Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

PURCHASE AGREEMENT 

November 9, 2020 
 Credit Suisse Securities
(USA) LLC 
 Barclays Capital Inc. 
 As Representatives of the
Several Initial Purchasers 
 named in Schedule A hereto 
 c/o
Credit Suisse Securities (USA) LLC 
 Eleven Madison Avenue 

New York, NY 10010 
 c/o Barclays Capital Inc. 

745 Seventh Avenue 
 New York, NY 10019 

Ladies and Gentlemen: 
 Introductory.
Sunoco LP, a limited partnership organized under the laws of the State of Delaware (“Sunoco”), and Sunoco Finance Corp., a corporation organized under the laws of the State of Delaware (“Finance Corp.” and, together
with Sunoco, the “Issuers”), propose to issue and sell to the several Initial Purchasers named in Schedule A hereto (the “Initial Purchasers”), acting severally and not jointly, the respective amounts set
forth in such Schedule A of $800,000,000 aggregate principal amount of the Issuers’ 4.5% Senior Notes due 2029 (the “Notes”). Credit Suisse Securities (USA) LLC and Barclays Capital Inc. have agreed to act as the
representatives of the several Initial Purchasers (collectively, the “Representatives”) in connection with the offering and sale of the Notes. 

The Securities (as defined below) will be issued pursuant to an indenture, to be dated as of November 24, 2020 (the
“Indenture”), among the Issuers, the Guarantors (as defined below) and U.S. Bank National Association, as trustee (the “Trustee”). The Notes will be issued only in book-entry form in the name of Cede & Co.,
as nominee of The Depository Trust Company (the “Depositary”), pursuant to a letter of representations, to be dated on or before the Closing Date (as defined in Section 2 hereof) (the “DTC Agreement”), among
the Issuers, the Trustee and the Depositary. 
 The holders of the Notes will be entitled to the benefits of a registration rights
agreement, to be dated as of November 24, 2020 (the “Registration Rights Agreement”), among the Issuers, the Guarantors and the Representatives, on behalf of each of the Initial Purchasers, pursuant to which the Issuers will be
required to file with the Commission (as defined below), under the circumstances set forth therein, (i) a registration statement under the Securities Act (as defined below) relating to another series of debt securities of the Issuers with terms
substantially identical to the Notes (the “Exchange Notes”) to be offered in exchange for the Notes (the “Exchange Offer”) or (ii) a shelf registration statement pursuant to Rule 415 of the Securities Act
relating to the resale by certain holders of the Notes, and in each case, to use its reasonable best efforts to cause such registration statements to be declared effective. All references herein to the Exchange Notes and the Exchange Offer are only
applicable if the Issuers and the Guarantors are in fact required to consummate the Exchange Offer pursuant to the terms of the Registration Rights Agreement. 

 The payment of principal of, premium, if any, and interest on the Notes will be fully and
unconditionally guaranteed on a senior unsecured basis, jointly and severally by (i) the entities listed on the signature pages hereof as “Guarantors” and (ii) any subsidiary of Sunoco formed or acquired after the Closing Date
that executes an additional guarantee in accordance with the terms of the Indenture, and their respective successors and assigns (collectively, the “Guarantors”), pursuant to their guarantees (the “Guarantees”). The
Notes and the Guarantees related thereto are herein collectively referred to as the “Securities”; and the Exchange Notes and the Guarantees related thereto are herein collectively referred to as the “Exchange
Securities.” 
 In connection with the offering and sale of the Securities, Sunoco will conduct a cash tender offer for any and all
tenders of the Issuers’ 4.875% Senior Notes due 2023 upon the terms and subject to the conditions set forth in that certain Offer to Purchase dated November 9, 2020. 

This Agreement, the Registration Rights Agreement, the DTC Agreement, the Securities, the Exchange Securities and the Indenture are referred
to herein as the “Transaction Documents.” The issuance and sale of the Notes, the issuance of the Guarantees and the application of the proceeds from the sale of the Securities as described in the Pricing Disclosure Package (as
defined below) and the payment of transaction costs are referred to herein collectively as the “Transactions.” 
 The
Issuers understand that the Initial Purchasers propose to make an offering of the Securities on the terms and in the manner set forth herein and in the Pricing Disclosure Package (as defined below) and agree that the Initial Purchasers may resell,
subject to the conditions set forth herein, all or a portion of the Securities to purchasers (the “Subsequent Purchasers”) on the terms set forth in the Pricing Disclosure Package (the first time when sales of the Securities are
made is referred to as the “Time of Sale”). The Securities are to be offered and sold to or through the Initial Purchasers without being registered with the Securities and Exchange Commission (the “Commission”)
under the Securities Act of 1933, as amended (the “Securities Act,” which term, as used herein, includes the rules and regulations of the Commission promulgated thereunder), in reliance upon exemptions therefrom. Pursuant to the
terms of the Securities and the Indenture, investors who acquire the Securities shall be deemed to have agreed that the Securities may only be resold or otherwise transferred, after the date hereof, if such Securities are registered for sale under
the Securities Act or if an exemption from the registration requirements of the Securities Act is available (including the exemptions afforded by Rule 144A under the Securities Act (“Rule 144A”) or Regulation S under the Securities
Act (“Regulation S”)). 
 The Issuers have prepared and delivered to each Initial Purchaser copies of a
Preliminary Offering Memorandum, dated November 9, 2020 (the “Preliminary Offering Memorandum”), and have prepared and delivered to each Initial Purchaser copies of a Pricing Supplement, dated November 9, 2020, in the form
attached hereto as Exhibit A (the “Pricing Supplement”), describing the terms of the Securities, each for use by such Initial Purchaser in connection with its solicitation of offers to purchase the
Securities. The Preliminary Offering Memorandum and the Pricing Supplement are herein referred to as the “Pricing Disclosure Package.” Promptly after this Agreement is executed and delivered, the Issuers will prepare and deliver to
each Initial Purchaser a final offering memorandum dated the date hereof (the “Final Offering Memorandum”). 

  
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 All references herein to the terms “Pricing Disclosure Package” and
“Final Offering Memorandum” shall be deemed to mean and include all information filed under the Securities Exchange Act of 1934, as amended (the “Exchange Act,” which term, as used herein, includes the rules and
regulations of the Commission promulgated thereunder), prior to the Time of Sale and incorporated by reference in the Pricing Disclosure Package (including the Preliminary Offering Memorandum) or the Final Offering Memorandum (as the case may be),
and all references herein to the terms “amend,” “amendment” or “supplement” with respect to the Final Offering Memorandum shall be deemed to mean and include all information filed under the Exchange
Act after the Time of Sale and incorporated by reference in the Final Offering Memorandum. 
 Sunoco GP LLC, a Delaware limited liability
company (the “General Partner”), is the sole general partner of Sunoco and a wholly owned subsidiary of Energy Transfer LP, a Delaware limited partnership (“ET”). The subsidiaries of Sunoco listed on Schedule
B hereto are collectively referred to herein as the “Subsidiaries.” The General Partner, the Issuers and the Guarantors are collectively referred to herein as the “Partnership Parties.” The General Partner, the
Issuers and the Subsidiaries are collectively referred to herein as the “Partnership Entities.” 
 Each Partnership Party
hereby confirms its agreements with the Initial Purchasers as follows: 
 SECTION 1. Representations and Warranties. Each of the
Partnership Parties, jointly and severally, hereby represents, warrants and covenants to each Initial Purchaser that, as of the date hereof and as of the Closing Date (references in this Section 1 to the “Offering Memorandum”
are to (x) the Pricing Disclosure Package in the case of representations and warranties made as of the date hereof and (y) the Final Offering Memorandum in the case of representations and warranties made as of the date hereof and the
Closing Date): 
 (a) No Registration Required. Subject to compliance by the Initial Purchasers with the
representations and warranties set forth in Section 2(d) hereof and with the procedures set forth in Section 7 hereof, it is not necessary in connection with the offer, sale and delivery of the Securities to the Initial Purchasers and to
each Subsequent Purchaser in the manner contemplated by this Agreement and the Offering Memorandum to register the Securities under the Securities Act or, until such time as the Exchange Securities are issued pursuant to an effective registration
statement, to qualify the Indenture under the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act,” which term, as used herein, includes the rules and regulations of the Commission promulgated thereunder). 

(b) No Integration of Offerings or General Solicitation. None of the Issuers, their respective affiliates (as such term
is defined in Rule 501 under the Securities Act) (each, an “Affiliate”), or any person acting on any of their behalf (other than the Initial Purchasers, as to whom the Issuers make no representation or warranty) has, directly or
indirectly, solicited any offer to buy or offered to sell, or will, directly or indirectly, solicit any offer to buy or 

  
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offer to sell, in the United States or to any United States citizen or resident, any security which is or would be integrated with the sale of the Securities in a manner that would require the
Securities to be registered under the Securities Act. None of the Issuers, their respective Affiliates, or any person acting on any of their behalf (other than the Initial Purchasers, as to whom the Issuers make no representation or warranty) has
engaged or will engage, in connection with the offering of the Securities, in any form of general solicitation or general advertising within the meaning of Rule 502 under the Securities Act. With respect to those Securities sold in reliance upon
Regulation S, (i) none of the Issuers, their respective Affiliates or any person acting on their behalf (other than the Initial Purchasers, as to whom the Issuers make no representation or warranty) has engaged or will engage in any directed
selling efforts within the meaning of Regulation S and (ii) each of the Issuers, their respective Affiliates and any person acting on their behalf (other than the Initial Purchasers, as to whom the Issuers make no representation or warranty)
has complied and will comply with the offering restrictions set forth in Regulation S. 
 (c) Eligibility for Resale under
Rule 144A. The Securities are eligible for resale pursuant to Rule 144A and will not be, at the Closing Date, of the same class as securities listed on a national securities exchange registered under Section 6 of the Exchange Act or
quoted in a U.S. automated interdealer quotation system. 
 (d) The Pricing Disclosure Package and Offering
Memorandum. Neither the Pricing Disclosure Package, as of the Time of Sale, nor the Final Offering Memorandum, as of its date or (as amended or supplemented in accordance with Section 3(a) hereof, as applicable) as of the Closing Date,
contains or represents an untrue statement of a material fact or omits to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that
this representation, warranty and agreement shall not apply to statements in or omissions from the Pricing Disclosure Package, the Final Offering Memorandum or any amendment or supplement thereto made in reliance upon and in conformity with
information furnished to the Issuers in writing by any Initial Purchaser through the Representatives expressly for use in the Pricing Disclosure Package, the Final Offering Memorandum or amendment or supplement thereto, as the case may be, it being
understood and agreed that the only such information is that described as such in the penultimate sentence of Section 8(b) hereof. The Pricing Disclosure Package contains, and the Final Offering Memorandum will contain, all the information
specified in, and meeting the requirements of, Rule 144A. The Issuers have not distributed and will not distribute, prior to the later of the Closing Date and the completion of the Initial Purchasers’ distribution of the Securities, any
offering material in connection with the offering and sale of the Securities other than the Pricing Disclosure Package and the Final Offering Memorandum. 

(e) Additional Written Communications. The Partnership Parties have not prepared, made, used, authorized, approved or
distributed and will not prepare, make, use, authorize, approve or distribute any written communication that constitutes an offer to sell or a solicitation of an offer to buy the Securities other than (i) the Pricing Disclosure Package,
(ii) the Final Offering Memorandum and (iii) any electronic road show or other written communications, in each case used in accordance with Section 3(a) hereof. Each such communication by the Issuers or their respective agents and
representatives pursuant to 

  
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clause (iii) of the preceding sentence (each, an “Additional Written Communication”), when taken together with the Pricing Disclosure Package, did not as of the Time of
Sale, and at the Closing Date will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;
provided that this representation, warranty and agreement shall not apply to statements in or omissions from each such Additional Written Communication made in reliance upon and in conformity with information furnished to the Issuers in
writing by any Initial Purchaser through the Representatives expressly for use in any Additional Written Communication, it being understood and agreed that the only such information is that described as such in the penultimate sentence of
Section 8(b) hereof. 
 (f) Accurate Disclosure. The documents incorporated or deemed to be incorporated by
reference in the Offering Memorandum at the time they were or hereafter are filed with the Commission (collectively, the “Incorporated Documents”) complied and will comply in all material respects with the requirements of the
Exchange Act. Each such Incorporated Document, when taken together with the Pricing Disclosure Package, did not as of the Time of Sale, and at the Closing Date will not, contain any untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

(g) Authority. Each of the Partnership Parties has the full partnership, limited liability company or corporate right,
power and authority, as the case may be, necessary (i) to execute and deliver the Transaction Documents and to perform its obligations hereunder and thereunder; and all action required to be taken for the due and proper authorization, execution
and delivery by it of this Agreement and the other Transaction Documents and the consummation by it of the transactions contemplated hereby and thereby has been duly and validly taken, (ii) in the case of the Issuers, to issue, sell and deliver
the Securities and (iii) in the case of the General Partner, to act as the general partner of Sunoco. 
 (h)
Authorization, Execution and Delivery of Agreement. This Agreement has been duly authorized, executed and delivered by each of the Partnership Parties. 

(i) Authorization, Execution, Delivery and Enforceability of DTC Agreement. The DTC Agreement has been duly authorized
and, on the Closing Date, will have been duly executed and delivered by, and will constitute a valid and binding agreement of, the Issuers, enforceable against the Issuers in accordance with its terms, provided, that the enforceability
thereof may be limited by (i) applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws from time to time in effect affecting creditors’ rights and remedies generally and by general principles of
equity (regardless of whether such principles are considered in a proceeding in equity or at law) and (ii) public policy, applicable law relating to fiduciary duties and indemnification and an implied covenant of good faith and fair dealing.

 (j) Authorization, Execution, Delivery and Enforceability of Registration Rights Agreement. The Registration Rights
Agreement has been duly authorized and, on the Closing Date, will have been duly executed and delivered by, and will constitute a valid and legally binding agreement of the Partnership Parties, enforceable against the Partnership

  
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Parties in accordance with its terms; provided, that the enforceability thereof may be limited by (i) applicable bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium or similar laws from time to time in effect affecting creditors’ rights and remedies generally and by general principles of equity (regardless of whether such principles are considered in a proceeding in equity or at law) and
(ii) public policy, applicable law relating to fiduciary duties and indemnification and an implied covenant of good faith and fair dealing. 

(k) Authorization of the Notes, the Guarantees and the Exchange Notes. The Notes to be purchased by the Initial
Purchasers from the Issuers will on the Closing Date be in the form contemplated by the Indenture, have been duly authorized for issuance and sale pursuant to this Agreement and the Indenture and, at the Closing Date, will have been duly executed by
the Issuers and, when authenticated in the manner provided for in the Indenture and delivered against payment of the purchase price therefor, will constitute valid and binding obligations of the Issuers, enforceable against the Issuers in accordance
with their terms, except as the enforcement thereof may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar laws relating to or affecting the rights and remedies of creditors or by general equitable
principles and will be entitled to the benefits of the Indenture. The Exchange Notes have been duly and validly authorized for issuance by the Issuers, and when issued and authenticated in accordance with the terms of the Indenture, the Registration
Rights Agreement and the Exchange Offer, will constitute valid and binding obligations of the Issuers, enforceable against the Issuers in accordance with their terms, except as the enforcement thereof may be limited by bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium, or similar laws relating to or affecting enforcement of the rights and remedies of creditors or by general principles of equity and will be entitled to the benefits of the Indenture. The Guarantees of
the Notes on the Closing Date and the Guarantees of the Exchange Notes when issued have been duly authorized for issuance pursuant to this Agreement and the Indenture; when the Notes have been authenticated in the manner provided for in the
Indenture and issued and delivered against payment of the purchase price therefor, the Guarantees of the Notes will constitute valid and binding agreements of the Guarantors; and, when the Exchange Notes have been authenticated in the manner
provided for in the Indenture and issued and delivered in accordance with the Registration Rights Agreement, the Guarantees of the Exchange Notes will constitute valid and binding agreements of the Guarantors, in each case, enforceable against the
Guarantors in accordance with their terms, except as the enforcement thereof may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar laws relating to or affecting the rights and remedies of
creditors or by general equitable principles and will be entitled to the benefits of the Indenture. 
 (l) Authorization
of the Indenture. The Indenture has been duly authorized by the Issuers and the Guarantors and, at the Closing Date, will have been duly executed and delivered by the Issuers and the Guarantors and will constitute a valid and binding agreement
of the Issuers and the Guarantors, enforceable against the Issuers and the Guarantors in accordance with its terms, except as the enforcement thereof may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other
similar laws relating to or affecting the rights and remedies of creditors or by general equitable principles. 

  
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 (m) Description of the Transaction Documents and Conformity of the
Notes. The Transaction Documents conform and will conform, as applicable, in all material respects to the respective statements relating thereto contained in the Offering Memorandum. The Notes to be purchased by the Initial Purchasers from the
Issuers will on the Closing Date be substantially in the form contemplated by the Indenture. 
 (n) No Material Adverse
Change in Business. Except as otherwise disclosed in the Offering Memorandum (exclusive of any amendment or supplement thereto), since the respective dates as of which information is given in the Offering Memorandum (exclusive of any amendment
or supplement thereto), (i) there has been no material adverse change, or any development that could reasonably be expected to (1) result in a material adverse change in the condition, financial or otherwise, or in the earnings,
properties, business, operations or business prospects of the Partnership Entities, whether or not arising in the ordinary course of business, or (2) materially and adversely affect the ability of the Issuers and the Guarantors to perform their
respective obligations pursuant to this Agreement (each such change, a “Material Adverse Effect”), (ii) there have been no transactions entered into by any of the Partnership Entities, other than those in the ordinary course of
business, which are material with respect to the Partnership Entities, considered as one enterprise, (iii) there have been no liabilities or obligations, direct or contingent, incurred by any of the Partnership Entities that are material to the
Partnership Entities taken as a whole, (iv) there has been no change in the capitalization, short-term debt or long-term debt of the Partnership Entities and (v) there has been no dividend or distribution of any kind declared, paid or made
by the Partnership Entities on any class of equity securities. 
 (o) Independent Accountants. Grant Thornton LLP, who
has certified certain financial statements and supporting schedules of Sunoco and ETC M-A Acquisition LLC, a Delaware limited liability company (“ETC”), and whose reports are filed with the
Commission and set forth or incorporated by reference in the Offering Memorandum, is and was during the periods covered by such financial statements an independent registered public accounting firm with respect to both Sunoco and ETC as required by
the Securities Act and the Public Company Accounting Oversight Board. 
 (p) Financial Statements; Non-GAAP Financial Measures. The financial statements, together with the related schedules and notes, included or incorporated by reference in the Offering Memorandum present fairly in all material respects the
financial condition, results of operations and cash flows of the entities purported to be shown thereby and on the basis stated therein, as of the dates and for the periods indicated. Such financial statements comply as to form in all material
respects with the applicable accounting requirements of Regulation S-X under the Securities Act and have been prepared in conformity with generally accepted accounting principles in the United States
(“GAAP”) applied on a consistent basis throughout the periods involved, except as may be expressly stated in the related notes thereto. The supporting schedules, if any, present fairly in accordance with GAAP the information
required to be stated therein. The summary financial and operating data set forth in the Offering Memorandum under the caption “Summary—Summary Consolidated Historical Financial and Operating Data” are presented fairly in all material
respects and prepared on a basis consistent with that of the audited financial statements contained in the Offering Memorandum. All other financial information included or incorporated by 

  
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reference in the Offering Memorandum has been derived from Sunoco’s accounting records and presents fairly the information shown thereby. No historical or pro forma financial statements or
supporting schedules that would be required to be included or incorporated by reference in a registration statement on Form S-3 under the Securities Act or the Exchange Act are omitted from the Offering
Memorandum. All disclosures contained in the Offering Memorandum regarding “non-GAAP financial measures” (as such term is defined by the rules and regulations of the Commission) comply with
Regulation G of the Exchange Act and Item 10 of Regulation S-K of the Securities Act, to the extent applicable. The interactive data in eXtensible Business Reporting Language included or incorporated by
reference in the Offering Memorandum and the Pricing Disclosure Package fairly presents the information called for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines applicable thereto. 

(q) Forward-Looking Statements and Supporting Information. Each of the forward-looking statements made by Issuers
included in or incorporated by reference in the Offering Memorandum was made or will be made with a reasonable basis and in good faith. 

(r) Formation and Good Standing of the Partnership Entities. Each of the Partnership Entities has been duly formed and
is validly existing as a limited partnership, limited liability company or corporation, as the case may be, and is in good standing under the laws of its jurisdiction of organization (as set forth on Schedule C hereto), and has all limited
partnership, limited liability company or corporate power and authority, as the case may be, necessary to own, lease and operate its properties and to conduct its business as described in the Offering Memorandum and, in the case of the Issuers and
the Guarantors, to enter into and perform its obligations under each of the Transaction Documents to which it is a party. Each of the Partnership Entities is duly qualified as a foreign limited partnership, limited liability company or corporation,
as applicable, to transact business and is in good standing in each other jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business (as set forth on Schedule C
hereto), except for any failures to be so qualified or in good standing that would not result in a Material Adverse Effect. Schedule C hereto accurately sets forth the jurisdiction of organization and each jurisdiction of foreign
qualification for each of the Partnership Entities. 
 (s) Power and Authority of General Partner. The General Partner
has, and at the Closing Date will have, full limited liability company power and authority to serve as general partner of Sunoco in all material respects as disclosed in the Offering Memorandum. 

(t) Ownership of General Partner. Energy Transfer Operating, L.P., a Delaware limited partnership and wholly owned
subsidiary of ET (“ETO”), as the sole member of the General Partner, directly owns 100% of the issued and outstanding membership interests in the General Partner; such membership interests have been duly authorized and validly
issued in accordance with the Amended and Restated Limited Liability Agreement of the General Partner, as amended to date (the “GP LLC Agreement”), and are fully paid (to the extent required by the GP LLC Agreement) and non-assessable (except as such non-assessability may be limited by Sections 18-607 and 18-804
of the Delaware Limited Liability Company Act (the “Delaware LLC Act”)); and ETO owns such membership interests free and clear of all liens, encumbrances, security interests, charges or claims (collectively,
“Liens”), except for (i) restrictions on transferability contained in the GP LLC Agreement and (ii) Liens created or arising under the Delaware LLC Act. 

  
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 (u) Ownership of General Partner Interest in Sunoco. The General
Partner is the sole general partner of Sunoco, with a non-economic general partner interest in Sunoco (the “General Partner Interest”). The General Partner Interest has been duly authorized
and validly issued in accordance with the First Amended and Restated Agreement of Limited Partnership of Sunoco, as amended to date (the “Partnership Agreement”); and the General Partner owns the General Partner Interest free and
clear of all Liens. 
 (v) Ownership of Sponsor Equity. ETO beneficially owns 28,463,967 common units representing
limited partner interests in Sunoco (“Common Units”) free and clear of all Liens. 
 (w) Ownership of
Class C Units. (i) Aloha Petroleum, Ltd., a Hawaii corporation (“Aloha”), owns 5,242,113 Class C units representing limited partner interests in Sunoco (“Class C
Units”) free and clear of all Liens and (ii) Sunoco Retail LLC, owns 11,168,667 Class C Units, free and clear of all Liens. 

(x) Ownership of Incentive Distribution Rights. ETO is the record holder of all of the Incentive Distribution Rights (as
such term is defined in the Partnership Agreement, the “Incentive Distribution Rights”); such Incentive Distribution Rights have been duly authorized and validly issued in accordance with the Partnership Agreement and are fully paid
(to the extent required under the Partnership Agreement); and ETO owns the Incentive Distribution Rights free and clear of all Liens. 

(y) Ownership of Subsidiaries. Sunoco is the owner of 100% of the issued and outstanding shares of capital stock in
Finance Corp., 100% of the issued and outstanding membership interests in Sunoco, LLC, a Delaware limited liability company (“Sunoco, LLC”), 100% of the issued and outstanding membership interests in SUN LP Pipeline LLC, a Delaware
limited liability company (“SUN LP Pipeline”) and 100% of the issued and outstanding membership interests in SUN LP Terminals LLC, a Delaware limited liability company (“SUN LP Terminals”); Sunoco, LLC is the owner
of 100% of the issued and outstanding membership interests in (i) Sunoco Property Company LLC, a Delaware limited liability company (“Propco”), (ii) Sunoco Refined Products LLC (formerly known as AMID Refined Products
LLC), a Delaware limited liability company (“Sunoco Refined”), (iii) Aloha Petroleum LLC, a Delaware limited liability company and (iv) Fathom Global Energy FT LLC, a Delaware limited liability company; Propco is the owner of
(i) 100% of the issued and outstanding membership interests in Sunoco Retail LLC, a Pennsylvania limited liability company (“Sunoco Retail”), (ii) 100% of the issued and outstanding membership interests in Sunoco Energy Solutions
LLC, a Texas limited liability company, (iii) 100% of the issued and outstanding capital stock in Aloha; (iv) 100% of the issued and outstanding membership interests in Fathom Global Energy LLC, a Delaware limited liability company; (v) 100% of the
issued and outstanding capital stock in Sunoco Overseas, Inc., a Delaware corporation; and (vi) 100% of the issued and outstanding capital stock in Sun Lubricants and Specialty Products Inc., a corporation existing under the laws of Quebec; Sunoco
Retail is the owner of (i) 100% of the issued and outstanding membership interests in Sunmarks, LLC, a Delaware limited liability company, (ii) 100% of the issued and outstanding membership interests in

  
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Stripes Acquisition LLC, a Texas limited liability company (“Stripes”), and (iii) 100% of the issued and outstanding membership interests in SSP BevCo II LLC, a Texas limited
liability company (“SSP BevCo”); Sunoco Refined is the owner of 100% of the issued and outstanding membership interests of (i) Sunoco Caddo LLC (formerly known as AMID Caddo LLC), a Delaware limited liability company and
(ii) Sunoco NLR LLC (formerly known as AMID NLR LLC), a Delaware limited liability company; Stripes is the owner of 100% of the issued and outstanding capital stock of (i) TCFS Holdings, Inc., a Texas corporation (“TCFS”)
and (ii) Town & Country Food Stores, Inc., a Texas corporation; SSP BevCo is the owner of 100% of the issued and outstanding membership interests in SSP BevCo I LLC, a Texas limited liability company (“SSP I”); SSP I
is the owner of 100% of the issued and outstanding membership interests in (i) SSP Beverage, LLC, a Texas limited liability company (“SSP Bev”) and (ii) TND Beverage, LLC, a Texas limited liability company; SSP Bev is the
owner of 100% of the issued and outstanding capital stock of Quick Stuff of Texas, Inc., a Texas corporation; SUN LP Pipeline is the owner of 50% of the issued and outstanding membership interests in J.C. Nolan Pipeline Co., LLC, a Delaware limited
liability company; and SUN LP Terminals is the owner of 50% of the issued and outstanding membership interests in J.C. Nolan Terminal Co., LLC, a Delaware limited liability company. Such shares of capital stock and membership interests, as
applicable, have been duly authorized and validly issued in accordance with the certificate of incorporation or the certificate of formation, as applicable, of such Subsidiary and bylaws or the limited liability company agreement, as applicable, of
such Subsidiary (together, the “Subsidiary Organizational Documents”) and are fully paid (to the extent required by the applicable Subsidiary Organizational Documents) and non-assessable
(except as such non-assessability may be limited by Sections 18-607 and 18-804 of the Delaware LLC Act or the equivalent
provisions of the statute governing the organization of such Subsidiary in the jurisdiction of such Subsidiary’s formation), and none of the shares of capital stock of Finance Corp. were issued in violation of any preemptive rights or similar
rights; and Sunoco, Sunoco, LLC, Sunoco Refined, Propco, Sunoco Retail, Stripes, TCFS, SSP BevCo, SSP I, SSP Bev, SUN LP Pipeline and SUN LP Terminals, as the case may be, owns such shares of capital stock and membership interests, as applicable,
free and clear of all Liens, other than Liens created pursuant to the credit agreement among Sunoco, as borrower, the lenders from time to time party thereto and Bank of America, N.A., as administrative agent, collateral agent, swing line lender and
LC issuer, dated July 27, 2018 (together with any amendments thereto, the “Revolving Credit Facility”). The GP LLC Agreement, the Partnership Agreement and the Subsidiary Organizational Documents are referred to collectively
herein as the “Organizational Agreements” and each, individually, as an “Organizational Agreement.” 

(z) No Other Subsidiaries. Except as described in the Offering Memorandum, none of the Partnership Entities owns or, at
the Closing Date, will own, directly or indirectly, an equity interest in, or long-term debt securities of, any corporation, partnership, limited liability company, joint venture, association or other entity, other than another Partnership Entity.

 (aa) No Restrictions on the Subsidiaries. None of the Subsidiaries is, or at the Closing Date, will be prohibited,
directly or indirectly, under any agreement or other instrument to which it is a party or is subject, from paying any dividends to Sunoco, from making any other distribution on such Subsidiary’s equity securities, from repaying to Sunoco any
loans or advances to such Subsidiary from Sunoco or from transferring any of such Subsidiary’s properties or assets to Sunoco or any other Subsidiary of Sunoco, except as set forth in the Revolving Credit Facility. 

  
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 (bb) Capitalization. As of the date hereof and as of the Closing
Date, the issued and outstanding partnership interests of Sunoco will consist solely of 83,089,063 Common Units, 16,410,780 Class C Units, the General Partner Interest and the Incentive Distribution Rights. All outstanding Common Units and
Class C Units, and the limited partner interests represented thereby, have been duly authorized and validly issued in accordance with the Partnership Agreement and are fully paid (to the extent required under the Partnership Agreement) and non-assessable (except as such non-assessability may be affected by matters described in Sections 17-303, 17-607 and 17-804 of the Delaware Revised Uniform Limited Partnership Act). 

(cc) Absence of Violations, Defaults and Conflicts. None of the Partnership Parties is in (i) violation of its
Organizational Agreement, (ii) violation, breach or default, and no event has occurred that, with notice or lapse of time or both, would constitute such a violation or breach of, or default under, any contract, indenture, mortgage, deed of
trust, loan or credit agreement, including the Revolving Credit Facility, note, lease or other agreement or instrument to which any of the Partnership Parties is or, on the Closing Date, will be a party or by which it or any of them may be bound or
to which any of the properties or assets of any of the Partnership Parties is subject (collectively, “Agreements and Instruments”), except for any such violations, breaches and defaults that would not, singly or in the aggregate,
result in a Material Adverse Effect, or (iii) violation of any law, statute, rule, regulation, judgment, order, writ or decree of any arbitrator, court, governmental body, regulatory body, administrative agency or other authority, body or
agency having jurisdiction over any of the Partnership Parties or any of their respective properties, assets or operations (each, a “Governmental Entity”), except for any such violations that would not, singly or in the aggregate,
result in a Material Adverse Effect. The execution, delivery and performance of the Transaction Documents and the consummation of the Transactions (including the issuance and delivery of the Securities and the Exchange Securities as described under
the caption “Use of Proceeds” in the Offering Memorandum), in each case, do not and will not, whether with or without the giving of notice or passage of time or both, constitute a breach or violation of, or default or Repayment Event (as
defined below) under, or result in the creation or imposition of any Lien upon any properties or assets of any of the Partnership Parties pursuant to, the Agreements and Instruments (except for any such violations, breaches, defaults, Repayment
Events or Liens that would not, singly or in the aggregate, result in a Material Adverse Effect and other than Liens created pursuant to the Revolving Credit Facility), nor will such action result in (x) any violation of the provisions of the
Organizational Agreements of any of the Partnership Parties or (y) any violation of any law, statute, rule, regulation, judgment, order, writ or decree of any Governmental Entity, except in the case of clause (y), for any such violations that
would not, singly or in the aggregate, result in a Material Adverse Effect. As used herein, a “Repayment Event” means any event or condition which gives the holder of any note, debenture or other evidence of indebtedness (or any
person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by any of the Partnership Parties. 

  
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 (dd) No Consents. No consent, approval, authorization, order,
registration, filing or qualification (“Consent”) of or with any Governmental Entity is required in connection with (i) the issuance and delivery of the Securities and the Exchange Securities as described in the Offering
Memorandum, (ii) the execution, delivery and performance of the Transaction Documents or (iii) the application of the proceeds from the sale of the Securities as described under “Use of Proceeds” in the Offering Memorandum,
except (a) for such Consents as have been obtained or made by the Partnership Parties, (b) as may be required by federal securities laws with respect to the Partnership Parties’ obligations under the Registration Rights Agreement or
the securities laws of the several states of the United States or (c) as described in the Offering Memorandum. 
 (ee)
No Material Actions or Proceedings. There are no legal or governmental actions, suits or proceedings pending or, to the knowledge of Sunoco, threatened (i) against the Partnership Parties or (ii) which has as the subject thereof any
property owned or leased by the Partnership Parties, which, in the case of clauses (i) and (ii) above, if determined adversely to the Partnership Parties, would result in a Material Adverse Effect or adversely affect the consummation of
the transactions contemplated by this Agreement. 
 (ff) Possession of Intellectual Property. The Partnership Parties
own or possess, or can acquire on reasonable terms, adequate patents, patent rights, licenses, inventions, copyrights, know how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or
procedures), trademarks, service marks, trade names or other intellectual property (collectively, “Intellectual Property”) necessary to carry on the business now operated by them, and none of the Partnership Parties has received any
notice or is otherwise aware of any infringement of or conflict with asserted rights of others with respect to any Intellectual Property or of any facts or circumstances which would render any Intellectual Property invalid or inadequate to protect
the interest of the Partnership Parties therein, and which infringements or conflicts (if the subject of any unfavorable decision, ruling or finding) or invalidities or inadequacies, singly or in the aggregate, would result in a Material Adverse
Effect. 
 (gg) Possession of Licenses and Permits. Each of the Partnership Parties possesses such permits, licenses,
approvals, consents and other authorizations (collectively, “Governmental Licenses”) issued by the appropriate Governmental Entities necessary to conduct the business now operated by them, except for any failures to possess a
Governmental License that would not, singly or in the aggregate, result in a Material Adverse Effect. Each of the Partnership Parties is in compliance with the terms and conditions of all Governmental Licenses, except for any failures to comply that
would not, singly or in the aggregate, result in a Material Adverse Effect. All of the Governmental Licenses are valid and in full force and effect, except for any failures of such Governmental Licenses to be in full force and effect that would not,
singly or in the aggregate, result in a Material Adverse Effect. None of the Partnership Parties has received any notice of proceedings relating to the revocation or modification of any Governmental Licenses which, singly or in the aggregate, if the
subject of an unfavorable decision, ruling or finding, would result in a Material Adverse Effect. 

  
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 (hh) Title to Property. The Partnership Entities have good and
marketable title to all real property owned by them and good title to all other property owned by them, in each case, free and clear of all Liens except such as (i) are described in the Offering Memorandum or (ii) do not, singly or in the
aggregate, materially affect the value of such property and do not interfere with the use made and proposed to be made of such property by the Partnership Entities; and all of the leases and subleases material to the business of the Partnership
Entities, considered as one enterprise, and under which any of the Partnership Entities holds properties described in the Offering Memorandum, are in full force and effect, and none of the Partnership Entities has any notice of any material claim of
any sort that has been asserted by anyone adverse to the rights of any of the Partnership Entities under any of the leases or subleases mentioned above, or affecting or questioning the rights of any such Partnership Party to the continued possession
of the leased or subleased premises under any such lease or sublease. 
 (ii) Tax Returns. Each of the Partnership
Entities has filed (or has obtained extensions with respect to) all foreign, federal, state and local tax returns that are required to be filed through the date hereof, except in any case in which the failure so to file would not, individually or in
the aggregate, be reasonably expected to have a Material Adverse Effect, and has timely paid all taxes (including, without limitation, any estimated taxes) required to be paid by it and any other assessment, fine or penalty levied against it, to the
extent that any of the foregoing is due and payable, other than (i) those that are currently being contested in good faith by appropriate actions and for which adequate reserves have been established or (ii) those which, if not paid, would
not, singly or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 
 (jj) Investment Company
Act. None of the Partnership Entities is, and as of the Closing Date, after giving effect to the issuance and delivery of the Securities and the application of the proceeds therefrom as described under “Use of Proceeds” in the Offering
Memorandum, none of them will be, (i) an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended (the “Investment
Company Act”), and the rules and regulations of the Commission thereunder, or (ii) a “business development company” (as defined in Section 2(a)(48) of the Investment Company Act). 

(kk) Insurance. The Partnership Entities carry or are entitled to the benefits of insurance, with financially sound and
reputable insurers, in such amounts and covering such risks as is generally maintained by companies of established repute engaged in the same or similar business, and all such insurance is in full force and effect. No Partnership Entity has any
reason to believe that it will not be able (i) to renew its existing insurance coverage as and when such policies expire or (ii) to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its
business as now conducted and at a cost that would not result in a Material Adverse Effect. None of the Partnership Entities has been denied any insurance coverage which it has sought or for which it has applied. 

(ll) Cybersecurity. The Partnership Entities information technology assets and equipment, computers, systems, networks,
hardware, software, websites, applications, and databases (collectively, “IT Systems”) are adequate for, and operate and perform in all material respects as required in connection with the operation of the business of the
Partnership Entities as currently conducted, free and clear of all material bugs, errors, defects, Trojan horses, time bombs, malware and other corruptants, except as would not, 

  
 13 

 
singly or in the aggregate, result in a Material Adverse Effect. The Partnership Entities have implemented and maintained commercially reasonable controls, policies, procedures, and
safeguards to maintain and protect their material confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and data, including all personal, personally identifiable, sensitive, confidential or
regulated data (“Personal Data”) used in connection with their businesses, and there have been no known breaches, violations, outages or unauthorized uses of or accesses to same, except for those that would not, singly or in the
aggregate, result in a Material Adverse Effect, or have been remedied without material cost or liability or the duty to notify any other person, nor any incidents under internal review or investigations relating to the same. The Partnership
Entities are presently in material compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations
relating to the privacy and security of IT Systems and Personal Data and to the protection of such IT Systems and Personal Data from unauthorized use, access, misappropriation or modification. 

(mm) Stabilization. None of the Partnership Entities has taken, directly or indirectly, any action designed to or that
has constituted or that could reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Issuers in connection with the sale of the Securities. 

(nn) Solvency. Each of the Partnership Entities is, and immediately after the Closing Date will be, Solvent. As used
herein, the term “Solvent” means, with respect to any person on a particular date, that on such date (i) the fair market value of the assets of such person is greater than the total amount of liabilities (including contingent
liabilities) of such person, (ii) the present fair salable value of the assets of such person is greater than the amount that will be required to pay the probable liabilities of such person on its debts as they become absolute and matured,
(iii) such person is able to realize upon its assets and pay its debts and other liabilities, including contingent obligations, as they mature and (iv) such person does not have unreasonably small capital. 

(oo) Compliance with the Sarbanes-Oxley Act of 2002. There is and has been no failure on the part of Sunoco or, to the
knowledge of Sunoco, any of the General Partner’s directors or officers, in their capacities as such, to comply in all material respects with any provision of the Sarbanes-Oxley Act of 2002, as amended, including the rules and regulations of
the Commission promulgated thereunder. 
 (pp) Accounting Controls. Sunoco maintains effective internal control over
financial reporting (as defined under Rules 13a-15 and 15d-15 under the Exchange Act) and a system of internal accounting controls sufficient to provide reasonable
assurances that (i) transactions are executed in accordance with management’s general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to
maintain accountability for assets; (iii) access to Sunoco’s assets is permitted only in accordance with management’s general or specific authorization; (iv) the recorded accountability for assets is compared with the existing
assets at reasonable intervals and appropriate action is taken with respect to any differences; and (v) the interactive data in eXtensible Business Reporting Language included or incorporated 

  
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by reference in the Offering Memorandum is accurate. Except as described in the Offering Memorandum and the Pricing Disclosure Package, (1) since the end of Sunoco’s most recent audited
fiscal year, there has been (i) no material weakness in Sunoco’s internal control over financial reporting (whether or not remediated) and (ii) no change in Sunoco’s internal control over financial reporting that has materially
affected, or is reasonably likely to materially affect, Sunoco’s internal control over financial reporting, and (2) Sunoco is not aware of any fraud, whether or not material, that involves management or other employees who have a
significant role in Sunoco’s internal control over financial reporting. 
 (qq) Disclosure Controls and
Procedures. Sunoco has established and maintains an effective system of disclosure controls and procedures (as defined in Rule 13a-15 and Rule 15d-15 under the
Exchange Act) that are designed to ensure that information required to be disclosed by Sunoco in the reports that it files or submits, or will file or submit, under the Exchange Act is recorded, processed, summarized and reported within the time
periods specified in the Commission’s rules and forms, and that all such information is accumulated and communicated to Sunoco’s management, including its principal executive officer or officers and principal financial officer or officers,
or persons performing similar functions, as appropriate, to allow timely decisions regarding disclosure. Such disclosure controls and procedures are effective in all material respects to perform the functions for which they are established to the
extent required by Rule 13a-15 of the Exchange Act. 
 (rr) Regulations T, U,
X. Neither the Issuers nor any Guarantor nor any of their respective subsidiaries nor any agent thereof acting on their behalf has taken, and none of them will take, any action that might cause this Agreement or the issuance or sale of the
Securities to violate Regulation T, Regulation U or Regulation X of the Board of Governors of the Federal Reserve System. 

(ss) Environmental Laws. Except as otherwise disclosed in the Offering Memorandum or as would not, singly or in the
aggregate, result in a Material Adverse Effect, (i) none of the Partnership Entities is in violation of any federal, state, local or foreign statute, law, rule, regulation, ordinance, code, policy or rule of common law or any judicial or
administrative interpretation thereof, including any judicial or administrative order, consent, decree or judgment, relating to pollution or protection of human health, the environment (including, without limitation, ambient air, surface water,
groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to the Release (as defined below) or threatened Release of chemicals, pollutants, contaminants, wastes, toxic substances,
hazardous substances, petroleum or petroleum products, asbestos-containing materials or mold (collectively, “Hazardous Materials”) or to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or
handling of Hazardous Materials (collectively, “Environmental Laws”), (ii) the Partnership Entities have all permits, authorizations and approvals required under any applicable Environmental Laws and are each in compliance with
their requirements, (iii) there are no pending or threatened administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigation or proceedings relating to any
Environmental Law against any of the Partnership Entities and (iv) there are no events or circumstances that would reasonably be expected to form the basis of an order for clean-up or remediation, or an
action, suit or proceeding by any private party or Governmental Entity, 

  
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against or affecting any of the Partnership Entities relating to Hazardous Materials or any Environmental Laws. The term “Release” means any spilling, leaking, seepage, pumping,
pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping, disposing, depositing, dispersing, or migrating in, into or through the environment, or in, into from or through any building or structure. 

(tt) Hazardous Materials. Except as otherwise disclosed in the Offering Memorandum, there has been no storage,
generation, transportation, use, handling, treatment, Release or threat of Release of Hazardous Materials by, relating to or caused by any of the Partnership Entities (or, to the knowledge of Sunoco, any other entity (including any predecessor) for
whose acts or omissions any of the Partnership Entities is or could reasonably be expected to be liable) at, on, under or from any property or facility now or previously owned, operated or leased by any of the Partnership Entities, or at, on, under
or from any other property or facility, in violation of any Environmental Laws or in a manner or amount or to a location that could reasonably be expected to result in any liability under any Environmental Law, except for any violations or
liabilities that would not, singly or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

(uu) Review of Environmental Laws. In the ordinary course of business, the Partnership Entities conduct a periodic
review of the effect of Environmental Laws on the business, operations and properties of the Partnership Entities, in the course of which they identify and evaluate associated costs and liabilities (including, without limitation, any capital or
operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws, or any permit, license or approval, any related constraints on operating activities and any potential
liabilities to third parties). On the basis of such review, the Partnership Entities have concluded that such associated costs and liabilities would not, singly or in the aggregate, have a Material Adverse Effect, except as described in or
contemplated in the Offering Memorandum. 
 (vv) Compliance with ERISA. (i) Each employee benefit plan, within
the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), for which Sunoco or any member of its “Controlled Group” (defined as any organization which is a member of a
controlled group of corporations within the meaning of Section 414 of the Internal Revenue Code (the “Code”)) would have any liability (each, a “Plan”) has been maintained in compliance with its terms and the
requirements of any applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Code, except for any instances of noncompliance that would not, singly or in the aggregate, reasonably be expected to result in a
Material Adverse Effect; (ii) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with respect to any Plan, excluding transactions effected pursuant to a statutory or
administrative exemption, that would result in a Material Adverse Effect; (iii) for each Plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, the minimum funding standard of Section 412 of
the Code or Section 302 of ERISA, as applicable, has been satisfied (without taking into account any waiver thereof or extension of any amortization period) and is reasonably expected to be satisfied in the future (without taking into account
any waiver thereof or extension of any amortization period); (iv) the fair market value of the assets of each Plan that is subject to Title IV of ERISA (other than a “multiemployer plan”)

  
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exceeds the present value of all benefits accrued under such Plan (determined based on those assumptions used to fund such Plan); (v) no “reportable event” (within the meaning of
Section 4043(c) of ERISA) has occurred or is reasonably expected to occur that either has resulted, or would result, in a Material Adverse Effect; (vi) neither Sunoco nor any member of the Controlled Group has incurred, nor reasonably
expects to incur, any liability under Title IV of ERISA (other than contributions to the Plan or premiums to the Pension Benefit Guaranty Corporation, in the ordinary course and without default) in respect of a Plan (including a “multiemployer
plan,” within the meaning of Section 4001(a)(3) of ERISA); and (vii) there is no pending audit or investigation by the Internal Revenue Service, the U.S. Department of Labor, the Pension Benefit Guaranty Corporation or any other
governmental agency or any foreign regulatory agency with respect to any Plan that would result in a Material Adverse Effect. Neither of the following events has occurred or is reasonably likely to occur: (1) an increase in the aggregate amount
of contributions required to be made to all Plans by the Partnership Entities in Sunoco’s current fiscal year compared to the amount of such contributions made in Sunoco’s most recently completed fiscal year that is expected to result in a
Material Adverse Effect; or (2) an increase in the Partnership Entities’ “accumulated post-retirement benefit obligations” (within the meaning of Statement of Financial Accounting Standards 106) compared to the amount of such
obligations in Sunoco’s most recently completed fiscal year that is expected to result in a Material Adverse Effect. 

(ww) Absence of Labor Disputes. No labor dispute with the employees of any of the Partnership Entities engaged in the
business of the Partnership Entities exists or, to the knowledge of Sunoco, is imminent, which, in any case, would result in a Material Adverse Effect. 

(xx) No Undisclosed Relationships. No relationship, direct or indirect, exists between or among any of the Partnership
Entities, on the one hand, and the directors, officers, equityholders, customers or suppliers of any of the Partnership Entities, on the other, that is required by the Securities Act to be disclosed in a registration statement on Form S-1 which is not so disclosed in the Offering Memorandum. There are no outstanding loans, advances (except normal advances for business expenses in the ordinary course of business) or guarantees of indebtedness by
any Partnership Party to or for the benefit of any of the directors or officers of any Partnership Party or their respective family members. 

(yy) Foreign Corrupt Practices Act. No Partnership Entity nor, to the knowledge of Sunoco, any director, officer, agent,
employee, Affiliate or other person acting on behalf of or providing services to any Partnership Party is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act
of 1977, as amended (the “FCPA”), and any other applicable anti-bribery laws and the rules and regulations thereunder, including, without limitation, making use of the mails or any means or instrumentality of interstate commerce
corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such
term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA; and the Partnership Entities and, to the knowledge of Sunoco, their Affiliates have
conducted their businesses in compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith. 

  
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 (zz) Money Laundering Laws. The operations of each of the Partnership
Entities are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all
jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Entity (collectively, the “Money Laundering Laws”); and no action,
suit or proceeding by or before any Governmental Entity involving any of the Partnership Entities with respect to the Money Laundering Laws is pending or, to the knowledge of Sunoco, threatened. 

(aaa) OFAC. None of the Partnership Entities nor, to the knowledge of Sunoco, any director, officer, agent, employee,
Affiliate, representative or other person acting on behalf of or providing services to any Partnership Party is an individual or entity (“Person”) currently the subject or target of any sanctions administered or enforced by the U.S.
government, including, without limitation, the U.S. Department of the Treasury’s Office of Foreign Assets Control, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority
(collectively, “Sanctions”), nor is any Partnership Party located, organized or resident in a country or territory that is the subject of Sanctions; and neither Issuer will directly or indirectly use the proceeds of the offering, or
lend, contribute or otherwise make available such proceeds to any subsidiaries, joint venture partners or other Person, to fund any activities of or business with any Person, or in any country or territory, that, at the time of such funding, is the
subject of Sanctions or in any other manner that will result in a violation by any Person (including any Person participating in the transaction, whether as initial purchaser, advisor, investor or otherwise) of Sanctions. 

(bbb) Regulation S. The Issuers and the Guarantors and their respective Affiliates and all persons acting on their
behalf (other than the Initial Purchasers, as to whom the Issuers and the Guarantors make no representation) have complied with and will comply with the offering restrictions requirements of Regulation S in connection with the offering of the
Securities outside the United States and, in connection therewith, the Offering Memorandum will contain the disclosure required by Rule 902 under the Securities Act. Sunoco is a “reporting issuer” as defined in Rule 902. 

(ccc) Statistical and Market-Related Data. Any statistical and market-related data included or incorporated by reference
in the Offering Memorandum is based on or derived from sources that the Partnership Entities believe, after reasonable inquiry, to be reliable and accurate and, to the extent required, the Partnership Entities have obtained written consent to the
use of such data from such sources. 
 (ddd) Officer’s Certificates. Any certificate signed by any officer of
either of the Issuers and delivered to the Initial Purchasers or to counsel for the Initial Purchasers in connection with the offering shall be deemed a representation and warranty by the Issuers to each Initial Purchaser as to the matters covered
thereby. 

  
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 SECTION 2. Purchase, Sale and Delivery of the Securities. 

(a) The Securities. Each of the Issuers and the Guarantors agrees to issue and sell to the Initial Purchasers, severally
and not jointly, all of the Securities, and, subject to the conditions set forth herein, the Initial Purchasers agree, severally and not jointly, to purchase from the Issuers, the principal amount of the Notes set forth opposite that Initial
Purchaser’s name in Schedule A hereto at a purchase price equal to 99.000% of the principal amount thereof, plus accrued interest, if any, from November 24, 2020 to the Closing Date, on the basis of the representations, warranties
and agreements herein contained, and upon the terms herein set forth. 
 (b) The Closing Date. The closing of the
issuance and sale of the Notes, the issuance of the Guarantees and the payment of transaction costs (the “Closing”) shall occur at the offices of Vinson & Elkins L.L.P., 1001 Fannin Street, Suite 2500, Houston, Texas 77002
(or such other place as may be agreed to by the Issuers and the Representatives) at 9:00 a.m., Houston time, on November 24, 2020, or such other time and date as the Representatives shall designate by notice to the Issuers (the time and date of
such closing are called the “Closing Date”). The Issuers hereby acknowledge that circumstances under which the Representatives may provide notice to postpone the Closing Date as originally scheduled include, but are in no way
limited to, any determination by the Issuers or the Initial Purchasers to recirculate to investors copies of an amended or supplemented Offering Memorandum or a delay as contemplated by the provisions of Section 18 hereof. 

(c) Delivery of the Securities. At the Closing, the Issuers shall deliver, or cause to be delivered, the Notes to the
Representatives, for the accounts of the several Initial Purchasers, through the facilities of the Depositary, against the irrevocable release of a wire transfer of immediately available funds for the amount of the purchase price therefor. Also at
the Closing, the Issuers shall deliver to the Trustee, as custodian for the Depositary, certificates for the Notes in global form, registered in the name of Cede & Co., as nominee of the Depositary, pursuant to the DTC Agreement. Time shall
be of the essence, and delivery at the time and place specified in this Agreement is a further condition to the obligations of the Initial Purchasers. 

(d) Initial Purchasers as Qualified Institutional Buyers. Each Initial Purchaser severally and not jointly represents
and warrants to, and agrees with, the Issuers that: 
 (i) it will offer and sell Securities only to (a) persons who it
reasonably believes are “qualified institutional buyers” within the meaning of Rule 144A (“Qualified Institutional Buyers”) in transactions meeting the requirements of Rule 144A or (b) upon the terms and conditions
set forth in Annex I to this Agreement; 
 (ii) it is an institutional “accredited investor” within the
meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act; and 
 (iii) it will not offer or sell Securities
by any form of general solicitation or general advertising, including but not limited to the methods described in Rule 502(c) under the Securities Act. 

  
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 SECTION 3. Additional Covenants. Each of the Partnership Parties further
covenants and agrees with each Initial Purchaser as follows: 
 (a) Preparation of Final Offering Memorandum; Initial
Purchasers’ Review of Proposed Amendments and Supplements and Additional Written Communications. As promptly as practicable following the Time of Sale and in any event not later than the second business day following the date
hereof, the Issuers will prepare and deliver to the Initial Purchasers the Final Offering Memorandum, which shall consist of the Preliminary Offering Memorandum as modified only by the information contained in the Pricing Supplement. The Issuers
will not amend or supplement the Preliminary Offering Memorandum or the Pricing Supplement unless the Representatives shall previously have been furnished a copy of the proposed amendment or supplement at least two business days prior to the
proposed use or filing, and shall not have objected to such amendment or supplement. The Issuers will not amend or supplement the Final Offering Memorandum prior to the Closing Date unless the Representatives shall previously have been furnished a
copy of the proposed amendment or supplement at least two business days prior to the proposed use or filing, and shall not have objected to such amendment or supplement. Before making, preparing, using, authorizing, approving or distributing any
Additional Written Communication, the Issuers will furnish to the Representatives a copy of such written communication for review and will not make, prepare, use, authorize, approve or distribute any such written communication to which the
Representatives reasonably object. 
 (b) Amendments and Supplements to the Final Offering Memorandum and Other Securities
Act Matters. If at any time prior to the Closing Date (i) any event shall occur or condition shall exist as a result of which any of the Pricing Disclosure Package as then amended or supplemented would include any untrue statement of a
material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading or (ii) it is necessary to amend or supplement any of the Pricing
Disclosure Package to comply with law, the Partnership Parties will immediately notify the Initial Purchasers thereof and forthwith prepare and (subject to Section 3(a) hereof) furnish to the Initial Purchasers such amendments or supplements to
any of the Pricing Disclosure Package as may be necessary so that the statements in any of the Pricing Disclosure Package as so amended or supplemented will not, in the light of the circumstances under which they were made, be misleading or so that
any of the Pricing Disclosure Package will comply with all applicable law. If, prior to the completion of the placement of the Securities by the Initial Purchasers with the Subsequent Purchasers, any event shall occur or condition exist as a result
of which it is necessary to amend or supplement the Final Offering Memorandum, as then amended or supplemented, in order to make the statements therein, in the light of the circumstances when the Final Offering Memorandum is delivered to a
Subsequent Purchaser, not misleading, or if in the judgment of the Representatives or counsel for the Initial Purchasers it is otherwise necessary to amend or supplement the Final Offering Memorandum to comply with law, the Partnership Parties agree
to promptly prepare (subject to Section 3 hereof), file with the Commission and furnish at their own expense to the Initial Purchasers, amendments or supplements to the Final Offering Memorandum so that the statements in the Final Offering
Memorandum as so amended or supplemented will not, in the light of the circumstances at the Closing Date and at the time of sale of Securities, be misleading or so that the Final Offering Memorandum, as amended or supplemented, will comply with all
applicable law. 

  
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 Following the consummation of the Exchange Offer or the effectiveness of an
applicable shelf registration statement and for so long as the Securities are outstanding, if, in the judgment of the Representatives, the Initial Purchasers or any of their Affiliates are required to deliver a prospectus in connection with sales
of, or market-making activities with respect to, the Securities, the Partnership Parties agree to periodically amend the applicable registration statement so that the information contained therein complies with the requirements of Section 10 of
the Securities Act, to amend the applicable registration statement or supplement the related prospectus or the documents incorporated therein when necessary to reflect any material changes in the information provided therein so that the registration
statement and the prospectus will not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances existing as of the date the prospectus is
so delivered, not misleading and to provide the Initial Purchasers with copies of each amendment or supplement filed and such other documents as the Initial Purchasers may reasonably request. 

The Issuers hereby expressly acknowledge that the indemnification and contribution provisions of Sections 8 and 9 hereof
are specifically applicable and relate to each offering memorandum, registration statement, prospectus, amendment or supplement referred to in this Section 3. 

(c) Copies of the Offering Memorandum. The Issuers agree to furnish the Initial Purchasers, without charge, as many
copies of the Pricing Disclosure Package and the Final Offering Memorandum and any amendments and supplements thereto as they shall reasonably request. 

(d) Blue Sky Compliance. Each of the Issuers and the Guarantors shall cooperate with the Representatives and counsel for
the Initial Purchasers to qualify or register (or to obtain exemptions from qualifying or registering) all or any part of the Securities for offer and sale under the securities laws of the several states of the United States or any other
jurisdictions designated by the Representatives, shall comply with such laws and shall continue such qualifications, registrations and exemptions in effect so long as required for the distribution of the Securities. None of the Partnership Parties
shall be required to qualify as a foreign corporation or to take any action that would subject it to general service of process in any such jurisdiction where it is not presently qualified or where it would be subject to taxation as a foreign
corporation. The Issuers will advise the Representatives promptly of the suspension of the qualification or registration of (or any such exemption relating to) the Securities for offering, sale or trading in any jurisdiction or any initiation or
threat of any proceeding for any such purpose, and in the event of the issuance of any order suspending such qualification, registration or exemption, each of the Partnership Parties shall use its best efforts to obtain the withdrawal thereof at the
earliest possible moment. 
 (e) Use of Proceeds. The Issuers shall apply the net proceeds from the sale of the
Securities sold by them in the manner described under the caption “Use of Proceeds” in the Pricing Disclosure Package. 

  
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 (f) The Depositary. The Issuers will cooperate with the Initial
Purchasers and use their best efforts to permit the Securities to be eligible for clearance and settlement through the facilities of the Depositary. 

(g) Additional Issuer Information. Prior to the completion of the placement of the Securities by the Initial Purchasers
with the Subsequent Purchasers, the Issuers shall file, on a timely basis, with the Commission all reports and documents required to be filed under Sections 13 or 15 of the Exchange Act. Additionally, at any time when the Issuers are not subject to
Sections 13 or 15 of the Exchange Act, for the benefit of holders and beneficial owners from time to time of the Securities, the Issuers shall furnish, at their expense, upon request, to holders and beneficial owners of Securities and prospective
purchasers of Securities information (“Additional Issuer Information”) satisfying the requirements of Rule 144A(d). 

(h) Agreement Not To Offer or Sell Additional Securities. During the period of 45 days following the date hereof, the
Issuers will not, without the prior written consent of the Representatives (which consent may be withheld at the sole discretion of the Representatives), directly or indirectly, sell, offer, contract or grant any option to sell, pledge, transfer or
establish an open “put equivalent position” within the meaning of Rule 16a-1 under the Exchange Act, or otherwise dispose of or transfer, or announce the offering of, or file any registration
statement under the Securities Act in respect of, any debt securities of the Issuers or securities exchangeable for or convertible into debt securities of the Issuers (other than (i) as contemplated by this Agreement, (ii) Sunoco’s
universal shelf registration statement on Form S-3, and (iii) to register the Exchange Securities). 

(i) No Integration. Each of the Issuers agrees that it will not and will cause its Affiliates not to make any offer or
sale of securities of the Issuers of any class if, as a result of the doctrine of “integration” referred to in Rule 502 under the Securities Act, such offer or sale would render invalid (for the purpose of (i) the sale of the
Securities by the Issuers to the Initial Purchasers, (ii) the resale of the Securities by the Initial Purchasers to Subsequent Purchasers or (iii) the resale of the Securities by such Subsequent Purchasers to others) the exemption from the
registration requirements of the Securities Act provided by Section 4(a)(2) thereof or by Rule 144A or by Regulation S thereunder or otherwise. 

(j) No General Solicitation or Directed Selling Efforts. Each of the Issuers agrees that it will not and will not permit
any of its respective Affiliates or any other person acting on its or their behalf (other than the Initial Purchasers, as to which no covenant is given) to (i) solicit offers for, or offer or sell, the Securities by means of any form of general
solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act or (ii) engage in any directed selling efforts
with respect to the Securities within the meaning of Regulation S, and the Issuers will and will cause all such persons to comply with the offering restrictions requirement of Regulation S with respect to the Securities. 

(k) No Restricted Resales. Until the date on which all registration statements required to be filed pursuant to the
Registration Rights Agreement shall become effective, the Issuers will not, and will not permit any of their respective affiliates (as defined in Rule 144 under the Securities Act) to, resell any of the Notes that have been reacquired by any of
them. 

  
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 (l) Legended Securities. Each certificate for a Note will bear the
legend contained in “Transfer Restrictions” in the Preliminary Offering Memorandum for the time period and upon the other terms stated in the Preliminary Offering Memorandum. 

The Representatives on behalf of the several Initial Purchasers, may, in their sole discretion, waive in writing the performance by the
Partnership Parties of any one or more of the foregoing covenants or extend the time for their performance. 
 SECTION 4. Payment of
Expenses. Each of the Partnership Parties agrees to pay all costs, fees and expenses incurred in connection with the performance of its obligations hereunder and in connection with the transactions contemplated hereby, including, without
limitation, (a) all expenses incident to the issuance and delivery of the Securities (including all printing and engraving costs), (b) all necessary issue, transfer and other stamp taxes in connection with the issuance and sale of the
Securities to the Initial Purchasers, (c) all fees and expenses counsel to the Partnership Parties, independent public or certified public accountants and other advisors, (d) all costs and expenses incurred in connection with the
preparation, printing, filing, shipping and distribution (including any form of electronic distribution) of the Pricing Disclosure Package and the Final Offering Memorandum (including financial statements and exhibits), and all amendments and
supplements thereto, and the Transaction Documents, (e) all filing fees, attorneys’ fees and expenses incurred by the Partnership Parties or the Initial Purchasers in connection with qualifying or registering (or obtaining exemptions from
the qualification or registration of) all or any part of the Securities for offer and sale under the securities laws of the several states of the United States or other jurisdictions designated by the Initial Purchasers (including, without
limitation, the cost of preparing, printing and mailing preliminary and final blue sky or legal investment memoranda and any related supplements to the Pricing Disclosure Package or the Final Offering Memorandum), (f) the fees and expenses of the
Trustee, including the fees and disbursements of counsel for the Trustee in connection with the Indenture, the Securities and the Exchange Securities, (g) any fees payable in connection with the rating of the Securities or the Exchange
Securities with the ratings agencies, (h) all fees and expenses (including reasonable fees and expenses of counsel) of the Partnership Parties in connection with approval of the Securities by the Depositary for “book-entry” transfer,
and the performance by the Partnership Parties of their respective other obligations under this Agreement and (i) all of its expenses incident to the “road show” for the offering of the Securities, including one half of the cost of
any chartered airplane or other transportation. Except as provided in this Section 4 and Sections 6, 8 and 9 hereof, the Initial Purchasers shall pay their own expenses, including the fees and disbursements of their counsel. 

SECTION 5. Conditions of the Obligations of the Initial Purchasers. The obligations of the several Initial Purchasers to purchase
and pay for the Securities as provided herein on the Closing Date shall be subject to the accuracy of the representations and warranties on the part of the Partnership Parties set forth in Section 1 hereof as of the date hereof and as of the
Closing Date as though then made and to the timely performance by each of the Partnership Parties of their covenants and other obligations hereunder, and to each of the following additional conditions: 

  
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 (a) Accountants’ Comfort Letters. The Initial Purchasers shall
have received, on each of the date hereof and the Closing Date, “comfort letters” addressed to the Initial Purchasers in form and substance satisfactory to the Representatives, covering the financial information in the Pricing Disclosure
Package and other customary matters, from Grant Thornton LLP, an independent registered public accounting firm, containing statements and information of the type ordinarily included in accountants’ “comfort letters” to initial
purchasers with respect to the financial statements and certain financial information of Sunoco and ETC contained in the Pricing Disclosure Package. In addition, on the Closing Date, the Initial Purchasers shall have received from Grant Thornton
LLP, “bring-down comfort letters” dated the Closing Date addressed to the Initial Purchasers, in form and substance satisfactory to the Representatives, in the form of the “comfort letter” delivered on the date hereof, except
that (x) it shall cover the financial information in the Final Offering Memorandum and any amendment or supplement thereto and (y) procedures shall be brought down to a date no more than three days prior to the Closing Date. 

(b) No Material Adverse Effect or Ratings Agency Change. For the period from and after the date of this Agreement and
prior to the Closing Date: 
 (i) in the judgment of the Representatives there shall not have occurred any Material Adverse
Effect; and 
 (ii) there shall not have occurred any downgrading, nor shall any notice have been given of any intended or
potential downgrading or of any review for a possible change that does not indicate the direction of the possible change, in the rating accorded the Issuers or any of its subsidiaries or any of their securities or indebtedness by any
“nationally recognized statistical rating organization” registered under Section 3(a)(62) of the Exchange Act. 

(c) Opinions of Counsel for the Partnership Parties. On the Closing Date, the Initial Purchasers shall have received the
favorable opinions of and an opinion regarding certain tax matters of Latham & Watkins LLP, outside counsel for the Partnership Parties, Cades Schutte LLP, special Hawaii counsel for the Partnership Parties and Drinker Biddle &
Reath LLP, special Pennsylvania counsel for the Partnership Parties, each dated as of the Closing Date, the forms of which are attached as Exhibits B-1,
B-2, and B-3, B-4 and B-5, and to such further effect as
counsel to the Initial Purchasers may reasonably request. 
 (d) Opinion of Counsel for the Initial Purchasers. On the
Closing Date the Initial Purchasers shall have received the favorable opinion of Vinson & Elkins L.L.P., counsel for the Initial Purchasers, dated as of the Closing Date, with respect to such matters as may be reasonably requested by the
Initial Purchasers. 
 (e) Officer’s Certificate. On the Closing Date, the Initial Purchasers shall have received
a written certificate executed by an executive officer of the Issuers and each Guarantor who has specific knowledge of the Issuers or such Guarantor’s financial matters and is satisfactory to the Representatives, dated as of the Closing Date,
to the effect set forth in Section 5(b)(ii) hereof, and further to the effect that: 

  
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 (i) for the period from and after the date of this Agreement and prior to
the Closing Date there has not occurred any Material Adverse Effect; 
 (ii) the representations, warranties and covenants of
the Partnership Parties set forth in Section 1 hereof were true and correct as of the date hereof and are true and correct as of the Closing Date with the same force and effect as though expressly made on and as of the Closing Date; and 

(iii) each of the Partnership Parties has complied with all the agreements and satisfied all the conditions on its part to be
performed or satisfied at or prior to the Closing Date. 
 (f) Indenture; Registration Rights Agreement. The
Issuers and the Guarantors shall have executed and delivered the Indenture and the Registration Rights Agreement, in form and substance reasonably satisfactory to the Initial Purchasers, and the Initial Purchasers shall have received executed copies
thereof. 
 (g) Additional Documents. On or before the Closing Date, the Initial Purchasers and counsel for the
Initial Purchasers shall have received such information, documents and opinions as they may reasonably require for the purposes of enabling them to pass upon the issuance and sale of the Securities as contemplated herein, or in order to evidence the
accuracy of any of the representations and warranties, or the satisfaction of any of the conditions or agreements, herein contained. 
 If
any condition specified in this Section 5 is not satisfied when and as required to be satisfied, this Agreement may be terminated by the Representatives by notice to the Issuers at any time on or prior to the Closing Date, which termination
shall be without liability on the part of any party to any other party, except that Sections 4, 6, 8 and 9 hereof shall at all times be effective and shall survive such termination. 

SECTION 6. Reimbursement of Initial Purchasers’ Expenses. If this Agreement is terminated by the Representatives pursuant to
Sections 5 or 10 hereof, including if the sale to the Initial Purchasers of the Securities on the Closing Date is not consummated because of any refusal, inability or failure on the part of the Issuers or the Guarantors to perform any agreement
herein or to comply with any provision hereof, the Issuers and the Guarantors agree to reimburse the Initial Purchasers, severally, upon demand for all out-of-pocket
expenses that shall have been reasonably incurred by the Initial Purchasers in connection with the proposed purchase and the offering and sale of the Securities, including, without limitation, fees and disbursements of counsel, printing expenses,
travel expenses, postage, facsimile and telephone charges. 
 SECTION 7. Offer, Sale and Resale Procedures. Each of the Initial
Purchasers, on the one hand, and the Issuers and each of the Guarantors, on the other hand, hereby agree to observe the following procedures in connection with the offer and sale of the Securities: 

(a) Offers and sales of the Securities will be made only by the Initial Purchasers or Affiliates thereof qualified to do so in
the jurisdictions in which such offers or sales are made. Each such offer or sale shall only be made to persons whom the offeror or seller reasonably believes to be Qualified Institutional Buyers or non-U.S.
persons outside the United States to whom the offeror or seller reasonably believes offers and sales of the Securities may be made in reliance upon Regulation S upon the terms and conditions set forth in Annex I hereto, which Annex I
is hereby expressly made a part hereof. 

  
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 (b) No general solicitation or general advertising (within the meaning of
Rule 502 under the Securities Act) will be used in the United States in connection with the offering of the Securities. 

(c) Upon original issuance by the Issuers, and until such time as the same is no longer required under the applicable
requirements of the Securities Act, the Notes (and all securities issued in exchange therefor or in substitution thereof, other than the Exchange Notes) shall bear a legend substantially to the following effect: 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES
LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A PROMULGATED UNDER THE SECURITIES ACT), (B) IT IS A NON-U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION WITHIN THE MEANING OF REGULATION S PROMULGATED UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH THE LAWS APPLICABLE TO IT IN THE JURISDICTION
IN WHICH SUCH PURCHASE IS MADE AND (2) AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE THAT IS [IN THE CASE OF RULE 144A NOTES: ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF
THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY),] [IN THE CASE OF REGULATION S NOTES: 40 DAYS AFTER THE LATER OF THE
ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE DATE ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF
REGULATION S) IN RELIANCE ON REGULATION S,] ONLY (A) TO THE ISSUERS OR ANY SUBSIDIARY THEREOF OR (B) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED
INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A PROMULGATED UNDER THE SECURITIES ACT) THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHICH NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON
RULE 144A, (C) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S 

  
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AND IN ACCORDANCE WITH THE LAWS APPLICABLE TO IT IN THE JURISDICTION IN WHICH SUCH PURCHASE IS MADE, (D) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE
SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUERS’ AND THE TRUSTEE’S, OR REGISTRAR’S, AS APPLICABLE, RIGHT PRIOR TO ANY SUCH OFFER, SALE
OR TRANSFER PURSUANT TO CLAUSE (C) OR (E) TO REQUIRE THE DELIVERY OF A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS SECURITY IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE OR REGISTRAR. THIS LEGEND WILL
BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE EXPIRATION OF THE APPLICABLE HOLDING PERIOD WITH RESPECT TO RESTRICTED SECURITIES SET FORTH IN RULE 144. 

Following the sale of the Securities by the Initial Purchasers to Subsequent Purchasers pursuant to the terms hereof, the Initial Purchasers
shall not be liable or responsible to the Issuers for any losses, damages or liabilities suffered or incurred by the Issuers, including any losses, damages or liabilities under the Securities Act, arising from or relating to any resale or transfer
of any Security. 
 SECTION 8. Indemnification. 

(a) Indemnification of the Initial Purchasers. Each of the Partnership Parties, jointly and severally, agrees to
indemnify and hold harmless each Initial Purchaser, its Affiliates, directors, officers, employees, selling agents and each person, if any, who controls any Initial Purchaser within the meaning of the Securities Act and the Exchange Act against any
loss, claim, damage, liability or expense, as incurred, to which the Initial Purchaser, Affiliate, director, officer, employee, selling agent or controlling person may become subject, under the Securities Act, the Exchange Act or other federal or
state statutory law or regulation, or at common law or otherwise (including in settlement of any litigation, if such settlement is effected with the written consent of Sunoco or as otherwise permitted by Section 8(d) hereof), insofar as such
loss, claim, damage, liability or expense (or actions in respect thereof as contemplated below) arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in the Preliminary Offering Memorandum, the
Pricing Supplement, any Additional Written Communication or the Final Offering Memorandum (or any amendment or supplement thereto), including the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to
make the statements therein not misleading; and to reimburse each Initial Purchaser and each such Affiliate, director, officer, employee, selling agent or controlling person for any and all expenses (including the fees and disbursements of counsel
chosen by the Representatives) as such expenses are reasonably incurred by such Initial Purchaser or such Affiliate, director, officer, employee, selling agent or controlling person in connection with investigating, defending, settling, compromising
or paying any such loss, claim, damage, liability, expense or action; provided, however, that the foregoing indemnity agreement shall not apply, with respect to an Initial Purchaser, to any loss, claim, damage, liability or expense to
the extent, but only to the extent, arising out of or based upon any untrue statement or alleged untrue statement or 

  
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omission or alleged omission made in reliance upon and in conformity with written information furnished to the Issuers by such Initial Purchaser through the Representatives expressly for use in
the Pricing Disclosure Package, any Additional Written Communication or the Final Offering Memorandum (or any amendment or supplement thereto), which information consists solely of the information specified in the penultimate sentence of
Section 8(b) hereof. The indemnity agreement set forth in this Section 8(a) shall be in addition to any liabilities that the Partnership Parties may otherwise have. 

(b) Indemnification of the Issuers and the Guarantors. Each Initial Purchaser agrees, severally and not jointly, to
indemnify and hold harmless the Partnership Parties, each of their respective directors, officers and each person, if any, who controls the Partnership Parties within the meaning of the Securities Act or the Exchange Act, against any loss, claim,
damage, liability or expense, as incurred, to which the Partnership Parties or any such director, officer or controlling person may become subject, under the Securities Act, the Exchange Act, or other federal or state statutory law or regulation, or
at common law or otherwise (including in settlement of any litigation, if such settlement is effected with the written consent of such Initial Purchaser or as otherwise permitted by Section 8(d) hereof), insofar as such loss, claim, damage,
liability or expense (or actions in respect thereof as contemplated below) arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in the Preliminary Offering Memorandum, the Pricing Supplement,
any Additional Written Communication or the Final Offering Memorandum (or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in the Preliminary Offering Memorandum, the
Pricing Supplement, any Additional Written Communication or the Final Offering Memorandum (or any amendment or supplement thereto), in reliance upon and in conformity with written information furnished to the Issuers by such Initial Purchaser
through the Representatives expressly for use therein; and to reimburse the Partnership Parties and each such director, officer or controlling person for any and all expenses (including the fees and disbursements of counsel) as such expenses are
reasonably incurred by the Partnership Parties or such director, officer or controlling person in connection with investigating, defending, settling, compromising or paying any such loss, claim, damage, liability, expense or action. Each of the
Partnership Parties hereby acknowledges that the only information that the Initial Purchasers through the Representatives have furnished to the Issuers expressly for use in the Preliminary Offering Memorandum, the Pricing Supplement, any Additional
Written Communication or the Final Offering Memorandum (or any amendment or supplement thereto) are the statements set forth in “Plan of Distribution—Commissions and Discounts,” the third and fourth sentences under the captions
“Plan of Distribution—New Issue of Notes” and in “Plan of Distribution—Short Positions” in the Preliminary Offering Memorandum and the Final Offering Memorandum. The indemnity agreement set forth in this
Section 8(b) shall be in addition to any liabilities that each Initial Purchaser may otherwise have. 

  
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 (c) Notifications and Other Indemnification Procedures. Promptly
after receipt by an indemnified party under this Section 8 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying party under this Section 8, notify the
indemnifying party in writing of the commencement thereof; provided that the failure to so notify the indemnifying party will not relieve it from any liability which it may have to any indemnified party under this Section 8 except to the
extent that it has been materially prejudiced by such failure (through the forfeiture of substantive rights and defenses) and shall not relieve the indemnifying party from any liability that the indemnifying party may have to an indemnified party
other than under this Section 8. In case any such action is brought against any indemnified party and such indemnified party seeks or intends to seek indemnity from an indemnifying party, the indemnifying party will be entitled to participate
in and, to the extent that it shall elect, jointly with all other indemnifying parties similarly notified, by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the
defense thereof with counsel reasonably satisfactory to such indemnified party; provided, however, if the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified party shall have
reasonably concluded that a conflict may arise between the positions of the indemnifying party and the indemnified party in conducting the defense of any such action or that there may be legal defenses available to it and/or other indemnified
parties which are different from or additional to those available to the indemnifying party, the indemnified party or parties shall have the right to select separate counsel to assume such legal defenses and to otherwise participate in the defense
of such action on behalf of such indemnified party or parties. Upon receipt of notice from the indemnifying party to such indemnified party of such indemnifying party’s election so to assume the defense of such action and approval by the
indemnified party of counsel, the indemnifying party will not be liable to such indemnified party under this Section 8 for any legal counsel or other expenses subsequently incurred by such indemnified party in connection with the defense
thereof unless (i) the indemnified party shall have employed separate counsel in accordance with the proviso to the immediately preceding sentence (it being understood, however, that the indemnifying party shall not be liable for the expenses
of more than one separate counsel (together with local counsel (in each jurisdiction)), which shall be selected by the Representatives (in the case of counsel representing the Initial Purchasers or their related persons), representing the
indemnified parties who are parties to such action) or (ii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of commencement of
the action, in each of which cases the fees and expenses of counsel shall be at the expense of the indemnifying party. 
 (d)
Settlements. The indemnifying party under this Section 8 shall not be liable for any settlement of any proceeding effected without its written consent, which will not be unreasonably withheld, but if settled with such consent or if there
be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party against any loss, claim, damage, liability or expense by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any
time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by this Section 8, the indemnifying party agrees that it shall be liable for any settlement
of any proceeding effected without its written consent if (i) such settlement is entered into more than 60 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall not have reimbursed the
indemnified party in accordance with such request prior to the date of such settlement and (iii) such 

  
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indemnified party shall have given the indemnifying party at least 60 days prior notice of its intention to settle. No indemnifying party shall, without the prior written consent of the
indemnified party, effect any settlement, compromise or consent to the entry of judgment in any pending or threatened action, suit or proceeding in respect of which any indemnified party is or could have been a party and indemnity was or could have
been sought hereunder by such indemnified party, unless such settlement, compromise or consent (i) includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such action, suit or
proceeding and (ii) does not include any statements as to or any findings of fault, culpability or failure to act by or on behalf of any indemnified party. 

SECTION 9. Contribution. If the indemnification provided for in Section 8 hereof is for any reason held to be unavailable to
or otherwise insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities or expenses referred to therein, then each indemnifying party shall contribute to the aggregate amount paid or payable by such
indemnified party, as incurred, as a result of any losses, claims, damages, liabilities or expenses referred to therein (a) in such proportion as is appropriate to reflect the relative benefits received by the Partnership Parties, on the one
hand, and the Initial Purchasers, on the other hand, from the offering of the Securities pursuant to this Agreement or (b) if the allocation provided by clause (a) above is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause (a) above but also the relative fault of the Partnership Parties, on the one hand, and the Initial Purchasers, on the other hand, in connection with the statements or
omissions that resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative benefits received by the Partnership Parties, on the one hand, and the Initial Purchasers, on the
other hand, in connection with the offering of the Securities pursuant to this Agreement shall be deemed to be in the same respective proportions as the total net proceeds from the offering of the Securities pursuant to this Agreement (before
deducting expenses) received by the Issuers, and the total discount received by the Initial Purchasers bear to the aggregate initial offering price of the Securities. The relative fault of the Partnership Parties, on the one hand, and the Initial
Purchasers, on the other hand, shall be determined by reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied
by the Partnership Parties, on the one hand, or the Initial Purchasers, on the other hand, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed
to include, subject to the limitations set forth in Section 8 hereof, any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim. The provisions set forth in
Section 8 hereof with respect to notice of commencement of any action shall apply if a claim for contribution is to be made under this Section 9; provided, however, that no additional notice shall be required with respect to
any action for which notice has been given under Section 8 hereof for purposes of indemnification. 
 The Partnership Parties and the
Initial Purchasers agree that it would not be just and equitable if contribution pursuant to this Section 9 were determined by pro rata allocation (even if the Initial Purchasers were treated as one entity for such purpose) or by any other
method of allocation which does not take account of the equitable considerations referred to in this Section 9. 

  
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 Notwithstanding the provisions of this Section 9, no Initial Purchaser shall be
required to contribute any amount in excess of the discount received by such Initial Purchaser in connection with the Securities distributed by it. No person guilty of fraudulent misrepresentation (within the meaning of Section 11 of the
Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Initial Purchasers’ respective obligations to contribute pursuant to this Section 9 are several, and not joint,
in proportion to their respective commitments as set forth opposite their names in Schedule A hereto. For purposes of this Section 9, each Affiliate, director, officer, employee and selling agent of an Initial Purchaser and each person,
if any, who controls an Initial Purchaser within the meaning of the Securities Act and the Exchange Act shall have the same rights to contribution as such Initial Purchaser, and each director and officer of the Partnership Parties, and each person,
if any, who controls the Partnership Parties within the meaning of the Securities Act and the Exchange Act shall have the same rights to contribution as the Partnership Parties. 

SECTION 10. Termination of this Agreement. Prior to the Closing Date, this Agreement may be terminated by the Representatives by
notice given to Sunoco if at any time: (a) (i) trading or quotation in any of Sunoco’s securities shall have been suspended or limited by the Commission or by The New York Stock Exchange (“NYSE”), or (ii) trading in
securities generally on either the Nasdaq Stock Market or the NYSE shall have been suspended or limited, or minimum or maximum prices shall have been generally established on any of such quotation system or stock exchange by the Commission or the
Financial Industry Regulatory Authority, Inc.; (b) a general banking moratorium shall have been declared by any of federal, New York or Delaware State authorities; (c) there shall have occurred any outbreak or escalation of national or
international hostilities or any crisis or calamity, or any change in the United States or international financial markets, or any substantial change or development involving a prospective substantial change in United States’ or international
political, financial or economic conditions, as in the judgment of the Representatives is material and adverse and makes it impracticable or inadvisable to proceed with the offering sale or delivery of the Securities in the manner and on the terms
described in the Pricing Disclosure Package or to enforce contracts for the sale of Securities. Any termination pursuant to this Section 10 shall be without liability on the part of (i) the Partnership Parties to any Initial Purchaser,
except that the Partnership Parties shall be obligated to reimburse the expenses of the Initial Purchasers pursuant to Sections 4 and 6 hereof, (ii) any Initial Purchaser to the Partnership Parties, or (iii) any party hereto to any other
party except that the provisions of Sections 8 and 9 hereof shall at all times be effective and shall survive such termination. 

SECTION 11. Representations and Indemnities to Survive Delivery. The respective indemnities, agreements, representations,
warranties and other statements of the Partnership Parties, their respective officers and the several Initial Purchasers set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or
on behalf of any Initial Purchaser, the Partnership Parties or any of their partners, Affiliates, directors, officers, employees, selling agents or any controlling person referred to in Section 8 above, as the case may be, and will survive
delivery of and payment for the Securities sold hereunder and any termination of this Agreement. 

  
 31 

 SECTION 12. Notices. All communications hereunder shall be in writing and shall
be mailed, hand delivered, couriered or facsimiled and confirmed to the parties hereto as follows: 
 If to the Initial Purchasers: 

Credit Suisse Securities (USA) LLC 

Eleven Madison Avenue 
 New York,
NY 10010 
 Attention: IB-Legal 

Barclays Capital Inc. 
 745
Seventh Avenue 
 New York, NY 10019 

Attention: Liability Management Group 

with a copy to (which shall not constitute notice): 

Vinson & Elkins L.L.P. 

1001 Fannin Street, Suite 2500 

Houston, Texas 77002 
 Attention:
Sarah Morgan 
 If to the Partnership Parties: 

Sunoco GP LLC 
 Arnold Dodderer

 8111 Westchester Drive, Suite 400 

Dallas, Texas 75225 
 Facsimile: (877)-627-8010 
 Attention: General Counsel 

with a copy to (which shall not constitute notice): 

Latham & Watkins LLP 

811 Main Street, 37th Floor 

Houston, Texas 77002 
 Facsimile:
(713) 546-5401 
 Attention: William N. Finnegan 

                  Kevin M. Richardson 

Any party hereto may change the address or facsimile number for receipt of communications by giving written notice to the others. 

SECTION 13. Compliance with USA Patriot Act. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the Initial Purchasers are required to obtain, verify and record information that identifies their respective clients, including the Partnership Parties, which
information may include the name and address of their respective clients, as well as other information that will allow the Initial Purchasers to properly identify their respective clients. 

  
 32 

 SECTION 14. Successors. This Agreement will inure to the benefit of and be
binding upon the parties hereto, and to the benefit of the indemnified parties referred to in Sections 8 and 9 hereof, and in each case their respective successors, and no other person will have any right or obligation hereunder. The term
“successors” shall not include any Subsequent Purchaser or other purchaser of the Securities as such from any of the Initial Purchasers merely by reason of such purchase. 

SECTION 15. Authority of the Representatives. Any action by the Initial Purchasers hereunder may be taken by the Representatives
on behalf of the Initial Purchasers, and any such action taken by the Representatives shall be binding upon the Initial Purchasers. 

SECTION 16. Partial Unenforceability. The invalidity or unenforceability of any section, paragraph or provision of this Agreement
shall not affect the validity or enforceability of any other section, paragraph or provision hereof. If any section, paragraph or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be
made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable. 
 SECTION 17. Governing
Law Provisions. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES
THEREOF. Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated hereby (“Related Proceedings”) may be instituted in the federal courts of the United States of America
located in the City and County of New York or the courts of the State of New York in each case located in the City and County of New York (collectively, the “Specified Courts”), and each party irrevocably submits to the exclusive
jurisdiction (except for suits, actions, or proceedings instituted in regard to the enforcement of a judgment of any Specified Court in a Related Proceeding a related judgment, as to which such jurisdiction is
non-exclusive) of the Specified Courts in any Related Proceeding. Service of any process, summons, notice or document by mail to such party’s address set forth above shall be effective service of process
for any Related Proceeding brought in any Specified Court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any Related Proceedings in the Specified Courts and irrevocably and unconditionally waive and agree
not to plead or claim in any Specified Court that any Related Proceedings brought in any Specified Court has been brought in an inconvenient forum. 

SECTION 18. Default of One or More of the Several Initial Purchasers. If any one or more of the several Initial Purchasers shall
fail or refuse to purchase Securities that it or they have agreed to purchase hereunder on the Closing Date, and the aggregate principal amount of Securities which such defaulting Initial Purchaser or Initial Purchasers agreed but failed or refused
to purchase does not exceed 10% of the aggregate principal amount of the Securities to be purchased on such date, the other Initial Purchasers shall be obligated, severally, in the proportions that the principal amount of Securities set forth
opposite their respective names on Schedule A hereto bears to the aggregate principal amount of Securities set forth opposite the names of all such non-defaulting Initial Purchasers, or in such other
proportions as may be specified by the Initial Purchasers with the consent of the non-defaulting Initial Purchasers, to 

  
 33 

 
purchase the Securities which such defaulting Initial Purchaser or Initial Purchasers agreed but failed or refused to purchase on the Closing Date. If any one or more of the Initial Purchasers
shall fail or refuse to purchase Securities and the aggregate principal amount of Securities with respect to which such default occurs exceeds 10% of the aggregate principal amount of Securities to be purchased on the Closing Date, and arrangements
satisfactory to the Initial Purchasers for the purchase of such Securities are not made within 48 hours after such default, this Agreement shall terminate without liability of any party to any other party except that the provisions of Sections 4, 6,
8 and 9 hereof shall at all times be effective and shall survive such termination. In any such case the Initial Purchasers shall have the right to postpone the Closing Date, as the case may be, but in no event for longer than seven days in order
that the required changes, if any, to the Final Offering Memorandum or any other documents or arrangements may be effected. 
 As used in
this Agreement, the term “Initial Purchaser” shall be deemed to include any person substituted for a defaulting Initial Purchaser under this Section 18. Any action taken under this Section 18 shall not relieve any
defaulting Initial Purchaser from liability in respect of any default of such Initial Purchaser under this Agreement. 
 SECTION 19.
No Advisory or Fiduciary Responsibility. Each of the Partnership Parties acknowledges and agrees that: (a) the purchase and sale of the Securities pursuant to this Agreement, including the determination of the offering price of the
Securities and any related discounts and commissions, is an arm’s-length commercial transaction between the Partnership Parties, on the one hand, and the several Initial Purchasers, on the other hand, and
the Partnership Parties are capable of evaluating and understanding and understand and accept the terms, risks and conditions of the transactions contemplated by this Agreement; (b) in connection with each transaction contemplated hereby and
the process leading to such transaction each Initial Purchaser is and has been acting solely as a principal and is not the agent or fiduciary of the Partnership Parties or their respective Affiliates, members, limited partners, stockholders,
creditors or employees or any other party; (c) no Initial Purchaser has assumed or will assume an advisory or fiduciary responsibility in favor of the Partnership Parties with respect to any of the transactions contemplated hereby or the
process leading thereto (irrespective of whether such Initial Purchaser has advised or is currently advising the Partnership Parties on other matters) or any other obligation to the Partnership Parties except the obligations expressly set forth in
this Agreement; (d) the several Initial Purchasers and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Partnership Parties, and the several Initial Purchasers have
no obligation to disclose any of such interests by virtue of any fiduciary or advisory relationship; and (e) the Initial Purchasers have not provided any legal, accounting, regulatory or tax advice with respect to the offering contemplated
hereby, and the Partnership Parties have consulted their own legal, accounting, regulatory and tax advisors to the extent they deemed appropriate. 

This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Partnership Parties and the several
Initial Purchasers, or any of them, with respect to the subject matter hereof. The Partnership Parties hereby waive and release, to the fullest extent permitted by law, any claims that the Partnership Parties may have against the several Initial
Purchasers with respect to any breach or alleged breach of fiduciary duty. 

  
 34 

 SECTION 20. Recognition of the U.S. Special Resolution Regimes. 

(a) In the event that any Initial Purchaser that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime,
the transfer from such Initial Purchaser of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this
Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. 
 (b) In
the event that any Initial Purchaser that is a Covered Entity or a BHC Act Affiliate of such Initial Purchaser becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against
such Initial Purchaser are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United
States. 
 As used in this Section 20: 

“BHC Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance
with, 12 U.S.C. § 1841(k). 
 “Covered Entity” means any of the following: 

(i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); 

(ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or 

(iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). 

“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§
252.81, 47.2 or 382.1, as applicable. 
 “U.S. Special Resolution Regime” means each of (i) the Federal Deposit
Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder. 

SECTION 21. General Provisions. This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes
all prior written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof. This Agreement may be executed in two or more counterparts, each one of which shall be an original, with
the same effect as if the signatures thereto and hereto were upon the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by telecopier, facsimile or other electronic transmission (i.e., a “pdf” or
“tif”) shall be effective as delivery of a manually executed counterpart thereof. This Agreement may not be amended or modified unless in writing by all of the parties hereto, and no condition herein (express or implied) may be waived
unless waived in writing by each party whom the condition is meant to benefit. The section headings herein are for the convenience of the parties only and shall not affect the construction or interpretation of this Agreement. 

  
 35 

 If the foregoing is in accordance with your understanding of our agreement, kindly sign and
return to the Issuers the enclosed copies hereof, whereupon this instrument, along with all counterparts hereof, shall become a binding agreement in accordance with its terms. 

Very truly yours, 
  

			
	ISSUERS:
	
	Sunoco LP
		
	By:	 	Sunoco GP LLC,
		 	its general partner
		
	By:	 	 /s/ Joseph Kim

		 	Name: Joseph Kim
		 	Title: President and Chief Executive Officer
	
	Sunoco Finance Corp.
		
	By:	 	 /s/ Joseph Kim

		 	Name: Joseph Kim
		 	Title: President and Chief Executive Officer
	
	GENERAL PARTNER:
	
	Sunoco GP LLC
		
	By:	 	 /s/ Joseph Kim

		 	Name: Joseph Kim
		 	Title: President and Chief Executive Officer

 Signature Page to Purchase Agreement 

 
			
	GUARANTORS:
	
	Sunoco, LLC
		
	By:	 	Sunoco LP, the sole member of Sunoco, LLC
	By:	 	Sunoco GP LLC, the general partner of Sunoco LP
		
	By:	 	 /s/ Joseph Kim

		 	Name: Joseph Kim
		 	Title: President and Chief Executive Officer
	
	Sunoco Refined Products LLC
	Sunoco Property Company LLC
	Aloha Petroleum LLC
	
	 By: Sunoco, LLC, the sole member of each of Sunoco Refined Products LLC, Sunoco
Property Company LLC and Aloha Petroleum LLC

		
	By:	 	 /s/ Joseph Kim

		 	Name: Joseph Kim
		 	Title: Chief Executive Officer
	
	Sunoco Retail LLC
	
	 By: Sunoco Property Company LLC, the sole member of Sunoco Retail
LLC

		
	By:	 	 /s/ Joseph Kim

		 	Name: Joseph Kim
		 	Title: President and Chief Executive Officer

 Signature Page to Purchase Agreement 

 
			
	Aloha Petroleum, Ltd.
	
	By: the Board of Directors
		 	 /s/ Arnold D. Dodderer

		 	Arnold D. Dodderer
		 	 /s/ Robert S. Hood

		 	Robert S. Hood
		 	 /s/ Brian A. Hand

		 	Brian A. Hand
	
	Sunmarks, LLC
	
	By: Sunoco Retail LLC, the sole member of Sunmarks, LLC
		
	By:	 	 /s/ Joseph Kim

		 	Name: Joseph Kim
		 	Title: President and Chief Executive Officer
	
	Sunoco NLR LLC
	Sunoco Caddo LLC
	
	By: Sunoco Refined Products LLC, the sole member of each of Sunoco NLR LLC and Sunoco Caddo LLC
		
	By:	 	 /s/ Joseph Kim

		 	Name: Joseph Kim
		 	Title: Chief Executive Officer

 Signature Page to Purchase Agreement 

 The foregoing Purchase Agreement is hereby confirmed and accepted by the Initial Purchasers
as of the date first above written. 
 CREDIT SUISSE SECURITIES (USA) LLC 

BARCLAYS CAPITAL INC. 
  

			
		 	 Acting on behalf of each of
 the several Initial
Purchasers

		
	By:	 	CREDIT SUISSE SECURITIES (USA) LLC
		
	By:	 	 /s/ Aaron Wolf

	Name:	 	Aaron Wolf
	Title:	 	Managing Director
		
	By:	 	BARCLAYS CAPITAL INC.
		
	By:	 	 /s/ Kevin Crealese

	Name:	 	Kevin Crealese
	Title:	 	Managing Director

 Signature Page to Purchase Agreement 

 

 SCHEDULE A 

INITIAL PURCHASERS 
  

					
	 Initial Purchasers
	  	Aggregate Principal Amount of
Notes to be Purchased	 
	 Credit Suisse Securities (USA) LLC
	  	$	 200,000,000.00	 
	 Barclays Capital Inc.
	  	 	200,000,000.00	 
	 BBVA Securities Inc.
	  	 	33,334,000.00	 
	 BMO Capital Markets Corp.
	  	 	33,334,000.00	 
	 BofA Securities, Inc.
	  	 	33,334,000.00	 
	 CIBC World Markets Corp.
	  	 	33,334,000.00	 
	 Citigroup Global Markets Inc.
	  	 	33,333,000.00	 
	 Goldman Sachs & Co. LLC
	  	 	33,333,000.00	 
	 J.P. Morgan Securities LLC
	  	 	33,333,000.00	 
	 Mizuho Securities USA LLC
	  	 	33,333,000.00	 
	 MUFG Securities Americas Inc.
	  	 	33,333,000.00	 
	 TD Securities (USA) LLC
	  	 	33,333,000.00	 
	 U.S. Bancorp Investments, Inc.
	  	 	33,333,000.00	 
	 Wells Fargo Securities, LLC
	  	 	33,333,000.00	 
		  	  
	  
	 
	 Total
	  	$	 800,000,000.00	 
		  	  
	  
	 

  
 Schedule A-1 

 SCHEDULE B 

LIST OF SUBSIDIARIES 
 Aloha Petroleum LLC, a
Delaware limited liability company 
 Aloha Petroleum, Ltd., a Hawaii corporation 

Sunoco Refined Products LLC, a Delaware limited liability company 

Sunoco Caddo LLC, a Delaware limited liability company 
 Sunoco
NLR LLC, a Delaware limited liability company 
 Quick Stuff of Texas, Inc., a Texas corporation 

Sunoco Energy Solutions LLC, a Texas limited liability company 

SSP BevCo I LLC, a Texas limited liability company 
 SSP BevCo
II LLC, a Texas limited liability company 
 SSP Beverage, LLC, a Texas limited liability company 

Stripes Acquisition LLC, a Texas limited liability company 

Sunoco Finance Corp., a Delaware corporation 
 Sunoco, LLC, a
Delaware limited liability company 
 Sunoco Property Company LLC, a Delaware limited liability company 

Sunmarks, LLC, a Delaware limited liability company 
 Sunoco
Retail LLC, a Pennsylvania limited liability company 
 TCFS Holdings, Inc., a Texas corporation 

Town & Country Food Stores, Inc., a Texas corporation 

TND Beverage, LLC, a Texas limited liability company 
 SUN LP
Pipeline LLC, a Delaware limited liability company 
 SUN LP Terminals LLC, a Delaware limited liability company 

J.C. Nolan Pipeline Co., LLC, a Delaware limited liability company 

J.C. Nolan Terminal Co., LLC, a Delaware limited liability company 

Fathom Global Energy FT LLC, a Delaware limited liability company 

Fathom Global Energy LLC, a Delaware limited liability company 

Sunoco Overseas, Inc., a Delaware corporation 
 Sun Lubricants
and Specialty Products Inc., a corporation existing under the laws of Quebec 

  
 Schedule B-1 

 SCHEDULE C 

LIST OF JURISDICTIONS OF ORGANIZATION AND FOREIGN QUALIFICATION 
  

									
	 Entity
	  	 Jurisdiction

of

Organization
	  	 Jurisdiction(s) of

Foreign Qualification

					
	 Sunoco LP
	  	Delaware	  	Texas	  		  	
					
	 Sunoco GP LLC
	  	Delaware	  	Alabama	  	New Jersey	  	South Carolina
					
		  		  	Connecticut	  	New York	  	Tennessee
					
		  		  	Florida	  	Ohio	  	Texas
					
		  		  	Illinois	  	Oklahoma	  	Virginia
					
		  		  	Massachusetts	  	Pennsylvania	  	
					
		  		  	New Hampshire	  	Rhode Island	  	
					
	 Sunoco Finance Corp.
	  	Delaware	  		  		  	
					
	 Sunoco, LLC
	  	Delaware	  	Alabama	  	Maryland	  	Oregon
					
		  		  	Arizona	  	Massachusetts	  	Pennsylvania
					
		  		  	Arkansas	  	Michigan	  	Rhode Island
					
		  		  	California	  	Minnesota	  	South Carolina
					
		  		  	Colorado	  	Mississippi	  	South Dakota
					
		  		  	Connecticut	  	Missouri	  	Tennessee
					
		  		  	Florida	  	Nebraska	  	Texas
					
		  		  	Georgia	  	Nevada	  	Utah
					
		  		  	Idaho	  	New Hampshire	  	Vermont
					
		  		  	Illinois	  	New Jersey	  	Virginia
					
		  		  	Indiana	  	New Mexico	  	Washington
					
		  		  	Iowa	  	New York	  	District of Columbia
					
		  		  	Kansas	  	North Carolina	  	West Virginia
					
		  		  	Kentucky	  	North Dakota	  	Wisconsin
					
		  		  	Louisiana	  	Ohio	  	Wyoming
					
		  		  	Maine	  	Oklahoma	  	
					
	 Aloha Petroleum LLC
	  	Delaware	  	Hawaii	  		  	
					
	 Sunoco Retail LLC
	  	Pennsylvania	  	Alabama	  	Louisiana	  	Ohio
					
		  		  	Alaska	  	Maine	  	Oklahoma
					
		  		  	Arizona	  	Maryland	  	Rhode Island

  
 Schedule C-1 

 SCHEDULE C 
  

									
	                                      
                	  	                                      
              	  	California	  	Massachusetts	  	South Carolina
					
		  		  	Colorado	  	Michigan	  	South Dakota
					
		  		  	Delaware	  	Minnesota	  	Tennessee
					
		  		  	District of Columbia	  	Mississippi	  	Texas
					
		  		  	Florida	  	Missouri	  	Utah
					
		  		  	Georgia	  	Montana	  	Vermont
					
		  		  	Hawaii	  	Nebraska	  	Virginia
					
		  		  	Idaho	  	New Hampshire	  	Washington
					
		  		  	Illinois	  	New Jersey	  	West Virginia
					
		  		  	Indiana	  	New Mexico	  	Wisconsin
					
		  		  	Iowa	  	New York	  	Wyoming
					
		  		  	Kansas	  	North Carolina	  	Connecticut
					
		  		  	Kentucky	  	North Dakota	  	
					
	 Aloha Petroleum, Ltd.
	  	Hawaii	  	                                      
        	  	                          	  	                      
					
	 Sunmarks, LLC
	  	Delaware	  		  		  	
					
	 Stripes Acquisition LLC
	  	Texas	  		  		  	
					
	 SSP BevCo II LLC
	  	Texas	  	Louisiana	  		  	
					
	 TCFS Holdings, Inc.
	  	Texas	  		  		  	
					
	 SSP BevCo I LLC
	  	Texas	  	Louisiana	  		  	
					
	 Town & Country Food Stores, Inc.
	  	Texas	  	New Mexico	  		  	
					
	 SSP Beverage, LLC
	  	Texas	  	Louisiana	  		  	
					
	 TND Beverage, LLC
	  	Texas	  		  		  	
					
	 Quick Stuff of Texas, Inc.
	  	Texas	  		  		  	
					
	 Sunoco Refined Products LLC
	  	Delaware	  		  		  	
					
	 Sunoco NLR LLC
	  	Delaware	  	Arkansas	  		  	
					
	 Sunoco Caddo LLC
	  	Delaware	  	Texas	  		  	
					
	 Sunoco Energy Solutions LLC
	  	Texas	  	Kansas	  	Louisiana	  	New Mexico

  
 Schedule C-2 

 SCHEDULE C 
  

									
					
	                                      
                	  	                                      
              	  	Oklahoma	  		  	
					
	 Sunoco Property Company LLC
	  	Delaware	  	Texas	  	New Mexico	  	
					
	 SUN LP Pipeline LLC
	  	Delaware	  	                                      
        	  	                          	  	                      
					
	 SUN LP Terminals LLC
	  	Delaware	  		  		  	
					
	 J.C. Nolan Pipeline Co., LLC
	  	Delaware	  	Texas	  		  	
					
	 J.C. Nolan Terminal Co., LLC
	  	Delaware	  	Texas	  		  	
					
	 Fathom Global Energy FT LLC
	  	Delaware	  		  		  	
					
	 Fathom Global Energy LLC
	  	Delaware	  		  		  	
					
	 Sunoco Overseas, Inc.
	  	Delaware	  	Pennsylvania	  		  	
					
	 Sun Lubricants and Specialty Products Inc.
	  	Quebec	  		  		  	

  
 Schedule C-3 

 EXHIBIT A 
  

PRICING SUPPLEMENT 
  

 
 Sunoco LP 

Sunoco Finance Corp. 

$800,000,000 4.500% Senior Notes due 2029 

November 9, 2020 

Term Sheet 
 Term Sheet
dated November 9, 2020 to the Preliminary Offering Memorandum dated November 9, 2020. This Term Sheet is qualified in its entirety by reference to the Preliminary Offering Memorandum. The information in this Term Sheet supplements the
Preliminary Offering Memorandum and supersedes the information in the Preliminary Offering Memorandum to the extent it is inconsistent with the information in the Preliminary Offering Memorandum. Capitalized terms used in this Term Sheet but not
defined have the meanings given to them in the Preliminary Offering Memorandum. 
  

			
	Issuers	  	Sunoco LP and Sunoco Finance Corp.
		
	Guarantors	  	All current subsidiaries (other than Sunoco Finance Corp.) that guarantee the revolving credit facility and certain future subsidiaries
		
	Trade Date	  	November 9, 2020
		
	 Settlement Date
	  	November 24, 2020 (T+10). We expect that delivery of the notes will be made against payment therefor on or about November 24, 2020, which is ten business days following the date of pricing of the notes. This settlement
cycle is referred to as “T+10.” Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in two business days, unless
the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes on the date of this offering memorandum or the next seven succeeding business days will be required, by virtue of the fact that the notes
initially will settle T+10, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of notes who wish to trade notes on the date of this offering memorandum or the next seven succeeding
business days should consult their own advisor.

  
 Exhibit A-1 

 EXHIBIT A 
  

			
		
	 Distribution
	  	144A/Regulation S with registration rights
		
	 Maturity Date
	  	May 15, 2029
		
	 Principal Amount
	  	$800,000,000
		
	 Gross Proceeds
	  	$800,000,000
		
	 Issue Price
	  	100.000%
		
	 Coupon
	  	4.500%
		
	 Yield to Maturity
	  	4.500%
		
	 Spread to Benchmark
	  	+ 366 basis points
		
	 Benchmark Treasury
	  	UST 2.375% due May 15, 2029
		
	 Record Dates
	  	May 1 and November 1
		
	 Interest Payment Dates
	  	May 15 and November 15, commencing on May 15, 2021
		
	 Optional Redemption
	  	On or after May 15, 2024 at the following redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid interest, if any, on the notes redeemed during the twelve-month period indicated beginning on
May 15 of the years indicated below:

  

					
	 Year 
	  	Price	 
	 2024
	  	 	102.250	% 
	 2025
	  	 	101.500	% 
	 2026
	  	 	100.750	% 
	 2027 and thereafter
	  	 	100.000	% 

  

			
		
	 Make-Whole Redemption
	  	Make-whole redemption at Treasury Rate + 50 basis points
		
	 Equity Clawback
	  	Up to 35% prior to May 15, 2024 at 104.500% of principal amount, plus accrued and unpaid interest
		
	 Change of Control Put
	  	101% plus accrued and unpaid interest
		
	 Expected Ratings1 (S&P /
Moody’s)
	  	BB- / B1
		
	 CUSIP Numbers
	  	 144A: 86765L AR8
 Reg S: U86759
AJ3

  

	1 	 A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or
withdrawal at any time. 

  
 Exhibit A-2 

 EXHIBIT A 
  

			
	ISIN Numbers	  	 144A: US86765LAR87
 Reg S:
USU86759AJ38

		
	Denominations	  	Minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof
		
	Joint Book-Running Managers	  	 Credit Suisse Securities (USA) LLC
 Barclays
Capital Inc.
 BBVA Securities Inc.
 BMO Capital Markets
Corp.
 BofA Securities, Inc.
 CIBC World Markets Corp.

Citigroup Global Markets Inc.
 Goldman Sachs & Co.
LLC
 J.P. Morgan Securities LLC
 Mizuho Securities USA LLC

MUFG Securities Americas Inc.
 TD Securities (USA) LLC

U.S. Bancorp Investments, Inc.
 Wells Fargo Securities,
LLC

 Changes to the Preliminary Offering Memorandum 

The following changes will be made to the disclosure in the Preliminary Offering Memorandum: 

Offering Size 
 The Issuers have increased the aggregate
principal amount of the notes offering from $500.0 million to $800.0 million. References in the Preliminary Offering Memorandum to the $500.0 million aggregate principal amount of notes are hereby amended to reference the issuance of
$800.0 million aggregate principal amount of notes. In connection with the increase in the size of the offering, the Issuers intend to remove the Tender Cap and seek any and all tender of the 4.875% Senior Notes due 2023. Similar and
corresponding changes will be made wherever applicable to the Preliminary Offering Memorandum, including as discussed below. 
 Offering Summary 

The last paragraph under the row marked “Ranking” starting on page 5 of the Preliminary Offering Memorandum and each other location where similar
language and such amounts may appear in the Preliminary Offering Memorandum is replaced in its entirety with the following: 
 “As of
September 30, 2020, after giving effect to the offering of the notes and the use of proceeds therefrom as described under “Use of Proceeds,” and assuming that the Tender Offer is fully subscribed as of the Early Tender Time, we would
have had approximately $3.0 billion of debt outstanding, including approximately $287.0 million of secured indebtedness under our Revolving Credit Facility (excluding approximately $7.9 million of outstanding letters of credit
thereunder), and we would have had approximately $1.2 billion of remaining borrowing capacity under our Credit Agreement.” 

  
 Exhibit A-3 

 EXHIBIT A 
  

 Capitalization 

The aggregate principal amount of notes to be issued in the offering increased from $500.0 million to $800.0 million. The net proceeds received from
the increased amount of the offering of $790.0 million, along with borrowings under the revolving credit facility, will be used to fund the Tender Offer and, if applicable, the Partial Redemption, as set forth under “Use of Proceeds”
in the Preliminary Offering Memorandum. Following the increase in the aggregate principal amount of the notes, the As Adjusted column of the capitalization table on page 15 of the Preliminary Offering Memorandum is adjusted as follows: Cash and cash
equivalents is $36 million, Revolving credit facility is $287 million, 4.875% Senior Notes due 2023 is $0, notes offered hereby is $800.0 million, Total long-term debt (including current maturities and debt issuance costs) is
$2,992 million and Total capitalization is $3,627 million. 
 All information (including financial information) presented in the Preliminary
Offering Memorandum is deemed to have changed to the extent affected by the changes described herein. 
  

 
 This material is strictly
confidential and has been prepared by the Issuers solely for use in connection with the proposed offering of the securities described in the Preliminary Offering Memorandum. This material is personal to each offeree and does not constitute an offer
to any other person or the public generally to subscribe for or otherwise acquire the securities. Please refer to the Preliminary Offering Memorandum for a complete description. 

The securities have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and are being offered only to
(1) persons reasonably believed to be “qualified institutional buyers” as defined in Rule 144A under the Securities Act and (2) outside the United States to non-U.S. persons in compliance
with Regulation S under the Securities Act, and this communication is only being distributed to such persons. 
 This communication is not an offer
to sell the securities and it is not a solicitation of an offer to buy the securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction. 

No PRIIPs KID — No PRIIPs key information document (KID) has been prepared as the Notes are not available to retail investors
in the EEA or in the United Kingdom. 
 Any disclaimers or notices that may appear on this Term Sheet below the text of this legend are not
applicable to this Term Sheet and should be disregarded. Such disclaimers may have been electronically generated as a result of this Term Sheet having been sent via, or posted on, Bloomberg or another electronic mail system. 

  
 Exhibit A-4 

 Exhibit B-1 

FORM OF OPINION OF LATHAM & WATKINS LLP 

[Attached] 

  
 Exhibit B-1-1 

 EXHIBIT B-2 

FORM OF 10B-5 LETTER OF LATHAM & WATKINS LLP 

[Attached] 

  
 Exhibit B-2-1 

 EXHIBIT B-3 

FORM OF TAX OPINION OF LATHAM & WATKINS LLP 

[Attached] 

  
 Exhibit B-3-1 

 EXHIBIT B-4 

FORM OF OPINION OF CADES SCHUTTE LLP 

[Attached] 

  
 Exhibit B-4-1 

 Exhibit B-5 

FORM OF OPINION OF DRINKER BIDDLE & REATH LLP 

[Attached] 

  
 Exhibit B-5-1Document

Exhibit 4.2

AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT
THIS AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”), is made as of the 12th day of May, 2020, by and among Seer, Inc., a Delaware corporation (the “Company”), each of the investors listed on Schedule A hereto, each of which is referred to in this Agreement as an “Investor,” and each of the stockholders listed on Schedule B hereto, each of whom is referred to herein as a “Key Holder” and any Additional Purchaser (as defined in the Purchase Agreement) that becomes a party to this Agreement in accordance with Section 6.9 hereof.
RECITALS
WHEREAS, certain of the Investors (the “Existing Investors”) hold shares of the Company’s Preferred Stock and/or shares of Common Stock issued upon conversion thereof and possess registration rights, information rights, rights of first offer and other rights pursuant to that certain Amended and Restated Investors’ Rights Agreement dated as of November 15, 2019, by and among the Company and such Existing Investors (the “Prior Agreement”);
WHEREAS, the Existing Investors are holders of at least a majority of the Registrable Securities of the Company (as defined in the Prior Agreement), and desire to amend and restate the Prior Agreement in its entirety and to accept the rights created pursuant to this Agreement in lieu of the rights granted to them under the Prior Agreement; and
WHEREAS, certain of the Investors are parties to that certain Series D-1 Preferred Stock Purchase Agreement of even date herewith by and among the Company and such Investors (the “Purchase Agreement”), under which certain of the Company’s and such Investors’ obligations are conditioned upon the execution and delivery of this Agreement by such Investors, Existing Investors holding at least a majority of the Registrable Securities and the Company; 
NOW, THEREFORE, the Existing Investors hereby agree that the Prior Agreement shall be amended and restated as follows and the parties to this Agreement further agree as follows:
1.Definitions.  For purposes of this Agreement:
1.1“Affiliate” means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled by, or is under common control with such Person, including without limitation any general partner, managing member, officer or director of such Person or any venture capital fund 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 adviser with, such Person.
1.2“Board of Directors” means the board of directors of the Company. 
1.3“Class A Common Stock” means shares of the Company’s Class A common stock, $0.00001 par value per share.
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1.4“Class B Common Stock” means shares of the Company’s Class B common stock, $0.00001 par value per share.
1.5“Common Stock” means, collectively, shares of Class A Common Stock and Class B Common Stock.
1.6“Competitor” means a Person engaged, directly or indirectly (including through any partnership, limited liability company, corporation, joint venture or similar arrangement (whether now existing or formed hereafter)), in proteomics measurement combined with a data platform to draw inference, but shall not include any financial investment firm or collective investment vehicle that, together with its Affiliates, holds less than twenty percent (20)% of the outstanding equity of any Competitor and does not, nor do any of its Affiliates, have a right to designate any members of the Board of Directors of any Competitor.
1.7“Damages” means any loss, damage, claim or liability (joint or several) to which a party hereto may become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of or is based upon: (i) any untrue statement or alleged untrue statement of a material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; (ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying party (or any of its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law.
1.8“Derivative Securities” means any securities or rights convertible into, or exercisable or exchangeable for (in each case, directly or indirectly), Common Stock, including options and warrants.
1.9“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
1.10“Excluded Registration” means (i) a registration relating to the sale of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; (iii) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered.
1.11“FOIA Party” means a Person that, in the reasonable determination of the Board of Directors, may be subject to, and thereby required to disclose non-public information furnished by or relating to the Company under, the Freedom of Information Act, 5 U.S.C. 552 (“FOIA”), any state public records access law, any state or other jurisdiction’s laws similar in intent or effect to FOIA, or any other similar statutory or regulatory requirement.
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1.12“Form S-1” means such form under the Securities Act as in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC.
1.13“Form S-3” means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently adopted by the SEC that permits incorporation of substantial information by reference to other documents filed by the Company with the SEC.
1.14“Fully Diluted Capitalization” means the sum of (i) the outstanding shares of Common Stock; (ii) the shares of Common Stock directly or indirectly issuable upon conversion or exchange of all outstanding securities directly or indirectly convertible into or exchangeable for Common Stock and the exercise of all outstanding options and warrants; and (iii)  the shares of Common Stock reserved, but neither issued nor the subject of outstanding awards, under any equity incentive or similar plan of the Company.
1.15“GAAP” means generally accepted accounting principles in the United States.
1.16“Holder” means any holder of Registrable Securities who is a party to this Agreement.
1.17“Immediate Family Member” means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, including, adoptive relationships, of a natural person referred to herein.
1.18“Initiating Holders” means, collectively, Holders who properly initiate a registration request under this Agreement.
1.19“IPO” means the Company’s first underwritten public offering of its Common Stock under the Securities Act.
1.20“Key Employee” means any executive-level employee (including, division director and vice president-level positions) as well as any employee who, either alone or in concert with others, develops, invents, programs or designs any Company Intellectual Property (as defined in the Purchase Agreement).
1.21“Major Investor” means any Investor that, individually or together with such Investor’s Affiliates, holds (i) at least 2,000,000 shares of Registrable Securities or (ii) shares of Registrable Securities representing at least 2.5% of the Fully Diluted Capitalization (in each case, as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification effected after the date hereof). 
1.22“New Securities” means, collectively, equity securities of the Company, whether or not currently authorized, as well as rights, options or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or exchangeable into or exercisable for such equity securities.
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1.23“Person” means any individual, corporation, partnership, trust, limited liability company, association or other entity.
1.24“Preferred Stock” means, collectively, shares of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series D-1 Preferred Stock. 
1.25“Registrable Securities” means (i) the Class A Common Stock issuable or issued upon conversion of the Preferred Stock; (ii) any Common Stock, or any Common Stock issued or issuable (directly or indirectly) upon conversion and/or exercise of any other securities of the Company, acquired by the Investors after the date hereof; and (iii) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares referenced in clauses (i) and (ii) above; excluding in all cases, however, any Registrable Securities sold by a Person in a transaction in which the applicable rights under this Agreement are not assigned pursuant to Subsection 6.1, and excluding for purposes of Section 2 any shares for which registration rights have terminated pursuant to Subsection 2.13 of this Agreement.
1.26“Registrable Securities then outstanding” means the number of shares determined by adding the number of shares of outstanding Common Stock that are Registrable Securities and the number of shares of Common Stock issuable (directly or indirectly) pursuant to then exercisable and/or convertible securities that are Registrable Securities.
1.27“Restricted Securities” means the securities of the Company required to be notated with the legend set forth in Subsection 2.12(b) hereof.
1.28“SEC” means the Securities and Exchange Commission.
1.29“SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act.
1.30“SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act.  
1.31“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
1.32“Selling Expenses” means all underwriting discounts, selling commissions and stock transfer taxes applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as provided in Subsection 2.6.
1.33“Preferred Director” means any director of the Company that the holders of record of the Preferred Stock are entitled to elect pursuant to the Company’s Certificate of Incorporation. 
1.34“Series A Preferred Stock” means shares of the Company’s Series A Preferred Stock, par value $0.00001 per share.
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1.35“Series B Preferred Stock” means shares of the Company’s Series B Preferred Stock, par value $0.00001 per share.
1.36“Series C Preferred Stock” means shares of the Company’s Series C Preferred Stock, par value $0.00001 per share.
1.37“Series D Preferred Stock” means shares of the Company’s Series D Preferred Stock, par value $0.00001 per share.
1.38“Series D-1 Preferred Stock” means shares of the Company’s Series D-1 Preferred Stock, par value $0.00001 per share.
2.Registration Rights.  The Company covenants and agrees as follows:
2.1Demand Registration.
(a)Form S-1 Demand.  If at any time after the earlier of (i) five (5) years after the date of this Agreement or (ii) one hundred eighty (180) days after the effective date of the registration statement for the IPO, the Company receives a request from Holders of a majority of the Registrable Securities then outstanding that the Company file a Form S-1 registration statement with respect to at least forty percent (40%) of the Registrable Securities then outstanding (or lesser percent if the anticipated aggregate offering price, net of Selling Expenses, would exceed $10,000,000), then the Company shall (x) within ten (10) days after the date such request is given, give notice thereof (the “Demand Notice”) to all Holders other than the Initiating Holders; and (y) as soon as practicable, and in any event within sixty (60) days after the date such request is given by the Initiating Holders, file a Form S-1 registration statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested to be registered and any additional Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(c) and 2.3.
(b)Form S-3 Demand.  If at any time when it is eligible to use a Form S-3 registration statement, the Company receives a request from Holders of at least thirty percent (30%) of the Registrable Securities then outstanding that the Company file a Form S-3 registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least $5,000,000, then the Company shall (i) within ten (10) days after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within forty-five (45) days after the date such request is given by the Initiating Holders, file a Form S-3 registration statement under the Securities Act covering all Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(c) and 2.3. 
(c)Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant to this Subsection 2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the 
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Company’s Board of Directors it would be materially detrimental to the Company and its stockholders for such registration statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would (i) materially interfere with a significant acquisition, corporate reorganization or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing, and any time periods with respect to filing or effectiveness thereof shall be tolled correspondingly, for a period of not more than ninety (90) days after the request of the Initiating Holders is given; provided, however, that the Company may not invoke this right more than twice in any twelve (12) month period; and provided further that the Company shall not register any securities for its own account or that of any other stockholder during such ninety (90) day period other than an Excluded Registration.
(d)The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.1(a) (i) during the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is one hundred eighty (180) days after the effective date of, a Company-initiated registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; (ii) after the Company has effected one registration pursuant to Subsection 2.1(a); or (iii) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to Subsection 2.1(b).  The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.1(b) (i) during the period that is thirty (30) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is ninety (90) days after the effective date of, a Company-initiated registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; or (ii) if the Company has effected two registrations pursuant to Subsection 2.1(b) within the twelve (12) month period immediately preceding the date of such request.  A registration shall not be counted as “effected” for purposes of this Subsection 2.1(d) until such time as the applicable registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such registration, elect not to pay the registration expenses therefor, and forfeit their right to one demand registration statement pursuant to Subsection 2.6, in which case such withdrawn registration statement shall be counted as “effected” for purposes of this Subsection 2.1(d); provided, that if such withdrawal is during a period the Company has deferred taking action pursuant to Subsection 2.1(c), then the Initiating Holders may withdraw their request for registration and such registration will not be counted as “effected” for purposes of this Subsection 2.1(d). 
2.2Company Registration.  If the Company proposes to register (including, for this purpose, a registration effected by the Company for stockholders other than the Holders) any of its Class A Common Stock under the Securities Act in connection with the public offering of such securities solely for cash (other than in an Excluded Registration), the Company shall, at 
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such time, promptly give each Holder notice of such registration.  Upon the request of each Holder given within twenty (20) days after such notice is given by the Company, the Company shall, subject to the provisions of Subsection 2.3, cause to be registered all of the Registrable Securities that each such Holder has requested to be included in such registration.  The Company shall have the right to terminate or withdraw any registration initiated by it under this Subsection 2.2 before the effective date of such registration, whether or not any Holder has elected to include Registrable Securities in such registration.  The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by the Company in accordance with Subsection 2.6.
2.3Underwriting Requirements.
(a)If, pursuant to Subsection 2.1, the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Subsection 2.1, and the Company shall include such information in the Demand Notice.  The underwriter(s) will be selected by the Company and shall be reasonably acceptable to a majority in interest of the Initiating Holders.  In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein.  All Holders proposing to distribute their securities through such underwriting shall (together with the Company as provided in Subsection 2.4(e)) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting.  Notwithstanding any other provision of this Subsection 2.3, if the managing underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that otherwise would be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among such Holders of Registrable Securities, including the Initiating Holders, in proportion (as nearly as practicable) to the number of Registrable Securities owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling Holders; provided, however, that the number of Registrable Securities held by the Holders to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting.  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.
(b)In connection with any offering involving an underwriting of shares of the Company’s capital stock pursuant to Subsection 2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as agreed upon between the Company and its underwriters, and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company.  If the total number of securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the success of the offering, then the 
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Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering.  If the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated among the selling Holders in proportion (as nearly as practicable to) the number of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to by all such selling Holders.  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.  Notwithstanding the foregoing, in no event shall (i) the number of Registrable Securities included in the offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from the offering or (ii) the number of Registrable Securities included in the offering be reduced below twenty percent (20%) of the total number of securities included in such offering, unless such offering is the IPO, in which case the selling Holders may be excluded further if the underwriters make the determination described above and no other stockholder’s securities are included in such offering.  For purposes of the provision in this Subsection 2.3(b) concerning apportionment, for any selling Holder that is a partnership, limited liability company or corporation, the partners, members, retired partners, retired members, stockholders and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired partners, members and retired members and any trusts for the benefit of any of the foregoing Persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate number of Registrable Securities owned by all Persons included in such “selling Holder,” as defined in this sentence.
2.4Obligations of the Company.  Whenever required under this Section 2 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible:
(a)prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that (i) such one hundred twenty (120) day period shall be extended for a period of time equal to the period the Holder refrains, at the request of an underwriter of Common Stock (or other securities) of the Company, from selling any securities included in such registration, and (ii) in the case of any registration of Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such one hundred twenty (120) day period shall be extended for up to thirty (30) days, if necessary, to keep the registration statement effective until all such Registrable Securities are sold;
(b)prepare and file with the SEC such amendments and supplements to such registration statement, and the prospectus used in connection with such registration 
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statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by such registration statement;
(c)furnish to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus, as required by the Securities Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities;
(d)use its commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided that the Company shall not be required to qualify to do business or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act;
(e)in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the underwriter(s) of such offering;
(f)use its commercially reasonable efforts to cause all such Registrable Securities covered by such registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed;
(g)provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration;
(h)promptly make available for inspection by the selling Holders, any underwriter(s) participating in any disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith;
(i)notify each selling Holder, promptly after the Company receives notice thereof, of the time when such registration statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and
(j)after such registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or supplement such registration statement or prospectus. 
In addition, the Company shall ensure that, at all times after any registration statement covering a public offering of securities of the Company under the Securities Act shall 
9

have become effective, its insider trading policy shall provide that the Company’s directors may implement a trading program under Rule 10b5-1 of the Exchange Act.
2.5Furnish Information.  It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration of such Holder’s Registrable Securities.
2.6Expenses of Registration.  All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or qualifications pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for the Company; and the reasonable fees and disbursements, not to exceed $35,000, of one counsel for the selling Holders (“Selling Holder Counsel”), shall be borne and paid by the Company; provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Subsection 2.1 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one registration pursuant to Subsections 2.1(a) or 2.1(b), as the case may be; provided further, that if, at the time of such withdrawal, the Holders shall 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 and have withdrawn the request with reasonable promptness after learning of such information the Holders shall not be required to pay any of such expenses and shall not forfeit their right to one registration pursuant to Subsection 2.1(a) or 2.1(b).  All Selling Expenses relating to Registrable Securities registered pursuant to this Section 2 shall be borne and paid by the Holders pro rata on the basis of the number of Registrable Securities registered on their behalf. 
2.7Delay of Registration.  No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2.
2.8Indemnification.  If any Registrable Securities are included in a registration statement under this Section 2:
(a)To the extent permitted by law, the Company will indemnify and hold harmless each selling Holder, and the partners, members, officers, directors and stockholders of each such Holder; legal counsel, accountants and investment advisers for each such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each Person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person or other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or 
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proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Subsection 2.8(a) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the Company be liable for any Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling Person or other aforementioned Person expressly for use in connection with such registration.
(b)To the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company within the meaning of the Securities Act, legal counsel and accountants for the Company, any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement and any controlling Person of any such underwriter or other Holder, against any Damages, in each case only to the extent that such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such selling Holder expressly for use in connection with such registration; and each such selling Holder will pay to the Company and each other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Subsection 2.8(b) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; and provided further that in no event shall the aggregate amounts payable by any Holder by way of indemnity or contribution under Subsections 2.8(b) and 2.8(d) exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder.
(c)Promptly after receipt by an indemnified party under this Subsection 2.8 of notice of the commencement of any action (including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Subsection 2.8, give the indemnifying party notice of the commencement thereof.  The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party to which notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such action.  The failure to give notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under this 
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Subsection 2.8, to the extent that such failure materially prejudices the indemnifying party’s ability to defend such action.  The failure to give notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Subsection 2.8.
(d)To provide for just and equitable contribution to joint liability under the Securities Act in any case in which either: (i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Subsection 2.8 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this Subsection 2.8 provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this Subsection 2.8, then, and in each such case, such parties will contribute to the aggregate losses, claims, damages, liabilities or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party in connection with the statements, omissions or other actions that resulted in such loss, claim, damage, liability or expense, as well as to reflect any other relevant equitable considerations.  The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case (x) no Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement, and (y) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and provided further that in no event shall a Holder’s liability pursuant to this Subsection 2.8(d), when combined with the amounts paid or payable by such Holder pursuant to Subsection 2.8(b), exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of willful misconduct or fraud by such Holder.
(e)Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control.
(f)Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the obligations of the Company and Holders under this Subsection 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section 2, and otherwise shall survive the termination of this Agreement. 
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2.9Reports Under Exchange Act.  With a view to making available to the Holders the benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company shall:
(a)make and keep available adequate current public information, as those terms are understood and defined in SEC Rule 144, at all times after the effective date of the registration statement filed by the Company for the IPO;
(b)use commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and
(c)furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to the extent accurate, a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the registration statement filed by the Company for the IPO), the Securities Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after the Company so qualifies); and (ii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form S-3 (at any time after the Company so qualifies to use such form).
2.10Limitations on Subsequent Registration Rights.  From and after the date of this Agreement, the Company shall not, without the prior written consent of the Holders of a majority of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company that would allow such holder or prospective holder (i) to include such securities in any registration unless, under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of such securities will not reduce the number of the Registrable Securities of the Holders that are included; or (ii) allow such holder or prospective holder to initiate a demand for registration of any securities held by such holder or prospective holder; provided that this limitation shall not apply to any additional Investor who becomes a party to this Agreement in accordance with Subsection 6.9.
2.11“Market Stand-off” Agreement.  Each Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the IPO, and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days, or such other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other distribution of research reports, and (2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto), (i) lend; offer; pledge; sell; contract to sell; sell any option or 
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contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock held immediately before the effective date of the registration statement for the IPO (for the avoidance of doubt, such agreement shall not apply to shares of Common Stock acquired by the Holder in the IPO or in the open market following the IPO) or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise.  The foregoing provisions of this Subsection 2.11 shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, or the transfer of any shares to any trust for the direct or indirect benefit of the Holder or the immediate family of the Holder, provided that the trustee of the trust agrees to be bound in writing by the restrictions set forth herein, and provided further that any such transfer shall not involve a disposition for value, and shall be applicable to the Holders only if all officers and directors of the Company and all stockholders individually owning more than one percent (1%) of the Company’s outstanding Common Stock (after giving effect to conversion into Class A Common Stock of all outstanding Preferred Stock) enter into similar agreements.  The underwriters in connection with such registration are intended third-party beneficiaries of this Subsection 2.11 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto.  Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent with this Subsection 2.11 or that are necessary to give further effect thereto.  Any discretionary waiver or termination of the restrictions of any or all of such agreements (or any Holder, officer, director or greater than 1% stockholder) by the Company or the underwriters shall apply to all Holders subject to such agreements to the same extent and with respect to the same percentage of securities as the highest percentage of securities released from any such agreements.
2.12Restrictions on Transfer.
(a)The Preferred Stock and the Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company shall not recognize and shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with the provisions of the Securities Act.  A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Preferred Stock and the Registrable Securities held by such Holder to agree to take and hold such securities subject to the provisions and upon the conditions specified in this Agreement.  Notwithstanding the foregoing, the Company shall not require any transferee of shares pursuant to an effective registration statement or, following the IPO, SEC Rule 144 to be bound by the terms of this Agreement.
(b)Each certificate, instrument, or book entry representing (i) the Preferred Stock, (ii) the Registrable Securities and (iii) any other securities issued in respect of the securities referenced in clauses (i) and (ii), upon any stock split, stock dividend, 
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recapitalization, merger, consolidation or similar event, shall (unless otherwise permitted by the provisions of Subsection 2.12(c)) be notated with a legend substantially in the following form:
THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933.  SUCH SHARES MAY NOT BE SOLD, PLEDGED OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT.
THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.
The Holders consent to the Company making a notation in its records and giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this Subsection 2.12.
(c)The holder of such Restricted Securities, by acceptance of ownership thereof, agrees to comply in all respects with the provisions of this Section 2.  Before any proposed sale, pledge or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed transaction or, following the IPO, the transfer is made pursuant to SEC Rule 144, the Holder thereof shall give notice to the Company of such Holder’s intention to effect such sale, pledge or transfer.  Each such notice shall describe the manner and circumstances of the proposed sale, pledge or transfer in sufficient detail and, if reasonably requested by the Company, shall be accompanied at such Holder’s expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a “no action” letter from the SEC to the effect that the proposed sale, pledge or transfer of such Restricted Securities without registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge or transfer of the Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge or transfer such Restricted Securities in accordance with the terms of the notice given by the Holder to the Company.  The Company will not require such a legal opinion or “no action” letter (x) in any transaction in compliance with SEC Rule 144; or (y) in any transaction in which such Holder distributes Restricted Securities to an Affiliate of such Holder for no consideration; provided that, other than in connection with a transaction in compliance with SEC Rule 144 following the IPO, each transferee agrees in writing to be subject to the terms of this Subsection 2.12, and provided further that in each case, the Holder shall provide the Company or its counsel with such certificates or other representations regarding such transaction as the Company or its counsel may reasonably request. Each certificate, instrument or book entry representing the Restricted Securities transferred as above provided shall be notated with, except if such transfer is made 
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pursuant to SEC Rule 144 or pursuant to an effective registration statement, the appropriate restrictive legend set forth in Subsection 2.12(b), except that such certificate, instrument or book entry shall not be notated with such restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with any provisions of the Securities Act.
2.13Termination of Registration Rights.  The right of any Holder to request registration or inclusion of Registrable Securities in any registration pursuant to Subsections 2.1 or 2.2 shall terminate upon the earliest to occur of:
(a)the closing of a Deemed Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation;
(b)following the IPO, such time as Rule 144 or another similar exemption under the Securities Act is available for the sale of all of such Holder’s shares without limitation during a three-month period without registration; and
(c)the third anniversary of the IPO.
3.Information and Observer Rights.
3.1Delivery of Financial Statements.  The Company shall deliver to each Major Investor, provided that the Board of Directors has not reasonably determined that such Major Investor is a Competitor of the Company:
(a)as soon as practicable, but in any event not later than the first day of August of each calendar year (i) a balance sheet as of the end of the immediately preceding year, (ii) statements of income and of cash flows for such year, and (iii) a statement of stockholders’ equity as of the end of such year, all such financial statements audited and certified by independent public accountants of regionally recognized standing selected by the Company;
(b)as soon as practicable, but in any event within forty-five (45) days after the end of each of the first three (3) quarters of each year, unaudited statements of income and cash flows for such fiscal quarter, and an unaudited balance sheet and a statement of stockholders’ equity as of the end of such fiscal quarter, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments; and (ii) not contain all notes thereto that may be required in accordance with GAAP); and
(c)upon request, a statement showing the number of shares of each class and series of capital stock and securities convertible into or exercisable for shares of capital stock outstanding as of the date of such request, the Common Stock issuable upon conversion or exercise of any outstanding securities convertible or exercisable for Common Stock and the exchange ratio or exercise price applicable thereto, and the number of shares of issued stock options and stock options not yet issued but reserved for issuance, if any, all in sufficient detail as to permit the Major Investors to calculate their respective percentage equity ownership in the Company, and certified by the chief financial officer or chief executive officer of the Company as being true, complete, and correct; 
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(d)as soon as practicable, but in any event thirty (30) days before the end of each year, a budget and business plan for the next year (collectively, the “Budget”), prepared on a monthly basis, including balance sheets, income statements and statements of cash flow for such months and, promptly after prepared and approved by the Board of Directors, any other budgets or revised budgets prepared by the Company;
If, for any period, the Company has any subsidiary whose accounts are consolidated with those of the Company, then in respect of such period the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the Company and all such consolidated subsidiaries.   
Notwithstanding anything else in this Subsection 3.1 to the contrary, the Company may cease providing the information set forth in this Subsection 3.1 during the period starting with the date sixty (60) days before the Company’s good-faith estimate of the date of filing of a registration statement if it reasonably concludes it must do so to comply with the SEC rules applicable to such registration statement and related offering; provided that the Company’s covenants under this Subsection 3.1 shall be reinstated at such time as the Company is no longer actively employing its commercially reasonable efforts to cause such registration statement to become effective.
3.2Inspection.  The Company shall permit each Major Investor (provided that the Board of Directors has not reasonably determined that such Major Investor is a Competitor of the Company), at such Major Investor’s expense, to visit and inspect the Company’s properties; examine its books of account and records; and discuss the Company’s affairs, finances and accounts with its officers, during normal business hours of the Company as may be reasonably requested by the Major Investor; provided, however, that the Company shall not be obligated pursuant to this Subsection 3.2 to provide access to any information that it reasonably and in good faith considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form acceptable to the Company) or the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel. 
3.3Observer Rights.
(a)As long as Artal International S.C.A. (together with its affiliates, “Artal”) owns not less than fifty percent (50%) of the shares of the Series B Preferred Stock it purchased under the Series B Preferred Stock Purchase Agreement dated March 23, 2018 (or an equivalent amount of Common Stock issued upon conversion thereof), the Company shall invite a representative of Artal to attend all meetings of the Board of Directors in a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices, minutes, consents and other materials that it provides to its directors at the same time and in the same manner as provided to such directors; provided, however, that such representative shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to all information so provided; provided further, that such representative may be excluded from attending any closed executive sessions of the Board of Directors if the Board of Directors reasonably determines that having such representative at such closed executive session would be detrimental to the Company; and provided further, that the Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if access to such 
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information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a conflict of interest, or if such Investor or its representative is a Competitor.  
(b)As long as Aju Life Science 3.0 Venture Fund and Aju Good Venture Fund (together with their affiliates, “Aju IB”) own in the aggregate not less than fifty percent (50%) of the shares of the Series C Preferred Stock purchased by Aju IB under the Series C Preferred Stock Purchase Agreement dated March 7, 2019 (or an equivalent amount of Common Stock issued upon conversion thereof), the Company shall invite a representative of Aju IB to attend all meetings of the Board of Directors in a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices, minutes, consents and other materials that it provides to its directors at the same time and in the same manner as provided to such directors; provided, however, that such representative shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to all information so provided; provided further, that such representative may be excluded from attending any closed executive sessions of the Board of Directors if the Board of Directors reasonably determines that having such representative at such closed executive session would be detrimental to the Company; and provided further, that the Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a conflict of interest, or if such Investor or its representative is a Competitor.
(c)As long as aMoon 2 Fund, Limited Partnership (together with its affiliates, “aMoon”) owns in the aggregate not less than fifty percent (50%) of the shares of the Series D Preferred Stock it is purchasing under the Purchase Agreement (or an equivalent amount of Common Stock issued upon conversion thereof), the Company shall invite a representative of aMoon to attend all meetings of the Board of Directors in a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices, minutes, consents and other materials that it provides to its directors at the same time and in the same manner as provided to such directors; provided, however, that such representative shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to all information so provided; provided further, that such representative may be excluded from attending any closed executive sessions of the Board of Directors if the Board of Directors reasonably determines that having such representative at such closed executive session would be detrimental to the Company; and provided further, that the Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a conflict of interest, or if such Investor or its representative is a Competitor.
3.4Termination of Information and Observer Rights.  The covenants set forth in Subsection 3.1, Subsection 3.2 and Subsection 3.3 shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act or 
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(iii) upon a Deemed Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation, whichever event occurs first.  
3.5Confidentiality.  Each Investor agrees that such Investor will keep confidential and will not disclose, divulge or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this Agreement (including notice of the Company’s intention to file a registration statement), unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Subsection 3.5 by such Investor), (b) is or has been independently developed or conceived by the Investor without use of the Company’s confidential information or (c) is or has been made known or disclosed to the Investor by a third party without a breach of any obligation of confidentiality such third party may have to the Company; provided, however, that an Investor may disclose confidential information (i) to its attorneys, accountants, consultants and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii)  to any prospective purchaser of any Registrable Securities from such Investor, if such prospective purchaser agrees to be bound by the provisions of this Subsection 3.5; (iii) to any existing Affiliate, partner, member, stockholder or wholly owned subsidiary of such Investor in the ordinary course of business, provided that such Investor informs such Person that such information is confidential and directs such Person to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, provided that the Investor promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure.  
4.Rights to Future Stock Issuances.
4.1Right of First Offer.  Subject to the terms and conditions of this Subsection 4.1 and applicable securities laws, if the Company proposes to offer or sell any New Securities, the Company shall first offer such New Securities to (i) each Major Investor, (ii) each other Investor that, individually or together with such Investor’s Affiliates, holds at least 100,000 shares of Registrable Securities (as adjusted for any stock split, stock dividend, combination or other recapitalization or reclassification effected after the date hereof) and (iii) each Key Holder (each a “First Offer Participant,” and collectively, the “First Offer Participants”).  A First Offer Participant shall be entitled to apportion the right of first offer hereby granted to it in such proportions as it deems appropriate, among (i) itself and (ii) its Affiliates; provided that each such Affiliate (x) is not a Competitor or FOIA Party, unless such party’s purchase of New Securities is otherwise consented to by the Board of Directors, (y) agrees to enter into this Agreement and each of the Amended and Restated Voting Agreement and Amended and Restated Right of First Refusal and Co-Sale Agreement of even date herewith among the Company, the Investors and the other parties named therein, as an “Investor” or “Key Holder,” as applicable, under each such agreement (provided that, except as set forth in Section 5.7, any Competitor or FOIA Party shall not be entitled to any rights as a Major Investor under Subsections 3.1, 3.2 and 4.1 hereof), and (z) agrees to purchase at least such number of New Securities as are allocable hereunder to the First Offer Participant holding the fewest number of shares of Common Stock (including all shares of Class A Common Stock then issuable (directly 
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or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held by such First Offer Participant).
(a)The Company shall give notice (the “Offer Notice”) to each First Offer Participant, stating (i) its bona fide intention to offer such New Securities, (ii) the number of such New Securities to be offered and (iii) the price and terms, if any, upon which it proposes to offer such New Securities.
(b)By notification to the Company within twenty (20) days after the Offer Notice is given, each First Offer Participant may elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the Common Stock then held by such First Offer Participant (including all shares of Class A Common Stock then issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held by such First Offer Participant) bears to the total Common Stock of the Company then outstanding (assuming full conversion and/or exercise, as applicable, of all Preferred Stock and other Derivative Securities).  At the expiration of such twenty (20) day period, the Company shall promptly notify each First Offer Participant that elects to purchase or acquire all the shares available to it (each, a “Fully Exercising Participant”) of any other First Offer Participant’s failure to do likewise.  During the ten (10) day period commencing after the Company has given such notice, each Fully Exercising Participant may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of shares specified above, up to that portion of the New Securities for which First Offer Participants were entitled to subscribe but that were not subscribed for by the First Offer Participants which is equal to the proportion that the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of Preferred Stock and any other Derivative Securities then held, by such Fully Exercising Participant bears to the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held, by all Fully Exercising Participants who wish to purchase such unsubscribed shares.  The closing of any sale pursuant to this Subsection 4.1(b) shall occur within the later of ninety (90) days of the date that the Offer Notice is given and the date of initial sale of New Securities pursuant to Subsection 4.1(c).
(c)If all New Securities referred to in the Offer Notice are not elected to be purchased or acquired as provided in Subsection 4.1(b), the Company may, during the ninety (90) day period following the expiration of the periods provided in Subsection 4.1(b), offer and sell the remaining unsubscribed portion of such New Securities to any Person or Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice.  If the Company does not enter into an agreement for the sale of the New Securities within such period, or if such agreement is not consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to the First Offer Participants in accordance with this Subsection 4.1.
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(d)The right of first offer in this Subsection 4.1 shall not be applicable to (i) Exempted Securities (as defined in the Company’s Certificate of Incorporation) and (ii) shares of Common Stock issued in the IPO.
4.2Termination.  The covenants set forth in Subsection 4.1 shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO or (ii) upon a Deemed Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation, whichever event occurs first. 
5.Additional Covenants.
5.1Insurance.  The Company shall maintain, from a financially sound and reputable insurer, Directors and Officers liability insurance in an amount and on such other terms and conditions satisfactory to the Board of Directors, until such time as the Board of Directors determines that such insurance should be discontinued.  
5.2Employee Agreements.  The Company will cause each person now or hereafter employed by it or by any subsidiary (or engaged by the Company or any subsidiary as a consultant/independent contractor) with access to proprietary information, confidential information and/or trade secrets to enter into a nondisclosure and proprietary rights assignment agreement, substantially in the form approved by the Board of Directors.   
5.3Employee Stock.  Unless otherwise approved by the Board of Directors, all future employees and consultants of the Company who purchase, receive options to purchase, or receive awards of shares of the Company’s capital stock after the date hereof shall be required to execute restricted stock or option agreements, as applicable, providing for (i) vesting of shares over a four (4) year period, with the first twenty-five percent (25%) of such shares vesting following twelve (12) months of continued employment or service, and the remaining shares vesting in equal monthly installments over the following thirty-six (36) months, and (ii) a market stand-off provision substantially similar to that in Subsection 2.11.  In addition, unless otherwise approved by the Board of Directors, the Company shall retain a “right of first refusal” on employee transfers until the Company’s IPO and shall have the right to repurchase unvested shares at cost upon termination of employment of a holder of restricted stock.
5.4Board Matters.  Unless otherwise determined by the vote of a majority of the directors then in office, the Board of Directors shall meet at least quarterly in accordance with an agreed-upon schedule.  The Company shall reimburse the nonemployee directors and observers for all reasonable expenses in their services as a nonemployee director or an observer including out-of-pocket travel expenses incurred (consistent with the Company’s travel policy) in connection with attending meetings of the Board of Directors.
5.5Successor 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 
21

contained in the Company’s Bylaws, its Certificate of Incorporation or elsewhere, as the case may be.
5.6Indemnification Matters.  The Company hereby acknowledges that one (1) or more of the directors nominated to serve on the Board of Directors by the Investors including the Preferred Director (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.
5.7Right to Conduct Activities.
(a)The Company hereby agrees and acknowledges that Maverick Advisors Fund, L.P. and Maverick Ventures Investment Fund, L.P. (together with its affiliates, “Maverick”) are professional investment funds, and as such invest 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, Maverick shall not be liable to the Company for any claim arising out of, or based upon, (i) the investment by Maverick in any entity competitive with the Company or (ii) actions taken by any partner, officer or other representative of Maverick 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.
(b)The Company hereby agrees and acknowledges that Artal 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 
22

currently propose to be conducted).  The Company hereby agrees that, to the extent permitted under applicable law, Artal shall not be liable to the Company for any claim arising out of, or based upon, (i) the investment by Artal in any entity competitive with the Company or (ii) actions taken by any partner, officer or other representative of Artal 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.  Notwithstanding anything to the contrary in this Agreement, Artal shall retain its rights under Sections 3.1, 3.2 and 4.1 of this Agreement regardless of whether Artal or any of its Affiliates is a Competitor.
(c)The Company hereby agrees and acknowledges that Aju IB are professional investment funds, and as such invest 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, Aju IB shall not be liable to the Company for any claim arising out of, or based upon, (i) the investment by Aju IB in any entity competitive with the Company or (ii) actions taken by any partner, officer or other representative of Aju IB 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. 
(d)The Company hereby agrees and acknowledges that aMoon 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 proposed to be conducted).  The Company hereby agrees that, to the extent permitted under applicable law, aMoon shall not be liable to the Company for any claim arising out of, or based upon, (i) the investment by aMoon in any entity competitive with the Company or (ii) actions taken by any partner, officer or other representative of aMoon 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.  
(e)The Company hereby agrees and acknowledges that each Fidelity Investor (as defined below) (together with its Affiliates) is a professional investment fund, and as 
23

such invests in numerous portfolio companies, some of which may be deemed competitive with the Company’s business (as currently conducted or as currently proposed to be conducted).  The Company hereby agrees that, to the extent permitted under applicable law, no Fidelity Investor (or any of its Affiliates) shall be liable to the Company for any claim arising out of, or based upon, (i) the investment by any Fidelity Investor (or any of its Affiliates) in any entity competitive with the Company or (ii) actions taken by any partner, officer or other representative of any Fidelity Investor 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 Fidelity 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.  “Fidelity Investors” shall mean any Investors advised or subadvised by Fidelity Management & Research Company or one of its Affiliates.
5.8Termination of Covenants.  The covenants set forth in this Section 5, except for Subsection 5.6, shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO or (ii) upon a Deemed Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation, whichever event occurs first.  
6.Miscellaneous.
6.1Successors and Assigns.  The rights under this Agreement may be assigned (but only with all related obligations) by (i) a Holder to a transferee of Registrable Securities that (A) is an Affiliate of a Holder or (B) is a Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such Holder’s Immediate Family Members or (ii) a Major Investor to a transferee of all of the Registrable Securities held by such Major Investor; provided, however, that (x) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to which such rights are being transferred; and (y) such transferee agrees in a written instrument delivered to the Company to be bound by and subject to the terms and conditions of this Agreement, including the provisions of Subsection 2.11.  For the purposes of determining the number of shares of Registrable Securities held by a transferee, the holdings of a transferee (1) that is an Affiliate or stockholder of a Holder; (2) who is a Holder’s Immediate Family Member; or (3) that is a trust for the benefit of an individual Holder or such Holder’s Immediate Family Member shall be aggregated together and with those of the transferring Holder; provided further that all transferees who would not qualify individually for assignment of rights shall have a single attorney-in-fact for the purpose of exercising any rights, receiving notices, or taking any action under this Agreement.  The terms and conditions of this Agreement inure to the benefit of and are binding upon the respective successors and permitted assignees of the parties.  Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein.
24

6.2Governing Law.  This Agreement shall be governed by the internal law of the State of Delaware.
6.3Counterparts.  This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.  
6.4Titles and Subtitles.  The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing or interpreting this Agreement.
6.5Notices.  All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent by electronic mail or facsimile during the recipient’s normal business hours, and if not sent during normal business hours, then on the recipient’s next business day; (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (iv) one (1) business day after the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written verification of receipt.  All communications shall be sent to the respective parties at their addresses as set forth on Schedule A or Schedule B (as applicable) hereto, or to the principal office of the Company and to the attention of the Chief Executive Officer, in the case of the Company, or to such email address, facsimile number, or address as subsequently modified by written notice given in accordance with this Subsection 6.5.  If notice is given to the Company, a copy shall also be sent to Wilson Sonsini Goodrich & Rosati, P.C., 650 Page Mill Road, Palo Alto, California 94304, Attention: Tony Jeffries, and if notice is given to the Investors, a copy shall also be given to Cooley LLP, 3175 Hanover Street, Palo Alto, California 94306, Attention: Kevin Rooney; Patterson Belknap Webb and Tyler LLP, 1133 Avenue of the Americas, New York, New York 10036, Attention: Peter Schaeffer; Morgan, Lewis & Bockius LLP, One Federal Street, Boston, MA 02110-1726; Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP, 550 Allerton Street, Redwood City, CA 94063, Attention: Andy Bradley; Attention: James P. Carrigan; Naschitz Brandes Amir & Co., 5 Tuval St. Tel Aviv, Israel, Attention: Asher Assis, Adv., and Inbar Mishory Bartal, Adv and Greenberg Traurig, LLP, One International Place, Suite 2000, Boston, MA 02110, Attention: Bradley A. Jacobson.
6.6Amendments and Waivers.  Any term of this Agreement may be amended, or terminated and the observance of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company and the holders of at least a majority of the Registrable Securities then outstanding; provided that the Company may in its sole discretion waive compliance with Subsection 2.12(c) (and the Company’s failure to object promptly in writing after notification of a proposed assignment allegedly in violation of Subsection 2.12(c) shall be deemed to be a waiver); and provided further that any provision hereof may be waived by any waiving party on such party’s own behalf, without the consent of any other party.  Notwithstanding the foregoing, 
25

this Agreement may not be amended or terminated and the observance of any term hereof may not be waived with respect to any Investor without the written consent of such Investor, unless such amendment, termination, or waiver applies to all Investors in the same fashion (it being agreed that a waiver of the provisions of Section 4 with respect to a particular transaction shall be deemed to apply to all Investors in the same fashion if such waiver does so by its terms, notwithstanding the fact that certain Investors may nonetheless, by agreement with the Company, purchase securities in such transaction, provided however, absent the consent or approval of an adversely affected non-waiving Major Investor who desires to purchase securities in such transaction, any waiver with the effect of reducing the number of New Securities such Major Investor may purchase pursuant to Section 4.1 in any Company financing must proportionately reduce the number of New Securities all other Major Investors may purchase pursuant to Section 4.1 or otherwise in such financing).  Further, this Agreement may not be amended, and no provision hereof may be waived, in each case, in any way which would adversely affect the rights of the Key Holders hereunder in a manner disproportionate to any adverse effect such amendment or waiver would have on the rights of the Investors hereunder, without also the written consent of the holders of at least a majority of the shares of Common Stock (including shares of Class A Common Stock issued or issuable upon conversion of Preferred Stock) held by the Key Holders.  The Company shall give prompt notice of any amendment or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, termination, or waiver.  Any amendment, termination or waiver effected in accordance with this Subsection 6.6 shall be binding on all parties hereto, regardless of whether any such party has consented thereto.  No waivers of or exceptions to any term, condition or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision.  Notwithstanding anything to the contrary in this Section 6.6 or otherwise in this Agreement, Sections 3.3(a) and 5.7(b) of this Agreement shall not be amended or waived without the written consent of Artal. Notwithstanding anything to the contrary in this Section 6.6 or otherwise in this Agreement, Section 5.7(c) of this Agreement shall not be amended or waived without the written consent of Aju IB. Notwithstanding anything to the contrary in this Section 6.6 or otherwise in this Agreement, Section 5.7(a) of this Agreement shall not be amended or waived without the written consent of Maverick. Notwithstanding anything to the contrary in this Section 6.6 or otherwise in this Agreement, Sections 3.3(c) and 5.7(d) of this Agreement shall not be amended or waived without the written consent of aMoon. Notwithstanding anything to the contrary in this Section 6.6 or otherwise in this Agreement, Section 5.7(e) of this Agreement shall not be amended or waived without the written consent of the Fidelity Investors.
6.7Severability.  In case any one or more of the provisions contained in this Agreement is for any reason held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable provision shall be reformed and construed so that it will be valid, legal and enforceable to the maximum extent permitted by law.
6.8Aggregation of Stock.  All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose of determining the availability 
26

of any rights under this Agreement and such Affiliated persons may apportion such rights as among themselves in any manner they deem appropriate.
6.9Additional Investors.  Notwithstanding anything to the contrary contained herein, if the Company issues additional shares of the Company’s Preferred Stock after the date hereof, any purchaser of such shares of Preferred Stock may become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement, and thereafter shall be deemed an “Investor” for all purposes hereunder.  No action or consent by the Investors shall be required for such joinder to this Agreement by such additional Investor, so long as such additional Investor has agreed in writing to be bound by all of the obligations as an “Investor” hereunder.
6.10Entire Agreement.  This Agreement (including any Schedules and Exhibits hereto) constitutes the full and entire understanding and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled. Upon the effectiveness of this Agreement, the Prior Agreement shall be deemed amended and restated and superseded and replaced in its entirety by this Agreement, and shall be of no further force or effect.
6.11Dispute Resolution.  The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of the State of Delaware and to the jurisdiction of the United States District Court for the District of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of the State of Delaware or the United States District Court for the District of Delaware and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court.
Waiver of Jury Trial: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF.  THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.  THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS.  EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND 
27

VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.
The prevailing party shall be entitled to reasonable attorney’s fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled. 
6.12Delays or Omissions.  No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such nonbreaching or nondefaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring.  All remedies, whether under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative.
[Remainder of Page Intentionally Left Blank]
28

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
									
		COMPANY:
			
		SEER, INC.
			
		By:	/s/ Omid Farokhzad
		Name:	Omid Farokhzad
		Title:	Chief Executive Officer

SIGNATURE PAGE TO SEER, INC. AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
									
		INVESTORS:
			
		FIDELITY MT. VERNON STREET TRUST:
FIDELITY GROWTH COMPANY FUND

			
		By:	/s/ Stacie Smith
		Name:	Stacie Smith
		Title:	Authorized Signatory
			
		FIDELITY MT. VERNON STREET TRUST:
FIDELITY SERIES GROWTH COMPANY FUND

			
		By:	/s/ Stacie Smith
		Name:	Stacie Smith
		Title:	Authorized Signatory
			
		FIDELITY GROWTH COMPANY
COMMINGLED POOL

			
		By: Fidelity Management Trust Company, as
Trustee

			
		By:	/s/ Stacie Smith
		Name:	Stacie Smith
		Title:	Authorized Signatory
			
		FIDELITY MT. VERNON STREET TRUST:
FIDELITY GROWTH COMPANY K6 FUND

			
		By:	/s/ Stacie Smith
		Name:	Stacie Smith
		Title:	Authorized Signatory
			
		FIDELITY SELECT PORTFOLIOS: SELECT
MEDICAL TECHNOLOGY AND DEVICES
PORTFOLIO

			
		By:	/s/ Stacie Smith
		Name:	Stacie Smith
		Title:	Authorized Signatory

SIGNATURE PAGE TO SEER, INC. AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
									
		INVESTORS:
			
		AJU LIFE SCIENCE 3.0 VENTURE FUND
C/O AJU IB INVESTMENT

			
		By:	/s/ Ji-won Kim
		Name:	Ji-won Kim
		Title:	CEO
			
		AJU GOOD VENTURE FUND
C/O AJU IB INVESTMENT

			
		By:	/s/ Ji-won Kim
		Name:	Ji-won Kim
		Title:	CEO
			
		AMOON 2 FUND LIMITED PARTNERSHIP
			
		By: aMoon 2 Fund G.P. Limited Partnership
its general partner

			
		By: aMoon General Partner Ltd.
its general partner

			
		By:	/s/ Tomer Berkovitz
		Name:	Tomer Berkovitz
		Title:	Partner & CFO
			
		AMOON CO-INVESTMENT SPV I, LIMITED PARTNERSHIP
			
		By: aMoon 2 Fund G.P. Limited Partnership
its general partner

			
		By: aMoon General Partner Ltd.
its general partner

			
		By:	/s/ Tomer Berkovitz
		Name:	Tomer Berkovitz
		Title:	Partner & CFO

SIGNATURE PAGE TO SEER, INC. AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

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

			
		By:	/s/ Steve McDermid
		Name:	Steve McDermid
		Title:	Authorized Signatory
			
		HBM HEALTHCARE INVESTMENTS
(CAYMAN) LTD.

			
		By:	/s/ Jean-Marc LeSieur
		Name:	Jean-Marc LeSieur
		Title:	Director
			
		HBM GENOMICS LTD.
			
		By:	/s/ Saeid Akhtari
		Name:	Saeid Akhtari
		Title:	Managing Director
			
		INVUS PUBLIC EQUITIES, L.P.
			
		By:	/s/ Raymond Debbane
		Name:	Raymond Debbane
		Title:	President of the General Partner
			
		SOULBRAIN CO., LTD.
			
		By:	/s/ Kang Byung Chang
		Name:	Kang Byung Chang
		Title:	CEO

SIGNATURE PAGE TO SEER, INC. AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
									
		INVESTORS:
			
		MAVERICK VENTURES INVESTMENT
FUND, L.P.

			
		By: Maverick Capital Ventures, LLC,
its General Partner

			
		By: Maverick Capital Advisors, L.P.,
its Manager

			
		By:	/s/ Ginessa Avila
		Name:	Ginessa Avila
		Title:	Authorized Signatory
			
		MAVERICK ADVISORS FUND, L.P.
			
		By: Maverick Capital Ventures, LLC,
its General Partner

			
		By: Maverick Capital Advisors, L.P.,
its Manager

			
		By:	/s/ Ginessa Avila
		Name:	Ginessa Avila
		Title:	Authorized Signatory
			
		T. Rowe Price Health Sciences Fund, Inc.
TDMutualFunds-TDHealthSciencesFund
VALICCompany I -Health SciencesFund
T.RowePriceHealthSciencesPortfolio
Each account, severally and not jointly

			
		By: T. Rowe Price Associates, Inc., Investment
Adviser or Subadviser, as applicable

			
		By:	/s/ Andrew Baek
		Name:	Andrew Baek
		Title:	Vice President

SIGNATURE PAGE TO SEER, INC. AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
									
		INVESTORS:
			
		WING TWO, LP.
for itself and as nominee for
Wing Principals Two, L.P. and
Wing Strategic Partners Two, L.P.

			
		By: Wing Ventures II, L.L.C.,
its general partner

			
		By:	/s/ Hillary Swain
		Chief Financial Officer
			
		2003 MA FAMILY LIVING TRUST
			
		By:	/s/ Philip Ma
		Name:	Philip Ma
		Title:	Trustee
			
		DYNAMICS GROUP LLC
			
		By:	/s/ Omid Farokhzad
		Name:	Omid Farokhzad
		Title:	Member
			
		ROBERT LANGER
			
		/s/ Robert Langer
			
		PHILIP MA
			
		/s/ Philip Ma

SIGNATURE PAGE TO SEER, INC. AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
									
		INVESTORS:
			
		OCF TRUST
			
		By: J.P. Morgan Trust Company of Delaware as Trustee
			
		Signature:	/s/ Sean M. Becker
		Name:	Sean M. Becker
		Title:	Trust Officer
			
		SAF-BND TRUST
			
		Signature:	/s/ Shadi Aryanpour-Farokhzad
		Name:	Shadi Aryanpour-Farokhzad
		Title:	Trustee
			
		STRONG BRIDGE, LLC
			
		Signature:	/s/ Terry McGuire
		Name:	Terry McGuire
		Title:	Partner

SIGNATURE PAGE TO SEER, INC. AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
									
		KEY HOLDERS:
			
		2003 MA FAMILY LIVING TRUST
			
		By:	/s/ Philip Ma
		Name:	Philip Ma
		Title:	Trustee
			
		DYNAMICS GROUP LLC
			
		By:	/s/ Omid Farokhzad
		Name:	Omid Farokhzad
		Title:	Member
			
		OMID FAROKHZAD
			
		/s/ Omid Farokhzad
			
		ROBERT LANGER
			
		/s/ Robert Langer
			
		PHILIP MA
			
		/s/ Philip Ma
			
		OCF TRUST
			
		By: J.P. Morgan Trust Company of Delaware as Trustee
			
		Signature:	/s/ Sean M. Becker
		Name:	Sean M. Becker
		Title:	Trust Officer

SIGNATURE PAGE TO SEER, INC. AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
									
		KEY HOLDERS:
			
		SAF-BND TRUST
			
		Signature:	/s/ Shadi Aryanpour-Farokhzad
		Name:	Shadi Aryanpour-Farokhzad
		Title:	Trustee

SIGNATURE PAGE TO SEER, INC. AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

SCHEDULE A
Investors
Fidelity Mt. Vernon Street Trust: Fidelity Growth Company Fund
BNY Mellon
One BNY Mellon Center
500 Grant Street AIM 151-2700
Pittsburgh, Pa 15258
Fidelity Mt. Vernon Street Trust: Fidelity Series Growth Company Fund
Mag & Co.
c/o Brown Brothers Harriman & Co.
Attn: Corporate Actions /Vault
140 Broadway
New York, NY 10005
Fidelity Growth Company Commingled Pool
Mag & Co.
c/o Brown Brothers Harriman & Co.
Attn: Corporate Actions /Vault
140 Broadway
New York, NY 10005
Fidelity Mt. Vernon Street Trust: Fidelity Growth Company K6 Fund
BNY Mellon
One BNY Mellon Center
500 Grant Street AIM 151-2700
Pittsburgh, Pa 15258
Fidelity Select Portfolios: Select Medical Technology and Devices Portfolio
Mag & Co.
c/o Brown Brothers Harriman & Co.
Attn: Corporate Actions /Vault
140 Broadway
New York, NY 10005
Aju Life Science 3.0 Venture Fund
201 Teheran-ro, 5th floor 
Gangnam-gu, Seoul, Korea 06141
Aju Good Venture Fund
201 Teheran-ro, 5th floor 
Gangnam-gu, Seoul, Korea 06141

aMoon 2 Fund, Limited Partnership
aMoon Co-Investment SPV I, L.P.
34 Yerushalaim Rd,
Beit Gamla, 6th Floor,
Ra’anana, 4350110
Israel
Invus Public Equities, L.P.
C/O The Invus Group, LLC
750 Lexington Avenue
New York, NY 10022
Att’n: Raymond Debbane
With a cc to: Philippe Amouyal
Emerson Collective Investments, LLC
Maverick Advisors Fund, L.P.
c/o Maverick Capital, Ltd.
1900 N. Pearl Street, 20th Floor
Dallas, TX 75201
Attn: General Counsel 
Maverick Ventures Investment Fund, L.P.
c/o Maverick Capital, Ltd.
1900 N. Pearl Street, 20th Floor
Dallas, TX 75201
Attn: General Counsel 
T. Rowe Price Health Sciences Fund, Inc.
TD Mutual Funds - TD Health Sciences Fund
VALIC Company I - Health Sciences Fund
T. Rowe Price Health Sciences Portfolio
c/o T. Rowe Price Associates, Inc.
100 East Pratt Street
Baltimore, MD 21202
Attn: Andrew Baek, Vice President and Senior Legal Counsel
Dynamics Group LLC
Robert S. Langer, Jr.
Philip Ma

Soulbrain Co., Ltd.
34, Pangyo-Ro 255 Beon-Gil, Bundang-Gu
Seongnam-Si, Gyenggi-Do, Republic of Korea
Attn: Dr. Nam Huh
Strong Bridge, LLC
c/o North Star Advisors, LLC
880 Winter Street, Suite 350
Waltham, MA 02451
Mostafa Ronaghi
HBM Genomics Ltd. 
Governors Square, Suite #4-212-2
23 Lime Tree Bay Avenue
West Bay
Grand Cayman, Cayman Islands
HBM Healthcare Investments (Cayman) Ltd.
Governors Square, Suite #4-212-2
23 Lime Tree Bay Avenue
West Bay
Grand Cayman, Cayman Islands
Omead Ostadan
David Epstein
WS Investment Company, LLC (2017A)
Attn: James Terranova
c/o Wilson Sonsini Goodrich & Rosati 
650 Page Mill Road
Palo Alto, CA  94304 
WS Investment Company, LLC (2018A)
Attn: James Terranova
c/o Wilson Sonsini Goodrich & Rosati 
650 Page Mill Road 
Palo Alto, CA  94304 
Alfred Sandrock
R. Randolph Scott

2003 Ma Family Living Trust
OCF 2014 Trust
SAF-BND Trust
Wing Two, L.P.
480 Lytton Avenue
Palo Alto, CA 94301
Global AG Investments LLC
c/o 1928 Alcova Ridge Dr.
Las Vegas, NV  89135
Leslie Hellewell

SCHEDULE B
Key Holders
Omid Farokhzad
Robert S. Langer, Jr.
Philip Ma
Dynamics Group LLC
2003 Ma Family Living Trust
OCF 2014 Trust
SAF-BND Trust

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