Document:

EX-4.3

 Exhibit 4.3 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR
THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 5.3 AND 5.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR IN FORM AND SUBSTANCE SATISFACTORY TO THE
COMPANY, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 
 WARRANT TO PURCHASE STOCK 

Company: PHASEBIO PHARMACEUTICALS, INC. 
 Number of
Shares: 550,000 
 Type/Series of Stock: Series C-1 Preferred 

Warrant Price: $0.873 per share 
 Issue Date:
October 18, 2017 
 Expiration Date: October 18, 2027      See also Section 5.1(b). 

			
	 Credit Facility:
	  	 This Warrant to Purchase Stock (“Warrant”) is issued in connection with that certain Loan and
Security Agreement of even date herewith between Silicon Valley Bank and the Company (the “Loan Agreement”).

 THIS WARRANT CERTIFIES THAT, for good and valuable consideration, SILICON VALLEY BANK
(together with any successor or permitted assignee or transferee of this Warrant or of any shares issued upon exercise hereof, “Holder”) is entitled to purchase the number of fully paid and
non-assessable shares (the “Shares”) of the above-stated Type/Series of Stock (the “Class”) of the above-named company (the “Company”) at
the above-stated Warrant Price, all as set forth above and as adjusted pursuant to Section 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant. Reference is made to Section 5.4 of this
Warrant whereby Silicon Valley Bank shall transfer this Warrant to its parent company, SVB Financial Group. 
 SECTION 1. EXERCISE.

 1.1        Method of Exercise. Holder may at any time and from time to
time exercise this Warrant, in whole or in part, by delivering to the Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached hereto as Appendix 1 and, unless Holder is exercising this
Warrant pursuant to a cashless exercise set forth in Section 1.2, a check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to the Company for
the aggregate Warrant Price for the Shares being purchased. 

1.2        Cashless Exercise. On any exercise of this Warrant, in lieu of
payment of the aggregate Warrant Price in the manner as specified in Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect to receive Shares equal to the value of this Warrant, or portion
hereof as to which this Warrant is being exercised. Thereupon, the Company shall issue to the Holder such number of fully paid and non-assessable Shares as are computed using the following formula: 

X = Y(A-B)/A 

where: 

X =        the number of Shares to be issued to the Holder; 

	 	Y =	 the number of Shares with respect to which this Warrant is being exercised (inclusive of the Shares
surrendered to the Company in payment of the aggregate Warrant Price); 

  

	 	A =	 the Fair Market Value (as determined pursuant to Section 1.3 below) of one Share; and

  

	 	B =	 the Warrant Price. 

1.3        Fair Market Value. If the Company’s common stock is then traded
or quoted on a nationally recognized securities exchange, inter-dealer quotation system or over-the-counter market (a “Trading Market”) and the
Class is common stock, the fair market value of a Share shall be the closing price or last sale price of a share of common stock reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its
Notice of Exercise to the Company. If the Company’s common stock is then traded in a Trading Market and the Class is a series of the Company’s convertible preferred stock, the fair market value of a Share shall be the closing price or
last sale price of a share of the Company’s common stock reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise to the Company multiplied by the number of shares of
the Company’s common stock into which a Share is then convertible. If the Company’s common stock is not traded in a Trading Market, the Board of Directors of the Company shall determine the fair market value of a Share in its reasonable
good faith judgment. 
 1.4        Delivery of Certificate and New Warrant.
Within a reasonable time after Holder exercises this Warrant in the manner set forth in Section 1.1 or 1.2 above, the Company shall deliver to Holder a certificate representing the Shares issued to Holder upon such exercise and, if this Warrant
has not been fully exercised and has not expired, a new warrant of like tenor representing the Shares not so acquired. 

1.5        Replacement of Warrant. On receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form, substance and amount to the Company or,
in the case of mutilation, on surrender of this Warrant to the Company for cancellation, the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor and amount. 

1.6        Treatment of Warrant Upon Acquisition of Company. 

(a)        Acquisition. For the purpose of this Warrant,
“Acquisition” means any transaction or series of related transactions involving: (i) the sale, lease, exclusive license, or other disposition of all or substantially all of the assets of the Company (ii) any merger
or consolidation of the Company into or with another person or entity (other than a merger or consolidation effected exclusively to change the Company’s domicile), or any other corporate reorganization, in which the stockholders of the Company
in their capacity as such immediately prior to such merger, consolidation or reorganization, own less than a majority of the Company’s (or the surviving or successor entity’s) outstanding voting power immediately after such merger,
consolidation or reorganization; or (iii) any sale or other transfer by the stockholders of the Company of shares representing at least a majority of the Company’s then-total outstanding combined voting power. 

(b)        Treatment of Warrant at Acquisition. In the event of an Acquisition
in which the consideration to be received by the Company’s stockholders consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable Securities (a “Cash/Public Acquisition”), and the fair

 
market value of one Share as determined in accordance with Section 1.3 above would be greater than the Warrant Price in effect on such date immediately prior to such Cash/Public Acquisition,
and Holder has not exercised this Warrant pursuant to Section 1.1 above as to all Shares, then this Warrant shall automatically be deemed to be Cashless Exercised pursuant to Section 1.2 above as to all Shares effective immediately prior
to and contingent upon the consummation of a Cash/Public Acquisition. In connection with such Cashless Exercise, Holder shall be deemed to have restated each of the representations and warranties in Section 4 of the Warrant as the date thereof
and the Company shall promptly notify the Holder of the number of Shares (or such other securities) issued upon exercise. In the event of a Cash/Public Acquisition where the fair market value of one Share as determined in accordance with
Section 1.3 above would be less than the Warrant Price in effect immediately prior to such Cash/Public Acquisition, then this Warrant will expire immediately prior to the consummation of such Cash/Public Acquisition. 

(c)        Upon the closing of any Acquisition other than a Cash/Public Acquisition
defined above, the acquiring, surviving or successor entity shall assume the obligations of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or other property as would have been paid for the Shares issuable
upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding on and as of the closing of such Acquisition, subject to further adjustment from time to time in accordance with the provisions of this Warrant. 

(d)        As used in this Warrant, “Marketable Securities”
means securities meeting all of the following requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and is then current in its filing of all required reports and other information under the Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be
received by Holder in connection with the Acquisition were Holder to exercise this Warrant on or prior to the closing thereof is then traded in Trading Market, and (iii) following the closing of such Acquisition, Holder would not be restricted
from publicly re-selling all of the issuer’s shares and/or other securities that would be received by Holder in such Acquisition were Holder to exercise or convert this Warrant in full on or prior to the
closing of such Acquisition, except to the extent that any such restriction (x) arises solely under federal or state securities laws, rules or regulations, and (y) does not extend beyond six (6) months from the closing of such
Acquisition. 
 SECTION 2. ADJUSTMENTS TO THE SHARES AND WARRANT PRICE. 

2.1        Stock Dividends, Splits, Etc. If the Company declares or pays a
dividend or distribution on the outstanding shares of the Class payable in common stock or other securities or property (other than cash), then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without additional
cost to Holder, the total number and kind of securities and property which Holder would have received had Holder owned the Shares of record as of the date the dividend or distribution occurred. If the Company subdivides the outstanding shares of the
Class by reclassification or otherwise into a greater number of shares, the number of Shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased. If the outstanding shares of the
Class are combined or consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased. 

2.2        Reclassification, Exchange, Combinations or Substitution. Upon any
event whereby all of the outstanding shares of the Class are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then from and after the consummation of such
event, this Warrant will be exercisable for the number, class and series of 

 
Company securities that Holder would have received had the Shares been outstanding on and as of the consummation of such event, and subject to further adjustment thereafter from time to time in
accordance with the provisions of this Warrant. The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, combinations substitutions, replacements or other similar events. 

2.3        Conversion of Preferred Stock. If the Class is a class and
series of the Company’s convertible preferred stock, in the event that all outstanding shares of the Class are converted, automatically or by action of the holders thereof, into common stock pursuant to the provisions of the Company’s
Certificate of Incorporation, including, without limitation, in connection with the Company’s initial, underwritten public offering and sale of its common stock pursuant to an effective registration statement under the Act (the
“IPO”), then from and after the date on which all outstanding shares of the Class have been so converted, this Warrant shall be exercisable for such number of shares of common stock into which the Shares would have been
converted had the Shares been outstanding on the date of such conversion, and the Warrant Price shall equal the Warrant Price in effect as of immediately prior to such conversion divided by the number of shares of common stock into which one Share
would have been converted, all subject to further adjustment thereafter from time to time in accordance with the provisions of this Warrant. 

2.4        Adjustments for Diluting Issuances. Without duplication of any
adjustment otherwise provided for in this Section 2, the number of shares of common stock issuable upon conversion of the Shares shall be subject to anti-dilution adjustment from time to time in the manner set forth in the Company’s
Certificate of Incorporation as if the Shares were issued and outstanding on and as of the date of any such required adjustment. 

2.5        No Fractional Share. No fractional Share shall be issuable upon
exercise of this Warrant and the number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional Share interest arises upon any exercise of the Warrant, the Company shall eliminate such fractional Share interest by
paying Holder in cash the amount computed by multiplying the fractional interest by (i) the fair market value (as determined in accordance with Section 1.3 above) of a full Share, less (ii) the then-effective Warrant Price. 

2.6        Notice/Certificate as to Adjustments. Upon each adjustment of the
Warrant Price, Class and/or number of Shares, the Company, at the Company’s expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant Price, Class and/or number of Shares and facts
upon which such adjustment is based. The Company shall, upon written request from Holder, furnish Holder with a certificate of its Chief Financial Officer, including computations of such adjustment and the Warrant Price, Class and number of
Shares in effect upon the date of such adjustment. 
 SECTION 3. REPRESENTATIONS AND COVENANTS OF THE COMPANY. 

3.1        Representations and Warranties. The Company represents and warrants
to, and agrees with, the Holder as follows: 
 (a)        The initial Warrant Price
referenced on the first page of this Warrant is not greater than the price per share at which shares of the Class were last sold and issued prior to the Issue Date hereof in an arms-length transaction in which at least Five Hundred Thousand
Dollars ($500,000) of such shares were sold. 
 (b)        All Shares which may be
issued upon the exercise of this Warrant, and all securities, if any, issuable upon conversion of the Shares, shall, upon issuance, be duly authorized, validly issued, fully paid and non-assessable, and free
of any liens and encumbrances except for restrictions on 

 
transfer provided for herein or under applicable federal and state securities laws. The Company covenants that it shall at all times cause to be reserved and kept available out of its authorized
and unissued capital stock such number of shares of the Class, common stock and other securities as will be sufficient to permit the exercise in full of this Warrant and the conversion of the Shares into common stock or such other securities. 

(c)        The Company’s capitalization table attached hereto as Schedule 1 is
true and complete, in all material respects, as of the Issue Date. 

3.2        Notice of Certain Events. If the Company proposes at any time to:

 (a)        declare any dividend or distribution upon the outstanding shares of
the Class or common stock, whether in cash, property, stock, or other securities and whether or not a regular cash dividend; 

(b)        offer for subscription or sale pro rata to the holders of the outstanding
shares of the Class any additional shares of any class or series of the Company’s stock (other than pursuant to contractual pre-emptive rights); 

(c)        effect any reclassification, exchange, combination, substitution,
reorganization or recapitalization of the outstanding shares of the Class; 

(d)        effect an Acquisition or to liquidate, dissolve or wind up; or 

(e)        effect an IPO; 

then, in connection with each such event, the Company shall give Holder: 

(1)        at least seven (7) Business Days prior written notice
of the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the holders of outstanding shares of the Class will be entitled thereto) or for determining rights to vote, if
any, in respect of the matters referred to in (a) and (b) above; 

(2)        in the case of the matters referred to in (c)
and (d) above at least seven (7) Business Days prior written notice of the date when the same will take place (and specifying the date on which the holders of outstanding shares of the Class will be entitled to exchange their shares
for the securities or other property deliverable upon the occurrence of such event and such reasonable information as Holder may reasonably require regarding the treatment of this Warrant in connection with such event giving rise to the notice); and

 (3)        with respect to the IPO, at least seven
(7) Business Days prior written notice of the date on which the Company proposes to file its registration statement in connection therewith. 

Company will also provide information requested by Holder that is reasonably necessary to enable Holder to comply with Holder’s
accounting or reporting requirements. 

 SECTION 4. REPRESENTATIONS, WARRANTIES OF THE HOLDER. 

The Holder represents and warrants to the Company as follows: 

4.1        Purchase for Own Account. This Warrant and the securities to be
acquired upon exercise of this Warrant by Holder are being acquired for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act. Holder also represents
that it has not been formed for the specific purpose of acquiring this Warrant or the Shares. 

4.2        Disclosure of Information. Holder is aware of the Company’s
business affairs and financial condition and has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying
securities. Holder further has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the
extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access. 

4.3        Investment Experience. Holder understands that the purchase of this
Warrant and its underlying securities involves substantial risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder’s investment in
this Warrant and its underlying securities and has such knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a
preexisting personal or business relationship with the Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances of
such persons. 
 4.4        Accredited Investor Status. Holder is an
“accredited investor” within the meaning of Regulation D promulgated under the Act. 

4.5        The Act. Holder understands that this Warrant and the Shares
issuable upon exercise hereof have not been registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein.
Holder understands that this Warrant and the Shares issued upon any exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless exemption from such
registration and qualification are otherwise available. Holder is aware of the provisions of Rule 144 promulgated under the Act. 

4.6        Market Stand-off Agreement.
The Holder agrees that the Shares shall be subject to the Market Standoff provisions in Section 2.13 of the Investor Rights Agreement or similar agreement. 

4.7        No Voting Rights. Holder, as a Holder of this Warrant, will not have
any voting rights until the exercise of this Warrant. 

 SECTION 5. MISCELLANEOUS. 

5.1        Term and Automatic Conversion Upon Expiration. 

(a)        Term. Subject to the provisions of Section 1.6 above, this
Warrant is exercisable in whole or in part at any time and from time to time on or before 6:00 PM, Pacific time, on the Expiration Date and shall be void thereafter. 

(b)        Automatic Cashless Exercise upon Expiration. In the event that, upon
the Expiration Date, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant Price in effect on such date, then this Warrant shall
automatically be deemed on and as of such date to be exercised pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised, and the Company shall, within a reasonable time,
deliver a certificate representing the Shares (or such other securities) issued upon such exercise to Holder. 

5.2        Legends. The Shares (and the securities issuable, directly or
indirectly, upon conversion of the Shares, if any) shall be imprinted with a legend in substantially the following form: 

THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED BY THE ISSUER TO SILICON VALLEY BANK DATED OCTOBER __, 2017, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 

5.3        Compliance with Securities Laws on Transfer. This Warrant and the
Shares issuable upon exercise of this Warrant (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part except in compliance with applicable federal and state
securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company). The Company
shall not require Holder to provide an opinion of counsel if the transfer is to SVB Financial Group (Silicon Valley Bank’s parent company) or any other affiliate of Holder, provided that any such transferee is an “accredited investor”
as defined in Regulation D promulgated under the Act. Additionally, the Company shall also not require an opinion of counsel if there is no material question as to the availability of Rule 144 promulgated under the Act. 

5.4        Transfer Procedure. After receipt by Silicon Valley Bank of the
executed Warrant, Silicon Valley Bank will transfer all of this Warrant to its parent company, SVB Financial Group. By its acceptance of this Warrant, SVB Financial Group hereby makes to the Company each of the representations and warranties set
forth in Section 4 hereof and agrees to be bound by all of the terms and conditions of this Warrant as if the original Holder hereof. Subject to the provisions of Section 5.3 and upon providing the Company with written notice, SVB
Financial Group and any subsequent Holder may transfer all or part of this Warrant or the Shares issuable upon exercise of this Warrant (or the securities issuable directly or indirectly, upon conversion of the Shares, if any) to any transferee,
provided, however, in connection with any such transfer, SVB Financial Group or any subsequent Holder 

 
will give the Company notice of the portion of the Warrant being transferred with the name, address and taxpayer identification number of the transferee and Holder will surrender this Warrant to
the Company for reissuance to the transferee(s) (and Holder if applicable); and provided further, that any subsequent transferee other than SVB Financial Group shall agree in writing with the Company to be bound by all of the terms and conditions of
this Warrant. Notwithstanding any contrary provision herein, at all times prior to the IPO, Holder may not, without the Company’s prior written consent, transfer this Warrant or any portion hereof, or any Shares issued upon any exercise hereof,
or any shares or other securities issued upon any conversion of any Shares issued upon any exercise hereof, to any person or entity who directly competes with the Company, except in connection with an Acquisition of the Company by such a direct
competitor. 
 5.5        Notices. All notices and other communications
hereunder from the Company to the Holder, or vice versa, shall be deemed delivered and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered or certified mail, postage
prepaid, (iii) upon actual receipt if given by facsimile or electronic mail and such receipt is confirmed in writing by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier service, courier
fee prepaid, in any case at such address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder from time to time in accordance with the provisions of this Section 5.5. All notices to
Holder shall be addressed as follows until the Company receives notice of a change of address in connection with a transfer or otherwise: 

SVB Financial Group 

Attn: Treasury Department 

3003 Tasman Drive, HC 215 

Santa Clara, CA 95054 

Telephone: (408) 654-7400 

Facsimile: (408) 988-8317 

Email address: derivatives@svb.com 

Notice to the Company shall be addressed as follows until Holder receives notice of a change in address: 

PHASEBIO PHARMACEUTICALS, INC. 

Attn: Jonathan Mow, CEO 

1 Great Valley Parkway, Suite 30 

Malvern PA 19355 

Fax: 610-981-6520 

Email: John.Sharp@phasebio.com 

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

COOLEY LLP 

Attn: Christian Plaza 

11951 Freedom Drive, 14th Floor 

Reston, VA 20190 

Telephone: (703) 456-8006 

Fax: (703) 456-8100 

Email: cplaza@cooley.com 

5.6        Waiver. This Warrant and any term hereof may be changed, waived,
discharged or terminated (either generally or in a particular instance and either retroactively or prospectively) only by 

 
an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 

5.7        Attorney’s Fees. In the event of any dispute between the
parties concerning the terms and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees. 

5.8        Counterparts; Facsimile/Electronic Signatures. This Warrant may be
executed in counterparts, all of which together shall constitute one and the same agreement. Any signature page delivered electronically or by facsimile shall be binding to the same extent as an original signature page with regards to any agreement
subject to the terms hereof or any amendment thereto. 
 5.9        Governing
Law. This Warrant shall be governed by and construed in accordance with the laws of the State of California, without giving effect to its principles regarding conflicts of law. 

5.10        Headings. The headings in this Warrant are for purposes of
reference only and shall not limit or otherwise affect the meaning of any provision of this Warrant. 

5.11        Business Days. “Business Day” is any day
that is not a Saturday, Sunday or a day on which Silicon Valley Bank is closed. 
 [Balance of Page Intentionally Left
Blank] 

 IN WITNESS WHEREOF, the parties have caused this Warrant to Purchase Stock
to be executed by their duly authorized representatives effective as of the Issue Date written above. 
  

	
	“COMPANY”
	
	PHASEBIO PHARMACEUTICALS, INC.

			
		
	By:	 	/s/ Jonathan P. Mow

			
		
	Name:	 	Jonathan P. Mow

			
		
	Title:	 	Chief Executive Officer

	
	
	“HOLDER”
	
	SILICON VALLEY BANK

			
		
	By:	 	/s/ James Caccavaro

			
		
	Name:	 	James Caccavaro

			
		
	Title:	 	Vice President

 [Signature Page to Warrant to Purchase Stock] 

 APPENDIX 1 

NOTICE OF EXERCISE 

1.        The undersigned Holder hereby exercises its right purchase ___________
shares of the Series C-1 Preferred Stock of PHASEBIO PHARMACEUTICALS, INC. (the “Company”) in accordance with the attached Warrant To Purchase Stock, and tenders payment of the aggregate Warrant
Price for such shares as follows: 
 [    ] check in the amount of $________ payable to order of the
Company enclosed herewith 
 [    ] Wire transfer of immediately available funds to the Company’s
account 
 [    ] Cashless Exercise pursuant to Section 1.2 of the Warrant 

[    ] Other [Describe] __________________________________________ 

2.        Please issue a certificate or certificates representing the Shares in the
name specified below: 
  
  

Holder’s Name 
  

 
  

 
 (Address) 

3.        By its execution below and for the benefit of the Company, Holder hereby
restates each of the representations and warranties in Section 4 of the Warrant to Purchase Stock as of the date hereof. 
  

			
	 HOLDER:

	
	 

 
			
		
	 By:
	 	 

 
			
		
	 Name:
	 	 

 
			
		
	 Title:
	 	 

 
			
		
	 (Date):
	 	 

 SCHEDULE 1 

Company Capitalization Table 

See attachedEX-4.4

 Exhibit 4.4 

PHASEBIO PHARMACEUTICALS, INC. 

THIRD AMENDED AND RESTATED 

INVESTOR RIGHTS AGREEMENT 

THIS THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT (this “Agreement”) is made this 26th day of February 2015, by and among PhaseBio Pharmaceuticals, Inc., a Delaware corporation (the “Company”), the holders of the Company’s Common Stock (the “Common
Stock”) identified on Exhibit A attached hereto (the “Common Holders”), the holders of the Company’s Series 1 Preferred Stock (the “Series 1 Stock”) identified on
Exhibit B attached hereto (the “Series 1 Holders”), the holders of the Company’s Series AA Preferred Stock (the “Series AA Stock”) identified on Exhibit C attached hereto (the
“Series AA Holders”), the holders of the Company’s Series B Preferred Stock (the “Series B Stock”) identified on Exhibit D attached hereto (the “Series
B Holders”), and the holders of the Series C-1 Preferred Stock (the “Series C-1 Stock”), Series C-2
Preferred Stock (the “Series C-2 Stock”), and Series C-3 Preferred Stock (the “Series C-3
Stock”, collectively with the Series C-1 Stock and Series C-2 Stock, the “Series C Stock” and together with the Series 1 Stock, Series AA Stock
and Series B Stock, the “Preferred Stock”) identified on Exhibit E attached hereto (the “Investors” and, together with the Series 1 Holders, Series AA Holders, and the Series B Holders, the
“Preferred Holders”). Collectively, the Common Holders and the Preferred Holders shall be referred to as the “Stockholders.” Capitalized terms not otherwise defined herein shall have the meanings given to them in
the Purchase Agreement (as defined below). 
 WHEREAS, the Company, the Common Holders, the Series 1 Holders, the Series AA
Holders and the Series B Holders are party to that certain Second Amended and Restated Investor Rights Agreement dated December 22, 2009, as amended (the “Second Investor Rights Agreement”); and 

WHEREAS, the Company desires to obtain equity financing from the Investors on the terms and subject to the conditions set
forth in that certain Series C Preferred Stock Purchase Agreement dated as of the date hereof (the “Purchase Agreement”) by and among the Company and the Investors; and 

WHEREAS, it is a condition to the obligations of the Investors under the Purchase Agreement that the Second Investor Rights
Agreement be amended and restated in its entirety as set forth herein; and 
 WHEREAS, the Company, the Common Holders, the
Series 1 Holders, the Series AA Holders and the Series B Holders desire to amend and restate the Second Investor Rights Agreement in its entirety as set forth herein. 

NOW, THEREFORE, in consideration of the premises, and the mutual covenants and terms hereof, the receipt and sufficiency of
which are hereby acknowledged, the parties hereby agree as follows. 

 SECTION 1 

RESTRICTIONS ON TRANSFER 

1.1.    Restrictive Legend.    Each certificate representing capital stock of
the Company held by or issued to the Stockholders, whether now outstanding or subsequently issued, shall be surrendered to the Company for endorsement or be endorsed by the Company prior to its issuance with substantially the following legend: 

 

					
		 	 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THESE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT AN
EFFECTIVE REGISTRATION STATEMENT FOR SUCH SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS, OR THE AVAILABILITY OF AN EXEMPTION FROM THE REGISTRATION PROVISIONS OF THE SECURITIES ACT OF 1933, AS
AMENDED, AND APPLICABLE STATE SECURITIES LAWS. COPIES OF THE THIRD AMENDED AND RESTATED STOCK SALE AGREEMENT AND THE THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT PROVIDING FOR RESTRICTIONS ON TRANSFER OF THESE SECURITIES MAY BE OBTAINED UPON
WRITTEN REQUEST BY THE HOLDER OF RECORD OF THIS CERTIFICATE TO THE SECRETARY OF PHASEBIO PHARMACEUTICALS, INC. AT THE PRINCIPAL EXECUTIVE OFFICES OF THE CORPORATION.
	  	

 provided, nothing in this Agreement should be construed as a modification or amendment
of any restrictions on transfer under applicable federal or state securities laws. 
 1.2.    Notice
of Proposed Transfers.    The holder of each certificate representing Securities (as defined in Section 2.1 below) by acceptance thereof, agrees to comply in all respects with the provisions of this Section 1.2.
Prior to any proposed sale, assignment, transfer or pledge of any Securities, unless there is in effect a registration statement under the Securities Act of 1933, as amended (the “1933 Act”), covering the proposed transfer, the
holder thereof shall give written notice to the Company of such holder’s intention to effect such transfer, sale, assignment or pledge. Each such notice shall describe the manner and circumstances of the proposed transfer, sale, assignment or
pledge in sufficient detail, and shall be accompanied at such holder’s expense by a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company addressed to the Company, to the effect
that the proposed transfer of the Securities may be effected without registration under the 1933 Act; provided, however, that no such written opinion of legal counsel shall be required in connection with transfers of Securities by any
Preferred Holder to any current or former manager, member, limited partner, general partner, stockholder or officer of such Preferred Holder. Each certificate evidencing the Securities transferred as set forth above shall bear, except if such
transfer is made 

  
 2 

 
pursuant to Rule 144 under the 1933 Act (“Rule 144”), the appropriate restrictive legend set forth in Section 1.1 above, except that such certificate shall not bear such
restrictive legend if in the opinion of counsel for such holder and the Company such legend is not required to establish compliance with any provisions of the 1933 Act. Notwithstanding anything herein to the contrary, the Company shall not require
the opinions of counsel for transfers made pursuant to Rule 144 unless, if after consultation with the Preferred Holder, the Company has a reasonable basis for believing that such transfer may not be made pursuant to Rule 144. 

SECTION 2 
 REGISTRATION
RIGHTS 
 The Company hereby grants to each of the Holders (as defined below) the registration rights set forth in this
Section 2, with respect to the Registrable Securities (as defined below) owned by such Holders. The Company and the Holders agree that the registration rights provided herein set forth the sole and entire agreement, and supersede any prior
agreement, between the Company and the Holders with respect to registration rights for the Company’s securities. 

2.1.    Certain Definitions. As used in this Section 2: 

(a)    The terms “register,” “registered” and
“registration” refer to a registration effected by filing with the Securities and Exchange Commission (the “SEC”) a registration statement (the “Registration Statement”) in compliance with the 1933
Act, and the declaration or ordering by the SEC of the effectiveness of such Registration Statement. 

(b)    The term “Registrable Securities” means (i) Common Stock issued or issuable
upon conversion of the shares of Preferred Stock held by Preferred Holders or any transferee thereof as permitted by Section 2.8, excluding any Common Stock issued upon conversion of the Series C Preferred Stock pursuant to the “Special
Mandatory Conversion” provisions of the Company’s Fifth Amended and Restated Certificate of Incorporation, as amended (the “Certificate”) and (ii) any Common Stock issued as (or issuable upon the conversion or
exercise of any warrant, right or other security that is issued as) a dividend or other distribution with respect to, or in exchange or in replacement of, such securities; provided, however, that shares of Common Stock or other
securities shall only be treated as Registrable Securities if and so long as (A) they have not been sold to or through a broker or dealer or underwriter in a public distribution or a public securities transaction, (B) they have not been
sold in a transaction exempt from the registration and prospectus delivery requirements of the 1933 Act under Section 4(1) thereof so that all transfer restrictions and restrictive legends with respect thereto are removed upon the consummation
of such sale, and (C) the registration rights associated with such securities have not been terminated pursuant to Section 2.14 hereof. 

(c)    The term “Securities” means (i) Common Stock issued or issuable upon
conversion of the shares of Preferred Stock held by Preferred Holders or any transferee thereof as permitted by Section 2.8 and (ii) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right or other
security that is issued as) a dividend or other distribution with respect to, or in exchange or in replacement of, such securities; provided, 

  
 3 

 
however, that shares of Common Stock or other securities shall only be treated as Securities if and so long as (A) they have not been sold to or through a broker or dealer or
underwriter in a public distribution or a public securities transaction and (B) they have not been sold in a transaction exempt from the registration and prospectus delivery requirements of the 1933 Act under Section 4(1) thereof so that
all transfer restrictions and restrictive legends with respect thereto are removed upon the consummation of such sale. 

(d)     The term “Holder” (collectively, “Holders”) means each
Preferred Holder holding Registrable Securities, securities exercisable or convertible into Registrable Securities or securities exercisable for securities convertible into Registrable Securities. 

(e)     The term “Initiating Holders” means any Holder or Holders of at least sixty
percent (60%) of the Registrable Securities then outstanding. 
 (f)     The term “Major
Investor” means Fletcher Spaght Ventures II, L.P., FSV II, L.P., FSV II-B, L.P., Johnson & Johnson Innovation – JJDC, Inc., Hatteras Venture Partners I, L.P., Hatteras Venture Partners
III, L.P., Hatteras Venture Affiliates III, L.P., New Enterprise Associates 13, Limited, and Zeneca Inc., so long as each such entity is a Holder. 

2.2.     Demand Registration. 

(a)     Demand for Registration.    If the Company shall receive from
Initiating Holders a written demand that the Company effect any registration (a “Demand Registration”) of the Registrable Securities (other than a registration on Form S-3 or any related
form of registration statement provided for under Section 2.9 hereof) then outstanding, the Company shall: 

(i)     promptly (but in any event within ten (10) days) give written notice of the proposed
registration to all other Holders; and 
 (ii)     as soon as practicable, use commercially reasonable
efforts to effect the registration requested, which registration shall include all shares of Registrable Securities that any Holder or Holders electing to join in such demand request to be included in such registration by written notice given to the
Company within fifteen (15) days after the Company sends the written notice referred to in Section 2.2(a)(i), provided that the Company shall not be obligated to take any action to effect any such registration pursuant to
this Section 2.2: 
 (A)     after the Company has effected two (2) such registrations
pursuant to this Section 2.2 and the sales of the shares of Common Stock under such registrations have closed; 

(B)     if the Company shall furnish to such Holders a certificate signed by the President of the
Company, stating that in the good faith judgment of the Board of Directors of the Company (the “Board of Directors”) it would be materially detrimental to the Company and its stockholders for such Registration Statement to be filed
at the date filing would be required, in which case the Company shall have an additional period or periods of not more than ninety (90) days within which to file such Registration Statement; provided, however, that

  
 4 

 
the Company shall not use this right to delay the filing more than once in any 12-month period; or 

(C)     prior to the earlier of (i) the third
(3rd) anniversary of the date of this Agreement or (ii) the date which is six (6) months after the effective date of a registration statement for the sale of the Company’s shares of
Common Stock in the Company’s first firm commitment underwritten public offering registered under the 1933 Act (the “IPO”). 

(b)     Underwriting. If the Initiating Holders intend to distribute the Registrable Securities
covered by their demand by means of an underwriting, they shall so advise the Company as part of their demand made pursuant to this Section 2.2, including the identity of the managing underwriter; and the Company shall include such information
in the written notice referred to in Section 2.2(a)(i). In such event, the right of any Holder to registration pursuant to this Section 2.2 shall be conditioned upon such Holder’s participation in such underwriting and the inclusion
of such Holder’s Registrable Securities in the underwriting to the extent provided herein. 
 The Company shall,
together with all holders of capital stock of the Company proposing to distribute their securities through such underwriting, enter into an underwriting agreement in customary form with the underwriter or underwriters selected by a majority-in-interest of the Initiating Holders and reasonably acceptable to the Company. Notwithstanding any other provision of this Section 2.2, if the underwriter shall
advise the Company that marketing factors (including, without limitation, an adverse effect on the per share offering price) require a limitation of the number of shares to be underwritten, then the Company shall so advise all Holders of Registrable
Securities that have requested to participate in such offering, and the number of shares of Registrable Securities that may be included in the registration and underwriting shall be allocated pro rata among such Holders thereof in proportion, as
nearly as practicable, to the amounts of Registrable Securities held by such Holders at the time of filing the Registration Statement. No Registrable Securities excluded from the underwriting by reason of the underwriter’s marketing limitation
shall be included in such registration. Notwithstanding the foregoing, the number of shares of Registrable Securities proposed to be included in any underwriting and registration covered by this Section 2.2 shall not be reduced unless and until
all other securities proposed to be included in such underwriting and registration are first excluded in their entirety. 

If any Holder disapproves of the terms of the underwriting, such Holder may elect to withdraw therefrom by written notice to
the Company, the underwriter and the Initiating Holders. The Registrable Securities so withdrawn shall also be withdrawn from registration. If the underwriter has not limited the number of Registrable Securities to be underwritten, the Company may
include securities for its own account (or for the account of other stockholders) in such registration if the underwriter so agrees and if the number of Registrable Securities would not thereby be limited and the per share offering price would not
be adversely affected. 
 2.3.     Piggyback Registration. 

(a)     Company Registration.    If at any time or from time to time the
Company proposes to register any of its securities, either for its own account (or for the account of other 

  
 5 

 
stockholders), other than (i) a registration relating solely to the Option Plans (as defined herein) or (ii) a registration on Form S-4 relating
solely to a transaction under Rule 145 of the 1933 Act, the Company shall: 
 (i)     promptly (but in
any event within ten (10) business days) give to each Holder written notice thereof; and 

(ii)     include in such registration (and any related qualification under state securities laws or other
compliance), and in any underwriting involved therein, all the Registrable Securities specified in a written request or requests, made by any Holder or Holders within fifteen (15) days after receipt of such written notice from the Company,
except as set forth in Section 2.3(b) below. 
 (b)    
Underwriting.    If the registration of which the Company gives notice is for a registered public offering involving an underwriting, the Company shall so advise the Holders as a part of the written notice given pursuant
to Section 2.3(a)(i). In such event the right of any Holder to registration pursuant to this Section 2.3 shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable
Securities in the underwriting to the extent provided herein. 
 All Holders proposing to distribute their Registrable
Securities through such underwriting shall, together with the Company and the other parties distributing their securities through such underwriting, enter into an underwriting agreement in customary form with the underwriter or underwriters selected
for such underwriting by the Company. No Holder shall be required in any such underwriting agreement to make any representations or warranties to or agreements with the Company or the underwriters other than customary representations, warranties or
agreements regarding such Holder’s title to Registrable Securities and any written information provided by the Holder to the Company expressly for inclusion in the related registration statement 

Notwithstanding any other provision of this Section 2.3, if the underwriter determines that the registration of all, or a
part, of the Registrable Shares that the Holders have requested to be included pursuant to this Section 2.3 would adversely affect such public offering, then the Company shall be required to include in the underwriting only that number of
Registrable Shares that the underwriter believes may be sold without causing such adverse effect, provided, however, that the number of shares of such securities, including Registrable Securities, that shall be included in the registration and
underwriting shall be allocated in the following manner: (i) first, shares, other than Registrable Securities and other securities that have contractual rights with respect to registration similar to those provided for in this Section 2.3,
requested to be included in such registration by stockholders shall be excluded; (ii) second, if a limitation of the number of shares still is required, the number of securities, other than Registrable Securities, that have contractual rights
with respect to registration that may be included shall be excluded; and (iii) third, if a limitation on the number of shares is still required, the number of Registrable Securities that may be included shall be allocated among the holders
thereof in proportion, as nearly as practicable, to the amounts of Registrable Securities and such other securities held by each such holder at the time of filing the Registration Statement. Notwithstanding the foregoing, in no event shall the
number of Registrable Securities permitted to be registered pursuant to this Section 2.3 be reduced to below 25% of the total number of securities included in such 

  
 6 

 
registration, unless such offering is the IPO, in which case the Registrable Securities may be excluded if the underwriters make the determination described above and no other stockholder’s
securities are included in such offering. 
 For purposes of any such underwriter cutback, all Registrable Securities and
other securities held by any holder that is a partnership, limited liability company or corporation shall also include any Registrable Securities held by the partners, retired partners, members, stockholders or affiliated entities of such holder, or
the estates and family members of any such partners, retired partners, members and any trusts for the benefit of any of the foregoing persons, and such holder and other persons shall be deemed to be a single “selling holder,” and any pro
rata reduction with respect to such “selling holder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such “selling holder,” as defined in this
sentence. No securities excluded from the underwriting by reason of the underwriter’s cutback shall be included in such registration. Notwithstanding the foregoing, nothing in this Section 2.3(b) shall diminish or restrict in any way a
Holder’s ability to exercise its registration rights under Section 2.2 or 2.9. 
 If any Holder disapproves of the
terms of the underwriting, it may elect to withdraw therefrom by written notice to the Company and the underwriter. The Registrable Securities so withdrawn shall also be withdrawn from registration. 

(c)     Right to Terminate Registration.    The Company shall have the right
to terminate or withdraw any registration initiated by it under this Section 2.3 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. The expenses associated with any
such termination or withdrawal shall be borne by the Company in accordance with Section 2.4 below. 

2.4.     Expenses of Registration.    All expenses incurred in connection with
all registrations effected pursuant to Sections 2.2, 2.3 and 2.9, including, without limitation, all registration, filing and qualification fees (including state securities law fees and expenses), printing expenses, escrow fees, fees and
disbursements of counsel for the Company, fees and disbursements of one counsel for the participating Holders, and expenses of any special audits incidental to or required by such registration shall be borne by the Company; provided,
however, that the Company shall not be required to pay stock transfer taxes or underwriters’ discounts or selling commissions relating to Registrable Securities. Notwithstanding anything to the contrary, the Company shall not be required
to pay for any expenses of any registration proceeding under Section 2.2 if the registration request is subsequently withdrawn at the request of the Holders of a majority in interest of the Registrable Securities to have been registered (after
exclusion of any Registrable Securities excluded due to underwriter requirements); provided, however, that in the event that Holders holding at least a majority in interest of the Registrable Securities agree to forfeit their right to
a demand registration pursuant to Section 2.2 (in which event such right shall be forfeited by all Holders), then the Company shall be required to pay the expenses of the withdrawn registration. In the absence of such an agreement to forfeit a
demand registration, the Holders of Registrable Securities to have been registered shall bear all such expenses pro rata on the basis of the number of Registrable Securities to have been registered. Notwithstanding the preceding sentence, however,
if at the time of the withdrawal, the Holders have learned of a materially adverse change in the condition, business or prospects of the Company from that 

  
 7 

 
known to the Holders at the time of their request, then the Holders shall not be required to pay any of said expenses (which shall instead be paid by the Company) and shall retain their rights
pursuant to Section 2.2. 
 2.5.     Obligations of the
Company.    Whenever required under this Section 2 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

(a)     prepare and file with the SEC a Registration Statement with respect to such Registrable
Securities and use its best efforts to cause such Registration Statement to become effective, and keep such Registration Statement effective for the lesser of one hundred eighty (180) days or until the Holder or Holders have completed the
distribution of all Registrable Securities relating thereto; provided, however, the Company shall have the right for up to thirty (30) days, to terminate such Registration Statement, or to place a stop transfer order with respect to the shares
for which registration has been requested thereunder, upon notice to the participating Holders, to the extent necessary in the sole discretion of the Company upon the advice of counsel, to avoid any requirement that the Company disclose material,
nonpublic information, the disclosure of which would be seriously detrimental to the Company and its stockholders; 

(b)     prepare and file with the SEC such amendments and supplements to such Registration Statement and
the prospectus used in connection with such Registration Statement as may be necessary to keep such Registration Statement effective during the time period referred to in Section 2.5(a) and to comply with the provisions of the 1933 Act with
respect to the disposition of all securities covered by such Registration Statement; 
 (c)     furnish
to the selling Holders such numbers of copies of such registration statement and each amendment thereto, the prospectus included in such Registration Statement, (including each preliminary prospectus), in conformity with the requirements of the 1933
Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them; 

(d)     use its best efforts to register or otherwise qualify the securities covered by such Registration
Statement under such other securities laws of such states and other jurisdictions as shall be reasonably requested by the Holders or the managing underwriter, provided that the Company shall not be required in connection therewith or as a condition
thereto to qualify to do business; 
 (e)     in the event of any underwritten public offering, enter
into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under
such an agreement; 
 (f)     promptly notify each Holder of Registrable Securities covered by such
Registration Statement, at any time when a prospectus relating thereto is required to be delivered under the 1933 Act, of the happening of any event as a result of which the prospectus included in such Registration Statement, as then in effect,
includes an untrue statement of a material fact or 

  
 8 

 
omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; 

(g)     provide a transfer agent and registrar for all such Registrable Securities not later than the
effective date of such Registration Statement; 
 (h)     use its best efforts to list the Registrable
Securities covered by such Registration Statement with any securities exchange on which the Common Stock is then listed; 

(i)     make available for inspection by each Holder including Registrable Securities in such
registration, any underwriter participating in any distribution pursuant to such registration, and any attorney, accountant or other agent retained by such Holder or underwriter, all financial and other records, pertinent corporate documents and
properties of the Company, as such parties may reasonably request, and cause the Company’s officers, directors and employees to supply all information reasonably requested by any such Holder, underwriter, attorney, accountant or agent in
connection with such Registration Statement; 
 (j)     promptly notify the Holders of Registrable
Securities and the underwriters, if any, of the following events and (if requested by any such person) confirm such notification in writing: (1) the filing of the prospectus or any prospectus supplement and the Registration Statement and any
amendment or post-effective amendment thereto and, with respect to the Registration Statement or any post-effective amendment thereto, the declaration of the effectiveness of such document, (2) any requests by the SEC for amendments or
supplements to the Registration Statement or the prospectus or for additional information, (3) the issuance or threat of issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement or the initiation of any
proceedings for that purpose and (4) the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threat of initiation of any
proceeding for such purpose; 
 (k)     make every reasonable effort to prevent the entry of any order
suspending the effectiveness of the Registration Statement and obtain at the earliest possible moment the withdrawal of any such order, if entered; 

(l)     if reasonably requested by any underwriter or a selling Holder of Registrable Securities in
connection with any underwritten offering, promptly incorporate in a prospectus supplement or post-effective amendment such information as the underwriters and the Holders of a majority of the Registrable Securities being sold agree should be
included therein relating to the sale of the Registrable Securities, including, without limitation, information with respect to the number of Registrable Securities being sold to such underwriters, the purchase price being paid therefor by such
underwriters and any other terms of the underwritten (or best efforts underwritten) offering of the Registrable Securities to be sold in such offering, and make all required filings of such prospectus supplement or post-effective amendment promptly
after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; 

  
 9 

 (m)     prior to the filing of any document which is to
be incorporated by reference into the Registration Statement or the prospectus (after the initial filing of the Registration Statement with the SEC), (i) promptly provide copies of such document to counsel for the selling Holders of the Registrable
Securities and counsel for the underwriters, if any, (ii) make representatives of the Company available for discussion of such document and (iii) make such changes to the disclosure in such document as it relates to the Holders prior to
the filing thereof as counsel for such Holders or underwriters may reasonably request; 
 (n)    
provide a CUSIP number for all Registrable Securities not later than the effective date of the Registration Statement; 

(o)     prior to the effectiveness of the Registration Statement and any post-effective amendment thereto
and at each closing of an underwritten offering, (i) make such representations and warranties to the selling Holders of such Registrable Securities and the underwriters, if any, with respect to the Registrable Securities and the Registration
Statement as are customarily made by issuers to underwriters in primary underwritten offerings; (ii) obtain opinions of counsel to the Company and updates thereof (which counsel and which opinions shall be reasonably satisfactory to the
underwriters, if any, and to the Holders of a majority of the Registrable Securities being sold) addressed to each selling Holder and the underwriters, if any, covering the matters customarily covered in opinions requested in underwritten offerings
and such other matters as may be reasonably requested by such Holders and underwriters or their counsel; (iii) obtain “comfort” letters and updates thereof from the Company’s independent certified public accountants addressed to
the selling Holders of Registrable Securities and the underwriters, if any, such letters to be in customary form and covering matters of the type customarily covered in “comfort” letters by underwriters in connection with primary
underwritten offerings; and (iv) deliver such documents and certificates as may be reasonably requested by the Holders of a majority of the Registrable Securities being sold and by the underwriters, if any, to evidence compliance with clause
(i) above and with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company; 

(p)     otherwise use its best efforts to comply with all applicable rules and regulations of the SEC,
and make generally available to its security holders earnings statements satisfying the provisions of Section 11(a) of the 1933 Act, no later than 45 calendar days after the end of any 12-month
period (or for 90 calendar days, if such period is a fiscal year) (i) commencing at the end of any fiscal quarter in which Registrable Securities are sold to underwriters in a firm or best efforts underwritten offering, or (ii) if not sold
to underwriters in such an offering, beginning with the first month of the first fiscal quarter of the Company commencing after the effective date of the Registration Statement, which statements shall cover such
12-month periods; 
 (q)     cooperate with Holders including
Registrable Securities in such registration and the managing underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold, such certificates to be in such denominations and
registered in such names as such Holders or the managing underwriters may request at least two business days prior to any sale of Registrable Securities; and 

  
 10 

 (r)    permit any Holder which Holder, in the sole and
exclusive judgment, exercised in good faith, of such Holder, might be deemed to be a controlling person of the Company, to participate in good faith in the preparation of such Registration Statement and to require the insertion therein of material,
furnished to the Company in writing, that in the reasonable judgment of such Holder and its counsel should be included. 

2.6.    Indemnification. 

(a)    The Company shall, and does hereby undertake to, indemnify and hold harmless each Holder of
Registrable Securities, each of such Holder’s officers, directors, managers, partners, members and agents, and each person controlling such Holder, with respect to any registration, qualification or compliance effected pursuant to this
Section 2, and each underwriter, if any, and each person who controls any underwriter, of the Registrable Securities held by or issuable to such Holder, against all claims, losses, damages and liabilities (or actions in respect thereto) to
which they may become subject under the 1933 Act, the Securities Exchange Act of 1934, as amended (the “1934 Act”), or other federal or state law arising out of or based on (i) any untrue statement (or alleged untrue
statement) of a material fact contained in any prospectus, offering circular or other similar document (including any related Registration Statement, notification, or the like) incident to any such registration, qualification or compliance, or based
on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances in which they were made, (ii) any violation or alleged
violation by the Company of any federal, state or common law rule or regulation applicable to the Company in connection with any such registration, qualification or compliance, or (iii) 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 chosen by the Company 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 best efforts to so register or qualify such Registrable Securities) and will reimburse,
as incurred, each such Holder, each such underwriter and each such director, manager, officer, partner, member agent and controlling person, 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 will not be liable in any such case to the extent that any such claim, loss, damage, liability or expense directly based upon any untrue statement or omission made in
conformity with written information furnished to the Company by an instrument duly executed by such Holder or underwriter and stated to be specifically for use therein, and provided that the indemnity agreement contained in this Section 2.6(a)
shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld, conditioned or delayed). 

(b)    To the extent permitted by law, each Holder, severally and not jointly, will, if Registrable
Securities held by or issuable to such Holder are included in such registration, qualification or compliance pursuant to this Section 2, and does hereby undertake to indemnify and hold harmless the Company, each of its directors and officers,
and each person controlling the Company, each underwriter, if any, and each person who controls any underwriter, of the Company’s securities covered by such a Registration Statement, and each other Holder, each of

  
 11 

 
such other Holder’s officers, directors, managers, partners, members and agents and each person controlling such other Holder, against all claims, losses, damages and liabilities (or actions
in respect thereof) arising out of or based upon (i) any failure of such Holder or its agents or representatives to comply with the prospectus delivery requirements of the 1933 Act or any other applicable securities or Blue Sky law or
(ii) any untrue statement (or alleged untrue statement) of material fact contained in any such Registration Statement, prospectus, offering circular, or other document, or omission (or alleged omission) to state a material fact necessary to
make the statements made in any such Registration Statement, prospectus, offering circular, or other document not misleading in light of the circumstances in which they were made in conformity with written information furnished to the Company by an
instrument duly executed by such Holder or representative thereof and stated to be specifically for use therein, and will reimburse, as incurred, the Company, each such underwriter, each such other Holder, and each such director, officer, manager,
partner, member and controlling person of the foregoing, for any legal or any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability or action; provided, however, that the liability
of each Holder hereunder (unless such Holder’s liability hereunder is based upon such Holder’s willful misconduct as determined by the nonappealable final decision of a court) shall be limited to the proportion of any such claim, loss,
damage or liability that is equal to the proportion that the public offering price of the shares sold by such Holder under such Registration Statement bears to the total public offering price of all securities sold thereunder, but in any event not
to exceed the net proceeds received by such Holder from the sale of securities under such Registration Statement. It is understood and agreed that the indemnification obligations of each Holder pursuant to any underwriting agreement entered into in
connection with any Registration Statement shall be limited to the obligations contained in this Section 2.6(b) and that the indemnity agreement contained in this Section 2.6(b) shall not apply to amounts paid in settlement of any such
loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder (which consent shall not be unreasonably withheld, conditioned or delayed). 

(c)    Each party entitled to indemnification under this Section 2.6 (the “Indemnified
Party”) shall give notice to the party required to provide such indemnification (the “Indemnifying Party”) of any claim as to which indemnification may be sought promptly after such Indemnified Party has actual knowledge
thereof, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom; provided that counsel for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be
subject to approval by the Indemnified Party (whose approval shall not be unreasonably withheld) and the Indemnified Party may participate in such defense at the Indemnifying Party’s expense if representation of such Indemnified Party would be
inappropriate due to actual or potential differing interests between such Indemnified Party and any other party represented by such counsel in such proceeding; and provided further that the failure of any Indemnified Party to give notice as provided
herein shall not relieve the Indemnifying Party of its obligations under this Section 2, except to the extent that such failure to give notice shall materially adversely affect the Indemnifying Party in the defense of any such claim or any such
litigation. An Indemnifying Party, in the defense of any such claim or litigation, may, without the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement that includes as an unconditional term thereof the
giving by the claimant or plaintiff therein, to such Indemnified Party, of a release from all liability with respect to such claim or litigation. 

  
 12 

 (d)    In order to provide for just and equitable
contribution to joint liability under the 1933 Act in any case in which either (i) any Holder exercising rights under this Agreement, or any controlling person of any such Holder, makes a claim for indemnification pursuant to this
Section 2.6 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be
enforced in such case notwithstanding the fact that this Section 2.6 provides for indemnification in such case, or (ii) contribution under the 1933 Act may be required on the part of any such Holder or any such controlling person in
circumstances for which indemnification is provided under this Section 2.6; then, and in each such case, the Company and such Holder will contribute to the aggregate claims, losses, damages or liabilities to which they may be subject (after
contribution from others) in such proportion so that such Holder is responsible for the portion represented by the percentage that the public offering price of the securities offered by such Holder pursuant to the Registration Statement bears to the
public offering price of all securities offered by such Registration Statement, and the Company will be responsible for the remaining portion (without prejudice as to the Company’s right to contributions from any other responsible parties);
provided, however, that, in any case, (A) no such Holder will be required to contribute any amount in excess of the public offering price of all securities offered by it pursuant to such Registration Statement, after deduction of underwriting
discounts and commissions (unless such Holder’s liability hereunder is based upon such Holder’s willful misconduct as determined by the nonappealable final decision of a court); and (B) no person or entity guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the 1933 Act) will be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation. 

(e)    The indemnities provided in this Section 2.6 shall survive the transfer of any Registrable
Securities by such Holder. 
 2.7.    Information by Holder.  The Holder or Holders of
Registrable Securities included in any registration shall furnish to the Company such information regarding such Holder or Holders and the distribution proposed by such Holder or Holders as the Company may reasonably request in writing and as shall
be required in connection with any registration, qualification or compliance referred to in this Section 2. 

2.8.    Transfer of Rights.  The rights contained in Section 2 and Section 3
hereof may be assigned or otherwise conveyed by a Holder to transferees or assignees of Registrable Securities (i) that is an Affiliate, subsidiary, parent, partner, limited partner, retired partner or stockholder of a Holder, (ii) that is
a Holder’s family member or trust for the benefit of an individual Holder, or (iii) who acquires Registrable Securities owned by such Holder, and who shall be considered a “Holder” and “Investor” for purposes hereof,
provided that such transfer is effected in compliance with Section 1.2 hereof, such transferee agrees in writing to be bound by the terms and conditions of this Agreement, and such transferee after such assignment or transfer, holds at least
One Hundred Thousand (100,000) shares of Registrable Securities (appropriately adjusted for any stock split, dividend, combination or other recapitalization). Notwithstanding anything herein to the contrary, the rights of a Major Investor contained
in Section 4 hereof may be assigned or otherwise conveyed by a Major Investor to any transferee or assignee of Registrable Securities that is an Affiliate, subsidiary, parent, partner, limited partner, retired partner, stockholder, or member of
such Major Investor. 

  
 13 

 2.9.    Form
S-3.  The Company shall use its best efforts to qualify for registration on Form S-3 (any future form that is substantially equivalent to the
current Form S-3). Once qualified, the Holders of Registrable Securities shall have the right to request registrations on Form S-3 thereafter under this
Section 2.9. The Company shall give notice to all Holders of Registrable Securities of the receipt of a request for registration pursuant to this Section 2.9 and shall provide a reasonable opportunity for other Holders to participate in
the registration. Subject to the foregoing, the Company will use its best efforts to effect as soon as practicable the registration of all shares of Registrable Securities on Form S-3 to the extent requested
by the Holder or Holders thereof for purposes of disposition; provided, however, that the Company shall not be obligated to effect any such registration if the Holders, together with the holders of any other securities of the Company
entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public of less than $2,500,000. Nothing in this Section 2.9 shall restrict, prohibit or limit in
any way a Holder’s ability to exercise its registration rights under Sections 2.2 or 2.3 hereof. The Company shall have no obligation to take any action to effect any registration pursuant to this Section 2.9 for any of the reasons set
forth in Section 2.2(a)(ii)(B), (which shall be deemed to apply to the obligations under this Section 2.9 with equal force). In addition, any registration pursuant to this Section 2.9 shall be subject to the provisions of
Section 2.2(b), which shall be deemed to apply to the obligations under this Section 2.9 with equal force, except that any reference therein to Section 2.2 or a subsection thereof shall, for these purposes only, be deemed to be a
reference to this Section 2.9. 
 2.10.    Delay of Registration.  No Holder shall
have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

2.11.    Limitations on Subsequent Registration Rights.  From and after the date of this
Agreement, the Company shall not, without the prior written consent of the Holders of at least sixty percent (60%) of the Registrable Securities then outstanding and not registered, enter into any agreement with any holder or prospective holder of
any securities of the Company that would (i) require the Company to effect a registration or (ii) grant such holder or prospective holder registration rights pari passu or senior to those granted to the Holders hereunder. 

2.12.    Rule 144 Reporting.  To make available to the Holders the benefits of certain
rules and regulations of the SEC that may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its best efforts to: 

(a)    make and keep current public information available, within the meaning of SEC Rule 144 or any
similar or analogous rule promulgated under the 1933 Act, at all times after it has become subject to the reporting requirements of the 1934 Act; 

(b)    file with the SEC, in a timely manner, all reports and other documents required of the Company
under the 1933 Act and 1934 Act (after it has become subject to such reporting requirements); and 

(c)    so long as a Holder owns any Registrable Securities, furnish to such Holder forthwith upon request
a written statement by the Company as to its compliance with the 

  
 14 

 
reporting requirements of said Rule 144 (at any time after the effective date of the first registration filed by the Company for an offering of its securities to the general public), the 1933 Act
and the 1934 Act (at any time after it has become subject to such reporting requirements); a copy of the most recent annual or quarterly report of the Company; and such other reports and documents as a Holder may reasonably request in availing
itself of any rule or regulation of the SEC allowing it to sell any such securities without registration. 

2.13.    “Market Stand-Off”
Agreement.    Each Holder, holder of Securities and One Percent Stockholder (as defined below) hereby agrees that during a period, not to exceed one hundred eighty (180) days, following the effective date of the IPO, it
shall not, to the extent requested by the Company and any underwriter, sell, pledge, transfer, make any short sale of, loan, grant any option for the purchase of, or otherwise transfer or dispose of (other than to donees who agree to be similarly
bound) any Common Stock held by it at any time during such period except Common Stock included in such registration; provided, however, that all officers, directors and One Percent Stockholders of the Company enter into similar agreements. In the
event any officer or director that enters into a standoff agreement substantially identical to the provisions of this Section 2.13 is released in whole or in part from such agreement during the one hundred eighty (180) day period referred
to herein, each Holder, holder of Securities and One Percent Stockholder shall be proportionally released from this Section 2.13. Notwithstanding anything to the contrary herein, if (i) during the period that begins on the date that is 15
calendar days plus three business days before the last day of the 180-day lock-up period and ends on the last day of the 180-day lock-up period, the Company issues an earnings release or material news or a material event relating to the Company occurs, or (ii) prior to the expiration of the 180-day
lock-up period, the Company announces that it will release earnings results during the 16-day period beginning on the last day of the
180-day lock-up period, then in either case the 180-day lock-up period will be extended
until the expiration of the date that is fifteen (15) calendar days plus three (3) business days after the date on which the issuance of the earnings release or the material news or material event occurs. 

For purposes of this Section 2.13, the term “One Percent Stockholder” shall mean a stockholder of the
Company who holds at least one percent (1%) of the outstanding Common Stock of the Company (assuming full conversion and exercise of all securities convertible and exercisable into Common Stock). To enforce the foregoing covenant, the Company may
impose stop-transfer instructions with respect to the Registrable Securities of each Holder (and the shares or securities of every other person subject to the foregoing restriction) until the end of such period. 

2.14.    Termination of Rights.    The rights of any particular Holder to
participate in a registration under Sections 2.2, 2.3 and 2.9 hereof shall terminate as to any Holder, at such earlier time after the IPO at which such Holder (i) can sell all shares held by it in compliance with Rule 144(b)(1)(i) or
(ii) holds one percent (1%) or less of the Company’s outstanding Common Stock and all Registrable Securities held by such Holder (together with any Affiliate of the Holder with whom such Holder must aggregate its sales under Rule 144)
can be sold in any three (3) month period without registration in compliance with Rule 144. This Agreement and the rights and obligations set forth herein shall terminate in their entirety upon the earlier to occur of (a) the written
agreement of the Company and the Holders holding at least sixty percent 

  
 15 

 
(60%) in interest of the Registrable Securities then outstanding, or (b) a Liquidation Event (as defined in the Certificate). 

SECTION 3 
 RIGHTS OF
FIRST OFFER 
 3.1.    Certain Definitions. As used in this Section 3: 

(a)    The term “New Securities” shall mean any capital stock of the Company, whether
now or hereafter authorized, and rights, options or warrants to purchase capital stock, and securities of any type whatsoever that are, or may become, convertible into or exercisable for capital stock; provided that the term “New
Securities” does not include: (i) the Series C Stock issued and sold pursuant to the Purchase Agreement; (ii) securities issuable upon conversion of or with respect to Preferred Stock; (iii) shares of Common Stock, or securities
exercisable for or convertible into Common Stock, issued in connection with the acquisition of a bona fide operating company by the Company pursuant to a plan, agreement or other arrangement approved by the Board of Directors and the holders of at
least sixty percent (60%) of the then outstanding shares of Preferred Stock, voting together on an as-converted to Common Stock basis; (iv) up to Twelve Million Two Hundred Sixty Thousand Six Hundred Forty-One (12,260,641) shares of Common Stock (as appropriately adjusted to reflect stock dividends, stock splits, combinations, recapitalizations and the like), and options, warrants or rights convertible into such
Common Stock, issued to employees, consultants or directors of the Company pursuant to the Option Plans (as defined in Section 4.1(s)); (v) securities issued pursuant to any stock dividend, stock split, combination or other reclassification by
the Company of any of its capital stock; (vi) shares of Common Stock issued pursuant to the exercise of those certain Stock Warrants issued to the North Carolina Biotechnology Center on July 7, 2005 and June 15, 2006, as amended;
(vii) shares of Common Stock issued to Duke University (“Duke”) pursuant to that certain License Agreement, dated October 18, 2006, between Duke and the Company; (viii) shares Series AA Stock issued to SVB Financial
Group pursuant to that certain Warrant to Purchase Stock dated as of March 7, 2008, as amended; (ix) shares, in the aggregate not to exceed five percent (5%) of the total number of outstanding shares of the Company’s Common Stock on
an as-converted basis, issued to financial lending institutions or equipment lessors pursuant to equipment financing arrangements, provided that such equipment financing arrangement is approved by the holders
of at least sixty percent (60%) of the then outstanding shares of Preferred Stock, voting together on an as-converted to Common Stock basis; (x) the issuance or sale of shares or options to purchase such
shares to the extent that such exclusion in regards to such issuance or sale is approved by the holders of at least sixty percent (60%) of the then outstanding shares of Preferred Stock, voting together on an
as-converted to Common Stock basis (including holders of a majority of the then outstanding shares of Series C Stock, voting together as a single class on an
as-converted to Common Stock basis); and (xi) up to One Million Four Hundred Forty-Six Thousand Five Hundred Fifteen (1,446,515) shares of Series B Preferred Stock
issuable upon the exercise of warrants (and the conversion of any shares issuable upon exercise of the warrants). 

(b)    The term “Pro Rata Share” means the ratio (x) the numerator of which
is the number of shares of Common Stock held by a Preferred Holder (assuming full conversion 

  
 16 

 
and exercise of all securities convertible and exercisable into Common Stock held by such Preferred Holder), excluding any Common Stock issued upon conversion of the Series C Stock pursuant to
the “Special Mandatory Conversion” provisions of the Certificate, on the date of the Company’s written notice pursuant to Section 3.3 hereof, and (y) the denominator of which is the number of shares of outstanding
Common Stock (assuming full conversion and exercise of all securities convertible and exercisable into Common Stock), on the date of the Company’s written notice pursuant to Section 3.3 hereof. 

3.2.    Right of First Refusal.    The Company hereby grants to each Preferred
Holder, subject to the terms and conditions specified in this Section 3, the right of first refusal to purchase, on the terms and conditions set forth in the Company’s notice pursuant to Section 3.3 hereof, up to its Pro Rata Share of
all New Securities that the Company may, from time to time, propose to sell and issue. If a Preferred Holder (the “Electing Investor”) elects to purchase its full Pro Rata Share, then such Electing Investor shall have a right of
over-allotment such that if any other Preferred Holder (the “Non-electing Investor”) fails to purchase its Pro Rata Share, such Electing Investor may purchase, on a pro rata basis with the
other Electing Investors, the Non-electing Investor’s Pro Rata Share (the “Over-Allotment”). Each Electing Investor shall indicate its agreement to purchase such Electing Investor’s Pro-Rata Share or such Electing Investor’s Over-Allotment, if any, by giving written notice to the Company and stating therein the quantity of New Securities to be purchased. 

3.3.    Required Notices.  In the event the Company proposes to issue New Securities, it
shall give each Preferred Holder written notice of its intention, describing the type of New Securities to be issued, the price thereof and the general terms upon which the Company proposes to effect such issuance. Each Preferred Holder shall have
thirty (30) days from the date of any such notice to agree to purchase such New Securities for the price and upon the general terms specified in the notice by giving written notice to the Company stating the quantity of New Securities to be
purchased. 
 3.4.    Company’s Right to Sell.    The Company shall have
ninety (90) days after the thirty (30) day period described in Section 3.3 hereof to sell all New Securities in respect of which the Preferred Holders elected not to exercise their right of first refusal, at a price and upon terms no
more favorable in any material respect to the purchasers thereof than specified in the Company’s notice. In the event the Company has not sold all such New Securities within such ninety (90) day period, the Company shall not thereafter
issue or sell any New Securities without first notifying the Preferred Holders in the manner provided herein and otherwise complying with the provisions of this Section 3. 

3.5.    Amendment; Expiration of Right.    The rights of first refusal granted
under this Section 3 shall not apply to, and shall expire upon, a Qualified Public Offering. The rights of first refusal granted under this Section 3 may be amended, or any provision waived, upon the written consent of the holders of
(i) at least sixty percent (60%) of the then outstanding shares of Preferred Stock determined on an as-converted to Common Stock basis and (ii) a majority of the then outstanding shares of Series C
Stock determined on an as-converted to Common Stock basis, or as otherwise permitted by Section 6.4. 

  
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 SECTION 4 

COMPANY COVENANTS 

The Company hereby covenants and agrees on behalf of itself and its subsidiaries to the following. 

4.1.    Affirmative Covenants. 

(a)    Financial Statements and Information.    The Company will keep books of
account and prepare financial statements and will cause to be furnished to each Major Investor and each other Investor holding at least five percent (5%) of the Company’s then outstanding capital stock (each a “Significant
Holder”) each of the following to be kept and prepared in accordance with United States generally accepted accounting principles applied on a consistent basis), in a form or forms reasonably acceptable to New Enterprise Associates 13,
Limited Partnership (“NEA”) and Zeneca Inc. (“AZ”): 
 (i)    As soon
as practicable, but in any event within one hundred eighty (180) days after the end of each fiscal year of the Company, (1) a copy of the financial statements of the Company for such fiscal year containing a consolidated and consolidating
balance sheet, statement of income, statement of stockholders’ equity, and statement of cash flows, each as at the end of such fiscal year and for the period then ended and in each case setting forth in comparative form the figures for the
preceding fiscal year, all in reasonable detail and audited and certified by independent certified public accountants of nationally recognized standing selected by the Company’s Board of Directors, (2) a comparison of the actual results
during such fiscal year to those originally budgeted by the Company for such fiscal year, and (3) a copy of the auditor’s letter(s) to management in connection with such audit. The annual audit report required by this Agreement will not be
qualified by or make reference to any disclosure that the Company may not continue as a going concern or otherwise be qualified or limited because of restricted or limited examination by the accountant of any portion of any of the records of the
Company; 
 (ii)    As soon as practicable after the end of each of the first three (3) quarters
of the fiscal year, but in any event within forty-five (45) days after the end of each such quarter, the unaudited consolidated balance sheets of the Company and its subsidiaries, if any, as of the end of such quarter, and its unaudited
consolidated statements of income and losses, stockholders’ equity and cash flows for such quarter, setting forth in each case in comparative form the figures for the corresponding period of the preceding fiscal year, all in reasonable detail.
Such quarterly report shall include a summary of the Company’s operations for such quarter, any material variances from the Company’s operating plan and budget (including a schedule of total expenses by primary account) and an updated
forecast of financial performance for the next four (4) quarters (including a schedule of total expenses by primary account); 

(iii)    As soon as practicable after the end of each month, but in any event within thirty
(30) days thereafter, the unaudited consolidated balance sheet of the Company and its subsidiaries, if any, as of the end of such month and its unaudited statement of income and losses, stockholders’ equity and cash flows for such month,
indicating actual results versus 

  
 18 

 
the Company’s plan for such month, setting forth in each case in comparative form the figures for the corresponding period of the preceding fiscal year and a summary discussion of the
Company’s principal functional areas prepared by Company management. Such monthly report shall include a schedule of total expenses by primary account; 

(iv)    As soon as practicable after the adoption thereof, but in any event at least thirty
(30) days prior to the beginning of each fiscal year, a quarterly and annual operating plan and budget for such fiscal year, and, as soon as practicable after the adoption thereof, copies of any revisions to such annual operating plan; 

(v)    As soon as available, a copy of each (1) financial statement, report, notice, or proxy
statement sent by the Company to its stockholders, (2) regular, periodic, or special report, registration statement, or prospectus filed by the Company with any securities exchange, state securities regulator, or the Commission;
(3) material order issued by any court, governmental authority, or arbitrator in any material proceeding to which the Company is a party or to which any of its assets is subject; (4) press release or other statement made available
generally by the Company or its officers to the public generally concerning material developments in the business of the Company; and (5) material item of correspondence, report, or other information sent by the Company to any holder of
any indebtedness, including, without limitation, the Investors; 
 (vi)    Prompt notice of any default
of the Company under any bond, note, indenture or other debt instrument representing indebtedness for borrowed money in excess of $50,000 and of any acceleration of indebtedness which may result therefrom; 

(vii)    With reasonable promptness, such other information respecting the business, properties or the
condition or operations, financial or other, of the Company or any subsidiary as any Holder may from time to time reasonably request; provided, however, that the Company shall not be obligated under this Section 4.1(a) to provide
information (i) that the Company reasonably determines in good faith to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form acceptable to the Company), (ii) the disclosure of which
would adversely affect the attorney-client privilege between the Company and its counsel, or (iii) to any person that the Board of Directors has reasonably determined to be competitor of the Company, excluding for purposes of clause
(iii) Johnson and Johnson Innovation – JJDC, Inc. (“JJDC”) and any of its subsidiaries or affiliates for so long as JJDC remains a Stockholder. 

(b)    Inspection.    The Company shall permit each Major Investor and
Significant Holder, its attorney or its other representative to visit and inspect the Company’s properties, to examine the Company’s books of account and other records, to make copies or extracts therefrom and to discuss the Company’s
affairs, finances and accounts with its officers, management, employees and independent auditors all at such reasonable times and as often as such Investor or transferee may reasonably request; provided, however, that the Company shall
not be obligated pursuant to this Section 4.1(b) to provide trade secrets or confidential information or to provide information to any person whom the Company reasonably believes is a competitor of the Company or disclose information which
would adversely affect the attorney-

  
 19 

 
client privilege between the Company and its counsel; provided, further, that such Investor shall bear any costs or expenses of such investigations or inquiries. 

(c)    Payment of Taxes.  The Company shall pay, and cause each subsidiary to pay, and
discharge all taxes, assessments and governmental charges or levies imposed upon it or upon its income, profits or business, or upon any properties belonging to it, prior to the earliest date on which penalties or interest attach thereto, and all
lawful claims that, if unpaid, might become a lien or charge upon any properties of the Company or any subsidiary, provided that neither the Company nor any subsidiary shall be required to pay any such tax, assessment, charge, levy or
claim that is being contested in good faith and by appropriate proceedings if the Company or any subsidiary shall have set aside on its books sufficient reserves, if any, with respect thereto. 

(d)    Payment of Trade Debt.    The Company shall pay, and cause each
subsidiary to pay, when due, or in conformity with customary trade terms but not later than ninety (90) days from the due date, all lease obligations, all trade debt, and all other indebtedness incident to the operations of the Company or its
subsidiaries, except such as are being contested in good faith and by proper proceedings if the Company or subsidiary concerned shall have set aside on its books sufficient reserves, if any, with respect thereto. 

(e)    Maintenance of Insurance.  The Company shall maintain, and cause each subsidiary
to maintain, at all times after the date hereof, insurance with responsible and reputable insurance companies or associations in such amounts and covering such risks as is customarily carried by companies engaged in similar businesses and owning
similar properties in the same general areas in which the Company or such subsidiary operates. 

(f)    Intellectual Property.  The Company shall secure, preserve and maintain, and
cause each subsidiary to secure, preserve and maintain, all licenses and other rights to use patents, processes, licenses, permits, trademarks, trade names, inventions, intellectual property rights or copyrights owned or used by it and will acquire
and keep in full force and effect any additional rights, permits, licenses, patents, copyrights, trademarks, trade names, franchises and other intellectual property rights as from time to time may be necessary or appropriate in connection with the
conduct of its business or the businesses of any subsidiary. 
 (g)    Compliance with
Laws.    The Company shall comply, and cause each subsidiary to comply, with the requirements of all applicable laws, rules, regulations and orders of any governmental authority, noncompliance with which could materially
adversely affect its business or condition, financial or otherwise. 
 (h)    Records and Books of
Account.  The Company shall keep, and cause each subsidiary to keep, adequate, correct and complete records and books of account in which complete entries will be made in accordance with generally accepted accounting principles
consistently applied, reflecting all financial transactions of the Company and any subsidiary, and in which, for each fiscal year, all proper reserves for depreciation, depletion, returns of merchandise, obsolescence, amortization, taxes, bad debts
and other purposes in connection with its business shall be made. 

  
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 (i)    Maintenance of
Properties.    The Company shall maintain and preserve, and cause each subsidiary to maintain and preserve, all of its properties and assets necessary for the proper conduct of its business, in good repair, working order and
condition, ordinary wear and tear excepted. 
 (j)    ERISA
Compliance.    The Company shall comply, and cause each subsidiary to comply, with all minimum funding requirements applicable to any pension, employee benefit plans, or employee contribution plans that are subject to the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or to the Internal Revenue Code of 1986, as amended (the “Code”), and comply, and cause each subsidiary to comply, in all other material
respects with the provisions of ERISA and the Code, and the rules and regulations thereunder, which are applicable to any such plan; provided further that neither the Company nor any subsidiary will permit any event or condition to exist that would
permit any such plan to be terminated under circumstances that would cause any material lien provided for in Section 4068 of ERISA to attach to the assets of the Company or any subsidiary. 

(k)    Compliance with Environmental Laws.    The Company shall comply, and
cause each subsidiary to comply, with the provisions of all federal, state and local environmental, health and safety laws, codes and ordinances and all rules and regulations promulgated thereunder, and the Company shall maintain, and cause each
subsidiary to maintain, all federal, state and local permits, licenses, certificates and approvals known to the Company or any subsidiary to be required relating to (i) air emissions, (ii) discharges to surface water or ground water,
(iii) noise emissions, (iv) solid or liquid waste disposal, (v) the use, generation, storage, transportation or disposal of toxic or hazardous substances or wastes (intended hereby and hereafter to include any and all such materials
listed in any federal, state or local law, code or ordinance and all rules and regulations promulgated thereunder, as hazardous or potentially hazardous), or (vi) other environmental, health and safety matters. 

(l)    Financings.    The Company shall promptly, fully and in detail, inform
the Board of Directors of any discussions, offers or contracts relating to possible financings of any nature for the Company, whether initiated by the Company or any other person, except for arrangements with trade creditors. 

(m)    Nature of Business.    The Company shall continue to conduct its
business without material change from the nature of the business contemplated in the written materials delivered to the Investors prior to the date hereof. 

(n)    Non-Disclosure and Inventions
Agreements.    The Company shall require each officer of the Company and each key employee and any other employee who contributes to the invention or authorship of the Company’s proprietary technology or products to
enter into the Company’s standard Non-Disclosure and Inventions Agreement, in form and substance reasonably satisfactory to the Investors, prior to the commencement of such officer’s or
employee’s employment. 
 (o)    FDA Compliance.    The Company shall
maintain, and cause each subsidiary to maintain, such permits, licenses, franchises, authorizations and clearances (“Permits”) of governmental or regulatory authorities, including, without limitation, the Food

  
 21 

 
and Drug Administration (the “FDA”) of the U.S. Department of Health and Human Services and/or any committee thereof, as are necessary to own, lease and operate its properties
and to conduct its business as now conducted and as currently proposed to be conducted; the Company shall fulfill and perform, and cause each subsidiary to fulfill and perform, all such material obligations with respect to the Permits, and the
Company shall conduct or sponsor, and cause each subsidiary to conduct or sponsor, feasibility, pre-clinical, clinical and other studies and tests in accordance with standard medical and scientific research
procedures. 
 (p)    Committees of the Board of Directors.    A
Compensation Committee of the Board of Directors (the “Compensation Committee”) and an Audit Committee (the “Audit Committee”) of the Board of Directors shall be established and maintained at all times after the
date hereof. Each of the Compensation Committee and the Audit Committee shall be comprised of at least three members; provided that no member of the Compensation Committee or Audit Committee shall be an employee of the Company and provided
further that each of the Audit Committee and the Compensation Committee shall include one director designated by the holders of a majority of the then outstanding shares of Series B Stock (each such director being a “Series B
Director”) and one director designated by the holders of a majority of the then outstanding shares of Series C Stock (the “Series C Director”). The Chief Executive Officer or interim Chief Executive Officer of the Company
shall be entitled to attend meetings of the Compensation Committee in a non-voting capacity; provided, however, that such officer may be excluded from any meeting, or portion thereof, at the
discretion of the Compensation Committee. The Compensation Committee will, among other things, be responsible for and have discretion concerning all compensation decisions and decisions concerning the issuance of stock options or other equity
awards, including without limitation the vesting of stock options or other equity awards. The senior financial officer of the Company shall be entitled to attend meetings of the Audit Committee in a nonvoting capacity; provided,
however, that such officer may be excluded from any meeting, or portion thereof, at the discretion of the Audit Committee. 

The Board of Directors may create such additional committee as it deems necessary or desirable to conduct such business as may
properly come before the Board of Directors; provided that each such committee constituted by the Board of Directors shall, upon the written request of NEA, contain at least one Series B Director and, upon the written request of AZ, contain
the Series C Director. 
 (q)    Stock Vesting.    All stock and stock
equivalents issued to employees, directors, consultants and other service providers will be subject to vesting as determined by the Compensation Committee. The terms of any repurchase option upon termination of employment or service of the
shareholder will also be determined by the Compensation Committee. Unless otherwise approved by the Compensation Committee, any options or equity awards issued by the Company shall vest 25% on the first anniversary of their issuance, with the
remaining 75% vesting monthly over the subsequent 36 months. 
 (r)    Market Standoff
Agreements.    The Company will require all future purchasers of stock prior to the initial public offering of the Company’s securities to execute a market standoff agreement in which the holders agree, if so requested
by the Company or any underwriter’s representative in connection with an initial public offering, not to sell or otherwise transfer any securities of the Company on terms substantially similar to those of Section 2.13. 

  
 22 

 (s)    Stock Option
Plan(s).    The Company shall maintain and administer one or more stock option, stock purchase, or management incentive plans, (the “Option Plans”), subject to any amendments thereto approved by a majority of
the Board of Directors and made in compliance with the Option Plans, the Certificate and this Agreement. 

(t)    Directors and Officers Insurance; Indemnification.    The Company shall
at all times maintain in full force and effect, directors and officers insurance providing for coverage of not less than $2,000,000 per director per occurrence on terms acceptable to the holders of sixty percent (60%) of the outstanding shares of
Preferred Stock determined on an as-converted to Common Stock basis. The Company’s Certificate, as may be amended from time to time and Bylaws shall at all times provide (i) for elimination of the
liability of directors and officers to the maximum extent permitted by law, and (ii) for indemnification of directors and officers for acts on behalf of the Company to the maximum extent permitted by law. 

(u)    Preservation of Corporation Existence.    The Company will preserve and
maintain, and, unless the Company reasonably deems it not to be in its best interests, cause each subsidiary to preserve and maintain, its corporate existence, rights, franchises and privileges in the jurisdictions of its incorporation, and qualify
and remain qualified, and cause each subsidiary to qualify and remain qualified, as a foreign corporation in each jurisdiction in which such qualification is necessary or desirable in view of its business and operations or the ownership or lease of
its properties, except when the failure to be so qualified would not have a material adverse effect on the Company or its subsidiaries. 

(v)    Material Change; Litigation.    The officers of the Company will
promptly advise the Board of Directors of any material adverse change in the business or condition, financial or otherwise, of the Company and of each suit or proceeding commenced or threatened against the Company which, if adversely determined,
would result in a material adverse change. The Company will also promptly advise the Investors of the occurrence of any event that constitutes a material breach of any covenant contained herein. 

(w)    Reservation of Common Stock.    The Company will at all times reserve
and keep available, solely for issuance and delivery upon the conversion of the Preferred Stock, all shares of Common Stock issuable upon such conversion. 

(x)    FIRPTA Compliance.    The Company shall provide prompt notice to NEA
following any “determination date” (as defined in Treasury Regulation Section 1.897-2(c)(1)) on which the Company becomes a United States real property holding corporation. In addition, upon a
written request by NEA, the Company shall provide NEA with a written statement informing NEA whether NEA’s (or its request affiliates) interest in the Company constitutes a United States real property interest. The Company’s
determination shall comply with the requirements of Treasury Regulation Section 1.897-2(h)(1) or any successor regulation, and the Company shall provide timely notice to the Internal Revenue Service, in
accordance with and to the extent required by Treasury Regulation Section 1.897-2(h)(2) or any successor regulation, that such statement has been made. The Company’s written statement to
NEA shall be delivered to NEA within 10 days of NEA’s written request therefor. The Company’s obligation to furnish such written statement shall continue notwithstanding the fact that a class of the Company’s

  
 23 

 
stock may be regularly traded on an established securities market or the fact that there is no preferred stock then outstanding. 

(y)    AZ Observer.    The Company will permit a representative of AZ (the
“AZ Observer”), to attend all meetings of the Board and all committees thereof (by teleconference unless the Series C Director is unable to attend, in which case the AZ Observer may attend in person) in a non-voting capacity and to participate in all meetings of the Board in all matters other than voting and shall provide to the AZ Observer, concurrently with the members of the Board, and in the same manner, notice
of such meeting and a copy of all materials provided to such members. The rights of AZ pursuant to this section shall terminate at such time as AZ holds less than 10% of the aggregate number of shares of Preferred Stock (or Common Stock issued on
conversion thereof) purchased by such entity, or earlier (i) immediately prior to the consummation of a Qualified Public Offering, (ii) upon a Liquidation Event or (iii) upon conversion of the Series C Stock held by AZ to Common Stock
pursuant to the “Special Mandatory Conversion” provisions of the Certificate. AZ agrees to cause the AZ Observer to recuse himself or herself from participating in any Board or committee discussions concerning a transaction in which the
Board deems AZ to possess a conflict of interest, provided that the recusal shall end at such time as the Board determines that AZ no longer has an interest in such transaction. 

(z)    Confidentiality.    Each Investor agrees, severally and not jointly, to
use the same degree of care as such Investor uses to protect its own confidential information for any information obtained pursuant to Section 4.1(a), Section 4.1(b) or Section 4.1(z) hereof which the Company identifies in writing as
being proprietary or confidential and such Investor acknowledges that it will not, unless otherwise required by law or the rules of any national securities exchange, association or marketplace, disclose such information without the prior written
consent of the Company except such information that (i) was in the public domain prior to the time it was furnished to such Investor, (ii) is or becomes (through no willful improper action or inaction by such Investor) generally available
to the public, (iii) was in its possession or known by such Investor without restriction prior to receipt from the Company, (iv) was rightfully disclosed to such Investor by a third party without restriction or (v) was independently
developed without any use of the Company’s confidential information. Notwithstanding the foregoing, each Investor that is a limited partnership or limited liability company may disclose such proprietary or confidential information to any former
partners or members who retained an economic interest in such Investor, current or prospective partner of the partnership or any subsequent partnership under common investment management, limited partner, general partner, member or management
company of such Investor (or any employee or representative of any of the foregoing) (each of the foregoing persons, a “Permitted Disclosee”) or legal counsel, accountants or representatives for such Investor. In addition, each
Investor that is a corporation may disclose such proprietary or confidential information to any affiliates or subsidiaries (or any employee or representative of the foregoing) (each of the foregoing also a “Permitted Disclosee”), or legal
counsel, accountants or representatives for such Investor. Furthermore, nothing contained herein shall prevent any Investor or any Permitted Disclosee from (i) entering into any business, entering into any agreement with a third party, or
investing in or engaging in investment discussions with any other company (whether or not competitive with the Company) as permitted by Section 6.10, provided that such Investor or Permitted Disclosee does not, except as permitted in accordance
with this Section 4.1(aa), disclose or otherwise make use of any 

  
 24 

 
proprietary or confidential information of the Company in connection with such activities, or (ii) making any disclosures required by law, rule, regulation or court or other governmental
order. 
 (aa)    Board Meetings.    The Company shall cause its Board of
Directors to meet not less than quarterly. 
 (bb)    Bad Actor
Matters.    The Company shall notify each Investor if it becomes aware that a “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) promulgated under the 1933 Act (a “Disqualification
Event”) is applicable to the Company or, to the Company’s knowledge, any Company Covered Person, except for a Disqualification Event as to which Rule 506(d)(2)(ii–iv) or (d)(3), is applicable. For purposes of this Agreement,
“Company Covered Persons” are those persons specified in Rule 506(d)(1) under the 1933 Act. 

4.2.    Expiration of Covenants.    The covenants set forth in this
Section 4 shall expire and be of no further force or effect upon the earlier of (i) the effectiveness of a public offering price per share not less than $2.619 (subject to adjustment for stock splits, stock dividends, combinations,
consolidations, recapitalizations, reorganizations and the like) and with gross proceeds of not less than $30,000,000 (a “Qualified Public Offering”) and (ii) the closing of a Liquidation Event (as defined in the Certificate).

 SECTION 5 
 AMENDMENT
AND RESTATEMENT OF SECOND INVESTOR RIGHTS AGREEMENT 
 The Second Investor Rights Agreement is hereby amended in its
entirety and restated herein. Such amendment and restatement is effective upon the execution of this Agreement by the Company and the holders of at least 60% of the aggregate number of shares of Common Stock (as defined in the Second Investor Rights
Agreement) issued or issuable upon conversion of the Preferred Stock (as defined in the Second Investor Rights Agreement) owned by all of the Stockholders (as defined in the Second Investor Rights Agreement) (including the holders of a majority of
the shares of Series B Stock). Upon such execution, all provisions of, and rights granted and covenants made in, the Second Investor Rights Agreement are hereby waived, released and superseded in their entirety and shall have no further force or
effect, including, without limitation, all rights of first refusal and any notice period associated therewith otherwise applicable to the transactions contemplated by the Purchase Agreement. 

SECTION 6 
 MISCELLANEOUS

 6.1.    Governing Law.    This Agreement shall be governed in all
respects by the laws of the State of Delaware without regard to the conflicts of laws principles of any jurisdiction. 

6.2.    Entire Agreement.    This Agreement embodies the entire agreement and
understanding between the parties hereto, and supersedes and replaces in their entirety all prior agreements and understandings relating to the subject matter hereof. This Agreement shall be binding upon and shall inure to the benefit of the parties
hereto and their heirs, executors, legal representatives, successors and permitted transferees, except as may be expressly provided 

  
 25 

 
otherwise herein. Nothing in this Agreement, express or implied, is intended to confer upon any party, other than the parties hereto and their successors and assigns, any rights, remedies,
obligations or liabilities under or by reason of this Agreement, except as expressly provided herein. 

6.3.    Specific Enforcement.    The parties hereto expressly acknowledge that
they will be irreparably damaged if this Agreement is not specifically enforced. Upon a breach of the terms, covenants, or conditions of this Agreement by any party, the Stockholders and the Company shall, to the extent not prohibited by law, in
addition to all other remedies, each be entitled to seek a temporary or permanent injunction, without showing any actual damage, and/or a decree for specific performance, in accordance with the provisions hereof. 

6.4.    Amendments.    Except as otherwise provided herein, the provisions of
this Agreement may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given unless consented to in writing by (i) the Company and (ii) the holders of at least sixty percent
(60%) of the aggregate number of shares of Common Stock issued or issuable upon conversion of the Preferred Stock owned by all of the Stockholders, excluding any Common Stock issued upon conversion of the Series C Stock pursuant to the “Special
Mandatory Conversion” provisions of the Certificate; provided, however, that if any such amendment, modification, supplement, waiver or consent would adversely change a specifically enumerated right or obligation hereunder of one
or more parties hereto (the “Adversely Affected Parties”) in a way that is adverse to the Adversely Affected Parties and in a manner different from the manner in which such specifically enumerated right or obligation is changed with
respect to other parties hereto, such amendment or waiver shall also require the written consent of the holders of at least a majority of shares held by such Adversely Affected Parties. Any such written consent shall be binding upon the Company, and
the Stockholders. No waivers of or exceptions to any term, condition or provision of this Agreement, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision. 

6.5.    Additional Investors.    In the event the Company issues additional
shares of Series C Stock pursuant to the Purchase Agreement after the date hereof, any purchaser of such Series C Stock may become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement, and
thereafter shall be deemed an “Investor” for all purposes hereunder. No action or consent by the Stockholders shall be required for such joinder to this Agreement by any such additional Investor, provided such additional Investor has
agreed in writing to be bound by all of the obligations as an “Investor” hereunder. 

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

6.7.    Notices.    Any notice, demand or request required or permitted to be
given by either the Company or a Stockholder pursuant to the terms of this Agreement shall be in writing 

  
 26 

 
and shall be deemed given when delivered personally or deposited in the United States mail, first class with postage prepaid, and addressed: 

(a)    if to an Investor, at the address(es) of such Investor set forth on Exhibit E to this
Agreement, or such other address(es) as such Investor may request by notifying the other in writing; or 

(b)    if to the Company, at: 

PhaseBio Pharmaceuticals, Inc. 

One Great Valley Parkway, Suite 30 

Malvern, PA 19355 

Attn: Chief Executive Officer 

Telephone: (610) 981-6500 

Fax: (610) 981-6520 

with a copy to: 

Cooley LLP 

11951 Freedom Drive, 15th Floor 

Reston, Virginia 20190 

Attn: Christian E. Plaza 

Telephone: (703) 456-8006 

Fax: (703) 456-8100 

(c)    and if to a Common Holder, Series 1 Holder, Series AA Holder or Series B Holder, to the address of
such Common Holder, Series 1 Holder, Series AA Holder or Series B Holder set forth on the Exhibit A, Exhibit B, Exhibit C or Exhibit D to this Agreement, as applicable, or such other address as a party may request by
notifying the other in writing. 
 6.8.    Delays or Omissions.    Any
party’s failure to enforce any provision or provisions of this Agreement shall not in any way be construed as a waiver of any such provision or provisions, nor prevent that party thereafter from enforcing each and every other provision of this
Agreement. The rights granted all parties herein are cumulative and shall not constitute a waiver of any party’s right to assert all other legal remedies available to it under the circumstances. 

6.9.    Intent.    The Stockholders agree to execute upon request any further
documents or instruments necessary or desirable to carry out the purposes or intent of this Agreement. 

6.10.    Right to Conduct Activities.    The Company and each Stockholder
hereby acknowledge that some or all of the Investors are professional investment funds or holding companies or may have affiliated operating companies, and, as such, hold investments in numerous portfolio companies, or may be affiliated with other
entities, some of which may be competitive with the Company’s business. No Investor shall be liable to the Company or to other Stockholders for any claim arising out of, or based upon, (a) the holding of securities by the Investor in (or
the Investor’s affiliation with) any entity competitive with the Company, or (b) actions taken by any partner, officer or other representative of any Investor to assist any such 

  
 27 

 
competitive company, whether or not such action was taken as a board member of such competitive company or otherwise, and whether or not such action has a detrimental effect on the Company, so
long as no confidential information of the Company is used or disclosed by such Investor in connection with any such competitive activities. Notwithstanding the foregoing, this Section 6.10 shall not limit or release any Investor from any
contractual obligation such Investor may have under any other agreement with the Company entered into subsequent to the date hereof. 

6.11.    Public Reference.    Notwithstanding anything to the contrary
contained herein, to the extent any product, service or other commercial aspect of any Investor or one or more of its affiliates is referenced by the Company in a registration statement or prospectus (or any amendments or supplements thereto), such
reference or references shall be made only after consultation by the Company and the underwriter with, and subject to the reasonable approval of the underlying disclosure language by, such Investor. 

6.12.    Titles and Subtitles.    The titles of the sections and subsections of
this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 

6.13.    Counterparts; Execution by Facsimile.    This Agreement may be
executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement may be executed by facsimile signature(s) which shall be binding on the party
delivering same, to be followed by delivery of originally executed signature pages. 

6.14.    Waiver of Conflicts.    Each party hereto acknowledges that Cooley LLP
(“Cooley”) has acted solely as counsel on behalf of the Company in connection with the negotiation, preparation and documentation of this Agreement, and that Cooley has not represented or advised any other persons or parties in
connection therewith or with any related matters. Furthermore, each party to this Agreement acknowledges that Cooley may have in the past performed services for or one or more Investors or their respective affiliates in matters unrelated to the
transactions contemplated by this Agreement (the “Financing”), including representation of such Investors or their respective affiliates in matters of a similar nature to the Financing. The applicable rules of professional conduct
require that Cooley inform the parties hereunder of this representation and obtain their consent. The Company, its stockholders, and each Investor hereby (a) acknowledge that he, she or it has had an opportunity to ask for and has obtained
information relevant to Cooley’s representation of the Company in connection with the Financing, including disclosure of the reasonably foreseeable adverse consequences of such representation; (b) acknowledge that with respect to the
Financing, Cooley has represented solely the Company, and not any of the Investors, their members or partners, any other investor or any other stockholder, director, employee of any Investor or of the Company; and (c) gives his or its informed
consent to Cooley’s representation of the Company in the Financing and affirmatively waive any objections thereto. 

6.15.    Aggregation of Stock.    All shares of capital stock held or acquired
by affiliated entities (including, without limitation, affiliated venture capital funds or venture capital funds under common investment management) or persons shall be aggregated together for the purpose of determining the availability of any
rights under this Agreement. 
 (Signature Pages follow) 

  
 28 

 IN WITNESS WHEREOF, the parties have executed this Third Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 COMPANY: 

 

					
	 PHASEBIO PHARMACEUTICALS, INC.

					
			
	 By:
	 	 /s/ Jonathan Mow
	 	
		 	 Jonathan Mow
	 	
		 	 Chief Executive Officer
	 	

  
 [Signature Page to Third Amended
and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Third Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 COMMON HOLDERS: 

 

			
	 /s/ Ashutosh Chilkoti, Ph.D.

	 Ashutosh Chilkoti, Ph.D.

  

	
	 /s/ Gabriel Cipau

	 Gabriel Cipau

	
	 /s/ Cynthia Clark

	 Cynthia Clark

	
	 /s/ Thomas K. Laundon

	 Thomas K. Laundon

	
	 /s/ Daniel E. Meyer

	 Daniel E. Meyer

	
	 /s/ Daniel E. Meyer

	 Mark McCurry

	
	 /s/ Christopher Prior

	 Christopher Prior, Ph.D.

 [Signature Page to Third Amended and Restated Investor Rights Agreement] 

 COMMON HOLDERS (cont): 

 

	
	 /s/ Donald Rose, Ph.D.

	 Donald Rose, Ph.D.

	
	 /s/ Craig Rosen

	 Craig Rosen

	
	 /s/ Homa Sadeghi

	 Homa Sadeghi

	
	 /s/ Clay Thorp

	 Clay Thorp

	
	 /s/ Andrew Turner

	 Andrew Turner

	
	 /s/ Joesl Sussman

	 Joel Sussman

  

			
	 Mow Trust dated April 17, 2008

			
		
	 By:
	 	 /s/ Jonathan
Mow

 
			
	 Name:
	 	 Jonathan P. Mow

	 Title:
	 	 Trustee

  

	
	 /s/ Lynne Georgopoulos

	 Lynne Georgopoulos

 [Signature Page to Third Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Third Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 PREFERRED HOLDERS: 

 

			
	 FLETCHER SPAGHT VENTURES II, LP

		
	 By:
	 	 Fletcher Spaght Associates II, LP,

	 its General Partner

	 By:
	 	 FSA II, LLC, its General Partner

  

			
	 By: 
	 	 /s/ Linda
Tufts

 
			
	 Name:
	 	 Linda Tufts

	 Title:
	 	 Managing Member

  

			
	 FSV II, LP

		
	 By:
	 	 Fletcher Spaght Associates II, LP,

	 its General Partner

	 By:
	 	 FSA II, LLC, its General Partner

  

			
	 By: 
	 	 /s/ Linda
Tufts

 
			
	 Name:
	 	 Linda Tufts

	 Title:
	 	 Managing Member

  

			
	 FSV II-B, LP

		
	 By:
	 	 Fletcher Spaght Associates II-B, LLC,

	 its General Partner

  

			
	 By: 
	 	 /s/ Linda
Tufts

 
			
	 Name:
	 	 Linda Tufts

	 Title:
	 	 Managing Member

  

			
	JOHNSON & JOHNSON DEVELOPMENT CORPORATION
		
	 By: 
	 	 /s/ Asish K.
Xavier

 
			
	 Name:
	 	 Asish K. Xavier

	 Title:
	 	 VP, Venture Investments

 [Signature Page to Third Amended and Restated Investor Rights Agreement] 

 

 PREFERRED HOLDERS (cont): 

 

			
	HATTERAS VENTURE PARTNERS I, LP

 
			
		
	 By:
	 	 Catalysta Ventures, LLC, its General Partner

			
		
	 By:
	 	 /s/ Clay B.
Thorp

 
			
	 Name:
	 	 Clay B. Thorp

	 Title:
	 	 Manager

  

			
	HATTERAS VENTURE PARTNERS III, LP
		
	 By:
	 	 Hatteras Venture Advisors, LLC,

	 its General Partner

  

			
	 By:
	 	 /s/ Clay B.
Thorp

 
			
	 Name:
	 	 Clay B.
Thorp

 
			
	 Title:
	 	 Manager

  

			
	HATTERAS VENTURE AFFILIATES III, LP
		
	 By:
	 	 Hatteras Venture Advisors, LLC,

	 its General Partner

  

			
	 By: 
	 	 /s/ Clay B.
Thorp

 
			
	 Name:
	 	 Clay B. Thorp    

	 Title:
	 	 Manager

  

			
	CATALYSTA VENTURES, LLC
		
	 By: 
	 	 /s/ Clay B.
Thorp

 
			
	 Name:
	 	 Clay B. Thorp

	 Title:
	 	 Manager

 [Signature Page to Third Amended and Restated Investor Rights Agreement] 

 PREFERRED HOLDERS (cont): 

 

	
	 /s/ Gabriel Cipau

	 Gabriel Cipau

	
	 /s/ Cynthia Yee

	 Cynthia Yee

	
	 /s/ Cynthia Clark

	 Cynthia Clark

	
	 /s/ Howard Clark

	 Howard Clark

	
	 /s/ Glenn Kawasaki

	 Glenn Kawasaki

	
	 /s/ Donald Rose, Ph.D.

	 Donald Rose, Ph.D.

	
	 /s/ Chris Smelick

	 Chris Smelick

	
	 /s/ Paul Winter

	 Paul Winter

 [Signature Page to Third Amended and Restated Investor Rights Agreement] 

 PREFERRED HOLDERS (cont): 

 

	
	 /M. Nixon Ellis, Ph.D.

	 M. Nixon Ellis, Ph.D.

	
	 /s/ Thomas K. Laundon

	 Thomas K. Laundon

	
	 /s/ Christopher Prior, Ph.D.

	 Christopher Prior, Ph.D.

	
	 /s/ Craig Rosen

	 Craig Rosen

	
	 /s/ Joel Sussman

	 Joel Sussman

  

			
	 Mow Trust dated April 17, 2008

		
	 By:
	 	 Jonathan Mow

			
	 Name:
	 	 Jonathan P. Mow

	 Title:
	 	 Trustee

 
	
	
	 /s/ Lynne Georgopulos

	 Lynne Georgopoulos

	
	 /s/ Susan Arnold

	 Susan Arnold

 [Signature Page to Third Amended and Restated Investor Rights Agreement] 

 PREFERRED HOLDERS (cont): 

 

			
	NEW ENTERPRISE ASSOCIATES 13, L.P.
		
	 By:
	 	 NEA Partners 13, L.P., its General Partner

		
	 By:
	 	NEA 13 GP, LTD, its General Partner
		
	 By:
	 	 /s/ Louis S. Citron

	 Name:
	 	 Louis S. Citron

	 Title:
	 	 Chief Legal Officer

	
	NEA VENTURES 2009, LIMITED PARTNERSHIP
		
	 By:
	 	 /s/ Louis S. Citron

	 Name:
	 	 Louis S. Citron

	 Title:
	 	 Vice-President

		
	 By:
	 	 /s/ Justin Klein

		
	 Name:
	 	 Justin Klein

 [Signature Page to Third Amended and Restated Investor Rights Agreement] 

 PREFERRED HOLDERS (cont): 

 

			
	 ASTELLAS VENTURE CAPITAL LLC

		
	 By: 
	 	 /s/ Sakae
Asanuma

 
			
	 Name:
	 	 Sakae Asanuma

	 Title:
	 	 President and CEO

  

			
	 ZENECA, INC.

		
	 By: 
	 	 /s/ David E.
White

 
			
	 Name:
	 	 David E. White

	 Title:
	 	 Treasurer

 [Signature Page to Third Amended and Restated Investor Rights Agreement] 

 EXHIBIT A 

SCHEDULE OF COMMON HOLDERS 
  

	
	 Name and Address

	
	 Ashutosh Chilkoti

1001 Gloria Avenue
 Durham, NC
27701

	
	 Duke University

Office of Licensing and Ventures

2812 Erwin Road, Suite 306

Durham, NC 27705

	
	 Donald Rose, Ph.D.

108 Windhover Place
 Chapel Hill,
NC 27514

	
	 Daniel E. Meyer

GE Global Research Center

Genomics & Molecular Imaging Laboratory

One Research Circle, Building K1, Room 1C34

Niskayuna, NY 12309

	
	 Gabriel Cipau

10504 Stonton Way
 Raleigh, NC
27615

	
	 Cynthia Clark

9108 Kirkhill Drive
 Raleigh, NC
27615

	
	 Clay Thorp
 280
S. Mangum Street, Suite 350
 Durham, NC 27701

	
	 Mark McCurry

c/o Compuware-Covisint
 410
Blackwell Street, Suite 200
 Durham, NC 27701

  
 Exh A-1 

	
	 Name and Address

	
	 Thomas K. Laundon

c/o PhaseBio

1 Great Valley Parkway, Suite 30

Malvern, PA 19355

	
	 Glenn Kawasaki

816 E. Gwinn Place

Seattle, WA 98102

	
	 Christopher Prior, Ph.D.

c/o PhaseBio

1 Great Valley Parkway, Suite 30

Malvern, PA 19355

	
	 Craig Rosen

370 Eagle Hill Road

Pasadena, MD 21122

	
	 Homa Sadeghi

c/o PhaseBio

1 Great Valley Parkway, Suite 30

Malvern, PA 19355

	
	 Andrew Turner

c/o PhaseBio

1 Great Valley Parkway, Suite 30

Malvern, PA 19355

	
	 John Crumpler

280 S. Mangum Street, Suite 350

Durham, NC 27701

	
	 Michael Jongkind

3419 Medford Road

Durham, NC 27705-2455

  
 Exh A-2 

	
	 Name and Address

	
	 Brian Kinahan

c/o Summit Performance Systems

The Daniel Building

103 W. Weaver Street

Carrboro, NC 27510

	
	 Bruce Oberhardt

c/o BJO Biomedical

P.O.Box 98385

Raleigh, NC 27624

	
	 Joel Sussman

	
	 Mow Trust dated April 17, 2008

	
	 Lynne Georgopoulos

  
 Exh A-3 

 EXHIBIT B 

SCHEDULE OF SERIES 1 HOLDERS 
  

	
	 Name and Address

	
	 Hatteras Venture Partners I, LP

280 S. Mangum Street, Suite 350

Durham, NC 27701

	
	 Hatteras Venture Partners III, LP

280 S. Mangum Street, Suite 350

Durham, NC 27701

	
	 Hatteras Venture Affiliates III, LP

280 S. Mangum Street, Suite 350

Durham, NC 27701

	
	 Howard G. Clark, III

69 Forest at Duke Drive
 Durham,
NC 27705

	
	 Wyrick Robbins Yates & Ponton LLP

4101 Lake Boone Trail, Suite 300

Raleigh, NC 27607
 Attn: Donald R.
Reynolds

	
	 Chris Smelick

615 Sausalito Boulevard

Sausalito, CA 94965

	
	 Cynthia Clark

9108 Kirkhill Drive
 Raleigh, NC
27615

	
	 Catalysta Ventures, LLC

280 S. Mangum Street, Suite 350

Durham, NC 27701

  
 Exh B-1 

	
	 Name and Address

	
	 Glenn Kawasaki

816 E. Gwinn Place
 Seattle, WA
98101

	
	 Gabriel Cipau

10504 Stonton Way
 Raleigh, NC
27615

	
	 Paul Winter
 401
Bathgate Lane
 Cary, NC 27513

	
	 Donald Rose
 108
Windhover Place
 Chapel Hill, NC 27514

  
 Exh B-2 

 EXHIBIT C 

SCHEDULE OF SERIES AA HOLDERS 
  

			
	 	 
	
Name and Address
  
	  	  
	 	 
	 Johnson &
Johnson Innovation – JJDC, Inc.
  
 410 George Street

New Brunswick, NJ 08901
 Attn: Asish K. Xavier, Ph.D.

Telephone: (732)-524-3218

Fax: (732)-247-5309

 
 With copies to:

 
 Johnson & Johnson

One Johnson & Johnson Plaza
 New Brunswick, NJ 08933

Attn: Jayne C. Zall, Assistant General Counsel
 Telephone: (732) 524-6192
 Fax: (732) 524-2788

 
 and:

Pepper Hamilton LLP
 899 Cassatt Road

400 Berwyn Park
 Berwyn, PA 19312

Attn: Christopher S. Miller, Esq.
 Telephone: (610) 640-7837
 Fax: (610) 640-7835

 
	  	 

  
 Exh C-1 

			
	 	 
	
Name and Address
  
	  	  
	
Fletcher Spaght Ventures II, LP
  

c/o Fletcher Spaght, Inc.

222 Berkeley Street, 20th Fl

Boston, MA 02116

Attn:

Telephone:

Fax:
  

With a copy to:
  

Pepper Hamilton LLP

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312-1183

Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610)-640-7835
	  	 
	 	 
	 FSV
II, LP
  
 c/o Fletcher Spaght, Inc.

222 Berkeley Street, 20th Fl

Boston, MA 02116
 Attn:

Telephone:
 Fax:

 
 With a copy to:

 
 Pepper Hamilton LLP

400 Berwyn Park
 899 Cassatt
Road
 Berwyn, PA 19312-1183

Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610) 640-7835
	  	 

  
 Exh C-2 

			
	 	 
	 Name and Address

 
	  	 
	  

FSV II-B, LP
  

c/o Fletcher Spaght, Inc.
 222
Berkeley Street, 20th Fl
 Boston, MA 02116

Attn:
 Telephone:

Fax:
  

With a copy to:
  

Pepper Hamilton LLP
 400 Berwyn
Park
 899 Cassatt Road
 Berwyn,
PA 19312-1183
 Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610) 640-7835

 
	  	 
	  

Hatteras Venture Partners III, LP
  

c/o Hatteras Venture Partners
 280
S. Mangum Street, Suite 350
 Durham, NC 27701

Telephone: (919)-484-0730

Fax:
  

With a copy to:
  

Pepper Hamilton LLP
 400 Berwyn
Park
 899 Cassatt Road
 Berwyn,
PA 19312-1183
 Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610)-640-7835

 
	  	 

  
 Exh C-3 

			
	 	 
	 Name and Address

 
	  	 
	  

Hatteras Venture Affiliates III, LP
  

c/o Hatteras Venture Partners
 280
S. Mangum Street, Suite 350
 Durham, NC 27701

Telephone: ( 919)-484-0730

Fax:
  

With a copy to:
  

Pepper Hamilton LLP
 400 Berwyn
Park
 899 Cassatt Road
 Berwyn,
PA 19312-1183
 Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610)-640-7835
	  	 
	  

M. Nixon Ellis, Ph.D.
 2596 Youngs
Road
 Southern Pines, NC 28387
	  	 
	  

Thomas K. Laundon
 118 Wisteria
Drive
 Chapel Hill, NC 27514
  
	  	 

  
 Exh C-4 

 EXHIBIT D 

SCHEDULE OF INVESTORS 
  

	
	 
	 Name
and Address
  
  

	  

Johnson & Johnson Innovation – JJDC, Inc.

 
 410 George Street

New Brunswick, NJ 08901
 Attn:
Asish K. Xavier, Ph.D.
 Telephone: (732)-524-3218

Fax: (732)-247-5309

 
 With copies to:

 
 Johnson & Johnson

One Johnson & Johnson Plaza

New Brunswick, NJ 08933

Attn: Jayne C. Zall, Assistant General Counsel

Telephone: (732) 524-6192

Fax: (732) 524-2788

 
 and:

Pepper Hamilton LLP
 899 Cassatt
Road
 400 Berwyn Park
 Berwyn,
PA 19312
 Attn: Christopher S. Miller, Esq.

Telephone: (610) 640-7837

Fax: (610) 640-7835

 

  
 Exh D-1 

	
	 
	 Name
and Address
  

	  

Fletcher Spaght Ventures II, LP
  

c/o Fletcher Spaght, Inc.
 222
Berkeley Street, 20th Fl
 Boston, MA 02116

Attn:
 Telephone:

Fax:
  

With a copy to:
  

Pepper Hamilton LLP
 400 Berwyn
Park
 899 Cassatt Road
 Berwyn,
PA 19312-1183
 Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610)-640-7835

 

	  

FSV II, LP
  

c/o Fletcher Spaght, Inc.
 222
Berkeley Street, 20th Fl
 Boston, MA 02116

Attn:
 Telephone:

Fax:
  

With a copy to:
  

Pepper Hamilton LLP
 400 Berwyn
Park
 899 Cassatt Road
 Berwyn,
PA 19312-1183
 Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610) 640-7835

 

  
 Exh D-2 

	
	 
	 Name
and Address
  

	  

FSV II-B, LP
  

c/o Fletcher Spaght, Inc.
 222
Berkeley Street, 20th Fl
 Boston, MA 02116

Attn:
 Telephone:

Fax:
  

With a copy to:
  

Pepper Hamilton LLP
 400 Berwyn
Park
 899 Cassatt Road
 Berwyn,
PA 19312-1183
 Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610) 640-7835

 

	  

Hatteras Venture Partners III, LP
  

c/o Hatteras Venture Partners
 280
S. Mangum Street, Suite 350
 Durham, NC 27701

Telephone: (919)-484-0730

Fax:
  

With a copy to:
  

Pepper Hamilton LLP
 400 Berwyn
Park
 899 Cassatt Road
 Berwyn,
PA 19312-1183
 Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610)-640-7835

 

  
 Exh D-3 

	
	 
	 Name
and Address
  

	  

Hatteras Venture Affiliates III, LP
  

c/o Hatteras Venture Partners
 280
S. Mangum Street, Suite 350
 Durham, NC 27701

Telephone: (919)-484-0730

Fax:
  

With a copy to:
  

Pepper Hamilton LLP
 400 Berwyn
Park
 899 Cassatt Road
 Berwyn,
PA 19312-1183
 Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610)-640-7835

 

	  

New Enterprise Associates 13, L.P.

1119 St. Paul Street
 Baltimore,
MD 21202
  
 With a copy to:

 
 Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP

610 Lincoln Street
 Waltham, MA
02451
 Attn: Richard R. Hesp

Telephone: (781) 890-8800

Fax: (781) 622-1622

 

  
 Exh D-4 

	
	 
	 Name
and Address
  

	 NEA Ventures 2009, Limited Partnership

1119 St. Paul Street
 Baltimore,
MD 21202
  
 With a copy to:

 
 Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP

610 Lincoln Street
 Waltham, MA
02451
 Attn: Richard R. Hesp

Telephone: (781) 890-8800

Fax: (781) 622-1622

 

	  

Astellas Venture Capital LLC
  

	  

Ashutosh Chilkoti
 1001 Gloria
Avenue
 Durham, NC 27701
  

	  

Justin Klein
  

	  

Cynthia Yee
  

	  

Christopher Prior
 c/o
PhaseBio
 1 Great Valley Parkway, Suite 30

Malvern, PA 19355
  

	  

Craig Rosen
 370 Eagle Hill
Road
 Pasadena, MD 21122
  

	  

Susan Arnold
  

	  

Joel Sussman
  

	  

Lynne Georgopoulos

 

  
 Exh D-5 

	
	 
	 Name
and Address
  

	  

Mow Trust dated April 17, 2008

 

  
 Exh D-6 

 EXHIBIT E 

SCHEDULE OF INVESTORS 
  

			
	 	 
	 Name and Address

 
	 	 
	  

Zeneca, Inc.
  
	 	 
	 	 
	 Johnson & Johnson
Innovation – JJDC, Inc.
  
 410 George Street

New Brunswick, NJ 08901
 Attn:
Asish K. Xavier, Ph.D.
 Telephone: (732)-524-3218

Fax: (732)-247-5309

 
 With copies to:

 
 Johnson & Johnson

One Johnson & Johnson Plaza

New Brunswick, NJ 08933
 Attn:
Jayne C. Zall, Assistant General Counsel
 Telephone: (732) 524-6192

Fax: (732) 524-2788

 
 and:

Pepper Hamilton LLP
 899 Cassatt
Road
 400 Berwyn Park
 Berwyn,
PA 19312
 Attn: Christopher S. Miller, Esq.

Telephone: (610) 640-7837

Fax: (610) 640-7835

 
	 	 

  
 Exh E-1 

			
	 	 
	 Name and Address

 
	 	 
	  

Fletcher Spaght Ventures II, LP
  

c/o Fletcher Spaght, Inc.
 222
Berkeley Street, 20th Fl
 Boston, MA 02116

Attn:
 Telephone:

Fax:
  

With a copy to:
  

Pepper Hamilton LLP
 400 Berwyn
Park
 899 Cassatt Road
 Berwyn,
PA 19312-1183
 Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610)-640-7835

 
	 	 
	  

FSV II, LP
  

c/o Fletcher Spaght, Inc.
 222
Berkeley Street, 20th Fl
 Boston, MA 02116

Attn:
 Telephone:

Fax:
  

With a copy to:
 Pepper Hamilton
LLP
 400 Berwyn Park
 899
Cassatt Road
 Berwyn, PA 19312-1183

Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610) 640-7835

 
	 	 

  
 Exh E-2 

			
	 Name and Address

 
  
	 	 
	  

FSV II-B, LP
  

c/o Fletcher Spaght, Inc.
 222
Berkeley Street, 20th Fl
 Boston, MA 02116

Attn:
 Telephone:

Fax:
  

With a copy to:
  

Pepper Hamilton LLP
 400 Berwyn
Park
 899 Cassatt Road
 Berwyn,
PA 19312-1183
 Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610) 640-7835
	 	 
	  

Hatteras Venture Partners III, LP
  

c/o Hatteras Venture Partners
 280
S. Mangum Street, Suite 350
 Durham, NC 27701

Telephone: (919)-484-0730

Fax:
  

With a copy to:
  

Pepper Hamilton LLP
 400 Berwyn
Park
 899 Cassatt Road
 Berwyn,
PA 19312-1183
 Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610)-640-7835

 
	 	 

  
 Exh E-3 

			
	 Name and Address

 
	 	 
	  

Hatteras Venture Affiliates III, LP
  

c/o Hatteras Venture Partners
 280
S. Mangum Street, Suite 350
 Durham, NC 27701

Telephone: (919)-484-0730

Fax:
  

With a copy to:
  

Pepper Hamilton LLP
 400 Berwyn
Park
 899 Cassatt Road
 Berwyn,
PA 19312-1183
 Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610)-640-7835

 
	 	 
	  

New Enterprise Associates 13, L.P.

1119 St. Paul Street
 Baltimore,
MD 21202
  
 With a copy to:

 
 Gunderson Dettmer Stough Villeneuve Franklin &

Hachigian, LLP
 610 Lincoln Street

Waltham, MA 02451
 Attn: Richard
R. Hesp
 Telephone: (781) 890-8800

Fax: (781) 622-1622

 
	 	 

  
 Exh E-4 

 FIRST AMENDMENT TO THIRD AMENDED AND RESTATED 

INVESTOR RIGHTS AGREEMENT 

THIS FIRST AMENDMENT TO THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT (this “Amendment”) is made as of
the 15th day of July, 2015 and amends that certain Third Amended and Restated Investor Rights Agreement dated as of February 26, 2015, by and among PhaseBio Pharmaceuticals, Inc., a
Delaware corporation (the “Company”), and the “Stockholders” identified therein (the “Existing IRA”). Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Existing
IRA. 
 RECITALS 

WHEREAS, in order to encourage certain persons to purchase shares of the Company’s Series C Stock, the Company
and certain of the Stockholders desire to amend the Existing IRA as set forth herein; and 
 WHEREAS, the
undersigned Stockholders are the holders of at least sixty percent (60%) of the Common Stock issuable upon conversion of the Preferred Stock owned by all of the Stockholders and, with the Company’s written consent, may amend the Existing IRA as
provided herein. 
 AGREEMENT 

NOW, THEREFORE, the parties hereby agree, intending to be legally bound, as follows: 

1.     Section 2.1(f) of the Existing IRA is amended and restated in its entirety as follows: 

“(f)  The term “Major Investor” means Fletcher Spaght Ventures II, L.P., FSV II, L.P., FSV II-B, L.P., Johnson & Johnson Innovation – JJDC, Inc., Hatteras Venture Partners I, L.P., Hatteras Venture Partners III, L.P., Hatteras Venture Affiliates III, L.P., New Enterprise Associates 13,
Limited, Zeneca Inc., and Syno Ventures Master Fund, LP, so long as each such entity is a Holder.” 

2.     This Amendment may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. 
 3.     Other
than as set forth in this Amendment, all of the terms and conditions of the Existing IRA shall continue in full force and effect. 

[Remainder of Page Intentionally Left Blank] 

 IN WITNESS WHEREOF, the
parties hereto have executed this Amendment as of the date set forth in the first paragraph above. 
  

			
	 COMPANY:

	
	 PHASEBIO PHARMACEUTICALS, INC.

		
	 By:
	 	 /s/ Jonathan Mow

		 	     Jonathan Mow

		 	     Chief Executive Officer

 IN WITNESS WHEREOF, the
parties hereto have executed this Amendment as of the date set forth in the first paragraph above. 
  

			
	 INVESTOR:

	
	 ZENECA, INC.

		
	 By:
	 	 /s/ Michael C. Diem

	 Name: Michael C. Diem, MD

	 Title:
	 	 VP Corporate Development

 IN WITNESS WHEREOF, the
parties hereto have executed this Amendment as of the date set forth in the first paragraph above. 
  

					
	INVESTOR:
	
	NEW ENTERPRISE ASSOCIATES 13, L.P.
		
	By:	 	NEA Partners 13, L.P., its General Partner
		
	By:	 	NEA 13 GP, LTD, its General Partner
		
	By:	 	   /s/ Louis S. Citron

	Name: Louis S. Citron
	Title:	 		 	Chief Legal Officer

 IN WITNESS WHEREOF, the
parties hereto have executed this Amendment as of the date set forth in the first paragraph above. 
  

					
	 INVESTORS:

	
	FLETCHER SPAGHT VENTURES II, LP
	
	By: Fletcher Spaght Associates II, LP,
	its General Partner
	 By: FSA II, LLC, its General Partner
  

		
	By:	 	/s/ R. John Fletcher
	Name:	 	 R. John Fletcher

	 Title:
	 	 Managing
Member

  

					
	
	FSV II, LP
	
	By: Fletcher Spaght Associates II, LP,
	its General Partner
	By: FSA II, LLC, its General Partner
		
	By:	 	/s/ R. John Fletcher
	Name:	 	 R. John Fletcher

	 Title:
	 	 Managing
Member

  

					
	
	FSV II-B, LP
	
	By: Fletcher Spaght Associates II-B, LLC,
	its General Partner
		
	By:	 	/s/ R. John Fletcher
	Name:	 	 R. John Fletcher

	 Title:
	 	 Managing Member

 IN WITNESS WHEREOF, the
parties hereto have executed this Amendment as of the date set forth in the first paragraph above. 
  

					
	 INVESTORS:

	
	 HATTERAS VENTURE PARTNERS III, LP

	
	 By: Hatteras Venture Advisors, LLC,

	 its General Partner

		
	 By:
	 	 /s/ Clay B. Thorp

	 Name:
	 	 Clay B. Thorp

	 Title:
	 	 Manager

  

					
	
	 HATTERAS VENTURE AFFILIATES III, LP

	
	 By: Hatteras Venture Advisors, LLC,

	 its General Partner

		
	 By:
	 	 /s/ Clay B. Thorp

	 Name:
	 	 Clay B. Thorp

	 Title:
	 	 Manager

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