Document:

EX-4.4

 Exhibit 4.4 

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 THE
OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 

WARRANT TO PURCHASE STOCK 

Company: Phathom Pharmaceuticals, Inc., a Delaware corporation 

Number of Shares: As set forth in Paragraph A below 

Type/Series of Stock: As set forth in Paragraph A below 

Warrant Price: As set forth in Paragraph A below 
 Issue
Date: May 14, 2019 
 Expiration Date: As set forth in Section 5.1(a) below. 

			
	 Credit Facility:
	 	This Warrant to Purchase Stock (“Warrant”) is issued in connection with that certain Loan and Security Agreement of even date herewith among Silicon Valley Bank, WestRiver Innovation Lending Fund VIII, L.P.
and the Company (as amended and/or modified and in effect from time to time, the “Loan Agreement”).

 THIS WARRANT CERTIFIES THAT, for good and valuable consideration, WESTRIVER INNOVATION LENDING
FUND VIII, L.P. (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 up to the number of fully paid and non-assessable shares of the above-stated Type/Series of Stock (the “Class”) of the above-named company (the “Company”) determined pursuant to Paragraph A below, at a
purchase price per share equal to the Warrant Price (as defined below), 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. 

A.    Number of Shares; Warrant Price; Class. 

(1)    Number of Shares. Upon the making (if any) of each Term B Loan Advance (as defined in the
Loan Agreement), this Warrant automatically shall become exercisable for such number of shares of the Class (cumulatively and collectively, and as may be adjusted from time to time in accordance with the provisions of this Warrant, the
“Shares”) as shall equal (a)(i) 0.01, multiplied by (ii) the amount of such Term B Loan Advance, divided by (b) the Warrant Price in effect on and as of the date of such Term B Loan Advance, subject to adjustment
thereafter from time to time in accordance with the provisions of this Warrant. 
 (2)    Warrant
Price. The purchase price per Share hereunder (the “Warrant Price”) shall equal the Note Conversion Price (as defined below), subject to adjustment from time to time in accordance with the provisions of this Warrant. 

(3)    Certain Definitions. As used herein, the following capitalized terms have the respective
meanings given below: 
 “Class” means Qualified Financing Securities. 

 “Note Conversion Price” means the “Conversion
Price” (as defined in the Note Purchase Agreement) at which the Notes convert into shares or units of Qualified Financing Securities, or otherwise for which shares or units of Qualified Financing Securities are issued by the Company in exchange
for, or in satisfaction of its obligations under, the Notes in the Qualified Financing. 
 “Note Purchase
Agreement” means that certain Note Purchase Agreement of the Company dated May 7, 2019 among the Company and the several purchasers named therein, as amended and/or restated and in effect from time to time. 

“Notes” means those certain convertible promissory notes of the Company issued from time to time under and
pursuant to the Note Purchase Agreement, as any or all of such notes may be amended and/or restated and in effect from time to time, together with any convertible promissory notes of the Company issued in exchange for, or replacement or substitution
of, such notes. 
 “Qualified Financing” means the first to occur of (a) a “Next Equity
Financing,” (b) a “Non-Qualified Next Equity Financing” or (c) an “Initial Public Offering” (each as defined in the Note Purchase Agreement), in each case in which the Notes
convert into, or are otherwise exchanged for or satisfied by the Company’s issuance of, Qualified Financing Securities. 

“Qualified Financing Securities” means the class and/or series and/or other designation of Company capital
stock and/or other equity securities sold and issued by the Company in the Qualified Financing. 
 SECTION 1. EXERCISE. 

1.1    Method of Exercise. Holder may at any time and from time to time on or after the first date
(if any) on which a Term B Loan Advance shall be made to the Company and on or before the Expiration Date, 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;

  

  
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		  	 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 Book Entry Statement or
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 or its transfer agent shall deliver to Holder a book entry statement or 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); (iii) any merger
or consolidation of the Company into or with another person or entity, or any other corporate reorganization, in which (A) the stockholders of the Company in their capacity as such immediately prior to such merger, consolidation or

  
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reorganization, own a majority of the outstanding voting power of the surviving or successor entity as of immediately after such merger, consolidation or reorganization, and (B) such
surviving or successor entity is not the Company; or (iv) 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. For the
avoidance of doubt, “Acquisition” shall not include any sale and issuance by the Company of shares of its capital stock or of securities or instruments exercisable for or convertible into, or otherwise representing the right to acquire,
shares of its capital stock to one or more investors for cash and/or conversion or cancellation of indebtedness in a transaction or series of related transactions the primary purpose of which is a bona fide equity financing of the Company. 

(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 of 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, 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 a 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 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. 

1.7    Holder Put Right. Notwithstanding the provisions of Section 1.6 above or any other
provision of this Warrant to the contrary, in the event that there shall be no Term B Loan Advance 

  
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made to the Company on or before March 31, 2020, for any reason or no reason (other than by default of any Lender party under the Loan Agreement), including, without limitation, the
Company’s failure or inability to consummate the Qualified Financing on or before such date, Holder shall have the one-time right (but not the obligation) (the “Put Right”),
exercisable in its sole discretion upon written notice to the Company (the “Put Notice”) given at any time within six (6) months after such date, to require the Company to repurchase from Holder all (but not less than
all) of this Warrant (and the Company hereby agrees to repurchase this Warrant from Holder upon Holder’s exercise of such Put Right) for a total aggregate purchase price of $250,000 (the “Repurchase Price”), such
Repurchase Price to be paid by the Company to Holder in cash in a single installment of immediately available funds at the Put Closing (as defined below), against surrender by Holder to the Company thereat of the original of this Warrant, duly
endorsed for transfer on the books of the Company or accompanied by duly executed stock powers and/or other instruments of assignment or transfer. As used in this Section 1.7, “Put Closing” means the closing of the
Company’s repurchase of this Warrant pursuant to Holder’s exercise of its Put Right, to be held at the principal office of the Company on such date as shall be set forth in Holder’s Put Notice, which date shall be not less than ten
(10) days following the date of such Put Notice. 
 Notwithstanding anything in this Warrant to the contrary,
(1) upon Holder’s delivery of the Put Notice, but subject to the consummation of the Company’s repurchase of this Warrant at the Put Closing in accordance with the requirements of this Section 1.7, this Warrant shall cease to be
exercisable for any Shares, and (2) upon the consummation of the Company’s repurchase of this Warrant at the Put Closing in accordance with the requirements of this Section 1.7, this Warrant shall terminate and be of no further force
or effect. 
 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 additional shares of the Class 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 (including, without limitation, if the Class is a series of the
Company’s convertible preferred stock, the conversion of all outstanding shares of such Class into common stock in accordance with the Company’s Amended and Restated Certificate of Incorporation, as amended and/or restated and in
effect from time to time (the “COI”)), 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

  
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shall similarly apply to successive reclassifications, exchanges, combinations, substitutions, replacements or other similar events. 

2.3    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. 

2.4    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. 
 2.5    Adjustments for Diluting Issuances. Without
duplication of any adjustment otherwise provided for in this Section 2, if the Class is a series of the Company’s convertible preferred stock, then 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 applicable to the outstanding shares of the Class as set forth in the COI as if the Shares were issued and outstanding on and as of the date of any such required 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)    [Reserved]. 

(b)    All Shares which may be issued upon the exercise of this Warrant 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 and other securities as will be sufficient to permit the exercise in
full of this Warrant. 
 (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. At all times prior to the IPO while this Warrant shall then be exercisable for any Shares in accordance with its terms, if the Company proposes at any time to: 

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

  
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 (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 its initial, underwritten offering and sale of its
securities to the public pursuant to an effective registration statement under the Act (the “IPO”); 
 then, in
connection with each such event, the Company shall give Holder: 
 (1)    in the case of
the matters referred to in (a) and (b) above, at least seven (7) Business Days prior written notice of the earlier to occur of the effective date thereof or 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; 

(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. 
 The Company will also provide
information requested by Holder from time to time, within a reasonable time following each such request, that is reasonably necessary to enable Holder to comply with Holder’s accounting or reporting requirements. Prior to the IPO, such
information may include, but shall not be limited to, the Company’s then-current summary capitalization table, the price per share for which the Company most recently prior thereto sold or issued shares of its convertible preferred stock to
investors for cash in a bona fide equity financing of the Company, and the Company’s most recent valuation of a share of its common stock pursuant to Section 409A of the Internal Revenue Code of 1986, as amended. Holder agrees to treat and
hold all information provided by the Company pursuant to this Warrant in confidence in accordance with the provisions of Section 12.9 of the Loan Agreement (regardless of whether the Loan Agreement shall then be in effect). 

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 Shares 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. 

  
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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    No Voting Rights. Holder, as a Holder of this Warrant, will not have any voting rights until
the exercise of this Warrant. 
 4.7    Market Stand Off. Holder hereby agrees that it will not,
without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the IPO and ending on the date specified by the Company and the managing underwriter (such period not to
exceed one hundred eighty (180) days) (a) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or
dispose of, directly or indirectly, any Shares held immediately prior to the effectiveness of the registration statement for such offering, or (b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of
the economic consequences of ownership of the Shares, whether any such transaction described in clause (a) or (b) above is to be settled by delivery of the Shares or other securities, in cash or otherwise. The foregoing provisions of this
Section 4.7 shall apply only to the Company’s IPO, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, and shall not apply unless all directors and officers of the Company, and all holders of
one percent (1%) or more of the Company’s outstanding common stock determined on a fully-

  
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diluted, as-exercised, as-converted basis, are then bound by substantially similar written agreements with the
Company and/or the underwriters in connection with the Company’s IPO. The underwriters in connection with the Company’s IPO are intended third-party beneficiaries of this Section 4.7 and shall have the right, power and authority to
enforce the provisions hereof as though they were a party hereto. Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in the Company’s IPO that are consistent with this Section 4.7 or that
are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to the Shares (and the shares or securities of every other person subject to the foregoing
restriction) until the end of such period. 
 SECTION 5. MISCELLANEOUS. 

5.1    Term; Automatic Cashless Exercise 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 commencing on the first date (if any) on which a Term B Loan Advance shall be made to the Company and ending on or before 6:00 PM, Pacific time, on the tenth (10th) anniversary of the Issue Date
hereof (the “Expiration Date”) and shall be void thereafter; provided, that if there shall have been no Term B Loan Advance made to the Company on or before March 31, 2020 for any reason or no reason (other than
by default of any Lender party under the Loan Agreement), including, without limitation, the Company’s failure or inability to consummate the Qualified Financing on or before such date, then, subject to the provisions of Section 1.7 above,
this Warrant shall terminate on September 30, 2020 unless Holder shall have delivered a Put Notice on or before such date, in which case this Warrant shall terminate upon consummation of the Company’s repurchase of this Warrant at the Put
Closing in accordance with the requirements of Section 1.7 above. 
 (b)    Automatic Cashless
Exercise upon Expiration. In the event that, upon the Expiration Date, the fair market value of one Share 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 for which it shall not previously have been exercised, and the Company shall, within a reasonable time, deliver a certificate
representing the Shares issued upon such exercise to Holder. 
 5.2    Legends. Each certificate
evidencing Shares 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 WESTRIVER INNOVATION LENDING FUND VIII, L.P. DATED MAY 14, 2019, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND
SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 

  
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 And, if then applicable, a legend in substantially the following form: 

THE SHARES EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP
PERIOD AFTER THE EFFECTIVE DATE OF THE ISSUER’S REGISTRATION STATEMENT FILED UNDER THE SECURITIES ACT, AS AMENDED, AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH MAY BE OBTAINED AT
THE ISSUER’S PRINCIPAL OFFICE. SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE SHARES. 

5.3    Compliance with Securities Laws on Transfer. This Warrant and the Shares issued upon
exercise of this Warrant 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 an affiliate of Holder, provided
that such affiliate is an “accredited investor” as defined in Regulation D promulgated under the Act. 

5.4    Transfer Procedure. Subject to the provisions of Section 5.3 and upon providing the
Company with written notice, Holder may transfer all or part of this Warrant or the Shares issued upon exercise of this Warrant to any transferee, provided, however, in connection with any such transfer, Holder will give the Company notice of the
portion of the Warrant and/or Shares 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 transferee 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, 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: 

WestRiver Innovation Lending Fund VIII, L.P. 

c/o Chief Financial Officer 

3720 Carillon Point 

Kirkland, Washington 98033-7455 

Attention: Trent Dawson 

Telephone: 

Email: 

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

Perkins Coie LLP 

1201 Third Avenue, Suite 4800 

Seattle, Washington 98101-3099 

Attention: David C. Clarke 

Telephone: (206) 359-8612 

Email: dclarke@perkinscoie.com 

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

Phathom Pharmaceuticals, Inc. 

Attn: Chief Financial Officer 

60 Willow Road, Suite 200 

Menlo Park, CA 940025 

Telephone: 

Facsimile: 

Email: 

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

Latham & Watkins LLP 

12670 High Bluff Drive 

San Diego, CA 92103 

Attention: Cheston J. Larson 

Email: cheston.larson@lw.com 

Facsimile No.: (858) 523-5450 

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    Attorneys’ 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. 

  
 11 

 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 banks in Washington are closed. 
 [Remainder of page left blank intentionally] 

[Signature page follows] 

  
 12 

 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”
	
	PHATHOM PHARMACEUTICALS, INC.
		
	By:	 	 /s/ David A. Socks

	Name:	 	David A. Socks
		 	(Print)
	Title:	 	President, Chief Executive Officer, Treasurer, Secretary
	
	“HOLDER”
	
	WESTRIVER INNOVATION LENDING FUND VIII, L.P.
		
	By:	 	Loan Manager II, LLC, its general partner
		
	By:	 	 /s/ Trent Dawson

	Name:	 	Trent Dawson
	Title:	 	Chief Financial Officer

  
 13 

 APPENDIX 1 

NOTICE OF EXERCISE 

1.    The undersigned Holder hereby exercises its right to purchase
                 shares of the Common/Series
                     Preferred [circle one] Stock of
                     (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):
	 	  

  
 Appendix 1EX-10.2

 Exhibit 10.2 

PHATHOM PHARMACEUTICALS, INC. 

2019 EQUITY INCENTIVE PLAN 

STOCK OPTION GRANT NOTICE AND 

STOCK OPTION AGREEMENT 

Phathom Pharmaceuticals, Inc. (the “Company”), pursuant to its 2019 Equity Incentive Plan (as amended
from time to time, the “Plan”), hereby grants to Participant an Option to purchase the number of shares of the Company’s Common Stock (referred to herein as “Shares”) set forth below. This Option
is subject to all of the terms and conditions as set forth herein and in the Stock Option Agreement attached hereto as Exhibit A (the “Agreement”) and the Plan, each of which is incorporated herein by reference. Unless
otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Stock Option Grant Notice (“Grant Notice”) and the Agreement. 

 

			
	 Participant:
	  	 [Insert Participant Name]

		
	 Grant Date:
	  	 [Insert Grant Date]

		
	 Vesting Commencement Date:
	  	 [Insert Vesting Commencement Date]

		
	 Exercise Price per Share:
	  	 $[Insert Exercise Price Per Share]

		
	 Total Exercise Price:
	  	 $[Insert Aggregate Exercise Price on Grant Date]

		
	 Total Number of Shares Subject to Option:
	  	 
[Insert Number of Shares]

		
	 Expiration Date:
	  	 [Insert Tenth Anniversary of Grant Date]

		
	 Type of Option:
	  	 ☐ Incentive Stock Option   ☐ Non-Qualified Stock
Option

		
	 Vesting Schedule:
	  	 25% of the total number of Shares subject to the Option shall vest one year after the Vesting Commencement Date, and 1/48th
of the total number of Shares subject to the Option shall vest on the last day of each one-month period of Participant’s service as a Service Provider thereafter, so that all of the Shares subject to the
Option shall be vested on the 4th anniversary of the Vesting Commencement Date.

 By his or her signature and the Company’s signature below, Participant agrees to be bound
by the terms and conditions of the Plan, the Agreement and this Grant Notice. Participant has reviewed the Agreement, the Plan and this Grant Notice in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this
Grant Notice and fully understands all provisions of this Grant Notice, the Agreement and the Plan. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator of the Plan upon any
questions arising under the Plan or the Agreement. 
  

									
	PHATHOM PHARMACEUTICALS, INC.	  	       
	  	PARTICIPANT
					
	 By:
	  	  
	  		  	 By:
	  	  

	 Print Name:
	  	  
	  		  	 Print Name:
	  	  

	 Title:
	  	  
	  		  	 State of
 Residence:
	  	  

 EXHIBIT A 

TO STOCK OPTION GRANT NOTICE 

STOCK OPTION AGREEMENT 

Pursuant to the Grant Notice to which this Agreement is attached, the Company has granted to Participant an Option under the
Plan to purchase the number of Shares indicated in the Grant Notice. 
 1. Grant of Option. In consideration of
Participant’s past and/or continued employment with or service to the Company or a parent or subsidiary of the Company and for other good and valuable consideration, effective as of the Grant Date set forth in the Grant Notice, the Company
irrevocably grants to Participant an Option to purchase any part or all of an aggregate of the number of Shares set forth in the Grant Notice at the Exercise Price per Share set forth in the Grant Notice, upon the terms and conditions set forth in
the Plan and this Agreement. Unless designated as a Non-Qualified Stock Option in the Grant Notice, the Option shall be an Incentive Stock Option to the maximum extent permitted by law. 

2. Vesting. The Option shall become vested and exercisable in such amounts and at such times as are set forth in
the vesting schedule in the Grant Notice (the “Vesting Schedule”), except that any Share as to which the Option would be fractionally vested will be accumulated and will vest and become exercisable only when a whole Share has
accumulated. The installments provided for in the vesting schedule are cumulative. Unless otherwise determined by the Administrator, any portion of the Option that has not become vested and exercisable on or prior to the date Participant incurs a
Termination of Service shall be forfeited on the date of Participant’s Termination of Service and shall not thereafter become vested, except as may be otherwise provided by the Administrator or as set forth in another written agreement between
the Company and Participant. 
 3. Exercise. 

(a) Duration of Exercisability. Any vested portion of the Option may be exercised in whole or in part at any time prior
to the time when the Option or portion thereof becomes unexercisable under Section 4. 
 (b) Person Eligible to
Exercise. During the lifetime of Participant, only Participant may exercise the Option or any portion thereof. After the death of Participant, any exercisable portion of the Option may, prior to the time when the Option becomes unexercisable
under Section 4, be exercised by Participant’s personal representative or by any person empowered to do so under the deceased Participant’s will or under the then Applicable Laws of descent and distribution. 

(c) Manner of Exercise. The Option, or any exercisable portion thereof, may be exercised solely by delivery to the
Secretary of the Company or the Secretary’s office, or such other place as may be determined by the Administrator, of all of the following prior to the time when the Option or such portion thereof becomes unexercisable under Section 4:

 (i) An exercise notice in substantially in the form attached as Exhibit B to the Grant Notice (or
such other form as is prescribed by the Administrator, which may be an electronic form) (the “Exercise Notice”) signed by Participant or any other person then entitled to exercise the Option or portion thereof, stating that
the Option or portion thereof is thereby exercised, such Exercise Notice complying with all applicable rules established by the Administrator; and 

  
 A-1 

 (ii) Subject to Section 5(f) of the Plan, full payment
for the Shares with respect to which the Option or portion thereof is exercised by: 
 (A) Cash, wire
transfer of immediately available funds or check, payable to the order of the Company; or 
 (B) With the
consent of the Administrator, surrendering shares of Common Stock then issuable upon exercise of the Option valued at their Fair Market Value on the date of exercise; or 

(C) If the Company is a Publicly Listed Company, unless the Administrator otherwise determines, through the
(A) delivery of an irrevocable and unconditional undertaking by a broker acceptable to the Company to deliver promptly to the Company sufficient funds to pay the exercise price, or (B) delivery by the Participant to the Company of a copy
of irrevocable and unconditional instructions to a broker acceptable to the Company to deliver promptly to the Company cash or a check sufficient to pay the exercise price, provided in either case, that such amount is paid to the Company at such
time as may be required by the Administrator; or 
 (D) With the consent of the Administrator, any other form
of payment permitted under Section 5(f) of the Plan; or 
 (E) Any combination of the above permitted
forms of payment; and 
 (iii) Subject to Section 9(e) of the Plan, full payment for any applicable
withholding taxes in cash, by wire transfer of immediately available funds or by check or in any form of consideration permitted by the Administrator for the payment of the exercise price pursuant to Section 3(c)(ii) above or pursuant to
Section 3(d) below; and 
 (iv) In the event the Option or portion thereof shall be exercised pursuant
to Section 3(b) by any person or persons other than Participant, appropriate proof of the right of such person or persons to exercise the Option. 

(d) Tax Withholding. The Company shall have the authority and the right to deduct or withhold, or require Participant to
remit to the Company, an amount sufficient to satisfy federal, state, local and foreign taxes (including Participant’s employment tax obligation) required by Applicable Law to be withheld with respect to any taxable event concerning Participant
arising as a result of the Option or otherwise under this Agreement, including, without limitation, the authority to deduct such amounts from other compensation payable to Participant by the Company. 

(e) Fractional Shares. The Option may only be exercised for whole shares of Common Stock. Any fractional Shares shall be
rounded down to the nearest whole share. 
 (f) Special Tax Consequences. If the Option is intended to be an Incentive
Stock Option, Participant acknowledges that, to the extent that the aggregate fair market value (determined as of the time the Option is granted) of all Shares with respect to which Incentive Stock Options, including, without limitation, the Option,
are first exercisable for the first time by Participant in any calendar year exceeds $100,000 (or such other limitation as imposed by Section 422(d) of the Code), the Option and such other options (or the applicable portion thereof) shall be
treated as not qualifying under Section 

  
 A-2 

 
422 of the Code but rather shall be considered Non-Qualified Stock Options. Participant further acknowledges that the rule set forth in the preceding
sentence shall be applied by taking Options and other “incentive stock options” into account in the order in which they were granted. 

4. Expiration of Option. The Option may not be exercised to any extent by anyone after the first to occur of the
following events: 
 (a) The Expiration Date set forth in the Grant Notice; 

(b) The expiration of three months following the date of Participant’s Termination of Service, unless such Termination of
Service occurs by reason of Participant’s death or Disability or Participant’s discharge by the Company for Cause; 

(c) The expiration of one year following the date of Participant’s Termination of Service by reason of Participant’s
death or Disability; 
 (d) The date of Participant’s Termination of Service as a result of Participant’s discharge
by the Company for Cause; or 
 (e) With respect to any unvested portion of the Option, the date that is thirty days
following Participant’s Termination of Service for any reason other than as a result of Participant’s discharge by the Company for Cause, or such shorter period as may be determined by the Administrator. 

Participant acknowledges that an Incentive Stock Option exercised more than three months after Participant’s termination
of status as an Employee, other than by reason of death or Disability, will be taxed as a Non-Qualified Stock Option. 

5. Transferability. The Option shall not be sold, assigned, transferred, pledged or otherwise encumbered by
Participant, either voluntarily or by operation of law, except by will or the laws of descent and distribution, and, during the life of the Participant, the Option shall be exercisable only by the Participant. 

6. Restrictive Legends and Stop-Transfer Orders. 

(a) Legends. Participant understands and agrees that the Company shall cause any certificates issued evidencing the
Shares to have the legends set forth below or legends substantially equivalent thereto, together with any other legends that may be required by Applicable Laws: 

THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(“ACT”), NOR HAVE THEY BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES LAWS OF ANY STATE. NO TRANSFER OF SUCH SECURITIES WILL BE PERMITTED UNLESS A REGISTRATION STATEMENT UNDER THE ACT IS IN EFFECT AS TO SUCH TRANSFER, THE TRANSFER IS
MADE IN ACCORDANCE WITH RULE 144 UNDER THE ACT, OR IN THE OPINION OF COUNSEL (WHICH MAY BE COUNSEL FOR THE COMPANY) REGISTRATION UNDER THE ACT IS UNNECESSARY IN ORDER FOR SUCH TRANSFER TO COMPLY WITH THE ACT AND WITH APPLICABLE STATE SECURITIES
LAWS. 

  
 A-3 

 THE SHARES REPRESENTED BY THIS CERTIFICATE MAY BE
TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. SUCH TRANSFER RESTRICTIONS ARE BINDING ON TRANSFEREES OF THESE SHARES. 

(b) Stop Transfer Orders. Participant agrees that, in order to ensure compliance with the restrictions referred to in
the Plan and this Agreement, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in
its own records. 
 (c) Impermissible Transfers Void. The Company shall not be required (i) to transfer on its
books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee
to whom such Shares shall have been so transferred. Any transfer or attempted transfer of the Option or any of the Restricted Shares not in accordance with the terms of this Agreement shall be void. 

7. Taxes. Participant understands that Participant may suffer adverse tax consequences as a result of
Participant’s purchase or disposition of the Shares. Participant represents that Participant has consulted with any tax consultants Participant deems advisable in connection with the purchase or disposition of the Shares and that Participant is
not relying on the Company for any tax advice. Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. Participant understands that Participant (and not the Company) shall be
responsible for Participant’s tax liability that may arise as a result of the transactions contemplated by this Agreement. 

8. Miscellaneous. 

(a) No Right To Employment or Other Status. No person shall have any claim or right to be granted an Award, and the
grant of an Award shall not be construed as giving a Participant the right to continued employment or any other relationship with the Company. The Company expressly reserves the right at any time to dismiss or otherwise terminate its relationship
with a Participant free from any liability or claim under the Plan or this Agreement. 
 (b) Notices. Any notice to be
given under the terms of this Agreement to the Company shall be addressed to the Company in care of the Secretary of the Company at the Company’s principal executive offices, and any notice to be given to Participant shall be addressed to
Participant at the most-recent physical or email address for Participant listed in the Company’s personnel records. By a notice given pursuant to this Section 8(b), either party may hereafter designate a different address for notices to be
given to that party. Any notice which is required to be given to Participant shall, if Participant is then deceased, be given to the person entitled to exercise his or her Option by written notice under this Section 8(b). Any notice shall be
deemed duly given when sent via email or when sent by certified mail (return receipt requested) and deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service. 

(c) Successors and Assigns. The Company may assign any of its rights under this Agreement and the Exercise Notice to
single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set 

  
 A-4 

 
forth, this Agreement shall be binding upon Participant and his or her heirs, executors, administrators, successors and assigns. 

(d) Severability. In the event any portion of the Plan or this Agreement or any action taken pursuant thereto shall be
held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan and this Agreement, and the Plan and this Agreement shall be construed and enforced as if the illegal or invalid provisions had not
been included, and the illegal or invalid action shall be null and void. 
 (e) Entire Agreement; Governing Documents.
The Plan, the Grant Notice and this Agreement (including all Exhibits thereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the
subject matter hereof. In the event of any contradiction between the Plan and this Agreement or any other written agreement between a Participant and the Company that has been approved by the Administrator, the terms of the Plan shall govern.
Participant hereby agrees to execute such further instruments and to take such further action as the Company requests to carry out the purposes and intent of this Agreement and the Plan, including, without limitation, restrictions on the
transferability of shares of Common Stock, the right of the Company to repurchase shares of Common Stock, the right of the Company to require that shares of Common Stock be transferred in the event of certain transactions, tag-along rights, bring-along rights, redemption and co-sale rights and voting requirements in accordance with Section 10(o) of the Plan. 

(f) Governing Law. The provisions of the Plan and all Awards made thereunder, including the Option, shall be
governed by and interpreted in accordance with the laws of the State of Delaware, disregarding choice-of-law principles of the law of any state that would require the
application of the laws of a jurisdiction other than such state. 
 (g) Titles and Headings. The titles and headings
of the Sections in this Agreement are for convenience of reference only and, in the event of any conflict, the text of this Agreement, rather than such titles or headings, shall control. 

  
 A-5 

 EXHIBIT B 

TO STOCK OPTION GRANT NOTICE 

FORM OF EXERCISE NOTICE 

Effective as of today,
                ,
                , the undersigned (“Participant”) hereby elects to exercise Participant’s option to
purchase                  Shares of Phathom Pharmaceuticals, Inc. (the “Company”) under and pursuant to
the Phathom Pharmaceuticals, Inc. 2019 Equity Incentive Plan (the “Plan”) and the Stock Option Grant Notice and Stock Option Agreement dated
                , ____ (the “Agreement”). Capitalized terms used herein without definition shall have
the meanings given in the Agreement. 
  

			
	Grant Date:	  	 ___________________________

		
	 Number of Shares as to which Option is Exercised:
	  	 ___________________________________

		
	 Exercise Price per Share:
	  	 $____________

		
	 Total Exercise Price:
	  	 $____________

		
	 Certificate to be issued in name of:
	  	 ___________________________________

		
	 Cash Payment delivered herewith:
	  	 $______________ (Representing the full Exercise Price for the Shares, as well as any applicable withholding
tax)

  

			
	Type of Option:        ☐ Incentive Stock Option	  	 ☐ Non-Qualified Stock Option

 1. Representations of Participant. Participant acknowledges that Participant has
received, read and understood the Plan and the Agreement. Participant agrees to abide by and be bound by their terms and conditions. 

2. Tax Consultation. Participant understands that Participant may suffer adverse tax consequences as a result of
Participant’s purchase or disposition of the Shares. Participant represents that Participant has consulted with any tax consultants Participant deems advisable in connection with the purchase or disposition of the Shares and that Participant is
not relying on the Company for any tax advice. Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. Participant understands that Participant (and not the Company) shall be
responsible for Participant’s tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement. 

3. Participant Representations. Participant hereby makes the following certifications and representations with
respect to the Shares listed above: 
 (a) Participant is aware of the Company’s business affairs and financial
condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Shares. Participant is acquiring these Shares for investment for Participant’s own account only and not with a
view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act. 

(b) Participant acknowledges and understands that the Shares constitute “restricted securities” under the Securities
Act and have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature 

 
of Participant’s investment intent as expressed herein. Participant understands that the Shares must be held indefinitely unless they are subsequently registered under the Securities Act or
an exemption from such registration is available. Participant further acknowledges and understands that the Company is under no obligation to register the Shares. Participant understands that the certificate evidencing the Shares will be imprinted
with a legend which prohibits the transfer of the Shares unless they are registered or such registration is not required in the opinion of counsel satisfactory to the Company and any other legend required under Applicable Laws. 

(c) Participant is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the Securities Act,
which, in substance, permit limited public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in a non-public offering subject to the satisfaction of certain
conditions. In the event the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, ninety days thereafter (or such longer period as any market stand-off
agreement may require) the securities exempt under Rule 701 may be resold, subject to the satisfaction of certain of the conditions specified by Rule 144. 

(d) In the event that the Company does not qualify under Rule 701 at the time of grant of the Option, then the securities
may be resold in certain limited circumstances subject to the provisions of Rule 144. 
 (e) Participant further
understands that in the event all of the applicable requirements of Rule 701 or 144 are not satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that,
notwithstanding the fact that Rules 144 and 701 are not exclusive, the Staff of the Securities and Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and
otherwise than pursuant to Rules 144 or 701 will have a substantial burden of proof in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such
transactions do so at their own risk. Participant understands that no assurances can be given that any such other registration exemption will be available in such event. 

4. Further Instruments. Participant hereby agrees to execute such further instruments and to take such further
action as the Company requests to carry out the purposes and intent of this Agreement and the Plan, including, without limitation, restrictions on the transferability of shares of Common Stock, the right of the Company to repurchase shares of Common
Stock, the right of the Company to require that shares of Common Stock be transferred in the event of certain transactions, tag-along rights, bring-along rights, redemption and
co-sale rights and voting requirements in accordance with Section 10(o) of the Plan. 

5. Notices. Any notice required or permitted hereunder shall be given in accordance with the provisions set forth
in Section 8(b) of the Agreement. 
 6. Entire Agreement. The Plan and Agreement are incorporated herein
by reference. This Notice, the Plan and the Agreement constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof. 

  
 B-2 

									
	 ACCEPTED BY:
 PHATHOM
PHARMACEUTICALS, INC.
	 	 

        
	  	 SUBMITTED BY

PARTICIPANT:

					
	 By:
	 	             
	 		  	 By:
	 	
            

	 Print Name:
	 	 	 		  	 Print Name:
	 	 
	 Title:
	 	 	 		  		 	

  
 B-3

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