Document:

EX-10.2

 Exhibit 10.2 

CENTURY BANK AND TRUST COMPANY 

SPLIT DOLLAR LIFE INSURANCE AGREEMENT 

Economic Benefit Regime – Endorsement Method 

THIS SPLIT DOLLAR LIFE INSURANCE AGREEMENT (the “Agreement”) is made and entered into effective as of August 17,
2020 (the “Effective Date”), by and between Century Bank and Trust Company (the “Bank”), a bank organized and existing under the laws of the Commonwealth of Massachusetts, and Linda Sloane Kay (the
“Insured”). 
 RECITALS: 

A.    The Insured is employed by the Bank in the position of Vice-Chair and member of the Board. 

B.    The Bank highly values the efforts, abilities, and accomplishments of the Insured and, as an inducement for the
Insured’s continued employment, wishes to assist the Insured with a personal insurance program. 
 C.    The Bank
has determined that this assistance can best be provided under a “split-dollar” arrangement as defined in Treasury Regulation §§1.61-22(b)(1)&(2), but which is not intended to be a
split-dollar arrangement involving loans under Treasury Regulation §1.7872-15. 

D.    The Bank wishes to provide life insurance protection for the Insured’s family in the event of the
Insured’s death, under Policy of life insurance insuring the life of the Insured (the “Policy”), which is/are described in Exhibit A attached hereto, and which were or are being issued by New York Life Insurance and Annuity
Corporation (the “Insurer”), with such additions and/or deletions as may be made from time to time by amendments to Exhibit A. 

E.    The Bank is willing to pay the single premium on the Policy as an additional employment benefit for the Insured, on
the terms and conditions hereinafter set forth. 
 F.    The Bank is the sole owner of the Policy and has elected to
allow the Insured to name a personal beneficiary for a portion of the death proceeds of the Policy. 
 NOW, THEREFORE, in
consideration of the mutual undertakings set forth in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Bank and the Insured agree as follows: 

ARTICLE I 

“Definitions” 

1.1    Refer to Policy contracts for the definitions of any terms in this Agreement that are not defined herein. 

1.2    “Board” shall mean the Board of Directors of the Bank. 

  
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 1.3    “Cash Surrender Value” shall mean the cash value
of a life insurance policy calculated according to the provisions of the policy, plus any dividends and/or earnings added thereto, less any outstanding loans (plus interest) on the policy on the date giving rise to the need for the calculation. 

1.4    “Change in Control” shall mean the occurrence of any of the following after the Effective Date:

 (i)    Any “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of
1934, as amended (the “Exchange Act”) becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Bank representing more
than 50% of the voting power of the then outstanding securities of the Bank; provided that a Change in Control shall not be deemed to occur as a result of a transaction in which the Bank becomes a subsidiary of another corporation and in which the
stockholders of the Bank, immediately prior to the transaction, will beneficially own, immediately after the transaction, shares entitling such stockholders to more than 50% of all votes to which all stockholders of the parent corporation would be
entitled in the election of directors; or 
 (ii)    The consummation of (A) a merger or consolidation of the Bank
with another corporation where the stockholders of the Bank, immediately prior to the merger or consolidation, will not beneficially own, immediately after the merger or consolidation, shares entitling such stockholders to more than 50% of all votes
to which all stockholders of the surviving corporation would be entitled in the election of directors, or (B) a sale or other disposition of all or substantially all of the assets of the Bank. 

Notwithstanding the foregoing, a Change in Control shall only be deemed to have occurred if such constitutes a change in the ownership or effective control of
the Bank, or in the ownership of a substantial portion of the assets of the Bank, within the meaning of section 409A of the Code and its corresponding regulations. 

1.5    “Death Benefit” shall mean an amount of death proceeds equal to Five Million Dollars
($5,000,000.00). 
 1.6    “Disability” shall mean the occurrence of a sickness, accident or injury
which has been determined by the Social Security Administration, to be a disability rendering the Insured totally and permanently disabled. The Insured/Participant must submit proof to the Bank of the Social Security Administration’s
determination upon the request of the Bank. 
 1.7    “Termination of Employment” shall mean the
cessation of employment or services with the Bank as an employee or a member of the Board. For the avoidance of doubt, the Insured/Participant shall be considered employed as long as she is serving as an employee of the Bank or a director on the
Board. 
 1.8    “Year of Participation” shall mean a twelve (12) month period during which the
Insured is employed as an employee on a full-time basis by the Bank or serving as a member of the Board, inclusive of any approved leaves of absence, beginning on January 1, 2020. 

  
 2 

 ARTICLE II 

“Purchase of Policy” 

2.1    The parties hereto have taken or will take all necessary action to cause the Insurer to issue the Policy, and shall
take any further action which may be necessary to cause the Policy to conform to the provisions of this Agreement. The parties hereto agree that the Policy shall be subject to the terms and conditions of this Agreement and of the endorsements to the
Policy filed with the Insurer. 
 ARTICLE III 

“Policy Title and Ownership” 

3.1    Title and ownership of the Policy shall reside in the Bank for its use and to provide for the Death Benefit for the
Insured, all in accordance with this Agreement. The Bank alone may, to the extent of its interest, exercise the right to borrow or withdraw on the Policy Cash Surrender Value. 

ARTICLE IV 

“Beneficiary” 

4.1    Beneficiary Designation. The Insured shall have the right and power to designate a beneficiary or
beneficiaries to receive the Insured’s share of the proceeds payable upon the death of the Insured, and, to the extent that the Insured has designated multiple beneficiaries, to elect the percentage allocation of the Insured’s share of
such proceeds to be paid to each such beneficiary (not to exceed 100%), subject to any right or interest the Bank may have in such proceeds, as provided in this Agreement. The Insured shall have the right to name such beneficiary at any time prior
to the Insured’s death and submit it to the Plan Administrator (or Plan Administrator’s representative) on the written beneficiary designation form provided. 

4.2    Beneficiary Acknowledgment. Once received and acknowledged by the Plan Administrator, the beneficiary
designation form shall be effective. The Insured may change a beneficiary designation at any time by submitting a new form to the Plan Administrator. Any such change shall follow the same rules as for the original beneficiary designation and shall
automatically supersede the existing beneficiary form on file with the Plan Administrator. Upon the acceptance by the Bank of a new beneficiary designation form, all previously filed beneficiary designation forms shall be cancelled. The Bank shall
be entitled to rely on the last beneficiary designation form filed by the Insured and accepted by the Bank prior to the Insured’s death. 

4.3    No Beneficiary Designation. If the Insured dies without a valid beneficiary designation on file, or if all
designated beneficiaries predecease the Insured, then the Insured’s surviving spouse shall be the designated beneficiary. If the Insured has no surviving spouse, the benefits shall be made payable to the personal representative of the
Insured’s estate. 
 4.4    Facility of Payment. If the Plan Administrator determines in its discretion that
a benefit is to be paid to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of that person’s property, the Plan Administrator may direct distribution of such benefit to the guardian, legal
representative or person having the care or custody of such minor, incompetent person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the
benefit. Any distribution of a benefit shall be a distribution for the account of the Insured and the beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement for such distribution amount. 

  
 3 

 ARTICLE V 

“Premium Payment and Taxable Benefit” 

5.1     Premium Payment. The Bank shall pay a single premium at the time of issue of the Policy and any other
premium payments that might become necessary to keep the Policy in force as determined by the Insurer. Notwithstanding the foregoing, the Bank shall have the absolute and sole right to terminate or surrender the Policy; provided that a replacement
policy is adopted. Replacement would require the Insured’s consent. 
 5.2    Taxable Benefit. The Bank
shall determine the economic benefit attributable to the Insured based on the life insurance premium factor for the Insured’s age multiplied by the amount of current life insurance protection payable to the Insured’s beneficiary. The
“life insurance premium factor” is the minimum amount required to be imputed under Treasury Regulation §1.61-22(d)(3)(ii) or any subsequent applicable authority. 

5.3    Tax Gross Up. The Bank shall calculate and pay in a single lump sum cash payment to the Insured in December
of each calendar year an amount that is estimated to be approximately equal to the federal and (if applicable) state income taxes owed by such Insured on the economic benefit for such insurance benefits calculated pursuant to subsection 5.2, plus
any federal and (if applicable) state income taxes owed as a result of the payments under this subsection 5.3; provided that for purposes of calculating the amount of taxes the Bank shall assume that the Insured is paying taxes at the highest
marginal effective tax rate for federal, state and local taxes in the year of determination. 
 ARTICLE VI 

“Ownership of the Cash Surrender Value of a Policy” 

6.1    The Bank shall at all times be entitled to one hundred percent (100%) of each Policy’s Cash Surrender Value,
as that term is defined in the Policy contract, less any Policy loans and unpaid interest or cash withdrawals previously incurred by the Bank. Such Cash Surrender Value shall be determined as of the date of surrender or death as the case may be. For
purposes of clarity, in no event shall the Insured have any right, entitlement or interest in the Cash Surrender Value of the Policy, instead, the Insured’s sole entitlement under the Policy is the Death Benefit provided in Section 10.1,
subject to the terms and conditions of this Agreement. 
 ARTICLE VII 

“Rights of Insured or Assignees” 

7.1    The Insured may not assign to any individual, trust or other organization, any right, title or interest in the
Death Benefit nor any rights, options, privileges or duties created under this Agreement, other than the right to name a beneficiary from time to time to receive the Death Benefit. 

  
 4 

 ARTICLE VIII 

“Limitations on Bank’s Rights in Policy” 

8.1    Notwithstanding any provision hereof to the contrary, the Bank shall have the right to sell or surrender a Policy
without terminating this Agreement, provided (i) the Bank replaces the Policy with a comparable life insurance policy or arrangement that provides the benefit provided under this Agreement and (ii) the Bank and the Insured (who will not
unreasonably withhold her signature) execute a new Policy endorsement for said comparable coverage arrangement, at which time all references to “Policy” hereunder shall refer to such replacement coverage arrangement. Without limitation,
the Policy at all times shall be the exclusive property of the Bank and shall be subject to the claims of the Bank’s creditors. 

ARTICLE IX 
 “Policy
Loans” 
 9.1    The Bank may pledge or assign a Policy, subject to the terms and conditions of this Agreement,
for the sole purpose of securing a loan from the Insurer or from a third party. Interest charges on such loan shall be paid by the Bank. If the Bank so encumbers a Policy, other than by a Policy loan from the Insurer, then, upon the death of the
Insured, the Bank shall promptly take all action necessary to secure the release or discharge of such encumbrance. 
 ARTICLE X 

“Division of Death Proceeds” 

10.1    Insured’s Death Benefit. 

(a)    Upon the death of the Insured while employed by the Bank, the Insured’s beneficiary shall be
entitled to receive the Death Benefit. The receipt of this amount by the beneficiary shall constitute satisfaction of the Insured’s rights under this Agreement. 

(b)    Upon the death of the Insured following Termination of Employment, the Insured’s beneficiary
shall receive the vested percentage of the Death Benefit, with vesting being determined in accordance with subsections (i) and (ii) below. The receipt of this amount by the beneficiary shall constitute satisfaction of the Insured’s rights
under this Agreement. 
 (i)    For purposes of determining the vested percentage of the Death Benefit
described above, the Insured shall become vested as follows: ten percent (10%) for each full Year of Participation and one hundred percent (100%) upon completing ten (10) Years of Participation. For vesting purposes, service will be determined
for the period commencing on January 1, 2020 and continuing until the Insured ceases to be employed by, or providing service to, the Bank as an employee or member on the Board. 

(ii)    Notwithstanding the above vesting schedule, the Insured shall become one hundred percent (100%)
vested in the Death Benefit upon incurring a Disability, upon the Bank’s Change in Control or in the event of death prior to Termination of Employment. 

10.2    Bank’s Benefit. Upon the death of the Insured, the Bank shall be entitled to receive the remainder of
the aggregate Policy death proceeds (if any) not payable under Section 10.1 above. 
 10.3    Benefit Paid by
Insurer. The benefit payable to the Insured’s beneficiary shall be paid solely by the Insurer from the proceeds of the Policy on the life of the Insured. In no event shall the Bank 

  
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be obligated to pay a Death Benefit under this Agreement from its general funds. Should an Insurer refuse or be unable to pay death proceeds endorsed to Insured under the express terms of this
Agreement, or should the Bank cancel the Policy for any reason, neither the Insured nor any beneficiary shall be entitled to a Death Benefit. 

10.4     Suicide or Misstatement. The amount of the benefit payable to the Insured’s beneficiary may be reduced or
eliminated if the Insured dies under circumstances such that a Policy does not pay a full death benefit, e.g., in the case of suicide within the suicide exclusionary period of a Policy. The Bank shall, however, evaluate the reason for the denial,
and upon advice of legal counsel and in its sole discretion, consider judicially challenging any denial. 
 ARTICLE XI 

“Termination of the Agreement” 

11.1    This Agreement shall terminate upon the occurrence of any one of the following: 

(1)    The total cessation of the business of the Bank; 

(2)    The bankruptcy, receivership or dissolution of the Bank; 

or 

(3)    Upon distribution of the Death Benefit proceeds in accordance with Article X. 

11.2    Upon the termination of this Agreement, the Bank may make such disposition of the Policy as it determines to be
appropriate. Insured will have no rights in such Policy, or the death benefit proceeds thereof, if this Agreement is terminated. 

ARTICLE XII 

“Insurer Not a Party” 

12.1    The Insurer shall be fully discharged from its obligations under the Policy by payment of the Policy Death Benefit
to the beneficiary or beneficiaries named in the Policy, subject to the terms and conditions of the Policy. In no event shall the Insurer be considered a party to this Agreement, or any modification or amendment hereof, and the provisions herein
shall in no way be construed as enlarging, changing, varying or in any other way affecting the obligations of the Insurer as expressly provided in the Policy, except insofar as the provisions hereof are made a part of a Policy by the beneficiary
designation form executed by the Bank and filed with the Insurer in connection herewith. 
 ARTICLE XIII 

“Administration” 

13.1    Plan Administrator. For purposes of the Employee Retirement Income Security Act of 1974
(“ERISA”), as amended, the Bank will be the “Named Fiduciary” and Plan Administrator of the split dollar life insurance plan for which this Agreement is hereby designated the written plan instrument. The Board may authorize a
person or group of persons to fulfill the responsibilities of the Bank as Plan Administrator. The Named Fiduciary or the Plan Administrator may employ others to render advice with regard to its responsibilities under this Agreement. The Named
Fiduciary may also allocate fiduciary responsibilities to others and may exercise any other powers necessary for the discharge of its duties to the extent not in conflict with ERISA. 

  
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 13.2    Plan Administrator Duties. The Plan Administrator shall
have the discretion and authority to: (i) make, amend, interpret and enforce all appropriate rules and regulations for the administration of this Agreement and (ii) decide or resolve any and all questions, including interpretations of this
Agreement, as may arise in connection with this Agreement. 
 13.3    Binding Effect of Decisions. Any decision
or action of the Plan Administrator with respect to any question arising out of or in connection with the administration, interpretation, and application of this Agreement and the rules and regulations promulgated hereunder shall be final and
conclusive and binding upon all persons having any interest in this Agreement. 
 13.4    Indemnity of Plan
Administrator. The Bank shall indemnify and hold harmless the members of the Plan Administrator, and those to whom management and operation responsibilities of the Agreement have been delegated, against any and all claims, losses, damages,
expenses or liabilities arising from any action or failure to act with respect to this Agreement, except in the case of willful misconduct by the Plan Administrator or any of its members. 

ARTICLE XIV 

“Claims and Review Procedures” 

14.1    Written Claim. A person who believes that he or she is being denied a benefit to which he or she is
entitled under this Agreement (“Claimant”) may file a written request for such benefit with the Plan Administrator, setting forth his or her claim. The request must be addressed to the Bank at its then principal place of business. 

14.2    Timing of Response. Upon receipt of a claim, the Plan Administrator shall advise the Claimant that a reply
will be forthcoming within ninety (90) days and shall, in fact, deliver such reply within such period. The Plan Administrator may, however, extend the reply period for an additional ninety (90) days for reasonable cause. If the claim is
denied in whole or in part, the Plan Administrator shall adopt a written opinion, using language calculated to be understood by the Claimant, setting forth: 

(1)    The specific reason or reasons for such denial; 

(2)    The specific reference to pertinent provisions of this Agreement on which such denial is based; 

(3)    A description of any additional material or information necessary for the Claimant to perfect his or
her claim and an explanation why such material or such information is necessary; 
 (4)    Appropriate
information as to the steps to be taken if the Claimant wishes to submit the claim for review; and 

(5)    The time limits for requesting a review under Section 14.3 and for review under
Section 14.4 hereof. 
 14.3    Request for Review. Within sixty (60) days after the receipt by the
Claimant of the written opinion described in Section 14.2, the Claimant may request in writing that the determination of the Plan Administrator be reviewed. Such request must be addressed to the Bank, at its then principal place of

  
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business. The Claimant or his or her duly authorized representative may, but need not, review the pertinent documents and submit issues and comments in writing for consideration by the Plan
Administrator. If the Claimant does not request a review of the Plan Administrator’s determination within such sixty (60) day period, he or she shall be barred and estopped from challenging the Plan Administrator’s determination. 

14.4    Review of Decision. The Plan Administrator will review its determination within sixty (60) days after
receipt of a request for review. After considering all materials presented by the Claimant, the Plan Administrator will render a written opinion, written in a manner calculated to be understood by the Claimant, setting forth the specific reasons for
the decision and containing specific references to the pertinent provisions of this Agreement on which the decision is based. If special circumstances require that the sixty (60) day time period be extended, the Plan Administrator will so
notify the Claimant and will render the decision as soon as possible, but no later than one hundred twenty (120) days after receipt of the request for review. 

ARTICLE XV 

“Amendment” 

15.1    This Agreement may not be amended, altered, or modified, except by a written instrument signed by the parties
hereto, or their respective successors or assigns, and may not be otherwise terminated except as provided herein. 
 ARTICLE XVI 

“Miscellaneous” 

16.1     Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Bank and its
successors and assigns, and upon the Insured, the Insured’s successors, assigns, heirs, executors, administrators and beneficiaries. 

16.2    No Guarantee of Employment. This Agreement is not an employment policy or contract. It does not give the
Insured the right to remain an employee of the Bank or as a director on the Board, nor does it interfere with the Bank’s right to discharge the Insured. It also does not require the Insured to remain an Insured nor interfere with the
Insured’s right to terminate employment or service at any time. 
 16.3    Notices. Any notice, consent or
demand required or permitted to be given under the provisions of this Agreement shall be in writing, and shall be signed by the party giving or making the same. If such notice, consent or demand is mailed to a party hereto, it shall be sent by
United States certified mail, postage prepaid, addressed to such party’s last known address as shown on the records of the Bank. The date of such mailing shall be deemed the date of notice, consent or demand. 

16.4    Section 409A of the Code. This Agreement is intended to comply with the requirements of Section 409A
of the Internal Revenue Code of 1986, as amended (the “Code”) or an exemption thereunder. This Agreement shall be interpreted and administered consistent with such intent. In no event shall the Insured (or any beneficiary) be able to
directly or indirectly designate the calendar year of any payment under this Agreement. Nothing in this Agreement shall be construed as a guarantee or indemnity by the Bank for the tax consequences with respect to the payments and Death Benefit
under this Agreement, including any tax consequences under section 409A of the Code. The Insured (and her beneficiaries) shall be solely responsible for any and all tax consequences that result from the payments and Death Benefit under this
Agreement. 

  
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 16.5    Applicable Law. This Agreement and the rights of the
parties hereunder, shall be governed by and construed according to the laws of the Commonwealth of Massachusetts, except to the extent preempted by the laws of the United States of America. 

16.6    Gender. Whenever in this Agreement words are used in the masculine or neutral gender, they shall be read
and construed as in the masculine, feminine or neutral gender, whenever they should so apply. 
 16.7    No Third
Party Beneficiaries. The benefits of this Agreement shall not inure to any third party. This Agreement shall not be construed as creating any rights, claims, or cause of action against the Bank or any of its officers, directors, agents, or
employees in favor of any person or entity other than the Insured. 
 16.8    Severability. If any one or more of
the provisions hereof is declared invalid, illegal, or unenforceable in any jurisdiction, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired, and that invalidity, illegality, or
unenforceability in one jurisdiction shall not affect the validity, legality, or enforceability of the remaining provisions hereof. 
 16.9
    Entire Agreement. This Agreement, along with the Insured’s beneficiary designation form, constitutes the entire agreement between the Bank and the Insured as to the subject matter hereof. No rights are granted to
the Insured under this Agreement other than those specifically set forth herein. 
 IN WITNESS WHEREOF, the parties hereto execute
this Agreement as of the date first written above. 
  

					
	INSURED:	  	CENTURY BANK AND TRUST COMPANY:
			
	/s/ Linda Sloane Kay                                	  	By:	 	/s/ William P.
Hornby                                        

	Linda Sloane Kay	  		 	
		  	Title:	 	Chief Financial
Officer                                     

  
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 EXHIBIT A 

The following life insurance Policies are subject to the attached Split Dollar Life Insurance Agreement: 

 

							
		 	 Insurer:
	 	 New York Life Insurance and Annuity Corporation

				
		 	 Insured:
	 	 Linda Sloane Kay
	  	
				
		 	Policy Number:	 	REDACTED	  	

  
 10 

 CENTURY BANK AND TRUST COMPANY 

SPLIT DOLLAR LIFE INSURANCE AGREEMENT 

BENEFICIARY DESIGNATION FORM 

Your life insurance carrier may require a split dollar specific beneficiary form. Please consult your financial representative and complete
the carrier form in lieu of this form, if applicable. This form is a legal document and its execution may have significant legal and tax consequences. Consult your attorney regarding questions. 

 
  

INSURED INFORMATION 
  

			
	Name:                                     
                           	  	
Social Security Number:                 
                                       

 BENEFICIARY DESIGNATION 
  

									
		 	☐	 	This is my initial beneficiary designation	 	☐	 	This is a change to my beneficiary designation

 Instructions: List each beneficiary who is to share in any payment due under the split dollar arrangement. State
specifically what percentage of the total amount to be paid is to be received by each beneficiary. Use first, middle, and last names. If you indicate a trust, specify the exact name, federal tax identification number, and date of the trust. 

Primary Beneficiary means the person(s) who will receive the Insured’s share of the Death Benefit in the event of the Insured’s death.
Proceeds will be divided in equal shares if multiple beneficiaries are named, unless otherwise indicated. If percentages are listed, the total must equal 100%. 
  

									
	 Primary Beneficiary
	 	 DOB
	 	 Social Security #
	 	 Address
	 	 % of Proceeds

	     
	 		 		 		 	
		 		 		 		 	
	     
	 		 		 		 	
		 		 		 		 	
	     
	 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

 Trust(ee) as Beneficiary applies only if a trust has been created in an executed trust agreement. 

  
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 Name of Trust:
                                         
                                         
                                         
                                         
                                         
       
 Trustee(s):
                                         
                                         
                                         
                                         
                                         
            
  

			
	Trust Tax
ID#:                                        
                        	  	
Date of Trust:                  
                                         
 

 The undersigned Insured acknowledges that the Bank is providing this Death Benefit subject to the terms and conditions of
the Agreement entered into with the Insured; only to the extent that the Death Benefit is actually paid by the Insurer, and that the Bank is also entitled to separate benefits in the Policy. 

 

			
	                                     
                                   	  	                                     
                                   
	Insured’s Signature	  	 Date

  

			
	Acknowledged Receipt by the Bank:	 	
		
	                                     
                                   	 	
	 Plan Administrator or Authorized Officer
	 	

  
 12EX-4.2

 Exhibit 4.2 

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 

BY AND AMONG 
 OUTSET
MEDICAL, INC. 
 AND 

THE PARTIES HERETO 

Dated as of January 27, 2020 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 Article I         DEFINITIONS
	  	 	1	 
			
	 Section 1.01
	 	 Defined Terms
	  	 	1	 
			
	 Section 1.02
	 	 Other Interpretive Provisions
	  	 	6	 
		
	 Article II         REGISTRATION
RIGHTS
	  	 	7	 
			
	 Section 2.01
	 	 Demand Registration
	  	 	7	 
			
	 Section 2.02
	 	 Shelf Registration
	  	 	9	 
			
	 Section 2.03
	 	 Piggyback Registration
	  	 	12	 
			
	 Section 2.04
	 	 Black-out Periods
	  	 	14	 
			
	 Section 2.05
	 	 Registration Procedures
	  	 	16	 
			
	 Section 2.06
	 	 Underwritten Offerings
	  	 	21	 
			
	 Section 2.07
	 	 No Inconsistent Agreements; Additional Rights
	  	 	22	 
			
	 Section 2.08
	 	 Registration Expenses
	  	 	22	 
			
	 Section 2.09
	 	 Indemnification
	  	 	23	 
			
	 Section 2.10
	 	 Rules 144 and 144A and Regulation S
	  	 	26	 
			
	 Section 2.11
	 	 Limitation on Registrations and Underwritten Offerings
	  	 	26	 
			
	 Section 2.12
	 	 Clear Market
	  	 	26	 
			
	 Section 2.13
	 	 In-Kind Distributions
	  	 	27	 
		
	 Article III
        MISCELLANEOUS
	  	 	27	 
			
	 Section 3.01
	 	 Term
	  	 	27	 
			
	 Section 3.02
	 	 Injunctive Relief
	  	 	27	 
			
	 Section 3.03
	 	 Attorneys’ Fees
	  	 	27	 
			
	 Section 3.04
	 	 Notices
	  	 	27	 
			
	 Section 3.05
	 	 Publicity and Confidentiality
	  	 	28	 
			
	 Section 3.06
	 	 Amendment
	  	 	29	 
			
	 Section 3.07
	 	 Successors, Assigns and Transferees
	  	 	29	 
			
	 Section 3.08
	 	 Binding Effect
	  	 	29	 
			
	 Section 3.09
	 	 Third Party Beneficiaries
	  	 	29	 
			
	 Section 3.10
	 	 Governing Law; Jurisdiction
	  	 	30	 
			
	 Section 3.11
	 	 Waiver of Jury Trial
	  	 	30	 
			
	 Section 3.12
	 	 Severability
	  	 	30	 
			
	 Section 3.13
	 	 Counterparts
	  	 	30	 
			
	 Section 3.14
	 	 Headings
	  	 	30	 
			
	 Section 3.15
	 	 Joinder
	  	 	30	 
			
	 Section 3.16
	 	 Alternative IPO Entities
	  	 	30	 

  
 i. 

 AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 

THIS AMENDED AND RESTATED REGISTRATION RIGHTS
AGREEMENT (the “Agreement”) is made, entered into and effective as of January 27, 2020, by and among the Institutional Investors (as defined herein) set forth on
SCHEDULE A hereto, the Holders (as defined herein) set forth on SCHEDULE B hereto, Outset Medical, Inc., a Delaware corporation (including any of its successors by merger,
acquisition, reorganization, conversion or otherwise, the “Company”) and any other Person (as defined herein) who becomes a party hereto from time to time in accordance with this Agreement. 

WITNESSETH: 

WHEREAS, the Company and certain of the Institutional Investors and Holders (the “Prior
Investors”) have previously entered into an Amended and Restated Registration Rights Agreement, dated as of August 20, 2018 (the “Prior Registration Rights Agreement”); and 

WHEREAS, in order to induce certain of the Institutional Investors and Holders (the
“Series E Investors”) to purchase shares of Series E Convertible Preferred Stock, par value $0.001 per share, of the Company pursuant to that certain Series E Preferred Stock
Purchase Agreement of even date herewith, the Company and the Institutional Investors holding a majority of the outstanding Registrable Securities held by all Institutional Investors hereby agree to amend and restate the Prior Registration Rights
Agreement to add the Series E Investors as parties to this Agreement and make certain other changes. 

NOW, THEREFORE, in consideration of the foregoing and
the mutual promises, covenants and agreements of the parties hereto, and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 

DEFINITIONS 

SECTION 1.01    Defined Terms. As used in this Agreement, the following terms shall have
the following meanings: 
 “Adverse Disclosure” means public disclosure of material
non-public information that, in the Board of Directors’ good faith judgment, after consultation with independent outside counsel to the Company, would be required to be made in any Registration Statement
filed with the SEC by the Company so that such Registration Statement would not contain any untrue statement of material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not materially
misleading and would not be required to be made at such time but for the filing, effectiveness or use of such Registration Statement, but which information the Company has a bona fide, material business purpose for not disclosing publicly. 

“Affiliate” has the meaning specified in Rule 12b-2 under the Exchange
Act, including, without limitation, with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled by, or is under common control with such Person, including without limitation any general partner,
managing member, officer or director of such Person or any venture capital, private equity or other institutional investment fund now or hereafter existing that is controlled by one or more general partners or managing members of, or shares the same
management company or investment advisor with, such Person; provided that no Holder shall be deemed an Affiliate of the Company or its Subsidiaries for purposes of this Agreement; provided further that neither portfolio companies (as
such term is commonly used in the private equity industry) of an Institutional Investor or its Affiliates nor limited partners, non-managing members or other similar direct or indirect investors in an
Institutional Investor or its Affiliates shall be 

  
 1. 

 
deemed to be Affiliates of such Institutional Investor. The term “Affiliated” has a correlative meaning. For the purposes of this Agreement, each T. Rowe Price Investor
shall be deemed to be an Affiliate of (i) each other T. Rowe Price Investor and (ii) T. Rowe Price. 

“Agreement” has the meaning set forth in the preamble. 

“Alternative IPO Entity” has the meaning set forth in Section 3.16. 

“Board of Directors” means the board of directors of the Company. 

“Business Day” means any day other than a Saturday, Sunday or a day on which commercial banks located in New York, New
York are required or authorized by law or executive order to be closed. 
 “Change of Control” means the occurrence
of any of the following: (i) the sale, lease or transfer, in a single transaction or in a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any Person or
(ii) the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision) (other than the Institutional Investors and their Affiliates), including any
group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act, or any successor provision), in a single transaction or in a
series of related transactions, by way of merger, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor
provision) of 50% or more of the total voting power of the Company or any of its direct or indirect parent companies holding directly or indirectly 100% of the total voting power of the Company. 

“Company” has the meaning set forth in the preamble. 

“Company Public Sale” has the meaning set forth in Section 2.03(a). 

“Company Share Equivalent” means securities exercisable, exchangeable or convertible into Company Shares. 

“Company Shares” means the shares of common stock, par value $0.001 per share, of the Company, any securities into
which such shares of common stock shall have been changed, or any securities resulting from any reclassification, recapitalization or similar transactions with respect to such shares of common stock. 

“Company Stockholders Agreement” means the Amended and Restated Stockholders Agreement, dated as of January 27,
2020, by and among the investors set forth on Schedule I and Schedule II thereto and the Company, as amended, modified or supplemented from time to time. 

“D1” means, collectively, D1 Capital Partners LP and any successor funds thereto, and their respective Affiliates
(excluding the Company and any of its subsidiaries) and any Permitted Assignees to which Registrable Securities have been transferred or assigned, as long as such Person is a Holder. 

“Demand Company Notice” has the meaning set forth in Section 2.01(d). 

“Demand Notice” has the meaning set forth in Section 2.01(a). 

“Demand Party” has the meaning set forth in Section 2.01(a). 

“Demand Period” has the meaning set forth in Section 2.01(c). 

  
 2. 

 “Demand Registration” has the meaning set forth in
Section 2.01(a). 
 “Demand Registration Statement” has the meaning set forth in Section 2.01(a). 

“Demand Suspension” has the meaning set forth in Section 2.01(e). 

“Eligibility Notice” has the meaning set forth in Section 2.02(a)(i). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto, and any rules and
regulations promulgated thereunder, all as the same shall be in effect from time to time. 
 “FINRA” means the
Financial Industry Regulatory Authority. 

“Form S-1” means a registration
statement on Form S-1 under the Securities Act, or any comparable or successor form or forms thereto. 

“Form S-3” means a registration
statement on Form S-3 under the Securities Act, or any comparable or successor form or forms thereto. 

“Holder” means any holder of Registrable Securities that is a party hereto or that succeeds to rights hereunder
pursuant to Section 3.07. 
 “Initial S-3 Holder” has the meaning set
forth in Section 2.02(a)(i). 
 “Initiating Holder” has the meaning set forth in Section 2.02(a)(ii). 

“Initiating Shelf Take-Down Holder” has the meaning set forth in Section 2.02(e)(i). 

“Institutional Investor” means the Institutional Investors set forth on SCHEDULE A
hereto, any successor funds thereto, and their respective Affiliates that are direct or indirect equity investors in the Company, any successor funds thereto, and their respective Affiliates that are direct or indirect equity investors in the
Company, including solely for purposes of Section 2.02(a) – (d), unless otherwise stated herein, Mubadala. 

“Institutional Investor Registration Demands” has the meaning set forth in Section 2.11(c). 

“IPO” means the first underwritten public offering and sale of Company Shares for cash pursuant to an effective
registration statement (other than on Form S-4, S-8 or a comparable form) under the Securities Act. 

“Issuer Free Writing Prospectus” means an issuer free writing prospectus, as defined in Rule 433 under the
Securities Act, relating to an offer of Registrable Securities. 
 “Long-Form Registration” has the meaning set
forth in Section 2.01(a). 
 “Loss” or “Losses” has the meaning set forth in
Section 2.09(a). 
 “Marketed Underwritten Offering” means any Underwritten Offering (including a Marketed
Underwritten Shelf Take-Down, but, for the avoidance of doubt, not including any Shelf Take-Down that is not a Marketed Underwritten Shelf Take-Down) that involves a customary “road show” (including an “electronic road show”) or
other substantial marketing effort by the Company and the underwriters over a period of at least 48 hours. 

  
 3. 

 “Marketed Underwritten Shelf Take-Down” has the meaning set forth in
Section 2.02(e)(iii). 
 “Marketed Underwritten Shelf Take-Down Notice” has the meaning set forth in
Section 2.02(e)(iii). 
 “Mubadala” means Aurora Investment Company LLC, any successor funds thereto, and their
respective Affiliates that are direct or indirect equity investors in the Company, any successor funds thereto, and their respective Affiliates that are direct or indirect equity investors in the Company. 

“Mutual Fund Investor” shall mean (a) each of Fidelity and its respective Affiliates that are Holders and are
(i) an investment company registered as such under the Investment Company Act of 1940, as amended or (ii) an advisory client of an investment adviser registered as such under the Investment Advisers Act of 1940, as amended, (b) each
T. Rowe Price Investor and (c) Mubadala. 
 “Participating Holder” means, with respect to any Registration, any
Holder of Registrable Securities covered by the applicable Registration Statement. 
 “Participating Investor”
means, with respect to any Registration, any Institutional Investor or Mubadala that is a Holder of Registrable Securities covered by the applicable Registration Statement. 

“Permitted Assignee” has the meaning set forth in Section 3.07. 

“Person” means any individual, partnership, corporation, limited liability company, unincorporated organization, trust
or joint venture, or a governmental agency or political subdivision thereof or any other entity. 
 “Piggyback
Registration” has the meaning set forth in Section 2.03(a). 
 “Pro Rata Participating Investor Shelf
Percentage” means, as of the date that an Initiating Holder delivers a Shelf Notice to the Company pursuant to Section 2.02(a), any other Participating Investor delivers a written notice to the Company with respect to such Shelf
Notice pursuant to Section 2.02(c) or the Initial S-3 Holders deliver S-3 Shelf Notices to the Company pursuant to Section 2.02(a), an amount equal to the
fraction (expressed as a percentage) determined by dividing (i) the number of Registrable Securities held by such Initiating Holder (and its Affiliates and Permitted Assignees), any other Participating Investor (and its Affiliates and Permitted
Assignees) or the Initial S-3 Holders, respectively, requested by such Initiating Holder, other Participating Investor or Initial S-3 Holders, respectively, to be
registered on the applicable Shelf Registration Statement as of such date by (ii) the total number of Registrable Securities held as of such date by such Initiating Holder (and its Affiliates and Permitted Assignees), any other Participating
Investor (and its Affiliates and Permitted Assignees) or Initial S-3 Holders, respectively. 

“Pro Rata Shelf Percentage” means, as of any date, with respect to a Holder, a number of Registrable Securities equal
to (i) the number of Registrable Securities held by such Holder as of such date multiplied by (ii) the largest Pro Rata Participating Investor Shelf Percentage with respect to the Participating Investor(s) for the applicable Shelf
Registration Statement. 
 “Prospectus” means the prospectus included in any Registration Statement, all amendments
and supplements to such prospectus, including pre- and post-effective amendments to such Registration Statement, and all other material incorporated by reference in such prospectus. 

“Registrable Securities” means any Company Shares (including, without limitation, any Company Shares issued or
issuable upon conversion and/or exercise of Company Share Equivalents) and any securities that may be issued or distributed or be issuable or distributable in respect of, or in substitution 

  
 4. 

 
for, any Company Shares by way of conversion, exercise, dividend, stock split or other distribution, merger, consolidation, exchange, recapitalization or reclassification or similar transaction,
in each case whether now owned or hereinafter acquired; provided, however, that any such Registrable Securities shall cease to be Registrable Securities to the extent (i) a Registration Statement with respect to the sale of such
Registrable Securities has been declared effective under the Securities Act and such Registrable Securities have been disposed of in accordance with the plan of distribution set forth in such Registration Statement, (ii) such Registrable
Securities have been distributed pursuant to Rule 144 or Rule 145 of the Securities Act (or any successor rule or other exemption from the registration requirements of the Securities Act) and new certificates for them not bearing a legend
restricting transfer shall have been delivered by the Company, (iii) a Registration Statement on Form S-8 (or any successor form) covering such securities is effective or (iv) such security
ceases to be outstanding. For the avoidance of doubt, it is understood that, (i) with respect to any Registrable Securities that are subject to vesting conditions, all vesting conditions must be satisfied and such Registrable Securities vested
prior to sale pursuant to this Agreement and, (ii) with respect to any Registrable Securities for which a Holder holds vested but unexercised options or other Company Share Equivalents at such time exercisable for, convertible into or
exchangeable for Company Shares, to the extent that such Registrable Securities are to be sold pursuant to this Agreement, such Holder must exercise the relevant option or exercise, convert or exchange such other relevant Company Share Equivalent
and transfer the underlying Registrable Securities (in each case, net of any amounts required to be withheld by the Company in connection with such exercise). 

“Registration” means a registration with the SEC of the Company’s securities for offer and sale to the public
under a Registration Statement. The terms “Register” and “Registered” shall have correlative meanings. 

“Registration Expenses” has the meaning set forth in Section 2.08. 

“Registration Statement” means any registration statement of the Company that covers Registrable Securities pursuant
to the provisions of this Agreement filed with, or to be filed with, the SEC under the rules and regulations promulgated under the Securities Act, including any related Prospectus, amendments and supplements to such registration statement, including
pre- and post-effective amendments, and all exhibits and all material incorporated by reference in such registration statement. 

“Representatives” means, with respect to any Person, any of such Person’s officers, directors, employees, agents,
attorneys, accountants, actuaries, consultants, equity financing partners or financial advisors or other Person associated with, or acting on behalf of, such Person. 

“Rule 144” means Rule 144 (or any successor provisions) under the Securities
Act. 
 “S-3 Eligibility Date” has the meaning set forth in
Section 2.02(a)(i). 
 “S-3 Shelf Notice” has the meaning set forth in
Section2.02(a)(i). 
 “SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and any successor thereto, and any rules and
regulations promulgated thereunder, all as the same shall be in effect from time to time. 
 “Shelf Holder” has the
meaning set forth in Section 2.02(c). 
 “Shelf Notice” has the meaning set forth in Section 2.02(a)(ii).

 “Shelf Period” has the meaning set forth in Section 2.02(b). 

  
 5. 

 “Shelf Registration” means a Registration effected pursuant to
Section 2.02. 
 “Shelf Registration Statement” means a Registration Statement of the Company filed with the
SEC on either (i) Form S-3 (or any successor form) or (ii) if the Company is not permitted to file a Registration Statement on Form S-3, an evergreen
Registration Statement on Form S-1(or any successor form), in each case for an offering to be made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act (or any successor
provision) covering all or any portion of the Registrable Securities, as applicable. 
 “Shelf Suspension” has the
meaning set forth in Section 2.02(d). 
 “Shelf Take-Down” has the meaning set forth in Section 2.02(e).

 “Short-Form Registration” has the meaning set forth in Section 2.01(a). 

“Special Registration” has the meaning set forth in Section 2.12. 

“T. Rowe Price” shall mean T. Rowe Price Associates, Inc. and any successor or affiliated registered investment
adviser to the T. Rowe Price Investors. 
 “T. Rowe Price Investors” shall mean the Holders advised or subadvised by
T. Rowe Price and any Permitted Assignees of such Holders. 
 “Underwritten Offering” means a Registration in which
securities of the Company are sold to an underwriter or underwriters on a firm commitment basis for reoffering to the public. 

“Underwritten Shelf Take-Down Notice” has the meaning set forth in Section 2.02(e). 

“Vertical” means, collectively, Vertical Fund I, L.P. and Vertical Fund II, L.P., and any successor funds thereto, and
their respective Affiliates (excluding the Company and any of its subsidiaries) and any Permitted Assignees to which Registrable Securities have been transferred or assigned, as long as such Person is a Holder. 

“Warburg Pincus” means, collectively, Warburg Pincus Private Equity X, L.P., Warburg Pincus X Partners, L.P. and WP X
Finance, L.P., and any successor funds thereto, and their respective Affiliates (excluding the Company and any of its subsidiaries) and any Permitted Assignees to which Registrable Securities have been transferred or assigned, as long as such Person
is a Holder. 
 SECTION 1.02    Other Interpretive Provisions. 

(a)    In this Agreement, except as otherwise provided: 

(i)    A reference to an Article, Section, Schedule or Exhibit is a reference to an Article or Section of, or
Schedule or Exhibit to, this Agreement, and references to this Agreement include any recital in or Schedule or Exhibit to this Agreement. 

(ii)    The Schedules and Exhibits form an integral part of and are hereby incorporated by reference into this
Agreement. 
 (iii)    Headings and the Table of Contents are inserted for convenience only and shall not affect
the construction or interpretation of this Agreement. 
 (iv)    Unless the context otherwise requires, words
importing the singular include the plural and vice versa, words importing the masculine include the feminine and vice versa, and words importing persons include corporations, associations, partnerships, joint ventures and limited liability companies
and vice versa. 

  
 6. 

 (v)    Unless the context otherwise requires, the words
“hereof” and “herein”, and words of similar meaning refer to this Agreement as a whole and not to any particular Article, Section or clause. The words “include”, “includes” and “including” shall be
deemed to be followed by the words “without limitation.” 
 (vi)    A reference to any legislation or
to any provision of any legislation shall include any amendment, modification or re-enactment thereof and any legislative provision substituted therefor. 

(vii)    All determinations to be made by the Institutional Investors hereunder may be made by the Institutional
Investors in their sole discretion, and the Institutional Investors may determine, in their sole discretion, whether or not to take actions that are permitted, but not required, by this Agreement to be taken by the Institutional Investors, including
the giving of consents required hereunder. 
 (b)    The parties hereto have participated jointly in the
negotiation and drafting of this Agreement. In the event an ambiguity or question of intention or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise
favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement. 
 ARTICLE II 

REGISTRATION RIGHTS 

SECTION 2.01    Demand Registration. 

(a)    Demand by Institutional Investor. At any time in the case of Warburg Pincus and at any time following
one hundred eighty (180) days after an IPO in the case of Vertical and D1, any Institutional Investor (such Institutional Investor, a “Demand Party”) may, subject to Section 2.11, make a written request (a
“Demand Notice”) to the Company for Registration of all or part of the Registrable Securities held by such Demand Party (i) on Form S-1 (a “Long-Form
Registration”) or (ii) on Form S-3 (a “Short-Form Registration”) if the Company qualifies to use such short form (any such requested Long-Form Registration or
Short-Form Registration, a “Demand Registration”). Each Demand Notice shall specify the aggregate amount of Registrable Securities of the Demand Party to be registered and the intended methods of disposition thereof. Subject
to Section 2.11, after delivery of such Demand Notice, the Company (x) shall file promptly (and, in any event, within (i) ninety (90) days in the case of a request for a Long-Form Registration or (ii) thirty (30) days
in the case of a request for a Short-Form Registration, in each case, following delivery of such Demand Notice) with the SEC a Registration Statement (which the Company shall designate as an automatically effective Registration Statement if the
Company qualifies at such time to file such a Registration Statement) relating to such Demand Registration (a “Demand Registration Statement”), and (y) shall use its reasonable best efforts to cause such Demand
Registration Statement to promptly be declared effective under (x) the Securities Act (if such Registration Statement is not automatically effective) and (y) the “Blue Sky” laws of such jurisdictions as any
Participating Holder or any underwriter, if any, reasonably requests. 
 (b)    Demand Withdrawal. A
Demand Party may withdraw its Registrable Securities from a Demand Registration at any time prior to the effectiveness of the applicable Demand Registration Statement. Upon delivery of a notice by the Demand Party to such effect, the Company shall
cease all efforts to secure effectiveness of the applicable Demand Registration Statement, and such Registration shall not be deemed to be a Demand Registration with respect to such Demand Party for purposes of Section 2.11. 

  
 7. 

 (c)    Effective Registration. The Company shall be deemed
to have effected a Demand Registration with respect to the applicable Demand Party for purposes of Section 2.11 if the Demand Registration Statement is declared effective by the SEC and remains effective for not less than 180 days (or such
shorter period as shall terminate when all Registrable Securities covered by such Registration Statement have been sold or withdrawn), or if such Registration Statement relates to an Underwritten Offering, such longer period as, in the opinion of
counsel for the underwriter or underwriters, a Prospectus is required by law to be delivered in connection with sales of Registrable Securities by an underwriter or dealer (the applicable period, the “Demand Period”). No
Demand Registration shall be deemed to have been effected for purposes of Section 2.11 if (i) during the Demand Period the ability of the Demand Party to distribute Registrable Securities in accordance with the plan of distribution set
forth in the relevant Demand Notice is interfered with by any stop order, injunction or other order or requirement of the SEC or other governmental agency or court, (ii) the conditions to closing specified in the underwriting agreement
(including any condition relating to an overallotment option), if any, entered into in connection with such Registration are not satisfied other than by reason of a wrongful act, misrepresentation or breach of such applicable underwriting agreement
by a Demand Party or (iii) there is a Demand Suspension (as defined below). 
 (d)    Demand Company
Notice. Subject to Section 2.11, promptly upon delivery of any Demand Notice (but in no event more than five (5) Business Days thereafter), the Company shall deliver a written notice (a “Demand Company Notice”)
of any such Registration request to all Holders (other than the Demand Party, and, if such Demand Notice is given prior to the IPO, the Company shall also not deliver a Demand Company Notice to any Holder which is neither a Mutual Fund Investor nor
an Institutional Investor), and the Company shall include in such Demand Registration all such Registrable Securities of such Holders which the Company has received written requests for inclusion therein within ten (10) Business Days after the
date that such Demand Company Notice has been delivered. All requests made pursuant to this Section 2.01(d) shall specify the aggregate amount of Registrable Securities of such Holder to be registered. 

(e)    Delay in Filing; Suspension of Registration. If the Company shall furnish to the Participating
Holders a certificate signed by the Chief Executive Officer or equivalent senior executive officer of the Company stating that the filing, effectiveness or continued use of a Demand Registration Statement would require the Company to make an Adverse
Disclosure, then the Company may delay the filing (but not the preparation of) or initial effectiveness of, or suspend use of, the Demand Registration Statement (a “Demand Suspension”); provided, however, that
the Company, unless otherwise approved in writing by the Institutional Investors holding a majority of the then-outstanding Registrable Securities held by all Institutional Investors, shall not be permitted to exercise aggregate Demand Suspensions
and Shelf Suspensions more than twice, or for more than an aggregate of 90 days, in each case, during any 12-month period; provided, further, that in the event of a Demand Suspension, such
Demand Suspension shall terminate at such earlier time as the Company would no longer be required to make any Adverse Disclosure. Each Participating Holder shall keep confidential the fact that a Demand Suspension is in effect, the certificate
referred to above and its contents unless and until otherwise notified by the Company, except (A) for disclosure to such Participating Holder’s employees, agents and professional advisers who reasonably need to know such information for
purposes of assisting the Participating Holder with respect to its investment in the Company Shares and agree to keep it confidential, (B) for disclosures to the extent required in order to comply with reporting obligations to its limited
partners or other direct or indirect investors who have agreed to keep such information confidential, (C) if and to the extent such matters are publicly disclosed by the Company or any of its Subsidiaries or any other Person that, to the actual
knowledge of such Participating Holder, was not subject to an obligation or duty of confidentiality to the Company and its Subsidiaries and (D) as required by law, rule or regulation (including, without limitation, as required by a court order
or an applicable governmental or regulatory authority). In the case of a Demand Suspension, the Participating Holders agree to suspend use of the applicable Prospectus and any Issuer Free 

  
 8. 

 
Writing Prospectus in connection with any sale or purchase of, or offer to sell or purchase, Registrable Securities, upon delivery of the notice referred to above. The Company shall immediately
notify the Participating Holders upon the termination of any Demand Suspension, amend or supplement the Prospectus and any Issuer Free Writing Prospectus, if necessary, so it does not contain any untrue statement or omission and furnish to the
Participating Holders such numbers of copies of the Prospectus and any Issuer Free Writing Prospectus as so amended or supplemented as the Participating Holders may reasonably request. The Company agrees, if necessary, to supplement or make
amendments to the Demand Registration Statement if required by the registration form used by the Company for the applicable Registration or by the instructions applicable to such registration form or by the Securities Act or the rules or regulations
promulgated thereunder, or as may reasonably be requested by any Demand Party. 
 (f)    Underwritten
Offering. If a Demand Party so requests, an offering of Registrable Securities pursuant to a Demand Registration shall be in the form of an Underwritten Offering, and such Demand Party shall have the right to select the managing underwriter or
underwriters to administer the offering. If the Demand Party intends to sell the Registrable Securities covered by its demand by means of an Underwritten Offering, such Demand Party shall so advise the Company as part of its Demand Notice, and the
Company shall include such information in the Demand Company Notice. 
 (g)    Priority of Securities
Registered Pursuant to Demand Registrations. If the managing underwriter or underwriters of a proposed Underwritten Offering of the Registrable Securities included in a Demand Registration advise the Board of Directors in writing (with a copy
provided to the Institutional Investors that have requested participation in such Demand Registration) that, in its or their opinion, the number of securities requested to be included in such Demand Registration exceeds the number which can be sold
in such offering without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, the securities to be included in such Demand Registration
(i) first, shall be allocated pro rata among the Institutional Investors and the Mutual Fund Investors that have requested to participate in such Demand Registration based on the relative number of Registrable Securities then held by each
such Institutional Investor or Mutual Fund Investor (provided that any securities thereby allocated to an Institutional Investor or Mutual Fund Investor that exceed such Institutional Investor or Mutual Fund Investor’s request shall be
reallocated among the remaining requesting Institutional Investors and Mutual Fund Investors in like manner), (ii) second, and only if all the securities referred to in clause (i) have been included in such Registration, shall be allocated
pro rata among the Holders (excluding the Institutional Investors and Mutual Fund Investors, as applicable) that have requested to participate in such Demand Registration based on the relative number of Registrable Securities then held by each
such Holder (provided that any securities thereby allocated to a Holder that exceed such Holder’s request shall be reallocated among the remaining requesting Holders in like manner), (iii) third, and only if all the securities
referred to in clauses (i) and (ii) have been included in such Registration, the number of securities that the Company proposes to include in such Registration that, in the opinion of the managing underwriter or underwriters, can be sold
without having such adverse effect and (iv) fourth, and only if all of the securities referred to in clause (iii) have been included in such Registration, any other securities eligible for inclusion in such Registration that, in the
opinion of the managing underwriter or underwriters, can be sold without having such adverse effect. 

SECTION 2.02    Shelf Registration. 

(a)    Filing. 

(i)    Following the IPO, the Company shall use its reasonable best efforts to qualify for Registration on Form S-3 for secondary sales. Promptly following the date on which the Company becomes eligible to Register on Form S-3 (the “S-3 Eligibility Date”), the Company shall notify, in writing, the Institutional Investors of such eligibility and its intention to file and maintain a Shelf

  
 9. 

 
Registration Statement on Form S-3 covering the Registrable Securities held by the Institutional Investors (the “Eligibility
Notice”). Promptly following receipt of such Eligibility Notice (but in no event more than ten (10) days after receipt of such Eligibility Notice), the Institutional Investors shall deliver a written notice to the Company, which
notice shall specify the aggregate amount of Registrable Securities held by such Institutional Investor to be covered by such Shelf Registration Statement and the intended methods of distribution thereof (the “S-3 Shelf Notice” and such Institutional Investors, the “Initial S-3 Holders”). Following delivery of the
S-3 Shelf Notices, the Company (x) shall file promptly (and, in any event, within the earlier of (i) thirty (30) days of receipt of the S-3 Shelf Notices
and (ii) forty (40) days after delivery of the Eligibility Notice) with the SEC such Shelf Registration Statement (which shall be an automatic Shelf Registration Statement if the Company qualifies at such time to file such a Shelf
Registration Statement) relating to the offer and sale of all Registrable Securities requested for inclusion therein by the Initial S-3 Holders and, to the extent requested under Section 2.02(c), the
other Holders from time to time in accordance with the methods of distribution elected by such Holders (to the extent permitted in this Section 2.02) and set forth in the Shelf Registration Statement and (y) shall use its reasonable best
efforts to cause such Shelf Registration Statement to be promptly declared effective under the Securities Act (including upon the filing thereof if the Company qualifies to file an automatic Shelf Registration Statement); provided,
however, that if an Institutional Investor reasonably believes that the Company will become S-3 eligible and delivers a S-3 Shelf Notice following the IPO but
prior to the S3 Eligibility Date, the Company shall not be obligated to file (but shall be obligated to prepare) such Shelf Registration Statement on Form S-3. 

(ii)    Subject to the right to deliver a Shelf Notice in the manner contemplated by the first proviso below, at
any time following the first anniversary of the IPO, to the extent that the Company is not eligible to file or maintain a Shelf Registration Statement on Form S-3 as contemplated by
Section 2.02(a)(i), any Institutional Investor (such Institutional Investor, the “Initiating Holder”) may, subject to Section 2.11, make a written request to the Company to file a Shelf Registration Statement on Form S-1 (a “Shelf Notice”), which Shelf Notice shall specify the aggregate amount of Registrable Securities of the Initiating Holder to be registered therein and the intended methods of
distribution thereof. Following the delivery of a Shelf Notice, the Company (x) shall file promptly (and, in any event, within ninety (90) days following delivery of such Shelf Notice) with the SEC such Shelf Registration Statement
relating to the offer and sale of all Registrable Securities requested for inclusion therein by the Initiating Holder and, to the extent requested under Section 2.02(c), the other Holders from time to time in accordance with the methods of
distribution elected by such Holders (to the extent permitted in this Section 2.02) and set forth in the Shelf Registration Statement (provided, however, that if a Shelf Notice is delivered prior to the first anniversary of the
IPO, the Company shall not be obligated to file (but shall be obligated to prepare) such Shelf Registration Statement prior to the first anniversary of the IPO) and (y) shall use its reasonable best efforts to cause such Shelf Registration
Statement to be promptly declared effective under the Securities Act. If, on the date of any such request (or, in the event of a request that is delivered prior to the first anniversary of the IPO, on the date following the first anniversary of the
IPO), the Company does not qualify to file a Shelf Registration Statement under the Securities Act, the provisions of this Section 2.02 shall not apply, and the provisions of Section 2.01 shall apply instead. 

(b)    Continued Effectiveness. The Company shall use its reasonable best efforts to keep any Shelf
Registration Statement filed pursuant to Section 2.02(a) continuously effective under the Securities Act in order to permit the Prospectus forming a part thereof to be usable by Shelf Holders until the earliest of (i) the date as of which
all Registrable Securities have been sold pursuant to the Shelf Registration Statement or another Registration Statement filed under the Securities Act (but in no event prior to the applicable period referred to in Section 4(a)(3) of the
Securities Act and Rule 174 thereunder), (ii) the date as of which each of the Shelf Holders is permitted to sell its Registrable Securities without Registration pursuant to Rule 144 without volume limitation or other restrictions on
transfer thereunder and (iii) such shorter period as the Institutional Investors holding a majority of the then-outstanding Registrable 

  
 10. 

 
Securities held by all Institutional Investors with respect to such Shelf Registration shall agree in writing (such period of effectiveness, the “Shelf Period”). Subject
to Section 2.02(d), the Company shall not be deemed to have used its reasonable best efforts to keep the Shelf Registration Statement effective during the Shelf Period if the Company voluntarily takes any action or omits to take any action that
would result in Shelf Holders not being able to offer and sell any Registrable Securities pursuant to such Shelf Registration Statement during the Shelf Period, unless such action or omission is (x) a Shelf Suspension permitted pursuant to
Section 2.02(d) or (y) required by applicable law, rule or regulation. 
 (c)    Company
Notices. Promptly upon delivery of any Shelf Notice pursuant to Section 2.02(a)(ii) (but in no event more than five (5) Business Days thereafter), the Company shall deliver a written notice of such Shelf Notice to the Institutional
Investors (other than the Initiating Holder) and the Company shall include in such Shelf Registration all such Registrable Securities of such other Institutional Investors which the Company has received a written request for inclusion therein within
five (5) Business Days after such written notice is delivered to such other Institutional Investors. Promptly after (i) delivery of any such written request by the other Institutional Investors, as applicable, or (ii) after delivery
of the S-3 Shelf Notices pursuant to Section 2.02(a) (but in no event more than ten (10) Business Days after delivery of the S-3 Shelf Notices or the Shelf
Notice, as applicable), the Company shall deliver a written notice of the S-3 Shelf Notices or the Shelf Notice, as applicable, to all Holders other than the Institutional Investors (which notice shall specify
the Pro Rata Participating Investor Shelf Percentage applicable to such Shelf Registration) and the Company shall include in such Shelf Registration all such Registrable Securities of such Holders which the Company has received written requests for
inclusion therein within five (5) Business Days after such written notice is delivered to such Holders (each such Holder delivering such a request and the other Institutional Investors if Participating Investors, together with the Initiating
Holder, if applicable, a “Shelf Holder”); provided, that, the Company shall not include in such Shelf Registration Registrable Securities of any Holder (other than an Institutional Investor) in an amount in excess of
such Holder’s Pro Rata Shelf Percentage. If the Company is permitted by applicable law, rule or regulation to add selling stockholders to a Shelf Registration Statement without filing a post-effective amendment, a Holder may request the
inclusion of an amount of such Holder’s Registrable Securities not to exceed, in the case of a Holder that is not an Institutional Investor, such Holder’s Pro Rata Shelf Percentage in such Shelf Registration Statement at any time or from
time to time after the filing of a Shelf Registration Statement, and the Company shall add such Registrable Securities to the Shelf Registration Statement as promptly as reasonably practicable, and such Holder shall be deemed a Shelf Holder. 

(d)    Suspension of Registration. If the Company shall furnish to the Shelf Holders a certificate signed by
the Chief Executive Officer or equivalent senior executive officer of the Company stating that the continued use of a Shelf Registration Statement filed pursuant to Section 2.02(a) would require the Company to make an Adverse Disclosure, then
the Company may suspend use of the Shelf Registration Statement (a “Shelf Suspension”); provided, however, that the Company, unless otherwise approved in writing by the Institutional Investors holding a majority
of the then-outstanding Registrable Securities held by all Institutional Investors, shall not be permitted to exercise aggregate Demand Suspensions and Shelf Suspensions more than twice, or for more than an aggregate of 90 days, in each case,
during any 12-month period; provided, further, that in the event of a Shelf Suspension, such Shelf Suspension shall terminate at such earlier time as the Company would no longer be required to
make any Adverse Disclosure. Each Shelf Holder shall keep confidential the fact that a Shelf Suspension is in effect, the certificate referred to above and its contents unless and until otherwise notified by the Company, except (A) for
disclosure to such Shelf Holder’s employees, agents and professional advisers who reasonably need to know such information for purposes of assisting the Holder with respect to its investment in the Company Shares and agree to keep it
confidential, (B) for disclosures to the extent required in order to comply with reporting obligations to its limited partners or other direct or indirect investors who have agreed to keep such information confidential, (C) if and to the
extent such matters are publicly disclosed by the Company or any of its Subsidiaries or any other Person that, to the actual knowledge of such Shelf Holder, was not 

  
 11. 

 
subject to an obligation or duty of confidentiality to the Company and its Subsidiaries and (D) as required by law, rule or regulation (including, without limitation, as required by a court
order or an applicable governmental or regulatory authority). In the case of a Shelf Suspension, the Holders agree to suspend use of the applicable Prospectus and any Issuer Free Writing Prospectus in connection with any sale or purchase of, or
offer to sell or purchase, Registrable Securities, upon delivery of the notice referred to above. The Company shall immediately notify the Shelf Holders upon the termination of any Shelf Suspension, amend or supplement the Prospectus and any Issuer
Free Writing Prospectus, if necessary, so it does not contain any untrue statement or omission and furnish to the Shelf Holders such numbers of copies of the Prospectus and any Issuer Free Writing Prospectus as so amended or supplemented as the
Shelf Holders may reasonably request. The Company agrees, if necessary, to supplement or make amendments to the Shelf Registration Statement if required by the registration form used by the Company for the applicable Registration or by the
instructions applicable to such registration form or by the Securities Act or the rules or regulations promulgated thereunder, or as may reasonably be requested by any Initiating Holder. 

(e)    Shelf Take-Downs. 

(i)    An offering or sale of Registrable Securities pursuant to a Shelf Registration Statement (each, a
“Shelf Take-Down”) may be initiated only by an Institutional Investor (an “Initiating Shelf Take-Down Holder”). Except as set forth in Section 2.02(e)(iii) with respect to Marketed Underwritten
Shelf Take-Downs, each such Initiating Shelf Take-Down Holder shall not be required to permit the offer and sale of Registrable Securities by other Shelf Holders in connection with any such Shelf Take-Down initiated by such Initiating Shelf
Take-Down Holder. Subject to Section 2.04, any Shelf Holder that is listed as a selling stockholder in a Shelf Registration Statement may sell Registrable Securities from time to time under such Shelf Registration Statement in accordance with
the plan of distribution included in such Shelf Registration Statement; provided that no such sale by a Shelf Holder other than an Institutional Investor shall require the filing of a prospectus supplement. 

(ii)    Subject to Section 2.11, if the Initiating Shelf Take-Down Holder elects by written request to the
Company, a Shelf Take-Down shall be in the form of an Underwritten Offering (an “Underwritten Shelf Take-Down Notice”) and the Company shall amend or supplement the Shelf Registration Statement for such purpose as soon as
practicable. Such Initiating Shelf Take-Down Holder shall have the right to select the managing underwriter or underwriters to administer such offering. The provisions of Section 2.01(g) shall apply to any Underwritten Offering pursuant to this
Section 2.02(e). 
 (iii)    If the plan of distribution set forth in any Underwritten Shelf Take-Down
Notice includes a customary “road show” (including an “electronic road show”) or other substantial marketing effort by the Company and the underwriters over a period expected to exceed 48 hours (a “Marketed
Underwritten Shelf Take-Down”), promptly upon delivery of such Underwritten Shelf Take-Down Notice (but in no event more than three (3) Business Days thereafter), the Company shall promptly deliver a written notice (a
“Marketed Underwritten Shelf Take-Down Notice”) of such Marketed Underwritten Shelf Take-Down to all Shelf Holders (other than the Initiating Shelf Take-Down Holder), and the Company shall include in such Marketed
Underwritten Shelf Take-Down all such Registrable Securities of such Shelf Holders that are Registered on such Shelf Registration Statement for which the Company has received written requests, which requests must specify the aggregate amount of such
Registrable Securities of such Holder to be offered and sold pursuant to such Marketed Underwritten Shelf Take-Down, for inclusion therein within three (3) Business Days after the date that such Marketed Underwritten Shelf Take-Down Notice has
been delivered. 
 SECTION 2.03    Piggyback Registration. 

(a)    Participation. If the Company at any time proposes to file a Registration Statement with respect to
any offering of its equity securities for its own account or for the account of any 

  
 12. 

 
other Persons (other than (i) a Registration Statement proposed to be filed in connection with the IPO (excluding any Registration Statement proposed to be filed pursuant to
Section 2.01), (ii) with respect to all Holders other than a Mutual Fund Investor, a Registration under Section 2.01 or 2.02 (excluding Shelf Take-Downs that are not Marketed Underwritten Shelf-Take Downs and with respect to Marketed
Underwritten Shelf-Take Downs, provided the Mutual Fund Investor is a Shelf Holder, and in all cases, subject to terms and conditions of Section 2.01 and 2.02), it being understood that this clause (ii) does not limit the rights of
Holders to make written requests pursuant to Sections 2.01 or 2.02 or otherwise limit the applicability thereof, (iii) a Registration Statement on Form S-4 or
S-8 (or such other similar successor forms then in effect under the Securities Act), (iv) a registration of securities solely relating to an offering and sale to employees, directors or consultants of the
Company or its Subsidiaries pursuant to any employee stock plan or other employee benefit plan arrangement, (v) a registration not otherwise covered by clause (iii) above pursuant to which the Company is offering to exchange its own
securities for other securities, (vi) a Registration Statement relating solely to dividend reinvestment or similar plans or (vii) a Shelf Registration Statement pursuant to which only the initial purchasers and subsequent transferees of
debt securities of the Company or any of its Subsidiaries that are convertible or exchangeable for Company Shares and that are initially issued pursuant to Rule 144A and/or Regulation S (or any successor provisions) of the Securities Act may
resell such notes and sell the Company Shares into which such notes may be converted or exchanged) (a “Company Public Sale”), then, (A) as soon as practicable (but in no event less than thirty (30) days prior to the
proposed date of filing of such Registration Statement), the Company shall give written notice of such proposed filing to the Institutional Investors, and such notice shall offer each Institutional Investor the opportunity to Register under such
Registration Statement such number of Registrable Securities as such Institutional Investor may request in writing delivered to the Company within ten (10) days of delivery of such written notice by the Company, and (B) subject to
Section 2.03(c), as soon as practicable after the expiration of such 10-day period (but in no event less than fifteen (15) days prior to the proposed date of filing of such Registration Statement),
the Company shall give written notice of such proposed filing to the Holders (other than the Institutional Investors, and if such Registration Statement is proposed to be filed in connection with an IPO pursuant to Section 2.01 hereof, the
Company shall also not give written notice of the proposed filing to any Holder who is not a Mutual Fund Investor and such Holder shall not have any right to have its Registrable Securities included in such a Registration Statement), and such notice
shall offer each such Holder the opportunity to Register under such Registration Statement such number of Registrable Securities as such Holder may request in writing within ten (10) days of delivery of such written notice by the Company.
Subject to Sections 2.03(b) and (c), the Company shall include in such Registration Statement all such Registrable Securities that are requested by Holders to be included therein in compliance with the immediately foregoing sentence (a
“Piggyback Registration”); provided that if at any time after giving written notice of its intention to Register any equity securities and prior to the effective date of the Registration Statement filed in connection
with such Piggyback Registration, the Company shall determine for any reason not to Register or to delay Registration of the equity securities covered by such Piggyback Registration, the Company shall give written notice of such determination to
each Holder that had requested to Register its, his or her Registrable Securities in such Registration Statement and, thereupon, (1) in the case of a determination not to Register, shall be relieved of its obligation to Register any Registrable
Securities in connection with such Registration (but not from its obligation to pay the Registration Expenses in connection therewith, to the extent payable), without prejudice, however, to the rights of the Institutional Investors to request that
such Registration be effected as a Demand Registration under Section 2.01, and (2) in the case of a determination to delay Registering, in the absence of a request by the Institutional Investors to request that such Registration be
effected as a Demand Registration under Section 2.01, shall be permitted to delay Registering any Registrable Securities, for the same period as the delay in Registering the other equity securities covered by such Piggyback Registration. If the
offering pursuant to such Registration Statement is to be underwritten, the Company shall so advise the Holders as a part of the written notice given pursuant this Section 2.03(a), and each Holder making a request for a Piggyback Registration
pursuant to this Section 2.03(a) must, and the Company shall make such arrangements with the managing underwriter or underwriters so that each such 

  
 13. 

 
Holder may, participate in such Underwritten Offering, subject to the conditions of Section 2.03(b) and (c). If the offering pursuant to such Registration Statement is to be on any other
basis, the Company shall so advise the Holders as part of the written notice given pursuant to this Section 2.03(a), and each Holder making a request for a Piggyback Registration pursuant to this Section 2.03(a) must, and the Company shall
make such arrangements so that each such Holder may, participate in such offering on such basis, subject to the conditions of Section 2.03(b) and (c). Each Holder shall be permitted to withdraw all or part of its Registrable Securities from a
Piggyback Registration at any time prior to the effectiveness of such Registration Statement. 

(b)    Priority of Piggyback Registration. If the managing underwriter or underwriters of any proposed
Underwritten Offering of Registrable Securities included in a Piggyback Registration informs the Company and the Holders that have requested to participate in such Piggyback Registration in writing that, in its or their opinion, the number of
securities which such Holders and any other Persons intend to include in such offering exceeds the number which can be sold in such offering without being likely to have a significant adverse effect on the price, timing or distribution of the
securities offered or the market for the securities offered, then the securities to be included in such Registration shall be (i) first, 100% of the securities that the Company or (subject to Section 2.07) any Person (other than a Holder)
exercising a contractual right to demand Registration, as the case may be, proposes to sell, (ii) second, and only if all the securities referred to in clause (i) have been included, the number of Registrable Securities that, in the
opinion of such managing underwriter or underwriters, can be sold without having such adverse effect in such Registration, which such number shall be allocated pro rata among the Institutional Investors and Mutual Fund Investors that have
requested to participate in such Registration based on the relative number of Registrable Securities then held by each such Institutional Investor or Mutual Fund Investor (provided that any securities thereby allocated to an Institutional
Investor or Mutual Fund Investor that exceed such Institutional Investor or Mutual Fund Investor’s request shall be reallocated among the remaining requesting Institutional Investors and Mutual Fund Investors in like manner), (iii) third,
and only if all the securities referred to in clause (ii) have been included, the number of Registrable Securities that, in the opinion of such managing underwriter or underwriters, can be sold without having such adverse effect in such
Registration, which such number shall be allocated pro rata among the Holders (excluding the Institutional Investors and Mutual Fund Investors) that have requested to participate in such Registration based on the relative number of Registrable
Securities then held by each such Holder (provided that any securities thereby allocated to a Holder that exceed such Holder’s request shall be reallocated among the remaining requesting Holders in like manner) and (iv) fourth, and
only if all of the Registrable Securities referred to in clause (iii) have been included in such Registration, any other securities eligible for inclusion in such Registration that, in the opinion of the managing underwriter or underwriters,
can be sold without having such adverse effect in such Registration. 
 (c)    Restrictions on Non-Institutional Investors and Non-Mutual Fund Investors. Notwithstanding any provisions contained herein, Holders other than the Institutional Investors and the Mutual
Fund Investors shall not be able to exercise the right to a Piggyback Registration unless at least one Institutional Investor exercises its rights with respect to such Piggyback Registration. 

(d)    No Effect on Demand Registrations. No Registration of Registrable Securities effected pursuant to a
request under this Section 2.03 shall be deemed to have been effected pursuant to Section 2.01 or 2.02 or shall relieve the Company of its obligations under Section 2.01 or 2.02. 

SECTION 2.04    Black-out Periods. 

(a)    Black-out Periods for Holders. In the event of a Company
Public Sale of the Company’s equity securities in an Underwritten Offering, each of the Holders agrees, if requested by the managing underwriter or underwriters in such Underwritten Offering (and, with respect to the Institutional

  
 14. 

 
Investors in the event of a Company Public Sale other than the IPO, if and only if the Institutional Investors holding a majority of the then-outstanding Registrable Securities held by all
Institutional Investors agree to such request), not to (1) offer for sale, sell, pledge, or otherwise dispose of (or enter into any transaction or device that is designed to, or could be expected to, result in the disposition by any Person at
any time in the future of) any Company Shares (including Company Shares that may be deemed to be beneficially owned by the undersigned in accordance with the rules and regulations of the SEC and Company Shares that may be issued upon exercise of any
options or warrants) or securities convertible into or exercisable or exchangeable for Company Shares, (2) enter into any swap or other derivatives transaction that transfers to another, in whole or in part, any of the economic benefits or
risks of ownership of Company Shares, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Company Shares or other securities, in cash or otherwise, (3) make any demand for or exercise any
right or cause to be filed a Registration Statement, including any amendments thereto, with respect to the registration of any Company Shares or securities convertible into or exercisable or exchangeable for Company Shares or any other securities of
the Company or (4) publicly disclose the intention to do any of the foregoing without the prior written consent of the Company, in each case, during the period beginning seven (7) days before and ending 180 days (in the event of the
IPO) or 90 days (in the event of any other Company Public Sale) (or, in each case other than the IPO, such other period as may be reasonably requested by the Company or the managing underwriter or underwriters to accommodate regulatory
restrictions on (i) the publication or other distribution of research reports and (ii) analyst recommendations and opinions, including, but not limited to, the restrictions contained in the FINRA rules or any successor provisions or
amendments thereto) after the date of the underwriting agreement entered into in connection with such Company Public Sale, to the extent timely notified in writing by the Company or the managing underwriter or underwriters; provided, that
(A) no Holder that is a Mutual Fund Investor shall be subject to any such blackout period of longer duration than that applicable to any Institutional Investor, any then-current holder of more than two percent (2%) of all of the Company’s
outstanding Common Shares (after giving effect to conversion into Common Shares of all outstanding Preferred Shares) or any then-current director or executive officer of the Company who holds shares of the Company’s capital stock, (B) if
the Company Public Sale is the IPO, the foregoing restrictions shall not apply to a Holder that is an Institutional Investor or a Mutual Fund Investor with respect to Company Shares purchased by such Holder in connection with, or on the open market
subsequent to, the IPO, (C) if any of the obligations described in this Section 2.04(a) are waived or terminated with respect to any Company Shares held by an Institutional Investor, any holder of more than two percent (2%) of all of the
Company’s outstanding Common Shares (after giving effect to conversion into Common Shares of all outstanding Preferred Shares) or any director or executive officer of the Company (the “Released Securities”), the
foregoing provisions shall be waived or terminated, as applicable, to the same extent and with respect to the same percentage of Company Shares held by a Holder that is a Mutual Fund Investor as the percentage of Released Securities represent with
respect to the Company Shares held by the applicable Institutional Investor, holder of more than two percent (2%) of all of the Company’s outstanding Common Shares (after giving effect to conversion into Common Shares of all outstanding
Preferred Shares) or any director or executive officer of the Company, as applicable, and (D) if the Company Public Sale is not an IPO, the foregoing restrictions shall only apply to a Holder that is not a Mutual Fund Investor. If requested by
the managing underwriter or underwriters of any such Company Public Sale (and, with respect to the Institutional Investors in the event of a Company Public Sale other than the IPO, if and only if each Institutional Investor agrees to such request,
the Holders shall execute a separate agreement to the foregoing effect. The Company may impose stop-transfer instructions with respect to the Company Shares (or other securities) subject to the foregoing restriction until the end of the period
referenced above. 
 (b)    Black-out Period for the Company and
Others. In the case of an offering of Registrable Securities pursuant to Section 2.01 (other than the IPO) or 2.02 that is a Marketed Underwritten Offering, the Company and each of the Holders (other than the Mutual Fund Investors) agree,
if requested by a Participating Investor or the managing underwriter or underwriters with respect to such Marketed Underwritten Offering, not to (1) offer for sale, sell, pledge, or otherwise dispose of (or enter into any

  
 15. 

 
transaction or device that is designed to, or could be expected to, result in the disposition by any Person at any time in the future of) any Company Shares (including Company Shares that may be
deemed to be beneficially owned by the undersigned in accordance with the rules and regulations of the SEC and Company Shares that may be issued upon exercise of any options or warrants) or securities convertible into or exercisable or exchangeable
for Company Shares, (2) enter into any swap or other derivatives transaction that transfers to another, in whole or in part, any of the economic benefits or risks of ownership of Company Shares, whether any such transaction described in
clause (1) or (2) above is to be settled by delivery of Company Shares or other securities, in cash or otherwise, (3) make any demand for or exercise any right or cause to be filed a Registration Statement, including any amendments
thereto, with respect to the registration of any Company Shares or securities convertible into or exercisable or exchangeable for Company Shares or any other securities of the Company or (4) publicly disclose the intention to do any of the
foregoing without the prior written consent of the Company, in each case, during the period beginning seven (7) days before, and ending 90 days (or such lesser period as may be agreed by a Participating Investor or, if applicable, the
managing underwriter or underwriters) (or such other period as may be reasonably requested by a Participating Investor or the managing underwriter or underwriters to accommodate regulatory restrictions on (i) the publication or other
distribution of research reports and (ii) analyst recommendations and opinions, including, but not limited to, the restrictions contained in the FINRA rules or any successor provisions or amendments thereto) after, the date of the underwriting
agreement entered into in connection with such Marketed Underwritten Offering, to the extent timely notified in writing by a Participating Investor or the managing underwriter or underwriters, as the case may be; provided that no Holder shall
be subject to any such black-out period of longer duration than that applicable to any Participating Investor. Notwithstanding the foregoing, the Company may effect a public sale or distribution of securities
of the type described above and during the periods described above if such sale or distribution is made pursuant to Registrations on Form S-4 or S-8 or any
successor form to such Forms or as part of any Registration of securities for offering and sale to employees, directors or consultants of the Company and its Subsidiaries pursuant to any employee stock plan or other employee benefit plan
arrangement. The Company agrees to use its reasonable best efforts to obtain from each of its directors and officers and each other holder of restricted securities of the Company which securities are the same as or similar to the Registrable
Securities being Registered, or any restricted securities convertible into or exchangeable or exercisable for any of such securities, an agreement not to effect any public sale or distribution of such securities during any such period referred to in
this paragraph, except as part of any such Registration, if permitted. Without limiting the foregoing (but subject to Section 2.07), if after the date hereof the Company or any of its Subsidiaries grants any Person (other than a Holder) any
rights to demand or participate in a Registration, the Company shall, and shall cause its Subsidiaries to, provide that the agreement with respect thereto shall include such Person’s agreement to comply with any
black-out period required by this Section as if it were a Holder hereunder. If requested by the managing underwriter or underwriters of any such Marketed Underwritten Offering, the Holders shall execute a
separate agreement to the foregoing effect. The Company may impose stop-transfer instructions with respect to the Company Shares (or other securities) subject to the foregoing restriction until the end of the period referenced above. 

SECTION 2.05    Registration Procedures. 

(a)    In connection with the Company’s Registration obligations under Sections 2.01, 2.02 and 2.03 and
subject to the applicable terms and conditions set forth therein, the Company shall use its reasonable best efforts to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended method or methods of
distribution thereof as expeditiously as reasonably practicable, and in connection therewith the Company shall: 

(i)    prepare the required Registration Statement including all exhibits and financial statements required under
the Securities Act to be filed therewith, and before filing a Registration 

  
 16. 

 
Statement, Prospectus or any Issuer Free Writing Prospectus, or any amendments or supplements thereto, (x) furnish to the underwriters, if any, and the Participating Investors, if any,
copies of all documents prepared to be filed, which documents shall be subject to the review of such underwriters and the Participating Investors and their respective counsel and (y) except in the case of a Registration under Section 2.03,
not file any Registration Statement or Prospectus or amendments or supplements thereto to which any Participating Investor or the underwriters, if any, shall reasonably object; 

(ii)    as promptly as practicable file with the SEC a Registration Statement relating to the Registrable
Securities including all exhibits and financial statements required by the SEC to be filed therewith, and use its reasonable best efforts to cause such Registration Statement to become effective under the Securities Act as soon as practicable; 

(iii)    prepare and file with the SEC such pre- and post-effective
amendments to such Registration Statement, supplements to the Prospectus and such amendments or supplements to any Issuer Free Writing Prospectus as may be (x) reasonably requested by any Participating Investor, (y) reasonably requested by
any other Participating Holder (to the extent such request relates to information relating to such Participating Holder), or (z) necessary to keep such Registration effective for the period of time required by this Agreement, and comply with
provisions of the applicable securities laws with respect to the sale or other disposition of all securities covered by such Registration Statement during such period in accordance with the intended method or methods of disposition by the sellers
thereof set forth in such Registration Statement; 
 (iv)    promptly notify the Participating Holders and the
managing underwriter or underwriters, if any, and (if requested) confirm such advice in writing and provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is received by the Company (A) when the
applicable Registration Statement or any amendment thereto has been filed or becomes effective, and when the applicable Prospectus or Issuer Free Writing Prospectus or any amendment or supplement thereto has been filed, (B) of any written
comments by the SEC or any request by the SEC or any other federal or state governmental authority for amendments or supplements to such Registration Statement, Prospectus or Issuer Free Writing Prospectus or for additional information, (C) of
the issuance by the SEC of any stop order suspending the effectiveness of such Registration Statement or any order by the SEC or any other regulatory authority preventing or suspending the use of any preliminary or final Prospectus or any Issuer
Free Writing Prospectus or the initiation or threatening of any proceedings for such purposes, (D) if, at any time, the representations and warranties of the Company in any applicable underwriting agreement cease to be true and correct in all
material respects, (E) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities for offering or sale in any jurisdiction and (F) of the receipt by the Company of
any notification with respect to the initiation or threatening of any proceeding for the suspension of the qualification of the Registrable Securities for offering or sale in any jurisdiction; 

(v)    promptly notify the Participating Holders and the managing underwriter or underwriters, if any, when the
Company becomes aware of the happening of any event as a result of which the applicable Registration Statement, the Prospectus included in such Registration Statement (as then in effect) or any Issuer Free Writing Prospectus contains any untrue
statement of a material fact or omits to state a material fact necessary to make the statements therein (in the case of such Prospectus, any preliminary Prospectus or any Issuer Free Writing Prospectus, in light of the circumstances under which they
were made) not misleading, when any Issuer Free Writing Prospectus includes information that may conflict with the information contained in the Registration Statement, or, if for any other reason it shall be necessary during such time period to
amend or supplement such Registration Statement, Prospectus or Issuer Free Writing Prospectus in order to comply with the Securities Act and, in either case as promptly as reasonably practicable thereafter, prepare and file with the SEC, and furnish
without charge to the 

  
 17. 

 
Participating Holders and the managing underwriter or underwriters, if any, an amendment or supplement to such Registration Statement, Prospectus or Issuer Free Writing Prospectus which shall
correct such misstatement or omission or effect such compliance; 
 (vi)    use its reasonable best efforts to
prevent, or obtain the withdrawal of, any stop order or other order suspending the use of any preliminary or final Prospectus or any Issuer Free Writing Prospectus; 

(vii)    promptly incorporate in a Prospectus supplement, Issuer Free Writing Prospectus or post-effective
amendment to the applicable Registration Statement such information as the managing underwriter or underwriters and the Participating Investor(s) agree should be included therein relating to the plan of distribution with respect to such Registrable
Securities, and make all required filings of such Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment as soon as reasonably practicable after being notified of the matters to be
incorporated in such Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment; 

(viii)    furnish to each Participating Holder and each underwriter, if any, without charge, as many conformed
copies as such Participating Holder or underwriter may reasonably request of the applicable Registration Statement and any amendment or post effective amendment thereto, including financial statements and schedules, all documents incorporated
therein by reference and all exhibits (including those incorporated by reference); 
 (ix)    deliver to each
Participating Holder and each underwriter, if any, without charge, as many copies of the applicable Prospectus (including each preliminary Prospectus), any Issuer Free Writing Prospectus and any amendment or supplement thereto as such Participating
Holder or underwriter may reasonably request (it being understood that the Company consents to the use of such Prospectus, any Issuer Free Writing Prospectus and any amendment or supplement thereto by such Participating Holder and the underwriters,
if any, in connection with the offering and sale of the Registrable Securities thereby) and such other documents as such Participating Holder or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities
by such Participating Holder or underwriter; 
 (x)    on or prior to the date on which the applicable
Registration Statement is declared effective, use its reasonable best efforts to register or qualify, and cooperate with the Participating Holders, the managing underwriter or underwriters, if any, and their respective counsel, in connection with
the registration or qualification of such Registrable Securities for offer and sale under the securities or “Blue Sky” laws of each state and other jurisdiction of the United States as any Participating Holder or managing
underwriter or underwriters, if any, or their respective counsel reasonably request in writing and do any and all other acts or things reasonably necessary or advisable to keep such registration or qualification in effect for such period as required
by Section 2.01(c) or 2.02(b), whichever is applicable, provided that the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which would subject
it to taxation or general service of process in any such jurisdiction where it is not then so subject; 

(xi)    cooperate with the Participating Holders and the managing underwriter or underwriters, if any, to
facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends, and enable such Registrable Securities to be in such denominations and registered in such names as
the managing underwriters may request at least two (2) Business Days prior to any sale of Registrable Securities to the underwriters; 

(xii)    use its reasonable best efforts to cause the Registrable Securities covered by the applicable
Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition of such
Registrable Securities; 

  
 18. 

 (xiii)    not later than the effective date of the applicable
Registration Statement, provide a CUSIP number for all Registrable Securities and provide the applicable transfer agent with printed certificates for the Registrable Securities which are in a form eligible for deposit with The Depository Trust
Company or any other required depository; 
 (xiv)    make such representations and warranties to the
Participating Holders and the underwriters or agents, if any, in form, substance and scope as are customarily made by issuers in secondary underwritten public offerings; 

(xv)    enter into such customary agreements (including underwriting and indemnification agreements) and take all
such other actions as any Institutional Investor or the managing underwriter or underwriters, if any, reasonably request in order to expedite or facilitate the registration and disposition of such Registrable Securities; 

(xvi)    obtain for delivery to the Participating Holders and to the underwriter or underwriters, if any, an
opinion or opinions from counsel for the Company dated the effective date of the Registration Statement or, in the event of an Underwritten Offering, the date of the closing under the underwriting agreement, in customary form, scope and substance,
which opinions shall be reasonably satisfactory to such Participating Holders or underwriters, as the case may be, and their respective counsel; 

(xvii)    in the case of an Underwritten Offering, obtain for delivery to the Company and the managing underwriter
or underwriters, with copies to the Participating Holders, a cold comfort letter from the Company’s independent certified public accountants in customary form and covering such matters of the type customarily covered by cold comfort letters as
the managing underwriter or underwriters reasonably request, dated the date of execution of the underwriting agreement and brought down to the closing under the underwriting agreement; 

(xviii)    cooperate with each Participating Holder and each underwriter, if any, participating in the disposition
of such Registrable Securities and their respective counsel in connection with any filings required to be made with the FINRA; 

(xix)    use its reasonable best efforts to comply with all applicable securities laws and make available to its
security holders, as soon as reasonably practicable, an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and the rules and regulations promulgated thereunder; 

(xx)    provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered
by the applicable Registration Statement from and after a date not later than the effective date of such Registration Statement; 

(xxi)    use its reasonable best efforts to cause all Registrable Securities covered by the applicable
Registration Statement to be listed on each securities exchange on which any of the Company Shares are then listed or quoted and on each inter-dealer quotation system on which any of the Company Shares are then quoted; 

(xxii)    make available upon reasonable notice at reasonable times and for reasonable periods for inspection by
any Participating Investor, by any underwriter participating in any disposition to be effected pursuant to such Registration Statement and by any attorney, accountant or other agent retained by such Participating Investor(s) or any such underwriter,
all pertinent financial and other 

  
 19. 

 
records, pertinent corporate documents and properties of the Company, and cause all of the Company’s officers, directors and employees and the independent public accountants who have
certified its financial statements to make themselves available to discuss the business of the Company and to supply all information reasonably requested by any such Person in connection with such Registration Statement as shall be necessary to
enable them to exercise their due diligence responsibility; provided, that, any such Person gaining access to information regarding the Company pursuant to this Section 2.05(a)(xxii) shall agree to hold in strict confidence and shall not
make any disclosure or use any information regarding the Company that the Company determines in good faith to be confidential, and of which determination such Person is notified, unless (w) the release of such information is requested or
required by law or by deposition, interrogatory, requests for information or documents by a governmental entity, subpoena or similar process, (x) such information is or becomes publicly known other than through a breach of this or any other
agreement of which such Person has actual knowledge, (y) such information is or becomes available to such Person on a non-confidential basis from a source other than the Company or (z) such
information is independently developed by such Person; and 
 (xxiii)    in the case of an Underwritten
Offering, cause the senior executive officers of the Company to participate in the customary “road show” presentations that may be reasonably requested by the managing underwriter or underwriters in any such Underwritten Offering and
otherwise to facilitate, cooperate with, and participate in each proposed offering contemplated herein and customary selling efforts related thereto. 

(b)    The Company may require each Participating Holder to furnish to the Company such information regarding the
distribution of such securities and such other information relating to such Participating Holder and its ownership of Registrable Securities as the Company may from time to time reasonably request in writing. Each Participating Holder agrees to
furnish such information to the Company and to cooperate with the Company as reasonably necessary to enable the Company to comply with the provisions of this Agreement. 

(c)    Each Participating Holder agrees that, upon delivery of any notice by the Company of the happening of any
event of the kind described in Section 2.05(a)(iv)(C), (D), or (E) or Section 2.05(a)(v), such Participating Holder will forthwith discontinue disposition of Registrable Securities pursuant to such Registration Statement until
(i) such Participating Holder’s receipt of the copies of the supplemented or amended Prospectus or Issuer Free Writing Prospectus contemplated by Section 2.05(a)(v), (ii) such Participating Holder is advised in writing by the
Company that the use of the Prospectus or Issuer Free Writing Prospectus, as the case may be, may be resumed, (iii) such Participating Holder is advised in writing by the Company of the termination, expiration or cessation of such order or
suspension referenced in Section 2.05(a)(iv)(C) or (E) or (iv) such Participating Holder is advised in writing by the Company that the representations and warranties of the Company in such applicable underwriting agreement are true
and correct in all material respects. If so directed by the Company, such Participating Holder shall deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Participating Holder’s
possession, of the Prospectus or any Issuer Free Writing Prospectus covering such Registrable Securities current at the time of delivery of such notice. In the event the Company shall give any such notice, the period during which the applicable
Registration Statement is required to be maintained effective shall be extended by the number of days during the period from and including the date of the giving of such notice to and including the date when each seller of Registrable Securities
covered by such Registration Statement either receives the copies of the supplemented or amended Prospectus or Issuer Free Writing Prospectus contemplated by Section 2.05(a)(v) or is advised in writing by the Company that the use of the
Prospectus or Issuer Free Writing Prospectus may be resumed. 

  
 20. 

 SECTION 2.06    Underwritten Offerings.

 (a)    Demand and Shelf Registrations. If requested by the underwriters for any Underwritten Offering
requested by any Participating Investor pursuant to a Registration under Section 2.01 or Section 2.02, the Company shall enter into an underwriting agreement with such underwriters for such offering, such agreement to be reasonably
satisfactory in substance and form to the Company, each Participating Investor and the underwriters, and to contain such representations and warranties by the Company and such other terms as are generally prevailing in agreements of that type,
including indemnities no less favorable to the recipient thereof than those provided in Section 2.09. Each Participating Investor shall cooperate with the Company in the negotiation of such underwriting agreement and shall give consideration to
the reasonable suggestions of the Company regarding the form thereof. The Participating Holders shall be parties to such underwriting agreement, which underwriting agreement shall (i) contain such representations and warranties by, and the
other agreements on the part of, the Company to and for the benefit of such Participating Holders as are customarily made by issuers to selling stockholders in secondary underwritten public offerings and (ii) provide that any or all of the
conditions precedent to the obligations of such underwriters under such underwriting agreement also shall be conditions precedent to the obligations of such Participating Holders. Any such Participating Holder shall not be required to make any
representations or warranties to or agreements with the Company or the underwriters in connection with such underwriting agreement other than representations, warranties or agreements regarding such Participating Holder, such Participating
Holder’s title to the Registrable Securities, such Participating Holder’s authority to sell the Registrable Securities, such Participating Holder’s intended method of distribution, absence of liens with respect to the Registrable
Securities, enforceability of the applicable underwriting agreement as against such Participating Holder, receipt of all consents and approvals with respect to the entry into such underwriting agreement and the sale of such Registrable Securities
and any other representations required to be made by such Participating Holder under applicable law, rule or regulation, and the aggregate amount of the liability of such Participating Holder in connection with such underwriting agreement shall not
exceed such Participating Holder’s net proceeds from such Underwritten Offering. 
 (b)    Piggyback
Registrations. If the Company proposes to register any of its securities under the Securities Act as contemplated by Section 2.03 and such securities are to be distributed in an Underwritten Offering through one or more underwriters, the
Company shall, if requested by any Holder pursuant to Section 2.03 and subject to the provisions of Sections 2.03(b) and (c), use its reasonable best efforts to arrange for such underwriters to include on the same terms and conditions that
apply to the other sellers in such Registration all the Registrable Securities to be offered and sold by such Holder among the securities of the Company to be distributed by such underwriters in such Registration. The Participating Holders shall be
parties to the underwriting agreement between the Company and such underwriters, which underwriting agreement shall (i) contain such representations and warranties by, and the other agreements on the part of, the Company to and for the benefit
of such Participating Holders as are customarily made by issuers to selling stockholders in secondary underwritten public offerings and (ii) provide that any or all of the conditions precedent to the obligations of such underwriters under such
underwriting agreement also shall be conditions precedent to the obligations of such Participating Holders. Any such Participating Holder shall not be required to make any representations or warranties to, or agreements with the Company or the
underwriters in connection with such underwriting agreement other than representations, warranties or agreements regarding such Participating Holder, such Participating Holder’s title to the Registrable Securities, such Participating
Holder’s authority to sell the Registrable Securities, such Holder’s intended method of distribution, absence of liens with respect to the Registrable Securities, enforceability of the applicable underwriting agreement as against such
Participating Holder, receipt of all consents and approvals with respect to the entry into such underwriting agreement and the sale of such Registrable Securities or any other representations required to be made by such Participating Holder under
applicable law, rule or regulation, and the aggregate amount of the liability of such Participating Holder in connection with such underwriting agreement shall not exceed such Participating Holder’s net proceeds from such Underwritten Offering.

  
 21. 

 (c)    Participation in Underwritten Registrations.
Subject to the provisions of Sections 2.06(a) and (b) above, no Person may participate in any Underwritten Offering hereunder unless such Person (i) agrees to sell such Person’s securities on the basis provided in any
underwriting arrangements approved by the Persons entitled to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of
such underwriting arrangements. 
 (d)    Price and Underwriting Discounts. In the case of an Underwritten
Offering under Section 2.01 or 2.02, the price, underwriting discount and other financial terms for the Registrable Securities shall be determined by the Participating Investor(s) in such Registration. 

SECTION 2.07    No Inconsistent Agreements; Additional Rights. The Company
is not currently a party to, and shall not hereafter enter into without the prior written consent of the Institutional Investors holding a majority of the then-outstanding Registrable Securities held by all Institutional Investors, any agreement
with respect to its securities that is inconsistent with the rights granted to the Holders by this Agreement, including allowing any other holder or prospective holder of any securities of the Company (a) registration rights in the nature or
substantially in the nature of those set forth in Section 2.01, Section 2.02 or Section 2.03 that would have priority over the Registrable Securities with respect to the inclusion of such securities in any Registration (except to the
extent such registration rights are solely related to registrations of the type contemplated by Section 2.03(a)(iii) and (iv)) or (b) demand registration rights in the nature or substantially in the nature of those set forth in
Section 2.01 or Section 2.02 that are exercisable prior to such time as the Institutional Investors can first exercise their rights under Section 2.01 or Section 2.02. 

SECTION 2.08    Registration Expenses. All expenses incident to the Company’s
performance of or compliance with this Agreement shall be paid by the Company, including (i) all registration and filing fees, and any other fees and expenses associated with filings required to be made with the SEC, FINRA and if applicable,
the fees and expenses of any “qualified independent underwriter,” as such term is defined in FINRA Rule 5121 (or any successor provision), and of its counsel, (ii) all fees and expenses in connection with compliance with any
securities or “Blue Sky” laws (including fees and disbursements of counsel for the underwriters in connection with “Blue Sky” qualifications of the Registrable Securities), (iii) all printing,
duplicating, word processing, messenger, telephone, facsimile and delivery expenses (including expenses of printing certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company or any other required
depositories and of printing Prospectuses and Issuer Free Writing Prospectuses), (iv) all fees and disbursements of counsel for the Company and of all independent certified public accountants of the Company (including the expenses of any
special audit and cold comfort letters required by or incident to such performance), (v) Securities Act liability insurance or similar insurance if the Company so desires or the underwriters so require in accordance with then-customary
underwriting practice, (vi) all fees and expenses incurred in connection with the listing of Registrable Securities on any securities exchange or quotation of the Registrable Securities on any inter-dealer quotation system, (vii) all
applicable rating agency fees with respect to the Registrable Securities, (viii) all reasonable fees and disbursements of one legal counsel and one accounting firm as selected by the holders of a majority of the Registrable Securities included
in such Registration, (ix) any reasonable fees and disbursements of underwriters customarily paid by issuers or sellers of securities, (x) all fees and expenses of any special experts or other Persons retained by the Company in connection
with any Registration, (xi) all of the Company’s internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties), (xii) all expenses related to the “road-show” for
any Underwritten Offering, including all travel, meals and lodging and (xiii) any other 

  
 22. 

 
fees and disbursements customarily paid by the issuers of securities. All such expenses are referred to herein as “Registration Expenses.” The Company shall not be
required to pay any underwriting discounts and commissions and transfer taxes, if any, attributable to the sale of Registrable Securities, which fees shall be borne by the Holders selling Registrable Securities in proportion to the number of
Registrable Securities sold in the offering by each such Holder. In addition, in connection with each Registration or offering made pursuant to this Agreement, the Company shall pay the reasonable fees and expenses of the Institutional
Investors’ counsel. 
 SECTION 2.09    Indemnification. 

(a)    Indemnification by the Company. The Company agrees to indemnify and hold harmless, to the full extent
permitted by law, each of the Holders, each of their respective direct or indirect partners, members or shareholders and each of such partner’s, member’s or shareholder’s partners, members or shareholders and, with respect to all of
the foregoing Persons, each of their respective Affiliates, employees, directors, officers, trustees, investment advisers or agents and each Person who controls (within the meaning of the Securities Act or the Exchange Act) such Persons and each of
their respective Representatives from and against any and all losses, penalties, judgments, suits, costs, claims, damages, liabilities and expenses, joint or several (including reasonable costs of investigation and legal expenses) (each, a
“Loss” and collectively, “Losses”) arising out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which such Registrable
Securities were Registered under the Securities Act (including any final, preliminary or summary Prospectus contained therein or any amendment or supplement thereto or any documents incorporated by reference therein), any Issuer Free Writing
Prospectus or amendment or supplement thereto, or any other disclosure document produced by or on behalf of the Company or any of its Subsidiaries including reports and other documents filed under the Exchange Act, (ii) any omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus, preliminary Prospectus or Issuer Free Writing Prospectus, in light of the circumstances under which
they were made) not misleading, (iii) any violation or alleged violation by the Company of any federal, state or common law rule or regulation applicable to the Company or any of its Subsidiaries in connection with any such registration,
qualification, compliance or sale of Registrable Securities, (iv) any failure to register or qualify Registrable Securities in any state where the Company or its agents have affirmatively undertaken or agreed in writing that the Company (the
undertaking of any underwriter being attributed to the Company) will undertake such registration or qualification on behalf of the Holders of such Registrable Securities (provided, that, in such instance the Company shall not be so liable if
it has undertaken its reasonable best efforts to so register or qualify such Registrable Securities) or (v) any actions or inactions or proceedings in respect of the foregoing whether or not such indemnified party is a party thereto, and the
Company will reimburse, as incurred, each such Holder and each of their respective direct or indirect partners, members or shareholders and each of such partner’s, member’s or shareholder’s partners members or shareholders and, with
respect to all of the foregoing Persons, each of their respective Affiliates, employees, directors, officers, trustees, investment advisers or agents and controlling Persons and each of their respective Representatives, for any legal and any other
expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability or action; provided, that, the Company shall not be liable to any particular indemnified party to the extent that any such Loss
arises out of or is based upon (A) an untrue statement or alleged untrue statement or omission or alleged omission made in any such Registration Statement or other document in reliance upon and in conformity with written information furnished
to the Company by such indemnified party expressly for use in the preparation thereof or (B) an untrue statement or omission in a preliminary Prospectus relating to Registrable Securities, if a Prospectus (as then amended or supplemented) that
would have cured the defect was furnished to the indemnified party from whom the Person asserting the claim giving rise to such Loss purchased Registrable Securities at least five (5) days prior to the written confirmation of the sale of the
Registrable Securities to such Person and a copy of such Prospectus (as amended and supplemented) was not sent or given by or on 

  
 23. 

 
behalf of such indemnified party to such Person at or prior to the written confirmation of the sale of the Registrable Securities to such Person. This indemnity shall be in addition to any
liability the Company may otherwise have. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder or any indemnified party and shall survive the transfer of such securities by such
Holder. The Company shall also indemnify underwriters, selling brokers, dealer managers and similar securities industry professionals participating in the distribution, their officers and directors and each Person who controls such Persons (within
the meaning of the Securities Act and the Exchange Act) to the same extent as provided above with respect to the indemnification of the indemnified parties. 

(b)    Indemnification by the Participating Holders. Each Participating Holder agrees (severally and not
jointly) to indemnify and hold harmless, to the fullest extent permitted by law, the Company, its directors and officers and each Person who controls the Company (within the meaning of the Securities Act or the Exchange Act), and each other Holder,
each of such other Holder’s respective direct or indirect partners, members or shareholders and each of such partner’s, member’s or shareholder’s partners, members or shareholders and, with respect to all of the foregoing
Persons, each of their respective Affiliates, employees, directors, officers, trustees or agents and each Person who controls (within the meaning of the Securities Act or the Exchange Act) such Persons and each of their respective Representatives
from and against any Losses resulting from (i) any untrue statement of a material fact in any Registration Statement under which such Registrable Securities were Registered under the Securities Act (including any final, preliminary or summary
Prospectus contained therein or any amendment or supplement thereto or any documents incorporated by reference therein) or any Issuer Free Writing Prospectus or amendment or supplement thereto, or (ii) any omission to state therein a material
fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus, preliminary Prospectus or Issuer Free Writing Prospectus, in light of the circumstances under which they were made) not misleading, in each
case to the extent, but only to the extent, that such untrue statement or omission is contained in any information furnished in writing by such Holder to the Company specifically for inclusion in such Registration Statement and has not been
corrected in a subsequent writing prior to or concurrently with the sale of the Registrable Securities to the Person asserting the claim, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or
omission (or alleged omission) was made in such Registration Statement, Prospectus, offering circular, Issuer Free Writing Prospectus or other document, in reliance upon and in conformity with written information furnished to the Company by such
Holder expressly for use therein. In no event shall the liability of such Holder hereunder be greater in amount than the dollar amount of the net proceeds received by such Holder under the sale of Registrable Securities giving rise to such
indemnification obligation. 
 (c)    Conduct of Indemnification Proceedings. Any Person entitled to
indemnification under this Section 2.09 shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided, that, any delay or failure to so notify the indemnifying
party shall relieve the indemnifying party of its obligations hereunder only to the extent, if at all, that it is actually and materially prejudiced by reason of such delay or failure) and (ii) permit such indemnifying party to assume the
defense of such claim with counsel reasonably satisfactory to the indemnified party; provided, that, any Person entitled to indemnification hereunder shall have the right to select and employ separate counsel and to participate in the defense
of such claim, but the fees and expenses of such counsel shall be at the expense of such Person unless (A) the indemnifying party has agreed in writing to pay such fees or expenses, (B) the indemnifying party shall have failed to assume
the defense of such claim within a reasonable time after delivery of notice of such claim from the Person entitled to indemnification hereunder and employ counsel reasonably satisfactory to such Person, (C) the indemnified party has reasonably
concluded (based upon advice of its counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, or (D) in the reasonable judgment of
any such Person (based upon advice of its counsel) a conflict of interest may exist between such Person and the indemnifying party with respect to such claims (in which 

  
 24. 

 
case, if the Person notifies the indemnifying party in writing that such Person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have
the right to assume the defense of such claim on behalf of such Person). If the indemnifying party assumes the defense, the indemnifying party shall not have the right to settle such action, consent to entry of any judgment or enter into any
settlement, in each case without the prior written consent of the indemnified party, unless the entry of such judgment or settlement (i) includes as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party
of an unconditional release from all liability in respect to such claim or litigation and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of such indemnified party, and
provided, that, any sums payable in connection with such settlement are paid in full by the indemnifying party. If such defense is not assumed by the indemnifying party, the indemnifying party will not be subject to any liability for any
settlement made without its prior written consent, but such consent may not be unreasonably withheld. It is understood that the indemnifying party or parties shall not, except as specifically set forth in this Section 2.09(c), in connection
with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements or other charges of more than one separate firm admitted to practice in such jurisdiction at any one time unless (x) the
employment of more than one counsel has been authorized in writing by the indemnifying party or parties, (y) an indemnified party has reasonably concluded (based on the advice of counsel) that there may be legal defenses available to it that
are different from or in addition to those available to the other indemnified parties, or (z) a conflict or potential conflict exists or may exist (based upon advice of counsel to an indemnified party) between such indemnified party and the
other indemnified parties, in each of which cases the indemnifying party shall be obligated to pay the reasonable fees and expenses of such additional counsel or counsels. 

(d)    Contribution. If for any reason the indemnification provided for in paragraphs (a) and
(b) of this Section 2.09 is unavailable to an indemnified party or insufficient in respect of any Losses referred to therein, then the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result
of such Loss in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the indemnified party or parties on the other hand in connection with the acts, statements or omissions that resulted in
such losses, as well as any other relevant equitable considerations. In connection with any Registration Statement filed with the SEC by the Company, the relative fault of the indemnifying party on the one hand and the indemnified party on the other
hand shall be determined by reference to, among other things, whether any 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. The parties hereto agree that it would not be just or equitable if contribution
pursuant to this Section 2.09(d) were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in this Section 2.09(d). No Person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The amount paid or payable by an indemnified
party as a result of the Losses referred to in Sections 2.09(a) and 2.09(b) shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such action or claim. Notwithstanding the provisions of this Section 2.09(d), in connection with any Registration Statement filed by the Company, a Participating Holder shall not be required to contribute any
amount in excess of the dollar amount of the net proceeds received by such Holder under the sale of Registrable Securities giving rise to such contribution obligation less any amount paid by such Holders pursuant to Section 2.09(b). If
indemnification is available under this Section 2.09, the indemnifying parties shall indemnify each indemnified party to the full extent provided in Sections 2.09(a) and 2.09(b) hereof without regard to the provisions of this
Section 2.09(d). 

  
 25. 

 (e)    No Exclusivity. The remedies provided for in this
Section 2.09 are not exclusive and shall not limit any rights or remedies which may be available to any indemnified party at law or in equity or pursuant to any other agreement. 

(f)    Survival. The indemnities provided in this Section 2.09 shall survive the transfer of any
Registrable Securities by such Holder. 

SECTION 2.10    Rules 144 and 144A and Regulation
S. The Company covenants that it will file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder (or, if the Company is not required to file such reports,
it will, upon the reasonable request of an Institutional Investor or a Mutual Fund Investor, make publicly available such necessary information for so long as necessary to permit sales pursuant to Rules 144, 144A or Regulation S under the Securities
Act), and it will take such further action as any Institutional Investor or Mutual Fund Investor may reasonably request, all to the extent required from time to time to enable the Holders, following the IPO, to sell Registrable Securities without
Registration under the Securities Act within the limitation of the exemptions provided by (i) Rules 144, 144A or Regulation S under the Securities Act, as such Rules may be amended from time to time, or (ii) any similar rule or regulation
hereafter adopted by the SEC. Upon the reasonable request of a Holder, the Company will deliver to such Holder a written statement as to whether it has complied with such requirements and, if not, the specifics thereof. 

SECTION 2.11    Limitation on Registrations and Underwritten Offerings. 

(a)    Notwithstanding the rights and obligations set forth in Sections 2.01 and 2.02, in no event shall the
Company be obligated to take any action to effect any Demand Registration at the request of the Institutional Investors (and its Affiliates their Permitted Assignees) after the Company has effected such number of Demand Registrations at the request
of the Institutional Investors and their Affiliates and Permitted Assignees equal to the number of Institutional Investor Registration Demands. 

(b)    Notwithstanding the rights and obligations set forth in Sections 2.01 and 2.02, in no event shall the
Company be obligated to take any action to (i) effect more than one Marketed Underwritten Offering in any consecutive 90-day period or (ii) effect any Underwritten Offering unless the Institutional
Investor initiating such Underwritten Offering proposes to sell Registrable Securities in such Underwritten Offering having a reasonably anticipated gross aggregate price (before deduction of underwriter commissions and offering expenses) of at
least $10,000,000. 
 (c)    For purposes of this Agreement, “Institutional Investor Registration
Demands” means (i) with respect to Warburg Pincus, three (3), (ii) with respect to Vertical, one (1) and (iii) with respect to D1, one (1); provided, however, that with respect to Registrations pursuant
to Section 2.02(a), if the Company is eligible to file a Short Form Registration, such Short Form Registrations (and any Shelf Take-Downs, including any Marketed Underwritten Shelf Take–Downs) shall not be limited and shall not count as an
Institutional Investor Registration Demand for purposes of Section 2.11(a). 

SECTION 2.12    Clear Market. With respect to any Underwritten Offerings of Registrable
Securities by an Institutional Investor, the Company agrees not to effect (other than pursuant to the Registration applicable to such Underwritten Offering or pursuant to a Special Registration or pursuant to the exercise by another Institutional
Investor of any of its rights under Section 2.01 or Section 2.02) any public sale or distribution, or to file any Registration Statement (other than pursuant to the Registration applicable to such Underwritten Offering or pursuant to a
Special Registration or pursuant to the exercise by an Institutional Investor of any of its rights under Section 2.01 or Section 2.02) covering any of its equity securities or any securities convertible into or exchangeable or exercisable
for such securities, during the period not to exceed ten (10) days prior and sixty (60) days following the effective date of such offering or 

  
 26. 

 
such longer period up to ninety (90) days as may be requested by the managing underwriter for such Underwritten Offering. “Special Registration” means the
registration of (A) equity securities and/or options or other rights in respect thereof solely registered on Form S-4 or Form S-8 (or successor form) or
(B) shares of equity securities and/or options or other rights in respect thereof to be offered to directors, employees, consultants, customers, lenders or vendors of the Company or its Subsidiaries or in connection with dividend reinvestment
plans. 
 SECTION 2.13    In-Kind
Distributions. If any Holder seeks to effectuate an in-kind distribution of all or part of its Company Shares to its direct or indirect equityholders, the Company will reasonably cooperate with and assist
such Holder, such equityholders and the Company’s transfer agent to facilitate such in-kind distribution in the manner reasonably requested by such Holder (including the delivery of instruction letters by
the Company or its counsel to the Company’s transfer agent, the delivery of customary legal opinions by counsel to the Company and the delivery of Company Shares without restrictive legends, to the extent no longer applicable). 

ARTICLE III 

MISCELLANEOUS 

SECTION 3.01    Term. This Agreement shall terminate with respect to any Holder
(a) with the prior written consent of the Institutional Investors holding a majority of the then-outstanding Registrable Securities held by all Institutional Investors in connection with the consummation of a Change of Control (including any
Deemed Liquidation Event (as defined in the certificate of incorporation of the Company)), (b) following the IPO, for those Holders (other than the Institutional Investors) that beneficially own less than five percent (5%) of the Company’s
outstanding Company Shares (determined on an as-converted basis), if all of the Registrable Securities then owned by such Holder could be sold in any ninety (90)-day
period pursuant to Rule 144 (assuming for this purpose that such Holder is an Affiliate of the Company), (c) as to any Holder, if all of the Registrable Securities held by such Holder have been sold or otherwise transferred in a
Registration pursuant to the Securities Act or pursuant to an exemption therefrom, or (d) with respect to any Holder that is an officer, director, employee or consultant of the Company or any of its Subsidiaries, on the date on which such
Holder ceases to be an employee of the Company or its Subsidiaries. Notwithstanding the foregoing, the provisions of Sections 2.09, 2.10 and 2.13 and all of this Article III shall survive any such termination. Upon the written request of
the Company, each Holder agrees to promptly deliver a certificate to the Company setting forth the number of Registrable Securities then beneficially owned by such Holder. 

SECTION 3.02    Injunctive Relief. It is hereby agreed and acknowledged that it will be
impossible to measure in money the damage that would be suffered if the parties fail to comply with any of the obligations herein imposed on them and that in the event of any such failure, an aggrieved Person will be irreparably damaged and will not
have an adequate remedy at law. Any such Person shall, therefore, be entitled (in addition to any other remedy to which it may be entitled in law or in equity) to injunctive relief, including specific performance, to enforce such obligations, and if
any action should be brought in equity to enforce any of the provisions of this Agreement, none of the parties hereto shall raise the defense that there is an adequate remedy at law. 

SECTION 3.03    Attorneys’ Fees. In any action or proceeding brought
to enforce any provision of this Agreement or where any provision hereof is validly asserted as a defense, the successful party shall, to the extent permitted by applicable law, be entitled to recover reasonable attorneys’ fees in addition to
any other available remedy. 
 SECTION 3.04    Notices. Unless otherwise specified
herein, all notices, consents, approvals, reports, designations, requests, waivers, elections and other communications authorized or 

  
 27. 

 
required to be given pursuant to this Agreement shall be in writing and shall be deemed to have been given (a) when personally delivered, (b) when transmitted via facsimile to the
number set out below or on SCHEDULE A or SCHEDULE B, as applicable, if the sender on the same day sends a
confirming copy of such notice by a recognized overnight delivery service (charges prepaid), (c) the day following the day (except if not a Business Day then the next Business Day) on which the same has been delivered prepaid to a reputable
national overnight air courier service, (d) when transmitted via email (including via attached pdf document) to the email address set out below or on Schedule A or Schedule B, as applicable, if the sender on the same day sends a
confirming copy of such notice by a recognized overnight delivery service (charges prepaid) or (e) the third Business Day following the day on which the same is sent by certified or registered mail, postage prepaid, in each case to the
respective parties as applicable, at the address, facsimile number or email address set forth on SCHEDULE A or
SCHEDULE B, as applicable (or such other address, facsimile number or email address as such Holder may specify by notice to the Company in accordance with this Section 3.04),
and the Company at the following address: 
 Outset Medical, Inc. 

1830 Bering Drive 
 San Jose, CA
95112 
 Fax: (669) 231-8201 

Attention: Leslie Trigg, Chief Executive Officer 

Email: ltrigg@outsetmedical.com 

with copies (which shall not constitute notice) to: 

Cooley LLP 
 3175 Hanover Street

 Palo Alto, CA 94304 

Attention: Frank Rahmani 
 Email:
rahmaniff@cooley.com 
 SECTION 3.05    Publicity and Confidentiality. Each of the
parties hereto shall keep confidential this Agreement and the transactions contemplated hereby, and any nonpublic information received pursuant hereto, and shall not disclose, issue any press release or otherwise make any public statement relating
hereto or thereto without the prior written consent of the Company and the Institutional Investors holding a majority of the then-outstanding Registrable Securities held by all Institutional Investors unless so required by applicable law or any
governmental authority or unless such information (a) is known or becomes known to the public in general (other than as a result of a breach of this Section 3.05 by such party), (b) is or has been independently developed or conceived
by such party without use of the non-public information received pursuant hereto, or (c) is or has been made known or disclosed to such party by a third party without a breach of any obligation of
confidentiality such third party may have to the Company; provided that no such written consent shall be required (and each party shall be free to release such information) for disclosures (a) to each party’s partners, members,
advisors, employees, agents, accountants, trustee, attorneys, Affiliates and investment vehicles managed or advised by such party or the partners, members, advisors, employees, agents, accountants, trustee or attorneys of such Affiliates or managed
or advised investment vehicles, in each case so long as such Persons agree to keep such information confidential or (b) to the extent required by law, rule or regulation (including, without limitation, as required by a court order or an
applicable governmental or regulatory authority). Notwithstanding anything in this Section 3.05 to the contrary, Fidelity Management & Research Company (“Fidelity”) and T. Rowe Price and their respective
Affiliates (including, without limitation, the T. Rowe Price Investors) shall have the right to publicly disclose their investment in the Company (including the name of the company, the type and number of the shares purchased, and the size of the
investment). 

  
 28. 

 SECTION 3.06    Amendment. The terms
and provisions of this Agreement may only be amended, modified or waived at any time and from time to time by a writing executed by the Company and the Institutional Investors holding a majority of the then-outstanding Registrable Securities held by
all Institutional Investors; provided, that, any amendment, modification or waiver that would affect the rights, benefits or obligations of any Holder (other than an Institutional Investor or a Mutual Fund Investor (except for Mubadala)) or
group of Holders (other than Institutional Investors or the Mutual Fund Investors (except for Mubadala)) shall require the written consent of such Holder or the majority of such group of Holders, as applicable, only if such amendment, modification
or waiver would materially and adversely affect such rights, benefits or obligations of such Holder or such group of Holders in a materially worse manner than the manner in which such amendment or waiver treats the
non-affected Holders (other than Institutional Investors and the Mutual Fund Investors (except for Mubadala)); and provided, further, (i) that any amendment, termination or waiver of
Section 2.04 that is adverse to a Mutual Fund Investor shall require the prior written consent of such Mutual Fund Investor and (ii) any amendment, modification or waiver of any other provision or Section of this Agreement, that would
affect the rights, benefits or obligations of any Mutual Fund Investor shall require the written consent of such Mutual Fund Investor only if such amendment, modification or waiver would adversely affect such rights, benefits or obligations of such
Mutual Fund Investor in a worse manner than the manner in which such amendment or waiver treats the non-affected Holders. 

SECTION 3.07    Successors, Assigns and Transferees. The rights and obligations of each
party hereto may not be assigned, in whole or in part, without the written consent of (i) the Company and (ii) the Institutional Investors holding a majority of the then-outstanding Registrable Securities held by all Institutional
Investors; provided, however, that notwithstanding the foregoing, the rights and obligations set forth herein may be assigned, in whole or in part, by any Institutional Investor or any Mutual Fund Investor to any transferee of
Registrable Securities that holds (after giving effect to such transfer) in excess of one percent (1%) of the then-outstanding Registrable Securities (or, if less, all of the Registrable Securities held by such Institutional Investor or Mutual Fund
Investor, as applicable), and such transferee shall, with the consent of the transferring Institutional Investor or Mutual Fund Investor, be treated as an Institutional Investor or Mutual Fund Investor, as applicable, for all purposes of this
Agreement (each Person to whom the rights and obligations are assigned in compliance with this Section 3.07 is a “Permitted Assignee” and all such Persons, collectively, are “Permitted
Assignees”); provided further, that such transferee shall only be admitted as a party hereunder upon its, his or her execution and delivery of a joinder agreement, in form and substance acceptable to each Institutional Investor,
agreeing to be bound by the terms and conditions of this Agreement as if such Person were a party hereto (together with any other documents the Institutional Investors determine are necessary to make such Person a party hereto), whereupon such
Person will be treated as a Holder for all purposes of this Agreement, with the same rights, benefits and obligations hereunder as the transferring Holder with respect to the transferred Registrable Securities (except that if the transferee was a
Holder prior to such transfer, such transferee shall have the same rights, benefits and obligations with respect to the such transferred Registrable Securities as were applicable to Registrable Securities held by such transferee prior to such
transfer). Nothing herein shall operate to permit a transfer of Registrable Securities otherwise restricted by the Company Stockholders Agreement or any other agreement to which any Holder may be a party. 

SECTION 3.08    Binding Effect. Except as otherwise provided in this Agreement, the terms
and provisions of this Agreement shall be binding on and inure to the benefit of each of the parties hereto and their respective successors. 

SECTION 3.09    Third Party Beneficiaries. Nothing in this Agreement, express or implied,
is intended or shall be construed to confer upon any Person not a party hereto (other than those Persons entitled to indemnity or contribution under Section 2.09, each of whom shall be a third party beneficiary thereof) any right, remedy or
claim under or by virtue of this Agreement. 

  
 29. 

 SECTION 3.10    Governing Law;
Jurisdiction. THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF. ANY ACTION OR PROCEEDING AGAINST THE PARTIES RELATING IN ANY WAY TO
THIS AGREEMENT MAY BE BROUGHT AND ENFORCED EXCLUSIVELY IN THE COURTS OF THE STATE OF DELAWARE OR (TO THE EXTENT SUBJECT MATTER JURISDICTION EXISTS THEREFOR) THE U.S. DISTRICT COURT FOR THE DISTRICT OF DELAWARE, AND THE PARTIES IRREVOCABLY SUBMIT TO
THE JURISDICTION OF BOTH SUCH COURTS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING. 

SECTION 3.11    Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY. EACH
OF THE PARTIES HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 3.11. 

SECTION 3.12    Severability. If any provision of this Agreement shall be held to be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 3.13    Counterparts. This Agreement may be executed in one or more counterparts,
each of which shall be deemed an original, and all of which shall constitute one and the same agreement. 

SECTION 3.14    Headings. The heading references herein and in the table of contents
hereto are for convenience purposes only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. 

SECTION 3.15    Joinder. Any Person that holds Company Shares may, with the prior written
consent of each Institutional Investor, be admitted as a party to this Agreement upon its execution and delivery of a joinder agreement, in form and substance acceptable to the Institutional Investors, agreeing to be bound by the terms and
conditions of this Agreement as if such Person were a party hereto (together with any other documents the Institutional Investors determine are necessary to make such Person a party hereto), whereupon such Person will be treated as a Holder for all
purposes of this Agreement. 
 SECTION 3.16    Alternative IPO Entities. If the entity
registering equity securities in connection with the IPO is a parent company or subsidiary of the Company (such entity, the “Alternative IPO Entity”) rather than the Company, whether as a result of a reorganization of the
Company or otherwise, the Company and Holders shall take such action as may be necessary to cause the Alternative IPO Entity to become a party hereto, with the rights, benefits and obligations of the Company hereunder or, to the extent the
Institutional Investors deem appropriate, enter into a registration rights agreement with respect to the equity securities of the Alternative IPO Entity with terms that are substantially similar (to the extent practicable) to, mutatis mutandis, the
terms of this Agreement. 
 [REMAINDER OF PAGE INTENTIONALLY
BLANK] 

  
 30. 

 IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the day and year first above written. 
  

			
	OUTSET MEDICAL, INC.
		
	By:	 	         /s/ Leslie Trigg

	Name:	 	Leslie Trigg
	Title:	 	President and Chief Executive Officer

  
 [SIGNATURE
PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the day and year first above written. 
  

			
	AURORA INVESTMENT COMPANY LLC
		
	By:	 	         /s/ Andre N

	Name:	 	        Andre N
	Title:	 	        Authorised Signatory
		
	By:	 	         /s/ Camilla Macapili Languille

	Name:	 	        Camilla Macapili Languille
	Title:	 	        Authorised Signatory

  
 [SIGNATURE
PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the day and year first above written. 
  

			
	D1 CAPITAL PARTNERS MASTERS LP
	
	By: D1 Capital Partners GP Sub LLC, its General Partner
		
	By:	 	         /s/ Dan Sundheim

	Name:	 	        Dan Sundheim
	Title:	 	        Founder & CEO

  
 [SIGNATURE
PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the day and year first above written. 
  

			
	FIDELITY SELECT PORTFOLIOS: HEALTH CARE PORTFOLIO
		
	By:	 	         /s/ Colm Hogan

	Name:	 	        Colm Hogan
	Title:	 	        Authorized Signatory
	
	 FIDELITY SELECT PORTFOLIOS: SELECT

MEDICAL TECHNOLOGY AND DEVICES PORTFOLIO

		
	By:	 	         /s/ Colm Hogan

	Name:	 	        Colm Hogan
	Title:	 	        Authorized Signatory

  
 [SIGNATURE
PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the day and year first above written. 
  

			
	FIDELITY ADVISOR SERIES VII: FIDELITY ADVISOR HEALTH CARE FUND
		
	By:	 	         /s/ Colm Hogan

	Name:	 	        Colm Hogan
	Title:	 	        Authorized Signatory

  
 [SIGNATURE
PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the day and year first above written. 
  

			
	VARIABLE INSURANCE PRODUCTS FUND IV: HEALTH CARE PORTFOLIO
		
	By:	 	         /s/ Colm Hogan

	Name:	 	        Colm Hogan
	Title:	 	        Authorized Signatory

  
 [SIGNATURE
PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the day and year first above written. 
  

			
	FIDELITY MT. VERNON STREET TRUST: FIDELITY SERIES GROWTH COMPANY
FUND
		
	By:	 	         /s/ Colm Hogan

	Name:	 	        Colm Hogan
	Title:	 	        Authorized Signatory
	
	FIDELITY MT. VERNON STREET TRUST: FIDELITY GROWTH COMPANY
FUND
		
	By:	 	         /s/ Colm Hogan

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

	Name:	 	        Colm Hogan
	Title:	 	        Authorized Signatory

  
 [SIGNATURE
PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the day and year first above written. . 
  

			
	FIDELITY GROWTH COMPANY COMMINGLED POOL
	
	By: Fidelity Management Trust Company, as Trustee
		
	By:	 	         /s/ Colm Hogan

	Name:	 	        Colm Hogan
	Title:	 	        Authorized Signatory

  
 [SIGNATURE
PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the day and year first above written. 
  

			
	 FIDELITY CENTRAL INVESTMENT PORTFOLIOS LLC:

FIDELITY HEALTH CARE CENTRAL FUND

		
	By:	 	         /s/ Colm Hogan

	Name:	 	        Colm Hogan
	Title:	 	        Authorized Signatory

  
 [SIGNATURE
PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the day and year first above written. 
  

			
	PERCEPTIVE LIFE SCIENCES MASTER FUND LTD
		
	By:	 	         /s/ James H Mannix

	Name:	 	        James H Mannix
	Title:	 	        COO

  
 [SIGNATURE
PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the day and year first above written. 
  

			
	T. ROWE PRICE HEALTH SCIENCE FUND, INC.
	TD MUTUAL FUNDS - TD HEALTH SCIENCES FUND VALIC COMPANY I - HEALTH SCIENCES
FUND
	T. ROWE PRICE HEALTH SCIENCES PORTFOLIO
	Each account, severally and not jointly
	
	By: T. Rowe Price Associates, Inc., Investment Adviser or Subadviser, as applicable
		
	By:	 	         /s/ Jon Wood

	Name:	 	        Jon Wood
	Title:	 	        Vice President

  
 [SIGNATURE
PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the day and year first above written. 
  

			
	T. ROWE PRICE NEW HORIZONS FUND, INC.
	T. ROWE PRICE NEW HORIZONS TRUST
	T. ROWE PRICE U.S. EQUITIES TRUST
	MASSMUTUAL SELECT FUNDS – MASSMUTUAL SELECT T. ROWE PRICE
SMALL AND MID CAP BLEND FUND
	Each account, severally and not jointly
	
	By: T. Rowe Price Associates, Inc., Investment Adviser or Subadviser, as applicable
		
	By:	 	         /s/ Francisco Alonso

	Name:	 	        Francisco Alonso
	Title:	 	        Vice President

  
 [SIGNATURE
PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the day and year first above written. 
  

			
	PFM HEALTHCARE MASTER FUND, L.P.
	By: Partner Fund Management, L.P., its investment adviser
		
	By:	 	         /s/ Yuan Dubord

	Name:	 	Yuan Dubord
	Title:	 	CFO
	
	PFM HEALTHCARE PRINCIPALS FUND, L.P.
	By: Partner Investment Management, L.P., its investment adviser
		
	By:	 	         /s/ Yuan Dubord

	Name:	 	Yuan Dubord
	Title:	 	CFO
	
	PARTNER INVESTMENT, L.P.
	By: Partner Fund Management, L.P., its investment adviser
		
	By:	 	         /s/ Yuan Dubord

	Name:	 	Yuan Dubord
	Title:	 	CFO

  
 [SIGNATURE
PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the day and year first above written. 
  

			
	WARBURG PINCUS X PARTNERS, L.P.
	    By: Warburg Pincus X, L.P., its General Partner
	        By: Warburg Pincus X GP L.P., its General Partner
	            By: WPP GP LLC, its General Partner
	                By: Warburg Pincus Partners, L.P., its Managing Member
	                    By: Warburg Pincus Partners GP LLC, its General Partner
	                        By: Warburg Pincus & Co., its Managing Member
		
	By:	 	      /s/ Steven
Glenn                                        

		 	Name: Steven Glenn
		 	Title:   Partner
	
	WP X FINANCE, L.P.
	    By: WPX GP, L.P., its Managing General Partner
	        By: Warburg Pincus Private Equity X, L.P., its General Partner
	            By: Warburg Pincus X, L.P., its General Partner
	                By: Warburg Pincus X GP L.P., its General Partner
	                    By: WPP GP LLC, its General Partner
	                        By: Warburg Pincus Partners, L.P., its Managing Member
	                            By: Warburg Pincus Partners GP LLC, its General
Partner
	                                By: Warburg
Pincus & Co., its Managing Member
		
	By:	 	      /s/ Steven
Glenn                                        

		 	Name: Steven Glenn
		 	Title:   Partner

  
 [SIGNATURE
PAGE TO REGISTRATION RIGHTS AGREEMENT]

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