Document:

Exhibit
10.1

 

COOPERATION
AGREEMENT

 

This
Cooperation Agreement (this “Agreement”), effective as of August 21, 2020 (the “Effective Date”),
is entered into by and between CytRx Corporation, a Delaware corporation (the “Company”), and Jerald A. Hammann
and his Affiliates (collectively, “Hammann”). The Company and Hammann are together referred to herein as the
“Parties,” and each, a “Party.” Unless otherwise defined herein, capitalized terms shall
have the meanings given to them in Section 19 herein.

 

WHEREAS,
Hammann beneficially owns 43,703 shares of the Company’s common stock, par value $0.001 per share (the “Common
Stock”), as of the Effective Date;

 

WHEREAS,
on or about February 4, 2020, February 8, 2020, February 12, 2020 and June 17, 2020, the Company received letters from Hammann
(collectively, the “Demand Letters”) demanding pursuant to Section 220 of the Delaware General Corporation
Law, among other things, that the Company produce a list of its stockholders (the “Stockholder List Demand”)
and other certain books and records for inspection by Hammann;

 

WHEREAS,
on August 20, 2020, the Company received a letter pursuant to Delaware Court of Chancery Rule 23.1, which among other things,
demanded that the Company void its 2019 Stock Incentive Plan (the “Rule 23.1 Letter”);

 

WHEREAS,
Hammann has launched a campaign in opposition to the Company’s recommendations, nominees and proposals (the “Proxy
Contest”) with respect to the Company’s 2020 annual meeting of stockholders (the “2020 Annual Meeting”);

 

WHEREAS,
the Parties have determined that the interests of the Company and its stockholders would be best served by, among other things,
avoiding the substantial expense and duration that would result from continuing the Proxy Contest;

 

WHEREAS,
the Board of Directors of the Company (the “Board”) has agreed to expand the Board by adding a new independent
director within one (1) year of the 2020 Annual Meeting;

 

WHEREAS,
Hammann has, among other things, agreed to terminate the Proxy Contest, withdraw his Demand Letters, and to refrain from submitting
any director nominations and stockholder proposals during the Standstill Period (as defined below); and

 

WHEREAS,
the Parties desire to enter into this Agreement regarding the termination of the Proxy Contest, the composition of the Board and
certain other matters including but not limited to the topics included in Hammann’s operative February 12, 2020 Demand Letter,
as provided in this Agreement.

 

NOW,
THEREFORE, in consideration of the promises, representations and mutual covenants and agreements set forth herein, and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree
as follows:

 

    	 

     

    

 

1.
Board Composition.

 

(a)
Board Matters. The Company and Hammann mutually agree that the Company will engage a nationally recognized recruiting firm
(the “Recruiting Firm”) to assist the Board by conducting a complete review of potential candidates for the
Board. Each Party acknowledges that, prior to the Effective Date, it has had an equal ability to create a list of criteria for
such potential candidates as set forth on Exhibit A attached hereto (the “Criteria”). Hammann agrees
to work closely and in good faith with the Recruiting Firm to identify a list of no fewer than five (5) potential candidates,
each of whom must possess all the Criteria and would be presented for interview and selection by the Board; provided, however,
that should more than five (5) qualified candidates be identified, the Board, at its option, may elect to interview the additional
candidates; provided, further, that in exchange for Hammann’s services as an independent contractor to the
Company described in this Section 1(a), he shall receive payment of a fee equal to $250 per hour, subject to an aggregate
fee cap not to exceed $25,000, including all fees and expenses, and a Form 1099-MISC provided by the Company. From the list of
potential candidates, the Board will select one (1) individual to serve as a member of the Board (the “New Director”);
provided that the Board has confirmed that the New Director would be an “Independent Director” as prescribed
in the standards of the OTC Markets pertaining to companies listed on OTCQB. As promptly as practicable after the selection of
the New Director, but in any event no later than the first anniversary of the 2020 Annual Meeting, the Board and all applicable
committees of the Board shall take all necessary actions to increase the size of the Board’s membership by one (1) and appoint
the New Director as a Class I director of the Company with a term expiring at the 2022 annual meeting of stockholders (the “2022
Annual Meeting”). The Company agrees to nominate the New Director at the 2022 Annual Meeting unless a quorum is not
deemed present for the purposes of conducting all the business of the 2022 Annual Meeting, in which case, the Company agrees to
nominate the New Director at the next-subsequent annual meeting(s) of stockholders until such time as a quorum is present; provided
that, the Board may choose not to nominate the New Director at such a meeting if it determines in good faith, after consulting
outside counsel, that doing so would prohibit Board members from complying with their fiduciary duties as directors of the Company
to the non-employee, non-Board member stockholders. In connection with the foregoing, and as a condition to the New Director’s
appointment to the Board, the New Director will:

 

(i)
provide to the Company information required to be or customarily disclosed by directors or director candidates in proxy statements
or other filings under applicable law or stock exchange regulations, information in connection with assessing eligibility, independence
and other criteria applicable to directors or satisfying compliance and legal obligations, and a fully completed copy of the Company’s
director candidate questionnaire and other reasonable and customary director onboarding documentation, and consent to appropriate
background checks comparable to those undergone by other non-management directors of the Company; and

 

(ii)
receive (A) the same benefits of director and officer insurance, and any indemnity and exculpation arrangements available generally
to the directors on the Board, (B) the same compensation for his or her service as a director as the compensation received by
other non-management directors on the Board and (C) such other benefits on the same basis as all other non-management directors
on the Board.

 

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(b)
Board Policies and Procedures. Each Party acknowledges that the New Director, upon appointment to the Board, shall be governed
by all of the same policies, processes, procedures, codes, rules, standards and guidelines applicable to members of the Board,
including, but not limited to, the Company’s Corporate Governance Guidelines and Code of Business Conduct and Ethics and
any other policies on stock ownership, public disclosures and confidentiality (collectively, the “Company Policies”),
and shall be required to strictly adhere to the Company’s policies on confidentiality imposed on all members of the Board.
Notwithstanding anything to the contrary contained in this Agreement and/or the Company Policies, Hammann shall not request, analyze,
review or use any Confidential Information (as defined below) of the Company provided to Hammann by the New Director that such
New Director learns in his or her capacity as a member of the Board; and Hammann shall promptly (and in every instance within
two (2) business days following any sharing of or attempt to share Confidential Information by the New Director with Hammann)
inform the Company, in the manner set forth for communicating with the Company in the Company Policies, if the New Director shares
or attempts to share Confidential Information with Hammann.

 

2.
Termination of Proxy Contest. As of the Effective Date, Hammann hereby agrees to take all necessary actions to publicly
and irrevocably terminate the Proxy Contest and all solicitation and other activities in connection therewith, including among
other things, to (a) immediately cease any and all solicitation and other activities in connection with the Proxy Contest (it
being understood and agreed that Hammann is required to vote his own shares of Common Stock at the 2020 Annual Meeting, subject
to the provisions of this Agreement), (b) withdraw Hammann’s nomination notice received by the Company on February 18, 2020,
(c) withdraw and terminate all requests for the Stockholder List, and other books and records materials requested in the Demand
Letters, and any other books and records materials requested pursuant to Rule 14a-7 under the Securities Exchange Act of 1934,
as amended, and with the rules and regulations thereunder (the “Exchange Act”) or any statutory or regulatory
provisions of Delaware providing for stockholder access to books and records (including lists of stockholders), and destroy and
certify the destruction of all materials and summaries or duplicates thereof that have been delivered to Hammann, his Affiliates
and Associates or his Representatives on or prior to the Effective Date, (d) withdraw the Rule 23.1 Letter and terminate all requests
made therein and (e) agree not to vote, nor cause to be voted, and, if applicable, to discard, all proxies received, and to be
received, in connection with the Proxy Contest.

 

3.
Proposals to Increase the Number of Authorized Shares. From the Effective Date until the Termination Date (as defined below)
(the “Standstill Period”), the Company shall not take any action in support of or make any proposal to increase
the number of the Company’s authorized outstanding shares of Common Stock, unless the Board determines in good faith, after
consulting outside counsel, that the lack of such action would prohibit Board members from complying with their fiduciary duties
as directors of the Company to the non-employee, non-Board-member stockholders.

 

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4.
Sale of Voting Securities.

 

(a) Within twelve (12) months of the Effective Date, Hammann shall sell, assign, transfer,
convey and deliver, directly or indirectly, in open market sale transactions all Voting Securities (as defined below) and any
voting rights decoupled from the underlying Voting Securities owned by Hammann, of record or beneficially, as of the
Effective Date; provided, however, that Hammann shall be entitled to keep any and all proceeds obtained as a
result of such transactions.

 

(b)
From the Effective Date to the date on which Hammann no longer owns any Voting Securities, Hammann shall promptly, upon reasonable
written notice from the Company pursuant to Section 20 hereof, provide the Company with information regarding the amount
of Voting Securities (i) beneficially owned by him, (ii) with respect to which Hammann has (A) any direct or indirect rights or
options to acquire or (B) any economic exposure through any derivative securities or contracts or instruments in any way related
to the price of such securities, or (iii) with respect to which Hammann has hedged his position by selling covered call options.
This ownership information provided to the Company will be kept strictly confidential unless required to be disclosed pursuant
to applicable laws and regulations, any subpoena, legal process or other legal requirement or in connection with any litigation
or similar proceedings in connection with this Agreement.

 

5. Compensation.

 

(a)
During the Standstill Period, the Company agrees that (i) named executive officer compensation, including, but not limited to,
salaries, bonuses, equity, restricted stock, options and rights assignments of the Company’s named executive officers for
their services rendered (collectively, “NEO Compensation”), which shall continue as provided for in and required
by the existing employment agreements of the Company’s named executive officers, (ii) other than sums equal to NEO Compensation
over which the Board has discretionary authority that were disclosed on page 18 of the Company’s definitive proxy statement
filed with the Securities and Exchange Commission (the “SEC”) on August 10, 2020 (the “2020 Company
Proxy Statement”), which sums, for avoidance of doubt, shall include the $100,000 received by John Y. Caloz for services
rendered in all capacities during 2019, the Board shall not pay or otherwise effect the distribution of any NEO Compensation over
which the Board has discretionary authority, and (iii) compensation paid to Board members, including but not limited to, the New
Director, for their services as directors, in each case, shall not exceed the amounts disclosed in the 2020 Company Proxy Statement,
as reflected for the Board members in paragraph 2 of page 23 within the section titled Compensation of Directors. For the avoidance
of doubt, nothing contained in this Agreement shall affect the terms of any publicly-disclosed compensation arrangements between
the Company and its officers or directors in effect prior to the Effective Date.

 

(b)
The Company will, no later than such time as the compensation for its named executive officers and Board members is up for renewal,
enter into a services agreement (the “Services Agreement”) with a nationally recognized third-party consulting
firm (together with Affiliates, the “Independent Compensation Consultant”), in a form mutually agreed to by
the Company and the Independent Compensation Consultant under which the Independent Compensation Consultant will provide consulting
services with respect to the Company’s compensation structure and as may be further agreed in any statement of work.

 

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6.
Voting. From the Effective Date to the date on which Hammann no longer owns any Voting Securities, Hammann agrees that
he will appear in person or by proxy at each annual or special meeting of stockholders of the Company (including any adjournment,
postponement, rescheduling or continuation thereof), whether such meeting is held at a physical location or virtually by means
of remote communications, and will vote (or execute a consent with respect to) all Voting Securities beneficially owned by Hammann
at such time in accordance with the Board’s recommendations with respect to (a) each election of directors and any removal
of directors and any replacement of directors, (b) the ratification of the appointment of the Company’s independent registered
public accounting firm, (c) the Company’s “say-on-pay” proposal and (d) any other proposal to be submitted to
the stockholders of the Company by either the Company or any stockholders of the Company.

 

7.
Mutual Non-Disparagement.

 

(a)
Subject to Section 9, Hammann agrees that, during the Standstill Period, he shall not, directly or indirectly, in any capacity
or manner, make, express, transmit, speak, write, verbalize or otherwise communicate in any way (or cause, further, assist, solicit,
encourage, support or participate in any of the foregoing), any remark, comment, message, information, declaration, communication
or other statement of any kind, whether verbal, in writing, electronically transferred or otherwise, that might reasonably be
construed to be derogatory or critical of, or negative toward, the officers or directors of the Company, or that might be reasonably
be construed to malign, harm, disparage, defame or damage the reputation or good name of (i) the Company, (ii) the Company’s
business and/or (iii) any of the directors of the Company.

 

(b)
The Company hereby agrees that, during the Standstill Period, it shall not, directly or indirectly, in any capacity or manner,
make, express, transmit, speak, write, verbalize or otherwise communicate in any way (or cause, further, assist, solicit, encourage,
support or participate in any of the foregoing), any remark, comment, message, information, declaration, communication or other
statement of any kind, whether verbal, in writing, electronically transferred or otherwise, that might reasonably be construed
to be derogatory or critical of, or negative toward, Hammann, or that might reasonably be construed to malign, harm, disparage,
defame or damage the reputation or good name of Hammann.

 

(c)
Notwithstanding the foregoing, nothing in this Section 7 or elsewhere in this Agreement shall prohibit any Party from making
any statement or disclosure required under the federal securities laws or other applicable laws (including to comply with any
subpoena or other legal process from any governmental or regulatory authority with competent jurisdiction over the relevant Party
hereto) or stock exchange regulations; provided, however, that, unless prohibited under applicable law, such Party
must provide written notice to the other Party at least two (2) business days prior to making any such statement or disclosure
required under the federal securities laws or other applicable laws or stock exchange regulations that would otherwise be prohibited
by the provisions of this Section 7, and reasonably consider any comments of such other Party.

 

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(d)
The limitations set forth in Sections 7(a) and 7(b) shall not prevent any Party from responding to any public statement
made by the other Party of the nature described in Sections 7(a) and 7(b), if such statement by the other Party
was made in breach of this Agreement.

 

8.
No Litigation.

 

(a)
Hammann covenants and agrees that, during the Standstill Period, he shall not, and shall not permit any of his Representatives
to, alone or in concert with others, knowingly encourage or pursue, or knowingly assist any other person to threaten, initiate
or pursue, any lawsuit, claim or proceeding (including commencing, encouraging or supporting any derivative action in the name
of the Company or any class action against the Company or any of its officers or directors, in each case with the intent of circumventing
any terms of this Agreement) before any court or governmental, administrative or regulatory body (collectively, “Legal
Proceedings”) against the Company or any of its Representatives, except for any Legal Proceeding initiated solely to
remedy a breach of or to enforce this Agreement; provided, however, that the foregoing shall not prevent Hammann
or any of his Representatives from responding to oral questions, interrogatories, requests for information or documents, subpoenas,
civil investigative demands or similar processes (a “Legal Requirement”) in connection with any Legal Proceeding
if such Legal Proceeding has not been initiated by, or on behalf of, Hammann or any of his Representatives; provided, further,
that in the event that Hammann or any of his Representatives receives such Legal Requirement, Hammann shall, unless prohibited
by applicable law, give prompt written notice of such Legal Requirement to the Company.

 

(b)
The Company covenants and agrees that, during the Standstill Period, it shall not, and shall not permit any of its Representatives
to, alone or in concert with others, knowingly encourage or pursue, or knowingly assist any other person to threaten, initiate
or pursue, any Legal Proceedings against Hammann or any of his respective Representatives, except for any Legal Proceeding initiated
solely to remedy a breach of or to enforce this Agreement; provided, however, that the foregoing shall not prevent
the Company or any of its Representatives from responding to a Legal Requirement in connection with any Legal Proceeding if such
Legal Proceeding has not been initiated by, or on behalf of, the Company or any of its Representatives; provided, further,
that in the event the Company or any of its Representatives receives such Legal Requirement, the Company shall, unless prohibited
by applicable law, give prompt written notice of such Legal Requirement to Hammann.

 

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(c)
To the extent permitted by law, and in consideration of and exchange for payment by the Company to Hammann in the amount of $250,000,
Hammann on behalf of himself and for all of his Affiliates, Associates, joint ventures and partnerships, successors, assigns,
and the respective owners, officers, directors, partners, members, managers, principals, parents, subsidiaries, agents, Representatives,
employees, advisors, consultants, attorneys, heirs, executors, administrators, successors and assigns of any such person or entity
irrevocably, fully, completely and unconditionally releases, settles, acquits and forever discharges the Company and its Affiliates
and Representatives, including but not limited to all of the Company’s directors and officers, and the Company’s insurers,
successors and assigns, from any and all causes of action, claims, actions, rights, judgments, obligations, damages, amounts,
demands, losses, controversies, contentions, complaints, promises, accountings, bonds, bills, debts, dues, sums of money, expenses,
specialties and fees and costs (whether direct, indirect or consequential, known or unknown, incidental or otherwise, including,
without limitation, attorney’s fees or court costs, of whatever nature) incurred in connection therewith of any kind whatsoever,
in his own right, representatively, derivatively or in any other capacity, in law or in equity or liabilities of whatever kind
or character, arising under federal, state, foreign, or common law or the laws of any other relevant jurisdiction that Hammann
has, had or may have had from the beginning of time to and including the Effective Date (the “Claims”), which
for the avoidance of doubt shall include, among other things, any and all Claims related to (i) the Demand Letters and Rule 23.1
Letter and any behavior or circumstances for which the Demand Letters or Rule 23.1 Letter were seeking information from or action
by the Company and (ii) any agreements between the Company and its officers or directors; provided, that in giving the
releases set forth in this Section 8(c), which includes Claims which may be unknown at present, Hammann agrees and expressly
waives and relinquishes, to the fullest extent permitted by law, the provisions, rights and benefits of Section 1542 of the California
Civil Code, as well as any other similar provision under federal or state law, which provides:

 

A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER
FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT
WITH THE DEBTOR OR RELEASED PARTY.

 

Hammann
fully understands that the facts on which this Agreement is to be executed may be different from the facts now believed to be
true and expressly accepts and assumes the risk of this possible difference in facts and agrees that this Agreement will remain
effective despite any difference in facts.

 

Further,
Hammann agrees that this waiver is an essential and material term of this release and the terms and payments that underly it and
that without such waiver this Agreement would not have been accepted.

 

9.
Standstill.

 

(a)
During the Standstill Period, unless otherwise approved by the Board or by the Company, Hammann shall not, and shall cause his
Associates and Representatives not to, directly or indirectly:

 

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(i)
make any public announcement or proposal with respect to, or offer, seek, propose or indicate an interest in, (A) any form of
business combination or acquisition or other transaction relating to a material amount of assets or securities of the Company
or any of its subsidiaries, (B) any form of restructuring, recapitalization or similar transaction with respect to the Company
or any of its subsidiaries or (C) any form of tender or exchange offer for shares of Common Stock or other Voting Securities,
whether or not such transaction involves a Change of Control (as defined below) of the Company;

 

(ii)
engage in, or assist in the engagement in, any solicitation of proxies or written consents to vote any Voting Securities of the
Company, or conduct or assist in the conducting of, any type of binding or nonbinding referendum with respect to any Voting Securities,
or assist or participate in any other way, directly or indirectly, in any solicitation of proxies (or written consents) with respect
to, or from the holders of, any Voting Securities, or otherwise become a “participant” in a “solicitation,”
as such terms are defined in Instruction 3 of Item 4 of Schedule 14A and Rule 14a-1 of Regulation 14A, respectively, under the
Exchange Act, to vote any securities of the Company (including by initiating, encouraging or participating in any “withhold”
or similar campaign);

 

(iii)
purchase or otherwise acquire, or offer, seek, propose or agree to acquire, ownership (including beneficial ownership) of any
securities of the Company, any direct or indirect rights or options to acquire any such securities, any derivative securities
or contracts or instruments in any way related to the price of shares of Common Stock, or any assets or liabilities of the Company;

 

(iv)
sell, offer or agree to sell directly or indirectly, through swap or hedging transactions or otherwise, the securities of the
Company or any rights decoupled from the underlying securities held by Hammann to any person not (A) a party to this Agreement,
(B) a member of the Board, (C) an officer of the Company or (D) an Affiliate of any Party (any person not set forth in clauses
(A) through (D) shall be referred to as a “Third Party”) that would knowingly (after due inquiry) result in
such Third Party, together with its Affiliates, owning, controlling or otherwise having any, beneficial or other ownership interest
representing in the aggregate in excess of 4.9% of the shares of Common Stock outstanding at such time;

 

(v)
take any action in support of or make any proposal or request that constitutes or would result in: (A) advising, controlling,
changing or influencing any director or the management of the Company, including, but not limited to, any plans or proposals,
and/or consenting to the calling of any special meeting of stockholders to effect such plans or proposals, to change the number
or term of directors or to fill any vacancies on the Board, except as set forth in this Agreement, (B) any material change in
the capitalization, stock repurchase programs and practices or dividend policy of the Company, (C) any other material change in
the Company’s management, business or corporate structure, (D) seeking to have the Company waive or make amendments or modifications
to the Restated Certificate of Incorporation of the Company, as amended, and/or the Amended and Restated By-Laws of the Company
(together, the “Governing Materials”), or other actions that may impede or facilitate the acquisition of control
of the Company by any person, (E) causing a class of securities of the Company to be delisted from, or to cease to be authorized
to be quoted on, any securities exchange or (F) causing a class of securities of the Company to become eligible for termination
of registration pursuant to Section 12(g)(4) of the Exchange Act;

 

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(vi)
act by making public announcements or speaking to reporters or members of the media (whether “on the record” or on
“background” or “off the record”), to seek to influence the Company’s stockholders, management or
the Board with respect to the Company’s policies, operations, balance sheet, capital allocation, marketing approach, business
configuration, Extraordinary Transactions, or strategy or to obtain representation on the Board or seek the removal of any officer
or director in any manner, except as expressly permitted by this Agreement;

 

(vii)
call or seek to call, or request the call of, alone or in concert with others, any meeting of stockholders, whether or not such
a meeting is permitted by the Governing Materials, including a “town hall meeting”;

 

(viii)
deposit any shares of Voting Securities in any voting trust or subject any shares of Voting Securities to any arrangement or agreement
with respect to the voting of any shares of Voting Securities, the intention of which is to circumvent any of the restrictions
on Hammann under this Agreement;

 

(ix)
form, join or in any other way participate in any “group” (within the meaning of Section 13(d)(3) of the Exchange
Act) with respect to any Voting Security;

 

(x)
demand a copy of the Company’s list of stockholders or its other books and records or make any request pursuant to Rule
14a-7 under the Exchange Act or under any statutory or regulatory provisions of Delaware providing for stockholder access to books
and records (including lists of stockholders) of the Company;

 

(xi)
demand pursuant to Delaware Court of Chancery Rule 23.1 or any other like statutory or regulatory provisions that the Company
take any action with respect to its 2019 Stock Incentive Plan, any options awards or exercises made thereunder, any votes cast
or to be cast in relation thereto or any other action with respect to a compensation plan or proposal made by the Company;

 

(xii)
commence, encourage or support any derivative action in the name of the Company or any class action against the Company or any
of its officers or directors, in each case with the intent of circumventing the provisions of this Section 9, or take any
action challenging the validity or enforceability of any of the provisions of this Section 9; provided, however,
that the foregoing shall not prevent Hammann from (A) bringing litigation to enforce the provisions of this Agreement, (B) making
counterclaims with respect to any proceeding initiated by, or on behalf of, the Company against Hammann, or (C) responding to
or complying with a validly issued legal process that neither Hammann nor any of his Affiliates initiated, encouraged or facilitated;

 

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(xiii)
make any request or submit any proposal to amend or waive the terms of this Section 9 other than through non-public communications
with the Company that would not be reasonably likely to trigger public disclosure obligations for any Party;

 

(xiv)
comment publicly about or disclose in a manner that could reasonably be expected to become public any intent, purpose, plan or
proposal with respect to any transactions involving the Company, any director or the Company’s management, policies, strategy,
operations, financial results or affairs, any of its securities or assets or this Agreement that is inconsistent with the provisions
of this Agreement;

 

(xv)
make any inquiries about, or otherwise attempt to directly or indirectly obtain any information, whether from the Independent
Compensation Consultant or otherwise, relating to the Services Agreement or any work or services related thereto or otherwise
provided by the Independent Compensation Consultant; or

 

(xvi)
enter into any discussions, negotiations, agreements or understandings with any person with respect to any action Hammann is prohibited
from taking pursuant to this Section 9, or advise, assist, knowingly encourage or seek to persuade any person to take any
action or make any statement with respect to any such action, or otherwise take or cause any action or make any statement inconsistent
with any of the foregoing.

 

(b)
The provisions of this Section 9 shall not limit in any respect the actions of any director of the Company in his or her
capacity as such, recognizing that such actions are subject to such director’s fiduciary duties to the Company and its stockholders
and the Company Policies (it being understood and agreed that neither Hammann nor any of his Affiliates shall seek to do indirectly
through the New Director anything that would be prohibited if done by Hammann or his Affiliates). The provisions of this Section
9 shall also not prevent Hammann from freely voting his shares of Common Stock (except as otherwise provided in Section
6 hereto).

 

(c)
During the Standstill Period, Hammann shall refrain from taking any actions which could have the effect of encouraging, assisting
or influencing other stockholders of the Company or any other persons to engage in actions which, if taken by Hammann, would violate
this Agreement.

 

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(d)
Notwithstanding anything contained in this Agreement to the contrary, the provisions of Sections 1, 6 and 7
of this Agreement shall automatically terminate upon the consummation of a Change of Control agreed to by the Board and involving
the Company.

 

10.
Representations and Warranties of the Company. The Company represents and warrants to Hammann that (a) the Company has
the corporate power and authority to execute this Agreement and to bind it thereto, (b) this Agreement has been duly and validly
authorized, executed and delivered by the Company, constitutes a valid and binding obligation and agreement of the Company, and
is enforceable against the Company in accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance or similar laws generally affecting the rights and remedies of creditors
and subject to general equity principles and (c) the execution, delivery and performance of this Agreement by the Company does
not and will not violate or conflict with (i) any law, rule, regulation, order, judgment or decree applicable to it, or (ii) result
in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both could become a default)
under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration
or cancellation of, any organizational document, or any material agreement, contract, commitment, understanding or arrangement
to which the Company is a party or by which it is bound. 

 

11.
Representations and Warranties of Hammann. Hammann represents and warrants to the Company that (a) this Agreement has been
duly and validly authorized, executed and delivered by Hammann, and constitutes a valid and binding obligation and agreement of
Hammann, enforceable against Hammann in accordance with its terms, except as enforcement thereof may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws generally affecting the rights and remedies
of creditors and subject to general equity principles, (b) Hammann has the power and authority to execute this Agreement and any
other documents or agreements entered into in connection with this Agreement on behalf of himself, and to bind himself to the
terms hereof and thereof, (c) the execution, delivery and performance of this Agreement by Hammann, to the best of his knowledge,
does not and will not violate or conflict with (i) any law, rule, regulation, order, judgment or decree applicable to him, or
(ii) result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both could
become a default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment,
acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding or arrangement to
which Hammann is a party or by which he is bound, and (d) the New Director will not be, and Hammann will not consider the New
Director to be a stockholder designee or stockholder representative of Hammann.

 

12.
SEC Filings.

 

(a)
No later than two (2) business days following the Effective Date, the Company shall file with the SEC a Current Report on Form
8-K reporting its entry into this Agreement and appending this Agreement as an exhibit thereto (the “Form 8-K”).
The Form 8-K shall be consistent with the terms of this Agreement.

 

    	11

     

    

 

(b)
Promptly following the execution of this Agreement, the Parties shall issue a joint press release (the “Press Release”)
substantially in the form attached hereto as Exhibit B. Prior to the issuance of the Press Release, neither the Company
nor Hammann shall issue any press release or make any public announcement regarding this Agreement or take any action that would
require public disclosure thereof without the prior written consent of the other Party, except to the extent required by applicable
law or the rules of any national securities exchange.

 

13.
Term; Termination. The term of this Agreement shall commence on the Effective Date and shall continue until the second
anniversary of the 2020 Annual Meeting, unless a quorum is not deemed present for the purposes of conducting all the business
of the 2020 Annual Meeting (except to the extent such a failure to reach quorum is caused by the intentional actions of the Company,
its directors and/or officers), in which case, the terms of this Agreement shall continue until September 3, 2022 (the “Termination
Date”). Termination of this Agreement shall not relieve any Party from its responsibilities in respect of any breach
of this Agreement prior to such termination. To the extent that a quorum is not deemed present for the purposes of conducting
all the business of the 2022 Annual Meeting, or any subsequent annual meeting of stockholders, the Company agrees to continue
nominating the New Director at the next-subsequent annual meeting(s) of stockholders until such time as a quorum is present, and
this obligation as set out in Section 1(a) above shall survive after the Termination Date and until such time as the New Director
is nominated, subject to the proviso contained in the penultimate sentence of Section 1(a). To the extent the Independent Compensation
Consultant has not completed its work pursuant to the Services Agreement prior to the Termination Date, the provision of Section
5(b) above shall be binding even after the Termination Date until accomplished. 

 

14.
Expenses. Each Party shall be responsible for its own fees and expenses incurred in connection with the negotiation, execution
and effectuation of this Agreement and the transactions contemplated hereby. 

 

15.
No Other Discussions or Arrangements. Hammann represents and warrants that, as of the Effective Date, except as disclosed
herein, (a) Hammann does not own, of record or beneficially, any Voting Securities or any securities convertible into, or exchangeable
or exercisable for, any Voting Securities of the Company and (b) Hammann has not entered into, directly or indirectly, any agreements
or understandings (other than receiving communications regarding the voting intentions of certain stockholders) with any person
(other than his own Representatives) with respect to any potential transaction involving the Company or the voting or disposition
of any securities of the Company.

 

16.
Governing Law; Jurisdiction. This Agreement shall be governed by and construed in accordance with the internal laws of
the State of Delaware without giving effect to any choice or conflict of law provision or rule that would cause the application
of laws of any jurisdiction other than those of the State of Delaware. Each Party agrees that it shall bring any suit, action
or other proceeding in respect of any claim arising out of or related to this Agreement (each, an “Action”)
exclusively in (a) the Delaware Court of Chancery in and for New Castle County, (b) in the event (but only in the event) that
such court does not have subject matter jurisdiction over such Action, the United States District Court for the District of Delaware
or (c) in the event (but only in the event) such courts identified in clauses (a) and (b) do not have subject matter jurisdiction
over such Action, any other Delaware state court (collectively, the “Chosen Courts”), and, solely in connection
with an Action, (i) irrevocably submits to the exclusive jurisdiction of the Chosen Courts, (ii) irrevocably submits to the exclusive
venue of any such Action in the Chosen Courts and waives any objection to laying venue in any such Action in the Chosen Courts,
(iii) waives any objection that the Chosen Courts are an inconvenient forum or do not have jurisdiction over any Party hereto
and (iv) agrees that service of process upon such Party in any such Action shall be effective if notice is given in accordance
with Section 20 of this Agreement. Each Party agrees that a final judgment in any Action brought in the Chosen Courts shall be
conclusive and binding upon each of the Parties and may be enforced in any other courts the jurisdiction of which each of the
Parties is or may be subject, by suit upon such judgment.

 

    	12

     

    

 

17. Waiver
of Jury Trial. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS
LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY TO THIS AGREEMENT
CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE OF ANY OTHER PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (B) SUCH PARTY HAS CONSIDERED
THE IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER
INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 17.

 

18.
Specific Performance. Each of the Parties acknowledges and agrees that irreparable injury to the other Party would occur in
the event any of the provisions of this Agreement are not performed in accordance with their specific terms or are otherwise breached
and that such injury would not be adequately compensable by the remedies available at law (including the payment of money damages).
It is accordingly agreed that each of the Parties (the “Moving Party”) shall be entitled to specific enforcement
of, and injunctive or other equitable relief as a remedy for any such breach or to prevent any violation or threatened violation
of, the terms hereof, and the other Party will not take action, directly or indirectly, in opposition to the Moving Party seeking
such relief on the grounds that any other remedy or relief is available at law or in equity. The Parties further agree to waive
any requirement for the security or posting of any bond in connection with any such relief. The remedies available pursuant to
this Section 18 shall not be deemed to be the exclusive remedies for a breach of this Agreement but shall be in addition to all
other remedies available at law or equity.

 

19.
Certain Definitions. As used in this Agreement: 

 

(a)
“Affiliate” shall mean any “Affiliate” as defined in Rule 12b-2 promulgated by the SEC under
the Exchange Act, including, for the avoidance of doubt, persons who become Affiliates subsequent to the Effective Date;

 

    	13

     

    

 

(b)
“Associate” shall mean any “Associate” as defined in Rule 12b-2 promulgated by the SEC under
the Exchange Act, including, for the avoidance of doubt, persons who become Associates subsequent to the Effective Date;

 

(c)
“beneficial owner”, “beneficial ownership” and “beneficially own” shall
have the same meanings as set forth in Rule 13d-3 promulgated by the SEC under the Exchange Act;

 

(d)
“business day” shall mean any day other than a Saturday, Sunday or day on which the commercial banks in the
State of New York are authorized or obligated to be closed by applicable law;

 

(e)
a “Change of Control” transaction shall be deemed to have taken place if (i) any person is or becomes a beneficial
owner, directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the equity interests
and voting power of the Company’s then-outstanding equity securities or (ii) the Company enters into a stock-for-stock transaction
whereby immediately after the consummation of the transaction the Company’s stockholders retain less than fifty percent
(50%) of the equity interests and voting power of the surviving entity’s then-outstanding equity securities;

 

(f)
“Confidential Information” shall mean all information that is understood to be confidential by a reasonable
person by the context of its disclosure and/or its content, scope or nature that is entrusted to or obtained by a director of
the Company by reason of his or her position as a director of the Company, including, but not limited to, discussions or matters
considered in meetings of the Board or Board committees; provided, however, Confidential Information shall not include
information that (i) at the time of disclosure is, or as of and at such time such disclosure thereafter becomes, generally available
to the public other than as a result of any material breach of this Agreement by Hammann or any of his Representatives or any
director’s noncompliance with the Company Policies; (ii) at the time of disclosure is, or as of and at such time such disclosure
thereafter becomes, available to Hammann or his Representatives on a non-confidential basis from a third-party source, provided
that, to Hammann’s or his Representative’s knowledge, such third-party is not and was not prohibited from disclosing
such Confidential Information to Hammann or his Representative by any applicable law or contractual obligation; (iii) was legally
obtained by Hammann or his Representatives prior to being disclosed by or on behalf of a director of the Company (whether or not
a New Director); or (iv) was or is independently developed by Hammann or any of his Representatives without reliance on, or reference
to, any Confidential Information.

 

(g)
“Extraordinary Transaction” shall mean any equity tender offer, equity exchange offer, merger, acquisition,
business combination, or other transaction with a Third Party that, in each case, would result in a Change of Control (as defined
below) of the Company, liquidation, dissolution or other extraordinary transaction involving a majority of its equity securities
or a majority of its assets, and, for the avoidance of doubt, including any such transaction with a Third Party that is submitted
for a vote of the Company’s stockholders;

 

    	14

     

    

 

(h)
“person” or “persons” shall mean any individual, corporation (including not-for-profit),
general or limited partnership, limited liability company, joint venture, estate, trust, association, organization or other entity
of any kind, structure or nature; and

 

(i)
“Representative” shall mean a person’s Affiliates and Associates and its and their respective directors,
officers, employees, partners, members, managers, consultants, legal or other advisors, agents and other representatives; provided,
that when used with respect to the Company, “Representatives” shall not include any non-executive employees; and

 

(j)
“Voting Securities” means the Common Stock and any other securities of the Company entitled to vote in the
election of directors.

 

20.
Notices. All notices, requests, consents, claims, demands, waivers, and other communications hereunder shall be in writing
and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt), (b) when received by
the addressee if sent by a nationally recognized overnight courier (receipt requested), (c) on the date sent by facsimile or email
(with confirmation of transmission) if sent during normal business hours of the Company, and on the next business day if sent
after normal business hours of the Company or (d) on the third day after the date mailed, by certified or registered mail, return
receipt requested, postage prepaid. Such communications must be sent to the respective Parties at the addresses set forth in this
Section 20 (or to such other address that may be designated by a Party from time to time in accordance with this Section 20).

 

If
to the Company, to its address at:

 

CytRx
Corporation

11726
San Vicente Boulevard, Suite 650

Los
Angeles, California 90049

Attention:
Steven A. Kriegsman

John
Caloz

 

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

 

Vinson
& Elkins L.L.P.

1114
Avenue of the Americas

New
York, NY 10036

Attention:
Lawrence S. Elbaum

C.
Patrick Gadson

 

If
to Hammann:

Jerald
A. Hammann

1566
Sumter Avenue North

Minneapolis,
MN 55427

 

With
an electronic copy to: jerrympls@gmail.com.

 

    	15

     

    

 

21.
Entire Agreement. This Agreement constitutes the sole and entire agreement of the Parties with respect to the subject matter
contained herein, and supersedes all prior and contemporaneous understandings, agreements, representations, and warranties, both
written and oral, with respect to such subject matter. This Agreement may only be amended, modified, or supplemented by an agreement
in writing signed by each Party. 

 

22.
Severability. If any term or provision of this Agreement is invalid, illegal, or unenforceable in any jurisdiction, such
invalidity, illegality, or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render
unenforceable such term or provision in any other jurisdiction.

 

23.
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which
together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, email, or other
means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this
Agreement.

 

24.
Assignment. No Party may assign any of its rights or delegate any of its obligations hereunder without the prior written
consent of the other Parties, provided that each Party may assign any of its rights and delegate any of its obligations hereunder
to any person or entity that acquires substantially all of that Party’s assets, whether by stock sale, merger, asset sale
or otherwise. Any purported assignment or delegation in violation of this Section 24 shall be null and void. No assignment or
delegation shall relieve the assigning or delegating Party of any of its obligations hereunder. This Agreement is for the sole
benefit of the Parties and their respective successors and permitted assigns and nothing herein, express or implied, is intended
to or shall confer upon any other person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under
or by reason of this Agreement. 

 

25.
Waivers. No waiver by any Party of any of the provisions hereof shall be effective unless explicitly set forth in writing
and signed by the Party so waiving. No waiver by any Party shall operate or be construed as a waiver in respect of any failure,
breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring
before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power, or privilege arising from
this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power,
or privilege. 

 

26.
Acknowledgments. Hammann hereby acknowledges (a) that he has carefully read and fully understands the provisions of this
Agreement, (b) that he has had the opportunity to seek the advice of counsel in connection therewith, and has chosen to forego
such advice, (c) that by proceeding with the execution of this Agreement, he hereby waives any right to consult with counsel in
connection with this Agreement, and (d) that he intends to be legally bound hereby and thereby. This Agreement shall not be construed
or interpreted against any Party on the basis that such Party drafted or authored a particular provision, parts of, or the entirety
of this Agreement. 

 

	 	/s/
JAH
	 	Initials
of Jerald A. Hammann

 

[Remainder
of Page Intentionally Left Blank]

 

    	16

     

    

 

IN
WITNESS WHEREOF, the Parties have executed this Agreement to be effective as of the Effective Date.

 

	 	THE
    COMPANY:
	 	 
	 	CYTRX
    CORPORATION
	 	 
	 	By:	/s/
    Steven A. Kriegsman
	 	Name:  	Steven
    A. Kriegsman
	 	Title:	Chief
    Executive Officer

 

	 	HAMMANN:
	 	 
	 	/s/
    Jerald A. Hammann
	 	Jerald
    A. Hammann

 

Signature
Page to

Cooperation
Agreement

 

    	 

     

    

 

Exhibit
A

 

List
of Criteria

 

The
Parties agree that the New Director, in order to meet the criteria to be considered for appointment to the Board pursuant to this
Agreement, shall at minimum:

 

	 	1.	Qualify
    as an “Independent Director,” as prescribed in the standards of the OTC Markets pertaining to companies listed
    on OTCQB;
	 	 	 
	 	2.	Serve
    as a director on at least one other board of directors of a publicly-traded company in the pharmaceutical, biotech or other
    related industry, that company demonstrating the ability to deliver shareholder value as demonstrated by sustained stock price
    appreciation and/or regular dividend distributions;
	 	 	 
	 	3.	Serve
    on a maximum of two (2) other boards of directors of any company, either privately-held or publicly traded, at the time he
    or she would be serving as a member of the Board of the Company;
	 	 	 
	 	4.	Have
    undergone a thorough and robust background check evidencing a clean criminal, financial and personal record, and have demonstrated
    through references to have good moral character;
	 	 	 
	 	5.	Demonstrate
    through references that he or she possesses the necessary qualities to be a valuable addition to the Board, including active
    listening skills, wholistic decision-making processes, assertiveness, empathy, independence, and that he or she works constructively
    with all other Board members.
	 	 	 
	 	6.	Possess
    experience in a pharmaceutical, biotech or related field, and be well-connected in such industry;
	 	 	 
	 	 	The
    Parties agree that preference may be granted to candidates who: 
	 	 	 
	 	7.	Possess
    background education in a relevant field (preferably oncology), including holding an MD or PhD, and be familiar with aspects
    of the pharmaceutical business including preclinical work, clinical trials, FDA regulations and EMEA approvals;
	 	 	 
	 	8.	Is
    financially literate and/or a financial expert, have earned an MBA or similar degree in finance or accounting;
	 	 	 
	 	9.	Demonstrate
    that he or she keeps current on trends in the pharmaceutical industry and related industry trends;
	 	 	 
	 	10.	Are
    employed full-time as an executive in a non-academic environment;
	 	 	 
	 	11.	Have
    experience dealing with ordinary course litigation in the context of pharmaceutical and/or biotech or a related industry;
	 	 	 
	 	12.	Have
    experience incorporating net operating loss utilization as a central or adjunct business strategy;
	 	 	 
	 	13.	Facilitates
    compliance with California Senate Bill 826.

 

    	 

     

    

 

Exhibit
B

 

Form
of Press Release

 

CytRx
Announces Initiatives to Strengthen 

Corporate
Governance and Support Strategic Priorities

 

Accelerates
Plans to Enhance its Board Composition by Committing to Add a New Independent Director Following a Professionally-Managed Search
Process that Includes Stockholder Input

 

Augments
Existing Cost Reduction Efforts by Capping Management Compensation and Director Fees at Their Current Levels For the Next Two
Years 

 

Reaches
Agreement with Stockholder, Resulting in a Withdrawal of his Nomination Notice and Certain Other Demands Relating to the 2020
Annual Meeting

 

CytRx
Corporation (OTCQB: CYTR) (“CytRx” or the “Company”), a specialized biopharmaceutical company focused
on research and development for the oncology and neurodegenerative disease categories, today announced that it is taking several
steps to strengthen the Company’s corporate governance and support its strategic priorities, including its previously stated
focus on achieving operational efficiencies and preserving capital. CytRx also announced that it has reached an agreement with
stockholder Jerald A. Hammann, who will withdraw his notice of nomination and not stand for election to the Board of Directors
(the “Board”) at the Company’s 2020 Annual Meeting of Stockholders (the “2020 Annual Meeting”) that
is scheduled for September 3, 2020. The details included in the agreement can be found in the Current Report on Form 8-K that
CytRx will file with the Securities and Exchange Commission.

 

After
carefully considering our stockholders’ feedback and CytRx’s go-forward strategy, the Board has committed to:

 

	●	Adding
    an independent director to the Board by no later than the one-year anniversary of the 2020 Annual Meeting. This process will
    include the retention of a professional search firm and reflect stockholder input. It is anticipated that the Board will expand
    from 4 members to 5 members as a result. 
	 	 
	●	Capping
    the Chief Executive Officer’s compensation, the Chief Financial Officer’s compensation and the fees paid to Board
    members at current levels for a period of two years following the 2020 Annual Meeting. 
	 	 
	●	Retaining
    an independent compensation consultant to advise the Board’s compensation committee prior to changing any compensation
    for its named executive officers and Board members. 
	 	 
	●	Not
    submitting any proposals to authorize additional shares for a period of two years following the 2020 Annual Meeting.

 

Steven
A. Kriegsman, CytRx’s Chairman and Chief Executive Officer, commented:

 

“The
Board firmly believes that the commitments announced today support CytRx’s strategic priorities and intense focus on delivering
enhanced value for stockholders. The addition of a new independent director with fresh perspectives and the right sector expertise
can help the Board assess a wider array of strategic opportunities and broaden its network of possible development partners for
Centurion Biopharma’s high-potential assets, among others. Moreover, enacting a two-year freeze on management and director
compensation aligns with our existing efforts to achieve operational efficiencies, which have already positioned CytRx to reduce
its first half general and administrative costs by 20% on a year-over-year basis. It is important to stress that all of our steps
to strengthen corporate governance take into account the candid and thoughtful feedback that we have been receiving from stockholders.”

 

    	 

     

    

 

Mr.
Hammann commented:

 

“I
am very pleased that the Board has agreed to adopt many of the important corporate governance enhancements that I have been suggesting.
It is certainly a positive outcome for stockholders that CytRx has put itself on stronger footing. I look forward to maintaining
a productive relationship with the Board and management team.”

 

***

 

About
CytRx Corporation

 

CytRx
Corporation (OTCQB: CYTR) is a biopharmaceutical company with expertise in discovering and developing new therapeutics principally
to treat patients with cancer and neurodegenerative diseases. CytRx’s most recent advanced drug conjugate, aldoxorubicin,
is an improved version of the widely used anti-cancer drug doxorubicin and has been out-licensed to ImmunityBio, Inc. In addition,
CytRx’s drug candidate, arimoclomol, was sold to Orphazyme A/S (Nasdaq Copenhagen exchange: ORPHA.CO) in exchange for milestone
payments and royalties. Orphazyme is developing arimoclomol in four indications including amyotrophic lateral sclerosis (“ALS”),
Niemann-Pick disease Type C (“NPC”), Gaucher disease and sporadic Inclusion Body Myositis (“sIBM”). Learn
more at www.cytrx.com.

 

Forward-Looking
Statements

 

This
press release contains forward-looking statements. Such statements involve risks and uncertainties that could cause actual events
or results to differ materially from the events or results described in the forward-looking statements, including risks and uncertainties
relating to the ability of Orphazyme to obtain regulatory approval for, manufacture and commercialize its products and therapies
that use arimoclomol; the results of future clinical trials involving arimoclomol; the amount, if any, of future milestone and
royalty payments that we may receive from Orphazyme; the ability of ImmunityBio to obtain regulatory approval for its products
that use aldoxorubicin; the ability of ImmunityBio to manufacture and commercialize products or therapies that use aldoxorubicin;
the amount, if any, of future milestone and royalty payments that we may receive from ImmunityBio; and other risks and uncertainties
described in the most recent annual and quarterly reports filed by the Company with the SEC and current reports filed since the
date of the Company’s most recent annual report. All forward-looking statements are based upon information available to
the Company on the date the statements are first published. The Company undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information, future events or otherwise.

 

Contacts

 

For
Investors:

 

Saratoga
Proxy Consulting

Ann
Marie Mellone / Joe Mills, 212-257-1311

amellone@saratogaproxy.com / jmills@saratogaproxy.com

 

For
Media:

 

Profile

Greg
Marose / Charlotte Kiaie, 347-343-2999

gmarose@profileadvisors.com / ckiaie@profileadvisors.com

 

###EX-4.2

 Exhibit 4.2 

ASANA, INC. 
 AMENDED
AND RESTATED INVESTORS’ RIGHTS AGREEMENT 
 This Amended and Restated Investors’ Rights Agreement (this
“Agreement”) is made and entered into as of November 15, 2018, by and among Asana, Inc., a Delaware corporation (the “Company”), Dustin Moskovitz, Justin Rosenstein and Dustin Moskovitz Roth IRA (the
“Founders”), and the purchasers of Preferred Stock of the Company listed on Schedule 1 hereto (the “Investors”). 

RECITALS 

WHEREAS, the Company, certain Investors and the Founders previously entered into an Amended and Restated Investors’ Rights
Agreement, dated January 19, 2018 (the “Prior Rights Agreement”). 
 WHEREAS, certain Investors have agreed to
purchase shares of the Series E Preferred Stock of the Company, par value $0.00001 per share (the “Series E Preferred Stock”), pursuant to a Series E Preferred Stock Purchase Agreement by and among the Company and such Investors,
dated of even date herewith, as may be amended from time to time (the “Purchase Agreement”). 
 WHEREAS, the
Investors, the Founders, and the Company now wish to amend and restate the Prior Rights Agreement in connection with the purchase of shares of Series E Preferred Stock by certain Investors pursuant to the Purchase Agreement. 

WHEREAS, the obligations of the Company and certain of the Investors under the Purchase Agreement are conditioned on, among other
things, the execution and delivery of this Agreement by the parties hereto. 
 NOW, THEREFORE, in consideration of the premises and
the mutual covenants herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree to amend and restate the Prior Rights Agreement in its entirety as follows: 

AGREEMENT 
 A.
Amendment and Restatement of Prior Rights Agreement; Waiver of Right of First Offer. Effective and contingent upon execution of this Agreement by (i) the Company, (ii) the holders of at least a majority of the voting power of
the outstanding shares of the Company’s Preferred Stock (as defined in the Prior Rights Agreement), and (iii) the holders of at least a majority of the voting power of the outstanding Founders’ Shares (as defined in the Prior Rights
Agreement), the Prior Rights Agreement is hereby amended and restated in its entirety to read as set forth in this Agreement, and the Company, the Investors and the Founders hereby agree to be bound by the provisions hereof as the sole agreement of
the Company, the Investors and the Founders with respect to the rights set forth herein. The undersigned Investors hereby waive, on behalf of themselves and all other Investors that are parties to the Prior Rights Agreement, the right of first
offer, including any notice requirements, set forth in Section 2.3 of the Prior Rights Agreement, with respect to the sale and issuance of the Series E Preferred Stock pursuant to the Purchase Agreement, as may be amended from time to
time, and the shares of Common Stock issuable upon conversion thereof. The undersigned Investors additionally hereby waive, on behalf of themselves and all other Investors that are parties to the Prior Rights Agreement, the covenants set forth in
Section 2.6 of the Prior Rights Agreement with respect to the Series E Preferred Stock. 

 1. Registration Rights. 

1.1 Definitions. For purposes of this Agreement: 

(a) The term “Exchange Act” means the Securities Exchange Act of 1934, as amended (and any successor thereto) and the rules
and regulations promulgated thereunder. 
 (b) The term
“Form S-3” means such form under the Securities Act as in effect on the date hereof or any successor form under the Securities Act that permits significant incorporation by
reference of the Company’s subsequent public filings under the Exchange Act. 
 (c) The term “Founders’
Stock” means the shares of Common Stock issued or issuable to the Founders. 
 (d) The term “Holder” means any
person owning or having the right to acquire Registrable Securities or any assignee thereof in accordance with Section 1.12 of this Agreement. 

(e) The term “Preferred Stock” means, collectively, shares of the Company’s Series A Preferred Stock, Series B Preferred
Stock, Series C Preferred Stock, Series D Preferred Stock, Series E Preferred Stock, Series A-1 Preferred Stock, Series B-1 Preferred Stock, Series C-1 Preferred Stock, Series D-1 Preferred Stock and Series E-1 Preferred Stock. 

(f) The term “Qualified IPO” means a public offering by the Company of shares of its Common Stock pursuant to a registration
statement under the Securities Act, in connection with which all the then-outstanding shares of Preferred Stock are converted into shares of Common Stock pursuant to the Company’s Amended and Restated Certificate of Incorporation (as amended
from time to time, the “Restated Certificate”). 
 (g) The terms “register,” “registered,”
and “registration” refer to a registration effected by preparing and filing a registration statement or similar document in compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration
statement or document. 
 (h) The term “Registrable Securities” means (i) the shares of Class A Common Stock and
Class B Common Stock (together, the “Common Stock”) issuable or issued upon conversion of the Preferred Stock, other than shares for which registration rights have terminated pursuant to Section 1.15 hereof, (ii) the
shares of Founders’ Stock, provided, however, that for the purposes of Section 1.2, 1.4, 1.13 and 2.3 the Founders’ Stock shall not be deemed Registrable Securities and the Founders shall not be deemed Holders, and (iii) any
other 

  
 -2- 

 
shares of Common Stock of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with
respect to, or in exchange for or in replacement of, the shares listed in (i) and (ii); provided, however, that the foregoing definition shall exclude in all cases any Registrable Securities sold by a person in a transaction in which such
person’s rights under this Agreement are not assigned. Notwithstanding the foregoing, Common Stock or other securities shall only be treated as Registrable Securities if and so long as (A) they have not been sold to or through a broker or
dealer or underwriter in a public distribution or a public securities transaction, (B) they have not been sold in a transaction exempt from the registration and prospectus delivery requirements of the Securities Act under Section 4(1)
thereof so that all transfer restrictions, and restrictive legends with respect thereto, if any, are removed upon the consummation of such sale, and (C) the Holder thereof is entitled to exercise any right provided in Section 1 in
accordance with Section 1.12 below. 
 (i) The number of shares of “Registrable Securities then-outstanding” shall be
determined by the number of shares of Common Stock outstanding which are, and the number of shares of Common Stock issuable pursuant to then exercisable or convertible securities which are, Registrable Securities. 

(j) The term “SEC” means the U.S. Securities and Exchange Commission. 

(k) The term “Securities Act” means the U.S. Securities Act of 1933, as amended (and any successor thereto) and the rules and
regulations promulgated thereunder. 
 1.2 Request for Registration. 

(a) If the Company shall receive at any time after the earlier of (i) the 5th
anniversary of the Initial Closing (as defined in the Purchase Agreement), or (ii) six months after the effective date of the first registration statement for a public offering of securities of the Company (other than a registration statement
relating either to the sale of securities to employees of the Company pursuant to a stock option, stock purchase or similar plan or an SEC Rule 145 transaction), a written request from the Holders of at least 50% of the Registrable Securities
then-outstanding that the Company file a registration statement under the Securities Act covering the registration of at least such number of the Registrable Securities having an anticipated aggregate offering price, net of underwriting discounts
and commissions, of at least $15,000,000, then the Company shall, within 10 days of the receipt thereof, give written notice of such request to all Holders and shall, subject to the limitations of subsection 1.2(b), use its best efforts to
file as soon as practicable, and in any event within 90 days of the receipt of such request, a registration statement under the Securities Act covering all Registrable Securities which the Holders request to be registered within 20 days of
the mailing of such notice by the Company. 
 (b) If the Holders initiating the registration request hereunder (“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 this Section 1.2 and the Company shall include
such information in the written notice referred to in subsection 1.2(a). The underwriter will be selected by a majority in interest of the Initiating Holders and shall be reasonably acceptable to the Company. In such event, the right of any

  
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Holder to include its 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 (unless otherwise mutually agreed by a majority in interest of the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such
underwriting shall (together with the Company as provided in subsection 1.5(e)) enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting. Notwithstanding any other provision of
this Section 1.2, if the underwriter advises the Initiating Holders in writing that marketing factors require a limitation of the number of shares to be underwritten, then the Company shall so advise all Holders of Registrable Securities that
would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the underwriting shall be allocated among all participating Holders thereof, including the Initiating Holders, in proportion
(as nearly as practicable) to the amount of Registrable Securities of the Company owned by each participating Holder; provided, however, that the number of shares of Registrable Securities to be included in such underwriting shall not be reduced
unless all other securities are first entirely excluded from the underwriting. For purposes of the preceding apportionment, for any participating Holder that is a venture capital fund, partnership or corporation, the partners, retired partners,
members, retired members, affiliated venture capital funds and holders of capital stock of such holder, or the estates and family members of any such partners, members, retired members and retired partners and any trusts for the benefit of any of
the foregoing persons shall be deemed to be a single “selling security holder,” and any pro-rata reduction with respect to such “selling security holder” shall be based upon the aggregate
amount of shares carrying registration rights owned by all entities and individuals included in such “selling security holder,” as defined in this sentence. 

(c) Notwithstanding the foregoing, if the Company shall furnish to Holders requesting a registration statement pursuant to this
Section 1.2, a certificate signed by the President of the Company stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its holders of capital stock for such
registration statement to be filed and it is therefore essential to defer the filing of such registration statement, the Company shall have the right to defer such filing for a period of not more than 120 days after receipt of the request of
the Initiating Holders; provided, however, that the Company may not utilize this right more than once in any twelve-month period. 
 (d) In
addition, the Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to this Section 1.2: 

(i) after the Company has effected 2 registrations pursuant to this Section 1.2 and such registrations have been declared or ordered
effective; 
 (ii) during the period starting with the date 90 days prior to the Company’s good faith estimate of the date of
filing of, and ending on a date 90 days after the effective date of, a registration subject to Section 1.3 unless such offering is the initial public offering of the Company’s securities, in which case, ending on a date 180 days
after the effective date of such registration subject to Section 1.3; provided that the Company is actively employing in good faith all reasonable efforts to cause such registration statement to become effective; or 

  
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 (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 Section 1.4. 

1.3 Company Registration. If (but without any obligation to do so) the Company proposes to register (including for this purpose a
registration effected by the Company for holders of capital stock other than the Holders) any of its stock under the Securities Act in connection with the public offering of such securities solely for cash (other than a registration relating solely
to the sale of securities to participants in a Company stock plan or a transaction covered by Rule 145 under the Securities Act, a registration in which the only stock being registered is Common Stock issuable upon conversion of debt securities
which are also being registered, or any registration on any form which 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), the Company
shall, at such time, promptly give each Holder written notice of such registration. Upon the written request of each Holder given within 20 days after mailing of such notice by the Company in accordance with Section 4.4, the Company shall,
subject to the cut back provisions of Section 1.7(c) cause to be registered under the Securities Act all of the Registrable Securities that each such Holder has requested to be registered. 

1.4 Form S-3 Registration. In case the Company shall receive from any Holder or Holders
of at least 30% of the Registrable Securities then-outstanding a written request or requests that the Company effect a registration on Form S-3 and any related qualification or compliance with respect to
all or a part of the Registrable Securities owned by such Holder or Holders, the Company will: 
 (a) promptly, and in any event within ten
(10) days, give written notice of the proposed registration, and any related qualification or compliance, to all other Holders; and 

(b) as soon as practicable, and in any event within forty-five (45) days, file a registration statement on Form S-3 and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holder’s or Holders’ Registrable Securities
as are specified in such request, together with all or such portion of the Registrable Securities of any other Holder or Holders joining in such request as are specified in a written request given within 15 days after receipt of such written
notice from the Company; provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance, pursuant to this Section 1.4: (i) if Form S-3 is
not available for such offering by the Holders; (ii) if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities
(if any) at an aggregate price to the public (net of any underwriters’ discounts or commissions) of less than $10,000,000; (iii) if the Company shall furnish to the Holders a certificate signed by the President of the Company stating that
in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its holders of capital stock for such Form S-3 registration to be effected at such
time, in which event the Company shall have the right to defer the filing of the Form S-3 registration statement for a period of not more than 120 days after receipt of the request of the Holder or
Holders under this Section 1.4; provided, however, that the Company shall not utilize this right more than once in any 12-month period; (iv) if the Company has, within the 12-month 

  
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period preceding the date of such request, already effected two registrations on Form S-3 for the Holders pursuant to this Section 1.4;
(v) in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance; or (vi) during the
period starting 30 days prior to the Company’s good faith estimate of the date of the filing of and ending 90 days after the effective date of a registration statement subject to Section 1.3; provided that the Company is actively
employing in good faith all reasonable efforts to cause such registration statement to become effective. 
 (c) Subject to the foregoing, the
Company shall file a registration statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the request or requests of the Holders. Registrations effected pursuant to
this Section 1.4 shall not be counted as demands for registration or registrations effected pursuant to Sections 1.2 or 1.3, respectively. 

1.5 Obligations of the Company. Whenever required under this Section 1 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 best 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 up to 120 days, or until the distribution described in such registration statement is completed, if earlier. 

(b) Prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with
such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for up to 120 days, or until the distribution described
in such registration statement is completed, if earlier. 
 (c) Furnish to the Holders such number of copies of a prospectus, including a
preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them. 

(d) Use its best efforts to register and qualify the securities covered by such registration statement under such other securities or Blue Sky
laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of
process in any such states or jurisdictions. 
 (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 managing underwriter of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement. 

  
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 (f) Notify each Holder of Registrable Securities covered by such registration statement at
any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue
statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing, such obligation to continue for 120 days
after the effectiveness of such registration statement. 
 (g) Cause all such Registrable Securities registered pursuant hereunder to be
listed on each securities exchange on which similar securities issued by the Company are then listed. 
 (h) Provide a transfer agent and
registrar for all Registrable Securities registered pursuant hereunder and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration. 

(i) Use its best efforts to furnish, at the request of any Holder requesting registration of Registrable Securities pursuant to this
Section 1, on the date that such Registrable Securities are delivered to the underwriters for sale in connection with a registration pursuant to this Section 1, if such securities are being sold through underwriters, (i) an opinion,
dated such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters and (ii) a letter
dated such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the
underwriters. 
 (j) 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. 

(k) 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. 
 (l) 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. 

  
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 1.6 Furnish Information. It shall be a condition precedent to the obligations
of the Company to take any action pursuant to this Section 1 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 shall be required to effect the registration of such Holder’s Registrable Securities. The Company shall have no obligation with respect to any registration requested pursuant to
Section 1.2 or Section 1.4 of this Agreement if, as a result of the application of the preceding sentence, the number of shares or the anticipated aggregate offering price of the Registrable Securities to be included in the registration
does not equal or exceed the number of shares or the anticipated aggregate offering price required to originally trigger the Company’s obligation to initiate such registration as specified in subsection 1.2(a) or subsection 1.4(b),
whichever is applicable. 
 1.7 Expenses of Registration. 

(a) Demand Registration. All expenses other than underwriting discounts and commissions incurred in connection with
registrations, filings or qualifications pursuant to Section 1.2, including (without limitation) all registration, filing and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the Company, and the
reasonable fees and disbursements of one counsel for the selling Holders selected by them with the approval of the Company, which approval shall not be unreasonably withheld, shall be borne by the Company; provided, however, that the Company
shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 1.2 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 participating Holders shall bear such expenses), unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one demand registration pursuant to Section 1.2; provided further,
however, that if at the time of such withdrawal, the Holders (i) have learned of a material adverse change in the condition, business, or prospects of the Company that was not known to the Holders at the time of their request and (ii) have
withdrawn the request with reasonable promptness following disclosure by the Company of such material adverse change, then the Holders shall not be required to pay any of such expenses and shall not forfeit their rights pursuant to Section 1.2.

 (b) Company Registration. All expenses other than underwriting discounts and commissions incurred in connection with
registrations, filings or qualifications of Registrable Securities pursuant to Section 1.3 for each Holder (which right may be assigned as provided in Section 1.12), including (without limitation) all registration, filing, and
qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the Company and the reasonable fees and disbursements of one counsel for the selling Holder or Holders selected by them with the approval of the Company,
which approval shall not be unreasonably withheld, shall be borne by the Company. 
 (c) Registration on Form S-3. All expenses other than underwriting discounts and commissions incurred in connection with registrations, filings or qualifications of Registrable Securities pursuant to Section 1.4 for each Holder
(which right may be assigned as provided in Section 1.12), including (without limitation) all registration, filing, and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the Company and the reasonable
fees and disbursements of one counsel for the selling Holder or Holders selected by them with the approval of the Company, which approval shall not be unreasonably withheld, shall be borne by the Company. 

 

  
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 1.8 Underwriting Requirements. In connection with any offering involving an
underwriting of shares of the Company’s capital stock, the Company shall not be required under Section 1.3 to include any of the Holders’ securities in such underwriting unless they accept the terms of the underwriting as agreed upon
between the Company and the underwriters selected by it (or by other persons entitled to select the underwriters), and then only in such quantity as the underwriters determine in their sole discretion will not jeopardize the success of the offering
by the Company. If the total amount of securities, including Registrable Securities, requested by holders of capital stock to be included in such offering exceeds the amount of securities sold other than by the Company that the underwriters
determine in their sole discretion is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters determine
in their sole discretion will not jeopardize the success of the offering (the securities so included to be apportioned pro rata among the selling security holders according to the total amount of securities entitled to be included therein owned by
each selling security holder or in such other proportions as shall mutually be agreed to by such selling security holders) but in no event shall (a) the amount of securities of the selling Holders included in the offering be reduced below 30%
of the total amount of securities included in such offering, unless such offering is the initial public offering of the Company’s securities, in which case, the selling security holders may be excluded if the underwriters make the determination
described above and no other holder’s securities are included, (b) any securities of the selling Holders be excluded from such offering unless all other stockholders’ securities have been first excluded or (c) any securities held
by a Founder be included if any securities held by any non-Founder selling Holder are excluded. For purposes of the preceding parenthetical concerning apportionment, for any selling security holder which is a
holder of Registrable Securities and which is a venture capital fund, partnership or corporation, the partners, retired partners, members, retired members, affiliated venture capital funds and holders of capital stock of such holder, or the estates
and family members of any such partners, members, retired members and retired partners and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single “selling security holder,” and any pro-rata reduction with respect to such “selling security holder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such
“selling security holder,” as defined in this sentence. 
 1.9 Delay of Registration. No Holder shall have any right
to obtain or seek an injunction restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 1. 

1.10 Indemnification. In the event any Registrable Securities are included in a registration statement under this Section 1:

 (a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the partners, members, officers, directors
and security holders of each Holder, legal counsel and accountants for each Holder, any underwriter (as defined in the Securities Act) for 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 losses, claims, 

  
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damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages, or
liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”): (i) any untrue statement or alleged untrue statement of a
material fact contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) the 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 Company 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; and the Company will pay to each such Holder, underwriter or controlling person, as incurred, any legal or other expenses reasonably incurred by them in connection
with investigating or defending any such loss, claim, damage, liability, or action; provided, however, that the indemnity agreement contained in this subsection 1.10(a) shall not apply to amounts paid in settlement of any such loss, claim,
damage, liability, or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable to any Holder, underwriter or controlling person for any such loss,
claim, damage, liability, or action to the extent that it arises out of or is based upon a Violation which occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by any
such Holder, underwriter or controlling person. 
 (b) To the extent permitted by law, each selling Holder, severally and not jointly, will
indemnify and hold harmless the Company, 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, any underwriter, any other Holder
selling securities in such registration statement and any controlling person of any such underwriter or other Holder, against any losses, claims, damages, or liabilities (joint or several) to which any of the foregoing persons may become subject,
under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to
the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder expressly for use in connection with such registration; and each such Holder will pay, as incurred, any legal or other
expenses reasonably incurred by any person intended to be indemnified pursuant to this subsection 1.10(b), in connection with investigating or defending any such loss, claim, damage, liability, or action; provided, however, that the indemnity
agreement contained in this subsection 1.10(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be
unreasonably withheld; provided that in no event shall any indemnity under this subsection 1.10(b) exceed the net proceeds from the offering received by such Holder, except in the case of willful fraud by such Holder. 

(c) Promptly after receipt by an indemnified party under this Section 1.10 of notice of the commencement of any action (including any
governmental action) for which a party may be entitled to indemnification, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 1.10, deliver to the indemnifying party a
written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other 

  
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indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other
indemnified parties which may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the reasonable 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 proceeding. The failure to deliver
written notice to the indemnifying party within a reasonable time of the commencement of any such action, if prejudicial to its ability to defend such action, shall relieve such indemnifying party of liability to the indemnified party under this
Section 1.10 to the extent of such prejudice, but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 1.10.

 (d) If the indemnification provided for in this Section 1.10 is held by a court of competent jurisdiction to be unavailable to an
indemnified party with respect to any loss, liability, claim, damage or expense referred to herein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such
indemnified party as a result of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other in connection
with the statements or omissions that resulted in such loss, liability, claim, damage or expense as well as any other relevant equitable considerations; provided that in no event shall any contribution by a Holder under this Subsection 1.10(d),
when combined with the amounts paid or payable by such Holder pursuant to subsection 1.10(b), exceed the net proceeds from the offering received by such Holder, except in the case of willful fraud by such Holder. The relative fault of the
indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to
information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. 

(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) The obligations of the Company and Holders under this Section 1.10 shall survive the completion of any offering of Registrable
Securities in a registration statement under this Section 1, and otherwise. 

  
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 1.11 Reports Under the Exchange Act. With a view to making available to the
Holders the benefits of Rule 144 promulgated under the Securities Act 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 agrees to: 
 (a) make and keep public information
available, as those terms are understood and defined in SEC Rule 144, at all times after 90 days after the effective date of the first registration statement filed by the Company for the offering of its securities to the general public so
long as the Company remains subject to the periodic reporting requirements under Sections 13 or 15(d) of the Exchange Act; 
 (b) take
such action, including the voluntary registration of its Common Stock under Section 12 of the Exchange Act, as is necessary to enable the Holders to utilize Form S-3 for the sale of their Registrable
Securities, such action to be taken as soon as practicable after the end of the fiscal year in which the first registration statement filed by the Company for the offering of its securities to the general public is declared effective; 

(c) 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;
and 
 (d) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) a written statement
by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after 90 days after the effective date of the first registration statement filed by the Company), the Securities Act and the Exchange Act (at
any time after it 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 it so qualifies),
(ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested in availing any Holder of any rule or
regulation of the SEC which permits the selling of any such securities without registration or pursuant to such form. 
 1.12
Assignment of Registration Rights. Subject to the restrictions set forth under Article X of the Company’s Bylaws, as the same may be amended from time to time (the “Bylaws”), the rights to cause the Company
to register Registrable Securities pursuant to this Section 1 may be assigned (but only with all related obligations) by a Holder to a transferee or assignee (a) of at least 50% of the transferring Holder’s aggregate Registrable
Securities originally obtained from the Company (or if the transferring Holder then owns less than 50% of such originally acquired securities, then all remaining Registrable Securities then held by the transferring Holder), (b) that is a
subsidiary, parent, partner, limited partner, retired partner, member, retired member or holder of capital stock of a Holder, (c) that is an affiliated fund or entity of the Holder, which means with respect to a limited liability company or a
limited liability partnership, a fund or entity managed by the same manager or managing member or general partner or management company or by an entity controlling, controlled by, or under common control with such manager or managing member or
general partner or management company (such a fund or entity, an “Affiliated Fund”), (d) who is a Holder’s 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 (such a relation, a Holder’s “Immediate  

  
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Family Member”, which term shall include adoptive relationships), or (e) that is a trust for the benefit of an individual Holder or such Holder’s Immediate Family Member,
provided the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned; and
provided, further, that such assignment shall be effective only if the transferee agrees to be bound by this Agreement and immediately following such transfer the further disposition of such securities by the transferee or assignee is restricted
under the Securities Act. For the purposes of determining the number of shares of Registrable Securities held by a transferee or assignee, the holdings of transferees and assignees of (i) a partnership who are partners or retired partners of
such partnership or (ii) a limited liability company who are members or retired members of such limited liability company (including Immediate Family Members of such partners or members who acquire Registrable Securities by gift, will or
intestate succession) shall be aggregated together and with the partnership or limited liability company; provided that all assignees and transferees who would not qualify individually for assignment of registration rights shall have a single attorney-in-fact for the purpose of exercising any rights, receiving notices or taking any action under Section 1. 

1.13 Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without the
prior written consent of the holders of at least a majority of the then-outstanding shares of Common Stock issuable or issued upon conversion of the Preferred Stock, enter into any agreement with any holder or prospective holder of any securities of
the Company which would allow such holder or prospective holder (a) to include such securities in any registration filed under Section 1.2, Section 1.3 or Section 1.4 hereof, 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 amount of the Registrable Securities of the Holders which is included or (b) to make a
demand registration. 
 1.14 Lock-Up Agreement. 

(a) Lock-Up Period; Agreement. In connection with the initial public offering of the
Company’s securities and upon request of the Company or the underwriters managing such offering of the Company’s securities, each Holder hereby agrees not to sell, make any short sale of, loan, grant any option for the purchase of, or
otherwise dispose of any securities of the Company (other than those included in the registration) held immediately prior to the effectiveness of the registration statement for such offering without the prior written consent of the Company or such
underwriters, as the case may be, for such period of time (not to exceed 180 days) from the effective date of such registration as may be requested by the Company or such managing underwriters and to execute an agreement reflecting the
foregoing as may be requested by the underwriters at the time of the Company’s initial public offering. Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters shall apply
to all Holders subject to such agreements pro rata based on the number of shares subject to such agreements. 

  
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 (b) Limitations. The obligations described in Section 1.14(a) shall apply
only if all officers, directors and 1% securityholders of the Company enter into similar agreements, and shall not apply to a registration relating solely to employee benefit plans, or to a registration relating solely to a transaction pursuant to
Rule 145 under the Securities Act. 
 (c) Stop-Transfer Instructions. In order to enforce the foregoing covenants, the Company
may impose stop-transfer instructions with respect to the securities of each Holder (and the securities of every other person subject to the restrictions in Section 1.14(a)). 

(d) Transferees Bound. Each Holder agrees that it will not transfer securities of the Company unless each transferee
agrees in writing to be bound by all of the provisions of this Section 1.14; provided that this Section 1.14(d) shall not apply to transfers pursuant to a registration statement or transfers after the expiration date of the restricted
period described in Section 1.14(a). 
 1.15 Termination of Registration Rights. No Holder shall be entitled to exercise
any right provided for in this Section 1.15 after the earlier of (a) five years following the consummation of a Qualified IPO, (b) 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 during a 90-day period without registration, or (c) upon termination of this Agreement, as provided in Section 3. 

2. Covenants of the Company. 
 2.1
Delivery of Financial Statements. Upon the request by a Major Investor (as hereinafter defined), the Company shall deliver to each Major Investor (other than a Major Investor reasonably deemed by the Company to be a competitor of the
Company; provided however that venture capital firms shall not be considered competitors of the Company): 
 (a) as soon as practicable, but
in any event within 120 days after the end of each fiscal year of the Company, an income statement for such fiscal year, a balance sheet of the Company and statement of stockholders’ equity as of the end of such year, and a statement of
cash flows for such year, such year-end financial reports to be in reasonable detail, prepared in accordance with generally accepted accounting principles (“GAAP”), and, as and to the extent
otherwise required by the Company’s Board of Directors, audited and certified by an independent public accounting firm of nationally recognized standing selected by the Company; 

(b) as soon as practicable, but in any event within 45 days after the end of each of the first three quarters of each fiscal year of the
Company, an unaudited profit or loss statement, a statement of cash flows for such fiscal quarter and an unaudited balance sheet as of the end of such fiscal quarter; 

(c) within 30 days of the end of each month, an unaudited income statement and a statement of cash flows and balance sheet for and as of
the end of such month, in reasonable detail; 
 (d) as soon as practicable, but in any event 60 days prior to the end of each fiscal
year, a budget and business plan for the next fiscal year, prepared on a monthly basis, an updated list of all stockholders of the Company that includes the name of each stockholder and the number and class of shares held by each stockholder,
and, as soon as prepared, any other budgets or revised budgets prepared by the Company; 

  
 -14- 

 (e) promptly following the end of each fiscal quarter of each fiscal year of the Company, an
updated list of all stockholders of the Company that includes the name of each stockholder and the number and class of shares held by each stockholder; and 

(f) with respect to any unaudited financial statements called for in this Section 2.1, an instrument executed by the Chief Financial
Officer or President of the Company and certifying that such financials were prepared in accordance with GAAP consistently applied with prior practice for earlier periods (with the exception of footnotes that may be required by GAAP) and fairly
present the financial condition of the Company and its results of operation for the period specified, subject to year-end audit adjustment, provided that the foregoing shall not restrict the right of the
Company to change its accounting principles consistent with GAAP, if the Board of Directors determines that it is in the best interest of the Company to do so. 

Notwithstanding anything else in this Section 2.1 to the contrary, the Company may cease providing the information set forth in this Section 2.1
during the period starting with the date 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 Section 2.1 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. 
 2.2 Inspection. The Company shall permit each Major Investor (except for a Major
Investor reasonably deemed by the Company to be a competitor of the Company; provided however that venture capital firms shall not be considered competitors of the Company), at such Major Investor’s expense, to visit and inspect the
Company’s properties, to examine its books of account and records and to discuss the Company’s affairs, finances and accounts with its officers, all at such reasonable times as may be requested by the Major Investor; provided, however,
that the Company shall not be obligated pursuant to this Section 2.2 to provide access to any information which it reasonably considers to be privileged or a trade secret or similar confidential information. 

2.3 Right of First Offer. Subject to the terms and conditions specified in this Section 2.3, the Company hereby grants to
each Major Investor a right of first offer with respect to future sales by the Company of its Shares (as hereinafter defined). For purposes of this Agreement, a “Major Investor” shall mean any Investor (or its permitted transferees
and assigns) who holds (i) at least 5,000,000 shares (subject to adjustment for stock splits, stock dividends, reclassifications or the like) of Registrable Securities or (ii) 468,818 shares (subject to adjustment for stock splits, stock
dividends, reclassifications or the like) of Common Stock issued or issuable upon conversion of Series C Preferred Stock. For purposes of this Section 2.3, the term “Major Investor” includes any general partners, managing
members and Affiliates of a person that is otherwise a Major Investor, including Affiliate funds. A Major Investor who chooses to exercise the right of first offer may designate as purchasers under such right itself or its partners or affiliates,
including Affiliate funds, in such proportions as it deems appropriate. Each time the Company proposes to offer any shares of, or securities exchangeable for, convertible into or exercisable for any shares of, any class of its capital stock
(“Shares”), the Company shall first make an offering of such Shares to each Major Investor in accordance with the following provisions: 

  
 -15- 

 (a) The Company shall deliver a notice (the “RFO Notice”) to the Major
Investors stating (i) its bona fide intention to offer such Shares, (ii) the number of such Shares to be offered, and (iii) the price and terms, if any, upon which it proposes to offer such Shares. 

(b) Within 15 calendar days after delivery of the RFO Notice, each Major Investor may elect to purchase or obtain, at the price and on the
terms specified in the RFO Notice, up to that portion of such Shares which equals the proportion that the number of shares of Common Stock issued and held upon conversion of the Preferred Stock, or issuable upon conversion of the Preferred Stock
then held, by such Major Investor bears to the sum of (i) the total number of shares of Common Stock then-outstanding (assuming full exchange, conversion and exercise of all exchangeable, convertible or exercisable securities) and
(ii) shares of Common Stock issuable to employees, consultants or directors pursuant to outstanding options or rights pursuant to a stock option plan, restricted stock plan, or other stock plan approved by the Board of Directors. Such purchase
shall be completed at the same closing as that of any third party purchasers or at an additional closing thereunder. The Company shall promptly, in writing, inform each Major Investor that purchases all the shares available to it (each, a
“Fully-Exercising Investor”) of any other Major Investor’s failure to do likewise. During the 10-day period commencing after receipt of such information, each Fully-Exercising Investor
shall be entitled to obtain that portion of the Shares for which Major Investors were entitled to subscribe but which were not subscribed for by the Major Investors that is equal to the proportion that the number of shares of Common Stock issued and
held, or issuable upon exchange, conversion and exercise of all exchangeable, convertible or exercisable securities then held, by such Fully-Exercising Investor who wishes to purchase additional Shares bears to the total number of shares of Common
Stock then-outstanding (assuming full exchange, conversion and exercise of all exchangeable, convertible or exercisable securities) issued and held, or issuable upon conversion of the Preferred Stock then held, by all Fully-Exercising Investors who
wish to purchase additional Shares. 
 (c) The Company may, during the 45-day period following the
expiration of the period provided in subsection 2.3(b) hereof, offer the remaining unsubscribed portion of the Shares 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
RFO Notice. If the Company does not enter into an agreement for the sale of the Shares within such period, or if such agreement is not consummated within 60 days of the execution thereof, the right provided hereunder shall be deemed to be
revived and such Shares shall not be offered unless first reoffered to the Major Investors in accordance herewith. 
 (d) The right of first
offer in this Section 2.3 shall not be applicable to (i) the issuance of any securities of the Company that are excluded from the definition of “Additional Stock” as such term is defined in the Restated Certificate, (ii) the
issuance of shares of Series A Preferred Stock pursuant to that certain Series A Preferred Stock Purchase Agreement, dated November 20, 2009, by and among the Company and certain Investors, as may be amended from time to time, shares of
Series B Preferred Stock pursuant to that certain Series B Preferred Stock Purchase Agreement, dated July 18, 2012, by and among the Company and certain Investors, as may be amended from time to time, shares of Series C Preferred Stock
pursuant to that certain Series C Preferred Stock Purchase Agreement, dated March 29, 2016, by and among the Company and certain Investors, as may be amended from time to time, or shares of Series D

  
 -16- 

 
Preferred Stock pursuant to that certain Series D Preferred Stock Purchase Agreement, dated January 19, 2018, by and among the Company and certain Investors, as may be amended from time
to time, (iii) the issuance of shares of Series E Preferred Stock pursuant to the Purchase Agreement, as may be amended from time to time, or (iv) the issuance of Convertible Promissory Notes (and any Shares issued upon conversion thereof)
pursuant to the Convertible Note Purchase Agreement, dated as of January 19, 2018, by and between the Company and Dustin A. Moskovitz TTEE Dustin A. Moskovitz Trust DTD 12/27/2015, as may be amended from time to time. 

(e) In addition to the foregoing, the right of first offer in this Section 2.3 shall not be applicable with respect to any Major Investor
and any subsequent securities issuance, if (i) at the time of such subsequent securities issuance, the Major Investor is not an “accredited investor,” as that term is then defined in Rule 501(a) under the Securities Act, and
(ii) such subsequent securities issuance is otherwise being offered only to accredited investors. 
 2.4 Confidentiality.
Each Investor shall keep confidential and shall 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 Section 2.4 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 Section 2.4; (iii) to any 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. 
 2.5 Employee Agreements. Unless otherwise approved by the Board of
Directors, all future employees, officers, consultants, advisors and other service providers of the Company who shall purchase, or receive options to purchase, shares of the Company’s Common Stock following the date hereof shall be required to
execute stock purchase or option agreements providing for (i) vesting of shares over a four-year period with the first 25% of such shares vesting following twelve (12) months of continued employment or services, and the remaining shares
vesting in equal monthly installments over the following 36 months thereafter, (ii) restrictions on transferability prior to vesting except for certain estate planning purposes, and (iii) a 180-day
lockup period in connection with the Company’s initial public offering. The Company shall retain a right of first refusal on transfers until the Company’s initial public offering and the right to repurchase unvested shares at cost upon the
termination of such service provider. 

  
 -17- 

 2.6 Subsequent Offerings. In the event that the Company issues securities
which have rights, preferences or privileges with respect to dividends, liquidation preference, redemption, anti-dilution protection or, in case of the Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred
Stock and Series E Preferred Stock, voting that are more favorable than the terms of the Preferred Stock, the Company shall use its commercially reasonable efforts to amend its Restated Certificate to provide such terms to the holders of Preferred
Stock. 
 2.7 D&O Insurance. As of the date hereof, the Company has Directors and Officers liability insurance in an amount
and on terms and conditions satisfactory to the Company’s Board of Directors, and will use commercially reasonable efforts to cause such insurance policy to be maintained. 

2.8 Termination of Certain Covenants. 

(a) Each of the covenants set forth in this Section 2 (other than the covenant set forth in Section 2.4) shall terminate as to each
Holder and be of no further force or effect (i) immediately prior to the consummation of a Qualified IPO, or (ii) upon termination of this Agreement, as provided in Section 3. 

(b) The covenants set forth in Sections 2.1 and 2.2 shall terminate as to each Holder and be of no further force or effect when the
Company first becomes subject to the periodic reporting requirements of Sections 13 or 15(d) of the Exchange Act, if this occurs earlier than the events described in Section 2.8(a). 

3. Termination of Agreement. This Agreement shall terminate and have no further force or effect upon the consummation of a transaction or series
of related transactions deemed to be a liquidation, dissolution or winding up of the Company pursuant to the Restated Certificate, pursuant to which the Investors receive cash and/or marketable securities. 

4. Miscellaneous. 
 4.1
Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto pertaining to the subject matter hereof, and supersedes any and all other written or oral agreements relating to the subject matter hereof
existing between the parties hereto, including without limitation the Prior Rights Agreement. 
 4.2 Successors and Assigns; Third
Party Beneficiaries. Subject to the restrictions set forth under Article X of the Bylaws, and except as otherwise provided in this Agreement, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon
the respective successors, assigns and legal representatives 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, assigns and legal
representatives any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

  
 -18- 

 4.3 Amendments and Waivers. Any term of this Agreement may be amended or
waived only with the written consent of (a) the Company, (b) the holders of at least a majority of the voting power of the then-outstanding Founders’ Shares (or their respective successors, assigns and legal representatives)
with respect to amendments to the rights of the Founders hereunder and (c) the holders of at least a majority of the voting power of the then-outstanding shares of the Company’s Preferred Stock; provided, however, that any amendment to the
definition of “Major Investor” that would cause an Investor that qualifies as a “Major Investor” prior to such amendment to no longer qualify as a “Major Investor” as a result of such amendment (each such Investor, a
“Specified Investor”) shall further require the written consent of the holders of at least a majority of the voting power of the then-outstanding shares of the Company’s Preferred Stock held by all Specified Investors. Any
amendment or waiver effected in accordance with this Section 4.3 shall be binding upon the Company, the Founders, the Investors, and each of their respective successors and assigns. 

4.4 Notices. Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon delivery,
when delivered personally or by overnight courier or sent by email or fax (upon customary confirmation of receipt), or forty-eight (48) hours after being deposited in the U.S. mail as certified or registered mail with postage prepaid, addressed
to the party to be notified at such party’s address or fax number as set forth on the signature page or on Schedule 1 hereto, or as subsequently modified by written notice. 

4.5 Aggregation of Stock. All shares of capital stock of the Company held or acquired by Affiliated entities or persons shall be
aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliated entities or persons may apportion such rights as among themselves in any manner they deem appropriate. As used herein,
“Affiliate” means, with respect to any specified Investor, any other person who, directly or indirectly, controls, is controlled by or is under common control with such Investor, including, without limitation, any general partner,
managing member, officer or director of such Investor, or any venture capital fund now or hereafter existing which is controlled by one or more general partners or managing members of, or shares the same management company with, such Investor. In
addition, the share ownership of all Designated Permitted Entities shall be aggregated together for purposes of determining whether any Designated Permitted Entity is entitled to any rights under this Agreement and the other agreements to which the
Designated Permitted Entities are a party. A “Designated Permitted Entity” shall be defined as Founders Fund, LLC, The Founders Fund Management, LLC, The Founders Fund, LP, The Founders Fund II Management, LLC, The Founders Fund II,
LP, The Founders Fund II Entrepreneurs Fund, LP, The Founders Fund II Principals Fund, LP, The Founders Fund III, LP, The Founders Fund III Principals Fund, LP, The Founders Fund III Entrepreneurs Fund, LP, The Founders Fund III Management LLC, The
Founders Fund IV, LP, The Founders Fund IV Principals Fund, LP, The Founders Fund IV Management, LLC, Lembas IV (or, in the alternative, one (1) similar Founders Fund investment vehicle), Peter Thiel, up to three (3) Founders Fund employee
investment vehicles, one (1) newly created Founders Fund successor fund and up to three (3) side funds of such successor fund, any partner or affiliate of any Designated Permitted Entity, or any retirement accounts held on behalf of any
such partner, or any stockholder of record of the Company as of the applicable date. 

  
 -19- 

 4.6 Severability. If one or more provisions of this Agreement are held to be
unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be
excluded from this Agreement, (b) the balance of this Agreement shall be interpreted as if such provision were so excluded and (c) the balance of this Agreement shall be enforceable in accordance with its terms. 

4.7 Governing Law. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties
hereto shall be governed, construed and interpreted in accordance with the laws of the State of California, without giving effect to principles of conflicts of law. 

4.8 Additional Investors. Notwithstanding anything to the contrary contained herein, if the Company shall issue additional shares
of its Preferred Stock pursuant to the Purchase Agreement, any purchaser of such shares of Preferred Stock shall become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement and shall be
deemed an “Investor” and a party hereunder. 
 4.9 Arbitration. The parties agree first to negotiate in good faith to
resolve any disputes arising out of or relating to or affecting the subject matter of this Agreement. Any dispute arising out of or relating to or affecting the subject matter of this Agreement not resolved by negotiation shall be settled by binding
arbitration in San Francisco County, California before the Judicial Arbitration and Mediation Services, Inc. (“JAMS”) under the JAMS Rules of Practice and Procedure. The arbitrator shall be a former judge of a court of California.
Discovery and other procedural matters shall be governed as though the proceeding were an arbitration. Any judgment upon the award may be confirmed and entered in any court having jurisdiction thereof. The arbitrator shall be required to, in all
determinations, apply California law without regard to its conflicts of law provisions. Notwithstanding the foregoing, the arbitrator shall apply the substantive law of the state of incorporation of the Company, where applicable. The arbitrator is
afforded the jurisdiction to order any provisional remedies, including, without limitation, injunctive relief. The arbitrator may award the prevailing party the costs of arbitration, including reasonable attorneys’ fees and expenses. The
arbitrator’s award shall be in writing and shall state the reasons for the award. The parties stipulate that a JAMS employee may be appointed as a judge pro tempore of the Superior Court of San Francisco County if required to carry out the
terms of this provision. Arbitration shall be the sole and exclusive means to resolve any dispute. 
 4.10 Counterparts. This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original and 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 200, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for
all purposes. 
 4.11 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and
are not to be considered in construing or interpreting this Agreement. 
 [Signature Page Follows] 

  
 -20- 

 The parties have executed this Amended and Restated Investors’ Rights Agreement as of
the date first written above. 
  

			
	THE COMPANY:
	
	ASANA, INC.
		
	By:	 	 /s/ Dustin Moskovitz

	Name: Dustin Moskovitz
	Title: Chief Executive Officer
	
	Address:
	1550 Bryant Street, Suite 800
	San Francisco, CA 94103

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

 The parties have executed this Amended and Restated Investors’ Rights Agreement as of
the date first written above. 
  

	
	THE FOUNDERS:
	
	DUSTIN MOSKOVITZ
	
	 /s/ Dustin Moskovitz

(Signature)

	
	Address:
	1550 Bryant Street, Suite 800
	San Francisco, CA 94103

  

			
	THE INVESTORS:
	 DUSTIN MOSKOVITZ TTEE

DUSTIN MOSKOVITZ TRUST DTD
 12/27/05

		
	By:	 	 /s/ Dustin Moskovitz

	Name: Dustin Moskovitz
	Title: Trustee
	
	Address:
	 [Address]

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

 The parties have executed this Amended and Restated Investors’ Rights Agreement as of
the date first written above. 
  

			
	THE FOUNDERS:
	
	JUSTIN ROSENSTEIN
	
	 /s/ Justin Rosenstein

(Signature)

	
	Address:
	1550 Bryant Street, Suite 800
	San Francisco, CA 94103
	
	THE INVESTORS:
	
	 JUSTIN MICHAEL ROSENSTEIN

TTEE JUSTIN MICHAEL
 ROSENSTEIN REV TR DTD
11/24/08

		
	By:	 	 /s/ Justin Rosenstein

	Name:	 	Justin Rosenstein
	Title:	 	Trustee
	
	Address:
	 [Address]

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

 The parties have executed this Amended and Restated Investors’ Rights Agreement as of
the date first written above. 
  

			
	THE INVESTORS:
	
	BENCHMARK CAPITAL PARTNERS VI, L.P.
	as nominee for
	Benchmark Capital Partners VI, L.P.,
	Benchmark Founders’ Fund VI, L.P.,
	 Benchmark Founders’ Fund VI-B, L.P.

and related individuals

		
	By:	 	Benchmark Capital Management Co. VI, L.L.C., general partner
		
	By:	 	 /s/ Steven M. Spurlock

		 	Steven M. Spurlock, Managing Member
	
	Address:
	 [Address]

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

 The parties have executed this Amended and Restated Investors’ Rights Agreement as of
the date first written above. 
  

			
	THE INVESTORS:
	
	GENERATION IM CLIMATE SOLUTIONS FUND II, L.P.
	By: its general partner, Generation IM Climate Solutions II GP, Ltd
		
	By:	 	 /s/ Peter Huber

	Name:	 	Peter Huber
	Title:	 	Director
	
	Address:
	 [Address]

	
	               Fax: [Fax]

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

 The parties have executed this Amended and Restated Investors’ Rights Agreement as of
the date first written above. 
  

			
	THE INVESTORS:
	
	THE FOUNDERS FUND IV, LP
	
	By: The Founders Fund IV Management, LLC
	Its: General Partner
		
	By:	 	 /s/ Brian Singerman

	Name:	 	Brain Singerman
	Title:	 	Managing Member
	
	Address:
	 [Address]

	
	THE FOUNDERS FUND IV PRINCIPALS FUND, LP
	
	By: The Founders Fund IV Management, LLC
	Its: General Partner
		
	By: 	 	 /s/ Brian Singerman

	Name:	 	Brian Singerman
	Title:	 	Managing Member
	
	Address:
	 [Address]

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

 The parties have executed this Amended and Restated Investors’ Rights Agreement as of
the date first written above. 
  

			
	THE INVESTORS:
	
	8VC FUND I, L.P.
	
	By: 8VC GP I, LLC
	Its General Partner
		
	By:	 	 /s/ Joe Lonsdale

	Name:	 	Joe Lonsdale
	Title:	 	Managing Member
	
	Address:
	 [Address]

	
	8VC ENTREPRENEURS FUND I, L.P.
	
	By: 8VC GP I, LLC
	Its General Partner
		
	By:	 	 /s/ Joe Lonsdale

	Name:	 	Joe Lonsdale
	Title:	 	Managing Member
	
	Address:
	 [Address]

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

 The parties have executed this Amended and Restated Investors’ Rights Agreement as of
the date first written above. 
  

			
	THE INVESTORS:
	
	LEC ASANA HOLDINGS, LLC
		
	By:	 	 /s/ Brian Neider

	Name:	 	 
	Title:	 	 
	
	Address:
	 [Address]

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

 The parties have executed this Amended and Restated Investors’ Rights Agreement as of
the date first written above. 
  

			
	THE INVESTORS:
	
	DIVESH MAKAN AND DISHA MAKAN
	TRUSTEES OF THE MAKAN FAMILY TRUST
		
	By:	 	 /s/ Divesh Makan

	Name: Divesh Makan
	Title: Trustee
	
	Address:
	 [Address]

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

 The parties have executed this Amended and Restated Investors’ Rights Agreement as of
the date first written above. 
  

			
	THE INVESTORS:
	
	ADITYA AGARWAL & RUCHI SANGHVI TTEES RA TRUST DTD 7/30/10
		
	By:	 	 /s/ Aditya Agarwal

	Name:	 	Aditya Agarwal
	Title:	 	Trustee
	
	THE AGARWAL/SANGHVI 2011 IRREVOCABLE TRUST
		
	By:	 	 /s/ Aditya Agarwal

	Name:	 	Aditya Agarwal
	Title:	 	Trustee
	
	ADITYA AGARWAL 
	
	 /s/ Aditya Agarwal

	(Signature)
	
	Address:
	 [Address]

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

 The parties have executed this Amended and Restated Investors’ Rights Agreement as of
the date first written above. 
  

			
	THE INVESTORS:
	
	WIL FUND I, L.P.
	a Cayman Islands exempted limited partnership
	Its General Partner
	By: WiL GP I, L.P., a Cayman Islands exempted limited partnership
	By: WiL Management I Ltd., a Cayman Islands exempted company
		
	By:	 	 /s/ Gen Isayama

	Name:	 	Gen Isayama
	Title:	 	Director
	
	Address:
	 [Address]

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

 SCHEDULE 1 

INVESTORS 
  

					
		 	  
	 	
		 	 Name and Address
	 	
		 	The Founders Fund IV, LP	 	
			
		 	Address:	 	
		 	 [Address]
	 	
			
		 	  
	 	
		 	The Founders Fund IV Principals Fund, LP	 	
			
		 	Address:	 	
		 	 [Address]
	 	
			
		 	  
	 	
		 	Rivendell 23 LLC	 	
			
		 	Address:	 	
		 	 [Address]
	 	
			
		 	  
	 	
		 	Benchmark Capital Partners VI, L.P.	 	
			
		 	Address:	 	
		 	 [Address]
	 	
			
		 	  
	 	
		 	Andreessen Horowitz Fund I, L.P., as nominee	 	
			
		 	Address:	 	
		 	 [Address]
	 	
		 	  
	 	

					
		  	  
	  	
		  	 Name and Address
	  	
		  	Ronald & Gayle Conway as Trustees of The Conway Family Trust, Dtd. 9/25/96	  	
			
		  	Address:	  	
		  	 [Address]
	  	
			
		  	  
	  	
		  	Owen Van Natta	  	
			
		  	Address:	  	
		  	 [Address]
	  	
			
		  	  
	  	
		  	Lining Deng & Song Cui	  	
			
		  	Address:	  	
		  	 [Address]
	  	
			
		  	  
	  	
		  	Joseph Green	  	
			
		  	Address:	  	
		  	 [Address]
	  	
			
		  	  
	  	
		  	DIVESH MAKAN AND DIKSHA MAKAN Trustees of the MAKAN FAMILY TRUST dtd 10/10/2005	  	
			
		  	Address:	  	
		  	 [Address]
	  	
			
		  	  
	  	
		  	Jed Stremel	  	
			
		  	Address:	  	
		  	 [Address]
	  	
			
		  	  
	  	
		  	Aditya Agarwal	  	
			
		  	Address:	  	
		  	 [Address]
	  	
		  	 	  	

  
 -2- 

					
		 	  
	 	
		 	 Name and Address
	 	
		 	ADITYA AGARWAL & RUCHI SANGHVI TTEES RA TRUST DTD 7/30/10	 	
			
		 	Address:	 	
		 	 [Address]
	 	
			
		 	  
	 	
		 	ADAM D’ANGELO Trustee ADAM D’ANGELO REVOCABLE TRUST DTD 3/13/08	 	
			
		 	Address:	 	
		 	 [Address]
	 	
			
		 	  
	 	
		 	David Jeske	 	
			
		 	Address:	 	
		 	 [Address]
	 	
			
		 	  
	 	
		 	Sean Parker	 	
			
		 	Address:	 	
		 	 [Address]
	 	
			
		 	With a copy to:	 	
		 	 [Address]
	 	
			
		 	  
	 	
		 	Peter Thiel	 	
			
		 	Address:	 	
		 	 [Address]
	 	
		 	  
	 	

  
 -3- 

					
		  	  
	  	
		  	 Name and Address
	  	
		  	Mitchell D. Kapor Trust dated 12/03/99	  	
			
		  	Address:	  	
		  	 [Address]
	  	
			
		  	  
	  	
		  	TMG Partners, a California corporation	  	
			
		  	Address:	  	
		  	 [Address]
	  	
			
		  	  
	  	
		  	Altman Family LLC	  	
			
		  	Address:	  	
		  	 [Address]
	  	
			
		  	  
	  	
		  	Mark Zuckerberg Trust DTD 7/7/2006	  	
			
		  	Address:	  	
		  	 [Address]
	  	
			
		  	  
	  	
		  	Christopher K. Cox Revocable Trust DTD 5/29/2009	  	
			
		  	Address:	  	
		  	 [Address]
	  	
			
		  	  
	  	
		  	Justin Michael Rosenstein TTEE Justin Michael Rosenstein REV TR DTD 11/24/08	  	
			
		  	Address:	  	
		  	 [Address]
	  	
		  	 	  	

  
 -4- 

					
		 	  
	 	
		 	 Name and Address
	 	
		 	The Agarwal/Sanghvi 2011 Irrevocable Trust	 	
			
		 	Address:	 	
		 	 [Address]
	 	
			
		 	  
	 	
		 	Makan Family Trust DTD October 10, 2005	 	
			
		 	Address:	 	
		 	 [Address]
	 	
			
		 	  
	 	
		 	8VC Fund I, L.P.	 	
			
		 	Address:	 	
		 	 [Address]
	 	
			
		 	  
	 	
		 	Eric Ries	 	
			
		 	Address:	 	
		 	 [Address]
	 	
			
		 	  
	 	
		 	SEV-VTF V, LP	 	
			
		 	Address:	 	
		 	 [Address]
	 	
			
		 	  
	 	
		 	Roger B. and Ann K. McNamee Trust U/T/A/D 3/27/96	 	
			
		 	Address:	 	
		 	 [Address]
	 	
			
		 	  
	 	
		 	Naomi Gleit Living Trust	 	
			
		 	Address:	 	
		 	 [Address]
	 	
		 	 	 	

  
 -5- 

					
		  	  
	  	
		  	 Name and Address
	  	
		  	Mandible Media Investments LLC	  	
			
		  	Address:	  	
		  	 [Address]
	  	
			
		  	  
	  	
		  	Dustin A. Moskovitz TTEE Dustin A. Moskovitz Trust DTD 12/27/05	  	
			
		  	Address:	  	
		  	 [Address]
	  	
			
		  	  
	  	
		  	Dustin A Moskovitz 2008 Annuity Trust DTD 3/10/08	  	
			
		  	Address:	  	
		  	 [Address]
	  	
			
		  	  
	  	
		  	Moskovitz Investment Holdings, LLC	  	
			
		  	Address:	  	
		  	 [Address]
	  	
			
		  	  
	  	
		  	8VC Entrepreneurs Fund I, L.P.	  	
			
		  	Address:	  	
		  	 [Address]
	  	
			
		  	  
	  	
		  	Generation IM Climate Solutions Fund II, L.P.	  	
			
		  	Address:	  	
		  	 [Address]
	  	
		  	 	  	

  
 -6- 

					
		 	  
	 	
		 	 Name and Address
	 	
		 	LEC Asana Holdings, LLC	 	
			
		 	Address:	 	
		 	 [Address]
	 	
			
		 	  
	 	
		 	WiL Fund I, L.P.	 	
			
		 	Address:	 	
		 	 [Address]
	 	
		 	 	 	

  
 -7-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}]]