result in a violation of applicable law or conflict 

  
 16 

 
with the Company’s insider trading policies or confidentiality obligations; and provided further that the covenants set forth in this paragraph shall, with respect to each Investor,
terminate and be of no further force or effect once such Investor no longer hold any securities of the Company that are restricted under the Securities Act. 

Additionally, the Company shall furnish to a representative of Fidelity Research and Management Company or any transferee thereof under
Section 2.14, as soon as practicable after delivery to the Board, copies of all approved minutes and approved consents of the Board and committees of the Board that the Company provides to its directors, except that such representative
may be excluded from access to any material or portion thereof if (i) such exclusion is reasonably necessary to preserve the attorney-client privilege or to protect the Company’s highly confidential proprietary information, or
(ii) providing such information could reasonably result in a violation of applicable law or conflict with the Company’s insider trading policy, code of conduct or a confidentiality obligation of the Company. 

5.2 Inspection. The Company shall permit each Major Holder and MF Holder, at such Holder’s expense, to visit and inspect the
Company’s properties, to examine its books of account and records and to discuss the Company’s affairs, finances and accounts with its officers, all at such reasonable times as may be requested by the Major Holder or the MF Holder. 

5.3 Confidentiality. Each Major Holder and MF Holder agrees and will cause any representative of such Major Holder or MF Holder,
respectively, to hold in confidence and trust and not use or disclose any information provided to or learned by it in connection with its rights under this Section 5 that is identified in writing as confidential (the
“Confidential Information”), except that such Major Holder or MF Holder may disclose such information to any partner, member, subsidiary or parent of such Major Holder or MF Holder, respectively, for the purpose of evaluating its
investment in the Company as long as (a) such partner, member, subsidiary or parent is advised of the confidentiality provisions of this Subsection 5.3 and (b) such Major Holder or MF Holder uses its commercially reasonable best
efforts to ensure that such partner, member, subsidiary or parent holds such information in confidence and trust and will not use or disclose any information provided to or learned by it except as required by law. Notwithstanding the above, this
Subsection 5.3 shall not apply to any information which any such Major Holder or MF Holder can prove: 
 (a) was in the public domain
at the time it was disclosed or has entered the public domain through no fault of such Major Holder or MF Holder; 
 (b) was known to such
Major Holder or MF Holder, without restriction, at the time of disclosure, as demonstrated by files in existence at the time of disclosure; 

(c) is disclosed with the prior written approval of the Company; 

(d) was independently developed by such Major Holder or MF Holder without any use of the Confidential Information and by employees of such
Major Holder or MF Holder who have not had access to the Confidential Information, as demonstrated by files created at the time of such independent development; 

(e) becomes known to such Major Holder or MF Holder, without restriction, from a source other than the Company without breach of this
Subsection 5.3 by such Major Holder or MF Holder and otherwise not in violation of the Company’s rights; 
 (f) is disclosed
generally to third parties by the Company without restrictions similar to those contained in this Subsection 5.3; or 
 (g) is
disclosed pursuant to the order or requirement of a court, administrative agency, or other governmental body; provided, however, that such Major Holder or MF Holder shall provide prompt notice of such court order or requirement to the
Company to enable the Company to seek a protective order or otherwise prevent or restrict such disclosure. 

  
 17 

 Notwithstanding the foregoing, an MF Holder or such MF Holder’s partner, member, investment manager,
subsidiary or parent may identify only the Company and the value of such MF Holder’s security holdings in the Company (and not, for the avoidance of doubt, other confidential information with respect to the Company’s business) without
prior notice to or consent from the Company and such MF Holder shall otherwise comply with the confidentiality obligations set forth in this Subsection 5.3 and (ii) disclose any Confidential Information if such disclosure is required by
law. In the event that an MF Holder is required or requested to make such disclosure, it is agreed that, to the extent legally permissible, the MF Holder shall notify the Company and, to the extent reasonably practicable, the MF Holder shall provide
such notice in advance of the disclosure so as to allow the Company an opportunity to seek (at the Company’s sole expense) a protective order or other appropriate remedy. In the event that no such protective order or other remedy is obtained or
that the Company waives compliance with the provisions hereof, the MF Holder may disclose such Confidential Information as may be required or requested. 

5.4 No Promotion. The Company agrees that it will not, without the prior written consent of such MF Holder, use in advertising or
publicity, or otherwise disclose to a third party, the name of such MF Holder, nor any trade name, trademark, trade device, service mark, symbol or any abbreviation, contraction or simulation thereof owned by any of the aforementioned or any of
their respective Affiliates. The Company further agrees that it shall obtain the written consent of the MF Holder prior to the Company’s or any of its subsidiaries’ issuance of any public statement detailing the purchase of Shares by the
MF Holders; provided, however, the Company may file a Form D with the Commission and any other required securities filings with respect to the transactions contemplated by the Purchase Agreement without the prior written consent of the
MF Holder so long as such filing does not identify the MF Holder. Notwithstanding the foregoing, the Company may identify any MF Holder, (a) as required by law, (b) in information and documents submitted to its stockholders seeking
required consents or waivers to transactions or other actions that require such consent or waiver and (c) other non-public communications with third parties where disclosure of the capitalization of the Company is customary and such third
parties are subject to customary confidentiality obligations. Notwithstanding anything herein to the contrary, this Subsection 5.4, as it pertains to any MF Holder, may not be amended or waived in a manner adverse to any MF Holder without the
prior written consent of such MF Holder. 
 5.5 Patent, Copyright and Nondisclosure Agreements. The Company agrees to require each
employee of the Company to execute a Patent, Copyright and Nondisclosure Agreement and each consultant and advisor of the Company to execute an agreement that provides for confidential treatment of the Company’s proprietary information,
substantially in a form reasonably acceptable to the Board, as a condition of employment or continued employment or engagement, as the case may be, unless otherwise approved by the Board. 

5.6 Stock Vesting. Unless otherwise approved by at least majority of the Board present at a meeting in which there is a quorum, the
Company agrees that all Common Stock issued to employees, consultants, advisors, directors and officers in the future shall be subject to a repurchase option which provides that upon termination of the employment of such individual, with or without
cause, the Company has the option to repurchase at cost any unvested shares held by the individual which repurchase option shall lapse twenty-five percent (25%) after one (1) year and the remainder on a monthly basis over the following
three (3) year period. No such options or stock grants shall have acceleration provisions with respect to vesting, unless otherwise approved by at least majority of the Board present at a meeting in which there is a quorum. Notwithstanding the
above, this Subsection 5.5 shall not apply to Stockholders. 

  
 18 

 5.7 Insurance. The Company shall within two (2) months of the date hereof obtain from
financially sound and reputable insurers directors’ and officers’ liability insurance on terms consistent with the NVCA VentureInsure product (the “D & O Policy”) in an amount approved by the Board. The Company
shall cause to be maintained the D & O Policy except as otherwise decided in accordance with policies approved by a majority of the Preferred Directors (as defined in the Charter). 

5.8 Annual Budget. The Company shall (a) provide to the Board a copy of the proposed Annual Budget for review at least sixty
(60) days prior to the beginning of each fiscal year, and (b) the Company shall obtain the approval of a majority of the Board of the Annual Budget for such fiscal year at least thirty (30) days prior to the commencement of such
fiscal year. 
 5.9 Board Matters. All non-employee directors and official board observers will be reimbursed for their reasonable
out-of-pocket and travel expenses incurred (i) in attending Board meetings (or meetings of committees thereof), (ii) in attending other functions on behalf of the Company, or (iii) in connection with the performance of their duties as
directors. All non-employee directors shall be compensated uniformly. 
 5.10 Management Compensation. The Board or a Compensation
Committee thereof shall determine the compensation to be paid by the Company to an employee of or consultant to the Company in a managerial position involving compensation of at least $150,000 annually. Any grants of capital stock or options to
employees, officers, directors or consultants of the Company shall be made pursuant to a stock option plan duly adopted by the Board. 

5.11 Compliance with Laws. The Company shall comply with all applicable laws, rules, regulations and orders, except where noncompliance
would not have a material adverse effect on the business, properties, assets or condition (financial or otherwise) of the Company. The Company shall comply with all applicable federal and state securities laws in connection with the offer, issuance,
sale or redemption of any shares of its capital stock. 
 5.12 Payment of Taxes. The Company will pay and discharge all lawful Taxes
(as defined below) before such Taxes shall become in default and all lawful claims for labor, materials and supplies which, if not paid when due, might become a lien or charge upon its property or any part thereof; provided, however,
that the Company shall not be required to pay and discharge any such Tax, assessment, charge, levy or claim so long as the validity thereof is being contested by or for the Company in good faith by appropriate proceedings and an adequate reserve
therefore has been established on its books. The term “Tax” (and, with correlative meaning, “Taxes”) means all United States federal, state and local, and all foreign, income, profits, franchise, gross receipts,
payroll, transfer, sales, employment, use, property, excise, value added, ad valorem, estimated, stamp, alternative or add-on minimum, recapture, environmental, withholding and any other taxes, charges, duties, impositions or assessments,
together with all interest, penalties, and additions imposed on or with respect to such amounts, or levied, assessed or imposed against the Company. 

5.13 Financings. The Company shall promptly provide to its Board the details and terms of, and any brochures or investment memoranda
prepared by or for the Company related to, any possible bone fide and material financing of any nature for the Company, whether initiated by the Company or any other Person. 

5.14 Fourth Amended and Restated Voting Agreement. The Company shall cause any Person who acquires shares of capital stock constituting
one percent (1%) or more of the Company’s then outstanding shares of capital stock (treating for this purpose all shares of Common Stock issuable upon exercise of or conversion of outstanding options, warrants or convertible securities, as
if exercised and/or converted or exchanged) to execute a counterpart of the Fourth Amended and Restated Voting Agreement of even date herewith, by and among the Company and certain stockholders of the Company (“Voting Agreement”)
(if it is 

  
 19 

 
not already a party thereto), such execution indicating such Person’s agreement to become a “Holder” thereunder and to bound by the drag along provisions and related provisions of
the Voting Agreement as of the date of such acquisition. 
 5.15 Indemnification Matters. The Company hereby acknowledges that one
(1) or more of the directors nominated to serve on the Board by the Investors (each a “Fund Director”) may have certain rights to indemnification, advancement of expenses and/or insurance provided by one or more of the
Investors and certain of their affiliates (collectively, the “Fund Indemnitors”). The Company hereby agrees (a) that it is the indemnitor of first resort (i.e., its obligations to any such Fund Director are primary
and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Fund Director are secondary), (b) that it shall be required to advance the full amount of
expenses incurred by such Fund Director and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement by or on behalf of any such Fund Director to the extent legally permitted and as required by
the Company’s Certificate of Incorporation or Bylaws of the Company (or any agreement between the Company and such Fund Director), without regard to any rights such Fund Director may have against the Fund Indemnitors, and, (c) that it
irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no
advancement or payment by the Fund Indemnitors on behalf of any such Fund Director with respect to any claim for which such Fund Director has sought indemnification from the Company shall affect the foregoing and the Fund Indemnitors shall have a
right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Fund Director against the Company. 

5.16 Right to Conduct Activities. The Company hereby agrees and acknowledges that Delos Investments 1 (together with its affiliates)
(“Delos”) is a professional investment fund, and as such invests in numerous portfolio companies, some of which may be deemed competitive with the Company’s business (as currently conducted or as currently propose to be
conducted). The Company hereby agrees that, to the extent permitted under applicable law, Delos shall not be liable to the Company for any claim arising out of, or based upon, (i) the investment by Delos in any entity competitive with the
Company, or (ii) actions taken by any partner, officer or other representative of Delos to assist any such competitive company, whether or not such action was taken as a member of the board of directors of such competitive company or otherwise,
and whether or not such action has a detrimental effect on the Company; provided, however, that the foregoing shall not relieve (x) any of the Investors from liability associated with the unauthorized disclosure of the
Company’s confidential information obtained pursuant to this Agreement, or (y) any director or officer of the Company from any liability associated with his or her fiduciary duties to the Company. 

5.17 Successor Indemnification. If the Company or any of its successors or assignees consolidates with or merges into any other Person
and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and assignees of the Company assume the obligations of the Company with
respect to indemnification of members of the Board of Directors as in effect immediately before such transaction, whether such obligations are contained in the Company’s Bylaws, its Certificate of Incorporation, or elsewhere, as the case may
be. 
 5.18 Prime Preferred Stock Protective Provisions. So long as at least Eight Thousand One Hundred Thirty (8,130) shares of
Prime Preferred Stock are outstanding, the Company shall not (by merger, reclassification or otherwise), without the prior approval of the Company’s board of directors, including a majority of the Preferred Directors (as defined in the
Charter): 
 (a) change the strategic goals of the Company’s budgets, development and business plans; 

  
 20 

 (b) change the principal place of business of the Company or enter into any new line of unrelated
business; 
 (c) execute any document which results in an assignment, license, sublicense (or its termination) of any of the Company’s
material assets (including without limitation any of its intellectual property); 
 (d) enter into a strategic partnership; 

(e) acquire the capital stock of another entity which results in the consolidation of that equity into the results of operations of the
Company or any material acquisition of assets of another entity; or 
 (f) take any other action materially adversely affecting the rights,
preferences and privileges of the Preferred Stock. 
 5.19 Employee Stock Option Grants. Subject to approval by the Board and
stockholders of the Company, if applicable, as soon as practicable following each Closing (as defined in the Purchase Agreement), the Company shall grant the issuance of stock options under the Company’s 2007 Stock Plan, as amended, to certain
of the Company’s employees, as determined in the discretion of the Board, in order for such Company employees to maintain a fully diluted ownership percentage in the Company of approximately 10.9%. 

5.20 Termination of Covenants. The covenants set forth in this Section 5 (except Subsection 5.15) shall terminate
on, and be of no further force or effect at such time as the Company (i) consummates the initial public offering of the Company or (ii) becomes subject to the reporting provisions of the Exchange Act. 

SECTION 6 

MISCELLANEOUS 
 6.1
Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors, assigns, heirs, executors and administrators and permitted
transferees of the parties hereto. 
 6.2 Third Parties. Nothing in this Agreement, express or implied, is intended to confer upon
any party, other than the parties hereto, and their respective successors and assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein. 

6.3 Governing Law. This Agreement shall be governed by and construed under the laws of the State of Delaware as applied to agreements
entered into and performed in the State of Delaware solely by residents thereof without reference to principles of conflicts of laws or choice of laws. 

6.4 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. 
 6.5 Notices. Any notice required or permitted by this Agreement shall
be in writing and shall be deemed effectively given the earlier of (i) when received, (ii) when delivered personally, (iii) one (1) business day after being delivered by facsimile (with receipt of appropriate confirmation),
(iv) one (1) business day after being deposited with an overnight courier service or (v) four (4) days after being deposited in the U.S. mail, 

  
 21 

 
First Class with postage prepaid, and addressed to the parties at the addresses provided to the Company (which the Company agrees to disclose to the other parties upon request) or such other
address as a party may request by notifying the other in writing. 
 6.6 Severability. If one or more provisions of this Agreement
are held to be unenforceable under applicable law, portions of such provisions, or such provisions in their entirety, to the extent necessary, shall be severed from this Agreement, and the balance of this Agreement shall be enforceable in accordance
with its terms. 
 6.7 Amendment and Waiver. Any provision of this Agreement may be amended or waived with the written consent of the
Company and the Holders of more than sixty percent (60%) of the outstanding shares of the Prime Preferred Stock, voting as a separate class. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each Holder of
Registrable Securities and the Company but in no event shall any amendment or waiver materially increase the obligations of any Holder, except upon the written consent of such Holder; provided that any amendment or waiver to Subsections 2.15 and
5.1 shall also require the consent of a majority of the outstanding shares of the Prime Preferred Stock held by the MF Holders, the Major Holders or any transferee thereof, voting together as a separate class; and provided further that any
amendment to the definition of “MF Holder” or “Major Holder” shall require the consent of the effected MF Holder or Major Holder, respectively. Further, if such amendment or waiver would adversely affect the rights of a specific
series of Preferred Stock in a manner different from the other series of Preferred Stock or Bayer in a manner different from the other Holders, then such amendment or waiver shall require the consent of the Investors holding more than fifty percent
(50%) of such series of Preferred Stock or Bayer, as the case may be. In addition, the Company may waive performance of any obligation owing to it, as to some or all of the Holders of Registrable Securities, or agree to accept alternatives to
such performance, without obtaining the consent of any Holder of Registrable Securities. In the event that an underwriting agreement is entered into between the Company and any Holder, and such underwriting agreement contains terms differing from
this Agreement, as to any such Holder the terms of such underwriting agreement shall govern. 
 6.8 Rights of Holders. Each Holder of
Registrable Securities shall have the right to exercise or refrain from exercising any right or rights that such Holder may have by reason of this Agreement, including, without limitation, the right to consent to the waiver or modification of any
obligation under this Agreement, and such Holder shall not incur any liability to any other holder of any securities of the Company as a result of exercising or refraining from exercising any such right or rights. 

6.9 Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party to this Agreement, upon any
breach or default of the other party, shall impair any such right, power or remedy of such non-breaching 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 made in writing and shall be effective only to the extent specifically set forth in such
writing. 
 6.10 Attorneys’ Fees. If any action at law or in equity is necessary to enforce or interpret the terms of this
Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled. 

6.11 Headings. The headings and captions used in this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement. All references in this Agreement to sections, paragraphs, exhibits and schedules shall, unless otherwise provided, refer to sections and paragraphs hereof and exhibits and schedules attached hereto, all of
which are incorporated herein by this reference. 

  
 22 

 6.12 Entire Agreement. This Agreement constitutes the entire understanding and agreement
of the parties with respect to the subject matter hereof and supersedes all prior negotiations, correspondence, agreements, understandings, duties or obligations among the parties with respect to the subject matter hereof. 

6.13 Further Assurances. From and after the date of this Agreement, upon the request of a party, the other parties shall execute and
deliver such instruments, documents or other writings as may be reasonably necessary or desirable to confirm and carry out and to effectuate fully the intent and purposes of this Agreement. 

6.14 Aggregation of Stock. All shares of the Preferred Stock 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. 
 [THE REMAINDER OF THIS PAGE INTENTIONALLY
LEFT BLANK] 

  
 23 

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

 

			
	COMPANY:
	
	SYNDAX PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Briggs Morrison

	Name:	 	Briggs Morrison, M.D.
	Title:	 	Chief Executive Officer

  
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	INVESTORS:	 		 	ADDRESS:
			
	FIDELITY SELECT PORTFOLIOS: BIOTECHNOLOGY PORTFOLIO	 		 	

					
			
		 	By:	 	 /s/ Stephanie J. Dorsey

		 	Name:	 	Stephanie J. Dorsey
		 	Title:	 	Assistant Treasurer

  
 [SIGNATURE PAGE TO
THIRD AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT] 

					
	INVESTORS:	 		 	ADDRESS:
			
	FIDELITY ADVISOR SERIES VII: FIDELITY ADVISOR BIOTECHNOLOGY FUND	 		 	

					
			
		 	By:	 	 /s/ Stephanie J. Dorsey

		 	Name:	 	Stephanie J. Dorsey
		 	Title:	 	Assistant Treasurer

  
 [SIGNATURE PAGE TO
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	INVESTORS:	 		 	ADDRESS:
			
	BLACKROCK HEALTH SCIENCES TRUST	 		 	
			
	By: BlackRock Advisors, LLC	 		 	
	Its: Investment Adviser	 		 	

					
			
		 	By:	 	 /s/ Thomas P. Callan

		 	Name:	 	Thomas P. Callan
		 	Title:	 	Managing Director

  
 [SIGNATURE PAGE TO
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	INVESTORS:	 		 	ADDRESS:

					
	
	BLACKROCK HEALTH SCIENCES OPPORTUNITIES PORTFOLIO, A SERIES OF BLACKROCK FUNDS
	
	By: BlackRock Advisors, LLC
	Its: Investment Adviser
			
		 	By:	 	 /s/ Thomas P. Callan

		 	Name:	 	Thomas P. Callan
		 	Title:	 	Managing Director

  
 [SIGNATURE PAGE TO
THIRD AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT] 

					
	INVESTORS:	 		 	ADDRESS:

					
	
	BLACKROCK HEALTH SCIENCES MASTER UNIT TRUST
	
	By: BlackRock Capital Management, Inc.
	Its: Investment Adviser
			
		 	By:	 	 /s/ Thomas P. Callan

		 	Name:	 	Thomas P. Callan
		 	Title:	 	Managing Director

  
 [SIGNATURE PAGE TO
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	INVESTORS:	 		 	ADDRESS:
			
	DELOS INVESTMENTS 1	 		 	

					
			
		 	By:	 	 /s/ Henry Lin Chen

		 	Duly Authorised Signatory
			
		 	Name:	 	Henry Lin Chen
		 	Title:	 	Director

  
 [SIGNATURE PAGE TO
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	INVESTORS:	 		 	ADDRESS:
			
	ORBIMED PRIVATE INVESTMENTS V, LP	 		 	

											
		
		 	By: OrbiMed Capital GP V LLC, its General Partner
			
		 		 	By: OrbiMed Advisors LLC, its Managing Member
					
		 		 		 	By:	 	 /s/ Carl Gordon

		 		 		 		 	Name:	 	Carl Gordon
		 		 		 		 	Title:	 	Member

  
 [SIGNATURE PAGE TO
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	INVESTORS:	 		 	ADDRESS:
			
	ECOR1 CAPITAL FUND, L.P.	 		 	

					
			
		 	By:	 	 /s/ Oleg Nodelman

		 	Name:	 	Oleg Nodelman
		 	Title:	 	Managing Director, EcoR1 Capital, LLC

  
 [SIGNATURE PAGE TO
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	INVESTORS:	 		 	ADDRESS:
			
	ECOR1 CAPITAL FUND QUALIFIED, L.P.	 		 	

					
			
		 	By:	 	 /s/ Oleg Nodelman

		 	Name:	 	Oleg Nodelman
		 	Title:	 	Managing Director, EcoR1 Capital, LLC

  
 [SIGNATURE PAGE TO
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	INVESTORS:	 		 	ADDRESS:

					
	
	JENNISON GLOBAL HEALTHCARE MASTER FUND, LTD.
	
	By: Jennison Associates LLC, as the Investment Manager of Jennison Global Healthcare Master Fund, Ltd.
			
		 	By:	 	 /s/ David Chan

		 	Name:	 	David Chan
		 	Title:	 	Managing Director of Jennison Associates LLC

  
 [SIGNATURE PAGE TO
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	INVESTORS:	 		 	ADDRESS:
			
	BOXER CAPITAL LLC	 		 	

					
			
		 	By:	 	 /s/ Aaron Davis

		 	Name:	 	Aaron Davis
		 	Title:	 	Chief Executive Officer

  
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	INVESTORS:	 		 	ADDRESS:
			
	MVA INVESTORS LLC	 		 	

					
			
		 	By:	 	 /s/ Aaron Davis

		 	Name:	 	Aaron Davis
		 	Title:	 	Chief Executive Officer

  
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	INVESTORS:	 		 	ADDRESS:
			
	MERIDIAN GROWTH FUND	 		 	
			
	By: its Investment Adviser	 		 	
	Arrowpoint Asset Management, LLC	 		 	

					
			
		 	By:	 	 /s/ David Corkins

		 	Name:	 	David Corkins
		 	Title:	 	Managing Member

  
 [SIGNATURE PAGE TO
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	INVESTORS:	 		 	ADDRESS:
			
	MERIDIAN SMALL CAP GROWTH FUND	 		 	
			
	By: its Investment Adviser	 		 	
	Arrowpoint Asset Management, LLC	 		 	

					
			
		 	By:	 	 /s/ David Corkins

		 	Name:	 	David Corkins
		 	Title:	 	Managing Member

  
 [SIGNATURE PAGE TO
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	INVESTORS:	 		 	ADDRESS:

					
	
	ARROWPOINT FUNDAMENTAL OPPORTUNITY FUND, LP
	
	By: its General Partner
	Arrowpoint Partners GP, LLC
			
		 	By:	 	 /s/ David Corkins

		 	Name:	 	David Corkins
		 	Title:	 	Managing Member

  
 [SIGNATURE PAGE TO
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	INVESTORS:	 		 	ADDRESS:
			
	AP INVESTMENT SERIES, LLC	 		 	
			
	By: its Investment Adviser	 		 	
	Arrowpoint Asset Management, LLC	 		 	

					
			
		 	By:	 	 /s/ David Corkins

		 	Name:	 	David Corkins
		 	Title:	 	Managing Member

  
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	INVESTORS:	 		 	ADDRESS:
			
	CORMORANT GLOBAL HEALTHCARE	 		 	Cormorant Global Healthcare Master Fund, LP
	MASTER FUND, LP	 		 	200 Clarendon Street, 52nd Floor
		 		 	Boston, MA 02116

  

					
		 	By:	 	 /s/ Bihua Chen

		 	Name:	 	Bihua Chen
		 	Title:	 	Managing Member of the General Partner

  
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	INVESTORS:	 		 	ADDRESS:
			
	BMV DIRECT II LP	 		 	
	a Delaware limited liability company	 		 	

					
			
		 	By:	 	 /s/ Brian Wolfe

		 	Name:	 	Brian Wolfe
		 	Title:	 	Vice President

  
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	INVESTORS:	 		 	ADDRESS:
			
	BIOBRIT, LLC	 		 	

					
			
		 	By:	 	 /s/ Daniel M. Bradbury

		 	Name:	 	Daniel M. Bradbury
		 	Title:	 	Managing Member

  
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	INVESTORS:	 		 	ADDRESS:
			
	DOMAIN PARTNERS VI, L.P.	 		 	
			
	By: One Palmer Square Associates VI, L.L.C.	 		 	
	Its: General Partner	 		 	

					
			
		 	By:	 	 /s/ Lisa A. Kraeutler

		 	Name:	 	Lisa A. Kraeutler
		 	Title:	 	Attorney-in-fact

  
 [SIGNATURE PAGE TO
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	INVESTORS:	 		 	ADDRESS:
			
	DP VI ASSOCIATES, L.P.	 		 	
			
	By: One Palmer Square Associates VI, L.L.C.	 		 	
	Its: General Partner	 		 	

					
			
		 	By:	 	 /s/ Lisa A. Kraeutler

		 	Name:	 	Lisa A. Kraeutler
		 	Title:	 	Attorney-in-fact

  
 [SIGNATURE PAGE TO
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	INVESTORS:	 		 	ADDRESS:
			
	DOMAIN PARTNERS VIII, L.P.	 		 	
			
	By: One Palmer Square Associates VIII, L.L.C.	 		 	
	Its: General Partner	 		 	

					
			
		 	By:	 	 /s/ Lisa A. Kraeutler

		 	Name:	 	Lisa A. Kraeutler
		 	Title:	 	Attorney-in-fact

  
 [SIGNATURE PAGE TO
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	INVESTORS:	 		 	ADDRESS:
			
	DP VIII ASSOCIATES, L.P.	 		 	
			
	By: One Palmer Square Associates VIII, L.L.C.	 		 	
	Its: General Partner	 		 	

					
			
		 	By:	 	 /s/ Lisa A. Kraeutler

		 	Name:	 	Lisa A. Kraeutler
		 	Title:	 	Attorney-in-fact

  
 [SIGNATURE PAGE TO
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	INVESTORS:	 		 	ADDRESS:
			
	MC LIFE SCIENCE VENTURES, INC.	 		 	

					
			
		 	By:	 	 /s/ Asuka Nakazato

		 	Name:	 	Asuka Nakazato
		 	Title:	 	Executive Vice President

  
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	INVESTORS:	 		 	ADDRESS:
			
	MPM BIOVENTURES IV-QP, L.P.	 		 	
			
	By: MPM BIOVENTURES IV GP LLC	 		 	
	Its: General Partner	 		 	
	By: MPM BIOVENTURES IV LLC	 		 	
	Its: Managing Member	 		 	

					
			
		 	By:	 	 /s/ Luke Evnin

		 	Name:	 	Luke Evnin, Ph.D.
		 	Title:	 	Member

  
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	INVESTORS:	 		 	ADDRESS:
			
	MPM BIOVENTURES IV GMBH & CO.	 		 	
	BETEILIGUNGS KG	 		 	
			
	By: MPM BIOVENTURES IV GP LLC,	 		 	
	in its capacity as the Managing Limited Partner	 		 	
	By: MPM BIOVENTURES IV LLC	 		 	
	Its: Manager	 		 	

					
			
		 	By:	 	 /s/ Luke Evnin

		 	Name:	 	Luke Evnin, Ph.D.
		 	Title:	 	Member

  
 [SIGNATURE PAGE TO
THIRD AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT] 

					
	INVESTORS:	 		 	ADDRESS:

					
	
	MPM ASSET MANAGEMENT INVESTORS BV4, LLC
	
	By: MPM BIOVENTURES IV LLC
	Its: Manager
			
		 	By:	 	 /s/ Luke Evnin

		 	Name:	 	Luke Evnin, Ph.D.
		 	Title:	 	Member

  
 [SIGNATURE PAGE TO
THIRD AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT] 

									
	INVESTORS:	 		 	ADDRESS:

					
	
	MPM BIOVENTURES IV STRATEGIC FUND, L.P.
	
	By: MPM BIOVENTURES IV GP LLC
	Its: General Partner
	By: MPM BIOVENTURES IV LLC
	Its: Managing Member
			
		 	By:	 	 /s/ Luke Evnin

		 	Name:	 	Luke Evnin, Ph.D.
		 	Title:	 	Member

  
 [SIGNATURE PAGE TO
THIRD AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT] 

									
	INVESTORS:	 		 	ADDRESS:

  

	
	 /s/ Roe Reynolds

	Roe Reynolds

  
 [SIGNATURE PAGE TO
THIRD AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT] 

									
	INVESTORS:	 		 	ADDRESS:

  

	
	 /s/ Ronald Evans

	Ronald Evans, Ph.D.

  
 [SIGNATURE PAGE TO
THIRD AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT] 

									
	STOCKHOLDERS:	 		 	ADDRESS:

  

	
	 /s/ Peter Ordentlich

	Peter Ordentlich, Ph.D.

  
 [SIGNATURE PAGE TO
THIRD AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT] 

									
	STOCKHOLDERS:	 		 	ADDRESS:

  

	
	 /s/ Ronald Evans

	Ronald Evans, Ph.D.

  
 [SIGNATURE PAGE TO
THIRD AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT] 

 EXHIBIT A 

SCHEDULE OF INVESTORS 
 Fidelity Select
Portfolios: Biotechnology Portfolio 
 Fidelity Advisor Series VII: Fidelity Advisor Biotechnology Fund 

BlackRock Health Sciences Trust 
 BlackRock Health Sciences
Opportunities Portfolio, a series of BlackRock Funds 
 BlackRock Health Sciences Master Unit Trust 

OrbiMed Private Investments V, LP 
 EcoR1 Capital Fund, L.P. 

EcoR1 Capital Fund Qualified, L.P. 
 Jennison Global Healthcare
Master Fund, Ltd. 
 Boxer Capital LLC 
 MVA Investors LLC 

Meridian Growth Fund 
 Meridian Small Cap Growth Fund 

Arrowpoint Fundamental Opportunity Fund, LP 
 AP Investment
Series, LLC 
 Cormorant Global Healthcare master Fund, LP 
 BMV
Direct II LP 
 BioBrit LLC 
 A.M. Pappas Life Science Ventures
III, L.P. 
 Avalon Ventures VII, L.P. 
 Boom Profit Investments
Limited 
 Delos Investments 1 
 Domain Partners VI, L.P. 

DP VI Associates, L.P. 
 Domain Partners VIII, L.P. 

DP VIII Associates, L.P. 
 Forward Ventures IV, LP 

Forward Ventures IVB, LP 
 Forward Ventures V, LP 

GE Capital Equity Investments, Inc. 
 Kyowa Hakko Kirin Co., Ltd.

 MC Life Science Ventures. Inc. 
 MPM Asset Management
Investors BV4 LLC 
 MPM BioVentures IV-QP, LP 
 MPM BioVentures
IV GmbH & Co. Beteiligungs KG 
 MPM BioVentures IV Strategic Fund, L.P. 

PV III CEO Fund, L.P. 
 RMI Investments S.a.r.l. 

Ronald Evans, Ph.D. 
 Roe Reynolds 

 EXHIBIT B 

SCHEDULE OF MF HOLDERS 
 Fidelity Select
Portfolios: Biotechnology Portfolio, and its Affiliates 
 Fidelity Advisor Series VII: Fidelity Advisor Biotechnology Fund, and its Affiliates 

BlackRock Health Sciences Trust, and its Affiliates 
 BlackRock
Health Sciences Opportunities Portfolio, a series of BlackRock Funds, and its Affiliates 
 BlackRock Health Sciences Master Unit Trust, and its Affiliates

 Meridian Growth Fund, and its Affiliates 
 Meridian Small Cap
Growth Fund, and its Affiliates 

  
 [SIGNATURE PAGE TO
THIRD AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT]EX-10.2

 Exhibit 10.2 

 
  

 
 WARRANT AGREEMENT 

between 
 SYNDAX
PHARMACEUTICALS, INC. 
 and 
 BAYER SCHERING PHARMA AG 
 Dated as of March 26, 2007 

 
  

 

 Table of Contents 

 

					
	  	  	Page	 
	ARTICLE I	  
	Definitions	  
	 SECTION 1.01. Definitions
	  	 	1	  
	
	ARTICLE II	  
	Issuance of Warrants	  
		
	 SECTION 2.01. Issuance of Warrants
	  	 	3	  
	 SECTION 2.02. Representations and Warranties of the Company
	  	 	3	  
	 SECTION 2.03. Representations and Warranties of the Holder
	  	 	4	  
	
	ARTICLE III	  
	Warrant Certificates	  
		
	 SECTION 3.01. Warrant Certificates
	  	 	4	  
	 SECTION 3.02. Forms of Warrant Certificates
	  	 	5	  
	 SECTION 3.03. Execution of Warrant Certificates
	  	 	5	  
	 SECTION 3.04. Registration of Warrant Certificates
	  	 	5	  
	 SECTION 3.05. Exchange and Transfer of Warrant Certificates
	  	 	5	  
	 SECTION 3.06. Mutilated, Lost, Stolen or Destroyed Warrant Certificates
	  	 	6	  
	 SECTION 3.07. Cancellation of Warrant Certificates
	  	 	7	  
	
	ARTICLE IV	  
	Warrant Exercise Price and Exercise of Warrants	  
		
	 SECTION 4.01. Exercise Price
	  	 	7	  
	 SECTION 4.02. Exercise of Warrants
	  	 	7	  
	 SECTION 4.03. Issuance of Warrant Shares
	  	 	8	  
	 SECTION 4.04. Certificates for Unexercised Warrants
	  	 	9	  
	 SECTION 4.05. Reservation of Shares
	  	 	9	  
	 SECTION 4.06. No Impairment
	  	 	9	  
	 SECTION 4.07. Expiration of Warrants
	  	 	9	  
	
	ARTICLE V	  
	Adjustments and Notice Provisions	  
		
	 SECTION 5.01. Adjustment of Exercise Price; Dividends and Distributions Made on a Fully Diluted Basis
	  	 	9	  
	 SECTION 5.02. Reorganizations
	  	 	10	  
	 SECTION 5.03. Notice of Certain Actions
	  	 	10	  
	 SECTION 5.04. Certificate of Adjustments
	  	 	11	  
	 SECTION 5.05. Warrant Certificate Amendments
	  	 	11	  
	 SECTION 5.06. Fractional Shares
	  	 	11	  

  
 i 

					
	ARTICLE VI	  
	Miscellanous	  
		
	 SECTION 6.01. Payment of Taxes and Charges
	  	 	11	  
	 SECTION 6.02. Periodic Information Requests
	  	 	12	  
	 SECTION 6.03. Registration Rights
	  	 	12	  
	 SECTION 6.04. Governing Law
	  	 	12	  
	 SECTION 6.05. Jurisdiction; Waiver of Jury Trial
	  	 	12	  
	 SECTION 6.06. No Rights or Liabilities as Shareholder
	  	 	13	  
	 SECTION 6.07. Successor and Assigns
	  	 	13	  
	 SECTION 6.08. Descriptive Headings
	  	 	13	  
	 SECTION 6.09. Amendment
	  	 	13	  
	 SECTION 6.10. Notices
	  	 	13	  
	 SECTION 6.11. Defects in Notice
	  	 	14	  
	 SECTION 6.12. Counterparts
	  	 	14	  
	 SECTION 6.13. Severability
	  	 	14	  
	 SECTION 6.14. Integration
	  	 	14	  
		
	 Exhibit A – Form of Warrant Certificate
	  	 	A-1	  
	 Exhibit B – Form of Investment Representation Statement
	  	 	B-1	  
	 Exhibit C – Examples of Election to Purchase
	  	 	C-1	  
	 Exhibit D – Form of Investors’ Rights Agreement
	  	 	D-1	  

  
 ii 

 This WARRANT AGREEMENT (this “Agreement”) is made as of March 26, 2007
between SYNDAX PHARMACEUTICALS, INC., a corporation organized under the laws of the State of Delaware (the “Company”), and BAYER SCHERING PHARMA AG (formerly known as SCHERING AG), a corporation organized under the laws of the
Federal Republic of Germany (“Bayer”). 
 WHEREAS, in connection with the execution and delivery of the
License, Development and Commercialization Agreement dated as of the date hereof, among the Company and Bayer, the Company has agreed to issue and deliver to Bayer a warrant (the “Warrant” or “Warrants”) to purchase
shares of Common Stock representing, subject to the provisions of Sections 2.01 and 4.02, one and three quarters percent (1.75%) of the shares of Common Stock outstanding on a Fully Diluted Basis as of the earlier of a Date of Exercise and the
IPO Date (the shares of Common Stock issuable upon exercise of Warrants being referred to herein as the “Warrant Shares”) as set forth herein; 
 NOW, THEREFORE, in consideration of the premises and of the mutual covenants and obligations hereinafter set forth, the parties hereto hereby agree as follows: 

ARTICLE I 

DEFINITIONS 

SECTION 1.01. Definitions. As used in this Agreement, the following terms shall have the meanings ascribed to them below.

 “Affiliate” of any Person means any Person that, directly or indirectly through one or more intermediaries,
controls, is controlled by or is under common control with such Person. For purposes of this “Affiliate” definition only, the term “control” means the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. The term “Affiliate” shall also include any Person that directly, or indirectly through one or more
intermediaries, owns 5% or more of any class of capital stock or other equity interests of the Person specified or that is an officer or director of the Person specified. 
 “Agreement” has the meaning set forth in the Preamble to this Agreement. 
 “Bayer” has the meaning set forth in the Preamble of this Agreement. 
 “Board of Directors” means the board of directors of the Company. 

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by law to remain closed. 
 “Common Stock” means common stock, par value $0.0001 per
share, of the Company. 
 “Date of Exercise” means, with respect to any Warrant, a date on which such Warrant
is exercised as provided herein. 
 “Election to Purchase” has the meaning set forth in Section 3.02 of
this Agreement. 

 “Exercise Amount” means, with respect to any exercise of Warrants on a Date
of Exercise, the number of shares of Common Stock calculated pursuant to the formula set forth in Section 4.02(a). 

“Exercise Percentage” means, with respect to any exercise of Warrants on a Date of Exercise, an amount equal to the
percentage of the Grant Percentage being exercised on such Date of Exercise; provided that each Exercise Percentage shall not be less than ten percent (10%); and provided further that no Exercise Percentage, taken together with all
prior Exercise Percentages, shall exceed one hundred percent (100%). 
 “Exercise Price” has the meaning set
forth in Section 4.01 of this Agreement. 
 “Expiration Date” means 5:00 p.m., New York City time, on the
earlier of (a) the tenth anniversary of the IPO Date and (b) the date of the consummation of a Substantial Disposition Transaction. 
 “Fair Market Value” means, with respect to any security, the average of the closing prices of such security’s sales on all principal securities exchanges on which such security may
at the time be listed, or, if there have been no sales on any such exchange on any day, the average of the highest bid and lowest asked prices on all such exchanges at the end of such day, or, if on any day such security is not so listed, the
average of the representative bid and asked prices quoted in the Nasdaq Stock Market System as of 4:00 P.M., New York time, or, if on any day such security is not quoted in the Nasdaq Stock Market System, the average of the highest bid and lowest
asked prices on such day in the domestic over-the-counter market as reported by the National Quotation Bureau, Incorporated, or any similar successor organization, in each such case averaged over a period of twenty (20) days consisting of the
twenty (20) consecutive Business Days prior to such day as of which Fair Market Value is being determined. If at any time such security is not listed on any securities exchange or quoted in the Nasdaq Stock Market System or the over-the-counter
market, the Fair Market Value shall be the fair value thereof reasonably determined in good faith by the Board of Directors. 

“Fully Diluted Basis” means, with respect to the calculation of the number of shares of Common Stock deemed to be
outstanding as of any date, all shares of Common Stock outstanding at the date of determination and all shares of Common Stock issuable upon the exercise of any warrant, right, option or other security outstanding at the date of determination which
may be exercised, converted or exchanged for shares of Common Stock. For the avoidance of doubt, Warrant Shares underlying Warrants issued pursuant to the terms of this Warrant Agreement shall be deemed to be shares of Common Stock outstanding on a
Fully Diluted Basis. 
 “Grant Percentage” means one and three quarters percent (1.75%). 

“Holder” means a holder of a Warrant Certificate. 

“Initial Public Offering” means the sale, pursuant to an underwritten offering pursuant to one or more effective
registration statements (other than registration statements on Forms S-4 and S-8) under the Securities Act (other than any sale made (i) in connection with any acquisition of any Person or any properties or assets of any Person or
(ii) pursuant to an employee stock option plan, restricted stock plan, stock purchase plan, stock ownership plan or other employee benefit plan of the Company), of at least 15% of the total number of shares of Common Stock that are issued and
outstanding immediately prior to such sale. 

  
 2 

 “IPO Date” means the date of the closing of the Company’s Initial
Public Offering. 
 “Minimum Exercise Threshold” means the amount equal to ten percent (10%) of the Grant
Percentage. 
 “Officer” means the Chief Executive Officer, the President or the Chief Financial Officer.

 “Person” means any individual, corporation (including any non-profit corporation), general or limited
partnership, cooperative, limited liability company, joint venture, estate, trust, association, organization, labor union or other entity. 
 “Reorganizations” has the meaning set forth in Section 5.02 of this Agreement. 
 “Securities Act” means the Securities Act of 1933, as amended, and all rules and regulations promulgated thereunder. 

“Substantial Disposition Transaction” means the sale in one transaction or a series of related transactions to a Person
or Persons not an Affiliate of the Company, directly or indirectly, pursuant to which such Person or Persons (together with its Affiliates) acquires all or substantially all of the assets or business of the Company. 

“Transfer Agent” has the meaning set forth in Section 4.05 of this Agreement. 

“Warrant Certificates” means the certificates evidencing the Warrants. 

“Warrant Shares” has the meaning set forth in the recitals to this Agreement. 

“Warrant” and “Warrants” have the meaning set forth in the recitals to this Agreement. 

ARTICLE II 

ISSUANCE OF WARRANTS 
 SECTION 2.01. Issuance of Warrants. (a) Subject to the terms and conditions of this Agreement the Company hereby issues and delivers to Bayer a Warrant to purchase, at the Exercise Price, such
number of fully paid and nonassessable shares of Common Stock as is initially equal to one and three quarters percent (1.75%) of the shares of Common Stock outstanding on a Fully Diluted Basis as of the earlier of a Date of Exercise and the IPO
Date, as provided more fully in Section 4.02. 
 (b) Promptly following the IPO Date, the Company shall prepare and deliver
to the Holder a notice executed by an Officer of the Company setting forth the number of shares of Common Stock outstanding on a Fully Diluted Basis at the close of business on the IPO Date and the number of Warrant Shares available for issuance
under the Warrants, if any, on and after the IPO Date. 
 SECTION 2.02. Representations and Warranties of the Company.
The Company hereby represents and warrants, on the date hereof, as follows: 
 (a) The Company is a corporation duly organized,
validly existing and in good standing under the laws of the State of Delaware and has the requisite power and authority 

  
 3 

 
to execute and deliver this Agreement and the Warrant Certificates, to issue the Warrants and the Warrant Shares and to perform its obligations under this Agreement and the Warrant Certificates.

 (b) The execution, delivery and performance by the Company of this Agreement and the Warrant Certificates, the issuance of
the Warrants and the issuance of the Warrant Shares upon exercise of the Warrants have been duly authorized by all necessary corporate or similar action. 
 (c) This Agreement and the Warrant Certificates have been duly executed and delivered by the Company and each constitutes a legal, valid, binding and enforceable obligation of the Company, except to the
extent limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium and similar laws of general application related to the enforcement of creditor’s rights generally and (ii) general principles of equity. The Warrant
Shares, when issued upon exercise of the Warrants in accordance with the terms thereof and this Agreement, shall be duly authorized, validly issued, fully paid and nonassessable shares of Common Stock with no liability on the part of the holders
thereof, and shall be free from all taxes, liens, security interests, encumbrances, preemptive rights and charges. 
 SECTION
2.03. Representations and Warranties of the Holder. The Holder hereby represents and warrants, on the date hereof, as follows: 
 (a) The Holder has sufficient knowledge and experience in financial and business matters such that the Holder is capable of evaluating the merits and risks of its investment in the Company. 

(b) The Holder is acquiring the Warrant and the Warrant Shares for investment for its own account, not as a nominee or agent, and not
with the view to, or for resale in connection with, any distribution thereof. The Holder understands that the Warrants have not been registered under the Securities Act and, therefore, cannot be resold unless they are registered under the Securities
Act or unless an exemption from registration is available. 
 (c) The Holder understands that no public market now exists for
any of the securities issued by the Company and that the Company has made no assurances that a public market will ever exist for the Company’s securities. 
 (d) The Holder and, to the knowledge of the Holder, the Holder’s Affiliates have not participated in any public solicitation or advertisement of any offer in connection with the proposed issuance and
sale of the Warrants. 
 ARTICLE III 
 WARRANT CERTIFICATES 
 SECTION 3.01. Warrant Certificates. Each Warrant
Certificate shall evidence a Warrant representing the right, subject to the provisions contained herein and therein, to purchase from the Company Warrant Shares equal to the Exercise Amount calculated using the Exercise Percentage specified on such
Warrant Certificate. 

  
 4 

 SECTION 3.02. Forms of Warrant Certificates. The Warrant Certificates shall be issued
in the form of Exhibit A attached hereto, together with the form of the election to purchase (the “Election to Purchase”) and assignment to be attached thereto, and, in addition, may have such letters, numbers or other marks
of identification or designation and such legends, summaries, or endorsements stamped, printed, lithographed or engraved thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Agreement, or as, in any
particular case, may be required in the opinion of counsel for the Company to comply with any law or with any rule or regulation of any regulatory authority or agency, or to conform to customary usage. Concurrently with the execution and delivery of
this Agreement, a Warrant Certificate for the Warrant being issued hereby shall be issued to Bayer. 
 SECTION 3.03.
Execution of Warrant Certificates. The Warrant Certificates shall be executed on behalf of the Company by an Officer thereof, either manually or by facsimile signature printed thereon. In case any Officer of the Company who shall have signed
any of the Warrant Certificates shall cease to be an Officer of the Company either before or after delivery thereof by the Company to any Holder, the signature of such Person on such Warrant Certificates shall be valid nevertheless and such Warrant
Certificates may be issued and delivered to those persons entitled to receive the Warrants represented thereby with the same force and effect as though the Person who signed such Warrant Certificates had not ceased to be an Officer of the Company.

 SECTION 3.04. Registration of Warrant Certificates. The Company shall number and keep a registry of the Warrant
Certificates in a register as they are needed. The Company may deem and treat registered Holders as the absolute owners thereof for all purposes. 
 SECTION 3.05. Exchange and Transfer of Warrant Certificates. 
 (a) In
addition to any other legend which may be required by applicable law, each Warrant Certificate representing a Warrant and each certificate representing Warrant Shares issued upon exercise of a Warrant shall have endorsed, to the extent appropriate,
upon its face the following words: 
 NEITHER THE SECURITY REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES ISSUABLE UPON
EXERCISE HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY JURISDICTION. THIS SECURITY AND THE SECURITIES ISSUABLE UPON ITS EXERCISE MAY NOT BE OFFERED, SOLD, TRANSFERRED,
PLEDGED, ASSIGNED, ENCUMBERED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO (I) A REGISTRATION STATEMENT WITH RESPECT TO SUCH SECURITIES THAT IS EFFECTIVE UNDER SUCH ACT OR APPLICABLE STATE SECURITIES LAW OR (II) ANY EXEMPTION FROM
REGISTRATION UNDER SUCH ACT, OR APPLICABLE STATE SECURITIES LAW, RELATING TO 

  
 5 

 
THE DISPOSITION OF SECURITIES, INCLUDING RULE 144, AND, IF REQUESTED BY THE COMPANY, AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY OPINING AS TO SUCH EXEMPTION. 

THIS SECURITY IS SUBJECT TO THE PROVISIONS OF THE WARRANT AGREEMENT, DATED AS OF MARCH 26, 2007, BETWEEN THE COMPANY AND BAYER SCHERING
PHARMA AG. A COPY OF SUCH WARRANT AGREEMENT IS AVAILABLE AT THE OFFICES OF THE COMPANY. 
 (b) The Warrant Certificate
representing the Warrant issued hereby may be transferred or assigned by the Holder hereof, in whole or in part as to any unexercised portion of the Exercise Percentage; provided that: (i) for transfers made to a Person other than an
Affiliate of the Holder, written notice is given to the Company at least ten (10) Business Days before the transfer and the transferor shall provide, at the Company’s request, an opinion of counsel reasonably satisfactory to the Company
that such transfer does not require registration under the Securities Act, (ii) the transfer shall be for a portion of the Warrant Certificate not less than the Minimum Exercise Threshold, (iii) the Holder shall provide written notice to
the Company of any transfer to an Affiliate within ten (10) Business Days after the transfer and (iv) the transferee shall agree to be bound by the terms of this Agreement. For purposes of Section 3.05(b)(i), Affiliate shall not
include any Person which is an individual. Written notice given under this Section 3.05(b) shall include without limitation the name of the transferee, the Exercise Percentage transferred to such transferee, the date of the transfer and the
transferee’s address for notice purposes. 
 (c) The Company shall from time to time note the permitted transfer of any
outstanding Warrant Certificates in a warrant register to be maintained by the Company upon surrender thereof accompanied by a written instrument or instruments of transfer in form satisfactory to the Company duly executed by the Holder or Holders
thereof or by the duly appointed legal representative thereof or by a duly authorized attorney. Upon any such registration of transfer, a new Warrant Certificate or Warrant Certificates will be issued to (x) the transferee representing a
Warrant for the Exercise Percentage specified in the foregoing written notice in accordance with instructions in the form of assignment and (y) the transferor representing a Warrant for the remaining Exercise Percentage not transferred, if any.

 (d) Warrant Certificates may be exchanged at the option of the Holder(s) thereof when surrendered to the Company at the
address set forth in Section 6.10 hereof for another Warrant Certificate or Warrant Certificates of like tenor and representing in the aggregate a Warrant or Warrants for a like Exercise Percentage. 

SECTION 3.06. Mutilated, Lost, Stolen or Destroyed Warrant Certificates. If any Warrant Certificate shall be mutilated, lost,
stolen or destroyed, the Company shall issue, execute and deliver, in exchange and substitution for and upon cancellation of a mutilated Warrant Certificate, or in lieu of or in substitution for a lost, stolen or destroyed Warrant Certificate, a new
Warrant Certificate representing a Warrant for an equivalent Exercise Percentage. The Holder of the mutilated, lost, stolen or destroyed Warrant Certificates must provide reasonable 

  
 6 

 
indemnity sufficient to protect the Company from any loss which it may suffer if the Warrant Certificate is replaced; it being understood and agreed that, in the case of Bayer or any of its
Affiliates, its written agreement to indemnify, shall be sufficient. Any such new Warrant Certificate shall constitute an original contractual obligation of the Company, whether or not the allegedly mutilated, lost, stolen or destroyed Warrant
Certificate shall be at any time enforceable by anyone. The mutilated, lost, stolen or destroyed Warrant Certificate that has been substituted shall no longer be valid. 
 SECTION 3.07. Cancellation of Warrant Certificates. Any Warrant Certificate surrendered upon the exercise of a Warrant or for exchange or transfer shall be canceled and shall not be reissued by the
Company; and, except as provided in Section 4.04 hereof in case of the exercise of less than the whole Warrant evidenced by a Warrant Certificate or in Section 3.05 in an exchange or transfer, no Warrant Certificate shall be issued
hereunder in lieu of such canceled Warrant Certificate. Any Warrant Certificate so canceled shall be destroyed by the Company. 

ARTICLE IV 

WARRANT EXERCISE PRICE AND EXERCISE OF WARRANTS 
 SECTION 4.01. Exercise Price. Each Warrant Certificate shall, when signed by an Officer of the Company, entitle the Holder thereof to purchase from the Company, subject to the terms and conditions
of this Agreement, the number of fully paid and nonassessable Warrant Shares evidenced thereby at a purchase price of $0.01 per share or such adjusted number of Warrant Shares at such adjusted purchase price as may be established from time to time
pursuant to the provisions of Article V hereof (the initial purchase price, as so adjusted, if applicable, the “Exercise Price”), payable in full in accordance with Section 4.02 hereof, at the time of exercise of the Warrant.

 SECTION 4.02. Exercise of Warrants. (a) The Warrant(s) shall be exercisable at any time or from time to time from
the date of issuance until the Expiration Date. Each Warrant shall be exercisable for the number of Warrant Shares equal to the Exercise Amount calculated based on the Exercise Percentage specified therein, subject, in each case, to the adjustments
set forth in Article V. The Warrant(s) may be exercised in whole or in part as to any permitted Exercise Percentage. The Exercise Amount for each exercise of a Warrant shall be calculated using the following formula: 

Exercise Amount = 

(1.75% * E * N) 

Divided by 

[1-1.75%*(A+R)] 
 Where:

  

	E =	Exercise Percentage being exercised by Holder 

  
 7 

	N =	Number of shares of Common Stock outstanding on a Fully Diluted Basis before exercise of the Warrant, not including outstanding Warrants issued hereunder

  

	A =	Aggregate Exercise Percentage held by exercising Holder before exercise of the Warrant 

 

	R =	Remaining Exercise Percentage held by all other Holders (not including the exercising Holder) 

 

	* =	Multiplied by 

 ; provided that
(i) the number of shares of Common Stock outstanding on a Fully Diluted Basis before exercise of the Warrant, not including outstanding Warrants issued hereunder and (ii) the summation of (A + R), each shall become fixed as of the IPO
Date. 
 (b) The Warrants may be exercised by surrendering the Warrant Certificates representing such Warrants to the Company at
its address set forth in Section 6.10 hereof, together with the Election to Purchase and an Investment Representation Statement substantially in the form attached as Exhibit B hereto, both duly completed and executed, accompanied by
payment in full, as set forth in Section 4.02(c), to the Company of the Exercise Price for each Warrant Share in respect of which such Warrants are being exercised. 
 (c) The Exercise Price shall be paid in full: (i) by certified check or wire transfer in same day funds in an amount equal to the Exercise Price multiplied by the number of Warrant Shares then being
purchased, (ii) by cancellation of a number of the Warrant Shares otherwise issuable to the Holder, such that the excess of the aggregate current Fair Market Value of such specified number of Warrant Shares on the Date of Exercise over the
portion of the Exercise Price attributable to such specified number of Warrant Shares shall equal the aggregate Exercise Price attributable to the Warrant Shares to be issued or (iii) by a combination of the methods described in clauses
(i) and (ii). 
 (d) For illustrative purposes, Exhibit C sets forth examples of the number of Warrant Shares
issuable upon a series of hypothetical exercises of the Warrants, in full and in part, under differing scenarios taking into consideration the change in the calculation of the Exercise Amount resulting from the date of exercise of the Warrants
taking place either prior to the IPO Date or on or after the IPO Date. 
 SECTION 4.03. Issuance of Warrant Shares. As
soon as practicable on or after a Date of Exercise of any Warrants, the Company shall issue, or cause the Transfer Agent to issue, a certificate or certificates for the number of full Warrant Shares equal to the Exercise Amount rounded down to the
nearest full share, registered in accordance with the instructions set forth in the Election to Purchase. All Warrant Shares issued upon the exercise of any Warrant in accordance with the Warrant Certificate and this Agreement shall be validly
authorized and issued, fully paid, nonassessable, free of preemptive rights and, subject to Section 6.01 hereof, free from all taxes, liens, charges and security interests in respect of the issuance thereof. Each Person in whose name any such
certificate for Warrant Shares is issued shall be deemed for all purposes to have become the holder of record of the Common Stock represented thereby on the Date of Exercise of the Warrant resulting in the issuance of such shares, irrespective of
the date of issuance or delivery of such certificate for Warrant Shares. 

  
 8 

 SECTION 4.04. Certificates for Unexercised Warrants. In the event that, prior to the
Expiration Date, a Warrant Certificate is exercised in respect of less than all of the Exercise Percentage specified therein, a new Warrant Certificate representing a Warrant for the remaining Exercise Percentage shall be issued and delivered
pursuant to the provisions hereof. 
 SECTION 4.05. Reservation of Shares. The Company shall at all times reserve and
keep available, solely for issuance and delivery upon exercise of the Warrants, the number of Warrant Shares from time to time issuable upon exercise of the Warrants. The transfer agent for the Common Stock, which may be the Company (the
“Transfer Agent”), and every subsequent Transfer Agent for any shares of the Company’s capital stock issuable upon the exercise of any of the purchase rights represented by the Warrants, are hereby irrevocably authorized and
directed at all times until the Expiration Date to reserve such number of authorized and unissued shares as shall be requisite for such purpose. The Company shall keep copies of each Warrant on file with the Transfer Agent for the Common Stock and
with every subsequent Transfer Agent for any shares of the Company’s capital stock issuable upon the exercise of the rights of purchase represented by the Warrants. All Warrants surrendered upon the exercise of the rights thereby evidenced and
not required to be returned to the Holder pursuant hereto shall be canceled. 
 SECTION 4.06. No Impairment. The Company
shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid
or seek to avoid the observance or performance of any of the terms of the Warrants, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect
the rights of Holders against impairment. 
 SECTION 4.07. Expiration of Warrants. Each Warrant not exercised prior to
the Expiration Date shall become void and all rights thereunder and all rights in respect thereof under this Agreement shall cease as of such time. 
 ARTICLE V 
 ADJUSTMENTS AND NOTICE PROVISIONS 

SECTION 5.01. Adjustment of Exercise Price; Adjustment of Number of Shares. 

(a) In case the Company shall declare a dividend or make a distribution on the outstanding shares of its Common Stock (including any
distribution upon liquidation, dissolution or winding up), holders of Warrants shall be entitled to receive a pro rata portion of such dividend or distribution on an “as if” exercised basis upon the exercise of the Warrants. In case the
Company shall (i) subdivide or reclassify the outstanding shares of its Common Stock into a greater number of shares or (ii) combine or reclassify the outstanding shares of its Common Stock into a smaller number of shares, or any similar
event shall occur, the Exercise Price in effect immediately after the effective date of such subdivision, combination or reclassification shall be adjusted so that it shall equal the price determined by multiplying the Exercise Price in effect
immediately prior thereto by a fraction, of which the numerator shall be the number of shares of Common Stock outstanding immediately before such subdivision, combination or reclassification, and of which the denominator shall be the number of
shares of Common Stock 

  
 9 

 
outstanding immediately after such subdivision, combination or reclassification. Such adjustment shall be made successively whenever any event specified above shall occur. 

(b) In connection with each adjustment of the Exercise Price pursuant to Section 5.01(a) hereof, but only if such adjustment occurs
after the IPO Date, each Warrant shall thereupon evidence the right to purchase that number of Warrant Shares obtained by multiplying the number of Warrant Shares purchasable immediately prior to such adjustment upon exercise of the Warrant by the
Exercise Price in effect immediately prior to such adjustment and dividing the product so obtained by the Exercise Price in effect immediately after such adjustment. 
 SECTION 5.02. Reorganizations. In case of any capital reorganization, other than in the cases referred to in Section 5.01 hereof, or the consolidation or merger of the Company with or into
another corporation (other than a merger or consolidation in which the Company is the continuing corporation and which does not result in any reclassification of the outstanding shares of Common Stock or the conversion of such outstanding shares of
Common Stock into shares of other stock or other securities or property) (collectively such actions being hereinafter referred to as “Reorganizations”), there shall thereafter be deliverable upon exercise of any Warrant (in lieu of
the number of Warrant Shares theretofore deliverable) the number of shares of stock or cash or other securities or property to which a Holder (of the number of Warrant Shares which would otherwise have been deliverable upon the exercise of such
Warrants) would have been entitled upon such Reorganization if such Warrant had been exercised in full immediately prior to such Reorganization. In case of any Reorganization, appropriate adjustment, as determined in good faith by the Board of
Directors, shall be made in the application of the provisions herein set forth with respect to the rights and interests of Holders so that the provisions set forth herein shall thereafter be applicable, as nearly as possible, in relation to any
shares or cash or other securities or property thereafter deliverable upon exercise of Warrants. Any such adjustment shall be made by and set forth in a supplemental agreement between the Company and any successor thereto. The Company shall not
effect any such Reorganization unless upon or prior to the consummation thereof the successor corporation, or if the Company shall be the surviving corporation in any such Reorganization and is not the issuer of the shares of stock or other
securities or property to be delivered to holders of shares of the Common Stock outstanding at the effective time thereof then such issuer, shall assume by written instrument the obligation to deliver to the Holder of any Warrant Certificate such
shares or cash or other securities or property as such Holder shall be entitled to purchase in accordance with the foregoing provisions. 
 SECTION 5.03. Notice of Certain Actions. In the event the Company shall (a) declare any dividend payable in stock to the holders of its Common Stock or make any other distribution in property
other than cash to the holders of its Common Stock, (b) offer to all holders of its Common Stock rights to subscribe for or purchase any shares of any class of stock or any other rights or options, (c) effect or approve or enter into any
arrangements to effect an Initial Public Offering, (d) effect any reclassification of its Common Stock (other than a reclassification involving merely the subdivision or combination of outstanding shares of Common Stock), (e) effect or
approve any capital reorganization or any consolidation or merger (other than a merger in which no distribution of cash, securities or other property is made to holders of Common Stock), (f) effect or approve any Substantial Disposition
Transaction, or (g) effect or approve the liquidation, dissolution or winding up of the Company; then, in each such 

  
 10 

 
case, the Company shall cause notice of such proposed action to be mailed to each Holder in the manner set forth below. Such notice shall specify the date on which the books of the Company shall
close, or a record be taken, for determining holders of Common Stock entitled to receive such stock dividend or other distribution or such rights or options, or the date on which such reclassification, reorganization, consolidation, merger, sale,
transfer, other disposition, liquidation, dissolution, winding up or exchange shall take place or commence, as the case may be, and the date as of which it is expected that holders of record of Common Stock shall be entitled to receive cash,
securities or other property deliverable upon such action, if any such date has been fixed. Such notice shall be mailed in the case of any action covered by clause (a) or (b) of this Section 5.03 at least ten (10) days prior to
the record date for determining holders of the Common Stock for purposes of receiving such payment or offer; in the case of any action covered by clause (c) above, within ten (10) days of the action giving rise to the obligation to mail
such notice; and in the case of any action covered by clause (d), (e), (f) or (g) above, at least 10 days prior to the earlier of the date upon which such action is to take place or any record date to determine holders of Common Stock
entitled to receive such cash, securities or other property. 
 SECTION 5.04. Certificate of Adjustments. Whenever any
adjustment is to be made pursuant to this Article V, the Company shall prepare a certificate executed by an Officer of the Company setting forth such adjustments to be mailed to each Holder, such notice to include in reasonable detail: (a) the
events in respect of which the adjustment is being made, (b) the computation of any adjustments, and (c) the Exercise Price and the number of shares or the cash or other securities or property purchasable upon exercise of each Warrant
after giving effect to such adjustment. Such notice shall be given promptly after the events in respect of which the adjustment is being made have occurred. 
 SECTION 5.05. Warrant Certificate Amendments. Irrespective of any adjustments pursuant to this Article V, Warrant Certificates theretofore or thereafter issued need not be amended or replaced, but
certificates thereafter issued shall bear an appropriate legend or other notice of any adjustments; provided, however, that the Company may, at its option, issue new Warrant Certificates evidencing Warrants in such form as may be
approved by the Board of Directors to reflect any adjustment in the Exercise Price and number of Warrant Shares purchasable under the Warrants. 
 SECTION 5.06. Fractional Shares. No fractional shares of Common Stock will be issued in connection with any exercise hereunder. In lieu of any remaining fractional share that may exist after
aggregating all fractional shares for any Holder, the Company may pay an amount of cash to such Holder equal to the fraction multiplied by the Fair Market Value of a share of Common Stock. 

ARTICLE VI 

MISCELLANEOUS 

SECTION 6.01. Payment of Taxes and Charges. The applicable Holder will pay all taxes and other government charges in connection
with the issuance or delivery of the Warrants and the issuance or delivery of Warrant Shares upon the exercise of any Warrants and payment of the Exercise Price. The Company shall not pay any income taxes or transfer taxes in connection with the
subsequent transfer of Warrants or any transfer involved in the issuance and 

  
 11 

 
delivery of Warrant Shares in a name other than the name in which the Warrants to which such issuance relates were registered, and, if any such tax would otherwise be payable by the Company, no
such issuance or delivery shall be made unless and until the Person requesting such issuance has paid to the Company the amount of any such tax, or it is established to the reasonable satisfaction of the Company that any such tax has been paid.

 SECTION 6.02. Periodic Information Requests. For so long as the Warrants are outstanding, and until such time or the
Company has consummated an Initial Public Offering, the Company shall prepare and furnish to the Holders: (i) on an annual basis within one hundred and twenty (120) days following the end of each fiscal year, audited consolidated financial
statements of the Company for such fiscal year and the budget and financial plan of the Company approved by the Board of Directors for the following fiscal year, including projected financial statements, (ii) on a quarterly basis within forty
five (45) days following the end of each fiscal quarter, quarterly consolidated financial statements for such fiscal quarter and budgets and cash flow projections used in the normal management of the Company’s affairs and (iii) such
other management and financial information as any Holder may reasonably request. 
 SECTION 6.03. Registration Rights.
The Warrant Shares issuable upon exercise of the Warrants shall have registration rights identified as applicable to Bayer in an Investors’ Rights Agreement substantially in the form attached hereto as Exhibit D. 

SECTION 6.04. Governing Law. This Agreement and each Warrant Certificate issued hereunder shall be governed by the laws of the
State of New York without regard to principles of conflicts of laws thereof, except to the extent that the laws of the State of Delaware may be mandatorily applicable. 
 SECTION 6.05. Jurisdiction; Waiver of Jury Trial. (a) Each of the parties hereto irrevocably submits to the jurisdiction of (i) the Supreme Court of the State of New York, New York
County, and (ii) the United States District Court for the Southern District of New York, for the purposes of any suit, action or other proceeding arising out of this Agreement, any agreement entered into in connection with this Agreement or any
transaction contemplated hereby or thereby. Each of the parties hereto agrees to commence any action, suit or proceeding relating hereto in the United States District Court for the Southern District of New York or, if such suit, action or other
proceeding may not be brought in such court for jurisdictional reasons, in the Supreme Court of the State of New York, New York County. Each of the parties hereto further agrees that service of any process, summons, notice or document by U.S.
registered mail to such party’s respective address set forth in Section 6.10 hereof shall be effective service of process for any action, suit or proceeding in New York with respect to any matters to which it has submitted to jurisdiction
in this clause. Each of the parties hereto irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement, any agreement entered into in connection with this Agreement or
the transactions contemplated hereby or thereby in (x) the Supreme Court of New York, New York County, or (y) the United States District Court for the Southern District of New York, and hereby and thereby further irrevocably and
unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 

  
 12 

 (b) Each party waives, to the fullest extent permitted by applicable law, any right it may
have to a trial by jury in respect of any litigation arising out of or relating to this Agreement. Each party (i) certifies that no representative, agent or attorney of another party has represented, expressly or otherwise, that such other
party would not, in the event of litigation, seek to enforce the foregoing waiver and (ii) acknowledges that it has been induced to enter into this Agreement by, among other things, the mutual waivers and certifications set forth above in this
Section 6.05. 
 SECTION 6.06. No Rights or Liabilities as Shareholder. Nothing contained in this Agreement shall be
construed as conferring upon any Holder any rights as a shareholder of the Company or as imposing any obligation on any Holder to purchase any securities or as imposing any liabilities on any Holder as a shareholder of the Company, whether such
obligation or liabilities are asserted by the Company or by creditors of the Company. 
 SECTION 6.07. Successor and
Assigns. This Agreement and the rights and duties of the parties hereto shall be binding upon and shall inure to the benefit of the parties hereto and their respective executors, administrators, heirs, successors and permitted assigns.

 SECTION 6.08. Descriptive Headings. The headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning of terms contained herein. 
 SECTION 6.09. Amendment. This Agreement may be
amended only by a written instrument signed by the Company and Bayer. 
 SECTION 6.10. Notices. All notices and other
communications provided for herein shall be dated and in writing and shall be deemed to have been duly given when sent by nationally recognized express courier or registered or certified mail, return receipt requested, postage prepaid and when
received, if delivered personally or otherwise, to the Party to whom it is directed at its address indicated below: 
  

					
		 	If to Bayer:	  	 Bayer Schering Pharma AG

Muellerstrasse 178, D-13342
 Berlin,
Germany
 Attn: Legal Department

			
		 	With a copy to:	  	 Berlex, Inc.
 340 Changebridge
Road
 Pine Brook, NJ 07058
 Attn:
Berlex Pharmaceuticals Legal Department

			
		 		  	-and-
			
		 		  	 Berlex, Inc.
 340 Changebridge
Road
 Pine Brook, NJ 07058
 Attn:
Corporate Business Development

  
 13 

					
		 		  	-and-
			
		 		  	 Cravath, Swaine & Moore LLP
 Worldwide Plaza
 825 Eighth Avenue
 New York, New York 10019
 Attention: Peter S. Wilson, Esq.

			
		 	If to Company:	  	 Syndax Pharmaceuticals, Inc.

12481 High Bluff Drive, Suite 150
 San Diego, CA
92130
 Attn: President & CEO

			
		 	With a copy to:	  	 Reed Smith, LLP
 1901 Avenue of
the Stars, Suite 700
 Los Angeles, CA 90067
 Attn: Michael Sanders, Esq.

 or at such other address as may have been specified by notice in writing to the other parties; provided that any
such notice of change of address shall be deemed to have been duly given only when actually received. 
 SECTION 6.11.
Defects in Notice. Failure to file any certificate or notice or to mail any notice, or any defect in any certificate or notice pursuant to this Agreement shall not affect in any way the rights of any Holder or the legality or validity of any
adjustment made pursuant to Article V hereof, or any transaction giving rise to any such adjustment, or the legality or validity of any action taken or to be taken by the Company. 

SECTION 6.12. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original
but all of which, when taken together, shall constitute one and the same Agreement. 
 SECTION 6.13. Severability. If any
provision of this Agreement (or any portion thereof) or the application of any such provision (or any portion thereof) to any Person or circumstance shall be held invalid, illegal or unenforceable in any respect by a court of competent jurisdiction,
such invalidity, illegality or unenforceability shall not affect any other provision hereof (or the remaining portion thereof) or the application of such provision to any other Persons or circumstances. 

SECTION 6.14. Integration. This Agreement and the exhibits hereto which form a part hereof contain the entire understanding of the
parties with respect to the subject matter hereof. This Agreement supersedes all prior agreements and understandings between the parties with respect to the subject matter hereof. 

* * * signature page follows * * * 

  
 14 

 IN WITNESS WHEREOF, this Warrant Agreement has been duly executed by the parties as of the
day and year first above written. 
  

									
	BAYER SCHERING PHARMA AG	 		 	SYNDAX PHARMACEUTICALS, INC.
					
	By:	 	/s/ Ulrich Grohé	 		 	By:	 	/s/ Joanna C. Horobin
	Print Name: Ulrich Grohé	 		 	Print Name: Joanna C. Horobin
	Title: General Counsel	 		 	Title: President & CEO
					
	By:	 	/s/ Ulrich Köstlin	 		 		 	
	Print Name: Dr. Ulrich Köstlin	 		 		 	
	Title: Member of the Executive Board	 		 		 	

  
 15 

 Exhibit A 
 [Form of] 
 Warrant Certificate 

NEITHER THE SECURITY REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY JURISDICTION. THIS SECURITY AND THE SECURITIES ISSUABLE UPON ITS EXERCISE MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED, ASSIGNED, ENCUMBERED, HYPOTHECATED OR OTHERWISE DISPOSED
OF EXCEPT PURSUANT TO (I) A REGISTRATION STATEMENT WITH RESPECT TO SUCH SECURITIES THAT IS EFFECTIVE UNDER SUCH ACT OR APPLICABLE STATE SECURITIES LAW, OR (II) ANY EXEMPTION FROM REGISTRATION UNDER SUCH ACT, OR APPLICABLE STATE SECURITIES LAW,
RELATING TO THE DISPOSITION OF SECURITIES, INCLUDING RULE 144, AND, IF REQUESTED BY THE COMPANY, AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY OPINING AS TO SUCH EXEMPTION. 
 THIS SECURITY IS SUBJECT TO THE PROVISIONS OF THE WARRANT AGREEMENT, DATED AS OF MARCH 26, 2007, BETWEEN THE COMPANY AND BAYER SCHERING PHARMA AG. A COPY OF SUCH WARRANT AGREEMENT IS AVAILABLE AT THE
OFFICES OF THE COMPANY. 
  

			
	No.
                                         
       	  	Exercise
Percentage                                       
          

 SYNDAX PHARMACEUTICALS, INC. 
 WARRANT CERTIFICATE 
 THIS CERTIFIES that Bayer Schering Pharma AG or its registered assigns is
the registered holder (the “Registered Holder”) of a Warrant representing the right to purchase the number, as determined below, of fully paid and nonassessable shares of common stock, par value $0.0001 per share (the
“Common Stock”), of Syndax Pharmaceuticals, Inc. (the “Company”), a corporation organized under the laws of the State of Delaware at the Exercise Price at the times specified in the Warrant Agreement (as hereinafter
defined), by surrendering this Warrant Certificate, with the form of Election to Purchase attached hereto duly executed together with the Investment Representation Statement annexed to the Warrant Agreement as Exhibit B and by paying in full
the Exercise Price for the number of shares of Common Stock equal to the Exercise Amount. Payment of the Exercise Price shall be made as set forth in the Warrant Agreement. Upon initial issuance this Warrant Certificate represents the right to
acquire, upon 

  
 A-1

 
exercise in full, such number of shares of Common Stock as is issuable upon an exercise of the Warrant as to the Exercise Percentage specified herein.1 
 No Warrant
may be exercised after the Expiration Date. The Warrant evidenced hereby shall thereafter become void, subject to the terms of the Warrant Agreement. 
 Prior to the Expiration Date, subject to Section 3.05 of the Warrant Agreement and any applicable laws, rules or regulations restricting transferability and to any restriction on transferability that
may appear on this Warrant Certificate and in accordance with the terms of the Warrant Agreement, the Registered Holder shall be entitled to transfer this Warrant Certificate, in whole or in part, upon surrender of this Warrant Certificate at the
principal office of the Company with the form of assignment set forth hereon duly executed; provided that, (i) for transfers made to a Person other than an Affiliate, written notice is given to the Company at least 10 Business Days
before the transfer and the transferor shall provide, at the Company’s request, an opinion of counsel reasonably satisfactory to the Company that such transfer does not require registration under the Securities Act, (ii) the transfer shall
be for a portion of this Warrant Certificate not less than the Minimum Exercise Threshold, (iii) the Holder shall provide written notice to the Company of any transfer to an Affiliate within 10 Business Days after the transfer, and
(iv) the transferee shall agree to be bound by the terms of this Agreement; provided further that for purposes of this proviso, Affiliate shall not include any Person which is an individual. Written notice given under this
paragraph shall include without limitation the name of the transferee, the Exercise Percentage transferred to such transferee, the date of the transfer and the transferee’s address for notice purposes. Upon any such transfer, a new Warrant
Certificate or Warrant Certificates will be issued to (x) the transferee representing a Warrant for the Exercise Percentage specified in the foregoing written notice in accordance with instructions in the form of assignment and (y) the
transferor representing a Warrant for the remaining Exercise Percentage not transferred, if any. 
 Upon the exercise of a Warrant for less than
all of the Exercise Percentage evidenced by this Warrant Certificate, there shall be issued to the Registered Holder a new Warrant Certificate in respect of the portion of the Exercise Percentage not exercised. 

Prior to the Expiration Date, the Registered Holder shall be entitled to exchange this Warrant Certificate, with or without other Warrant Certificates,
for another Warrant Certificate or Warrant Certificates for a Warrant or Warrants for the same aggregate Exercise Percentage upon surrender of this Warrant Certificate at the principal office of the Company, subject to the terms of the Warrant
Agreement. 
  

	1 	(i) In the case of a Warrant Certificate issued after a partial exercise, replace the Exercise Percentage specified herein with the amount equal to the Exercise
Percentage specified herein minus the Exercise Percentage being exercised; (ii) in the case of Warrant Certificates issued on transfer, (x) use the transferred Exercise Percentage for the transferee and (y) replace the Exercise Percentage specified
herein with the remaining Exercise Percentage for the transferor and (iii) in the case of Warrant Certificates issued after a transfer and a subsequent partial exercise, replace the Exercise Percentage specified herein with the Exercise Percentage
of the Warrant Certificate immediately after the transfer reduced by the percentage of the Exercise Percentage exercised in the partial exercise. 

  
 A-2

 Upon certain events provided for in the Warrant Agreement, the Exercise Price and the shares of Common Stock
issuable upon the exercise of each Warrant shall be adjusted as provided in the Warrant Agreement. 
 This Warrant Certificate is issued under
and in accordance with the Warrant Agreement dated as of March 26, 2007 (the “Warrant Agreement”), between the Company and Bayer Schering Pharma AG and is subject to the terms and provisions contained in the Warrant Agreement.
All capitalized terms not defined herein shall have the meanings given such terms as set forth in the Warrant Agreement. 
 This Warrant
Certificate shall not entitle the Registered Holder to any of the rights of a stockholder of the Company, including, without limitation, the right to vote, to receive dividends and other distributions, or to attend or receive any notice of meetings
of stockholders or any other proceedings of the Company. 
 IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be duly
executed as of the date set forth below. 
 Date
                     
  

			
	SYNDAX PHARMACEUTICALS, INC.
		
	By:	 	 
		 	Name:
		 	Title:

  
 A-3

 [Form of Assignment] 
 FOR VALUE RECEIVED, the undersigned hereby irrevocably sells, assigns and transfers unto the Assignee named below all of the rights of the undersigned represented by the within Warrant Certificate, with
respect to the number of Warrant Shares issuable upon exercise of the Warrant for the Exercise Percentage set forth below: 
  

					
	 Name of Assignee
	  	Address	  	Exercise Percentage

 and does hereby irrevocably constitute and appoint
                     true and lawful Attorney, to make such transfer on the books of Syndax Pharmaceuticals, Inc. maintained for that
purpose, with full power of substitution in the premises. 
  

	
	Date:                     
	
	 
	Signature
	
	(Signature must conform in all respects to name of holder as specified on the face of the Warrant Certificate.)

  
 A-4

 [Form of Election To Purchase] 

The undersigned hereby irrevocably elects to exercise the Warrant represented by this Warrant Certificate as to an Exercise
Percentage of     %2, which
represents an Exercise Amount of                     3 shares of Common Stock of Syndax Pharmaceuticals, Inc. (the “Company”), based on the number of shares
of Common Stock outstanding on a Fully Diluted Basis equal to                     4 shares, and requests that certificates for such shares be issued and delivered as follows: 

 

			
	ISSUE TO: 	 	 

	
	(NAME)
	
	 
	(ADDRESS, INCLUDING ZIP CODE)
	
	 
	(SOCIAL SECURITY OR OTHER IDENTIFICATION NUMBER)

			
		
	DELIVER TO: 	 	 
	(NAME)

			
		
	at 	 	 
	(ADDRESS, INCLUDING ZIP CODE)

 In full payment of the purchase price with respect to the exercise of Warrants, the undersigned: 

 

	 	 ̈	hereby tenders payment of $                     by cash,
certified check, cashier’s check or money order payable in United States currency to the order of the Company; or 

  

	 	 ̈	hereby delivers to the Company for cancellation the portion of the Warrant representing that number of Warrant Shares otherwise issuable to the holder, such that the
excess of the aggregate current Fair Market Value of such specified number of Warrant Shares on the Date of Exercise over the portion of the Exercise Price attributable to such specified number of Warrant Shares shall equal the aggregate Exercise
Price attributable to the Warrant Shares being purchased. 

  

	2 	 Holder shall fill in the applicable permitted Exercise Percentage. 

	3 	 The Company shall fill in the Exercise Amount. 

	4 	 The Company shall fill in the number of outstanding shares of Common Stock on a Fully Diluted Basis (which shall become fixed on the IPO Date).

  
 A-5

 If the Warrant hereby exercised is less than the whole Warrant represented by this Warrant Certificate, the
undersigned requests that a new Warrant Certificate representing the portion of the Warrant not exercised be issued and delivered as follows: 
  

			
		
	ISSUE TO:	 	  

 (NAME) 
  

 
 (ADDRESS, INCLUDING ZIP CODE)

  
  
 (SOCIAL SECURITY OR OTHER IDENTIFICATION NUMBER) 
  

			
	DELIVER TO:	 	  

 (NAME) 
  

			
	at	 	  

 (ADDRESS, INCLUDING ZIP CODE) 
 Date:                      ,         

  

	
	Signature
	
	(Signature must conform in all respects to name of holder as specified on the face of the Warrant Certificate.)
	
	 PLEASE INSERT SOCIAL SECURITY OR TAX I.D. NUMBER OF HOLDER

 
  

  
 A-6

 Exhibit B 
 INVESTMENT REPRESENTATION STATEMENT 
  

					
		  		  	 Shares of Common Stock
 of
Syndax Pharmaceuticals, Inc.

 In connection with the purchase of the above-listed securities the undersigned hereby represents to Syndax
Pharmaceuticals, Inc. (the “Company”) as follows: 
 1. Receipt of Information. The undersigned has received all
the information it considers necessary or appropriate for deciding whether to purchase the Common Stock issuable upon exercise of the Warrant (the “Warrant”) issued by the Company to the undersigned. 

2. Investment Representation. 
 (a) The shares of stock to be received upon the exercise of the Warrant (the “Securities”) will be acquired for investment for its own account, not as a nominee or agent, and not with a view to
the sale or distribution of any part thereof, and the undersigned has no present intention of selling, granting participation in or otherwise distributing the same, but subject, nevertheless, to any requirement of law that the disposition of its
property shall at all times be within its control. 
 (b) The undersigned understands that the Securities issuable upon exercise
of the Warrant at the time of issuance may not be registered under the Securities Act of 1933, as amended (the “Act”), and applicable state securities laws, on the ground that the issuance of such securities is exempt pursuant to
Section 4(2) of the Act and state law exemptions relating to offers and sales not by means of a public offering, and that the Company’s reliance on such exemptions is predicated in part on the undersigned’s representations set forth
herein. 
 (c) The undersigned agrees that in no event will it make a disposition of any Securities acquired upon the exercise
of the Warrant (other than pursuant to Rule 144 or Rule 144A promulgated by the Securities and Exchange Commission under the Act or any similar or analogous rule) unless and until (x) for dispositions made to a Person other than an Affiliate of
the Holder, (i) it shall have notified the Company of the proposed disposition and (if requested by the Company) shall have furnished the Company with a statement of the circumstances surrounding the proposed disposition, and (ii) it shall
have furnished the Company with an opinion of counsel satisfactory to the company and the Company’s counsel to the effect that (A) appropriate action necessary for compliance with the Act and any applicable state securities laws has been
taken or an exemption from the registration requirements of the Act and such laws is available, and (B) that the proposed transfer will not violate any of said laws and (y) for dispositions made to an Affiliate of the Holder, it shall have
notified the Company of the disposition within 10 Business Days after the disposition. For purposes of Section 2(c), Affiliate shall not include any Person which is an individual. 

  
 B-1

 (d) The undersigned represents that it has such knowledge and experience in financial and
business matters as to be capable of evaluating the merits and risks of its investments. 
 (e) The undersigned acknowledges
that the Securities issuable upon exercise of the Warrant must be held indefinitely unless subsequently registered under the Act or an exemption from such registration is available. The undersigned is aware of the provisions of Rule 144 promulgated
under the Act which permit limited resale of shares purchased in a private placement subject to the satisfaction of certain conditions. The undersigned is aware that the conditions for resale set forth in Rule 144 may not have been satisfied.

 Dated:                     

	
	
	  
	(Signature)
	
	
	(Typed or Printed Name)
	
	
	(Title)

  
 B-2

 Exhibit C 
 EXAMPLES OF CALCULATION OF WARRANT SHARES BEING EXERCISED ON A 
 GIVEN EXERCISE DATE
AND WARRANT SHARES REMAINING THEREAFTER 
 Example A: 
 Assuming that: 
  

	(1)	the number of shares of Common Stock outstanding on a fully diluted basis, not including the Warrant Shares, as of 15-Jan-07 = 100,000,000

  

	(2)	an IPO has not been consummated as of 15-Dec-07; and 

  

	(3)	Bayer determines to exercise the Warrants in full on January 15, 2007. 

 Then: 
 Exercise Amount = 

(1.75% * E * N) 

Divided by 

[1-1.75%*(A+R)] 
 Where:

  

	E =	Exercise Percentage being exercised by Holder 

  

	N =	Number of shares of Common Stock outstanding on a Fully Diluted Basis before exercise of the Warrant, not including outstanding Warrants issued hereunder

  

	A =	Aggregate Exercise Percentage held by exercising Holder before exercise of the Warrant 

 

	R =	Remaining Exercise Percentage held by all other Holders (not including the exercising Holder) 

 

	* =	Multiplied by 

 where 

 

	(i)	E = 100% 

  

	(ii)	N = 100,000,000 

  

	(iii)	A = 100% 

  

	(iv)	R = 0% 

 Exercise Amount calculated as follows:

 [(0.0175*1.00*100,000,000)/(1-0.0175*(1.00+0))] = 1,781,170.48 
 Accordingly Bayer would be issued 1,781,170 shares of Common Stock, the number of shares of Common Stock outstanding on a Fully Diluted Basis following the exercise of the Warrant would be equal to
101,781,170 there would be no remaining unexercised portion of the Grant Percentage and no remaining Warrant Shares issuable. 

  
 C-1

 Example B: 
 Assuming that: 
  

	(1)	the number of shares of Common Stock outstanding on a fully diluted basis, not including the Warrant Shares, as of: 

15-Jan-07 = 100,000,000 
 15-Mar-07 = 110,000,000 
 15-Aug-07 = 120,000,000 

15-Dec-07 = 130,000,000; 
  

	(2)	an IPO has not been consummated as of 15-Dec-07; and 

  

	(3)	Bayer determines to exercise the Warrants as to an Exercise Percentage of 25% on each of the following dates: 

15-Jan-07 

15-Mar-07 

15-Aug-07 

15-Dec-07; 
 Then: 

Exercise Amount = 

(1.75% * E * N) 

Divided by 

[1-1.75%*(A+R)] 
 Where:

  

	E =	Exercise Percentage being exercised by Holder 

  

	N =	Number of shares of Common Stock outstanding on a Fully Diluted Basis before exercise of the Warrant, not including outstanding Warrants issued hereunder

  

	A =	Aggregate Exercise Percentage held by exercising Holder before exercise of the Warrant 

 

	R =	Remaining Exercise Percentage held by all other Holders (not including the exercising Holder) 

 

	* =	Multiplied by 

 on 15-Jan-07, where 

 

	(i)	E = 25% 

  

	(ii)	N = 100,000,000 

  

	(iii)	A = 100% 

  

	(iv)	R = 0% 

 Exercise Amount calculated as follows:

 [(0.0175*.25*100,000,000)/(1-0.0175*(1.00+0))] = 445,292.61 
 Accordingly Bayer would be issued 445,292 shares of Common Stock as of 15-Jan-07, the remaining aggregate exercise percentage held by all Holders would equal 75% and Warrant Shares remain issuable.

  
 C-2

 on 15-Mar-07 
  

	(i)	E = 25% 

  

	(ii)	N = 110,000,000 

  

	(iii)	A = 75% 

  

	(iv)	R = 0% 

 Exercise Amount calculated as follows:

 [(0.0175*.25*110,000,000)/(1-0.0175*(.75+0))] = 487,650.41 
 Accordingly Bayer would be issued 487,650 shares of Common Stock as of 15-Mar-07, the remaining aggregate exercise percentage held by all Holders would equal 50% and Warrant Shares remain issuable.

 on 15-Aug-07 
  

	(i)	E = 25% 

  

	(ii)	N = 120,000,000 

  

	(iii)	A = 50% 

  

	(iv)	R = 0% 

 Exercise Amount calculated as follows:

 [(0.0175*.25*120,000,000)/(1-0.0175*(.50+0))] = 529,634.30 
 Accordingly Bayer would be issued 529,634 shares of Common Stock as of 15-Aug-07, the remaining aggregate exercise percentage held by all Holders would equal 25% and Warrant Shares remain issuable.

 on 15-Dec-07 
  

	(i)	E = 25% 

  

	(ii)	N = 130,000,000 

  

	(iii)	A = 25% 

  

	(iv)	R = 0% 

 Exercise Amount calculated as follows:

 [(0.0175*.25*130,000,000)/(1-0.0175*(.25+0))] = 571,249.22 
 Accordingly Bayer would be issued 571,249 shares of Common Stock as of 15-Dec-07 and no Warrant Shares remain issuable. 
 In total, at the end of all such exercises, Bayer would be issued 2,033,825 shares of Common Stock. 

  
 C-3

 Example C: 
 Assuming that: 
  

	(1)	the number of shares of Common Stock outstanding on a fully diluted basis, not including the Warrant Shares, as of: 

15-Jan-07 = 100,000,000 
 15-Aug-07 = 120,000,000 
 15-Dec-07 = 120,000,000; 

 

	(2)	an IPO is consummated on 15-Aug-07; and 

  

	(3)	 Bayer determines to exercise the Warrants as to an Exercise Percentage of 33 1/3% on each of the following dates: 

 15-Jan-07 

15-Dec-07 

01-Jan-09; 
 Then
“Exercise Amount” shall mean... 
 Exercise Amount = 

(1.75% * E * N) 

Divided by 

[1-1.75%*(A+R)] 
 Where:

  

	E =	Exercise Percentage being exercised by Holder 

  

	N =	Number of shares of Common Stock outstanding on a Fully Diluted Basis before exercise of the Warrant, not including outstanding Warrants issued hereunder

  

	A =	Aggregate Exercise Percentage held by exercising Holder before exercise of the Warrant 

 

	R =	Remaining Exercise Percentage held by all other Holders (not including the exercising Holder) 

 

	* =	Multiplied by 

 ; provided that
(i) the number of shares of Common Stock outstanding on a Fully Diluted Basis before exercise of the Warrant, not including outstanding Warrants issued hereunder and (ii) the summation of (A + R), each shall become fixed as of the IPO
Date. 
 where for the 15-Jan-07, 
  

	(i)	E = 33.33% 

  

	(ii)	N = 100,000,000 

  

	(iii)	A = 100% 

  

	(iv)	R = 0% 

 Exercise Amount calculated as follows:

 [(0.0175*.3333*100,000,000)/(1-0.0175*(1.00+0))]= 593,664.12 
 Accordingly Bayer would be issued 593,664 shares of Common Stock as of 15-Jan-07, the remaining aggregate exercise percentage held by all Holders would equal 66.67% and Warrant Shares remain
issuable. 

  
 C-4

 on 15-Aug-07, the IPO Date 
  

	(i)	N = 120,000,000 

  

	(ii)	A = 66.67% 

  

	(iii)	R = 0% 

 Note: The denominator of the
calculation of Exercise Amount is fixed on the IPO Date. 
 on 15-Dec-07 

 

	(i)	E = 33.34% 

  

	(ii)	N = 120,000,000 (Fixed on the IPO Date) 

  

	(iii)	A = 66.67% (Fixed on the IPO Date) 

  

	(iv)	R = 0% (Fixed on the IPO Date) 

 Exercise Amount
calculated as follows: 
 [(0.0175*.3334*120,000,000)/(1-0.0175*(.6667+0))]= 708,298.90 
 Accordingly Bayer would be issued 708,298 shares of Common Stock as of 15-Dec-07, and there would be 708,298 Warrant Shares remaining issuable. 

on 01-Jan-09 
  

	(i)	E = 33.34% 

  

	(ii)	N = 120,000,000 (Fixed on the IPO Date) 

  

	(iii)	A = 66.67% (Fixed on the IPO Date) 

  

	(iv)	R = 0% (Fixed on the IPO Date) 

 Exercise Amount
calculated as follows: 
 [(0.0175*.3334*120,000,000)/(1-0.0175*(.6667+0))]= 708,298.90 
 Accordingly Bayer would be issued 708,298 shares of Common Stock as of 01-Jan-09, and there would be no Warrant Shares remaining issuable. 
 In total, at the end of all such exercises, Bayer would be issued 2,010,260 shares of Common Stock. 

  
 C-5

 Example D: 
 Assuming that: 
  

	(1)	the number of shares of Common Stock outstanding on a fully diluted basis, not including the Warrant Shares, as of: 

15-Jan-07 = 100,000,000 
 15-Aug-07 = 120,000,000 
 15-Dec-07 = 130,000,000; 

 

	(2)	an IPO is consummated on 15-Aug-07; and 

  

	(3)	Bayer determines to: 

 transfer
50% of the Warrants to an Affiliate on 14-Jan-07, which then determines to exercises its Warrants in 2 approximately equal parts on 15-Jan-07 and 15-Dec-07; and Bayer exercises its remaining Warrants in full on 15-Dec-07; 

Then “Exercise Amount” shall mean... 
 Exercise Amount = 
 (1.75% * E * N) 

Divided by 

[1-1.75%*(A+R)] 
 Where:

  

	E =	Exercise Percentage being exercised by Holder 

  

	N =	Number of shares of Common Stock outstanding on a Fully Diluted Basis before exercise of the Warrant, not including outstanding Warrants issued hereunder

  

	A =	Aggregate Exercise Percentage held by exercising Holder before exercise of the Warrant 

 

	R =	Remaining Exercise Percentage held by all other Holders (not including the exercising Holder) 

 

	* =	Multiplied by 

 ; provided that
(i) the number of shares of Common Stock outstanding on a Fully Diluted Basis before exercise of the Warrant, not including outstanding Warrants issued hereunder and (ii) the summation of (A + R), each shall become fixed as of the IPO
Date. 
 where on 15-Jan-07 the Transferee’s 
  

	(i)	E = 25% 

  

	(ii)	N = 100,000,000 

  

	(iii)	A = 50% 

  

	(iv)	R = 50% 

 Exercise Amount calculated as follows:

 [(0.0175*.25*100,000,000)/(1-0.0175*(.50+.50))]= 445,292.61 
 Accordingly the Transferee would be issued 445,292 shares of Common Stock as of 15-Jan-07, Bayer’s remaining Exercise Percentage would equal 50% while Transferee’s would be 25% and
Warrant Shares remain issuable. 

  
 C-6

 on 15-Aug-07, the IPO Date 
  

	(i)	N = 120,000,000 

  

	(ii)	A = 25% 

  

	(iii)	R = 50% 

 on 15-Dec-07 for Transferee’s
exercise 
  

	(i)	E = 25% 

  

	(ii)	N = 120,000,000 (Fixed at IPO Date) 

  

	(iii)	A = 25% (Fixed at IPO Date) 

  

	(iv)	R = 50% (Fixed at IPO Date) 

 Exercise Amount
calculated as follows: 
 [(0.0175*.25*120,000,000)/(1-0.0175*(.25+.50))]= 531,982.26 
 Accordingly the Holder would be issued 531,982 shares of Common Stock as of 15-Dec-07. 
 on
15-Dec-07 for Bayer’s exercise 
  

	(i)	E = 50% 

  

	(ii)	N = 120,000,000 (Fixed at IPO Date) 

  

	(iii)	A = 25% (Fixed at IPO Date) 

  

	(iv)	R = 50% (Fixed at IPO Date) 

 Exercise Amount
calculated as follows: 
 [(0.0175*.50*120,000,000)/(1-0.0175*(.25+.50))]= 1,063,964.53 
 Accordingly Bayer would be issued 1,063,964 shares of Common Stock as of 15-Dec-07. 

  
 C-7

 Exhibit D 
 Form of Investors’ Rights Agreement 

  
 D-1

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