Document:

EX-10.91

 Exhibit 10.91 

Newco Deal Incentive Award Agreement 

This Newco Deal Incentive Award Agreement dated April 30, 2013 (the “Agreement”) by and among ING Groep, N.V. (“ING”), ING U.S., Inc.
(“ING U.S.”) and Maliz Beams (“Recipient”) evidences and sets forth the terms of a deal incentive award to be granted or paid by ING or one of its designated affiliates to the Recipient on the terms and conditions set forth
below. ING, ING U.S. and Recipient agree as follows: 
  

	 	1.	Award Value. Recipient will receive a special one-time deal incentive award with an aggregate value in the amount of $1,500,000 (the “Deal Incentive Award”). 

 

	 	2.	IPO. Subject to the terms and conditions of this Agreement, on the closing date of the first tranche of the registered initial public offering of a portion of the shares of common stock of ING U.S., Inc.
(collectively, together with its successors, “ING US” or “Newco”) on a national market or national securities exchange after which there is an active trading market in such shares of common stock (the “IPO”), 100% of
the amount of the Deal Incentive Award will be granted to Recipient in the form of shares of Newco restricted common stock. 

  

	 	 	The number of shares of Newco restricted common stock to be granted to Recipient will be determined on the date of IPO by dividing $1,500,000 by the Newco IPO price to the public (as specified on the cover of the final
IPO-related prospectus). 

  

	 	 	Subject to the terms and conditions of this Agreement, fifty percent (50%) of the shares of Newco restricted common stock granted to Recipient upon the date of the IPO will fully vest at the end of the lock-up
period to be specified in the underwriting agreement related to the IPO of Newco (the “IPO Lock-up Period”). Subject to the terms and conditions of this Agreement, the remaining 50% of the shares of Newco restricted common stock granted to
Recipient on the date of IPO will fully vest at the earlier of (i) the end of the lock-up period (the “Secondary Lock-up Period”) to be specified in the underwriting agreement related to the second registered sale of Newco common
stock to the public by ING (the “Secondary”), (ii) the end of the lock-up period to be specified in the underwriting agreement relating to the registered sale of substantially all of ING’s shares of Newco (other than any Newco
shares that it may hold on behalf of third party customers), and (iii) the date of closing of any post-IPO merger or acquisition of Newco (the “Closing”), with vesting of the second 50% of Recipient’s restricted Newco common
shares to occur, in the case of clause (iii) immediately prior to such Closing, but only if ING shall have disposed of substantially all of its shares in Newco by or at such Closing, other than any Newco shares that it may hold on behalf of
third party customers. 

  

	 	3.	 Termination. Except as otherwise provided below, if Recipient is not employed by ING US on the date of the IPO, then the Deal Incentive
Award shall be forfeited and no amount of the Deal Incentive Award shall be granted or paid to Recipient. If Recipient is employed 

	 	
by ING US on the date of the IPO but is not employed by Newco on the date of the Secondary or, except as explicitly provided below, on the date of the Closing, as applicable, then the second 50%
of the restricted common shares of Newco that were granted to Recipient upon the IPO shall not vest and shall be forfeited by Recipient upon termination of employment. 

 

	 	 	If, however, Recipient is involuntarily terminated other than for Cause by Newco after the date of the IPO, but prior to the end of the IPO Lock-up Period, 50% of the Newco shares granted to Recipient shall nonetheless
vest upon termination of employment and the remaining 50% of the restricted Newco common shares shall not vest and shall be forfeited by Recipient upon termination of employment. Similarly, if Recipient is involuntarily terminated other than for
Cause by Newco (a) after the date of the Secondary but prior to the end of the Secondary Lock-Up Period, in the event there is a Secondary, or (b) after the date of execution of the merger or acquisition agreement related to the Closing
but prior to the date of the Closing, then in either (a) or (b), the remaining 50% of the Newco restricted common shares granted to Recipient shall vest upon termination of employment. Notwithstanding anything herein to the contrary, all vested
Newco shares granted pursuant to this Agreement shall, in addition, be subject to the terms of the ING Required Holding Period defined below. 

  

	 	 	“Cause” shall mean (A) Recipient’s breach of this Agreement or Recipient’s material breach of any employment agreement that he or she has entered into with ING, Newco or any of their respective
subsidiaries or affiliates, (B) aiding and abetting a competitor of ING, Newco or any of their respective subsidiaries or affiliates, (C) misappropriation (or attempted misappropriation) or embezzlement (or attempted embezzlement) of funds
or property of ING, Newco or any of their respective subsidiaries or affiliates, or fraudulent misrepresentation or disclosure of confidential information or trade secrets of ING, Newco or any of their respective subsidiaries or affiliates,
(D) gross negligence or willful misconduct in the discharge of his or her duties and responsibilities to ING, Newco or any of their respective subsidiaries or affiliates, (E) commission of any criminal act involving his or her duties and
responsibilities for ING, Newco or any of their respective subsidiaries or affiliates, (F) continued willful and unjustified failure or refusal to perform his or her duties associated with his or her position after having been notified in
writing by ING, Newco or any of their respective subsidiaries or affiliates of such failure or refusal and failing to correct the failure or refusal in the manner described in the written notification within 30 days, (G) failure to abide by the
applicable material policies of ING, Newco or any of their respective subsidiaries or affiliates, including but not limited to, the ING Code of Conduct, the Code of Ethics and the Personal Trading Policy, or (H) a similar act or failure to act
that causes demonstrable and serious injury to ING, Newco or any of their respective subsidiaries or affiliates, as determined by the ING or Newcos, as applicable, in its sole discretion. 

  
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	 	4.	ING Required Holding Period. Notwithstanding anything contained or implied herein to the contrary (other than Section 5), Recipient understands and agrees that s/he may not engage in any form of
hedging transaction related to Newco common stock or sell, pledge or otherwise dispose of any of the shares of Newco common stock granted to Recipient under this Agreement as a one-time Deal Incentive Award (with the exception, however, that
Recipient may sell, subject to compliance with all applicable laws and regulations, such number of Newco shares as needed to cover taxes due upon vesting of the shares, subject to Newco’s right in its sole discretion, to repurchase such number
of Newco shares to cover such taxes) before the earlier of the following dates: (i) such date that is 180 days after the date on which ING disposes of all of its shares of Newco, other than Newco shares that it may hold on behalf of third-party
customers, (ii) the date, if any, on which ING announces its decision to retain its post – IPO ownership interest in Newco and (iii) December 31, 2015 (the “ING Required Holding Period”). 

 

	 	5.	Death or Disability after IPO. In the event of Recipient’s death or Disability (as defined below) following the IPO, 100% of Recipient’s Newco restricted common shares granted under this
Agreement will vest immediately and, if applicable, be delivered to Recipient’s designated beneficiaries as soon as practicable following death; provided, however, that none of such vested shares may be sold (other than for the payment of taxes
due upon vesting, subject to Newco’s right in its sole discretion, to repurchase such number of Newco shares to cover such taxes), during either the IPO Lock-up Period or the Secondary Lock-up Period. Further, upon Recipient’s death or
Disability, the ING Required Holding Period shall cease to apply to any of Recipient’s Newco common shares granted under this Agreement. The term “Disability” shall have the same meaning as set forth in Newco’s long-term
disability plan, as in effect from time to time. 

  

	 	6.	Trade Sale. In the event there is no IPO and ING US instead is divested by means of a trade sale of all or substantially all of ING US, then 50% of the Deal Incentive Award will vest and be paid to
Recipient in cash upon the date of closing of such disposition (the “Trade Sale Closing”), provided that Recipient is employed by ING US on the date of such Trade Sale Closing, and the remaining 50% of the Deal Incentive Award will vest
and be paid to Recipient in cash on the first anniversary of the Trade Sale Closing (the “First Anniversary”), provided that Recipient is employed by ING US or its successor or an affiliate of its successor on the date of the First
Anniversary. If Recipient is terminated for reasons other than Cause by ING US or its successor or an affiliate of its successor during the period after the date of the Trade Sale Closing and prior to the First Anniversary, then the remaining 50% of
the Deal Incentive Award will immediately vest and be paid to Recipient within 30 days of the date of Recipient’s involuntary termination for reasons other than Cause. 

  
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	 	7.	Death or Disability after Trade Sale. In the event of Recipient’s death or Disability following the date of the Trade Sale Closing, 100% of any remaining Deal Incentive Award will vest and be paid to
Recipient or to Recipient’s designated beneficiaries, as the case may be. 

  

	 	8.	Taxes. Any cash paid or stock granted and vested pursuant to this Agreement shall be properly and timely reported by Recipient’s employer for Federal, state, local and/or foreign income taxes and be
subject to all applicable income tax and other withholdings. ING US or Newco or any affiliate, as the case may be, is authorized to withhold from any restricted stock grant awarded or any cash payment made any amounts of withholding, other taxes, or
any other standard deductions from compensation payable in connection with any transaction involving such a grant or payment. In addition, ING US or Newco or any affiliate, as the case may be, is authorized to take any other action, including
withholding from any payroll or other payment made to Recipient or repurchasing Newco restricted common stock from Recipient, as it may deem advisable to satisfy obligations for the payment of withholding taxes and any other obligations relating to
any grant vesting or payment. 

  

	 	    	Notwithstanding anything contained in this Agreement to the contrary, each of the parties hereto agrees to cooperate in good faith so that all grants or payments made under this Agreement will conform and fully comply
with, or be exempt from, Internal Revenue Code Section 409A and the regulations promulgated thereunder. 

  

	 	9.	Recipient Covenants. As consideration for the Deal Incentive Award to be granted or paid pursuant to this Agreement, without prior written consent of ING or Newco: 

(i) Recipient will keep confidential and will not disclose (except to the extent required by an order of a court having competent jurisdiction
or under subpoena or its equivalent from an appropriate government agency) to any person (other than to Recipient’s spouse, attorney and financial advisor, provided each agrees to be bound by the confidentiality provisions contained in this
paragraph (i)), the existence or terms of this Agreement; 
 (ii) Recipient will not (except to the extent required by an order of a court
having competent jurisdiction or under subpoena from an appropriate government agency) disclose to any third person, whether during or subsequent to Recipient’s Employment (as defined below), any trade secrets, including but not limited to
customer lists, product development and related information, marketing plans and related information, sales plans and related information, premium or other pricing information, operating policies and manuals, research, methodologies, contractual
forms, business plans, financial records, or other 

  
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financial, commercial, business or technical information related to ING, ING US, Newco or any subsidiary or affiliate thereof, unless such information has been previously disclosed to the public
by ING, ING US, Newco or any subsidiary or affiliate thereof or has become public knowledge other than by a breach of this Agreement; provided, however, that this limitation shall not apply to any such disclosure made while Recipient is employed by
ING US, Newco or any subsidiary or affiliate thereof if such disclosure occurred in connection with the performance of Recipient’s job as an employee of ING US, Newco or any subsidiary or affiliate thereof, and provided, further, that should
any information subject to this covenant be deemed by a court of competent jurisdiction not to be a “trade secret”, this covenant shall have no effect with respect to such information after the third anniversary of Recipient’s
termination of Employment; 
 (iii) Recipient will not, during and for a period of 12 months following Recipient’s termination of
Employment, directly or indirectly induce or attempt to induce any employee or Insurance Agent (as defined below) of ING US, Newco or any subsidiary or affiliate, to be employed by or to perform services for any entity that competes with ING US,
Newco or any subsidiary or affiliate; 
 (iv) Recipient will not, during and for a period of 12 months following Recipient’s termination
of Employment, directly or indirectly, induce or attempt to induce any agent or agency, broker, broker-dealer, financial planner, registered principal or representative, supplier or service provider of ING US, Newco or any subsidiary or affiliate
thereof to cease providing services to ING US, Newco or any subsidiary or affiliate thereof; 
 (v) Recipient will not, during and for a
period of 12 months after Recipient’s termination of Employment, directly or indirectly, solicit or attempt to solicit the trade of any individual or entity which, at the time of such solicitation or attempted solicitation, is a customer of ING
US, Newco or any subsidiary or affiliate thereof, or which ING US, Newco or any subsidiary or affiliate thereof is undertaking reasonable steps to procure as a customer at the time of or immediately preceding termination of Employment; provided,
however, that this limitation shall only apply to any product or service which is in competition with a product or service of ING US, Newco or any subsidiary or affiliate thereof and to those customers or prospective customers with whom Recipient
had contact during Recipient’s Employment; and 
 (vi) Following the termination of Recipient’s Employment, Recipient shall provide
assistance to and shall cooperate with ING US, Newco or any subsidiary or affiliate thereof, upon its reasonable request and without additional compensation, with respect to matters within the scope of Recipient’s duties and responsibilities
during Employment, provided that any reasonable out-of-pocket expenses Recipient incurs in connection with any assistance Recipient has been requested to provide under this provision for items 

  
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including, but not limited to, transportation, meals, lodging and telephone, shall be reimbursed by ING US, Newco or any subsidiary or affiliate thereof, as applicable. ING and ING US agree and
acknowledge that they shall, to the maximum extent possible under the then prevailing circumstances, coordinate, or cause Newco or a subsidiary or affiliate of ING US or Newco to coordinate, any such request with Recipient’s other commitments
and responsibilities to minimize the degree to which such request interferes with such commitments and responsibilities. 
 The term
“Insurance Agent” shall mean those insurance agents or agencies representing ING US, Newco or any subsidiary or affiliate thereof that are exclusive or career agents or agencies of ING US, Newco or any subsidiary or affiliate thereof, or
any insurance agents or agencies which derive 50% or more of their business revenue from ING US, Newco or any subsidiary or affiliate thereof (calculated on an aggregate basis for the 12 month period prior to the date Recipient terminates Employment
or such other similar period for which such information is more readily available). 
 If any provision of Section 9 is determined by a
court of competent jurisdiction not to be enforceable in the manner set forth herein, the ING, ING US and Recipient agree that it is the intention of the parties that such provision should be enforceable to the maximum extent possible under
applicable law and that such court shall reform such provision to make it enforceable in accordance with the intent of the parties. 

Recipient acknowledges that a material part of the inducement for ING, ING US and Recipient to provide the Deal Incentive Award evidenced by
this Agreement is Recipient’s covenants set forth in this Section 9 and that the covenants and obligations of Recipient with respect to non-disclosure, non-solicitation and cooperation relate to special, unique and extraordinary matters
and that a violation of any of the terms of such covenants and obligations will cause ING, ING US and Newco irreparable injury for which adequate remedies are not available at law. Therefore, Recipient agrees that, if Recipient shall breach any of
those covenants or obligations, any Deal Incentive Award granted or paid to the Recipient pursuant to this Agreement shall be rescinded and Recipient shall not be entitled to retain any income derived therefrom and ING, ING US and Newco, as
applicable, shall be entitled to an injunction, restraining order or such other equitable relief (without the requirement to post bond) restraining Recipient from committing any violation of the covenants and obligations contained in Section 9.
The remedies in the preceding sentence are cumulative and are in addition to any other rights and remedies that ING, ING US or Newco may have at law or in equity as a court or arbitrator shall reasonably determine. 

For purposes of this Section 9, the term “Employment” shall refer to active employment with ING US, Newco or any subsidiary,
affiliate or successor thereof, and shall not include severance periods and approved leaves of absence related to retirement bridging. 

  
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	 	10.	Acknowledgements, Representations and Warranties of Recipient. Recipient acknowledges that the shares of Newco restricted common stock have not been registered under the Securities Act of 1933, as
amended (the “Act”), or the securities laws of any state. While the parties intend for Newco to use its reasonable best efforts to file a registration statement under the Act covering the shares of Newco restricted stock at or around
the time of an IPO, there can be no assurance that such registration statement will be filed or become effective. The shares of Newco restricted common stock may not be reoffered, resold or otherwise pledged, hypothecated or transferred except
(x) pursuant to an effective registration statement under the Act and applicable state securities laws or (y) pursuant to another applicable exemption from the registration requirements of the Act (such as Rule 144 under the Act) or such
state securities laws, and a restrictive legend may be placed on certificates for the shares of Newco restricted common stock reflecting the foregoing restrictions. Recipient understands that the IPO, Secondary or Closing may not occur, and
that ING has sole discretion to determine whether a particular future transaction constitutes an IPO, Secondary, Closing or Trade Sale Closing for the purposes of this Agreement. 

 

	 	11.	Miscellaneous. 

  

	 	(a)	Nothing in the Agreement or in any award granted under this Agreement will confer upon any Recipient the right to continue as an employee of ING US, Newco or any subsidiary or affiliate thereof or affect the right of
ING US, Newco or any subsidiary or affiliate thereof to terminate the Recipient’s employment at any time. 

  

	 	(b)	Any determination by any court of competent jurisdiction of the invalidity of any provision of this Agreement that is not essential to accomplishing the purposes of this Agreement will not affect the validity of any
other provision of this Agreement, which will remain in full force and effect and which will be construed so as to be valid under applicable law. 

  

	 	(c)	The failure of any person at any time to require performance of any provision of this Agreement will in no manner affect the right of such person or any other person to enforce the same. No waiver by any person of any
provision (or of a breach of any provision) of this Agreement, whether by conduct or otherwise, in any one or more instances will be (or will be deemed or construed) either as a further or continuing waiver of any such provision or breach or as a
waiver of any other provision (or of a breach of any other provision) of this Agreement. 

  

	 	(d)	This Agreement is governed by, and will be construed and enforced in accordance with, the laws of the State of New York. 

  

	 	(e)	 This Agreement will constitute the entire agreement and understanding by and among ING, ING US and the Recipient with respect to the Deal Incentive
Award awarded under this Agreement. This Agreement supersedes all prior agreements and understandings 

  
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(whether written or oral), between Recipient and ING and ING US, relating to the Deal Incentive Award, including, but not limited to, the offer and acceptance of employment by and between Maliz
Beams and ING North America Insurance Corporation, dated May 27, 2011, offering her the position of Chief Executive Officer, ING Retirement. 

  

	 	(f)	In the event ING US, Newco or any subsidiary or affiliate thereof, in its sole discretion, determines that Recipient’s tax and/or withholding obligations will not be satisfied under the methods described in
Paragraph 8 of this Agreement, Recipient hereby authorizes ING US, Newco or any subsidiary or affiliate thereof or its designated agent to repurchase or sell a number of shares of Newco restricted common stock that are issued to Recipient under this
Agreement which ING US, Newco or any subsidiary or affiliate thereof determines as having at least the market value sufficient to meet the tax and/or withholding obligations plus additional shares to account for rounding and market fluctuations.
Such amount shall be paid over to ING US, Newco or any subsidiary or affiliate thereof, as applicable, as soon as administratively practicable. 

  

	 	(g)	In the event that at the time distribution of shares of Newco restricted common stock is required to be made, Newco or the Recipient is subject to trading prohibitions either imposed by applicable securities laws, a
trading policy established by Newco, or otherwise (referred to as a “Blackout Period”), then distribution shall be made as soon as practicable after the Blackout Period ends. Notwithstanding the foregoing, since the Recipient may elect to
sell sufficient shares of Newco restricted common stock to cover any taxes due upon vesting, Newco may solicit the Recipient’s election prior to the imposition of a Blackout Period, with such election being irrevocable at the time received by
Newco. Newco may then implement this election during the Blackout Period, unless prohibited by applicable securities law. 

  

	 	(h)	No rights under this Agreement may be transferred except by will or the laws of descent and distribution. The rights granted to the Recipient under this Agreement may be exercised during the lifetime of the Recipient
only by the Recipient. 

  

	 	(i)	All amounts due under this Agreement will be paid through the Company’s regular payroll process and the amounts of all such payments will be excluded from earnings for all compensation and benefits purposes
including, but not limited to, any bonus and incentive, pension, retirement and welfare plans and arrangements and vacation and other paid time off allowances. 

  

	 	(j)	In the event an IPO or Trade Sale Closing has not occurred on or before December 31, 2015, then this Agreement shall terminate without further action and shall have no further effect, without any further obligation
owed by or to ING, Newco, ING U.S. or Recipient hereunder. 

  
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 IN WITNESS WHEREOF, each of the parties hereto has signed this Agreement effective as of April 30, 2013. 

 

							
	ING Groep, N.V.	 		 		 	ING U.S., Inc.
				
	/s/ Hein J.M. Knaapen	 		 		 	/s/ Howard Greene
	  
 Hein J.M. Knaapen

Global Head of Human Resources
 ING Groep, N.V.
	 		 		 	  
 Howard Greene

Head of Compensation, Benefits & HR
 Operations, ING U.S.,
Inc.

				
	Recipient	 		 		 	
				
	 /s/ Maliz Beams
	 		 		 	
	Maliz Beams	 		 		 	

  
 9EX-4.2

 Exhibit 4.2 

EXECUTION COPY 
  

 
  

 
 VITAL THERAPIES, INC. 

FOURTH AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT 

August 28, 2013 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
			
	 Section 1.	    	Board of Directors	  	 	1	  
			
	 1A.
	    	Board Composition	  	 	1	  
	 1B.
	    	Subsidiary Boards	  	 	2	  
	 1C.
	    	Removal	  	 	2	  
	 1D.
	    	Vacancies	  	 	3	  
	 1E.
	    	Board Observer	  	 	3	  
	 1F.
	    	Expense Reimbursement; Director and Officer Insurance	  	 	3	  
	 1G.
	    	Termination	  	 	3	  
			
	 Section 2.	    	Irrevocable Proxy; Conflicting Agreements	  	 	4	  
			
	 2A.
	    	Irrevocable Proxy	  	 	4	  
	 2B.
	    	Representations and Warranties	  	 	5	  
			
	 Section 3.	    	Preemptive Rights	  	 	5	  
			
	 3A.
	    	General Obligation	  	 	5	  
	 3B.
	    	Exercise Procedure	  	 	6	  
	 3C.
	    	Acknowledgment	  	 	6	  
	 3D.
	    	Termination	  	 	6	  
			
	 Section 4.	    	Transfer of Investor Shares	  	 	6	  
			
	 4A.
	    	First Refusal Rights	  	 	6	  
	 4B.
	    	Tag Along Rights	  	 	8	  
	 4C.
	    	Approved Sale; Drag Along Obligations	  	 	8	  
	 4D.
	    	Additional Restrictions on Transfer	  	 	10	  
	 4E.
	    	Legend	  	 	11	  
	 4F.
	    	Public Offering	  	 	11	  
	 4G.
	    	Transfer Fees and Expenses	  	 	12	  
	 4H.
	    	Void Transfers	  	 	12	  
	 4I.
	    	Termination	  	 	12	  
			
	 Section 5.	    	Registration Rights	  	 	12	  
			
	 5A.
	    	Demand Registrations	  	 	12	  
	 5B.
	    	Piggyback Registrations	  	 	15	  
	 5C.
	    	Registration Procedures	  	 	16	  
	 5D.
	    	Certain Obligations of Holders of Registrable Securities	  	 	19	  
	 5E.
	    	Registration Expenses	  	 	19	  
	 5F.
	    	Indemnification	  	 	20	  
	 5G.
	    	Participation in Underwritten Registrations	  	 	22	  
	 5H.
	    	Current Public Information	  	 	22	  
	 5I.
	    	Subsidiary Public Offerings	  	 	23	  
	 5J.
	    	No Inconsistent Agreements	  	 	23	  
	 5K.
	    	Termination of Registration Rights	  	 	23	  

  
 - i - 

							
			
	 Section 6.	    	Holdback Agreements	  	 	23	  
			
	 6A.
	    	Holdback Agreement	  	 	23	  
	 6B.
	    	No Other Registration Statements	  	 	24	  
			
	 Section 7.	    	Definitions	  	 	24	  
			
	 Section 8.	    	Miscellaneous	  	 	30	  
			
	 8A.
	    	Additional Investors	  	 	30	  
	 8B.
	    	Transfers; Transfers in Violation of Agreement	  	 	30	  
	 8C.
	    	Amendment and Waiver	  	 	30	  
	 8D.
	    	Severability	  	 	30	  
	 8E.
	    	Entire Agreement	  	 	31	  
	 8F.
	    	Successors and Assigns	  	 	31	  
	 8G.
	    	Counterparts	  	 	31	  
	 8H.
	    	Remedies	  	 	31	  
	 8I.
	    	Notices	  	 	32	  
	 8J.
	    	Rights Cumulative	  	 	32	  
	 8K.
	    	Governing Law	  	 	32	  
	 8L.
	    	Business Days	  	 	33	  
	 8M.
	    	Descriptive Headings; Interpretation	  	 	33	  
	 8N.
	    	No Strict Construction	  	 	33	  

  
 - ii - 

 VITAL THERAPIES, INC. 

FOURTH AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT 

THIS FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”) is made and entered
into as of August 28, 2013 by and among Vital Therapies, Inc., a Delaware corporation (the “Company”), each of the Persons listed from time to time on the Schedule of Satter Investors (each, a “Satter Investor”
and, collectively, the “Satter Investors”) and each of the Persons listed from time to time on the Schedule of Other Investors (each, an “Other Investor” and, collectively, the “Other Investors”).
The Satter Investors and the Other Investors are collectively referred to herein as the “Investors” and individually as an “Investor.” The Company and the Investors are sometimes collectively referred to herein as
the “Parties” and individually as a “Party.” Capitalized terms used herein and not otherwise defined herein have the meanings given to such terms in Section 7. 

WHEREAS, the Company and certain of the Investors have previously entered into that certain Third Amended and Restated
Investor’s Rights Agreement, dated as of May 9, 2013 (the “Prior Agreement”), for the purposes, among others, of (i) establishing the composition of the Company’s board of directors (the
“Board”), (ii) assuring continuity in the management and ownership of the Company, (iii) limiting the manner and terms by which the Company’s capital stock may be transferred, and (iv) providing to the Investors
the registration rights set forth in this Agreement; and 
 WHEREAS, the Parties desire to amend and restate the Prior
Agreement in anticipation of the potential consummation of a Qualified Public Offering. 
 NOW, THEREFORE, in consideration
of the mutual covenants, agreements and understandings contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, representing the Company, the Requisite Investors
and the Majority Satter Investors, hereby agree as follows: 
 Section 1.
        Board of Directors. 
 1A.      
Board Composition. From and after the date hereof and until the provisions of this Section 1 cease to be effective, each holder of Investor Shares shall vote all of his or its Investor Shares which are voting shares and any other
voting securities of the Company over which such holder has voting control and shall, except to the extent necessary for such holder to comply with his or her fiduciary duties as a director (if any), take all other necessary or desirable actions
within his or its control (whether in his or its capacity as a stockholder, director, member of a board committee or officer of the Company or otherwise, and including nomination of designated individuals for election to the Board, attendance at
meetings in person or by proxy for purposes of obtaining a quorum and execution of written consents in lieu of meetings), and the Company shall take all necessary or desirable actions within its control (including the nomination of designated
individuals for election to the Board and calling special board and stockholder meetings), so that: 
 (i)
        the authorized number of Directors shall be established and maintained at eight (8), or such greater number as the Majority Satter Investors may designate in writing to the Company and the other
Investors from time to time; 
 (ii)        the individual serving from time to time as
the Chief Executive Officer of the Company (the “CEO Director”) shall be nominated and elected to the Board; 

 (iii)        upon the written request of the
Majority Satter Investors at any time and from time to time prior to the consummation of a Qualified Public Offering (which written request shall (x) reference this Section 1A(iii) and (y) specify the name of each individual to
be nominated and elected to the Board as a Satter Director), (a) for so long as the Satter Investors continue to hold at least 40% of the outstanding shares of Common Stock (assuming conversion of all outstanding Preferred Stock), a number of
representatives designated by the Majority Satter Investors shall be nominated and elected to the Board such that all Directors (other than the CEO Director) shall be Satter Directors, (b) from and after such time as the Satter Investors cease
to hold at least 40% of the outstanding shares of Common Stock (assuming conversion of all outstanding Preferred Stock) and for so long as the Satter Investors continue to hold at least 30% of the outstanding shares of Common Stock (assuming
conversion of all outstanding Preferred Stock), a number of representatives designated by the Majority Satter Investors shall be nominated and elected to the Board such that not less than two-thirds of the Non-CEO Directors (rounded up to the
nearest whole number) shall be Satter Directors, (c) from and after such time as the Satter Investors cease to hold at least 30% of the outstanding shares of Common Stock (assuming conversion of all outstanding Preferred Stock) and for so long
as the Satter Investors continue to hold at least 20% of the outstanding shares of Common Stock (assuming conversion of all outstanding Preferred Stock), a number of representatives designated by the Majority Satter Investors shall be nominated and
elected to the Board such that not less than one-half of the Non-CEO Directors (rounded up to the nearest whole number) shall be Satter Directors, (d) from and after such time as the Satter Investors cease to hold at least 20% of the
outstanding shares of Common Stock (assuming conversion of all outstanding Preferred Stock) and for so long as the Satter Investors continue to hold at least 5% of the outstanding shares of Common Stock (assuming conversion of all outstanding
Preferred Stock), a number of representatives designated by the Majority Satter Investors shall be nominated and elected to the Board such that not less than one-third of the Non-CEO Directors (rounded up to the nearest whole number) shall be Satter
Directors, and (e) from and after such time as the Satter Investors cease to hold at least 5% of the outstanding shares of Common Stock (assuming conversion of all outstanding Preferred Stock), one representative designated by the Majority
Satter Investors shall be nominated and elected to the Board; 
 (iv)        any
Directors not elected pursuant to Section 1A(ii) and Section 1A(iii) shall be nominated and elected in accordance with the applicable provisions of the Company’s certificate of incorporation and bylaws and applicable
law; and 
 (v)         notwithstanding anything to the contrary contained herein,
for so long as Muneer A. Satter and Terence E. Winters are both serving as members of the Board and Terence E. Winters is serving as the Chief Executive Officer of the Company, each will have the right to serve as Co-Chairman of the Board and Muneer
A. Satter will also have the right to serve as Lead Director and, at any time Muneer A. Satter is serving as a member of the Board after Terence E. Winters is no longer serving as the Chief Executive Officer of the Company (even if he is still
serving as a member of the Board), Muneer A. Satter will have the right to serve as the sole Chairman of the Board and Lead Director. 

1B.       Subsidiary Boards; Committees. Except to the extent required by applicable law,
the composition of the board of directors or equivalent governing body of each of the Company’s Subsidiaries (each, a “Sub Board”) shall be proportionately equivalent to that of the Board (except that the Majority Satter
Investors may determine that any Satter Director need not be a member of any such Sub Board). Neither the Board nor any Sub Board shall establish any committee without the prior written consent of the Majority Satter Investors. 

1C.       Removal. Subject to Section 1D, any Director may be removed from
the Board or a Sub Board in the manner allowed by law and the Company’s or such Subsidiary’s certificate of incorporation and bylaws or similar governing documents; provided, that (i) with respect to a Satter Director, such

  
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removal (with or without cause) shall only be upon the written request of the Majority Satter Investors and for no other reason, and (ii) with respect to the CEO Director, such removal shall
be deemed to have occurred automatically upon such CEO Director ceasing to be employed as the Chief Executive Officer of the Company for any reason. 

1D.       Vacancies. In the event that any Director designated hereunder for any reason
ceases to serve as a member of the Board or any Sub Board during his or her term of office, the resulting vacancy on the Board or Sub Board shall be filled by (i) with respect to any Satter Director, a representative designated as provided in
Section 1A(iii) or Section 1A(vi), as applicable, (ii) with respect to the CEO Director, the individual appointed by the Board to succeed such individual as Chief Executive Officer of the Company, and (iii) with
respect to any other Director, a representative designated as provided in Section 1A(iv). 

1E.       Board Observer. The Majority Satter Investors shall have the right to designate
one individual as a non-voting observer of the Board and each Sub Board so long as the Satter Investors continue to hold any Investor Shares (the “Observer”). The Observer (if any) shall have the right to attend and participate in
meetings of the Board and each Sub Board on a non-voting basis and to receive all notices and materials provided to Directors or members of any Sub Board but shall not have any voting rights and shall not be a Director or a member of any Sub Board
for any purpose. 
 1F.       Expense Reimbursement; Director and Officer Insurance.
The Company shall pay the reasonable out of pocket travel expenses incurred by each Director, each member of any Sub Board and the Observer in connection with attending the meetings of the Board, any Sub Board or any committee thereof. The Company
shall maintain in effect at all times directors and officers indemnity insurance coverage satisfactory to the Majority Satter Investors, and the Company’s certificate of incorporation and bylaws shall at all times provide for indemnification
and exculpation of directors to the fullest extent permitted under applicable law. Upon the request of the Majority Satter Investors, the Company shall enter into a separate indemnification agreement with any Person then serving as the Observer,
which indemnification agreement shall provide for indemnification and exculpation of the Observer to the same extent as would be applicable if the Observer were a Director and shall otherwise be in form and substance acceptable to the Majority
Satter Investors. 
 1G.       Board Nomination Rights. 

(i)         Upon the written request of the Majority Satter Investors to the Company
at any time and from time to time after the consummation of a Qualified Public Offering (which written request shall (x) reference this Section 1G, (y) specify the name of each individual to be nominated to the Board as a
Satter Director and (z) demand that the Company comply with its obligations to nominate individuals to the Board as directed by the Majority Satter Investors pursuant to this Section 1G), (a) at any time that the Satter
Investors hold at least 30% of the outstanding shares of Common Stock, the Majority Satter Investors shall have the right to nominate a number of individuals for election to the Board such that not less than 40% of the Directors (rounded up to the
nearest whole number) shall be Satter Directors, (b) at any time that the Satter Investors hold at least 20% (but less than 30%) of the outstanding shares of Common Stock, the Majority Satter Investors shall have the right to nominate a number
of individuals for election to the Board such that not less than 30% of the Directors (rounded up to the nearest whole number) shall be Satter Directors, (c) at any time that the Satter Investors hold at least 10% (but less than 20%) of the
outstanding shares of Common Stock, the Majority Satter Investors shall have the right to nominate a number of individuals for election to the Board such that not less than 20% of the Directors (rounded up to the nearest whole number) shall be
Satter Directors, and (d) at any time that the Satter Investors hold at least 2% (but less than 10%) of the outstanding shares of Common Stock, the Majority Satter Investors shall have the right to nominate a number of individuals for election
to the Board such 

  
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that not less than 10% of the Directors (rounded up to the nearest whole number) shall be Satter Directors. If an individual designated by the Majority Satter Investors for nomination for
election to the Board pursuant to this Section 1G is not nominated or elected to the Board because of such individual’s death, withdrawal or disqualification or for any other reason is unavailable or unable to serve on the Board,
then the Majority Satter Investors shall have the right to designate another representative to be nominated for election to the Board and the applicable Board seat shall not be filled pending such designation. If any vacancy results from the death,
resignation, disqualification, removal or any other cause of a Satter Director, then the Majority Satter Investors shall have the right to cause the Board to fill such vacancy with an individual nominated by the Majority Satter Investors. 

(ii)         From and after the consummation of a Qualified Public Offering:
(a) the Company shall include each individual designated by the Majority Satter Investors for nomination for election to the Board pursuant to this Section 1G in the Board’s slate of nominees to the stockholders for each
election of directors and in the proxy statement prepared by management of the Company in connection with soliciting proxies for every meeting of the stockholders of the Company called with respect to the election of members of the Board, and at
every adjournment or postponement thereof, and on every action or approval by written consent of the Board, and every action of the stockholders of the Company, with respect to the election of members of the Board; and (b) the Company shall not
take any action, including making or recommending any amendment to the Certificate of Incorporation or the Company’s bylaws, that could reasonably be expected to have an adverse effect on the rights of the Majority Satter Investors under this
Section 1G, in each case without the prior written consent of the Majority Satter Investors. 
 (iii)
        For the avoidance of doubt, (a) the Majority Satter Investors shall not be deemed to have exercised any of their rights to nominate representatives to the Board pursuant to this
Section 1G unless the Majority Satter Investors shall have sent a written notice to the Company that (1) references this Section 1G, (2) specifies the name of each individual to be nominated to the Board as a Satter
Director and (3) demands that the Company comply with its obligations to nominate individuals to the Board as directed by the Majority Satter Investors pursuant to this Section 1G, (b) the Majority Satter Investors may
determine in their sole discretion whether, and to what extent, to exercise their rights pursuant to Section 1A(iii) and/or Section 1G, (c) as of the date of this Agreement, the Majority Satter Investors have not
exercised any of their rights to designate or nominate any individuals to the Board pursuant to Section 1A(iii) or this Section 1G, and (d) references in this Agreement to a specified percentage of Directors refer to a
percentage of the number of then authorized members of the Board (and not to the number of director candidates standing for election at any given meeting). 

1H.       Termination. The provisions of this Section 1 shall terminate
automatically and shall be of no further force and effect upon the earlier of a Qualified Public Offering and a Sale of the Company; provided that, notwithstanding the foregoing, the provisions of Section 1A(v) and
Section 1G shall survive and remain in full force and effect following a Qualified Public Offering. 

Section 2.         Irrevocable Proxy; Conflicting
Agreements. 
 2A.       Irrevocable Proxy. In order to secure each
holder’s obligation to vote his or its Investor Shares and other voting securities of the Company in accordance with the provisions of Section l, Section 4C and Section 4F, each Investor hereby appoints the Board
and each officer of the Company duly authorized by the Board as such Investor’s true and lawful proxy and attorney in fact, with full power of substitution, to vote all of such Investor’s Investor Shares and other voting securities of the
Company for the election and/or removal of Directors and all such other matters contemplated by Section l, Section 4C and Section 4F. The Board and each such officer may each exercise the irrevocable proxy granted to
it hereunder at any time an Investor fails (for a period of five (5) business days after notice of such failure) 

  
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to comply with the provisions of this Agreement. The proxies and powers granted by each Investor pursuant to this Section 2A are coupled with an interest and are given to secure the
performance of such Investor’s obligations under this Agreement. Such proxies and powers will be irrevocable for the term of this Agreement and will survive the death, incompetence or disability of such Investor. The proxy granted hereunder
shall terminate automatically and shall be of no further force and effect upon the earlier of a Qualified Public Offering and a Sale of the Company; provided, that the proxy granted hereunder for purposes of securing a holder’s obligation to
vote his or its Investor Shares and other voting securities of the Company in accordance with the provisions of Section 4F shall survive and remain in full force and effect following a Qualified Public Offering. 

2B.       Representations and Warranties. Each Investor represents that this Agreement
has been duly authorized, executed and delivered by such Investor and constitutes the valid and binding obligation of such Investor, enforceable in accordance with its terms. 

Section 3.       Preemptive Rights. 

3A.       General Obligation. Except for issuances of: 

(i)       up to 13,473,242 shares of Senior Preferred (as adjusted for any stock splits,
stock dividends, stock combinations, recapitalizations or the like), whether issued before or after the date hereof and whether issued pursuant to the Purchase Agreement or otherwise; 

(ii)      Senior Preferred issued pursuant to the Purchase Agreement at the Supplemental
Preemptive Rights Closing; 
 (iii)     Common Stock upon conversion of the Preferred Stock; 

(iv)     Equity Securities issued to any director, officer, employee, consultant or independent
contractor of the Company or any of its Subsidiaries pursuant to the Stock Option Plan or pursuant to any other plans, arrangements or transactions approved by the Board; 

(v)      Equity Securities issued as consideration in connection with the acquisition of
another Person or business segment of such Person by the Company, whether by merger, purchase of assets or otherwise, in a transaction approved by the Board; 

(vi)     Equity Securities issued to equipment leasing companies, commercial banks and other
financial institutions as consideration for or in connection with any lending or leasing arrangements approved by the Board; 

(vii)    Equity Securities issued pursuant to an exercise of rights under Section 2.1 of the
February 2012 Agreement; 
 (viii)   Equity Securities issued upon exercise or conversion or exchange (and
in accordance with the terms) of debt securities or other Equity Securities: (a) that are outstanding as of the date of this Agreement; (b) which were issued in compliance with this Section 3; or (c) which were issued in
an issuance which is exempt from this Section 3; 
 (ix)     Equity Securities issued
pursuant to a Public Offering; and 
 (x)      Equity Securities issued in connection with
any stock split, dividend, combination, recapitalization or the like; 

  
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 if the Company sells any of its Equity Securities to any Person, then the Company shall offer to
sell to each Investor (other than Excluded Investors), up to such Investor’s Proportional Share of the Equity Securities proposed to be sold; provided, that no Investor (x) who, together with its Affiliates and the members of its
Family Group, is entitled to purchase less than $10,000 of such Equity Securities after determination of such Investor’s Proportional Share or (y) who is not an “accredited investor” as such term is defined under the Securities
Act and the rules and regulations promulgated thereunder shall have any rights under this Section 3 (each such Investor, an “Excluded Investor”). Each such Investor (other than Excluded Investors) shall be entitled to
purchase all or any portion of such Equity Securities at the most favorable price and on the most favorable terms as such Equity Securities are to be offered to any other Person; provided, that if all Persons entitled to purchase such Equity
Securities are required to also purchase other securities of the Company or any of its Subsidiaries, then the Investors exercising their rights pursuant to this Section 3 shall also be required to purchase the same strip of securities
(on the same terms and conditions) that such other Persons are required to purchase. The purchase price for all Equity Securities offered to such Investors hereunder shall be payable in cash or, to the extent consistent with the terms offered to any
other Person, installments over time. An Investor shall be entitled to apportion the purchase right hereby granted to such Investor among such Investor and the members of such Investor’s Family Group in such proportions as such Investor deems
appropriate to the extent that such apportionment would not cause the Company to be in violation of the Securities Act. 

3B.       Exercise Procedure. In order to exercise its purchase rights under this
Section 3, an Investor must within fifteen (15) days after receipt of written notice from the Company describing in reasonable detail the Equity Securities being offered, the purchase price thereof, the payment terms and such
Investor’s Proportional Share, deliver a written notice to the Company irrevocably exercising such Investor’s purchase rights hereunder. Upon the expiration of the foregoing offering period, the Company shall be entitled to sell such
securities which the Investors have not elected to purchase during the ninety (90) days following such expiration on terms and conditions not materially more favorable to the purchasers thereof than that offered to the Investors. Any such
securities sold by the Company after such 90-day period must be reoffered to the Investors pursuant to the terms of this Section 3. 

3C.       Acknowledgment. Notwithstanding anything to the contrary set forth herein, in
lieu of offering any Equity Securities to the Investors at the time such Equity Securities are offered to any Person, the Company may comply with the provisions of this Section 3 by first selling Equity Securities to such other Person(s)
and then subsequently making an offer to sell to the Investors their Proportional Share of such Equity Securities promptly after a sale to any such Person is effected. In such event, for all purposes of this Section 3, each
Investor’s Proportional Share shall be determined taking into consideration the actual number of Equity Securities sold to any other Person so as to achieve the same economic effect as if such offer would have been made prior to such sale. 

3D.       Termination. The rights of the Investors under this Section 3 shall
terminate automatically and shall be of no further force and effect upon the earlier of a Qualified Public Offering and a Sale of the Company. 

Section 4.         Transfer of Investor Shares. 

4A.       First Refusal Rights. 

(i)         Offer. Subject to compliance with all other provisions of this
Agreement, and after obtaining a bona fide written offer to acquire any Investor Shares (except pursuant to an Exempt Transfer or a Public Sale), at least sixty (60) days (or such shorter period as may be determined by the Board and the
Requisite Investors) prior to any Transfer of any Investor Shares (except pursuant to an Exempt Transfer or a Public Sale), any Investor desiring to make such Transfer (the “RFR Transferring 

  
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Investor”) shall deliver a written notice (the “Offer Notice”) to the Company and each holder of Investor Shares, specifying in reasonable detail the identity,
background and ownership (if applicable) of the prospective Transferee(s), the number and class of Investor Shares to be Transferred (the “Offered Shares”) and the price and other terms and conditions of the proposed Transfer. The
Offer Notice shall constitute a binding offer to sell the subject shares on such terms and conditions. The RFR Transferring Investor shall not consummate such proposed Transfer until at least sixty (60) days (or such shorter period as
determined by the Board and the Requisite Investors) after the delivery of the Offer Notice, unless the parties to the Transfer have been finally determined pursuant to this Section 4A and Section 4B prior to the expiration
of such 60-day (or shorter) period (the date of the first to occur of (x) the expiration of such 60-day (or shorter) period after delivery of the Offer Notice or (y) such final determination is referred to herein as the
“Authorization Date”). 
 (ii)         Company Election.
The Company may elect to purchase all or any portion of the Offered Shares at the price and on the other terms set forth in the Offer Notice, by delivering written notice of such election to the RFR Transferring Investor and each holder of Investor
Shares within twenty (20) days after delivery of the Offer Notice. 

(iii)         Investor Election. If the Company does not elect to purchase all
of the Offered Shares, then each holder of Investor Shares may elect to purchase all or any portion up to such holder’s RFR Share of the remaining Offered Shares at the price and on the other terms set forth in the Offer Notice, by delivering
written notice of such election to the RFR Transferring Investor and the Company within thirty (30) days after delivery of the Offer Notice. Any Offered Shares not elected to be purchased by the end of such 30-day period shall during the
immediately following 5-day period be reoffered by the RFR Transferring Investor to the holders of Investor Shares who have elected to purchase their RFR Share of the remaining Offered Shares and, if such Persons collectively indicate interest
within said 5-day period in acquiring additional Offered Shares in an amount in excess of the aggregate amount of Offered Shares remaining, such remaining Offered Shares will be allocated among such Persons pro rata in accordance with their
respective RFR Shares. 
 (iv)         Closing. If the Company and/or the
holders of Investor Shares have elected to purchase all or any portion of the Offered Shares from the RFR Transferring Investor, such purchase shall be consummated as soon as practicable after the delivery of the election notice(s) to the RFR
Transferring Investor, but in any event within thirty (30) days after the Authorization Date. Notwithstanding any other provision hereof, in the event that the sale price, or any portion thereof, for the Offered Shares is not payable in the
form of cash at closing or cash payable on a deferred basis (such as pursuant to promissory notes issued by the prospective Transferee(s) described in the Offer Notice), the Company and/or each holder of Investor Shares electing to purchase Offered
Shares pursuant to this Section 4A shall be required to pay cash in lieu thereof in an amount equal to the Fair Market Value of such non-cash consideration, and delivery of such consideration to the RFR Transferring Investor shall be
payment in full for such Offered Shares. 
 (v)         No Election. If the
Company and the holders of Investor Shares do not elect, in the aggregate, to purchase all of the Offered Shares from the RFR Transferring Investor, then, subject to compliance with Section 4B, the RFR Transferring Investor shall have
the right, within the sixty (60) days following the Authorization Date, to Transfer such Offered Shares which the Company and the holders of Investor Shares have not elected to purchase to the Transferee(s) specified in the Offer Notice (less
the number of Offered Shares acquired by the Company and the holders of Investor Shares) in the amounts specified in the Offer Notice at a price not less than the price per share specified in the Offer Notice and on other terms no more favorable to
the Transferee(s) thereof than specified in the Offer Notice. Any Offered Shares not so Transferred within such 60-day period shall be reoffered to the Company and the holders of Investor Shares pursuant to this Section 4A prior to any
subsequent Transfer. 

  
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 4B.       Tag Along Rights. 

(i)         Participation Right. At least twenty (20) days prior to
any Transfer of any Investor Shares by any Investor (other than one or more Transfers which are Exempt Transfers or in a Public Sale) and after complying with such Investor’s obligations pursuant to Section 4A, each Investor making
such Transfer (the “Transferring Investor”) shall deliver a written notice (the “Sale Notice”) to the Company and the other holders of Investor Shares, specifying in reasonable detail the identity of the prospective
Transferee(s), the number and class of Investor Shares to be Transferred and the terms and conditions of the Transfer (including the price which will reflect each Investor Share’s Pro Rata Share). Such other holders may elect to participate in
the contemplated Transfer by delivering written notice to the Transferring Investor within fifteen (15) days after delivery of the Sale Notice. Such participation shall be based upon the Pro Rata Share represented by the Investor Shares
requested to be included by each such holder. If no other holder of Investor Shares has elected to participate in the contemplated Transfer (through notice to such effect or expiration of the 15-day period after delivery of the Sale Notice), then
the Transferring Investor may Transfer the Investor Shares specified in the Sale Notice at a price and on terms no more favorable to the Transferee(s) thereof than specified in the Sale Notice during the 60-day period immediately following the
Authorization Date. Any Transferring Investor’s Investor Shares not Transferred within such 60-day period shall be subject to the provisions of this Section 4B upon subsequent Transfer. 

(ii)        Participation Procedure; Conditions. With respect to any Transfer
subject to Section 4B(i), each Transferring Investor shall use its commercially reasonable efforts to obtain the agreement of the prospective Transferee(s) to the participation of the other holders of Investor Shares who have elected to
participate in any contemplated Transfer, and no Transferring Investor shall Transfer any of its Investor Shares to any prospective Transferee if such prospective Transferee(s) declines to allow the participation of such other holders on the terms
provided herein, unless in connection with such Transfer one or more of the Transferring Investors or their Affiliates purchase (on the same terms and conditions on which such Investor Shares were to be sold to the Transferee(s)) the number and
class of Investor Shares from each such other holder which such other holder would have been entitled to sell pursuant to Section 4B(i). Each Person Transferring Investor Shares pursuant to this Section 4B shall pay such
Person’s share (on a Pro Rata Basis) of the expenses incurred by the Transferring Investor in connection with such Transfer and shall be obligated to join on a Pro Rata Basis in any indemnification or other obligations that the Transferring
Investor agrees to provide in connection with such Transfer (other than any such obligations that relate specifically to a particular holder such as indemnification with respect to representations and warranties given by a Investor regarding such
Investor’s title to and ownership of Investor Shares which shall be given on an individual basis); provided, that unless a prospective Transferee permits an Investor to give a guarantee, letter of credit or other mechanism (which shall
be dealt with on an individual basis), any escrow of proceeds of any such transaction shall be withheld on a Pro Rata Basis among all participating holders of Investor Shares. 

4C.       Approved Sale; Drag Along Obligations. 

(i)         Approved Sale. If at any time the Requisite Investors approve
a Sale of the Company or a Deemed Liquidation Event (an “Approved Sale”), each holder of Investor Shares and each Person that retains voting control of any Investor Shares Transferred to a Permitted Transferee (each, a
“Holder”) shall take and otherwise facilitate the following actions: 

(a)        vote for (whether at a meeting of the Company’s stockholders or by
written consent), consent to and raise no objections against, and not otherwise impede or delay, such Approved Sale; 

  
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 (b)         if the Approved Sale is
structured as a (A) merger or consolidation, waive any dissenters rights, appraisal rights or similar rights in connection with such merger or consolidation or (B) sale of capital stock or other equity securities, agree to sell or dispose
of (and shall sell and dispose of) all of such Holder’s Investor Shares and other securities of the Company on the terms and conditions of the Approved Sale (provided, that the Requisite Investors may require each of the Investors to
sell (but in no event more than) the same percentage of his or its capital stock or other equity securities as the Requisite Investors, in the aggregate, are selling of their capital stock or other equity securities); and 

(c)         take all necessary or desirable actions (in such Holder’s
capacity as a stockholder of the Company or otherwise) in connection with the consummation of the Approved Sale as reasonably requested by the Board (with the approval of or as directed by the Requisite Investors) or the Requisite Investors,
including executing and delivering any and all agreements, instruments and other documents approved and executed by the Requisite Investors (including any applicable purchase agreement, stockholders agreement and/or indemnification and/or
contribution agreement). 
 (ii)         Certain Covenants. In
connection with any Approved Sale, the Company shall (and the Company shall cause each of its Subsidiaries and each of its and their respective officers, directors, employees, financial advisors, consultants, attorneys and other agents and
representatives to) take all necessary or desirable actions in connection with the consummation of the Approved Sale and any related transactions (including any auction or competitive bid process in connection with or preceding such Approved Sale)
as reasonably requested by the Requisite Investors, including (A) retaining investment bankers and other advisors approved by the Requisite Investors; (B) participating in management meetings and preparing pitchbooks and confidential
information memorandums, (C) furnishing information and copies of documents, (D) preparing and making filings with governmental authorities; (E) providing assistance with legal, accounting, tax, financial, benefits and other due
diligence; (F) executing and delivering any documents and instruments that may be necessary or appropriate, as determined by the Requisite Investors, to effectuate and perform any such Approved Sale; and (G) otherwise cooperating with the
Requisite Investors, the prospective buyer(s), any investment bankers, consultants or other professional advisors who have been retained in connection with such Approved Sale and their respective representatives. 

(iii)        Conditions to Obligations. The obligations of the Holders with
respect to the Approved Sale are subject to the satisfaction of the conditions that (and the Company shall take such actions as are necessary so that) each holder of Investor Shares shall receive in exchange for the Investor Shares held by such
Holder the same portion of the aggregate consideration from such transaction that such holder of Investor Shares would have received if such aggregate consideration had been distributed by the Company pursuant to a liquidation, dissolution and
winding up of the Company in accordance with the provisions of the Certificate of Incorporation. Notwithstanding anything to the contrary contained in this Agreement, the conditions specified in the immediately foregoing sentence shall not be deemed
to have not been satisfied by reason of any directors, officers or employees of the Company or any of its Subsidiaries receiving equity securities of the purchaser or a parent company thereof in a “management rollover” or similar
transaction as part of their consideration in connection with such Approved Sale even if such rollover option is not offered or provided to other holders of the same class or series of Equity Securities (provided that the equity securities
received by such director, officer or employee as part of such “management rollover” does not reduce the consideration to be paid in such Approved Sale to holders of Investor Shares not participating in such “management
rollover”). 
 (iv)         Additional Agreements. Notwithstanding
anything herein to the contrary, the Holders shall be severally obligated to join on a Pro Rata Basis (as if such indemnification obligations reduced the aggregate proceeds available for distribution or payment to the holders of Investor Shares in

  
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such Approved Sale) in any indemnification obligations the Board (with the approval of the Requisite Investors) or the Requisite Investors agreed to in connection with such Approved Sale;
provided, that no Holder shall be obligated to enter into indemnification obligations with respect to matters particular to any other Holder or such other Holder’s (or its Permitted Transferee’s) Investor Shares and no Holder shall
be required to agree to indemnification obligations in excess of the proceeds received by such Holder (or its Permitted Transferee) in such Approved Sale; provided, further, that unless the prospective purchaser in the Approved Sale
permits a Holder to give a guarantee, letter of credit or other mechanism (which shall be dealt with on an individual basis), any escrow of proceeds of any such transaction shall be withheld on a Pro Rata Basis among all Holders (as if such escrow
reduced the aggregate proceeds available for distribution or payment to the holders of Investor Shares in such Approved Sale). Each Holder shall pay his or its share determined on a Pro Rata Basis (as if such expenses reduced the aggregate proceeds
available for distribution or payment to the holders of Investor Shares in such Approved Sale) of the expenses incurred by or on behalf of the Company pursuant to an Approved Sale to the extent such expenses are not paid by the Company prior to the
distribution to the holders of Investor Shares of proceeds from any Approved Sale, or by the acquiring company. Each Holder shall enter into any indemnification, contribution or stockholder/seller representative agreement requested by the Board
(with the approval of the Requisite Investors) or the Requisite Investors to ensure compliance with this Section 4D and hereby consents and agrees to abide by the customary provisions of any merger or similar agreement providing for a
stockholder/seller representative. Each Holder shall enter into any other agreement which the Requisite Investors approve and enter into on the same terms and conditions (other than as differences in such terms and conditions might result from
holdings of different classes of Investor Shares). 
 (v)         Purchaser
Representative. If the Company, any of its Subsidiaries or the Requisite Investors enters into any negotiation or transaction for which Rule 506 (or any similar rule then in effect) promulgated by the Securities and Exchange Commission may be
available with respect to such negotiation or transaction (including a merger, consolidation or other reorganization), each Excluded Investor shall, at the request of the Company, appoint a “purchaser representative” (as such term is
defined in Rule 501 promulgated under the Securities Act) designated by the Company. If any Holder so appoints such purchaser representative, the Company shall pay the fees of such purchaser representative. However, if any Holder declines to appoint
the purchaser representative designated by the Company, such Holder shall appoint another purchaser representative (reasonably acceptable to the Company), and such Holder shall be responsible for the fees of the purchaser representative so
appointed. 
 4D.      Additional Restrictions on Transfer. 

(i)        Execution of Joinder. Each Investor effecting a Transfer of
Investor Shares and the Transferee of such Investor Shares shall comply with Section 8B. 

(ii)        Notice. In connection with the Transfer of any Investor Shares,
the holder of such Investor Shares will deliver written notice to the Company describing in reasonable detail the Transfer or proposed Transfer. 

(iii)        Legal Opinion. No Transfer of Investor Shares or other interest
in the Company may be made unless such Transfer would not violate any federal securities laws applicable to the Company or the interest to be Transferred. Upon reasonable request of the Company, the proposing Transferor shall deliver to the Company
prior to the date of the Transfer an opinion of counsel reasonably acceptable to the Company as to the foregoing. 

  
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 (iv)        Certain Exempt
Transfers. If any Person acquires Investor Shares pursuant to an Exempt Transfer as a Permitted Transferee by virtue of such Person’s qualification as a member of a Transferor’s Family Group under clauses (ii) or (iii) of the
definition of Family Group, and such Person shall, at any time, cease to be a member of such Transferor’s Family Group, then such Person shall be required to Transfer such Person’s Investor Shares to a Person that does qualify at the time
of such required Transfer as a member of the original Transferor’s Family Group. 

4E.       Legend. Each certificate evidencing Investor Shares and each certificate
issued in exchange for or upon the Transfer of any Investor Shares (if such shares remain Investor Shares as defined herein after such Transfer) shall be stamped or otherwise imprinted with a legend in substantially the following form: 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED ON [
                     ], HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR APPLICABLE
STATE SECURITIES LAWS (“STATE ACTS”) AND MAY NOT BE SOLD, ASSIGNED, PLEDGED, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR STATE ACTS OR AN EXEMPTION FROM REGISTRATION
THEREUNDER. THE TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE CONDITIONS SPECIFIED IN A THIRD AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT, DATED AS OF MAY 9, 2013, BY AND AMONG THE ISSUER OF SUCH SECURITIES
(THE “COMPANY”) AND ITS STOCKHOLDERS (THE “INVESTORS’ RIGHTS AGREEMENT”). THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY ALSO BE SUBJECT TO ADDITIONAL TRANSFER RESTRICTIONS AND OTHER PROVISIONS SET FORTH IN
THE INVESTORS’ RIGHTS AGREEMENT AND/OR A SEPARATE AGREEMENT WITH THE INITIAL HOLDER HEREOF. A COPY OF SUCH PROVISIONS SHALL BE FURNISHED BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE. 

The Company shall imprint such legend on certificates evidencing Investor Shares outstanding prior to the date hereof. The legend set forth
above shall be removed from the certificates evidencing any shares which cease to be Investor Shares. If an Investor delivers to the Company an opinion of counsel, satisfactory in form and substance to the Board (which opinion may be waived by the
Board), that no subsequent Transfer of Investor Shares will require registration under the Securities Act, the Company will promptly upon such contemplated Transfer deliver new certificates evidencing such Investor Shares which do not bear the
portion of the restrictive legend relating to the Securities Act set forth in this Section 4E. 

4F.       Public Offering. If at any time the Board approves a Qualified Public
Offering, then each Holder shall vote for (whether at a meeting of the Company’s stockholders or by written consent), consent to and take all other necessary or desirable actions (including, without limitation, the giving of any required
consent or approval, whether under the Company’s certificate of incorporation or otherwise, and the execution and delivery of any documents and instruments that may be necessary or appropriate, as determined by the Board) to approve, facilitate
and effectuate such Qualified Public Offering and all transactions related or incidental thereto (including, without limitation, an amendment and restatement of the Company’s certificate of incorporation or bylaws and/or a recapitalization,
reorganization and/or exchange of the capital stock of the Company (including through the formation of a new parent holding company, as a result of which the Company would be a Subsidiary of such newly formed parent holding company, and/or the
assignment and assumption of this Agreement in connection with such recapitalization, reorganization and/or exchange) approved or directed by the Majority Investors, and no Holder shall raise any objection against, or otherwise impede or delay, such
Qualified Public Offering or 

  
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any transactions related or incidental thereto (including, without limitation, any such amendment and restatement of the Company’s certificate of incorporation or bylaws or any such
recapitalization, reorganization and/or exchange). Without limiting the generality of the foregoing, in further consideration of the Investors’ entering into this Agreement and the Senior Preferred Stock Purchase Agreement and purchasing shares
of Senior Preferred thereunder, each of the Holders and the Company hereby acknowledges and agrees that, from and after any Qualified Public Offering the Company’s certificate of incorporation and bylaws and other constituent documents shall
provide for the following (and each of the Holders and the Company shall take all necessary or desirable actions (including, without limitation, the giving of any required consent or approval, whether under the Company’s certificate of
incorporation or otherwise) so that the Company’s certificate of incorporation and bylaws and other constituent documents shall provide for the following): (i) “blank check” preferred stock; (ii) director elections by
plurality vote; (iii) a supermajority (75%) stockholder vote requirement for any Sale of the Company or Deemed Liquidation Event and any amendments to the Company’s certificate of incorporation or bylaws; (iv) a
classified/staggered board of directors; (v) no opt out from the provisions of Section 203 of the Delaware General Corporation Law (or the equivalent); (vi) a shareholder rights plan (poison pill); (vii) fair price provisions;
(viii) no action by written consent of stockholders or right of stockholders to call special meetings of stockholders; (ix) advance notice provisions for director elections and other proposals; and (x) a supermajority board approval
requirement for affiliate transactions. The Company shall pay any and all organizational, legal and accounting expenses and filing fees incurred in connection with any such recapitalization, reorganization and/or exchange, including any fees related
to a filing under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, if applicable. It is the intent of the Holders that any such recapitalization, reorganization and/or exchange is part of the Holders’ original investment
decision with respect to the Investor Shares. 
 4G.       Transfer Fees and
Expenses. Except as provided in Section 4A, Section 4B or Section 4C, the Transferor and Transferee of any Investor Shares or other interest in the Company shall be jointly and severally obligated to reimburse
the Company for all reasonable expenses (including attorneys’ fees and expenses) of any Transfer or proposed Transfer, whether or not consummated. 

4H.       Void Transfers. Any Transfer or attempted Transfer of any Investor Shares
or other interest in the Company in contravention or violation of any provision of this Agreement (including the failure of the Transferee to execute a counterpart to this Agreement) shall be void and ineffectual and shall not bind or be recognized
by the Company or any other Person, and the Company shall not record such Transfer on its books or treat any purported transferee of such Investor Shares as the owner of such Investor Shares for any purpose. 

4I.        Termination. The provisions of this Section 4 shall
terminate automatically and shall be of no further force and effect upon the earlier of a Qualified Public Offering and a Sale of the Company; provided, that, notwithstanding the foregoing, Section 4F shall survive and remain in
full force and effect following a Qualified Public Offering. 
 Section 5.
        Registration Rights. 

5A.       Demand Registrations. 

(i)         Requests for Registration. Subject to the terms and
conditions of this Agreement, at any time and from time to time after the Initial Public Offering, the holders of least 25% of the Registrable Securities then outstanding may (i) request registration under the Securities Act of all or any
portion of their Registrable Securities on Form S-1 or any similar long-form registration (“Long-Form Registrations”) in accordance with Section 5A(ii) or (ii) if available, request registration under the Securities
Act of all or any portion of their Registrable Securities on Form S-3 or any similar short-form 

  
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registration (“Short-Form Registrations”) in accordance with Section 5A(iii). All registrations requested pursuant to this Section 5A(i) by the holders of
Registrable Securities are referred to herein as “Demand Registrations.” Each request for a Demand Registration shall specify the approximate number of Registrable Securities requested to be registered and the intended method of
distribution. Within ten (10) days after receipt of any such request, the Company shall give written notice of such requested registration to all other holders of Registrable Securities and all holders of Other Registrable Securities and,
subject to the terms of Section 5A(iv), shall include in such registration (and in all related registrations and qualifications under state blue sky laws and in compliance with other registration requirements and in any related
underwriting) all Registrable Securities and Other Registrable Securities with respect to which the Company has received written requests for inclusion therein within twenty (20) days after the receipt of the Company’s notice. 

(ii)         Long-Form Registrations. The holders of Registrable
Securities shall be entitled to three (3) Long-Form Registrations, each of which may be initiated by the holders of at least 25% of the Registrable Securities then outstanding; provided, that the aggregate offering value of the
Registrable Securities requested to be registered in any Long-Form Registration must be at least $15,000,000. The Company shall pay all Registration Expenses with respect to Long-Form Registrations. A registration shall not count against the total
number of Long-Form Registrations provided for in this Section 5A(ii) until it has become effective and unless the holders of Registrable Securities are able to register and sell at least ninety percent (90%) of the Registrable
Securities requested to be included in such registration; provided, that in any event the Company shall pay all Registration Expenses in connection with any registration initiated as a Long-Form Registration whether or not it has become
effective and whether or not such registration counts against the total number of Long-Form Registrations provided for in this Section 5A(ii); provided, further, that no Demand Registration shall be deemed to be a Long-Form
Registration whenever the Company is permitted to use any applicable short form. All Long-Form Registrations shall be underwritten registrations unless otherwise approved by the holders of two-thirds of the Registrable Securities initially
requesting registration. 
 (iii)        Short-Form Registrations. In
addition to the Long-Form Registrations provided pursuant to Section 5A(ii), the holders of at least 25% of the Registrable Securities then outstanding shall be entitled to an unlimited number of Short-Form Registrations in which the
Company shall pay all Registration Expenses, whether or not any such registration has become effective; provided, that the (i) aggregate offering value of the Registrable Securities requested to be registered in any Short-Form
Registration must be at least $15,000,000 and (ii) the Company shall not be required to effect more than two (2) Short-Form Registrations in any twelve (12) month period. Demand Registrations shall be Short-Form Registrations whenever
the Company is permitted to use any applicable short form and if the managing underwriters (if any) agree to use a Short-Form Registration. After the Company has become subject to the reporting requirements of the Exchange Act, the Company shall use
its reasonable best efforts to make Short-Form Registrations available for the sale of Registrable Securities. All Short-Form Registrations shall be underwritten registrations unless otherwise approved by the holders of two-thirds of the Registrable
Securities initially requesting registration. 
 (iv)        Priority on Demand
Registrations. The Company shall not include in any Demand Registration any securities that are not Registrable Securities or Other Registrable Securities without the prior written consent of the holders of two-thirds of the Registrable
Securities included in such registration. If a Demand Registration is an underwritten offering and the managing underwriters advise the Company in writing that in their opinion the number of Registrable Securities and, if permitted hereunder, other
securities requested to be included in such offering exceeds the number of Registrable Securities and other securities, if any, that can be sold in an orderly manner in such offering within a price range acceptable to the holders of a majority of
the Registrable Securities initially requesting such Demand Registration, then the Company shall include in such registration only that number of securities 

  
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which in the opinion of such underwriters can be sold in such offering without adversely affecting the marketability of the offering within such price range, with priority for inclusion to be
determined as follows: (i) first, the number of Registrable Securities and Other Registrable Securities, which in the opinion of such underwriters can be sold in an orderly manner without such adverse effect, pro rata among the
respective holders thereof on the basis of the number of Registrable Securities and Other Registrable Securities owned by each such holder, and (ii) second, any other securities requested to be included in such registration, the
inclusion of which the holders of two-thirds of the Registrable Securities to be included in such registration have consented to in writing, which in the opinion of such underwriters can be sold in an orderly manner without such adverse effect, pro
rata among the respective holders thereof on the basis of the number of such securities owned by each such holder. 

(v)         Restrictions on Demand Registrations. The Company shall not
be obligated to effect any Demand Registration until that date that is one hundred eighty (180) days after the effective date of the Initial Public Offering. In addition, the Company shall not be obligated to effect any Demand Registration
within one hundred eighty (180) days after the effective date of a previous Long-Form Registration. The Company may postpone for up to ninety (90) days the filing or the effectiveness of a registration statement for a Demand Registration
if the Board reasonably determines in its reasonable good faith judgment that such Demand Registration would reasonably be expected to require premature disclosure of material information or have a material adverse effect on any proposal or plan by
the Company or any of its Subsidiaries to engage in any material financing, sale, acquisition of assets (other than in the ordinary course of business) or securities, or any material recapitalization, merger, consolidation, tender offer,
reorganization or similar material transaction; provided, that in such event, the holders of Registrable Securities initially requesting such Demand Registration shall be entitled to withdraw such request; provided, further,
that if a request for a Long-Form Registration is so withdrawn, then such Demand Registration shall not count against the total number of Long-Form Registrations provided for in Section 5A(ii), and the Company shall pay all Registration
Expenses in connection with such registration. The Company may delay a Demand Registration hereunder only once in any consecutive twelve (12) month period. 

(vi)        Selection of Underwriters. The holders of a majority of the
Registrable Securities shall have the right to select the investment banker(s) and manager(s) to administer the Initial Public Offering, subject to the approval of the Company, which shall not be unreasonably withheld, conditioned or delayed. If any
Demand Registration (other than the Initial Public Offering) is an underwritten offering, then the holders of a majority of the Registrable Securities initially requesting such Demand Registration shall have the right to select the investment
banker(s) and manager(s) to administer such offering, subject to the Company’s approval, which shall not be unreasonably withheld, conditioned or delayed. 

(vii)        Other Registration Rights. The Company represents and warrants
that neither it nor any of its Subsidiaries is a party to, or otherwise bound by, any other agreement granting registration rights to any other Person with respect to any securities of the Company or any of its Subsidiaries (other than the June 2011
Investors’ Rights Agreement and the February 2012 Investors’ Rights Agreement). Except as provided in this Agreement, the June 2011 Investors’ Rights Agreement and the February 2012 Investors’ Rights Agreement, the Company shall
not grant to any Person the right to request the Company to register any Equity Securities without the prior written consent of the holders of two-thirds of the Registrable Securities then outstanding; provided, that the Company may grant
rights to participate in any Piggyback Registrations so long as such rights are subordinate in priority to the rights of the holders of Registrable Securities with respect to Piggyback Registrations, as provided in Section 5B(iii) and
Section 5B(iv), and not otherwise inconsistent with the terms and conditions hereof. The Parties that are party to either or both of the June 2011 Investors’ Rights Agreement and the February 2012 Investors’ Rights Agreement
hereby acknowledge and agree that (i) the Company’s entry into this Agreement and the 

  
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granting of registration rights hereunder is in all respects approved, and (ii) any prohibition or other restriction on the Company’s ability to enter into this Agreement and grant the
registration rights contemplated hereby that is contained in the June 2011 Investors’ Rights Agreement or the February 2012 Investors’ Rights Agreement is hereby waived. 

5B.       Piggyback Registrations. 

(i)          Right to Piggyback. Whenever the Company proposes to
register any of its securities for sale for cash under the Securities Act (other than pursuant to a Demand Registration or a registration on Form S-8 or any successor form) and the registration form to be used may be used for the registration of
Registrable Securities (a “Piggyback Registration”), the Company shall give prompt written notice to all holders of Registrable Securities of its intention to effect such a registration and, subject to Section 5B(iii)
and Section 5B(iv), shall include in such registration (and in all related registrations or qualifications under blue sky laws and in compliance with other registration requirements and in any related underwriting) all Registrable
Securities with respect to which the Company has received written requests for inclusion therein within twenty (20) days after the receipt of the Company’s notice. 

(ii)         Piggyback Expenses. The Registration Expenses of the holders
of Registrable Securities shall be paid by the Company in all Piggyback Registrations, whether or not any such registration has become effective. 

(iii)        Priority on Primary Piggyback Registrations. If a Piggyback
Registration is an underwritten primary registration on behalf of the Company and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number
of securities that can be sold within a price range acceptable to the Company, then the Company shall include in such registration only that number of securities which in the opinion of such underwriters can be sold in such offering without
adversely affecting the marketability of the offering within such price range, with priority for inclusion to be determined as follows: (i) first, the securities the Company proposes to sell, (ii) second, the number of
Registrable Securities and Other Registrable Securities requested to be included in such registration, which in the opinion of such underwriters can be sold in an orderly manner without such adverse effect, pro rata among the respective holders
thereof on the basis of the number of Registrable Securities and Other Registrable Securities owned by each such holder, and (iii) third, any other securities requested to be included in such registration, the inclusion of which the
holders of two-thirds of the Registrable Securities to be included in such registration have consented to in writing, which in the opinion of such underwriters can be sold in an orderly manner without such adverse effect, pro rata among the
respective holders thereof on the basis of the number of such securities owned by each such holder. 

(iv)        Priority on Secondary Piggyback Registrations. If a Piggyback
Registration is an underwritten secondary registration on behalf of holders of the Company’s securities (other than holders of Registrable Securities) and the managing underwriters advise the Company in writing that in their opinion the number
of securities requested to be included in such registration exceeds the number of securities that can be sold within a price range acceptable to the holders of the Company’s securities initially requesting such registration, then the Company
shall include in such registration only that number of securities which in the opinion of such underwriters can be sold in such offering without adversely affecting the marketability of the offering within such price range, with priority for
inclusion to be determined as follows: (i) first, the number of Registrable Securities and Other Registrable Securities requested to be included in such registration, which in the opinion of such underwriters can be sold in an orderly
manner without such adverse effect, pro rata among the respective holders thereof on the basis of the number of Registrable Securities and Other Registrable Securities owned by each such holder, and
(ii)

  
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second, any other securities requested to be included in such registration, the inclusion of which the holders of two-thirds of the Registrable Securities to be included in such
registration have consented to in writing, which in the opinion of such underwriters can be sold in an orderly manner without such adverse effect, pro rata among the respective holders thereof on the basis of the number of such securities owned by
each such holder. 
 (v)        Selection of Underwriters. If any Piggyback
Registration is an underwritten offering, then the selection of investment banker(s) and manager(s) for the offering must be approved by the holders of a majority of the Registrable Securities requested to be included in such Piggyback Registration,
such approval not to be unreasonably withheld, conditioned or delayed. 

5C.       Registration Procedures. Whenever the holders of Registrable Securities
have requested that any Registrable Securities be registered pursuant to this Agreement, the Company shall use its reasonable best efforts to effect the registration and the sale of such Registrable Securities hereunder in accordance with the
intended method of disposition thereof, and pursuant thereto the Company shall as expeditiously as reasonably possible: 

(i)         in accordance with the Securities Act and all applicable rules and
regulations promulgated thereunder, prepare and file with the Commission a registration statement, and all amendments and supplements thereto and related prospectuses as may be necessary to comply with applicable securities laws, with respect to
such Registrable Securities and use its reasonable best efforts to cause such registration statement to become effective (provided, that before filing a registration statement or prospectus or any amendments or supplements thereto, the
Company shall furnish to counsel selected by the holders of a majority of the Registrable Securities covered by such registration statement copies of all such documents proposed to be filed, which documents shall be subject to the review and
reasonable comment of such counsel); 
 (ii)        notify each holder of
Registrable Securities included in such registration of (i) the issuance by the Commission of any stop order suspending the effectiveness of any registration statement or the initiation of any proceedings for that purpose, (ii) the receipt
by the Company or its counsel of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, and (iii) the
effectiveness of each registration statement filed hereunder; 

(iii)        prepare and file with the Commission such amendments and supplements to
such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective for a period ending when all of the securities covered by such registration statement have been disposed of
in accordance with the intended methods of disposition by the sellers thereof as set forth in such registration statement (but in any event not before the expiration of any longer period required under the Securities Act or, if such registration
statement relates to an underwritten offering, such longer period as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered in connection with sales of securities thereunder by any underwriter or dealer) and
comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in
such registration statement; 
 (iv)        furnish to each seller of Registrable
Securities included in such registration such number of copies of such registration statement, each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus and any summary
prospectus), each Free Writing Prospectus and such other documents as the holders of a majority of such Registrable Securities may reasonably request in order to facilitate the disposition of such Registrable Securities owned by such holders; 

  
 - 16 - 

 (v)         use its reasonable best
efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions as the holders of a majority of the Registrable Securities included in such registration reasonably requests and do any and
all other acts and things which may be reasonably necessary or advisable to enable such holders to consummate the disposition of such Registrable Securities owned by such holders in such jurisdictions (provided, that the Company shall not be
required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 5D(v), (ii) subject itself to taxation in any such jurisdiction, or
(iii) consent to general service of process in any such jurisdiction); 

(vi)        promptly notify in writing each holder of Registrable Securities included
in such registration (i) after it receives notice thereof, of the date and time when such registration statement and each post-effective amendment thereto has become effective or a prospectus or supplement to any prospectus relating to a
registration statement has been filed and when any registration or qualification has become effective under a state securities or blue sky law or any exemption thereunder has been obtained, (ii) after receipt thereof, of any request by the
Commission for the amendment or supplementing of such registration statement or prospectus or for additional information, and (iii) at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the
happening of any event as a result of which the prospectus included in such registration statement contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, and, at the request of the
holders of a majority of the Registrable Securities included in such registration, the Company promptly shall prepare, file with the Commission and furnish to each holder of Registrable Securities included in such registration a reasonable number of
copies of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not contain an untrue statement of a material fact or omit to state any fact necessary to
make the statements therein not misleading; 
 (vii)        prepare and file
promptly with the Commission, and notify each holder of Registrable Securities including in such registration prior to the filing of, such amendments or supplements to such registration statement or prospectus as may be necessary to correct any
statements or omissions if, at the time when a prospectus relating to such securities is required to be delivered under the Securities Act, any event has occurred the result of which is that any such prospectus or any other prospectus then in effect
would include an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and, if any holder of such Registrable Securities or any underwriter
for any such holder is required to deliver a prospectus at a time when the prospectus then in circulation is not in compliance with the Securities Act or the rules and regulations promulgated thereunder, the Company shall prepare promptly upon
request of the holders of a majority of the Registrable Securities included in such registration or underwriter such amendments or supplements to such registration statement and prospectus as may be necessary in order for such prospectus to comply
with the requirements of the Securities Act and such rules and regulations; 

(viii)      cause all such Registrable Securities to be listed on each securities exchange on
which similar securities issued by the Company are then listed; 

(ix)        provide a transfer agent and registrar for all such Registrable
Securities not later than the effective date of such registration statement; 

  
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 (x)         enter into and perform
such customary agreements (including underwriting agreements in customary form) and take all such other customary actions as the holders of a majority of the Registrable Securities included in such registration or the underwriters, if any,
reasonably request in order to expedite or facilitate the disposition of such Registrable Securities, including preparing for and participating in such number of “road shows,” investor presentations and marketing events as the underwriters
managing such offering may reasonably request); 
 (xi)         upon the
request of the holders of a majority of the Registrable Securities included in such registration, make available for inspection by any holder of Registrable Securities included in such registration, any underwriter participating in any disposition
pursuant to such registration statement and any attorney, accountant or other agent retained by any such seller or underwriter, all financial and other records, pertinent corporate and business documents and properties of the Company and cause the
Company’s officers, managers, directors, employees, agents, representatives and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such
registration statement; 
 (xii)        take all reasonable actions to ensure that
any Free-Writing Prospectus prepared by or on behalf of the Company in connection with any Demand Registration or Piggyback Registration hereunder complies in all material respects with the Securities Act, is filed in accordance with the Securities
Act to the extent required thereby, is retained in accordance with the Securities Act to the extent required thereby and, when taken together with the related prospectus, will not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; 

(xiii)        otherwise use its reasonable best efforts to comply with all applicable
rules and regulations of the Commission and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months beginning with the first day of the Company’s
first full calendar quarter after the effective date of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158; 

(xiv)        permit any holder of Registrable Securities which holder, in its good
faith judgment (based on the advice of counsel), could reasonably be expected to be deemed to be an underwriter or a controlling Person of the Company, to participate in the preparation of such registration or comparable statement and to require the
insertion therein of material, furnished to the Company in writing, which in the reasonable judgment of such holder and its counsel should be included; 

(xv)        in the event of the issuance of any stop order suspending the
effectiveness of a registration statement, or the issuance of any order suspending or preventing the use of any related prospectus or suspending the qualification of any equity securities included in such registration statement for sale in any
jurisdiction, the Company shall use its reasonable best efforts promptly to obtain the withdrawal of such order; 

(xvi)        cause such Registrable Securities covered by such registration statement
to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of such Registrable Securities; 

(xvii)        cooperate with each holder of Registrable Securities covered by the
registration statement and the managing underwriters or agents, if any, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing securities to be sold under the registration statement and
enable such securities to be in such denominations and registered in such names as the managing underwriters, or agents, if any, or such holder may request; 

  
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 (xviii)      cooperate with each holder of
Registrable Securities covered by the registration statement and each underwriter or agent participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA;

 (xix)        obtain a cold comfort letter from the Company’s independent
public accountants in customary form and covering such matters of the type customarily covered by cold comfort letters; and 

(xx)         if requested by the holders of a majority of the Registrable
Securities included in such registration or required by the underwriters managing such offering, provide a legal opinion of the Company’s outside counsel, dated the effective date of such registration statement (and, if such registration
includes an underwritten public offering, dated the date of the closing under the underwriting agreement), with respect to the registration statement, each amendment and supplement thereto, the prospectus included therein (including the preliminary
prospectus) and such other documents relating thereto in customary form and covering such matters of the type customarily covered by legal opinions of such nature, which opinion shall be addressed to the underwriters and the holders of Registrable
Securities. 
 5D.       Certain Obligations of Holders of Registrable Securities.
Each holder of Registrable Securities that sells such securities pursuant to a registration under this Agreement agrees as follows: 

(i)         Such holder (if such holder is an employee or independent contractor
of the Company or any of its Affiliates) shall cooperate with the Company (as reasonably requested by the Company) in connection with the preparation of the registration statement, and, for so long as the Company is obligated to file and keep
effective such registration statement, each holder of Registrable Securities that is participating in such registration shall provide to the Company, in writing, for use in the applicable registration statement, all such information regarding such
holder and its plan of distribution of such securities as may be reasonably necessary to enable the Company to prepare the registration statement and prospectus covering such securities, to maintain the currency and effectiveness thereof and
otherwise to comply with all applicable requirements of law in connection therewith. 

(ii)         During such time as a holder of Registrable Securities may be
engaged in a distribution of such securities, such holder shall distribute such securities under the registration statement solely in the manner described in the registration statement. 

(iii)         Each Person that is participating in any registration under this
Agreement, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 5C(vi), shall immediately discontinue the disposition of its securities of the Company pursuant to the registration
statement until such Person’s receipt of the copies of a supplemented or amended prospectus as contemplated by Section 5C(vi). In the event the Company has given any such notice, the applicable time period set forth in
Section 5C(iii) during which a registration statement is to remain effective shall be extended by the number of days during the period from and including the date of the giving of such notice pursuant to this Section 5C(iii)
to and including the date when each seller of Registrable Securities covered by such registration statement shall have received the copies of the supplemented or amended prospectus contemplated by Section 5C(vi). 

5E.       Registration Expenses. 

(i)         All expenses incident to the Company’s performance of or
compliance with this Agreement, including all registration, qualification and filing fees, fees and expenses of compliance with securities or blue sky laws, filing expenses, printing expenses, messenger and delivery expenses, fees and disbursements
of custodians and fees and disbursements of counsel for the Company and all independent 

  
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certified public accountants, underwriters (excluding discounts and commissions) and other Persons retained by the Company (all such expenses being herein called “Registration
Expenses”), shall be borne by the Company as provided in this Agreement, and the Company also shall pay all of its internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties),
the expense of any annual audit or quarterly review, the expense of any liability insurance and the expenses and fees for listing the securities to be registered on each securities exchange on which similar securities issued by the Company are then
listed. Notwithstanding anything to the contrary contained herein, each seller of securities pursuant to a registration under this Agreement shall bear and pay all underwriting discounts and commissions and any stock transfer taxes applicable to the
securities sold for such seller’s account. 
 (ii)         In connection
with each Demand Registration and each Piggyback Registration, the Company shall reimburse the holders of Registrable Securities included in such registration for the reasonable fees and disbursements of one counsel chosen by the holders of a
majority of the Registrable Securities requesting inclusion in such registration. 

(iii)        To the extent any expenses relating to a registration hereunder are not
required to be paid by the Company, each holder of securities included (or requested to be included) in any registration hereunder shall pay those expenses allocable to the registration (or proposed registration) of such holder’s securities so
included (or requested to be included), and any expenses not so allocable shall be borne by all sellers of securities requested to be included in such registration in proportion to the aggregate selling price of the securities to be so registered.

 5F.       Indemnification. 

(i)         The Company agrees to indemnify and hold harmless, to the fullest
extent permitted by law, each holder of Registrable Securities, its officers, directors, members, managers, partners, agents, Affiliates and employees and each Person who controls such holder (within the meaning of the Securities Act or the Exchange
Act) against all losses, claims, actions, damages, liabilities and expenses (including with respect to actions or proceedings, whether commenced or threatened, and including reasonable attorney fees and expenses) caused by, resulting from, arising
out of, based upon or related to any of the following statements, omissions or violations by the Company: (i) any untrue or alleged untrue statement of material fact contained in (A) any registration statement, prospectus, preliminary
prospectus or Free-Writing Prospectus, or any amendment thereof or supplement thereto or (B) any application or other document or communication executed by or on behalf of the Company or based upon written information furnished by or on behalf
of the Company filed in any jurisdiction in order to qualify any securities covered by such registration under the securities laws thereof, (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to
make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities Act or any other similar federal or state securities laws or any rule or regulation promulgated thereunder applicable to
the Company and relating to action or inaction required of the Company in connection with any such registration, qualification or compliance, and to pay to each holder of Registrable Securities, its officers, directors, members, managers, partners,
agents, affiliates and employees and each Person who controls such holder (within the meaning of the Securities Act or the Exchange Act), as incurred, any legal and any other expenses reasonably incurred in connection with investigating, preparing
or defending any such claim, loss, damage, liability or action, except insofar as the same are caused by or contained in any information furnished in writing to the Company or any managing underwriter by such holder expressly for use therein. In
connection with an underwritten offering, the Company shall indemnify any underwriters or deemed underwriters, their officers and directors and each Person who controls such underwriters (within the meaning of the Securities Act or the Exchange Act)
to the same extent as provided above with respect to the indemnification of the holders of Registrable Securities (or to such lesser extent that may be agreed to between the underwriters and the Company). 

  
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 (ii)         In connection with any
registration statement in which a holder of Registrable Securities is participating, each such holder shall furnish to the Company and the managing underwriter in writing such information and affidavits as the Company or the managing underwriter
reasonably requests for use in connection with any such registration statement or prospectus and, to the extent permitted by law, shall indemnify the Company, its directors and officers and each Person who controls the Company (within the meaning of
the Securities Act or the Exchange Act) against any losses, claims, damages, liabilities and expenses resulting from any untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus or any amendment
thereof or supplement thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information
or affidavit so furnished in writing by such holder expressly for use therein; provided, that the obligation to indemnify shall be individual, not joint and several, for each holder and shall be limited to the net amount of proceeds received
by such holder from the sale of Registrable Securities pursuant to such registration statement. 

(iii)        Any Person entitled to indemnification hereunder shall (i) give
prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided, that the failure to give prompt notice shall not impair any Person’s right to indemnification hereunder to the extent
such failure has not prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit
such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the
indemnified party without its consent (but such consent shall not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees
and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and
any other of such indemnified parties with respect to such claim. In such instance, the conflicting indemnified parties shall have a right to retain one separate counsel, chosen by the holders of a majority of the Registrable Securities included in
the registration by such conflicting indemnified parties, at the expense of the indemnifying party. No indemnifying party, in the defense of such claim or litigation, shall, except with the consent of each indemnified party, consent to the entry of
any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. 

(iv)         Each Party hereto agrees that, if for any reason the
indemnification provisions contemplated by Section 5F(i) or Section 5F(ii) are unavailable to or insufficient to hold harmless an indemnified party in respect of or is otherwise unenforceable with respect to any losses,
claims, damages, liabilities or expenses (or actions in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages,
liabilities or expenses (or actions in respect thereof) in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party as well as any other relevant equitable considerations. The relative fault
of such indemnifying party and indemnified party shall be determined by reference to, among other things, whether the untrue statement of a material fact or omission to state a material fact relates to information supplied by such indemnifying party
or indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just and

  
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equitable if contribution pursuant to this Section 5F(iv) were determined by pro rata allocation (even if the holders or any underwriters or all of them were treated as one entity for
such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in this Section 5F(iv). The amount paid or payable by an indemnified party as a result of the losses, claims,
damages, liabilities or expenses (or actions in respect thereof) referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such indemnified party in connection with investigating or, except as provided
in Section 5F(iii), defending any such action or claim. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not
guilty of such fraudulent misrepresentation. The sellers’ obligations in this Section 5F(iv) to contribute shall be several in proportion to the amount of securities registered by them and not joint and shall be limited for each
seller to an amount equal to the net proceeds actually received by such seller from the sale of Registrable Securities effected pursuant to such registration. 

(v)         The indemnification and contribution provided for under this
Agreement shall be in addition to any other rights to indemnification and contribution that any indemnified party may have pursuant to law or contract and shall remain in full force and effect regardless of any investigation made by or on behalf of
the indemnified party or any officer, director or controlling Person of such indemnified party and shall survive the transfer of securities. The Company and each holder of Registrable Securities also agrees to make such provisions, as are reasonably
requested by any indemnified party, for contribution to such indemnified party in the event such Person’s indemnification is unavailable for any reason. 

(vi)        No indemnifying party shall, except with the consent of the indemnified
party, consent to the entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party a release from all liability in respect to such claim
or litigation. 
 5G.       Participation in Underwritten Registrations. No Person
may participate in any registration hereunder which is underwritten unless such Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder
to approve such arrangements (including pursuant to any over allotment or “green shoe” option requested by the underwriters, provided that no holder of Registrable Securities shall be required to sell more than the number of
Registrable Securities such holder has requested to include) and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting
arrangements; provided, that no holder of Registrable Securities included in any underwritten registration shall be required to make any representations or warranties to the Company or the underwriters (other than representations and
warranties regarding such holder, such holder’s title to the securities and such holder’s intended method of distribution) or to undertake any indemnification obligations to the Company or the underwriters with respect thereto, except as
otherwise specifically provided in Section 5F, or to agree to any lock up or holdback restrictions, except as otherwise specifically provided in Section 6A. 

5H.       Current Public Information. At all times after the Company has filed a
registration statement with the Commission pursuant to the requirements of either the Securities Act or the Exchange Act, the Company shall file all reports required to be filed by it under the Securities Act and the Exchange Act and the rules and
regulations adopted by the Commission thereunder and shall take such further action as the Majority Investors may reasonably request, all to the extent required to enable such Persons to sell securities pursuant to (i) Rule 144 or any similar
rule or regulation hereafter adopted by the Commission or (ii) a registration statement on Form S-3 or any similar registration form hereafter adopted by the Commission. Upon reasonable request, the Company shall deliver to the Investors a
written 

  
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statement as to whether it has complied with such requirements. The Company shall at all times after the Initial Public Offering cause its securities to be listed or qualified for trading on one
or more of the New York Stock Exchange, the NASDAQ Stock Market and/or any other internationally recognized United States, European, Australian or Hong Kong stock exchange. 

5I.      Subsidiary Public Offerings. If, after the Initial Public Offering of the
capital stock or other equity securities of any Subsidiary of the Company, the Company distributes securities of such subsidiary to its stockholders, then the rights of holders hereunder and the obligations of the Company pursuant to this Agreement
shall apply, mutatis mutandis, to such Subsidiary, and the Company shall cause such Subsidiary to comply with such Subsidiary’s obligations under this Agreement. 

5J.      No Inconsistent Agreements. The Company shall not hereafter enter into any
agreement with respect to its securities which is inconsistent with or violates the rights granted to the holders of Registrable Securities in this Agreement. 

5K.      Termination of Registration Rights. Notwithstanding anything to the contrary
contained in this Agreement, the rights granted pursuant to this Section 5 shall terminate as to any holder of Registrable Securities at such time as all Registrable Securities held by such holder (and all Registrable Securities held by
any affiliate of such holder with which such holder must aggregate its sales under Rule 144) may be sold during a three-month period without registration pursuant to Rule 144. 

Section 6.      Holdback Agreements. 

6A.      Holdback Agreement. No Investor shall (i) offer, sell, contract to sell,
pledge or otherwise dispose of (including sales pursuant to Rule 144), directly or indirectly, any Equity Securities (including Equity Securities that may be deemed to be owned beneficially by such holder in accordance with the rules and regulations
of the Commission) (collectively, “Securities”), (ii) enter into a transaction which would have the same effect as described in clause (i) above, (iii) enter into any swap, hedge or other arrangement that transfers,
in whole or in part, any of the economic consequences or ownership of any Securities, whether such transaction is to be settled by delivery of such Securities, in cash or otherwise (each of (i), (ii) and (iii) above, a “Sale
Transaction”), or (iv) publicly disclose the intention to enter into any Sale Transaction, in any such case during the seven (7) days prior to and the one hundred eighty (180) day period beginning on the effective date of the
Initial Public Offering (the “IPO Holdback Period”), except as part of the Initial Public Offering, unless the underwriters managing the Initial Public Offering otherwise agree in writing. In connection with all underwritten Demand
Registrations and underwritten Piggyback Registrations other than the Initial Public Offering, no holder of Registrable Securities shall effect any Sale Transaction during the seven (7) days prior to and the ninety (90) day period
beginning on the effective date of such underwritten registration (the “Follow-On Holdback Period”), except as part of such underwritten registration, unless the underwriters managing such registered public offering otherwise agree
in writing. If requested by the managing underwriters, then each Investor agrees to execute customary lock-up agreements consistent with the foregoing obligations with the managing underwriters of an underwritten offering with a duration not to
exceed the IPO Holdback Period or the Follow-On Holdback Period, as applicable. If (a) the Company issues an earnings release or discloses other material information or a material event relating to the Company occurs during the last seventeen
(17) days of the IPO Holdback Period or any Follow-On Holdback Period (as applicable) or (b) prior to the expiration of the IPO Holdback Period or a Follow-On Holdback Period (as applicable), the Company announces that it will release
earnings results during the sixteen (16) day period beginning upon the expiration of such period, then to the extent necessary for a managing or co-managing underwriter of a registered offering required hereunder to comply with FINRA Rule
2711(f)(4) (or any successor thereto) the IPO Holdback Period or a Follow-On Holdback Period (as applicable) will be extended until eighteen (18) days after the earnings release or disclosure of other material information or 

  
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the occurrence of the material event, as the case may be (a “Holdback Extension”). The Company may impose stop transfer instructions with respect to the shares of its common
stock (or other securities) subject to the foregoing restriction during any IPO Holdback Period, any Follow-On Holdback Period or any period of Holdback Extension. 

6B.     No Other Registration Statements. 

(i)        No Registration Statements. The Company (a) shall not file any
registration statement for any public sale or distribution of its Equity Securities, or cause any such registration statement to become effective, or effect any Sale Transaction (except for the issuance of Common Stock upon the exercise of
outstanding stock options), during the IPO Holdback Period, any Follow-On Holdback Period or any period of Holdback Extension (except as part of such underwritten registration or pursuant to registrations on Form S-8 or any successor form), and
(b) shall use reasonable best efforts to cause each of its executive officers and directors and holders (other than the holders of Registrable Securities) of at least 2% (on a fully-diluted basis) of its Common Stock, or any securities
convertible into or exchangeable or exercisable for or having residual economic rights comparable to its Common Stock (other than holders that purchased shares solely in a registered public offering or in the public markets), to agree not to effect
any Sale Transaction during such periods (except as part of such underwritten registration, if otherwise permitted), unless the underwriters managing the registered public offering otherwise agree in writing. 

(ii)       If the Company has previously filed a registration statement with respect to
Registrable Securities pursuant to Section 5A or Section 5B, and if such previous registration has not been withdrawn or abandoned, then the Company shall not file or cause to be effected any other registration of any of its
Equity Securities under the Securities Act (except on Form S-8 or any successor form), whether on its own behalf or at the request of any holder or holders of such securities, until a period of at least ninety (90) days has elapsed from the
effective date of such previous registration. 
 Section 7.     Definitions. For
the purposes of this Agreement, capitalized terms used and not otherwise defined herein shall have the meanings set forth below: 

“Affiliate” means, with respect to any particular Person, any other Person controlling, controlled by or
under common control with such particular Person, where “control” means the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the ownership of voting securities, by contract
or otherwise. 
 “Certificate of Incorporation” means the Amended and Restated Certificate of
Incorporation of Vital Therapies, Inc., as the same may be amended or restated from time to time. 

“Commission” means the United States Securities and Exchange Commission. 

“Common Stock” means the common stock, par value $0.0001 per share, of the Company. 

“Deemed Liquidation Event” has the meaning set forth in the Certificate of Incorporation. 

“Director” means an individual serving as a member of the Board. 

  
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 “Equity Securities” means (i) capital stock (including the
Preferred Stock and the Common Stock) of, or other equity interests in, the Company, (ii) obligations, evidences of indebtedness or other debt or equity securities or interests convertible or exchangeable into such capital stock or other equity
interests in the Company and (iii) warrants, options or other rights to purchase or otherwise acquire such capital stock or other equity interests in the Company. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated from time to time thereunder. 
 “Exempt Transfer” means any Transfer of Investor Shares by an
Investor (i) pursuant to Section 4B (but not as a Transferring Investor), (ii) pursuant to Section 4C, or (iii) to any of such Investor’s Permitted Transferees. 

“Fair Market Value” means (i) with respect to cash, the amount thereof, and (ii) with respect to
property other than cash (including securities), its value as determined in accordance with Section 2(c)(2) of Part B of Article IV of the Certificate of Incorporation. 

“Family Group” means (a) as to any particular Person, (i) such Person’s spouse, descendants,
antecedents or siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law (whether natural or adopted) or any spouse of any of the foregoing, (ii) any trust solely for the benefit of such Person and/or
any of such Persons identified in clause (i), and (iii) any partnerships, corporations or limited liability companies where the only partners, stockholders or members are such Person and/or any of such Persons identified in clause
(i) and/or trusts referred to in clause (ii) of this definition, and (b) without limiting the generality of the foregoing, with respect to any Satter Investor, any trust or foundation or other entity for which Muneer A. Satter or
Kristen H. Hertel or any of their Affiliates serves as trustee or investment advisor or similar capacity. 

“February 2012 Investors’ Rights Agreement” means that certain Investors’ Rights Agreement, dated
as of February 23, 2012, by and among the Company and the stockholders of the Company from time to time party thereto, as the same may be amended, restated, modified, supplemented or waived from time to time. 

“FINRA” means the Financial Industry Regulatory Authority. 

“Free-Writing Prospectus” means a free-writing prospectus, as defined in Rule 405. 

“Holder” has the meaning set forth in Section 4(C)(i). 

“Independent Third Party” means any Person who, immediately prior to a contemplated transaction, does not
own in excess of 10% of the shares of Common Stock on a fully diluted basis and is not an Affiliate of any Person that owns in excess of 10% of the shares of Common Stock on a fully diluted basis. 

“Initial Closing” has the meaning set forth in the Purchase Agreement. 

“Initial Public Offering” means an initial Public Offering of the Company’s Common Stock (or the
comparable equity securities of any successor-in-interest to the Company). 
 “Investor Shares” means
(i) any Common Stock purchased or otherwise acquired or held by any Investor, (ii) any Common Stock issued or issuable directly or indirectly upon the conversion, exercise or exchange of any securities purchased or otherwise acquired by
any Investor which are convertible into or exercisable or exchangeable directly or indirectly for Common Stock (including the Preferred Stock but excluding options to purchase Common Stock granted by the Company unless and

  
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until such options are exercised) and (iii) any other capital stock or equity securities issued or issuable directly or indirectly with respect to the securities referred to in clauses
(i) or (ii) above by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization. As to any particular securities constituting Investor Shares
hereunder, such Investor Shares shall cease to be Investor Shares hereunder when they have been (a) effectively registered under the Securities Act and disposed of in accordance with the registration statement covering them, (b) sold to
the public pursuant to Rule 144, or (c) redeemed or repurchased by the Company or any of its Subsidiaries. 

“June 2011 Investors’ Rights Agreement” means that certain Amended and Restated Investors’ Rights
Agreement, dated as of June 3, 2011, by and among the Company and the stockholders of the Company from time to time party thereto, as the same may be amended, restated, modified, supplemented or waived from time to time. 

“Junior Preferred” means the Convertible Preferred Stock, par value $0.0001 per share, of the Company. 

“Majority Investors” means, as of the date of any determination, the Investors that hold a majority of the
outstanding shares of Preferred Stock then held by all Investors (or, if no shares of Preferred Stock then remain outstanding, the Investors that hold a majority of the shares of Common Stock then held by all Investors that were issued upon
conversion of the Preferred Stock previously held by all Investors). 
 “Majority Satter Investors” means,
as of the date of any determination, the Satter Investors that hold a majority of the outstanding shares of Preferred Stock then held by all of the Satter Investors (or, if no shares of Preferred Stock then remain outstanding, the Satter Investors
that hold a majority of the shares of Common Stock issued upon conversion of the Preferred Stock then held by all Satter Investors). 

“Non-CEO Director” means any Director other than the CEO Director. 

“Other Registrable Securities” means all Registrable Securities (as defined in the February 2012
Investors’ Rights Agreement) other than any such securities held by an Investor. 
 “Permitted
Transferee” means, with respect to any Person, a member of such Person’s Family Group (but only for so long as such Person remains a Permitted Transferee of such Person). 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a
joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof. 

“Preferred Stock” means the Senior Preferred and the Junior Preferred. 

“Pro Rata Basis” means, with respect to each holder of Investor Shares, and as determined with respect to
any particular expense, liability or obligation incurred (or amount of proceeds withheld) in connection with any Transfer of Equity Securities pursuant to Section 4B or any Approved Sale, the amount such holder’s proceeds would be
reduced as a percentage of the aggregate reduction in proceeds to applicable holders assuming the Total Equity Value implied by such Transfer or Approved Sale were being distributed in a liquidation, dissolution and winding up of the Company in
accordance with Section 2 of Part B of Article IV of the Certificate of Incorporation in connection with such Transfer or Approved Sale and as if such expense, liability or obligation were incurred and satisfied (or such amount of proceeds were
withheld) prior to such distribution, as determined reasonably and in good faith by the Board (with the approval of the Requisite Investors). 

  
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 “Pro Rata Share” means, with respect to each share of Preferred
Stock or Common Stock, the proportionate amount such share would receive if an amount equal to the Total Equity Value were distributed in a liquidation, dissolution and winding up of the Company in accordance with Section 2 of Part B of Article
IV of the Certificate of Incorporation, and with respect to each Investor, such Investor’s proportionate share of the Total Equity Value based on the shares held by such Investor, in each case as determined reasonably and in good faith by the
Board (with the approval of the Requisite Investors). 
 “Proportional Share” means, with respect to any
Investor at any time of determination, the percentage represented by a fraction, the numerator of which is the sum of the total number of shares of Common Stock then held by such Investor plus the total number of shares of Common Stock that such
Investor is then obligated to purchase under the Purchase Agreement (in each case, assuming conversion of all outstanding Preferred Stock then held by such Investor and assuming, without duplication, the conversion or exercise of any other
outstanding securities or warrants that are convertible into or exercisable for Common Stock that were issued or sold to such Investor after the Initial Closing), and the denominator of which is the total number of shares of Common Stock then
outstanding plus the total number of shares of Common Stock that all Investors are then obligated to purchase under the Purchase Agreement (in each case, assuming conversion of all outstanding Preferred Stock and exercise of all options to purchase
shares of Common Stock authorized for grant pursuant to the Stock Option Plan and, without duplication, the conversion or exercise of any other outstanding securities or warrants that are convertible into or exercisable for Common Stock that were
issued or sold after the Initial Closing). 
 “Public Offering” means any offering by the Company (or any
successor-in-interest to the Company) of its capital stock or other equity securities to the public pursuant to an effective registration statement under the Securities Act of 1933, as then in effect, or pursuant to the comparable provisions of any
foreign jurisdiction. 
 “Public Sale” means any sale of Investor Shares to the public pursuant to an
offering registered under the Securities Act or to the public in compliance with Rule 144 adopted under the Securities Act (or any similar provision then in force). 

“Qualified Public Offering” has the meaning set forth in the Certificate of Incorporation. 

“Registrable Securities” means (i) any Common Stock purchased or otherwise acquired or held from time
to time by any Investor, (ii) the Common Stock issued or issuable upon the conversion of any shares of Preferred Stock purchased or otherwise acquired or held from time to time by any Investor, (iii) any other securities issued or issuable
directly or indirectly with respect to the securities described in clause (i) or (ii) of this definition by way of a stock dividend, stock distribution or stock split or in connection with an exchange or a combination of shares,
recapitalization, reclassification, merger, consolidation or other reorganization. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when they have been distributed to the public pursuant to an
offering registered under the Securities Act or sold to the public through a broker, dealer or market maker in compliance with Rule 144 (or any similar rule then in force) or repurchased by the Company or any of its Subsidiaries. For purposes of
this Agreement, a Person shall be deemed to be a holder of Registrable Securities and such Registrable Securities shall be deemed to be in existence whenever such Person has the right to acquire, directly or indirectly, such Registrable Securities
(upon conversion or exercise in connection with a transfer of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such right), whether or not such acquisition has actually been effected, and such Person
shall be entitled to exercise the rights of a holder of Registrable Securities hereunder. 

  
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 “Requisite Investors” means both the Requisite Senior Preferred
Investors and the Requisite Preferred Stock Investors. 
 “Requisite Preferred Stock Investors” means
(i) until such time as the Company shall have issued an aggregate number of shares of Senior Preferred pursuant to the Purchase Agreement (including shares of Senior Preferred issued upon conversion of the Bridge Notes) having an aggregate
purchase price of $40,000,000, the Investors that hold 75% of the outstanding shares of Preferred Stock then held by all Investors (or, if no shares of Preferred Stock then remain outstanding, the Investors that hold 75% of the shares of Common
Stock then held by all Investors that were issued upon conversion of the Preferred Stock previously held by all Investors), and (ii) after such time as the Company shall have issued an aggregate number of shares of Senior Preferred pursuant to
the Purchase Agreement (including shares of Senior Preferred issued upon conversion of the Bridge Notes) having an aggregate purchase price of $40,000,000, the Investors that hold two-thirds of the outstanding shares of Preferred Stock then held by
all Investors (or, if no shares of Preferred Stock then remain outstanding, the Investors that hold two-thirds of the shares of Common Stock then held by all Investors that were issued upon conversion of the Preferred Stock previously held by all
Investors). 
 “Requisite Senior Preferred Investors” means (i) until such time as the Company shall
have issued an aggregate number of shares of Senior Preferred pursuant to the Purchase Agreement (including shares of Senior Preferred issued upon conversion of the Bridge Notes) having an aggregate purchase price of $40,000,000, the Investors that
hold 75% of the outstanding shares of Senior Preferred then held by all Investors (or, if no shares of Senior Preferred then remain outstanding, the Investors that hold 75% of the shares of Common Stock then held by all Investors that were issued
upon conversion of the Preferred Stock previously held by all Investors), and (ii) after such time as the Company shall have issued an aggregate number of shares of Senior Preferred pursuant to the Purchase Agreement (including shares of Senior
Preferred issued upon conversion of the Bridge Notes) having an aggregate purchase price of $40,000,000, the Investors that hold two-thirds of the outstanding shares of Senior Preferred then held by all Investors (or, if no shares of Senior
Preferred then remain outstanding, the Investors that hold two-thirds of the shares of Common Stock then held by all Investors that were issued upon conversion of the Preferred Stock previously held by all Investors). 

“RFR Share” means, with respect to any Investor at any time of determination, the percentage represented by
a fraction, the numerator of which is the aggregate number of Investor Shares then held by such Investor, and the denominator of which is the aggregate number of Investors Shares then outstanding. 

“Rule 144”, “Rule 158”, “Rule 405” and “Rule 415” mean,
in each case, such rule promulgated under the Securities Act (or any successor provision) by the Commission, as the same shall be amended from time to time, or any successor rule then in force. 

“Sale of the Company” means the sale of the Company to an Independent Third Party or group of Independent
Third Parties pursuant to which such party or parties acquire (i) capital stock of the Company possessing the voting power under normal circumstances to elect a majority of the Company’s board of directors (whether by merger, consolidation
or sale or transfer of the Company’s capital stock or otherwise) or (ii) all or substantially all of the Company’s assets determined on a consolidated basis. 

“Satter Director” means any Director who has been nominated and elected to the Board by designation of the
Majority Satter Investors pursuant to Section 1A(iii) or Section 1G. 

  
 - 28 - 

 “Schedule of Other Investors” means the Schedule of Other
Investors on file with the books and records of the Company, as the same may be updated or otherwise modified from time to time by the Company in accordance with Section 8A and Section 8B. 

“Schedule of Satter Investors” means the Schedule of Satter Investors on file with the books and
records of the Company, as the same may be updated or otherwise modified from time to time by the Company in accordance with Section 8A and Section 8B. 

“Securities Act” means the Securities Act of 1933, as amended, and applicable rules and regulations
thereunder, and any successor to such statute, rules or regulations. 
 “Stock Option Plan” means the
Vital Therapies, Inc. 2012 Stock Option Plan, as the same may be amended, restated, modified, supplemented or waived from time to time, and any other stock option or equity incentive plan, program or arrangement approved by the Board after the
Initial Closing. 
 “Subsidiary” means, with respect to any Person, any corporation, limited liability
company, partnership, association or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of
directors or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof, or (ii) if a limited liability company, partnership, association or
other business entity, a majority of the limited liability company, partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a
combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity if such Person or Persons shall be allocated a
majority of the limited liability company, partnership, association or other business entity gains or losses or shall be or control the managing member, general partner or managing director of such limited liability company, partnership, association
or other business entity. 
 “Supplemental Preemptive Rights Closing” has the meaning set forth in the
Purchase Agreement. 
 “Total Equity Value” means the aggregate proceeds which would be received by the
Investors if: (i) the assets of the Company as a going concern were sold at their Fair Market Value; (ii) the Company satisfied and paid in full all of its obligations and liabilities in respect of indebtedness for borrowed money; and
(iii) such net sale proceeds were then distributed in a liquidation, dissolution and winding up of the Corporation in accordance with Section 2 of Part B of Article IV of the Certificate of Incorporation. When determined in connection with
a Sale of the Company or Deemed Liquidation Event, Total Equity Value shall be derived from the consideration paid in connection with such Deemed Liquidation Event. 

“Transfer” means any direct or indirect sale, transfer, assignment, pledge, mortgage, exchange,
hypothecation, grant of a security interest or other direct or indirect disposition or encumbrance of an interest (whether with or without consideration, whether voluntarily or involuntarily or by operation of law) or the acts thereof or an offer or
agreement to do the foregoing, including issuances, but excluding conversions and redemptions of shares of capital stock or other Equity Securities by the Company made in accordance with the Certificate of Incorporation. The terms
“Transferee,” “Transferor,” “Transferred,” and other forms of the word “Transfer” shall have the correlative meanings. 

  
 - 29 - 

 Section 8.      Miscellaneous.

 8A.      Additional Investors. Upon any Person becoming party to the Purchase
Agreement in accordance with the terms thereof and executing and delivering to the Company a Joinder Agreement, substantially in the form of Exhibit A attached hereto (a “Joinder”), such Person shall thereafter be deemed to
be an Investor and an Other Investor for all purposes of this Agreement (each such Person, an “Additional Investor”). Promptly following any Additional Investor becoming party to this Agreement in accordance with this
Section 8A, the Company is hereby authorized and directed to update the Schedule of Other Investors to reflect the name and notice address of such Additional Investor. 

8B.      Transfers. Except in connection with an Approved Sale and without limiting the
generality of Section 4, prior to Transferring any Investor Shares to any Person, the Transferring Investor shall cause the prospective Transferee to execute and deliver to the Company a Joinder. Transferees of Investor Shares (other
than Permitted Transferees of the Satter Investors, all of whom shall be deemed to Satter Investors hereunder), other than in connection with an Approved Sale, shall be deemed to be Other Investors hereunder. No consent of the other Parties shall be
required for any Transferee of Investor Shares to become party to this Agreement in connection with a Transfer permitted hereunder. Promptly following any Transfer of Investor Shares in accordance with the provisions of this Agreement, the Company
is hereby authorized and directed to update the Schedule of Satter Investors or the Schedule of Other Investors, as applicable, to reflect the name and notice address of the Transferee of such Investor Shares. The provisions of this
Section 8B shall terminate automatically and shall be of no further force and effect upon the earlier of a Qualified Public Offering and a Sale of the Company. 

8C.      Amendment and Waiver. Except as otherwise provided herein, this Agreement may be
amended, restated, modified, supplemented or waived only upon the prior written consent of the Company and the Requisite Investors; provided, that (i) in addition to requiring the prior written consent of the Company and Requisite
Investors, (a) any amendment, restatement, modification, supplement or waiver diminishing or adversely affecting the rights of any holder or group of holders of Investor Shares in a manner disproportionately unfavorable to such holder or group
of holders relative to the other holders or groups of holders of Investor Shares shall require the prior written consent of the holder(s) of a majority of the Investor Shares so disproportionately unfavorably affected, and
(b) Section 1A(iii), Section 1A(vi), Section 1E, Section 1F and Section 5H (including any defined terms used therein) may be amended, restated, modified, supplemented or waived only by
a written instrument referencing this Agreement and signed by the Majority Satter Investors, (ii) notwithstanding anything to the contrary herein, (a) the addition of new parties to this Agreement shall not be deemed to be an amendment,
restatement, modification, supplement or waiver of this Agreement and shall be governed solely by the provisions of Section 8A or Section 8B, as applicable, and (b) following the Supplemental Preemptive Rights Closing,
this Agreement may be amended (or amended and restated) upon the prior written consent of the Company and the Majority Satter Investors in order to reflect the transactions consummated at the Supplemental Preemptive Rights Closing, and (iv) any
provision of this Agreement may be waived by a Party on such Party’s own behalf without the prior consent of any other Party. Each Investor agrees that any amendment, restatement, modification, supplement or waiver so approved shall be binding
on such Investor, whether or not such Investor provided such consent. The failure of any Party to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of such
Party thereafter to enforce each and every provision of this Agreement in accordance with its terms. 

8D.      Severability. Whenever possible, each provision of this Agreement shall be
interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such
invalidity, illegality or unenforceability shall not affect the validity, legality or 

  
 - 30 - 

 
enforceability of any other provision of this Agreement in such jurisdiction or affect the validity, legality or enforceability of any provision in any other jurisdiction, but this Agreement
shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

8E.      Entire Agreement. This Agreement and the Transaction Agreements (as defined in
the Purchase Agreement) contain the complete agreement between the Parties with respect to the subject matter hereof and thereof and supersede any prior understandings, agreements and representations by or between the Parties (whether written or
oral) which may have related to the subject matter hereof or thereof in any way (including the Prior Agreement); provided, that (i) neither the June 2011 Investors’ Rights Agreement nor the February 2012 Investors’ Rights
Agreement shall be superseded by this Agreement, (ii) each of the June 2011 Investors’ Rights Agreement and the February 2012 Investors’ Rights Agreement shall remain in full force and effect in accordance with its terms, and
(iii) to the extent of any conflict between the terms of this Agreement and the terms of the June 2011 Investors’ Rights Agreement or the February 2012 Investors’ Rights Agreement, the Parties that are party to both this Agreement and
either or both of the June 2011 Investors’ Rights Agreement and the February 2012 Investors’ Rights Agreement hereby agree to be governed solely by the applicable terms of this Agreement and hereby waive compliance with the conflicting
terms of the June 2011 Investors’ Rights Agreement and/or the February 2012 Investors’ Rights Agreement, as applicable. Without limiting the generality of the foregoing, the Company and the Parties that are party to both this Agreement and
the February 2012 Investors’ Rights Agreement, which Parties constitute the holders of a majority of the outstanding shares of Common Stock (on an as-converted basis), hereby acknowledge and agree that all obligations of the Company under
Section 2.1 of the February 2012 Investors’ Rights Agreement with respect to the transactions contemplated by the Purchase Agreement shall be deemed to have been satisfied or waived from and after the Preemptive Rights Closing (with
respect to all such transactions prior to the date hereof) and the Supplemental Preemptive Rights Closing (with respect to the transactions at the Supplemental Closing (as defined in the Purchase Agreement)). 

8F.      Successors and Assigns. Except as otherwise expressly provided herein, this
Agreement shall bind and inure to the benefit of and be enforceable by the Company and its successors and assigns (including in connection with any assignment and assumption described in Section 4F) and the Investors and any subsequent
holders of Investor Shares and the respective successors and assigns of each of them, so long as they hold Investor Shares; provided, that neither this Agreement nor any of the covenants and agreements herein or rights, interests or
obligations hereunder may be assigned or delegated by the Company without the prior written consent of the Requisite Investors. Without limiting the generality of the foregoing, whether or not any express assignment has been made but subject to
compliance with the applicable provisions of Section 4 and Section 8B, the provisions of Section 5 that are for the benefit of purchasers or holders of Registrable Securities are also for the benefit of and shall
be enforceable by any subsequent holder of Registrable Securities. 

8G.      Counterparts. This Agreement may be executed simultaneously in two or more
counterparts (including by means of facsimile or electronic transmission in portable document format (pdf)), any one of which need not contain the signatures of more than one party, but all such counterparts taken together shall constitute one and
the same Agreement. 
 8H.      Remedies. The Parties shall be entitled to enforce
their rights under this Agreement specifically, to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights existing in their favor. The Parties agree and acknowledge that money damages would not be
an adequate remedy for any breach of the provisions of this Agreement and that the Company and any Investor may in its sole discretion apply to any court of law or equity of competent jurisdiction for specific performance and/or injunctive relief
(without posting a bond or other security) in order to enforce or prevent any violation of the provisions of this Agreement. 

  
 - 31 - 

 8I.      Notices. All notices, demands or
other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given only (i) when delivered personally to the recipient, (ii) one (1) business
day after being sent to the recipient by reputable overnight courier service (charges prepaid) provided that confirmation of delivery is received, (iii) upon machine-generated acknowledgment of receipt after transmittal by facsimile (provided
that a confirmation copy is sent via reputable overnight courier service for delivery within two (2) business days thereafter), or (iv) five (5) days after being mailed to the recipient by certified or registered mail (return receipt
requested and postage prepaid). Such notices, demands and other communications shall be sent to the Satter Investors at the addresses set forth on the Schedule of Satter Investors, to the Other Investors at the addresses set forth on the Schedule of
Other Investors and to the Company at the address indicated below or to such other address or to the attention of such other Person as the recipient Party has specified by prior written notice to the sending Party. 

Notices to the Company: 

Vital Therapies, Inc. 

15222 Avenue of Science, Suite B 

San Diego, California 92128 

Attention:        Chief Executive Officer 

Telecopy:        (858) 673-6843 

with copies to (which shall not constitute notice to the Company): 

Berenbaum Weinshienk PC 

370 Seventeenth Street, Suite 4800 

Denver, Colorado 80202 

Attention:        Joseph S. Borus 

                     
   James A. Jacobson 
 Telecopy:        (303) 629-7610 

Kirkland & Ellis LLP 

300 North LaSalle Street 

Chicago, Illinois 60654 

Attention:        Ted H. Zook, P.C. 

                     
   Jon-Micheal A. Wheat 
 8J.      Rights Cumulative. The rights and
remedies of each of the Parties under this Agreement shall be cumulative and not exclusive of any rights or remedies which a Party would otherwise have hereunder at law or in equity or by statute, and no failure or delay by any Party in exercising
any right or remedy shall impair any such right or remedy or operate as a waiver of such right or remedy, and neither shall any single or partial exercise of any power or right preclude a Party’s other or further exercise thereof or the
exercise of any other power or right. 
 8K.      Governing Law. The corporate law of
the State of Delaware shall govern all issues and questions concerning the relative rights and obligations of the Company and its stockholders. All other issues and questions concerning the construction, validity, enforcement and interpretation of
this Agreement and the exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State
of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. 

  
 - 32 - 

 8L.      Business Days. If any time period
for giving notice or taking action hereunder expires on a day which is a Saturday, Sunday or legal holiday in the state in which the Company’s chief executive office is then located, the time period shall automatically be extended to the
business day immediately following such Saturday, Sunday or legal holiday. 

8M.      Descriptive Headings; Interpretation. The headings and captions used in this
Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. The use of the word “including” herein shall mean “including without limitation.” Any reference to the
masculine, feminine or neuter gender shall be deemed to include any gender or all three as appropriate. For purposes of this Agreement, all holdings of Senior Preferred, Junior Preferred or Common Stock by Persons who are Affiliates of each other
shall be aggregated for purposes of meeting any threshold tests under this Agreement. 

8N.      No Strict Construction. The Parties have participated jointly in the negotiation
and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties, and no presumption or burden of proof shall arise favoring or
disfavoring any Party by virtue of the authorship of any of the provisions of this Agreement. 
 [Remainder of Page Intentionally
Left Blank] 

  
 - 33 - 

 IN WITNESS WHEREOF, the parties hereto have executed or caused to be executed on
their behalf this Fourth Amended and Restated Investors’ Rights Agreement on the date first written above. 
  

			
	COMPANY
	
	 VITAL THERAPIES, INC.

		
	 By:
	 	 /s/ Terence E. Winters

	 Name: Terence E. Winters, Ph.D.

	 Title: Chief Executive Officer

	
	SATTER INVESTORS
	
	 MUNEER A. SATTER REVOCABLE TRUST

		
	 By:
	 	 /s/ Muneer A. Satter

	 Name: Muneer A. Satter

	 Title: Trustee

	
	 THE SATTER FOUNDATION

		
	 By:
	 	 /s/ Muneer A. Satter

	 Name: Muneer A. Satter

	 Title: Trustee

	
	 SCT VTI HOLDINGS, LLC

		
	 By:
	 	 /s/ Muneer A. Satter

	 Name: Muneer A. Satter

	 Title: Manager

	
	 SFT VTI HOLDINGS, LLC

		
	 By:
	 	 /s/ Muneer A. Satter

	 Name: Muneer A. Satter

	 Title: Manager

	
	 KHH VTI HOLDINGS, LLC

		
	 By:
	 	 /s/ Muneer A. Satter

	 Name: Muneer A. Satter

	 Title: Manager

 IN WITNESS WHEREOF, the parties hereto have executed or caused to be executed on
their behalf this Fourth Amended and Restated Investors’ Rights Agreement on the date first written above. 
  

			
	 SATTER INVESTORS

	
	 RSFIT VTI HOLDINGS, LLC

		
	 By:
	 	 /s/ Muneer A. Satter

	 Name: Muneer A. Satter

	 Title: Manager

	
	 RHSIT VTI HOLDINGS, LLC

		
	 By:
	 	 /s/ Muneer A. Satter

	 Name: Muneer A. Satter

	 Title: Manager

	
	 ACWIT VTI HOLDINGS, LLC

		
	 By:
	 	 /s/ Muneer A. Satter

	 Name: Muneer A. Satter

	 Title: Manager

	
	 ASIT VTI HOLDINGS, LLC

		
	 By:
	 	 /s/ Muneer A. Satter

	 Name: Muneer A. Satter

	 Title: Manager

	
	 JWT VTI HOLDINGS, LLC

		
	 By:
	 	 /s/ Muneer A. Satter

	 Name: Muneer A. Satter

	 Title: Manager

	
	 GBAHIT VTI HOLDINGS, LLC

		
	 By:
	 	 /s/ Muneer A. Satter

	 Name: Muneer A. Satter

	 Title: Manager

 IN WITNESS WHEREOF, the parties hereto have executed or caused to be executed on
their behalf this Fourth Amended and Restated Investors’ Rights Agreement on the date first written above. 
  

	
	 /s/ Terence E. Winters

	 Name: Terence E. Winters

	
	 /s/ Duane Nash

	 Name: Duane Nash

	
	 /s/ Robert A. Ashley

	 Name: Robert A. Ashley

	
	 /s/ Aron Stern

	 Name: Aron Stern

 EXHIBIT A 

Form of Joinder Agreement 

See Attached. 

 JOINDER AGREEMENT 

Effective as of [                  ],
the undersigned hereby agrees (i) to become a party to, and to be bound by the provisions of, that certain Fourth Amended and Restated Investors’ Rights Agreement, dated as of August       , 2013 (as
amended, restated, modified, supplemented and waived from time to time, the “Investors’ Rights Agreement”), by and among Vital Therapies, Inc., a Delaware corporation (the “Company”), and the stockholders of
the Company from time to time party thereto, and (ii) that for all purposes of the Investors’ Rights Agreement, the undersigned shall be considered an Investor and [an Other Investor] [a Satter Investor] thereunder, and shall be entitled
to the rights and benefits and subject to the duties and obligations of an Investor and [an Other Investor] [a Satter Investor] thereunder, as fully as if the undersigned were an original signatory to the Investors’ Rights Agreement in such
capacity. 
  

					
	
[                             
         ]

		
	
By:                            
                                 
	 	
	Name:                              
                                 	 	
	Title:

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