Document:

EX-10.1

 Exhibit 10.1 

O Y S T E R    P O I N T    M A R I N A    P L A Z A 

Office Lease 
 of 

SUITE 221 
  

to 
  

SATSUMA PHARMACEUTICALS, INC., 

a Delaware corporation 
  

400 Oyster Point Boulevard 
 South
San Francisco, CA 94080 
  
  

 Exhibit 10.1 

OYSTER POINT MARINA PLAZA 

Office Lease 
 of

 SUITE 221 
 to

 SATSUMA PHARMACEUTICALS, INC., 

a Delaware corporation 
 400
Oyster Point Boulevard 
 South San Francisco, CA 94080 

OYSTER POINT MARINA PLAZA 

Office Lease 
 THIS OFFICE LEASE (the
“Lease”) is entered into as of January 9, 2018, by and between KASHIWA FUDOSAN AMERICA, INC., a California corporation (“Landlord”) and SATSUMA PHARMACEUTICALS, INC., a Delaware corporation
(“Tenant”). 

 1. 1 BASIC LEASE TERMS 

1. 1.1 Lease of Premises. Landlord leases to Tenant, and Tenant rents and hires from Landlord, the premises described in § 1.3 below, in the
building known by the street address 400 Oyster Point Boulevard (the “Building”) in the City of South San Francisco, County of San Mateo, State of California, on the property described in § 1.6 below, in the business
park commonly known as Oyster Point Marina Plaza (the “Complex”), for the term stated in § 1.4 below, for the rents hereinafter reserved, and upon and subject to the terms, conditions (including limitations, restrictions, and
reservations), and covenants hereinafter provided. The Building and the Complex are more particularly described and depicted in Exhibit A which is attached hereto. Each party hereby expressly covenants
and agrees to observe and perform all of the conditions and covenants herein contained on its part to be observed and performed. 
 2. 1.2 Summary Table.
The parties agree that the following table (the “Table”) sets forth in summary form the basic terms of this Lease, including the specific space comprising the Premises and, with respect to such space, the Term of the Lease, the usable
and rentable square footage, the Base Rent, Base Year, and Tenant’s Share, as all of such terms are defined below: 
  

																													
	 Period
	  	Suite
No.	 	  	RSF	 	  	USF	 	  	Monthly
Base Rent	 	  	T’s Share
Bldg	 	 	T’s Share
Complex	 	 	Base
Year	 
	 Commencement Date through Month 13 * subject to the Base Rent Abatement stated in
§ 1.5.3 below
	  	 	221	 	  	 	4,148	 	  	 	3,527	 	  	$	12,858.80	 	  	 	1.777	% 	 	 	0.888	% 	 	 	2018	 
	 Month 14 through Month 25
	  	 	221	 	  	 	4,148	 	  	 	3,527	 	  	$	13,244.56	 	  	 	1.777	% 	 	 	0.888	% 	 	 	2018	 
	 Month 26 through Month 38
	  	 	221	 	  	 	4,148	 	  	 	3,527	 	  	$	13,641.90	 	  	 	1.777	% 	 	 	0.888	% 	 	 	2018	 

 In the event of any conflict between the terms contained in the Table and the terms contained in subsequent sections of the
Lease, the terms of the Table shall control, except that any dates stated in the Table are subject to adjustment as appropriate to the extent any other provisions of the Lease provide for adjustments to the Commencement Date and/or the Expiration
Date. 
 1. 1.3 Premises. The premises leased to Tenant comprise approximately 4,148 rentable square feet of space on the second (2nd) floor of the
Building and are commonly known as Suite 221 (the “Premises”), as shown on the floor plan annexed hereto as Exhibit B (the “Space Plan”). The Premises also
include all fixtures and equipment which are attached thereto, except items not deemed to be included therein and which are removable by Tenant as provided in Article 10 below. Landlord and Tenant agree that the usable and rentable area of the
Premises, and the respective rentable areas of the Property (as defined in § 1.6 below) and Complex, for all purposes under this Lease, are as follows and as specified in the Table: 

Property’s Rentable Area: 233,446 rsf 

Complex’s Rentable Area: 467,360 rsf. 

Tenant acknowledges that it has caused its architect to verify the numbers stated in the Table and herein relating to the measurements of such spaces prior to
the Commencement Date of this Lease or has had an opportunity to do so. 
 1. 1.3.1 Expansion Right. In consideration for
Tenant’s execution and delivery of this Lease, provided no material Event of Default remains outstanding and uncured on the date Tenant exercises its rights under this § 1.3.1 et seq., Landlord hereby grants to Tenant a right
of first refusal (the “RFR”) exercisable from the Commencement Date through June 30, 2019 (the “Exercise Period”), with respect to approximately 778 rentable square feet of space (662 usable square feet) known as
Suite 227 in the Building (the “RFR Space”), as shown on the Space Plan. 

  
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 a. (a) Notice of Bona Fide Offer. If at any time during the
Exercise Period Landlord receives a bona fide offer, agreement, or proposal (“Lease Proposal”) which is acceptable to Landlord from any third party to lease any portion of the RFR Space; or if Landlord makes a bona fide
offer, agreement, or proposal to a third party which the third party is willing to accept, in each case as evidenced by a signed letter of intent, Landlord shall send Tenant a summary (the “RFR Summary”) of the economic terms and
conditions of the Lease Proposal, including a description of the subject space, proposed term, and basic business terms and shall notify Tenant of Landlord’s intention to conclude a lease on the terms of the Lease Proposal. Landlord shall not
lease the RFR Space to a third party without first providing Tenant a RFR Summary. Tenant shall have the right for a period of five (5) full business days (concluding at 5:00 p.m.) following Tenant’s receipt of the RFR Summary in which to
exercise its right to lease the RFR Space on the terms and conditions set forth in this § 1.3.1 et seq. by giving Landlord written notice of such exercise. If Tenant fails to notify Landlord of the exercise of its rights hereunder
within such five-business-day period, Landlord may then lease the RFR Space to the third party tenant named as the tenant in the RFR Summary or an affiliate of such third party tenant, provided that the lease
entered into pursuant to the Lease Proposal is (i) on the same terms and conditions as set forth in the RFR Summary or (ii) on substantially the same terms and conditions as set forth in the RFR Summary and Landlord is not required to re
offer such First Refusal Space to Tenant pursuant to § 1.3.1(d) below. 
 b. (b) Commencement and Duration. If Tenant
exercises its right of first refusal, Landlord shall make the RFR Space available for purposes of construction of improvements within ninety (90) days following Tenant’s exercise of its RFR; the lease shall commence as provided herein and
shall continue for the duration of the Term of the Lease and expire coterminously therewith. The RFR Space shall be provided “as is” for purposes of construction, with all existing tenant improvements in place, or in such condition as
specified in the RFR Summary. Unless otherwise specified in the RFR Summary, the commencement date of the lease of such RFR Space (upon which Base Rent and Additional Rent shall begin to accrue, and Tenant’s Pro Rata Share shall be adjusted to
take into account the RFR Space) shall be the earlier of (i) the date upon which Landlord’s construction of the improvements within the RFR Space satisfies the Occupancy Conditions (hereinafter defined) with respect to the RFR Space or
(ii) the date upon which Tenant occupies the RFR Space (or any portion thereof) and commences conducting Tenant’s business operations therein; provided, however, that in the event of any Tenant Delay (hereinafter defined), Tenant’s
obligation to pay Base Rent and Additional Rent with regard to such RFR Space shall be advanced by one (1) day for each such day substantial completion of such improvements was delayed by a Tenant Delay. Following Landlord’s delivery of
the RFR Space in compliance with all Occupancy Conditions, the RFR Space shall be deemed to be a part of the Premises and shall be leased by Tenant upon and subject to all of the terms, covenants, and conditions of this Lease. 

c. (c) Terms and Conditions. If Tenant exercises its RFR, all terms and conditions for the lease of any such space shall be the same as
those then in effect under the Lease, except for the rental, tenant inducements, rent abatements, and improvement allowances and other terms set forth in the RFR Summary (“Third-Party Economics”). Tenant shall have the right to a lease of
the RFR Space upon such Third-Party Economics as were contained in the Lease Proposal in the same proportion as the number of months remaining in the Term (including the term of any extension option then having been exercised) bears to the number of
months in the lease term contained in the RFR Summary. 
 d. (d) Continuing Right, Re-Offer, and
Priority. If Tenant shall not timely exercise the RFR, Tenant shall again have the same rights as to such space each time Landlord receives or makes a bona fide offer, from or to a third party, which both Landlord and the third party are
willing to accept, as evidenced by a signed letter of intent, to lease such space, whether or not Tenant has previously exercised or refused to exercise the rights herein contained with respect to such space or other space. If Tenant rejects or is
deemed to have rejected a bona fide offer of which Tenant is notified, and if (i) such third-party bona fide offer is not consummated within five (5) months; (ii) the effective rental rate to be paid pursuant to the bona
fide offer changes in any respect so as to become more than five percent (5%) more favorable to the prospective tenant; (iii) there is any change in the term, expansion rights, extension rights, or renewal rights proposed in the Lease
Proposal; or (iv) there is any other material change in the nonmonetary terms of the bona fide offer, then the RFR Space shall again become subject to the terms of this § 1.3.1 et seq. and shall again be offered to
Tenant as provided above. As used in the 

  
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previous sentence, the term effective rental rate means an amount determined by taking the total base rental and deducting all abatements, allowances, cost of non-monetary tenant
inducements (e.g., health club memberships, etc.), tenant improvement costs in excess of Building-standard, and any other monetary inducements. Landlord represents and warrants that the rights of first refusal granted to Tenant herein are and
shall be paramount in interest to the rights of Landlord to use the First Refusal Space for its own purposes and that no other tenant of the Building has a right of first refusal or other expansion right prior to or superior to the rights granted to
Tenant herein. The foregoing right of first refusal shall be subject to the existing tenants of the First Refusal Space renewing their existing leases, whether pursuant to options to extend or renew which were in existence in their written lease
agreements as of the date of this Lease or not. 
 e. (e) Confirmatory Documentation. After Tenant validly exercises the right of
first refusal provided herein, the parties shall execute an amendment to the Lease adding the First Refusal Space, or such other documentation as Landlord shall reasonably require, promptly after Landlord shall prepare the same, in order to confirm
the leasing of such First Refusal Space to Tenant; but an otherwise valid exercise of the rights of first refusal contained herein shall be fully effective, whether or not such confirmatory documentation is executed. 

f. (f) Failure to Exercise. If Tenant shall fail to exercise its right of first refusal after notice by Landlord of the receipt of a
bona fide third-party offer to lease the RFR Space within the time specified herein, such right shall be deemed to have lapsed and expired with respect to that particular RFR Summary, and Landlord may, for a period of five (5) months,
enter into a lease pursuant to the terms of the RFR Summary with the prospective tenant named therein. 
 g. (g) Default and
Termination. Tenant’s exercise of such right of first refusal hereunder shall not operate to cure any default by Tenant of any of the terms or provisions in the Lease, nor to extinguish or impair any rights or remedies of Landlord arising
by virtue of such default. The exercises of the right of first refusal herein shall, at Landlord’s election, be null and void if Tenant has committed a material Event of Default which remains outstanding and uncured on the date Tenant exercises
its rights hereunder. Tenant agrees that time is of the essence of rights of first refusal specified herein. 
 h. (h) Effect of
Transfer. If Tenant subleases or assigns any portion of the Premises at any time during the Term of this Lease (other than as permitted without Landlord’s consent under § 17.12 or § 17.13), the rights of first refusal
hereunder with respect to the Specific RFR Spaces shall terminate with immediate effect. 
 1. 1.4 Term; Target Date. The term (the “Term”)
for which the Premises are hereby leased shall commence on the “Commencement Date,” which shall be the day on which the Premises are ready for occupancy (as defined in Article 3) and Landlord has delivered possession of the Premises
to Tenant in the required condition, and shall end at noon on the “Expiration Date,” which shall be the last day of the calendar month in which occurs the day preceding the thirty-eighth (38th) mensiversary of the Commencement Date or any
earlier date upon which the Term may expire or be cancelled or terminated pursuant to any of the conditions or covenants of this Lease or pursuant to law. The parties anticipate that the Premises will be ready for Tenant’s occupancy on or
before February 1, 2018 (the “Target Date”) and that, if the Target Date holds as the Commencement Date of the Lease, the Expiration Date will be March 31, 2021. Promptly following the Commencement Date the parties hereto shall,
if required by Landlord, enter into a supplementary agreement fixing the dates of the Commencement Date and the Expiration Date in the form which is attached hereto as Exhibit E and incorporated herein
by reference. 
 1. 1.4.1 Option to Renew. Tenant is hereby granted one (1) option to extend (the “Extension Option”)
the Term of the Lease for one (1) additional period of three (3) years (the “Extension Period”). The Extension Period term shall begin the first day following the Expiration Date and shall take effect on the same terms and
conditions in effect under the Lease immediately prior to the Extension Period, except that (i) Tenant shall have no further right to extend, (ii) monthly Base Rent shall be the rate which is Fair Market Value (as defined below), and
(iii) the Base Expense Year and Base Tax Year shall each be the calendar year 2021. The Fair Market Value shall be the effective rent (face rate less free rent) being charged for comparable space in comparable buildings in the vicinity of the
Building leased on comparable terms and shall be limited the rates charges in such comparable transactions for tenants renewing or extending their leases. 

  
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 a. (a) Exercise of Option. The Extension Option may be exercised only by
(i) delivering in person to Landlord’s Building Manager in the Building Office written notice of Tenant’s irrevocable election to exercise no earlier than nine (9) months and no later than six (6) months prior to the
commencement of the Extension Period, and (ii) collecting and retaining in exchange for such notice of exercise an original written receipt therefor signed and dated by Landlord’s Building Manager. Tenant’s exercise of its Extension
Option shall not be effective or valid if there is any deviation in the timing or manner of exercise prescribed herein. 
 b. (b) Failure
to Exercise. If Tenant shall fail validly and timely to exercise the Option herein granted, said Option shall terminate and shall be null and void and of no further force and effect. 

c. (c) Fair Market Value. Provided that Tenant has validly exercised its Option when and as required hereunder, not less than one
hundred and eighty (180) days prior to the commencement of the Extension Period, Landlord shall provide written notice to Tenant of its determination of the Fair Market Value. Within ten (10) days after receiving such determination
(“Tenant’s Review Period”), Tenant shall irrevocably elect, in writing, to do one of the following: (i) accept Landlord’s determination; or (ii) object to Landlord’s determination and with such objection set forth
in writing Tenant’s determination of the Fair Market Value. If Tenant so objects, Landlord and Tenant shall attempt in good faith to agree upon such Fair Market Value using their best good-faith efforts. If Landlord and Tenant fail to reach
agreement within fifteen (15) days following Tenant’s Review Period (the “Outside Agreement Date”), then each party’s determination shall be submitted to arbitration in accordance with the then-current rules and procedures
of the American Arbitration Association, but subject to the instructions set forth in this § 1.4.1 et seq.. If Tenant objects to Landlord’s determination of Fair Market Value, Tenant shall pay Rent at the Fair Market Value
determined by Landlord until the matter is resolved by binding arbitration as provided below subject to retroactive adjustment after the matter is so resolved. If Tenant fails so to accept or object to Landlord’s determination of Fair Market
Value in writing within Tenant’s Review Period, Tenant shall conclusively be deemed to have approved of the Fair Market Value as determined by Landlord. The determination of the arbitrators shall be limited solely to the issue of whether
Landlord’s or Tenant’s submitted Fair Market Value for the Premises is the more accurate as determined by the arbitrators, taking into account the requirements of this § 1.4.1 et seq. 

d. (d) Appointment of Arbitrators. Not later than fifteen (15) days following the Outside Agreement Date, Landlord and Tenant shall
each appoint one arbitrator who shall by profession be a real estate broker who shall have been active over the ten-year period ending on the date of such appointment in the leasing of commercial properties within northern San Mateo County. The
determination of the arbitrators shall be limited solely to the issue of whether Landlord’s or Tenant’s submitted Fair Market Value for the Premises is the more accurate as determined by the arbitrators, taking into account the
requirements of this § 1.4.1 et seq. 
 e. (e) Appointment of Third Arbitrator. The two (2) arbitrators so
appointed shall within fifteen (15) days of the date of the appointment of the last-appointed arbitrator agree upon and appoint a third arbitrator, who shall be qualified under the same criteria as set forth hereinabove for qualification of the
initial two arbitrators. 
 f. (f) Arbitrators’ Decision. The three (3) arbitrators shall, within thirty (30) days of
the appointment of the third arbitrator, reach a decision as to whether the parties shall use Landlord’s or Tenant’s submitted Fair Market Value, and shall notify Landlord and Tenant thereof. The decision of the majority of the three
(3) arbitrators shall be binding upon Landlord and Tenant. The arbitrators shall not be permitted to set Fair Market Value to any level other than either Landlord’s or Tenant’s submitted Fair Market Value. 

  
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 g. (g) Failure to Appoint. If either Landlord or Tenant fails to appoint an
arbitrator within fifteen (15) days after the Outside Agreement Date, the arbitrator timely appointed by one of the parties shall reach a decision, notify Landlord and Tenant thereof, and such arbitrator’s decision shall be binding upon
Landlord and Tenant. If the two (2) arbitrators fail to agree upon and appoint a third arbitrator, both arbitrators shall be dismissed and the matter to be decided shall be forthwith submitted to arbitration under the Commercial Arbitration
Rules of the American Arbitration Association then in effect, but subject to the instructions set forth in this § 1.4.1 et seq.. 

h. (h) Cost of Arbitration. The cost of arbitration shall be paid by Landlord and Tenant equally. 

i. (i) Default. Tenant’s exercise of the Option shall, at Landlord’s election, be null and void if Tenant is in Default on the
date of Tenant’s notice of exercise or at any time thereafter and prior to commencement of the Extension Period. Tenant’s exercise of the Extension Option shall not operate to cure any Default by Tenant nor to extinguish or impair any
rights or remedies of Landlord arising by virtue of such Default. If the Lease or Tenant’s right to possession of the Premises shall terminate before Tenant shall have exercised the Extension Option, then immediately upon such termination the
Extension Option shall simultaneously terminate and become null and void. 
 j. (j) Time. Time is of the essence of the Extension
Option granted hereunder. 
 2. 1.5 Rent. The “Rent” reserved under this Lease, for the Term thereof, shall consist of the following: 

 

	 	(a)	 “Base Rent” as set forth in the Table for the various spaces and periods described therein per month,
which shall be payable in advance on the first day of each and every calendar month during the Term of this Lease, except that Tenant shall pay the first month’s Base Rent due under the Lease upon the execution and delivery of this Lease by
Tenant; and 

  

	 	(b)	 “Additional Rent” consisting of any and all other sums of money as shall become payable by Tenant to
Landlord hereunder; and Landlord shall have the same remedies for default in the payment of Additional Rent as for a default in payment of Base Rent). 

1. 1.5.1 Payment of Rent. Tenant shall pay the Base Rent and Additional Rent promptly when due, without demand therefor and without any
abatement, deduction, or setoff whatsoever, except as may be expressly provided in this Lease. Tenant shall pay the Rent to Landlord, in lawful money of the United States of America, at Landlord’s office at the Complex or at such other place,
or to such agent and at such place, as Landlord may designate by notice to Tenant. If the Commencement Date occurs on a day other than the first day of a calendar month, the Base Rent for such calendar month shall be prorated based on a 30-day
month, and the balance of the first month’s Base Rent theretofore paid shall be credited against the next monthly installment of Base Rent. Notwithstanding anything to the contrary in this Lease, Tenant shall pay the third (3rd) month’s Base Rent due hereunder, together with the Security Deposit due under § 5.1 below, upon Tenant’s execution and delivery of this Lease to Landlord. 

2. 1.5.2 Interest and Late Charges. If Tenant fails to pay any Rent when due, the unpaid amounts shall bear interest from the due date
until paid at a rate per annum equal to the Prime Rate plus five percent (5%) or, if less, at the highest rate of interest permitted by applicable law. As used herein, “Prime Rate” means the prime rate published in the Money Rates
section of the Wall Street Journal (Western edition) as the same may change from time to time or in a similar publication if the Wall Street Journal ceases publication or ceases publication of its Money Rates section during the Term.
Tenant acknowledges that the late payment of any monthly Rent will cause Landlord to lose the use of that money and incur costs and expenses not contemplated under this Lease, including administrative and collection costs and processing and account
expenses, the exact amount of which it is difficult to ascertain. Therefore, in addition to interest, if any such installment is not received by Landlord within five (5) days from the date it is due, Tenant shall pay Landlord a late charge
equal to ten percent (10%) of such installment. Landlord and Tenant agree that this late charge represents a reasonable estimate of such costs and expenses and is fair compensation to Landlord for the loss suffered from such nonpayment by
Tenant. In addition, any check returned by the bank for any reason will be considered late and will be subject to all late charges plus an additional returned check fee of Twenty Dollars ($20.00). After two such occasions upon which checks have been
returned in any twelve-month period, Landlord will have the right to require payment by a cashier’s check or money order. Acceptance of any interest or late charge 

  
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shall not constitute a waiver of Tenant’s default with respect to such nonpayment by Tenant nor prevent Landlord from exercising any other rights or remedies available to Landlord under this
Lease or at law or in equity, unless the payment of such interest and late charges is accompanied by all rentals then due and owning (notwithstanding anything to the contrary in § 20.2.1 below). 

3. 1.5.3 Base Rent Abatement. Notwithstanding anything to the contrary in this § 1.5.3, commencing with the first full
calendar month following the Commencement Date, Tenant’s Monthly Installment of Base Rent shall be abated for a period of two (2) months (the “Abatement Period”). If Tenant shall default under the Lease and fail to cure within
the time permitted for cure thereunder, while the Abatement Period is still in effect, the Abatement Period shall thereupon terminate, and Tenant shall commence paying the Base Rent under the Lease. In addition, if Tenant shall default under the
Lease at any time and fail to cure within the time permitted for cure thereunder, Tenant shall upon demand pay Landlord the amount of Base Rent theretofore abated, multiplied by a fraction, the numerator of which is the number of months then
remaining in the initial Term at the time of the default, and the denominator of which is the total number of months in the initial Term (without limiting Landlord’s other remedies). 

2. 1.6 Property. For the purposes of this Lease, the “Property” shall mean the Building and any common or public areas or facilities,
easements, corridors, lobbies, sidewalks, loading areas, driveways, landscaped areas, skywalk, parking garages and lots, and any and all other structures or facilities operated or maintained in connection with or for the benefit of the Building, and
all parcels or tracts of land on which all or any portion of the Building or any of the other foregoing items are located, and any fixtures, machinery, equipment, apparatus, Systems and Equipment (as defined in § 1.6.5 below), furniture
and other personal property located thereon or therein and used in connection therewith, whether title is held by Landlord or its affiliates. The Property shall also be deemed to include such other of the Complex’s buildings or structures (and
related facilities and parcels on which the same are located) as Landlord shall have incorporated by reference to the total square footage of the Building stated in § 1.3 above. 

1. 1.6.1 Common Areas. Tenant and its agents, employees, and invitees shall have the non-exclusive right with others designated by
Landlord to the free use of the common areas in the Property and the Complex for the common areas’ intended and normal purpose. The term common areas shall mean elevators, sidewalks, parking areas, driveways, hallways, stairways, public
restrooms, common entrances, lobbies, and other similar public areas and access ways. 
 2. 1.6.2 Athletic Facility. Notwithstanding
the foregoing, the common areas do not include the Building’s athletic facility (the “Athletic Facility”), which is an unsupervised and unattended weight and exercise room and shower facility. Tenant acknowledges that Landlord
presently makes available (but is not obligated under this Lease to make available) the Athletic Facility for the general use of all tenants and their officers and employees, subject to such rules and regulations as Landlord may impose from time to
time in its sole and absolute discretion regarding the use thereof. Tenant shall cause each of its officers and employees using the Athletic Facility to sign and deliver to Landlord an “Athletic Facility Use Agreement” in the form attached
hereto as Exhibit D, as such form may be revised by Landlord from time to time in its sole and absolute discretion. Tenant understands and agrees that no individual shall be permitted use of or access to the Athletic Facility unless
and until such individual shall have first signed and delivered the Athletic Facility Use Agreement to Landlord. Landlord shall have the right to limit the use of the Athletic Facility in any manner it may deem necessary, or to discontinue the
Athletic Facility altogether, at any time, in its sole and absolute discretion, and neither Tenant nor its officers or employees shall be entitled to any compensation, credit, allowance, or offset of expenses or Rent as a result of any such
limitation or discontinuance. 
 3. 1.6.3 Reservation to Landlord. Notwithstanding anything to the contrary herein, possession of
areas necessary for utilities, services, safety, and operation of the Property, including the Systems and Equipment, telephone closets (whether located in the common areas or in the Premises), fire exits and stairways, perimeter walls, space between
the finished ceiling of the Premises and the slab of the floor or roof of the Property thereabove, and the use thereof, together with the right to install, maintain, operate, repair, and replace any part of the Systems and Equipment in, through,
under, or above the Premises in locations that will not materially interfere with Tenant’s use of the Premises, are hereby excepted from both the Premises and the common areas and are reserved by Landlord and not demised to Tenant.

  
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Tenant’s access to the telephone closets on each floor and the Building’s main telephone room shall be subject to the Rules (as defined in § 13.1 below) and shall be permitted
only with Landlord’s written consent and under the supervision of Landlord’s Building Engineer on each occasion that such access is sought. 

4. 1.6.4 Changes and Alterations of the Property. Landlord reserves the right to make repairs, alterations, additions, or improvements,
structural or otherwise, in or to the Property or Complex as deemed necessary or desirable in Landlord’s sole and absolute discretion, so long as such repairs or alterations do not materially and unreasonably interfere with Tenant’s access
to or beneficial use of the Premises for their intended purposes. Landlord reserves the right hereunder to do the following: (i) install, use, maintain, repair, and replace pipes, ducts, conduits, wires, and appurtenant meters and equipment for
service to the various parts of the Property above the ceiling surfaces, below the floor surfaces, within the walls, and in the central core areas; (ii) to relocate any pipes, ducts, conduits, wires, and appurtenant meters and equipment which
are located in the Premises or located elsewhere outside the Premises; (iii) expand the Building or the Complex; (iv) make changes to the Property or the Complex, including changes, expansions, and reductions in the location, size, shape,
and number of driveways, entrances, loading and unloading areas, ingress, egress, direction of traffic, landscaped areas, walkways, parking spaces, and parking areas; (v) close any of the common areas, so long as reasonable access to the
Premises remains available; (vi) use the common areas while engaged in making additional improvements, repairs, or alterations to the Property, Complex, or any portion thereof; and (vii) do and perform such other acts and make such other
changes in, to, or with respect to the Property, Complex, common areas, and Building as Landlord may deem appropriate. The exercise of any of the foregoing rights shall not subject Landlord to claims for constructive eviction, abatement of Rent,
damages, or other claims of any kind, except as otherwise expressly provided in this Lease. If Landlord enters the Premises to exercise any of the foregoing rights, Landlord shall provide reasonable advance written or oral notice to Tenant’s
on-site manager. 
 5. 1.6.5 Systems and Equipment. As used in this Lease, “Systems and Equipment” means collectively any
existing plant, machinery, transformers, duct work, intrabuilding network cables and wires that transmit voice, data, and other telecommunications signals (“INC”), and other equipment, facilities, and systems designed to supply water,
heat, ventilation, air conditioning and humidity or any other services or utilities, or comprising or serving as any component or portion of the electrical, gas, steam, plumbing, sprinkler, communications, alarm, security, or fire/life/safety
systems or equipment, or any other mechanical, electrical, electronic, computer or other systems or equipment for the Property. 
 6. 2
USE 
 3. 2.1 Use and Enjoyment of Premises. Tenant shall use and occupy the Premises for executive and general offices and for no other purpose.
Notwithstanding anything contained herein to the contrary, Tenant may use portions of the Premises not to exceed one hundred fifty (150) usable square feet for the preparation and reheating of food and beverages, including the use of
refrigerators, ice makers, coffee machines, hot plates, microwave ovens, or similar heating devices (but not for the actual cooking of food) for service only to Tenant’s employees and business invitees. 

1. 2.1.1 Suitability. Tenant acknowledges that neither Landlord nor any agent of Landlord has made any representation or warranty with
respect to the Premises, the Property, or the Complex, or with respect to the suitability of same for the conduct of Tenant’s business, except as expressly provided in this Lease. Tenant’s acceptance of possession of the Premises shall
conclusively establish that the foregoing were at such time in satisfactory condition. Landlord makes no representation to Tenant regarding the installation, ownership, location, or suitability for Tenant’s purposes of the INC in the Building.

 2. 2.1.2 Insurance Rates. Tenant shall not do or suffer anything to be done in or about the Premises, nor shall Tenant bring or
allow anything to be brought into the Premises, which will in any way increase the rate of any fire insurance or other insurance upon the Property or its contents, cause a cancellation of said insurance, or otherwise affect said insurance in any
manner. 
 3. 2.1.3 Use to Comply with Laws. Tenant shall use the Premises in conformity with all applicable Laws, as specified in
Article 6 below. 

  
 8 

 4. 2.1.4 Floor Loading. Tenant shall not place or permit to be placed on any floor a
load exceeding eighty (80) pounds per square foot or such lower floor load as such floor was designed to carry. 
 4. 2.2 Nuisance and Waste.
Tenant also shall not do or suffer anything to be done in or about the Premises which will in any way obstruct or interfere with the rights of other tenants or occupants of the Property or injure or annoy said tenants or occupants, nor shall Tenant
use or suffer the Premises to be used for any unlawful purposes. In no event shall Tenant cause or permit any nuisance in or about the Premises, and no loudspeakers or similar devices shall be used without the prior written approval of Landlord,
which approval may be withheld in Landlord’s sole and absolute discretion. Tenant shall not commit or suffer to be committed any waste in or upon the Premises. The provisions of this section are for the benefit of Landlord only and shall not be
construed to be for the benefit of any tenant or occupant of the Building. If any governmental license or permit, other than a Certificate of Occupancy, shall be required for the proper and lawful conduct of Tenant’s business in the Premises,
or any part thereof, and if failure to secure such license or permit would in any way affect Landlord, Tenant, at its sole expense, shall procure and thereafter maintain such license or permit and submit the same for inspection by Landlord. Tenant
shall at all times comply with the terms and conditions of each such license or permit. 
 5. 2.3 Compliance with Certificate of Occupancy Tenant
shall not at any time use or occupy the Premises, or suffer or permit anyone to use or occupy, the Premises, or do or permit anything to be done in the Premises, in violation of the Certificate of Occupancy for the Premises or for the Building. 

6. 3 PREPARATION OF THE PREMISES 
 7.
3.1 Condition of Premises. Except as otherwise expressly provided in § 3.2 below, Tenant shall accept the Premises, any existing Improvements in the Premises (as defined in § 10.1 below), and the Systems and Equipment
serving the same in an “as is” condition on the date the Term commences, and Landlord shall have no obligation to improve, alter, remodel, or otherwise modify the Premises prior to Tenant’s occupancy or thereafter under this
Lease. Notwithstanding anything to the contrary herein, Landlord shall deliver possession of the Premises to Tenant in vacant, broom-clean condition, with all Systems and Equipment in good working order. 

8. 3.2 Landlord’s Preparation. Landlord shall use reasonable diligence in completing and preparing the Premises for Tenant’s occupancy in the
manner and subject to the terms, conditions, and covenants set forth in this Article 3 on or before the Target Date specified in § 1.4 above. 

1. 3.2.1 Effect of Delay. If the Occupancy Conditions specified in § 3.2.3 below are not met by the Target Date specified in
§ 1.4 above, the Commencement Date shall not occur until the date on which the Occupancy Conditions are met and Landlord delivers the Premises in the required condition; and in any such case, Tenant shall not have the right to terminate
the Lease, but Tenant’s obligation to pay Rent shall be delayed until the occurrence of the Commencement Date. 
 2. 3.2.2
Landlord’s Work. The facilities, materials, and work to be furnished, installed, and performed in the Premises by Landlord hereunder at Landlord’s sole cost and expense are referred to as the “Work.” Any other installations,
materials, and work which may be undertaken by or for the account of Tenant to prepare, equip, decorate, and furnish the Premises for Tenant’s occupancy are referred to as the “Tenant’s Work,” which shall be undertaken or
installed by Tenant at Tenant’s sole cost and expense and which shall include the installation of Tenant’s furniture, fixtures, office systems, and Tenant’s data and telecommunications cables and wiring. The Landlord’s Work shall
be constructed in accordance with all applicable Laws, in a good and workmanlike manner, free of defects. The parties agree that Landlord’s Work shall comprise the following elements and the following elements only, which Landlord shall
undertake, perform, and install at Landlord’s sole cost and expense on a turnkey basis, as shown on the Space Plan: 
 a. (a)
installation of new Building-standard carpet and VCT throughout the Premises; 
 b. (b) application of new Building-standard paint
in a color of Tenant’s choice on one (1) accent wall; 
 c. (c) patching and touching up of walls as needed; and 

  
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 d. (d) delivery of the Premises with all Systems and Equipment, including ceiling
tiles and light bulbs, serving the same in good working order and condition. 
 3. 3.2.3 Readiness for Occupancy. The Premises shall
be deemed ready for occupancy on the earliest date on which all of the following conditions (the “Occupancy Conditions”) have first been met: 

Substantial Completion of Work. The Work has been substantially completed as determined by Landlord its reasonable discretion and, if
applicable, Landlord’s architect has issued a certificate of substantial completion; and it shall be so deemed notwithstanding the fact that minor or insubstantial details of construction, mechanical adjustment, or decoration remain to be
performed, the noncompletion of which does not materially interfere with Tenant’s beneficial use of the Premises for their intended purposes; 

Access and Services. Reasonable means of access and facilities necessary to Tenant’s use and occupancy of the Premises, including
corridors, elevators, stairways, heating, ventilating, air-conditioning, sanitary, water, and electrical facilities (but exclusive of parking facilities) have been installed and are in reasonably good operating order and available to Tenant; and

 Required Governmental Approval. If a building permit for the Work is required, a final inspection card or similar governmental
approval (temporary or final) has been issued by the City of South San Francisco permitting use of the Premises for office purposes. 
 1.
3.2.4 Tenant Delays. If the occurrence of any of the Occupancy Conditions and Landlord’s preparation of the Premises for occupancy shall be delayed owing to either (a) any act, omission, or failure of Tenant or any of its employees,
agents, or contractors which shall continue after Landlord shall have given Tenant reasonable notice that such act, omission, or failure would result in delay, and such delay shall have been unavoidable by Landlord in the exercise of reasonable
diligence and prudence; or (b) the nature of any items of additional work or change orders that Landlord undertakes to perform for the account of Tenant (including any delays incurred by Landlord, after making reasonable efforts, in procuring
any materials, equipment, or fixtures of a kind or nature not used by Landlord as part of its standard construction) (collectively “Tenant Delays”), then the Premises shall be deemed ready for occupancy on the date when they would have
been ready but for such Tenant Delays. 
 2. 3.2.5 Construction Management Services. Notwithstanding anything to the contrary in this
Lease, at the completion of Landlord’s Work, Tenant shall pay to Landlord promptly upon receipt of invoice a construction management fee in the amount of five percent (5%) of the total cost of Landlord’s Work (the “CM Fee”) to
cover the cost of Landlord’s personnel providing construction management services in connection with Landlord’s Work in the Premises. Notwithstanding the foregoing, the CM Fee shall not exceed One Thousand Dollars ($1,000). 

2. 3.3 Early Entry. During any period that Tenant shall be permitted to enter the Premises prior to the Commencement Date other than to occupy the same
(e.g., to perform alterations or improvements), Tenant shall comply with all terms and provisions of this Lease, except those provisions requiring the payment of Rent. If Tenant shall be permitted to enter the Premises prior to the
Commencement Date for the purpose of occupying the same, Rent shall commence on such date at the rate specified in the Table for the first period during which Rent is payable after the Commencement Date; and if Tenant shall commence occupying only a
portion of the Premises prior to the Commencement Date, Rent shall be prorated based on the number of rentable square feet occupied by Tenant. Landlord shall permit early entry, provided the Premises are legally available and Landlord has completed
any Work required under this Lease. In no event shall Tenant’s early entry extend or shorten the Term of the Lease set forth in § 1.2 above. Notwithstanding anything to the contrary herein, Tenant shall have the right enter the
Premises free from the obligation to pay Rent for the period commencing two (2) weeks prior to the Commencement Date for the limited purposes installing Tenant’s furniture and fixtures and telephone and data equipment, lines, and cabling,
and otherwise preparing the Premises for Tenant’s occupancy, provided that Tenant’s activity does not interfere with Landlord’s completion of the Work and that Tenant has delivered to Landlord the insurance certificates and the
Security Deposit required hereunder. 

  
 10 

 3. 3.4 Final Completion. Substantial completion shall not prejudice Tenant’s rights to require
full completion of any remaining items of Work; however, if Landlord notifies Tenant in writing that the Work is fully completed, and Tenant fails to object thereto in writing within fifteen (15) days thereafter specifying in reasonable detail
the items of work needed to be completed and the nature of work needed to complete said items, Tenant shall be deemed conclusively to have accepted the Work as fully completed (or such portions thereof as to which Tenant has not so objected). 

4. 3.5 Notice of Defects. It shall be conclusively presumed upon Tenant’s taking actual possession of the Premises that the same were in
satisfactory condition (except for latent defects) as of the date of such taking of possession, unless within thirty (30) days after the Commencement Date Tenant shall give Landlord notice in writing specifying the respects in which the
Premises were not in satisfactory condition. 
 5. 4 ADJUSTMENTS OF RENT 

6. 4.1 Taxes and Operating Expenses. In addition to the Base Rent and all other payments due under this Lease, Tenant shall pay to Landlord, in the
manner set forth in this Article 4, as Additional Rent, the following amounts: 
  

	 	(a)	 Increased Operating Expenses. An amount equal to Tenant’s Pro Rata Share of that portion of
Operating Expenses paid by Landlord during each Adjustment Period which exceeds the amount of Base Operating Expenses (as all of such terms are defined in § 4.2 below); and 

 

	 	(b)	 Increased Taxes. An amount equal to Tenant’s Pro Rata Share of that portion of Real Estate Taxes
paid by Landlord during each Adjustment Period which exceeds the amount of Base Real Estate Taxes (as all of such terms are defined in § 4.2 below). 

Tenant’s Pro Rata Share of (i) such increase in Operating Expenses over the Base Operating Expenses and (ii) such increase in Real Estate Taxes
over the Base Real Estate Taxes is sometimes referred to collectively herein as the “Rental Adjustment.” 
 1. 4.2 Definitions. For the
purposes of this Lease, the following definitions shall apply: 
  

	 	(a)	 Base Operating Expenses. “Base Operating Expenses” means the total of Operating
Expenses paid by Landlord during calendar year 2018 (the “Base Expense Year”), as adjusted under § 4.5 below. 

  

	 	(b)	 Base Real Estate Taxes. “Base Real Estate Taxes” means the total of Real Estate
Taxes paid by Landlord during calendar year 2018 (the “Base Tax Year”). 

  

	 	(c)	 Tenant’s Pro Rata Share. “Tenant’s Pro Rata Share” as to the Building
is the percentage labeled as such in the Table in § 1.2 and is calculated by dividing the agreed rentable area of the Premises (numerator) by the agreed rentable area of the Property (denominator) and expressing the resulting quotient as a
percentage. “Tenant’s Pro Rata Share” as to the Complex is the percentage labeled as such in the Table in § 1.2 as is calculated by dividing the agreed rentable area of the Premises (numerator) by the agreed rentable area of the
Complex (denominator) and expressing the resulting quotient as a percentage. Tenant’s Pro Rata Share shall be increased during the Term in proportion to any increase in the area of the Premises in accordance with the formula stated herein.

  

	 	(d)	 Adjustment Period. “Adjustment Period” as to Operating Expenses and Real Estate
Taxes means each calendar year of which any portion occurs during the Term, excluding the Base Year and beginning with the first calendar year immediately following the Base Year. 

 

	 	(e)	 Real Estate Taxes. “Real Estate Taxes” means all of the following charges,
whether or not now customary or in the contemplation of the parties hereto, and whether or not general, special, ordinary, or extraordinary, which Landlord shall pay during any Adjustment Period because of or in connection with the ownership,
leasing, or operation of the Property: 

  

	 	(1)	 ad valorem real property taxes; 

  
 11 

	 	(2)	 any form of assessment, license fee, license tax, business license fee, commercial rental tax, levy, charge,
fee, tax, or other imposition imposed by any authority, including any city, county, state, or federal governmental agency, or any school, agricultural, lighting, transportation, housing, drainage, or other improvement or special assessment district
thereof; 

  

	 	(3)	 any tax on Landlord’s ‘right’ to rent or ‘right’ to other income from the Building or
as against Landlord’s business of leasing the Building; 

  

	 	(4)	 any assessment, tax, fee, levy, or charge in substitution, partially or totally, of any assessment tax, fee,
levy or charge previously included within the definition of Real Estate Taxes, it being acknowledged by Tenant and Landlord that Proposition 13 was adopted by the voters of the State of California in the Election of June, 1978, and that assessments,
taxes, fees, levies, and charges may be imposed by governmental agencies for such services as fire protection, street, sidewalk, and road maintenance, refuse removal, and for other governmental services formerly provided without charge to property
owners or occupants, and it being the intention of Tenant and Landlord that all such new and increased assessments, taxes, fees, levies, and charges be included within the definition of Real Estate Taxes for the purposes of this Lease;

  

	 	(5)	 any assessment, tax, fee, levy, or charge allocable to or measured by the area of the Building or Property or
the Rent payable hereunder, including any gross income tax or excise tax levied by any city, county, state, or federal governmental agency or any political subdivision thereof with respect to the receipt of such Rent, or upon or with respect to the
possession, leasing, operating, management, maintenance, alteration, repair, use, or occupancy by Tenant of the Property or any portion thereof; 

  

	 	(6)	 any assessment, tax, fee, levy, or charge upon this transaction or any document to which Tenant is a party,
creating or transferring an interest or an estate in the Building or Property; 

  

	 	(7)	 any assessment, tax, fee, levy, or charge by any governmental agency related to any transportation plan, fund,
or system instituted within the geographic area of which the Building is a part; or 

  

	 	8)	 reasonable legal and other professional fees, costs and disbursements incurred in connection with proceedings
to contest, determine or reduce Real Estate Taxes. 

 Exclusions. Notwithstanding the foregoing, Real Estate Taxes
shall not include (A) federal, state, or local income taxes; (B) franchise, gift, transfer, excise, capital stock, estate, succession, or inheritance taxes; (C) penalties or interest for late payment of Real Estate Taxes; or
(D) taxes or assessments in excess of the amount which would be payable if such tax or assessment expense had been paid in installments over the longest permitted term. 
  

	 	(f)	 Operating Expenses. “Operating Expenses” means all expenses, costs, and amounts
(other than Real Estate Taxes) of every kind and nature which Landlord shall pay during any Adjustment Period of which any portion occurs during the Term, because of or in connection with the ownership, management, repair, maintenance, restoration,
and/or operation of the Property, including costs of the following: 

  

	 	(1)	 any and all Utilities (as defined in § 4.2(g) below) delivered to or consumed or used in or on the
Property; 

  

	 	(2)	 permits, licenses, and certificates necessary to operate, manage, and lease the Property;

  

	 	(3)	 supplies, tools, equipment, and materials used in the operation, repair, and maintenance of the Property;

  
 12 

	 	(4)	 all insurance premiums for any insurance policies deemed necessary or desirable by Landlord (including
workers’ compensation, health, accident, group life, public liability, property damage, earthquake, and fire and extended coverage insurance for the full replacement cost of the Property as required by Landlord or its lenders for the Property);

  

	 	(5)	 the deductible portion of any claim paid under any insurance policy maintained by Landlord in connection with
its management and operation of the Property; 

  

	 	(6)	 accounting, legal, inspection, consulting, concièrge, and other services; 

 

	 	(7)	 services of independent contractors; 

 

	 	(8)	 compensation (including employment taxes and fringe benefits) of all persons who perform duties in connection
with the operation, maintenance, repair, or overhaul of the Building or Property, and equipment, improvements, and facilities located within the Property, including engineers, janitors, painters, floor waxers, window washers, security, parking
personnel, and gardeners; 

  

	 	(9)	 operation and maintenance of a room for delivery and distribution of mail to tenants of the Building as
required by the U.S. Postal Service (including an amount equal to the fair market rental value of the mail room premises); 

  

	 	(10)	 management of the Building or Property, whether managed by Landlord or an independent contractor (including an
amount equal to the fair market value of any on-site manager’s office); 

  

	 	(11)	 rental expenses for (or a reasonable depreciation allowance on) personal property used in maintenance,
operation, or repair of the Property and installment equipment purchase or equipment financing agreements for such personal property; 

  

	 	(12)	 costs, expenditures, or charges (whether capitalized or not) required by any governmental or quasi-governmental
authority after the Commencement Date; 

  

	 	(13)	 payments under any easement, operating agreement, declaration, restrictive covenant, or instrument pertaining
to the sharing of costs in any planned development; 

  

	 	(14)	 amortization of capital expenses (including financing costs) incurred by Landlord after the Commencement Date
in order to (A) comply with Laws, (B) reduce Property Operating Expenses, or (C) upgrade the utility, efficiency, or capacity of any Utility or telecommunication systems serving tenants of the Property; 

 

	 	(15)	 operation, repair, and maintenance of all Systems and Equipment and components thereof (including replacement
of components); janitorial service; alarm and security service; window cleaning; trash removal; elevator maintenance; cleaning of walks, parking facilities, and building walls; removal of ice and snow; replacement of wall and floor coverings,
ceiling tiles, and fixtures in lobbies, corridors, restrooms and other common or public areas or facilities; maintenance and repair of the roof and exterior fabric of the Building, including replacement of glazing as needed; maintenance and
replacement of shrubs, trees, grass, sod, and other landscaped items, irrigation systems, drainage facilities, fences, curbs, and walkways; repaving and restriping parking facilities; and roof repairs; 

 

	 	(16)	 the operation of any on-site maintenance shop(s) and the operation and maintenance of the Athletic Facility,
any other fitness center, conference rooms, and all other common areas and amenities in the Property; 

  
 13 

	 	(17)	 provision of shuttle busses, shuttle services, and drivers between the Complex and BART and SFO airport, as
required by the Bay Area Regional Transportation Act and deed covenants and restrictions applicable to the Complex; and 

  

	 	(18)	 any other costs or expenses incurred by Landlord which are reasonably necessary to operate, repair, manage, and
maintain the Building and Property in a first-class manner and condition and which are not otherwise reimbursed by tenants of the Building. 

Exclusions. Notwithstanding the foregoing, Operating Expenses shall not include (A) depreciation, interest, and amortization on
Superior Mortgages (as defined in § 18.1 below), and other debt costs or ground lease payments, if any; (B) legal fees in connection with leasing, tenant disputes, or enforcement of leases; (C) real estate brokers’ leasing
commissions; (D) improvements or alterations to tenant spaces; (E) the cost of providing any service directly to, and reimbursed or paid directly by, any tenant; (F) any costs expressly excluded from Operating Expenses elsewhere in
this Lease; (G) costs of any items to the extent Landlord receives reimbursement from insurance proceeds or from a third party (such proceeds to be deducted from Operating Expenses in the year in which received); (H) capital expenditures,
except those expressly permitted above; provided, all such permitted capital expenditures (together with reasonable financing charges) shall be amortized for purposes of this Lease over the shorter of (x) their useful lives or (y) the
period during which the reasonably estimated savings in Operating Expenses equals the expenditures; (I) expense reserves; and (J) costs occasioned by casualties or condemnation. 

 

	 	(g)	 Utilities. “Utilities” means all expenses, costs, and amounts of every kind and
nature which Landlord shall pay during any Adjustment Period of which any portion occurs during the Term, because of or in connection with the electricity, power, gas, steam, oil or other fuel, water, sewer, lighting, heating, air conditioning, and
ventilating delivered to or consumed or used in or on the Property, but excluding the cost of any Utilities provided by a public utility directly to any tenant in the Complex and/or billed directly and separately by such utility or Landlord to such
tenant by means of separate metering or otherwise. 

 1. 4.3 Manner of Payment. To provide for current payments of the Rental
Adjustment, Tenant shall pay as Additional Rent during each Adjustment Period an amount equal to Landlord’s estimate of the Rental Adjustment which will be payable by Tenant for such Adjustment Period. Such payments shall be made in monthly
installments, commencing on the first day of the month following the month in which Landlord notifies Tenant of the amount it is to pay hereunder and continuing until the first day of the month following the month in which Landlord gives Tenant a
new notice of the estimated Rental Adjustment. It is the intention hereunder to estimate from time to time the amount of Tenant’s Rental Adjustment for each Adjustment Period and then to effect a reconciliation in the following year based on
the actual expenses incurred for the preceding Adjustment Period, as provided in 4.4 below. 
 2. 4.4 Reconciliation. On or before the first day of
April of each year after the first Adjustment Period (or as soon thereafter as is practical), Landlord shall deliver to Tenant a statement (the “Statement”) setting forth the Rental Adjustment for the preceding year. If the actual Rental
Adjustment for the preceding Adjustment Period exceeds the total of the estimated monthly payments made by Tenant for such Adjustment Period, Tenant shall pay Landlord the amount of the deficiency within thirty (30) days of the receipt of the
Statement. If such total of estimated payments made exceeds the actual Rental Adjustment for such Adjustment Period, then Tenant shall receive a credit for the difference against payments of Rent next due. If the credit is due from Landlord on the
Expiration Date, Landlord shall pay Tenant the amount of the credit, less any Rent then due. The obligations of Tenant and Landlord to make payments required under this § 4.4 shall survive the expiration or earlier termination of the Term
of this Lease. 

  
 14 

 1. 4.4.1 Changes in Method. So long as Tenant’s obligations hereunder are not
materially adversely affected thereby, Landlord reserves the right reasonably to change from time to time the manner or timing of the foregoing payments. In lieu of providing one Statement covering Real Estate Taxes and Operating Expenses, Landlord
may provide separate statements, at the same or different times. No delay by Landlord in providing the Statement (or separate statements) shall be deemed a default by Landlord or a waiver of Landlord’s right to require payment of Tenant’s
obligations for actual or estimated Real Estate Taxes or Operating Expenses. In no event shall a decrease in Real Estate Taxes or Operating Expenses below the Base Operating Expenses or Base Real Estate Taxes ever decrease the monthly Base Rent or
give rise to a credit in favor of Tenant. 
 2. 4.4.2 Proration of Rental Adjustment. If the Term does not commence on January 1
or does not end on December 31, Tenant’s obligations to pay estimated and actual amounts towards Real Estate Taxes and Operating Expenses for such first or final calendar year shall be prorated to reflect the portion of such year(s)
included in the Term. Such proration shall be made by multiplying the total estimated or actual (as the case may be) Real Estate Taxes and Operating Expenses for such calendar year(s), as well as the Base Real Estate Taxes and Base Operating
Expenses, by a fraction, the numerator of which shall be the number of days of the Term during such calendar year, and the denominator of which shall be three hundred sixty-five (365). 

3. 4.5 Gross-up. If the Building is less than ninety-five percent (95%) occupied during the Base Period or
any Adjustment Period, then Operating Expenses and Real Estate Taxes for the Base Period and/or such Adjustment Period shall be “grossed up” to that amount of Operating Expenses and Real Estate Taxes that, using reasonable projections,
would normally have been incurred during the Base Period and/or such Adjustment Period if the Building had been ninety-five percent (95%) occupied during the Base Period and/or such Adjustment Period, as determined in accordance with sound
accounting and management practices, consistently applied. Only those component elements or items of expense of Operating Expenses and Real Estate Taxes that are affected by variations in occupancy levels shall be grossed up. 

4. 4.6 Adjustment of Base Operating Expenses. Notwithstanding anything to the contrary contained in the Lease, the parties agree that Base Operating
Expenses and Operating Expenses for any subsequent Adjustment Period (herein called “Subsequent Operating Expenses”) shall be subject to further adjustment by Landlord as follows: 

 

	 	(a)	 Exclusion of Capital Expenditures. Landlord may exclude from Base Operating Expenses capital
expenditures otherwise permitted, provided Landlord shall also exclude any amortization of such expenditures from Subsequent Operating Expenses. 

  

	 	(b)	 Elimination of Recurring Expenses. If Landlord eliminates from any Subsequent Operating Expenses a
category of recurring expenses previously included in Base Operating Expenses, Landlord may subtract such category from Base Operating Expenses commencing with such subsequent Adjustment Period. 

 

	 	(c)	 New Recurring Expenses. If Landlord includes a new category of recurring Subsequent Operating Expenses
not previously included in Base Operating Expenses, Landlord shall also include an amount (the “Assumed Base Amount”) for such category in Base Operating Expenses commencing in such subsequent Adjustment Period. 

 

	 	(d)	 Assumed Base Amount. The “Assumed Base Amount” under § 4.6(c) above shall be the
annualized amount of expenses for such new category in the first Adjustment Period it is included, reduced by an amount determined in Landlord’s sole good faith discretion (but in no event by an amount less than five percent (5%)) for each full
or partial Adjustment Period that has elapsed during the Term of the Lease before such Adjustment Period. 

 1. 4.7 Adjustment of Real
Estate Taxes. If Base Real Estate Taxes are reduced as the result of protest, by means of agreement, as the result of legal proceedings, or otherwise, Landlord may adjust Tenant’s obligations for Real Estate Taxes in all years affected by
any refund of taxes following the Base Tax Year; and Tenant shall pay Landlord within thirty (30) days after notice any additional amount required by such adjustment for any Adjustment Periods that have theretofore occurred. Tenant shall be
entitled to receive a share of any refund or abatement of Real Estate Taxes received by Landlord to the extent of and in proportion to Tenant’s actual contribution to the amount of Real Estate Taxes paid by Landlord during the period to which
such refund or abatement relates, but in no event shall Tenant be entitled to any refund with respect to Real Estate Taxes paid 

  
 15 

 
by Landlord during Tenant’s Base Tax Year. If Real Estate Taxes for any Adjustment Period during the Term or any extension thereof shall be increased after payment thereof by Landlord for
any reason, including error or reassessment by applicable governmental authorities, Tenant shall pay Landlord upon demand Tenant’s Pro Rata Share of such increased Real Estate Taxes. Tenant shall pay increased Real Estate Taxes whether Real
Estate Taxes are increased as a result of increases in the assessment or valuation of the Property (whether based on a sale, change in ownership, refinancing of the Property, or otherwise), increases in the tax rates, reduction or elimination of any
rollbacks or other deductions available under current law, scheduled reductions of any tax abatement, as a result of the elimination, invalidity, or withdrawal of any tax abatement, or for any other cause whatsoever. Notwithstanding the foregoing,
if any Real Estate Taxes shall be paid based on assessments or bills by a governmental authority using a fiscal year other than a calendar year, Landlord may elect to average the assessments or bills for the subject calendar year, based on the
number of months of such calendar year included in each such assessment or bill. 
 2. 4.8 Allocation within Complex. So long as the Property shall be
part of the Complex collectively owned or managed by Landlord or its affiliates or collectively managed by Landlord’s managing agent, Landlord may allocate Real Estate Taxes and Operating Expenses within the Complex and between the buildings
and structures comprising the Complex and the parcels on which they are located, in accordance with sound accounting and management principles. In the alternative, Landlord shall have the right to determine, in accordance with sound accounting and
management principles, Tenant’s Pro Rata Share of Real Estate Taxes and Operating Expenses based upon the totals of each of the same for all such buildings and structures, the land constituting parcels on which the same are located, and all
related facilities, including common areas and easements, corridors, lobbies, sidewalks, elevators, loading areas, parking facilities, driveways, and other appurtenances and public areas, in which event Tenant’s Pro Rata Share shall be based on
the ratio of the rentable area of the Premises to the rentable area of all buildings in the Complex. 
 3. 4.9 Landlord’s Records. Landlord shall
maintain records with respect to Real Estate Taxes and Operating Expenses and determine the same in accordance with sound accounting and management practices, consistently applied. Although this Lease contemplates the computation of Real Estate
Taxes and Operating Expenses on a cash basis, Landlord shall make reasonable and appropriate accrual adjustments to ensure that each Adjustment Period includes substantially the same recurring items. Landlord reserves the right to change to a full
accrual system of accounting so long as the same is consistently applied and Tenant’s obligations are not materially adversely affected. Tenant or its representative shall have the right to examine such records, upon reasonable prior written
notice specifying such records Tenant desires to examine, during normal business hours at the place or places where such records are normally kept, by sending such notice no later than forty-five (45) days following the furnishing of the
Statement. 
 4. 4.10 Other Taxes Payable by Tenant. In addition to the Base Rent and any other charges to be paid by Tenant hereunder, Tenant shall,
as an element of Rent, reimburse Landlord upon demand for any and all taxes payable by Landlord (other than net income taxes) which are not otherwise reimbursable under this Lease, whether or not now customary or within the contemplation of the
parties, where such taxes are upon, measured by, or reasonably attributable to (A) the cost or value of Tenant’s equipment, furniture, fixtures, and other personal property located at the Premises, or the cost or value of any improvements
made in or to the Premises by or for Tenant, regardless of whether title to such improvements is held by Tenant or Landlord; (B) the gross or net Rent payable under this Lease, including any rental or gross receipts tax levied by any taxing
authority with respect to the receipt of the Rent hereunder; (C) the possession, leasing, operation, management, maintenance, alteration, repair, use, or occupancy by Tenant of the Premises or any portion thereof; or (D) this transaction
or any document to which Tenant is a party creating or transferring an interest or an estate in the Premises. Tenant shall pay any rent tax, sales tax, service tax, transfer tax, value-added tax, or any other applicable tax on the Rent or services
herein or otherwise respecting this Lease. 
 5. 4.11 Rent Control. If the amount of Rent or any other payment due under this Lease violates the terms
of any governmental restrictions on such Rent or payment, then the Rent or payment due during the period of such restrictions shall be the maximum amount allowable under those restrictions. Upon termination of the restrictions, Landlord shall, to
the extent it is legally permitted, recover from Tenant the difference between the amounts received during the period of the restrictions and the amounts Landlord would have received had there been no restrictions. 

  
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 6. 5 SECURITY DEPOSIT 

7. 5.1 Deposit for Security. Tenant shall deposit with Landlord the amount of Forty Thousand Nine Hundred Twenty-Five Dollars and Seventy Cents
($40,925.70) (the “Security Deposit”) upon Tenant’s execution and delivery of this Lease to Landlord. The Security Deposit shall serve as security for the prompt, full, and faithful performance by Tenant of the terms and provisions of
this Lease, including the value of future rents as damages in accordance with California Civil Code § 1951.2, as set forth in § 20.3 below. Landlord shall not be required to keep the Security Deposit separate from Landlord’s
general funds or pay interest on the Security Deposit. 
 1. 5.1.1 Application of Deposit. In the event that Tenant is in Default
hereunder and fails to cure within any applicable time permitted under this Lease, or in the event that Tenant owes any amounts to Landlord upon the expiration of this Lease, Landlord may use or apply the whole or any part of the Security Deposit
for the payment of Tenant’s obligations hereunder. The use or application of the Security Deposit or any portion thereof shall not prevent Landlord from exercising any other right or remedy provided hereunder or under any Law and shall not be
construed as liquidated damages. 
 2. 5.1.2 Restoration of Full Deposit. In the event the Security Deposit is reduced by such use or
application, Tenant shall deposit with Landlord, within ten (10) days after written notice, an amount sufficient to restore the full amount of the Security Deposit. If the Premises shall be expanded at any time, or if the Term shall be extended
at any increased rate of Rent, the Security Deposit shall thereupon be proportionately increased. 
 3. 5.1.3 Disposition of Security
Deposit. Within thirty (30) days after the Expiration Date or any earlier termination of the Lease, any remaining portion of the Security Deposit shall be returned to Tenant after deduction of all amounts due as Rent or otherwise. Tenant
expressly waives the provisions of § 1950.7 of the California Civil Code. 
 4. 6 COMPLIANCE WITH LAWS

 8. 6.1 Tenant’s Compliance with Laws. Tenant shall use the Premises in compliance with all applicable federal, state, county, and local
governmental and municipal laws, statutes, ordinances, rules, regulations, codes, decrees, orders, and other such requirements, and decisions by courts in cases where such decisions are considered binding precedents in the State of California (the
“State”), and decisions of federal courts applying the laws of the State (collectively “Laws”). Tenant shall, at its sole cost and expense, promptly comply with each and all of such Laws, and also with the requirements of any
board of fire underwriters or other similar body now or hereafter constituted to deal with the condition, use, or occupancy of the Premises, except in the case of required structural changes not triggered by Tenant’s change in its particular
use of the Premises or Tenant’s alterations, additions, or improvements therein. Tenant shall comply with all applicable Laws regarding the physical condition of the Premises, but only to the extent that the applicable Laws pertain to the
particular manner in which Tenant uses the Premises or the particular use to which Tenant puts the Premises, if different from that permitted under Article 2 of this Lease. Tenant shall also comply with all applicable Laws which do not relate
to the physical condition of the Premises and with which only the occupant can comply, such as laws governing maximum occupancy, workplace smoking, VDT regulations, and illegal business operations, such as gambling. The judgement of any court of
competent jurisdiction or the admission of Tenant in any judicial action, regardless of whether Landlord is a party thereto, that Tenant has violated any of such Laws shall be conclusive of that fact as between Landlord and Tenant. 

1. 6.1.1 Code Costs. Notwithstanding anything to the contrary in this Article 6, if the requirement of any public authority
obligates either Landlord or Tenant to expend money in order to bring the Premises and/or any area of the Property into compliance with Laws as a result of (a) Tenant’s particular use or alteration of the Premises; (b) Tenant’s
change in the use of the Premises; (c) the manner of conduct of Tenant’s business or operation of its installations, equipment, or other property therein; (d) any cause or condition created by or at the instance of Tenant, other than
by Landlord’s performance of any work for or on behalf of Tenant; or (e) breach of any of Tenant’s obligations hereunder, then Tenant shall bear all costs (“Code Costs”) of bringing the Premises and/or Property into
compliance with Laws, whether such Code Costs are related to structural or nonstructural elements of the Premises or Property. 

  
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 9. 6.2 Landlord’s Compliance with Laws. Landlord represents that on the Commencement Date
Landlord has no actual knowledge of any violation of any applicable Laws respecting the Premises. During the Term Landlord shall comply with all applicable Laws regarding the Premises and Property, except to the extent Tenant must comply under
§ 6.1 above. 
 10. 7 HAZARDOUS MATERIALS 

11. 7.1 Regulation of Hazardous Materials. Tenant shall not transport, use, store, maintain, generate, manufacture, handle, dispose, release, or
discharge any “Hazardous Material” (as defined below) upon or about the Property, nor permit Tenant’s employees, agents, contractors, and other occupants of the Premises to engage in such activities upon or about the Property.
However, the foregoing provisions shall not prohibit the transportation to and from, and use, storage, maintenance, and handling within, the Premises of substances customarily used in offices, provided all of the following conditions are met: 

 

	 	(a)	 such substances shall be used and maintained only in such quantities as are reasonably necessary for such
permitted use of the Premises, strictly in accordance with applicable Laws and the manufacturers’ instructions therefor; 

  

	 	(b)	 such substances shall not be disposed of, released, or discharged on the Property and shall be transported to
and from the Premises in compliance with all applicable Laws, and as Landlord shall reasonably require; 

  

	 	(c)	 if any applicable Laws or Landlord’s trash removal contractor requires that any such substances be
disposed of separately from ordinary trash, Tenant shall make arrangements at Tenant’s expense for such disposal directly with a qualified and licensed disposal company at a lawful disposal site (subject to scheduling and approval by Landlord),
and shall ensure that disposal occurs frequently enough to prevent unnecessary storage of such substances in the Premises; and 

  

	 	(d)	 any remaining such substances shall be completely, properly, and lawfully removed from the Property upon
expiration or earlier termination of this Lease. 

 1. 7.1.1 Definition of Hazardous Material. The term
“Hazardous Material” for purposes hereof shall mean any chemical, substance, material, or waste or component thereof which is now or hereafter listed, defined, or regulated as a hazardous or toxic chemical, substance, material, or waste or
component thereof by any federal, state, or local governing or regulatory body having jurisdiction, or which would trigger any employee or community
“right-to-know” requirements adopted by any such body, or for which any such body has adopted any requirements for the preparation or distribution of an MSDS.

 2. 7.2 Notification of Landlord. Tenant shall promptly notify Landlord of (A) any enforcement, cleanup, or other regulatory action taken or
threatened by any governmental or regulatory authority with respect to the presence of any Hazardous Material on the Premises or the migration thereof from or to other property; (B) any demands or claims made or threatened by any party against
Tenant or the Premises relating to any loss or injury resulting from any Hazardous Material on or from the Premises; and (C) any matters where Tenant is required by law to give a notice to any governmental or regulatory authority respecting any
Hazardous Material on the Premises. Landlord shall have the right (but not the obligation) to join and participate, as a party, in any legal proceedings or actions affecting the Premises initiated in connection with any environmental, health, or
safety law. 
 3. 7.3 List of Hazardous Materials. At such times as Landlord may reasonably request, Tenant shall provide Landlord with a written list
identifying any Hazardous Material then used, stored, or maintained upon the Premises, the use and approximate quantity of each such material, a copy of any material safety data sheet (“MSDS”) issued by the manufacturer thereof, written
information concerning the removal, transportation, and disposal of the same, and such other information as Landlord may reasonably require or as may be required by law. 

4. 7.4 Cleanup. If any Hazardous Material is released, discharged or disposed of by Tenant or any other occupant of the Premises, or their employees,
agents, or contractors, on or about the Property in violation of the foregoing provisions, Tenant shall immediately, properly, and in compliance with applicable Laws clean up and remove the Hazardous Material from the Property and any other affected
property and clean or replace any affected personal property (whether or not owned by Landlord), at Tenant’s expense. Such clean up and 

  
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removal work shall be subject to Landlord’s prior written approval (except in emergencies), and shall include any testing, investigation, and the preparation and implementation of any
remedial action plan required by any governmental body having jurisdiction or reasonably required by Landlord. If Tenant shall fail to comply with the provisions of this § 7.2 within five (5) days after written notice by Landlord, or
such shorter time as may be required by Laws or in order to minimize any hazard to persons or property, Landlord may (but shall not be obligated to) arrange for such compliance directly or as Tenant’s agent through contractors or other parties
selected by Landlord, at Tenant’s expense (without limiting Landlord’s other remedies under this Lease or applicable Laws). 
 5. 7.5 Casualty
Damage. If any Hazardous Material is released, discharged, or disposed of on or about the Property and such release, discharge, or disposal is not caused by Tenant or other occupants of the Premises, or their employees, agents, or contractors,
such release, discharge, or disposal shall be deemed casualty damage under Article 15 to the extent that the Premises or common areas serving the Premises are affected thereby; in such case, Landlord and Tenant shall have the obligations and
rights respecting such casualty damage provided under Article 15 of this Lease. 
 6. 7.6 Refrigerant. Tenant shall not install any
refrigerant-containing systems or equipment, including refrigerators, freezers, supplemental HVAC systems or self-contained air conditioners, without Landlord’s prior approval, which Landlord may withhold in its sole discretion. Unless Tenant
shall have obtained Landlord’s prior written approval to install existing equipment after an inspection, at Tenant’s sole cost and expense, by Landlord’s engineer for defects and proper proposed installation in the Premises, all
refrigerant-containing equipment and/or systems which Tenant installs in the Premises shall be new. Whether Tenant’s refrigerant-containing equipment or systems are defective and are properly installed shall be determined at the sole discretion
of Landlord’s engineer. If Tenant wishes to install any refrigerant-containing equipment or systems, Tenant shall obtain and provide Landlord with copies of all required permits associated with such equipment or systems. 

1. 7.6.1 Removal of Refrigerant. Notwithstanding anything to the contrary in this Lease, Tenant shall remove all refrigerant and
refrigerant-containing equipment and/or systems installed in the Premises by or on behalf of Tenant prior to the Expiration Date of this Lease. Prior to the removal of any such refrigerant or refrigerant-containing equipment and/or systems, Tenant
shall submit to Landlord for Landlord’s approval, the names of Tenant’s contractors and all plans and specifications for such removal. Tenant and Tenant’s contractors shall comply with all legal requirements, industry practices and
rules established by Landlord in performing such removal work. Tenant shall repair any damage to the Property or the Systems and Equipment associated with such removal, and Tenant shall be responsible for the costs associated with restoring the
Property to the condition which existed immediately prior to any modification undertaken by Landlord in order to accommodate Tenant’s refrigerant-containing equipment or systems. 

2. 8 SERVICES AND UTILITIES 
 7. 8.1
Landlord’s Services. Landlord agrees to provide, on the terms and conditions specified herein, the following services and Utilities for Tenant’s use and consumption in the Premises, the cost of which shall be included in Operating
Expenses and reimbursed to Landlord in accordance with § 4.1 above: 
 Electricity. Electricity for standard office lighting
fixtures and for equipment and accessories customary for offices, provided (i) the connected electrical load of all the same does not exceed an average of four (4) watts per usable square foot of the Premises (or such lesser amount as may
be available, based on the safe and lawful capacity of the existing electrical circuit(s) and facilities serving the Premises); (ii) the electricity will be at nominal 120 volts, single phase (or 110 volts, depending on available service in the
Building); and (iii) the safe and lawful capacity of the existing electrical circuit(s) serving the Premises is not exceeded. Landlord will permit its electric feeders, risers, and wiring servicing the Premises to be used by Tenant to the
extent available and safely capable of being used for such purpose. 
 Telecommunications Interface. Interface with the telephone
network at the demarcation point or minimum point of entry (“MPOE”) supplied by the local regulated public utility by means of Landlord’s INC consisting of cable pairs with a capacity consistent with the engineering standards to which
the Building was designed. 

  
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 HVAC. Heat, ventilation, and air-conditioning
(“HVAC”) to provide a temperature required, in Landlord’s reasonable opinion and in accordance with applicable Laws, for the comfortable occupancy of the Premises during business hours (as defined in § 8.1.1 below). Landlord
shall not be responsible for inadequate air-conditioning or ventilation to the extent the same occurs because Tenant uses any item of equipment consuming more than 500 watts at rated capacity without providing adequate air-conditioning and
ventilation therefor. 
 Water. Water for drinking, lavatory and toilet purposes at those points of supply provided for nonexclusive
general use of other tenants at the Property. 
 Janitorial Services. Customary office cleaning and trash removal service Monday
through Friday or Sunday through Thursday in and about the Premises. 
 Elevator Services. Operatorless passenger elevator service and
freight elevator service (if the Property has such equipment serving the Premises, and subject to scheduling by Landlord) in common with Landlord and other tenants and their contractors, agents, and visitors. 

1. 8.1.1 Business Hours. The term business hours in this Lease shall mean the hours from 8:00 a.m. until 6:00 p.m. on Monday
through Friday and from 9:00 a.m. until 1:00 p.m. on Saturday throughout the year, except for New Year’s Day, Presidents’ Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, Christmas Day, and any other
federally-observed holiday which may be created during the Term (“Holidays”). 
 2. 8.2 Additional Electrical Capacity. Any additional
risers, feeders, or other equipment or service proper or necessary to supply Tenant’s electrical requirements will be installed by Landlord, upon written request of Tenant, at the sole cost and expense of Tenant, if, in Landlord’s sole
judgement, the same are necessary and will not cause permanent damage or injury to the Property, the Premises, or the Systems and Equipment or cause or create a dangerous or hazardous condition or entail excessive or unreasonable alterations,
repairs, or expense or interfere with or disturb other tenants or occupants. Rigid conduit only will be allowed. 
 1. 8.2.1 Approved
Electrical Load. Tenant agrees not to connect any additional electrical equipment of any type to the building electric distribution system, beyond that on Tenant’s approved plans for initial occupancy, other than lamps, typewriters, and
other office machines which consume comparable amounts of electricity or other electrical equipment which in the aggregate consumes the same amount of electricity as those approved for initial occupancy and will not result in any overload of
electrical circuits, lines, or wiring, without Landlord’s prior written consent. In no event shall Tenant use or install any fixtures, equipment, or machines the use of which in conjunction with other fixtures, equipment, and machines in the
Premises would result in an overload or the electrical circuits servicing the Premises. Tenant covenants and agrees that at all times its use of electric current shall never exceed the capacity of the feeders to the Building or the risers or wiring
installation existing at the time in question. 
 3. 8.3 Additional Telecommunications Capacity. If Tenant desires any telecommunications capacity in
excess of that available as of the Commencement Date in the form of the INC between the MPOE and the telephone closet nearest the Premises and provided pursuant to § 8.1 above, Tenant shall bear the cost of installing additional risers or
INC or replacing existing INC serving the Premises pursuant to Article 9 below. 
 4. 8.4 Replacement Bulbs and Tubes. Tenant shall furnish,
install, and replace, as required, all non-Building-standard lighting tubes, lamps, bulbs, and ballasts required in the Premises, at Tenant’s sole cost and expense. All lighting tubes, lamps, bulbs, and ballasts so installed become
Landlord’s property upon the expiration or sooner termination of this Lease. 
 5. 8.5 Twenty-Four Hours Access. Subject to the provisions of
§ 8.8, Tenant, its employees, agents, and invitees shall have access to the Premises twenty-four (24) hours a day, seven (7) days a week. Landlord may restrict access outside of business hours by requiring persons to show a badge
or identification card issued by Landlord. Landlord shall not be liable for denying entry to any person unable to show the proper identification. Landlord may without liability temporarily close the Building if required because of a life-threatening
or Building-threatening situation. 

  
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 6. 8.6 Extra Services. Landlord shall, subject to all applicable Laws, seek to provide such utilities
or services in excess of those Landlord is required to provide under § 8.1 above as Tenant may from time to time request, if the same are reasonable and feasible for Landlord to provide and do not involve modifications or additions to the
Property or the Systems and Equipment and if Landlord shall receive Tenant’s request within a reasonable period prior to the time such extra utilities or services are required. Landlord may comply with written or oral requests by any officer or
employee of Tenant, unless Tenant shall notify Landlord of, or Landlord shall request, the names of authorized individuals (up to three (3) for each floor on which the Premises are located) and procedures for written requests. Tenant shall, for
such extra utilities or services, pay such charges as Landlord shall from time to time establish. 
 1. 8.6.1 Extraordinary Service
Usage. If Tenant shall utilize Building services for the Premises at any time other than during business hours, Landlord shall furnish such extraordinary services (excluding air-conditioning, except as
provided below) at Landlord’s then-current prevailing rate for such services. In addition to the foregoing services, if Tenant shall require air-conditioning service for the Premises at any time other
than during business hours, Landlord shall, upon reasonable advance notice from Tenant, furnish such after-hours air-conditioning service at Landlord’s then-current prevailing rate for such services as a
separate charge; provided, however, in the event Tenant requests such after-hours air-conditioning service at a time not immediately preceding or immediately succeeding times when “regular hours” service is being furnished hereunder, then
Tenant must request not less than five (5) hours of after-hours air-conditioning service. Notwithstanding anything contained herein to the contrary, Landlord’s prevailing rate for the extraordinary services described herein shall be
subject to increase from time to time as Landlord may reasonably determine. 
 2. 8.6.2 Payment for Excess Usage. All charges for
extra utilities or services or those requested outside business hours shall be due at the same time as the installment of Base Rent with which the same are billed, or if billed separately, shall be due within thirty (30) days after such
billing. 
 3. 8.6.3 Changes in HVAC System. Use of the Premises, or any part thereof, in a manner exceeding the design conditions
(including occupancy and connected electrical load) for the heating or cooling units in the Premises, or rearrangement of partitioning which interferes with normal operation of the HVAC system in the Premises, may require changes in the HVAC system
servicing the Premises. Such changes shall be made by Tenant, at its expense, as Tenant’s Changes pursuant to Article 9. Tenant shall not change or adjust any closed or sealed thermostat or other element of the HVAC system without
Landlord’s express prior written consent. 
 4. 8.6.4 Separate Metering. Landlord may install and operate meters or any other
reasonable system for monitoring or estimating any services or utilities used by Tenant in excess of those required to be provided by Landlord under this Article 8 (including a system for Landlord’s engineer reasonably to estimate any such
excess usage). If such system indicates such excess services or utilities, Tenant shall pay Landlord’s reasonable charges for installing and operating such system and any supplementary air-conditioning, ventilation, heat, electrical, or other
systems or equipment (or adjustments or modifications to the existing Systems and Equipment), and Landlord’s reasonable charges for such amount of excess services or utilities used by Tenant. If Tenant’s use of extra utilities or services
causes Landlord’s regulated baseline quantities of water, gas, electricity, or any other utility or service to be exceeded, Tenant shall pay for such excess quantities of such utilities or services at the rate which is imposed upon Landlord for
quantities in excess of the regulated baseline. In addition, Tenant shall pay prior to delinquency any fine or penalty which may be imposed upon or assessed against Landlord or the Building or the Property by virtue of Tenant’s excess usage of
any services or utilities, including water, gas, and electricity. 
 5. 8.6.5 Supplemental HVAC. If Tenant operates a supplemental
HVAC unit in the Premises for cooling of a dedicated server room or otherwise, whether such unit is was existing on the Commencement Date, installed by Landlord as part of Landlord’s Work to prepare the Premises for Tenant’s occupancy, or
installed later by Tenant as a Tenant’s Change, Tenant shall pay to Landlord as an extra service charge all costs of operating such supplementary HVAC unit in accordance with the provisions of § 8.6.4 above as determined by separate
metering or the reasonable estimate of Landlord’s engineer. 

  
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 7. 8.7 Interruption of Services. Landlord does not warrant that any services or utilities provided
hereunder for Tenant’s use in the Premises will be free from shortages, failures, variations, or interruptions caused by repairs, maintenance, replacements, improvements, alterations, changes of service, strikes, lockouts, labor controversies,
accidents, inability to obtain services, fuel, steam, water or supplies, governmental requirements or requests, or other causes beyond Landlord’s reasonable control, including interference with light or other incorporeal hereditaments and any
interruption in services or any failure to provide services to Landlord by a designated utility company at the demarcation point at which Landlord accepts responsibility for such service or at any point prior thereto, which interference impedes
Landlord in furnishing plumbing, HVAC, electrical, sanitary, life safety, elevator, telecommunications, or other Building services, utilities, or the Systems and Equipment. None of the same shall be deemed an eviction or disturbance of Tenant’s
use and possession of the Premises or any part thereof, shall render Landlord liable to Tenant for abatement of Rent, or shall relieve Tenant from performance of Tenant’s obligations under this Lease. Landlord in no event shall be liable for
damages by reason of loss of profits, business interruption, or other compensatory or consequential damages. 
 8. 8.8 Safety and Security Devices,
Services, and Programs. The parties acknowledge that safety and security devices, services, and programs provided by Landlord, if any, while intended to deter crime and ensure safety, may not in given instances prevent theft or other criminal
acts or ensure safety of persons or property, and such devices, services and programs shall not under any circumstances be deemed to be a guaranty, representation, or warranty by Landlord to Tenant or any third parties as to the safety or protection
of person or property. The risk that any safety or security device, service, or program may not be effective, or may malfunction, or be circumvented by a criminal, is assumed by Tenant with respect to Tenant’s property and interests; and Tenant
shall obtain insurance coverage to the extent Tenant desires protection against such criminal acts and other losses, as further described in Article 14. Tenant agrees to coöperate in any reasonable safety or security program developed by
Landlord or required by Law. 
 9. 9 TENANT’S CHANGES 

10. 9.1 Tenant’s Requested Changes. Tenant may, subject to § 9.2 below, from time to time during the Term of this Lease, at its expense,
make such alterations, additions, installations, substitutions, improvements, and decorations (collectively “Tenant’s Changes”) in and to the Premises as Tenant may reasonably consider necessary for the conduct of its business in the
Premises (except for changes which would require modification of the Property outside the Premises), on the following conditions: 
 the
outside appearance or the strength of the Building or of any of its structural parts shall not be affected, and Tenant shall cause no penetration of the roof or the exterior fabric of the Building; 

no part of the Building outside of the Premises shall be physically affected; 

the proper functioning of any of the Systems and Equipment shall not be adversely affected, and the usage of such systems by Tenant shall not
be increased; 
 no such change shall require the addition of new INC riser cable or expand the number of telephone pairs dedicated to the
Premises by the Buildings’ telecommunications engineering design; 
 in performing the work involved in making such changes, Tenant
shall be bound by and observe all of the conditions and covenants contained in the following sections of this Article 9; and 
 with
respect to Tenant’s Changes, Tenant shall make all arrangements for, and pay all expenses incurred in connection with, use of the freight elevators servicing the Premises. 

  
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 1. 9.2 Plans and Approval. Before proceeding with any Tenant’s Changes, Tenant shall advise
Landlord thereof and arrange a meeting with the Building Manager, the Building Architect, and/or the Building Contractor, as required by Landlord in relation to the scope of the proposed Changes. Except in extraordinary circumstances which would
reasonably require an exception, all work to be performed in the Building shall be performed by the Building Contractor on the basis of plans and drawings prepared by the Building Architect. If Landlord grants permission for Tenant to utilize
another contractor and/or architect for its Changes, before proceeding with any Tenant’s Changes, Tenant shall submit to Landlord plans and specifications and all changes and revisions thereto for the work to be done for Landlord’s
reasonable approval; and Tenant shall, upon demand of Landlord, pay to Landlord the reasonable costs incurred and paid to third parties by Landlord for the review of such plans and specifications and all changes and revisions thereto by its
architect, engineer, and other consultants. Landlord may as a condition of its approval require Tenant to make reasonable revisions in and to the plans and specifications. Landlord may require Tenant to post a bond or other security reasonably
satisfactory to Landlord to insure the completion of such change. If Landlord consents to any Tenant’s Changes or supervises the work of constructing any Tenant’s Changes, such consent or supervision shall not be deemed a warranty as to
the adequacy of the design, workmanship, or quality of materials, and Landlord hereby expressly disclaims any responsibility or liability for the same. Landlord shall under no circumstances have any obligation to repair, maintain, or replace any
portion of such work. 
 1. 9.2.1 As-Built Plans. Within thirty (30) days after completion of Tenant’s Changes requiring the
submission of plans to Landlord, Tenant shall furnish to Landlord a complete set of “as-built” plans and specifications. 

2. 9.3 Permits and Performance. Tenant, at its expense, shall obtain all necessary governmental permits and certificates for the commencement and
prosecution of Tenant’s Changes and for final approval thereof upon completion and shall furnish copies thereof to Landlord. Tenant shall cause Tenant’s Changes to be performed in compliance therewith and with all applicable Laws and
requirements of public authorities and with all applicable requirements of insurance bodies, and in good and workmanlike manner, using new materials and equipment at least equal in quality and class to the original installations in the Property.
Tenant’s Changes shall be performed in such manner as not unreasonably to interfere with, delay, or impose any additional expense upon Landlord in the renovation, maintenance, or operation of the Property or any portion thereof, unless Tenant
shall indemnify Landlord therefor to the latter’s reasonable satisfaction. 
 3. 9.4 Contractors. All electrical, mechanical, and plumbing work
in connection with Tenant’s Changes shall be performed by Landlord’s contractors at Tenant’s expense. If Tenant shall request any electrical, mechanical, or plumbing work in connection with Tenant’s Changes, Landlord shall
request Landlord’s contractors to furnish Tenant with prices to perform the same prior to prosecuting same. In addition to the foregoing, and notwithstanding anything to the contrary in this Article 9, Landlord may, at Landlord’s
option, require that the work of constructing any Tenant’s Changes be performed by Landlord’s contractor, in which case the cost of such work shall be paid for before commencement of the work. 

4. 9.5 Supervision and Fee. Landlord may require that all work of constructing Tenant’s Changes be performed under Landlord’s supervision. If
Landlord does not elect to require that Tenant use Landlord’s contractor, and if Tenant chooses to use its own contractor for the work of constructing Tenant’s Changes, Tenant shall pay to Landlord upon completion of any such work by
Tenant’s contractor an administrative fee of fifteen percent (15%) of the cost of the work, to cover Landlord’s overhead in reviewing Tenant’s plans and specifications and performing any supervision of the work of Tenant’s
Changes. If Tenant chooses to use Landlord’s contractor for such work, Tenant shall pay to Landlord upon completion an administrative fee equal to five percent (5%) of the cost of the work. 

5. 9.6 Restoration of Fixtures. If any of Tenant’s Changes shall involve the removal of any fixtures, equipment, or other property in the Premises
which are not Tenant’s Property (as defined in Article 10), such fixtures, equipment, or other property shall be promptly replaced, at Tenant’s expense, with new fixtures, equipment, or other property (as the case may be) of like
utility and at least equal value, unless Landlord shall otherwise expressly consent in writing; and Tenant shall, upon Landlord’s request, store and preserve, at Tenant’s sole cost and expense, any such fixtures, equipment or property so
removed and shall return same to Landlord upon the expiration or sooner termination of this Lease. Notwithstanding anything to the contrary herein, Landlord shall have no right to require Tenant to remove any alterations unless it notifies Tenant at
the time it consents to such alteration that it shall require such alteration to be removed. 

  
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 6. 9.7 Mechanic’s Liens. Tenant shall keep the Property and Premises free from any
mechanic’s, materialman’s, or similar liens or other such encumbrances, including the liens of any security interest in, conditional sales of, or chattel mortgages upon, any materials, fixtures, or articles so installed in and constituting
part of the Premises, in connection with any Tenant’s Changes on or respecting the Premises not performed by or at the request of Landlord and shall indemnify, defend, protect, and hold Landlord harmless from and against any claims,
liabilities, judgements, or costs (including attorneys’ fees) arising out of the same or in connection with any such lien, security interest, conditional sale or chattel mortgage or any action or proceeding brought thereon. Tenant shall give
Landlord written notice at least twenty (20) days prior to the commencement of work on any Tenant’s Change in the Premises (or such additional time as may be necessary under applicable Laws), in order to afford Landlord the opportunity of
posting and recording appropriate notices of nonresponsibility. Tenant shall remove any such lien or encumbrance by bond or otherwise within thirty (30) days after written notice by Landlord; and if Tenant shall fail to do so, Landlord may pay
the amount necessary to remove such lien or encumbrance, without being responsible for investigating the validity thereof. The amount so paid shall be deemed Additional Rent under this Lease payable upon demand, without limitation as to other
remedies available to Landlord under this Lease. Nothing contained in this Lease shall authorize Tenant to do any act which shall subject Landlord’s title to the Property or Premises to any liens or encumbrances, whether claimed by operation of
law or express or implied contract. Any claim to a lien or encumbrance upon the Property or Premises arising in connection with any Work on or respecting the Premises not performed by or at the request of Landlord shall be null and void, or, at
Landlord’s option, shall attach only against Tenant’s interest in the Premises and shall in all respects be subordinate to Landlord’s title to the Property and Premises. 

7. 9.8 Notices of Violation. Tenant, at its expense, and with diligence and dispatch, shall procure the cancellation or discharge of all notices of
violation arising from or otherwise connected with Tenant’s Changes which shall be issued by any governmental, public, or quasi-public authority having or asserting jurisdiction. However, nothing herein contained shall prevent Tenant from
contesting, in good faith and at its own expense, any such notice of violation, provided that Landlord’s rights hereunder are in no way compromised or diminished thereby. 

8. 9.9 Industrial Relations. Tenant agrees that the exercise of its rights pursuant to the provisions of this Article 9 or any other provision of
this Lease shall not be done in a manner which would create any work stoppage, picketing, labor disruption, or dispute or violate Landlord’s union contracts affecting the Property and/or Complex or interfere with the business of Landlord or any
Tenant or occupant of the Building. Tenant shall, immediately upon notice from Landlord, cease any activity, whether or not permitted by this Lease, giving rise to such condition. If Tenant fails to do so, Landlord, in addition to any rights
available to it under this Lease and pursuant to Law, shall have the right to an ex parte injunction without notice. 
 9. 10
TENANT’S PROPERTY 
 10. 10.1 Fixtures and Improvements. All fixtures, equipment, improvements, alterations, and appurtenances attached to
or built into the Premises at the commencement of or during the Term of this Lease, including cabinets, sinks, faucets, appliances, hot water heaters, etc. (collectively “Improvements”), whether or not by or at the expense of Tenant, shall
be and remain a part of the Premises, shall be deemed the property of Landlord, and shall not be removed by Tenant, except as expressly provided in Article 11 below. 

11. 10.2 Tenant’s Property and Trade Fixtures. All movable partitions, trade fixtures, office machinery and equipment, communications equipment,
and computer equipment (whether or not attached to or built into the Premises) which are installed in the Premises by or for the account of Tenant, without expense to Landlord and which can be removed without structural damage to the Property, and
all furniture, furnishings, and other articles of movable personal property owned by Tenant and located in the Premises (collectively “Tenant’s Property”) shall be and shall remain the property of Tenant and may be removed by it at
any time during the Term of this Lease; provided that if any of Tenant’s Property is removed, Tenant or any party or person entitled to remove same shall repair or pay the cost of repairing any damage to the Premises or to the Property
resulting from such removal. Any equipment or other property for which Landlord shall have granted any allowance or credit to Tenant or which has replaced such items originally provided by Landlord at Landlord’s expense shall not be deemed to
have been installed by or for the account of Tenant, without expense to Landlord, and shall not be considered Tenant’s Property. 

  
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 12. 11 CONDITION UPON SURRENDER 

13. 11.1 Condition and Restoration. At or before the Expiration Date or the date of any earlier termination of this Lease, or as promptly as
practicable using Tenant’s best efforts after such an earlier termination date, Tenant, at its expense, shall do all of the following: 

surrender possession of the Premises in as good condition as existed on the Commencement Date, ordinary wear and tear, casualties,
alterations, or other interior improvements which Tenant is permitted to surrender at the termination of this Lease and repairs that Tenant is not responsible for under this Lease excepted; 

surrender all keys, any key cards, and any parking stickers or cards to Landlord and give Landlord in writing the combinations of any locks or
vaults then remaining in the Premises; 
 remove from the Premises all of Tenant’s Property, including any data wiring and cabling that
Tenant has installed, except such items thereof as Tenant shall have expressly agreed in writing with Landlord were to remain and to become the property of Landlord; and 

fully repair any damage to the Premises or the Property resulting from such removal. 

Tenant’s obligations herein shall survive the expiration or earlier termination of the Lease, unless expressly provided to the contrary herein. All
Improvements and other items in or upon the Premises (except Tenant’s Property), whether installed by Tenant or Landlord, shall be Landlord’s property and shall remain upon the Premises, all without compensation, setoff, allowance, or
credit to Tenant; provided, however, that if Landlord so directs by notice at the time is grants consent, Tenant shall promptly remove such of the Improvements in the Premises as are designated in such notice and shall restore the Premises to their
condition prior to the installation of such Improvements. Notwithstanding the foregoing, Landlord shall not require removal of customary office improvements installed as part of Landlord’s Work under § 3.2 above (except as expressly
provided to the contrary therein), or installed by Tenant with Landlord’s written approval (except as expressly required by Landlord in connection with granting such approval). 

1. 11.2 Tenant’s Failure to Remove or Restore. If Tenant shall fail to perform any repairs or restoration or fail to remove any items from the
Premises as required under this Article 11, Landlord may do so, and Tenant shall pay Landlord the cost thereof upon demand. All property removed from the Premises by Landlord pursuant to any provisions of this Lease or any Law may be handled or
stored by Landlord at Tenant’s expense, and Landlord shall in no event be responsible for the value, preservation, or safekeeping thereof. All property not removed from the Premises or retaken from storage by Tenant within thirty (30) days
after expiration or earlier termination of this Lease or Tenant’s right to possession shall at Landlord’s option be conclusively deemed to have been conveyed by Tenant to Landlord as if by bill of sale without payment by Landlord. Unless
prohibited by applicable Laws, Landlord shall have a lien against such property for the costs incurred in removing and storing the same. 

2. 12 REPAIRS AND MAINTENANCE 
 3. 12.1
Tenant’s Care of Premises. Except for customary cleaning and trash removal provided by Landlord under § 8.1 above and damage covered under Article 15, Tenant shall keep the Premises in good and sanitary condition, working
order, and repair, including carpet, wall-covering, doors pertinent to and within the Premises, plumbing, all telecommunications cables and wiring within Tenant’s Premises (“IW”) from the interface of such IW with the INC, and other
fixtures, equipment, alterations, and improvements, whether installed by Landlord or Tenant. In addition, Tenant, at its expense, shall promptly make all repairs, ordinary or extraordinary, interior or exterior, structural or otherwise, in and about
the Premises and the Property, as shall be required by reason of (a) the performance or existence of Tenant’s Work or Tenant’s Changes; (b) the installation, use, or operation of Tenant’s Property in the Premises;
(c) the moving of Tenant’s Property in or out of the Building; or (d) the misuse or neglect of Tenant or any of its employees, agents, or contractors. Tenant, at its expense, shall replace all scratched, damaged, or broken doors or
other glass in or about the Premises and shall be responsible for all repairs, maintenance, and replacement of wall and floor coverings in the Premises and for the repair and maintenance of all lighting fixtures therein. All repairs except for
emergency repairs made by Tenant as provided herein shall be performed by contractors or subcontractors approved in writing by Landlord prior to commencement of such repairs, which approval shall not be unreasonably withheld or delayed. If Tenant
does not promptly make such arrangements, Landlord may, but need not, make such repairs, maintenance, and replacements, and the costs paid or incurred by Landlord therefor shall be reimbursed by Tenant promptly after request by Landlord. 

  
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 4. 12.2 Landlord’s Care of Property. Landlord, at its expense, shall keep and maintain the
common areas of the Property and the Systems and Equipment serving the Premises in good working order, condition, and repair and shall make all repairs, structural and otherwise, interior and exterior, as and when needed in or about the Premises,
except for those repairs for which Tenant is responsible pursuant to § 12.1 above or any other provisions of this Lease. Landlord shall maintain and repair all INC in the Building, and Tenant shall have no right to make repairs to INC. The
cost of Landlord’s maintenance and repairs pursuant to this Article 12 shall be reimbursed to Landlord to the extent provided in Article 4 above. 

5. 12.3 Waiver by Tenant. Tenant waives the benefits of any statute now or hereafter in effect which would otherwise afford Tenant the right to make
repairs at Landlord’s expense or to terminate this Lease because of Landlord’s failure to keep the Premises in good order, condition, and repair. 

6. 13 RULES AND REGULATIONS 
 7. 13.1
Observance and Modification. Tenant and its employees and agents shall faithfully observe and comply with the Rules and Regulations attached hereto as Exhibit C (the “Rules”) and such
reasonable changes therein (whether by modification, elimination, or addition) as Landlord at any time or times hereafter may make and communicate in writing to Tenant, so long as such changes do not unreasonably affect the conduct of Tenant’s
business in the Premises, except as required by any applicable Law; provided, however, that in case of any conflict or inconsistency between the provisions of this Lease and any of the Rules as originally promulgated or as changed, the provisions of
this Lease shall control. 
 8. 13.2 Application to Tenant. Nothing in this Lease shall be construed to impose upon Landlord any obligation to Tenant
to enforce the Rules or the terms, covenants, or conditions in any other lease, as against any other tenant, and Landlord shall not be liable to Tenant for violation of the same by any other tenant or its employees, agents, or visitors. 

9. 14 INSURANCE AND INDEMNIFICATION 
 10.
14.1 Tenant’s Insurance. Tenant shall obtain and maintain in effect at all times during Tenant’s possession of the Premises the following insurance coverages and policies: 

1. 14.1.1 Liability Insurance. Tenant shall maintain a policy of commercial general liability insurance, which shall include coverages
for (a) personal injury; (b) broad-form contractual liability; and (c) broad-form property damage liability. The minimum limits of liability shall be a combined single limit with respect to each occurrence of not less than Two Million
Dollars ($2,000,000) and an aggregate limit of not less than Three Million Dollars ($3,000,000). Such limits may be met through any combination of primary and excess liability policies, provided that any umbrella or excess liability policy shall be
in following form. The policy shall contain a cross-liability endorsement and a severability of interest clause. Tenant shall increase the insurance coverage as required by Landlord’s lender or if Landlord’s insurance consultant believes
that the coverage is not adequate. 
 2. 14.1.2 Tenant’s Business Auto Liability Insurance. Tenant shall maintain business auto
liability insurance with an “any auto, owned, non-owned, and hired” endorsement in an amount not less than Two Million Dollars ($2,000,000) combined single limit. 

3. 14.1.3 Tenant’s Business Personal Property Insurance. Tenant shall maintain on all of its business personal property, including
valuable business papers and accounts receivable; operating supplies; inventory; and furniture, fixtures, and equipment (whether owned, leased, or rented) (collectively “Business Personal Property”) an “all risk” property damage
insurance policy including coverages for sprinkler leakage and containing an agreed amount endorsement (or, if applicable, a business owner’s policy with a no-coinsurance provision) in an amount not less than one hundred percent (100%) of
the full replacement cost valuation of such Business Personal Property. The proceeds from any such policy shall be used by Tenant for the replacement of such Business Personal property. 

4. 14.1.4 Workers’ Compensation Insurance. Tenant shall maintain workers’ compensation insurance as required by law and
employer’s liability insurance in an amount not less than Five Hundred Thousand Dollars ($500,000). 

  
 26 

 5. 14.1.5 Business Interruption/Extra Expense Insurance. Tenant shall maintain
business interruption or (if applicable) contingent business interruption and extra expense insurance in such amounts as will reimburse Tenant for direct or indirect loss of earnings and incurred costs attributable to the perils commonly covered by
Tenant’s property insurance described in § 14.1.3 above but in no event less than the average total of Tenant’s annual net profits plus annual continuing business expenses during the three-year period immediately preceding such
interruption or loss. Such insurance will be carried with the same insurer that issues the insurance for Tenant’s Business Personal Property pursuant to § 14.1.3 above. 

6. 14.1.6 Other Coverage. Tenant, at its cost, shall maintain such other insurance as Landlord may reasonably require from time to time,
but in no event may Landlord require any other insurance which is not then available at commercially reasonable rates. 
 11. 14.2 Tenant’s Insurance
Criteria. All insurance required to be maintained by Tenant under this Lease shall conform to the following criteria: 
 Tenant’s
insurance shall be issued by insurance companies authorized to do business in the State of California with a financial rating of at least A-:VIII for any property insurance and at least A-:VIII for any liability insurance, as rated in the most recent edition of Best’s Insurance Reports. 

Tenant’s commercial general liability insurance shall be issued as primary and noncontributory to any insurance maintained by Landlord.

 Tenant’s liability insurance policies shall name Tenant as the insured and Landlord, Landlord’s agents, and any Lessors and
Holders (as such terms are defined in § 18.1 below) whose names shall have been furnished to Tenant as additional insureds. 

Should Tenant receive a notice of cancellation from the insurer of any of the insurance required in this Lease, Tenant shall notify Landlord
in writing within five (5) business days of receipt of such notice. Tenant will take all reasonable steps to remedy the cause of any such cancellation or shall find replacement insurance meeting the requirements of this Lease, such that no
lapse in the required insurance shall occur. Tenant shall provide written notice to Landlord that the pending cancellation has been rescinded or shall provide a certificate of insurance evidencing the replacement insurance, by the date the pending
cancellation was to become effective. 
 with respect to damage to or loss of Tenant’s Business Personal Property, a waiver of
subrogation must be obtained, as required under § 14.4 below. 
 1. 14.2.1 Blanket Coverage. All of the insurance
requirements set forth herein on the part of Tenant to be observed shall be deemed satisfied if the Premises are covered by a blanket insurance policy complying with the limits, requirements, and criteria contained in this Article 14 insuring
all or most of Tenant’s facilities in California. 
 2. 14.2.2 Evidence of Coverage. A duplicate original policy or a certificate
of insurance shall be deposited with Landlord at the commencement of the Term or, if earlier, upon Tenant’s taking possession of the Premises; and on renewal of the policy a certificate of insurance listing the insurance coverages required
hereunder and naming the appropriate additional insureds shall be deposited with Landlord not less than seven (7) days before expiration of the policy. 

2. 14.3 Landlord’s Insurance. Landlord shall maintain “all risk” property damage insurance containing an agreed amount endorsement
covering not less than one hundred percent (100%) of the full insurable replacement cost valuation of (y) the Building and the tenant improvements, betterments, and the alterations thereto; and (z) Landlord’s personal property,
business papers, furniture, fixtures, and equipment (collectively “Landlord’s Property”), exclusive of the costs of excavation, foundations and footings, and risks required to be covered by Tenant’s insurance, and subject to
commercially reasonable deductibles. Landlord shall also obtain and keep in full force the following policies of insurance: (a) commercial general liability insurance; (b) loss of rent insurance (also known as rent continuation insurance);
(c) workers’ compensation insurance, if required by applicable Law; and (d) such other insurance as Landlord deems appropriate or as may be required by any Holder or Lessor. 

  
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 3. 14.4 Releases and Waivers of Subrogation. The purpose of this provision is to allow Landlord and
Tenant to allocate and assume certain risks to coincide with insurance coverages required to be maintained pursuant to the terms to this Lease. Landlord and Tenant recognize the benefit that each will receive from the waivers of subrogation each is
required to obtain pursuant to this § 14.4 and that there are significant advantages to each in connection with minimizing duplication of insurance coverages. Accordingly, Landlord and Tenant agree to accept and place the limitations which
follow on each other’s respective liabilities and responsibility for damages in order to coincide with required insurance coverages. 

Top of Form 
 1. 14.4.1
Tenant’s Property Agreement. In light of Tenant’s agreement to insure Tenant’s Business Personal Property in accordance with § 14.1.2 above, notwithstanding anything to the contrary in this Lease (but subject to
§ 14.5 below), Tenant agrees that Landlord will have no liability to Tenant in the event Landlord damages or destroys, negligently or otherwise, all or any part of Tenant’s Business Personal Property. Tenant will cause to be placed in
its insurance policies covering Tenant’s Business Personal Property a waiver of subrogation so that its insurance company will not become subrogated to Tenant’s rights and will not be able to proceed against Landlord in connection with any
such damage or destruction. 
 Bottom of Form 

1. 14.4.2 Landlord’s Property Agreement. In light of Landlord’s agreement to insure Landlord’s Property in accordance
with § 14.3 above, notwithstanding anything to the contrary in this Lease (but subject to § 14.5 below), Landlord agrees that Tenant will have no liability to Landlord in the event that Tenant damages or destroys, negligently or
otherwise, all or any part of Landlord’s Property. Landlord will cause to be placed in its insurance policies covering Landlord’s Property a waiver of subrogation so that its insurance company will not become subrogated to Landlord’s
rights and will not be able to proceed against Tenant in connection with any such damage or destruction. 
 2. 14.4.3 Tenant’s
Release. Notwithstanding anything to the contrary in this Lease (but subject to § 14.5 below), Landlord shall not be responsible or liable to Tenant for any damages or destruction to Tenant’s Business Personal Property caused by
Landlord’s employees, agents, visitors, invitees, guests, or independent contractors (collectively “Landlord’s Associates”), and Tenant hereby releases Landlord from any claims, liabilities, demands, losses, damages,
consequential damages, and the like, including reasonable attorneys’ fees and court costs (collectively “Claims”) resulting from damage or destruction to Tenant’s Business Personal Property caused directly or indirectly by
Landlord and/or Landlord’s Associates; provided, however, that nothing herein shall be deemed to release Landlord’s independent contractors from any such Claims Tenant may have against Landlord’s independent contractors. 

3. 14.4.4 Landlord’s Release. Notwithstanding anything to the contrary in this Lease (but subject to § 14.5 below),
Tenant shall not be responsible or liable to Landlord for any damages or destruction to Landlord’s Property caused by Tenant’s employees, agents, visitors, invitees, guests, or independent contractors (collectively “Tenant’s
Associates”), and Landlord hereby releases Tenant from any Claims resulting from damage or destruction to Landlord’s Property caused directly or indirectly by Tenant and/or Tenant’s Associates; provided, however, that nothing herein
shall be deemed to release Tenant’s independent contractors from any such Claims Landlord may have against Tenant’s independent contractors. 

4. 14.4.5 Damage to Business and Loss of Rents. In light of Landlord’s agreement to carry continuation of rent insurance pursuant
to § 14.3 above and Tenant’s agreement to carry business interruption insurance (extra expense insurance) in accordance with § 14.1.5 above, in the event that Landlord’s Property is damaged or destroyed because of any
act or conduct, negligent or otherwise, by Tenant and/or by Tenant’s Associates, Landlord shall have no rights against Tenant by virtue of such damage or destruction, and Landlord hereby releases Tenant from all Claims, including claims for
loss of rent, by Landlord directly or indirectly resulting from the damage or destruction of Landlord’s Property by conduct by Tenant and/or by Tenant’s Associates. Likewise, in the event that Tenant’s Business Personal

  
 28 

 
Property is damaged or destroyed because of any act or conduct, negligent or otherwise, by Landlord and/or by Landlord’s Associates, Tenant shall have no rights against Landlord by virtue of
such damage or destruction, and Tenant hereby releases Landlord from all Claims by Tenant directly or indirectly resulting from the damage or destruction to Tenant’s Business Personal Property by the conduct of Landlord and/or Landlord’s
Associates, including Claims for loss of business or loss of profits. Notwithstanding the foregoing, nothing herein shall be deemed to release Tenant’s or Landlord’s independent contractors from any liability to Tenant and/or Landlord.

 5. 14.4.6 Injury and Death to Individuals. Landlord and Tenant understand that waivers of subrogation do not apply to injury to and
death of individuals. Landlord and Tenant shall each carry insurance, as provided by this Article 14, in connection with injury and death to individuals. Landlord hereby agrees to indemnify and hold Tenant harmless from any Claims which Tenant
may otherwise have with respect to injury or death to individuals occurring within the Property but outside the Premises, except to the extent that such injury or death is caused by Tenant and/or Tenant’s Associates, through negligence or
otherwise, and is not covered by the insurance Landlord is required to carry under this Lease. Likewise, Tenant agrees to indemnify, defend, protect, and hold Landlord harmless from any Claims for injury or death to persons occurring within the
Premises or caused, directly or indirectly, by Tenant or Tenant’s Associates outside the Premises, except to the extent such injuries or death are caused by Landlord and/or Landlord’s Associates, through negligence or otherwise, and are
not covered by the insurance Tenant is required to carry under this Lease. 
 6. 14.4.7 Abatement of Rent. Except as may be expressly
provided elsewhere in this Lease, Tenant shall not be entitled to Rent abatement and shall not otherwise have, and hereby releases Landlord from, any Claims resulting from Tenant’s inability to utilize all or any part of the Premises, except to
the extent that Tenant is unable to use all or any part of the Premises and does not use all or any part of the Premises as a result of Landlord’s intentional decision to refuse to provide access to the Building and/or the Premises and/or to
provide services and/or utilities to Tenant as required to be provided by Landlord to Tenant pursuant to this Lease, where such refusal is not caused by a Force Majeure occurrence. 

7. 14.4.8 Availability of Waiver of Subrogation. If an insurance policy cannot be obtained with a waiver of subrogation or is obtainable
only by the payment of an additional premium charge above that charged by insurance companies issuing policies without waiver of subrogation, the party undertaking to obtain the insurance shall notify the other party of this fact. The other party
shall have a period of ten (10) days after receiving the notice either to place the insurance with a company that is reasonably satisfactory to the other party and that will carry the insurance with a waiver of subrogation at no additional cost
or to agree to pay the additional premium if such a policy is obtainable at additional cost. If the insurance cannot be obtained or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium charged, the other
party is relieved of the obligation to obtain a waiver of subrogation with respect to the particular insurance involved. 
 2. 14.5 Other Cases of Damage
or Injury. In all cases not covered by the foregoing provisions of this Article 14, Tenant hereby assumes all risk of damage to property or injury to persons in, upon, or about the Premises from any cause other than the active negligence or
intentional misconduct of, or violation of this Lease by, Landlord and its agents or employees. Without limiting the generality of the foregoing, Landlord shall not be liable for injury or damage which may be sustained by the person, goods, wares,
merchandise, or property of Tenant or Tenant’s Associates or any other person in or about the Premises caused by or resulting from fire, steam, electricity, gas, water or rain, which may leak or flow from or into any part of the Premises, or
from the breakage, leakage, obstruction, or other defects of the Systems and Equipment, pipes, sprinklers, wires, INC, appliances, plumbing, heating, air-conditioning, or lighting fixtures of the same, whether the damage or injury results from
conditions arising upon the Premises or upon other portions of the Property, the Complex, or from other sources. Landlord shall not be liable for any damages arising from any act or omission of any other tenant or occupant of the Property or
Complex. In all cases not covered by the foregoing provisions of this Article 14, Tenant shall indemnify, defend, protect, and hold Landlord harmless against (a) any and all Claims arising from any death or injury to any person or damage
to any property whatsoever occurring in, on, or about the Premises or any part thereof, and (b) any and all Claims occurring in, on or about any of the Common Areas, the Property, or the Complex, when such injury or damage is caused in whole or
in part by the act, negligence, fault, or omission of any duty with respect to the same by Tenant or Tenant’s Associates. In 

  
 29 

 
all cases not covered by the foregoing provisions of this Article 14, Tenant shall further indemnify, defend, protect, and hold Landlord harmless from and against any and all Claims arising
from any breach or default in the performance of any obligation on Tenant’s part to be performed under this Lease, or arising from any act or negligence of Tenant or Tenant’s Associates, and from and against all costs, attorneys’
fees, expenses, and liabilities incurred in connection with any such Claim or any action or proceeding brought thereon. In case any action or proceeding be brought against Landlord by reason of any such Claim, Tenant, upon notice from Landlord,
shall defend the same at Tenant’s expense by counsel reasonably satisfactory to Landlord; provided, however, that Tenant shall not be liable in any case for damage to property or death or injury to person(s) occasioned by the active negligence
or intentional misconduct of, or violation of this Lease by, Landlord or Landlord’s Associates, unless covered by insurance Tenant is required to provide. 

3. 15 DAMAGE OR DESTRUCTION 
 4. 15.1
Loss Covered by Insurance. If at any time prior to the expiration or termination of this Lease the Premises or the Property is wholly or partially damaged or destroyed by any casualty which results in a loss to Landlord that is fully covered by
insurance maintained by Landlord or for Landlord’s benefit (or required to be maintained by Landlord pursuant to § 14.3 above), which casualty renders the Premises totally or partially inaccessible or unusable by Tenant in the
ordinary conduct of Tenant’s business, the parties agree that the following provisions shall modify their obligations under this Lease after such damage or destruction. 

1. 15.1.1 Repairs Which Can Be Completed Within Six (6) Months. Within thirty (30) days after Tenant’s
written notice to Landlord of such damage or destruction, Landlord shall provide Tenant with notice of its determination of whether the damage or destruction can be repaired within six (6) months after the commencement of the work of repairing
such damage or destruction without the payment of overtime or other premiums. If all repairs to Premises or Property can, in Landlord’s judgement, be completed within six (6) months following the date of the commencement of the work of
repairing such damage or destruction without the payment of overtime or other premiums, Landlord shall, at Landlord’s expense, repair the same; and this Lease shall remain in full force and effect, except that a proportionate reduction of the
Base Rent shall be allowed Tenant to the extent that the Premises shall be rendered inaccessible or unusable by Tenant and are not used by Tenant during the period of time that such portion is unusable or inaccessible and not used by Tenant. 

2. 15.1.2 Repairs Which Cannot Be Completed Within Six (6) Months. If all such repairs to the Property and Premises
cannot, in Landlord’s judgement, be completed within six (6) months following the commencement of the work of repairing such damage or destruction without the payment of overtime or other premiums, Landlord shall notify Tenant of such
determination; and in such an event, either Landlord or Tenant may, at its option, upon written notice to the other party given within sixty (60) days after the occurrence of such damage or destruction, elect to terminate this Lease as of the
date of the occurrence of such damage or destruction. In the event that neither Landlord nor Tenant elects to terminate the Lease in accordance with the foregoing provisions, then Landlord shall, at Landlord’s expense, repair such damage or
destruction; and in such event, this Lease shall continue in full force and effect, except that the Base Rent shall be proportionately reduced as provided in § 15.1.1 above; provided, however, that if any such repair is not commenced by
Landlord within ninety (90) days after the occurrence of such damage or destruction or is not substantially completed by Landlord within nine (9) months after the occurrence of such damage or destruction, then in either such event Tenant
may, at its option, upon written notice to Landlord, elect to terminate this Lease as of the date of Landlord’s receipt of such notice. Notwithstanding the foregoing, Tenant shall have no right to terminate this Lease in the situation just
described if all of the following conditions are met: (x) Landlord shall have informed Tenant in its notice of determination that the repair of such damage or destruction could not be substantially completed by Landlord within
nine (9) months after the occurrence of such damage or destruction; (y) Tenant shall not have elected to terminate the Lease by written notice delivered to Landlord within sixty (60) days after the occurrence of such damage or
destruction; and (z) Landlord shall have commenced the work of repairing such damage or destruction. 

  
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 5. 15.2 Loss Not Covered by Insurance. If at any time prior to the expiration or earlier termination
of this Lease the Premises or the Property is totally or partially damaged or destroyed in connection with a casualty, which loss to Landlord is not fully covered by insurance maintained by Landlord or for Landlord’s benefit (or required to be
maintained by Landlord pursuant to § 14.3 above); and if such damage renders the Premises inaccessible or unusable to Tenant for their intended purpose in the ordinary course of its business, Landlord may, at its option, upon written
notice given to Tenant within sixty (60) days after Tenant’s written notice to Landlord of the occurrence of such damage or destruction, either (a) elect to repair or to restore such damage or destruction or (b) elect to
terminate this Lease. If Landlord elects to repair or restore such damage or destruction, this Lease shall continue in full force and effect, except that the Base Rent shall be proportionately reduced as provided in § 15.1.1 above. If
Landlord does not elect by notice to Tenant to repair such damage, the Lease shall terminate as of the date of Tenant’s receipt of Landlord’s notice of election to terminate. Notwithstanding the foregoing, if all repairs to the Premises or
the Building cannot, in Landlord’s reasonable judgement, be completed within six (6) months following the date of the commencement of the work of repairing such damage or destruction without the payment of overtime or other premiums, then
either Landlord or Tenant may at the option of either, upon written notice to the other party given within sixty (60) days after the occurrence of such damage or destruction, elect to terminate this Lease as of the date of such notice. 

6. 15.3 Destruction During Final Year. Notwithstanding anything to the contrary contained in §§ 15.1 and 15.2, if the Premises or the
Building are wholly or partially damaged or destroyed within the final twelve (12) months of the Term of this Lease or, if an applicable renewal option has been exercised, during the last year of any renewal term, in such a way that Tenant
shall be prevented from using the Premises for at least thirty (30) consecutive days as a result of such damage or destruction, then either Landlord or Tenant may, at the option of either, by written notice to the other party delivered within
sixty (60) days after the occurrence of such damage or destruction, elect to terminate the Lease as of the date of such notice. 
 7. 15.4
Destruction of Tenant’s Property. Under no circumstances shall Landlord be required to repair any injury or damage to, or make any repairs to or replacements of, Tenant’s Property. However, as part of Operating Expenses, Landlord shall
cause to be insured the Improvements in the Premises which do not consist of Tenant’s Property and shall cause such Improvements to be repaired and restored at Landlord’s sole expense, except that Tenant shall pay any applicable
deductible. Landlord shall have no responsibility for any contents placed or kept in or on the Premises or the Property by Tenant or Tenant’s employees or invitees or any other person claiming through Tenant. 

8. 15.5 Exclusive Remedy. Landlord and Tenant agree that their respective rights and obligations in the event of any damage or destruction of the
Premises, Property, or Complex shall be governed exclusively by this Lease. Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases Tenant’s rights under California Civil Code
§§ 1932(2), 1933(4), and 1942, as the same may be modified or replaced hereafter. No damages, compensation, setoff, allowance, or claim shall be payable by Landlord for any inconvenience, interruption, or cessation of Tenant’s
business or any annoyance arising from any damage to or destruction of all or any portion of the Premises, Property, or Complex. 
 9. 16
EMINENT DOMAIN 
 10. 16.1 Condemnation. If the whole or any material part of the Premises or Property shall be taken by power of eminent domain
or condemned by any competent authority for any public or quasi-public use or purpose; or if any adjacent property or street shall be so taken, condemned, reconfigured, or vacated by such authority in such manner as to require the use,
reconstruction, or remodeling of any part of the Premises or Property; or if Landlord shall grant a deed or other instrument in lieu of such taking by eminent domain or condemnation (collectively “Takings”), Landlord shall have the option
to terminate this Lease upon ninety (90) days’ notice, provided such notice is given no later than one hundred and eighty (180) days after the date of such Taking. Tenant shall have reciprocal termination rights, on the same terms and
conditions and to be exercised in the same manner as the foregoing sentence provides, if the whole or any material part of the Premises is permanently taken, or if access to the Premises is permanently materially impaired. 

11. 16.2 Rental Apportionment. All Rent shall be apportioned as of the date of such termination or the date of such Taking, whichever shall first occur.
If any part of the Premises shall be taken, and this Lease shall not be so terminated, the Rent shall be proportionately abated. 

  
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 12. 16.3 Awards and Damages. Landlord shall be entitled to receive the entire award or payment in
connection with any Taking, except that Tenant shall have the right to file any separate claim available to Tenant for any taking of Tenant’s personal property and fixtures belonging to Tenant and removable by Tenant upon expiration of the
Term, and for moving expenses, so long as such claim does not diminish the award available to Landlord and such claim is payable separately to Tenant. 
 13.
16.4 Temporary Condemnation. If part or all of the Premises are condemned for a limited period of time (“Temporary Condemnation”), this Lease shall remain in effect. The Rent and Tenant’s obligations for the part of the
Premises taken shall abate during the Temporary Condemnation in proportion to the part of the Premises that Tenant is unable to use in its business operations as a result of the Temporary Condemnation. Landlord shall receive the entire award for any
Temporary Condemnation. 
 14. 17 ASSIGNMENT AND SUBLETTING 

15. 17.1 Consent Required for Transfer. Tenant agrees that it shall not assign, sublet, mortgage, hypothecate, or encumber this Lease, nor permit or
allow the Premises or any part thereof to be used or occupied by others, without the prior written consent of Landlord in each instance. The actions described in the foregoing sentence are referred to collectively herein as “Transfers” and
individually as a “Transfer.” If the Premises or any part thereof be sublet or occupied by anybody other than Tenant, Landlord may, after default by Tenant, collect rent from the subtenant or occupant and apply the net amount collected to
the Rent herein reserved; but no Transfer, occupancy, or collection shall be deemed a waiver of the provisions hereof, the acceptance of the subtenant or occupant as tenant, or a release of Tenant from the further performance hereunder by Tenant.
The consent by Landlord to a Transfer shall not relieve Tenant from obtaining the Landlord’s express written consent to any further Transfer. In no event shall any permitted sublessee assign or encumber its sublease or further sublet all or any
portion of its sublet space, or otherwise suffer or permit the sublet space or any part thereof to be used or occupied by others, without Landlord’s prior written consent in each instance. 

1. 17.1.1 Corporate Transferor. If Tenant is a corporation, the provisions of § 17.1 shall apply to a transfer (by one or more
transfers) of a majority of the stock of Tenant as if such transfer of a majority of the stock of Tenant were an assignment of this Lease, subject to the exceptions set forth in § 17.12 below. Notwithstanding the foregoing, the sale,
issuance, or transfer of any stock of Tenant in connection with an equity financing (including an IPO) shall not be deemed an assignment of this Lease or require Landlord’s consent (subject to prior demonstration of the qualified nature of each
such transaction as required under §§ 17.2 and 17.12 below). 
 16. 17.2 Notice of Intent to Transfer. If Tenant shall at any time or
times during the Term of this Lease desire to assign this Lease or sublet all or part of the Premises, Tenant shall give notice thereof (the “Transfer Notice”) to Landlord, which notice shall set forth all of the following: 

 

	 	(a)	 the proposed terms of the assignment or subletting, including (i) the effective or commencement date
thereof, which shall be not less than thirty (30) nor more than one hundred eighty (180) days after the giving of such notice; (ii) in the case of a proposed assignment, the consideration therefor; and (iii) in the case of a
proposed subletting, the rental rate to be paid by the proposed subtenant (including any escalation or Additional Rent payable), the term of the proposed sublease (including any renewal options), any work to be performed or paid for by Tenant, the
amount of any security deposit, the cost and extent of any so-called “take-over” obligations to be assumed by Tenant on behalf of such subtenant, the amount of any rent concessions to be granted by
Tenant, and any other additional monetary or so-called “business” terms or conditions; 

  

	 	(b)	 a statement setting forth in reasonable detail the identity of the proposed assignee or subtenant, the nature
of its business, and its proposed use of the Premises; and 

  

	 	(c)	 current financial information with respect to the proposed assignee or subtenant, including its most recent
financial report, and any other information which may reasonably be required by Landlord. 

  
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 1. 17.3 Conditions of Consent. Landlord shall respond in writing to Tenant’s Transfer Notice
within ten (10) days after receipt. Providing that Tenant is not in default of any of Tenant’s obligations under this Lease after notice and the expiration of any applicable grace period, Landlord’s consent (which must be in writing
and in form reasonably satisfactory to Landlord) to the proposed assignment or sublease shall not be unreasonably withheld or delayed, provided the following conditions are met: 

 

	 	(a)	 Tenant shall have complied with the provisions of § 17.2 above within the time permitted therefor;

  

	 	(b)	 In Landlord’s reasonable judgement the proposed assignee or subtenant is engaged in a business which would
use the Premises, or the relevant part thereof, in a manner which is in keeping with the then-current standards of the Building, is limited to the use expressly permitted under this Lease, and will not violate any negative covenant or other
restriction or agreement as to use contained in any other lease of space in the Complex; 

  

	 	(c)	 The proposed assignee or subtenant is a reputable entity or person of good character and with reasonably
sufficient financial worth considering the responsibility involved (and in no event of less financial standing than Tenant), is not subject to any toxic or hazardous materials cleanup order with respect to any other property, and Landlord has been
furnished with reasonable proof thereof; 

  

	 	(d)	 Neither the proposed assignee or sublessee nor any person which, directly or indirectly, controls, is
controlled by, or is under common control with, the proposed assignee or sublessee or any person who controls the proposed assignee or sublessee, is then an occupant of any part of the Complex, provided Landlord then has suitable space in the
Complex available for leasing. For purposes of this Lease control shall be deemed to mean ownership of more than fifty percent (50%) of all the voting stock of a corporation or more than fifty percent (50%) of all the legal and
equitable interest in any other business entity; 

  

	 	(e)	 The proposed assignee or sublessee is not a person or entity with whom Landlord is then negotiating to lease
space in the Building; 

  

	 	(f)	 The form of the proposed lease shall be in form reasonably satisfactory to Landlord and shall comply with the
applicable provisions of this Article 17; 

  

	 	(g)	 There shall not be more than two (2) subtenants (not including the Permitted Occupant (as defined in
§ 17.13 below) of the Premises); 

  

	 	(h)	 Tenant shall reimburse Landlord on demand for any reasonable costs that may be incurred or paid by Landlord to
third persons in connection with said assignment or sublease, including costs of making investigations as to the acceptability of the proposed assignee or subtenant and legal costs incurred in connection with the granting of any requested consent;
and 

  

	 	(i)	 The sublease shall not allow the use of the Premises or any part thereof for (i) the sale of food for on
or off-premises consumption or (ii) use by a foreign or domestic governmental agency. 

 Whether or not Landlord shall grant consent,
Tenant shall pay $500.00 towards Landlord’s review and processing expenses in connection with any Transfer request, as well as any reasonable legal fees incurred by Landlord, within thirty (30) days after written request by Landlord. 

1. 17.4 Continuation of Lease Terms. Each subletting pursuant to this Article 17 shall be subject to all of the covenants, agreements, terms,
provisions, and conditions contained in this Lease. Notwithstanding any such subletting to any other subtenant and/or acceptance of Rent by Landlord from any subtenant, Tenant shall remain liable for the payment of the Base Rent and Additional Rent
due and to become due hereunder and for the performance of all the covenants, agreements, terms, provisions, and conditions contained in this Lease on the part of Tenant to be performed and all acts and omissions of any licensee or subtenant or
anyone claiming under or through any subtenant which shall be in violation of any of the obligations of this Lease; and any such violation shall be deemed to be a violation by Tenant. Tenant further agrees that notwithstanding any such subletting,
no other and further subletting of the Premises by Tenant or any person or entity claiming 

  
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through or under Tenant shall or will be made except upon compliance with and subject to the provisions of this Article 17. If Landlord shall decline to give its consent to any proposed
assignment or sublease, Tenant shall indemnify, defend, protect, and hold Landlord harmless against and from any and all Claims resulting from any Claims that may be made against Landlord by the proposed assignee or sublessee or by any brokers or
other persons claiming a commission or similar compensation in connection with the proposed assignment or sublease. 
 2. 17.5 Lapse of Consent. In
the event that Landlord consents to a proposed Transfer described in the Transfer Notice and Tenant fails to execute and deliver the assignment or sublease described in the Transfer Notice to which Landlord consented within one hundred
twenty (120) days after the giving of such consent, then Tenant shall again comply with all of the provisions and conditions of § 17.2 above before assigning this Lease or subletting all or part of the Premises. 

3. 17.6 Transfer Documentation. With respect to each and every Transfer authorized by Landlord under the provisions of this Lease, it is further agreed
as follows: 
  

	 	(a)	 no subletting shall be for a term ending later than one day prior to the Expiration Date of this Lease;

  

	 	(b)	 no sublease shall be valid, and no subtenant shall take possession of the Premises or any part thereof, until
an executed counterpart of such sublease has been delivered to Landlord; 

  

	 	(c)	 each sublease shall provide that it is subject and subordinate to this Lease and to the matters to which this
Lease is or shall be subordinate, and that in the event of termination (whether by voluntary surrender or otherwise), re-entry, or dispossession by Landlord under this Lease, Landlord may, at its option, take
over all of the right, title, and interest of Tenant, as sublessor, under such sublease, and such subtenant shall, at Landlord’s option, attorn to Landlord pursuant to the then-executory provisions of such sublease, except that Landlord shall
not be (i) liable for any previous act or omission of Tenant under such sublease; (ii) subject to any offset, credit, or allowance not expressly provided in such sublease which theretofore accrued to such subtenant against Tenant or
(iii) bound by any previous modification of such sublease or by any previous prepayment of more than one month’s rentals; and 

  

	 	(d)	 each assignment or sublease document must provide that the assignee or subtenant expressly assumes all
obligations of the Tenant under the Lease as joint and several obligations without any release of Tenant. 

 1. 17.7 Transfer Premium.
If Landlord shall give its consent to any assignment of this Lease or to any sublease, Tenant shall in consideration therefor pay to Landlord, as Additional Rent, the following amounts (collectively the “Transfer Premium”): 

 

	 	(a)	 in the case of an assignment, an amount equal to fifty percent (50%) of all sums and other considerations paid
to Tenant by the assignee for or by reason of such assignment, including sums paid for the sale of Tenant’s Property, but excluding the following: (i) in the case of a sale of Tenant’s Property, the then-current net unamortized or
undepreciated cost thereof determined on the basis of Tenant’s federal income tax returns; (ii) then-customary brokerage commissions being paid by Landlord for leasing of space in the Building or, if less, the brokerage commission paid by
Tenant in connection with the assignment; (iii) reasonable legal fees and disbursements; and (iv) reasonable amounts paid by Tenant for tenant improvements constructed for the assignee; and 

 

	 	(b)	 in the case of a sublease, fifty percent (50%) of any rents, additional charge, or other consideration paid
under the sublease to Tenant by the subtenant which is in excess of the Base Rent and Additional Rent accruing during the term of the sublease in respect of the subleased space (at the rate per square foot payable by Tenant hereunder) pursuant to
the terms hereof, including sums paid for the sale or rental of Tenant’s Property, but 

  
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excluding the following: (i) in the case of the sale or lease of Tenant’s Property, the then-current net unamortized or undepreciated cost thereof determined on the basis of
Tenant’s federal income tax returns; (ii) then-customary brokerage commissions being paid by Landlord for leasing of space in the Building or, if less, the brokerage commission paid by Tenant in connection with the sublease;
(iii) reasonable legal fees and disbursements; and (iv) reasonable amounts paid by Tenant for tenant improvements constructed for the subtenant. 

The sums payable as the Transfer Premium under this § 17.7 shall be paid to Landlord as and when payable by the subtenant or assignee to Tenant.

 1. 17.8 Assumption by Transferee Any Transfer, whether made with Landlord’s consent pursuant to § 17.1 or without Landlord’s
consent pursuant to § 17.1.1, shall be made only if, and shall not be effective until, the assignee or subtenant shall execute, acknowledge, and deliver to Landlord an agreement in form and substance satisfactory to Landlord under which
the assignee or transferee shall assume the obligations of this Lease on the part of Tenant to be performed or observed, from and after the date of Transfer, and whereby the assignee or transferee shall agree that the provisions in § 17.1
shall, notwithstanding such Transfer, continue to be binding upon it in respect of all future Transfers. The original named Tenant covenants that, notwithstanding any Transfer, whether or not in violation of the provisions of this Lease, and
notwithstanding the acceptance of Base Rent and/or Additional Rent by Landlord from an assignee, transferee, or any other party, the original named Tenant shall remain fully liable for the payment of the Base Rent and Additional Rent and for the
other obligations of this Lease on the part of Tenant to be performed or observed. 
 2. 17.9 No Waiver or Discharge. The joint and several liability
of Tenant and any immediate or remote successor in interest of Tenant and the due performance of the obligations of this Lease on Tenant’s part to be performed or observed shall not be discharged, released, or impaired in any respect by any
agreement or stipulation made by Landlord extending the time of, or modifying any of the obligations of, this Lease, or by any waiver or failure of Landlord to enforce any of the obligations of this Lease. 

3. 17.10 Listing of Name. The listing of any name other than that of Tenant, whether on the doors of the Premises or the Building directory, or
otherwise, shall not operate to vest any right or interest in this Lease or in the Premises, nor shall it be deemed to be the consent of Landlord to any Transfer of this Lease or to any sublease of the Premises or to the use or occupancy of the
Premises by others. 
 4. 17.11 Net Profits Agreement. Anything contained in the foregoing provisions of this Article 17 to the contrary
notwithstanding, neither Tenant nor any other person or entity having an interest in the possession, use, occupancy, or utilization of the Premises shall enter into any lease, sublease, license, concession, or other agreement for use, occupancy, or
utilization of space in the Premises which provides for rental or other payment for such use, occupancy, or utilization based, in whole or in part, on the net income or profits derived by any person from the premises leased, used, occupied, or
utilized (other than an amount based on a fixed percentage or percentages of receipts or sales); and any such purported lease, sublease, license, concession, or other agreement shall be absolutely void and ineffective as a conveyance of any right or
interest in the possession, use, occupancy, or utilization of any part of the Premises. 
 5. 17.12 Affiliates. Notwithstanding anything to the
contrary in this Article 17, Landlord’s consent shall not be required in the event Tenant desires to transfer a majority of iots stock as described in § 17.1.1 above or assign this Lease or sublet the Premises or any portion
thereof to any corporation or entity which controls, is controlled by, or is under common control with Tenant, or to an entity related to Tenant by merger, or a purchaser of substantially all of Tenant’s stock or assets, provided and subject to
the following conditions: 
  

	 	(a)	 Tenant shall not be in default of any of the terms, covenants, or conditions on Tenant’s part to observe
or perform hereunder beyond applicable notice and cure periods; 

  

	 	(b)	 such sublet or assignment shall be subject to all of the terms, covenants, and conditions of this Lease;

  

	 	(c)	 Tenant shall notify Landlord of such sublet or assignment in accordance with § 17.2 hereof and furnish
Landlord with reasonably satisfactory evidence that such sublessee or assignee controls, is controlled by, or is under common control with Tenant or is otherwise covered by this § 17.12 above; and 

  
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	 	(d)	 in the event of such merger, consolidation, or transfer of a majority of its stock or substantially all of
Tenant’s assets, the successor to Tenant (or Tenant following a stock transfer) has a net worth, computed in accordance with generally-accepted accounting principles, at least equal to the net worth of Tenant immediately prior to such merger,
consolidation, or transfer; and proof satisfactory to Landlord of such net worth shall have been delivered to Landlord at least ten (10) days prior to the effective date of any such transaction. 

As used herein, the terms control and common control shall be deemed to mean the ownership of fifty percent (50%) or more of all of the issued
and outstanding voting shares of such corporation, or fifty percent (50%) or more of all the legal and equitable interest in any such business entities. 

1. 17.13 Permitted Occupants. Landlord hereby agrees that the provisions of this Article 17 shall not apply to the shared occupancy of individual
offices in the Premises with Tenant by individuals renting not more than one (1) such office (the “Permitted Occupant”), provided that the space occupied by the Permitted Occupant shall not be separately demised or contain separate
entrances, demarcations, or reception areas and the occupancy by the Permitted Occupant shall be upon and subject to all of the terms and conditions of this Lease. 

2. 18 SUBORDINATION AND ATTORNMENT 
 3.
18.1 Subordination of Lease. This Lease and all rights of Tenant hereunder are and shall be subject and subordinate in all respects to (a) all ground leases, overriding leases, and underlying leases of the Building, Property, and/or the
Complex now or hereafter existing; (b) all mortgages which may now or hereafter affect the Building, Property, or Complex and any of such leases, whether or not such mortgages shall also cover other lands and/or buildings; (c) each and
every advance made or hereafter to be made under such mortgages; and (d) to all renewals, modifications, replacements, and extensions of such leases and such mortgages and spreaders and consolidations of such mortgages. This § 18.1
shall be self-operative, and no further instrument of subordination shall be required. In confirmation of such subordination, Tenant shall promptly execute and deliver any instrument that Landlord, the lessor of any such lease or the holder
(“Holder”) of any such mortgage or any of their respective successors in interest may reasonably request to evidence such subordination. The leases to which this Lease is, at the time referred to, subject and subordinate pursuant to this
Article 18 are hereinafter sometimes referred to as “Superior Leases”; the mortgages to which this Lease is, at the time referred to, subject and subordinate are hereinafter sometimes referred to as “Superior Mortgages”; and
the lessor of a superior lease or its successor in interest at the time referred to is sometimes hereinafter referred to as a “Lessor.” Notwithstanding the foregoing, Tenant agrees, upon written request from Landlord or any Holder or
Lessor, to reorder the relative priority of the Lease with respect to any particular Superior Mortgage or Superior Lease so as to subordinate the lien of any such Superior Mortgage or Superior Lease to the Lease. Tenant agrees to execute any
instrument which Landlord or any Holder or Lessor may present in order to effect such prioritization of the Lease, provided that such instrument does not modify any material term of the Lease or increase Tenant’s obligations thereunder. 

4. 18.2 Notice and Cure Right. In the event of any action or omission of Landlord which would give Tenant the right, immediately or after lapse of a
period of time, to cancel or terminate this Lease, or to claim a partial or total eviction, Tenant shall not exercise such right unless and until (i) Tenant shall have given written notice of such act or omission to the Holder of each Superior
Mortgage and the Lessor of each Superior Lease whose name and address shall previously have been furnished to Tenant in writing; and (ii) unless such act or omission shall be one which is not capable of being remedied by Landlord or such
mortgage Holder or Lessor within a reasonable period of time, a reasonable period for remedying such act or omission shall have elapsed following the giving of such notice and following the time when such Holder or Lessor shall have become entitled
under such Superior Mortgage or Superior Lease, as the case may be, to remedy the same (which reasonable period shall in no event be less than the period to which Landlord would be entitled under this Lease or otherwise, after similar notice, to
effect such remedy), provided such Holder or Lessor shall with due diligence give Tenant written notice of intention to remedy such act or omission and shall thereafter diligently and continuously prosecute such cure to completion. 

  
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 5. 18.3 Attornment. If the Lessor of a Superior Lease or the Holder of a Superior Mortgage shall
succeed to the rights of Landlord under this Lease, whether through possession or foreclosure action or delivery of a new lease or deed, then at the request of such party so succeeding to Landlord’s rights or other person having or acquiring
title by virtue of such foreclosure or termination (herein sometimes referred to as “Successor Landlord”) and upon such Successor Landlord’s written agreement to accept Tenant’s attornment, Tenant shall attorn to and recognize
such Successor Landlord as Tenant’s landlord under this Lease and shall promptly execute and deliver any instrument that such Successor Landlord may reasonably request to evidence such attornment. Upon such attornment this Lease shall continue
in full force and effect as a direct lease between the Successor Landlord and Tenant upon all of the terms, conditions, and covenants in this Lease, except as follows: 
  

	 	(a)	 the Successor Landlord shall not be liable for any previous act or omission of Landlord under this Lease;

  

	 	(b)	 the Successor Landlord shall not be subject to any offset (unless expressly provided for in this Lease) which
shall have theretofore accrued to Tenant against Landlord; 

  

	 	(c)	 the Successor Landlord shall not be bound by any previous modification of this Lease, unless expressly provided
for in this Lease, or by any previous prepayment of more than one month’s Base Rent, unless such modification or prepayment shall have been expressly approved in writing by the Lessor of the Superior Lease or the Holder of the Superior Mortgage
through or by reason of which the Successor Landlord shall have succeeded to the rights of Landlord under this Lease. 

1. 19 FINANCING REQUIREMENTS 
 2. 19.1
Lender-Requested Modifications. If, in connection with obtaining financing or refinancing for the Property or Complex a prospective lender shall request reasonable modifications to this Lease as a condition to such financing or refinancing,
Tenant shall not withhold, delay, or unreasonably condition its consent thereto. It is agreed that, among the modifications which shall be deemed reasonable, are modifications to the subordination and attornment provisions of this Lease,
modifications to the notice provisions of this Lease, modifications to the provisions of this Lease which permit the lender to cure any defaults by Landlord, and modifications to the provisions which grant additional time to cure as may be
reasonably required by the lender. 
 3. 19.2 Failure to Comply. If Tenant fails or refuses to execute and deliver to Landlord, within
fifteen (15) days after written notice to do so, the amendment(s) to this Lease accomplishing such reasonable modification(s), Landlord, at its sole option, shall have the right either (a) to terminate this Lease after the expiration of
any applicable notice and cure periods or (b) to execute the amendment for and on behalf of Tenant as its attorney-in-fact. Tenant hereby irrevocably appoints
Landlord as its attorney-in-fact solely to execute any documents required to carry out the intent of § 19.1 above on behalf of Tenant. 

4. 20 DEFAULT 
 5. 20.1 Tenant’s
Default. Tenant’s failure to perform any of its obligations under this Lease when due and in the manner required shall constitute a material breach and default (“Event of Default”) of this Lease by Tenant, subject to any cure
period(s) permitted or available under applicable laws or statutes. In addition, the following shall also be deemed Events of Default hereunder: 
  

	 	(a)	 Tenant’s abandonment of the Premises; 

 

	 	(b)	 any material misrepresentation or omission herein or in any financial statements or other materials provided by
Tenant or any Guarantor in connection with negotiating or entering this Lease or in connection with any Transfer under Article 17; 

  

	 	(c)	 cancellation of any guaranty of this Lease by any Guarantor; 

 

	 	(d)	 failure by Tenant to cure within any applicable times permitted thereunder any default under any other lease
for space in the Complex or any other buildings owned or managed by Landlord or its affiliates now or hereafter entered by Tenant; and any Default hereunder not cured within the times permitted for cure herein shall, at Landlord’s election,
constitute a default under any other such lease or leases; 

  
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	 	(e)	 The levy of a writ of attachment or execution on this Lease or on any of Tenant’s property;

  

	 	(f)	 Tenant’s or any Guarantor’s general assignment for the benefit of creditors or arrangement,
composition, extension, or adjustment with its creditors; 

  

	 	(g)	 Tenant’s or any Guarantor’s filing of a voluntary petition for relief, or the filing of a petition
against Tenant or any Guarantor in a proceeding under the Federal Bankruptcy laws or other insolvency laws which is not withdrawn or dismissed within forty-five (45) days thereafter; or, under the provisions of any law providing for
reorganization or winding up of corporations, the assumption by any court of competent jurisdiction of jurisdiction, custody, or control of Tenant or any substantial part of its property, or of any Guarantor, where such jurisdiction, custody, or
control remains in force unrelinquished, unstayed, or unterminated for a period of forty five (45) days; 

  

	 	(h)	 In any proceeding or action in which Tenant is a party, the appointment of a trustee, receiver, agent, or
custodian to take charge of the Premises or Tenant’s Property for the purpose of enforcing a lien against the Premises or Tenant’s Property; or 

  

	 	(i)	 If Tenant or any Guarantor is a partnership or consists of more than one (1) person or entity, the
involvement of any partner of the partnership or other person or entity in any of the acts or events described in subsections (i) through (l) above. 

Notwithstanding anything to the contrary herein, an Event of Default shall not be deemed to have occurred if Tenant fails to perform any covenant of this
Lease other than its obligation timely to pay the Rent, unless such failure continues after Landlord’s delivery of written notice for a period of thirty (30) days or such longer time as may reasonably be required to cure the default,
provided in the latter case that Tenant immediately begins to cure such nonmonetary default and thereafter diligently and continuously prosecutes such cure to completion. 

1. 20.2 Landlord’s Remedies. Upon the occurrence of an Event of Default hereunder, Landlord shall have the right, in addition to any other rights
or remedies Landlord may have under Laws, at Landlord’s option, without further notice or demand of any kind, to elect to do one of the following alternatives: 
  

	 	(i)	 Terminate this Lease and Tenant’s right to possession of the Premises,
re-enter the Premises, and take possession thereof; and Tenant shall have no further claim to the Premises or under this Lease; or 

 

	 	(ii)	 Continue this Lease in effect and collect any unpaid Rent or other charges which have theretofore accrued or
which thereafter become due and payable. It is intended hereunder that Landlord have the remedy described in California Civil Code § 1951.4, which provides that a landlord may continue a lease in effect after a tenant’s breach and
abandonment and recover rent as it becomes due, if tenant has the right to sublease or assign, subject only to reasonable limitations. 

In the event of any re-entry or retaking of possession by Landlord, Landlord shall have the right, but not the
obligation, to remove all or any part of Tenant’s Property from the Premises and to place such property in storage at a public warehouse at the expense and risk of Tenant. 

1. 20.2.1 No Waiver of Default. The waiver by Landlord of any Event of Default or of any other breach of any term, covenant, or
condition of this Lease shall not be deemed a waiver of such term, covenant, or condition or of any subsequent breach of the same or any other term, covenant, or condition. Acceptance of Rent by Landlord subsequent to any Event of Default or breach
hereof shall not be deemed a waiver of any preceding Event of Default or breach other than the failure to pay the particular Rent so accepted, regardless of Landlord’s knowledge of any breach at the time of such acceptance of Rent. Landlord
shall not be deemed to have waived any term, covenant, or condition of this Lease, unless Landlord gives Tenant written notice of such waiver. Tenant should not rely upon Landlord’s failure or delay in enforcing any right or remedy hereunder.

  
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 2. 20.2.2 Landlord’s Right to Cure. If Tenant defaults in the performance of any
of its obligations under this Lease, Landlord may (but shall not be obligated to), without waiving such default, perform the same for the account and at the expense of Tenant. Tenant shall pay Landlord all costs of such performance promptly upon
receipt of a bill therefor. 
 2. 20.3 Damages. Should Landlord elect to terminate this Lease under the provisions of § 20.2 (i) above,
Landlord may recover as damages from Tenant the following: 
  

	 	(a)	 Past Rent: The worth at the time of the award of any unpaid Rent which had been earned at
the time of termination; plus 

  

	 	(b)	 Rent Prior to Award: The worth at the time of the award of the amount by which the unpaid
Rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus 

 

	 	(c)	 Rent After Award: The worth at the time of the award of the amount by which the unpaid
Rent for the balance of the Term after the time of award exceeds the amount of the rental loss that Tenant proves could have been reasonably avoided; plus 

  

	 	(d)	 Proximately Caused Damages: Any other amount necessary to compensate Landlord for all
detriment proximately caused by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course of things would be likely to result therefrom, including, but not limited to, any costs or expenses (including
attorneys’ fees), incurred by Landlord in (i) retaking possession of the Premises; (ii) maintaining the Premises after Tenant’s default; (iii) preparing the Premises for reletting to a new tenant, including any repairs or
alterations; and (iv) reletting the Premises, including brokers’ commissions. 

 “The worth at the time of the award”
as used in subsections (a) and (b) above is to be computed by allowing interest at the rate of ten percent (10%) per annum or, if different, the legal rate then applicable in California. “The worth at the time of the award” as
used in subsection (c) above is to be computed by discounting the amount at the discount rate of the Federal Reserve Bank situated nearest to the Premises at the time of the award plus one percent (1%). 

1. 20.4 Landlord’s Default. If Landlord fails to perform any covenant, condition, or agreement contained in this Lease within thirty (30) days
after receipt of written notice from Tenant specifying a default and the relevant Lease provision, or if Landlord fails within that thirty-day period after notice to commence to cure any such default which
cannot reasonably be cured within thirty (30) days, then, subject to § 21.1 below, Landlord shall be liable to Tenant for any damages sustained by Tenant as a result of Landlord’s breach. Tenant shall not have the right to
terminate this Lease or to withhold, reduce, or offset any amount against any payments of Rent or any other charges due and payable under this Lease, except to the extent that a specific Lease provision permits such termination or withholding,
reduction, or offset of Rent. 
 2. 20.5 Holder’s Right to Cure. Tenant shall give any Holder a copy, by registered mail, of any notice of
default served upon Landlord, provided that Tenant previously has been notified in writing of the address of such Holder. If Landlord fails to cure such default within the time provided in this Lease, any such Holder shall have an additional
forty-five (45) days within which to cure such default by Landlord or, if such default cannot reasonably be cured within that time, such additional time as may be necessary, provided that within such forty-five (45) day period the Holder
has commenced and is pursuing the remedies necessary to cure such default (including commencement of foreclosure proceedings, if necessary to effect such cure), in which event this Lease shall not be terminated while such remedies are being so
pursued. 
 3. 20.6 Survival of Remedies. The remedies permitted under this Article 20, the parties’ indemnities under
§§ 14.4.3, 14.4.4, and 14.4.5, and § 29.5 below shall survive the termination of this Lease. 

  
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 4. 21 LIMITATIONS ON LANDLORD’S LIABILITY 

5. 21.1 Personal Liability. The liability of Landlord to Tenant for any default by Landlord under this Lease or arising in connection herewith or with
Landlord’s operation, management, leasing, repair, renovation, alteration, or any other matter relating to the Property or the Premises shall be limited to the value of the interest of Landlord in the Property (and the rental proceeds thereof).
Under no circumstances shall Landlord ever be liable for consequential or punitive damages, including damages for lost profits or for business interruption. Tenant agrees to look solely to Landlord’s interest in the Property (and the rental
proceeds thereof) for the recovery of any judgement against Landlord, and Landlord shall not be personally liable for any such judgement or deficiency after execution thereon. The limitations of liability contained in this Article 21 shall
apply equally and inure to the benefit of Landlord’s present and future partners, beneficiaries, officers, directors, trustees, shareholders, agents, and employees, and their respective partners, heirs, successors, and assigns. Under no
circumstances shall any present or future general or limited partner of Landlord (if Landlord is a partnership), or trustee or beneficiary (if Landlord or any partner of Landlord is a trust) or corporate officer, director, or shareholder (if
Landlord or any partner of Landlord is a corporation or company) or member (if Landlord is a limited liability company) have any liability for the performance of Landlord’s obligations under this Lease. 

6. 21.2 Liability upon Transfer. The term Landlord as used in this Lease, so far as covenants or obligations on the part of the Landlord are
concerned, shall be limited to mean and include only the owner or owners, at the time in question, of the fee title to, or a lessee’s interest in a ground lease or master lease of the Property. In the event of any transfer, assignment, or other
conveyance or transfer of any such title or interest, Landlord herein named (and in case of subsequent transfers or conveyances, the current grantor) shall be automatically freed and relieved from and after the date of such transfer, assignment, or
conveyance of all liability with respect to the performance of any covenants or obligations on the part of Landlord contained in this Lease thereafter to be performed; and, without further agreement, the transferee of such title or interest shall be
deemed to have assumed and agreed to observe and perform any and all obligations of Landlord hereunder, during its ownership of the Premises. Landlord may transfer its interest in the Premises without the consent of Tenant, and such transfer or
subsequent transfer shall not be deemed a violation on Landlord’s part of any of the terms and conditions of this Lease. 
 7. 22
ESTOPPEL CERTIFICATES 
 8. 22.1 Request and Delivery. Within ten (10) days following any written request Landlord may make from time to
time, Tenant without any charge therefor, shall execute, acknowledge, and deliver a statement certifying the following: (a) the Commencement Date of this Lease; (b) the fact that this Lease is unmodified and in full force and effect or, if
there have been modifications hereto, that this Lease is in full force and effect, as modified, and stating the date and nature of such modifications; (c) the date to which the Rent and other sums payable under this Lease have been paid;
(d) the fact that there are no current defaults under this Lease by either Landlord or Tenant except as specified in the statement; and (e) such other matters as may be reasonably requested by Landlord. Landlord and Tenant intend that any
statement delivered pursuant to this Article 22 may be relied upon by any Holder, Lessor, beneficiary, purchaser, or prospective purchaser of the Building, the Complex, or any interest therein. Tenant’s failure to deliver any such
statement within the specified ten-day period shall constitute a material default hereunder, and Tenant shall indemnify, defend, protect, and hold Landlord harmless from and against any and all Claims which Landlord may sustain or incur as a result
of or in connection with Tenant’s failure or delay in delivering such statement. 
 9. 22.2 Election to Sell Building. If Landlord elects to sell
the Building or to obtain loans secured by a lien on the Building, Tenant, promptly after demand, shall include with the estoppel certificate(s) provided to any prospective purchaser or lender as required under this Article 22 any financial
statements of Tenant reasonably required by the purchaser or lender. The financial statements so provided shall be kept confidential as to any parties other than the purchaser or lender. 

10. 23 NOTICES 
 11. 23.1 Manner of
Delivery. Any notice required or permitted under this Lease shall be in writing and shall be delivered in at least one of the following ways: (a) personally or by private hand-delivery messenger service; (b) by depositing the same in
the United States mail, postage prepaid, registered or certified, return receipt requested; (c) by depositing such notice, postage prepaid, with Federal Express or another nationally-recognized private overnight delivery service; or (d) by
any other means permitted or required by applicable California law or statutes relevant in the context in which such notice is given. Each such notice shall be addressed to the intended recipient at such party’s address set forth as follows, or
at such other address as such party has theretofore specified by written notice delivered in accordance with this § 23.1: 

  
 40 

 if to Landlord: 

Kashiwa Fudosan America, Inc. 

c/o RiverRock Real Estate Group, Inc. 

Attn: Property Manager 
 400 Oyster
Point Boulevard, Suite 117 
 South San Francisco, CA 94080 

copy to: 
 Metro
Properties, LLC, Agent 
 Attn: Oyster Point Asset Manager 

11150 West Olympic Boulevard, Suite 1090 

Los Ángeles, CA 90064  

if to Tenant: 
 Satsuma
Pharmaceuticals, Inc. 
 Attn: General Manager 

400 Oyster Point Boulevard, Suite 221 

South San Francisco, CA 94080 
 1. 23.2
Required Contents. Every notice (other than the giving or withholding of consent or approval under the provisions of the Lease) given to a party shall state the section of the Lease pursuant to which the notice is given; the period of time
within which the recipient of the notice must respond (or, if no response is required, a statement to that effect); and if applicable, that the failure to object to the notice within the stated time period will be deemed to be the equivalent of the
recipient’s approval, consent to, or satisfaction with the subject matter of the notice. 
 2. 23.3 Presumption of Receipt. Any notice delivered
personally or by private messenger service shall be deemed delivered on the next day following the deposit of such notice at the recipient’s address. Any notice delivered by Federal Express or another nationally-recognized private overnight
delivery service shall be deemed delivered on the earlier of (y) the second day following deposit thereof with the carrier or (z) the delivery date shown on the carrier’s record of delivery. Any notice delivered by mail in the manner
specified in § 23.1 shall be deemed delivered on the earlier of (a) the third day following deposit thereof in the United States Mail or (b) the delivery date shown on the return receipt prepared in connection therewith. Refusal
by Tenant or Landlord to accept either certified or registered mail shall constitute a waiver of such notice by the respective party. 

3. 24 BROKERS 
 4. 24.1 Tenant’s
Representation. Tenant represents and warrants to Landlord that Tenant has dealt with no broker in connection with this Lease other than JLL and Cushman & Wakefield of California, Inc. Tenant shall be responsible
for all foreseeable consequences of damages (including attorneys’ fees and costs) resulting from any claims that may be asserted against Landlord by any other broker, finder, or other person with whom Tenant has or purportedly has dealt in
connection with this Lease, and Tenant agrees to indemnify, defend, protect, and hold Landlord harmless in connection with any such Claims which may be asserted. 

5. 25 RIGHTS RESERVED TO LANDLORD 
 6.
25.1 Access to Property. All of the Property except the inside surfaces of all walls, windows, and doors bounding the Premises (including exterior Building walls, core corridor walls and doors, and any core corridor entrance) and any space in
or adjacent to the Premises used for shafts, stacks, pipes, conduits, fan rooms, ducts, electric, or other utilities, sinks or other Building facilities, and the use thereof, as well as access thereto through the Premises for the purpose of
operation, maintenance, decoration, and repair, are reserved to Landlord. Tenant shall permit Landlord to install, use, replace, and maintain pipes, ducts, and conduits within the demising walls, bearing columns, and ceilings of the Premises. 

  
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 7. 25.2 Control of Property. Except to the extent expressly limited herein, Landlord reserves full
rights to control the Property (which rights may be exercised without subjecting Landlord to claims for constructive eviction, abatement of Rent, damages, or other claims of any kind), including more particularly the following rights: 

 

	 	(a)	 Name, Address, Access. To change the name or street address of the Property; install and maintain signs
on the exterior and interior of the Property; retain at all times, and use in appropriate instances, keys to all doors within and into the Premises; grant to any Person the right to conduct any business or render any service at the Property, whether
or not it is the same or similar to the use permitted Tenant by this Lease; and have access for Landlord and other tenants of the Property to any mail chutes located on the Premises according to the rules of the United States Postal Service.

  

	 	(b)	 Entry into Premises. To enter the Premises at reasonable hours for reasonable purposes, including
inspection and supplying cleaning service or other services to be provided Tenant hereunder, to show the Premises to current and prospective lenders, ground lessors, insurers, and prospective purchasers, tenants and brokers, at reasonable hours; and
if Tenant shall abandon the Premises at any time, or shall vacate the same during the last three (3) months of the Term, to decorate, remodel, repair, or alter the Premises. 

 

	 	(c)	 Safety Measures. To limit or prevent access to the Property, shut down elevator service, activate
elevator emergency controls, or otherwise take such action or preventative measures deemed necessary by Landlord for the safety of tenants or other occupants of the Property or the protection of the Property and other property located thereon or
therein, in case of fire, invasion, insurrection, riot, civil disorder, public excitement or other dangerous condition, or threat thereof. 

  

	 	(d)	 Improvements. To decorate and to make alterations, additions and improvements, structural or otherwise,
in or to the Property or any part thereof, and any adjacent building, structure, parking facility, land, street or alley (including changes and reductions in corridors, lobbies, parking facilities and other public areas and the installation of
kiosks, planters, sculptures, displays, escalators, mezzanines, and other structures, facilities, amenities and features therein, and changes for the purpose of connection with or entrance into or use of the Property in conjunction with any
adjoining or adjacent building or buildings, now existing or hereafter constructed). In connection with such matters, or with any other repairs, maintenance, improvements or alterations, in or about the Property, Landlord may erect scaffolding and
other structures reasonably required, and during such operations may enter upon the Premises and take into and upon or through the Premises, all materials required to make such repairs, maintenance, alterations or improvements, and may close public
entry ways, other public areas, restrooms, stairways or corridors. 

 1. 25.3 Landlord’s Right to Maintain. Except as expressly
otherwise provided in this Lease, Landlord shall have no liability to Tenant by reason of any inconvenience, annoyance, interruption, or injury to business arising from Landlord’s making any repairs or changes which Landlord is required or
permitted to make by this Lease, by any other lease or agreement affecting the Property, or by Law, in or to any portion of the Property, Complex, or the Premises, including the Systems and Equipment and appurtenances of the Property or the
Premises, provided that Landlord shall use due diligence with respect thereto and shall perform such work, except in case of emergency, at times reasonably convenient to Tenant and otherwise in such manner as will not materially diminish
Tenant’s beneficial enjoyment of the Premises for their intended use. 
 2. 25.4 Reasonable Notice. In connection with entering the Premises to
exercise any of the foregoing rights, Landlord shall: (a) provide reasonable advance written or oral notice to Tenant’s on-site manager or other appropriate person (except in emergencies, or for routine cleaning or other routine matters),
and (b) take reasonable steps to avoid any unreasonable interference with Tenant’s business. 

  
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 3. 26 BUILDING PLANNING 

4. 26.1 Relocation Right. In the event Landlord requires the Premises for use in conjunction with another suite or for other reasons connected with
Landlord’s planning program for the Building, upon notifying Tenant in writing, Landlord shall have the one-time right to move Tenant to other comparable space in the Building on a weekend reasonably
acceptable to Tenant on not less than ninety (90) days’ advance notice, provided such space is not more than ten percent (10%) larger than the Premises and has comparable views, configuration, and finishes. If the relocated space is
smaller than the Premises as it existed before the relocation, Rent and Tenant’s Share hereunder shall be reduced proportionally. If the relocated space is larger than the Premises as it existed before the relocation, rent as and Tenant’s
Share shall remain in the same amount. If Landlord elects to move Tenant to such other space, Landlord shall pay for (a) all direct, out of pocket, reasonable expenses of Tenant in moving from the Premises to the new space, including
stationery, business cards, data cabling and configuring Tenant’s work stations and (b) the cost of improving the new space so that the level of improvements in the new space is comparable to the level of improvements in the Premises. All
the terms and conditions of the original Lease shall remain in full force and effect, except that (i) a revised Exhibit B shall become a part of this Lease and shall reflect the location of the new space; and
(ii) Tenant agrees to execute promptly upon notice from Landlord an amendment to this Lease amending the Table and corresponding sections of the Lease in order to reflect all correct data for the new space. 

5. 27 HOLDING OVER 
 6. 27.1 Holdover.
Unless Landlord expressly agrees otherwise in writing, Tenant shall pay Landlord one hundred fifty percent (150%) of the amount of Rent then applicable prorated on per diem basis for each day Tenant shall retain possession of the Premises
or any part thereof after expiration of the Term or earlier termination of this Lease, together with all damages sustained by Landlord on account thereof. In the case of any such holdover, the Lease shall be converted to a month-to-month tenancy
which either party may terminate upon written notice of not less than thirty (30) days to the other. Tenant shall remain bound to comply with all provisions of this Lease until Tenant vacates the Premises and shall be subject to the provisions
of § 11.1 above. 
 7. 27.2 Permissive Month-to-Month Tenancy. Notwithstanding the foregoing to the contrary, at any time before or after
expiration or earlier termination of the Term of the Lease, Landlord may serve notice advising Tenant of the amount of Rent and other terms required, should Tenant desire to enter a
month-to-month tenancy. If Tenant shall hold over more than one full calendar month after such notice, Tenant shall thereafter be deemed a month-to-month tenant, on the
terms and provisions of this Lease then in effect, as modified by Landlord’s notice, except that Tenant shall not be entitled to any renewal or expansion rights contained in this Lease or any amendments hereto. 

8. 28 PARKING 
 9. 28.1 Available
Parking. Subject to the terms and conditions contained in the balance of this Article 28, Landlord agrees to make available to Tenant during the Term of this Lease and any renewal term up to a maximum of fifteen (15) parking spaces on
a non-exclusive basis in the area(s) designated by Landlord for parking in the Building’s parking lots and/or facility (the “Parking Facility”) without payment of any parking fee. Said parking
spaces shall be in locations designated by Landlord, and parking shall be on a first-come-first-served, unassigned, nonreserved basis. Landlord reserves the right to designate different locations or different parking areas for Tenant’s use
without any liability to Tenant and Tenant agrees that any change shall not give rise to any claims or offset against Landlord hereunder. Tenant shall abide by any and all parking regulations and rules established from time to time by Landlord or
Landlord’s parking operator. Landlord reserves the right in its sole and absolute discretion to restrict or prohibit the use of the Parking Facility for any vehicles other than passenger automobiles, such as full-sized vans or trucks. Tenant
shall not permit any vehicles belonging to Tenant or Tenant’s employees, agents, customers, contractors, or invitees to be loaded, unloaded, or parked in areas other than those designated by Landlord for such activities and shall not permit any
such vehicles to be parked overnight in the Parking Facility; provided, Tenant may apply for an Overnight Parking Permit from Landlord’s Property Manager for limited periods for good cause relating to Tenant’s business, subject to such
rules and regulations governing such overnight parking as Landlord’s Property Manager may establish from time to time. A failure to comply with the foregoing provisions shall afford Landlord the right without notice to remove any vehicles
involved and to charge the cost to Tenant, which cost shall be immediately due and payable upon demand by Landlord. 

  
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 10. 28.2 Use at Tenant’s Own Risk. Landlord shall have no obligation to monitor the use of the
Parking Facility. Tenant’s and its employees’ use of the Parking Facility shall be at the sole risk of Tenant and its employees. Unless caused by the willful harmful act of Landlord, Landlord shall have no responsibility or liability for
any injury or damage to any person or property by or as a result of the use of the Parking Facility (or substitute parking) by Tenant and its employees, whether by theft, collision, criminal activity, or otherwise, and Tenant hereby assumes, for
itself and its employees, all risks associated with any such occurrences in or about the Parking Facility. 
 11. 29 MISCELLANEOUS
PROVISIONS. 
 12. 29.1 General Definitions. The definitions which follow shall apply generally to the provisions of this Lease. 

 

	 	(a)	 The term business days means Monday through Friday inclusive, excluding Holidays as defined in
§ 8.1.1 above. Throughout this Lease, wherever days is used the term shall refer to calendar days. Wherever the term business days is used the term shall refer to business days as defined hereunder. 

 

	 	(b)	 The term mortgage shall include any mortgage or deed of trust, and the term
mortgagee shall include a trustee. 

  

	 	(c)	 The terms include, including, and such as shall each be construed as
if followed by the phrase “without limitation.” The rule of eiusdem generis shall not be applicable to limit a general statement following or referrable to an enumeration of specific matters to matters similar to the matters
specifically mentioned. 

  

	 	(d)	 The term obligations under this Lease and words of like import shall mean the covenants to pay
Rent and Additional Rent under this Lease and all of the other covenants and conditions contained in this Lease. Any provision in this Lease that one party or the other or both shall do or not do or shall cause or permit or not cause or permit a
particular act, condition, or circumstance shall be deemed to mean that such party so covenants or both parties so covenant, as the case may be. 

  

	 	(e)	 The term Tenant’s obligations hereunder and words of like import and the term
Landlord’s obligations hereunder and words of like import shall mean the obligations under this Lease which are to be performed or observed by Tenant, or by Landlord, as the case may be. Reference to performance of
either party’s obligations under this Lease shall be construed as “performance and observance.” 

  

	 	(f)	 Reference to Tenant being or not being in default hereunder or words like import shall mean that
Tenant is in default in the performance of one or more of Tenant’s obligations hereunder, or that Tenant is not in default in the performance of any of Tenant’s obligations hereunder, or that a condition of the character described in
§ 20.1 above has occurred and continues or has not occurred or does not continue, as the case may be. 

  

	 	(g)	 References to Landlord as having no liability to Tenant or being without liability to
Tenant shall mean that Tenant is not entitled to terminate this Lease or to claim actual or constructive eviction, partial or total, or to receive any credit, allowance, setoff, abatement, or diminution of Rent, or to be relieved in any
manner of any of its other obligations hereunder, or to be compensated for loss or injury suffered or to enforce any other kind of liability whatsoever against Landlord under or with respect to this Lease or with respect to Tenant’s use or
occupancy of the Premises. 

  

	 	(h)	 The term requirements of insurance bodies and words of like import shall mean rules, regulations,
orders, and other requirements of the California Board of Fire Underwriters and/or the California Fire Insurance Rating Organization and/or any other similar body performing the same or similar functions and having jurisdiction or cognizance of the
Property and/or the Premises. 

  

	 	(i)	 The term repair shall be deemed to include restoration and replacement as may be necessary to
achieve and/or maintain good working order and condition. 

  
 44 

	 	(j)	 Reference to termination of this Lease includes expiration or earlier termination of the Term of
this Lease or cancellation of this Lease pursuant to any of the provisions of this Lease or to Law. Upon a termination of this Lease, the Term and estate granted by this Lease shall end at noon of the date of termination as if such date were the
date of expiration of the Term of this Lease, and neither party shall have any further obligation or liability to the other after such termination, except as shall be expressly provided for in this Lease and except for any such obligation as by its
nature or under the circumstances can only be, or by the provisions of this Lease may be, performed after such termination; and in any event, unless expressly provided to the contrary in this Lease, any liability for a payment or obligation which
shall have accrued to or with respect to any period ending at the time of termination shall survive the termination of this Lease. 

  

	 	(k)	 The term in full force and effect when herein used in reference to this Lease as a condition to
the existence or exercise of a right on the part of Tenant shall be construed in each instance as including the further condition that at the time in question no default on the part of Tenant exists, and no event has occurred which has continued to
exist for such period of time (after the notice, if any, required by this Lease), as would entitle Landlord to terminate this Lease or to dispossess Tenant. 

  

	 	(l)	 The term Tenant shall mean Tenant herein named or any assignee, heir, distributee, executor,
administrator, legal representative, or other successor in interest (immediate or remote) of Tenant herein named, while such Tenant or such assignee or other successor in interest, as the case may be, is in possession of the Premises as owner of the
Tenant’s estate and interest granted by this Lease and also, if Tenant is not a single individual or a corporation, all of the persons, firms, and corporations then comprising Tenant; and their liability hereunder shall be joint and several.

 1. 29.2 Light and Air. No diminution of light, air or view by any structure which may hereafter be erected (whether or not by
Landlord) shall entitle Tenant to any reduction of Rent under this Lease, result in any liability of Landlord to Tenant, or in any other way affect this Lease. 

2. 29.3 Waiver of Terms. If either Landlord or Tenant waives the performance of any term, covenant, or condition contained in this Lease, such waiver
shall not be deemed to be a waiver of the term, covenant, or condition itself or a waiver of any subsequent breach of the same or any other term, covenant, or condition contained herein. Furthermore, the acceptance of Rent by Landlord shall not
constitute a waiver of any preceding breach by Tenant of any term, covenant, or condition of this Lease, regardless of Landlord’s knowledge of such preceding breach at the time Landlord accepts such Rent. Failure by Landlord to enforce any of
the terms, covenants, or conditions of this Lease for any length of time shall not be deemed to waive or to decrease the right of Landlord to insist thereafter upon strict performance by Tenant. Waiver by Landlord of any term, covenant, or condition
contained in this Lease may only be made by a written document signed by Landlord. 
 3. 29.4 Failure to Deliver Statements. Landlord’s failure
during the Term of this Lease to prepare and deliver any of the Statements, estimates, notices, or bills contemplated or required under this Lease, or Landlord’s failure to make a demand, shall not in any way cause Landlord to forfeit or
surrender its rights to collect any of the foregoing items of Rent which may have become due during the Term of this Lease. 
 4. 29.5 Attorney’s
Fees. In the event that any action or proceeding (including arbitration) is brought to enforce or interpret any term, covenant, or condition of this Lease on the part of Landlord or Tenant, the prevailing party in such action or proceeding
(whether after trial or upon appeal) shall be entitled to recover from the party not prevailing its expenses therein, including reasonable attorneys’ fees and all allowable costs as fixed by the court. 

5. 29.6 Corporate Review Fees. Notwithstanding anything to the contrary in this Lease, Tenant agrees to reimburse Landlord for its reasonable costs
and/or attorneys’ fees incurred in the review of (i) any transaction with respect to which Tenant is required to give notice under § 17.13 of the Lease and/or (ii) any other change of name, registration, corporate status or
merger, acquisition, consolidation, transfer, loan, security, or collateral transaction, or other matter related to Tenant’s legal or corporate status or the financing of any loan or collateral or security associated with the same requiring
Landlord’s attention and need to seek legal advice. 

  
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 6. 29.7 Jury Trial. Tenant and Landlord each hereby waive their respective rights to a trial by jury
under applicable Laws in the event of any litigation or dispute between Landlord and Tenant arising out of or in connection with this Lease and the parties’ performance thereunder. 

7. 29.8 Merger. Notwithstanding the acquisition (if same should occur) by the same party of the title and interests of both Landlord and Tenant under
this Lease, there shall never be a merger of the estates of Landlord and Tenant under this Lease, but instead the separate estates, rights, duties, and obligations of Landlord and Tenant, as existing hereunder, shall remain unextinguished and
continue, separately, in full force and effect until this Lease expires or otherwise terminates in accordance with the express provisions herein contained. 

8. 29.9 No Merger on Voluntary Surrender. A voluntary or other surrender of this Lease by Tenant or the mutual cancellation of this Lease shall not work
a merger and shall, at the option of Landlord, terminate all or any existing subleases or subtenancies, or may, at the option of Landlord, operate as an assignment to it of any or all such subleases or subtenancies. 

9. 29.10 Consent. Notwithstanding anything contained in this Lease to the contrary, Tenant shall have no claim and hereby waives the right to any claim
against Landlord for money damages by reason of any refusal, withholding, or delaying by Landlord of any consent, approval, statement, or satisfaction; and in such event, Tenant’s only remedies therefor shall be an action for specific
performance, injunction, or declaratory judgement to enforce any right to such consent, approval, statement, or satisfaction. 
 10. 29.11
Counterparts. This Lease may be executed in multiple counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. 

11. 29.12 Financial Statements. In order to induce Landlord to enter into this Lease, Tenant agrees that it shall promptly furnish Landlord, from time
to time, upon Landlord’s written request, with financial statements reflecting Tenant’s current financial condition. Landlord shall hold such statements confidentially. Tenant represents and warrants that all financial statements, records,
and information furnished by Tenant to Landlord in connection with this Lease are and shall be true, correct, and complete in all respects. 
 12. 29.13
Gender and Number. Words used in neuter gender include the feminine and masculine, where applicable, and words used in the singular or plural shall include the opposite number if appropriate. 

13. 29.14 Joint and Several Obligation. If more than one person executes this Lease as Tenant, each of them is jointly and severally liable for the
keeping, observing, and performing of all of the terms, covenants, conditions, provisions, and agreements of this Lease to be kept, observed, and performed by Tenant. The term Tenant as used in this Lease shall mean and include each of such
signatories jointly and severally. The act of or notice from, or notice or refund to, or the signature of, any one or more of such signatories with respect to the tenancy or this Lease, including any renewal, extension, expiration, termination, or
modification of this Lease, shall be binding upon each and all of the persons executing this Lease as Tenant with the same force and effect as if each and all of them had so acted or so given or received such notice or refund or so signed. 

14. 29.15 Headings and Section Numbers. The headings and titles of the articles and sections of this Lease are used for convenience only and shall have
no effect upon the construction or interpretation of this Lease. Wherever a reference is made in this Lease to a particular article or section, such reference shall be deemed to include all subsections following such section reference, unless the
contrary is expressly provided in connection with such reference. All references in this Lease to numbered articles, numbered sections, and lettered exhibits are references to articles and sections of this Lease and exhibits annexed to (and thereby
made part of) this Lease, as the case may be, unless expressly otherwise designated in the context. 
 15. 29.16 Time. Time is of the essence of this
Lease and all of its provisions. 
 16. 29.17 Applicable Law. This Lease shall in all respects be governed by and interpreted in accordance with the
laws of the State of California without reference to its conflicts of law principles. If suit is brought by a party to this Lease, the parties agree that jurisdiction of such action shall be vested exclusively in the state courts of the State of
California, County of San Mateo, or in the United States District Court for the Northern District of California, and with its execution and delivery of this Lease Tenant waives any defense it might otherwise have against the jurisdiction of such
courts. 

  
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 17. 29.18 Severability. If any provision of this Lease or the application thereof to any person or
circumstance shall be invalid or unenforceable to any extent, the remainder of this Lease and the application of such provision to other persons or circumstances shall not be affected thereby and shall be enforced to the greatest extent permitted by
law. 
 18. 29.19 Signs. Tenant shall not place or permit to be placed in or upon the Premises where visible from outside the Premises or any part of
the Building, any signs, notices, drapes, shutters, blinds or window coatings, or displays of any type without the prior written consent of Landlord. Landlord shall consent to the location at the cost of Tenant of a building standard sign on or near
the entrance of the Premises and shall include Tenant in the Building and Complex directories located in the Building. Landlord reserves the right in Landlord’s sole discretion to place and locate on the roof and exterior of the Building and
Complex and in any area of the Building and the Complex not leased to Tenant, such signs, notices, displays and similar items as Landlord deems appropriate in the proper operation of the Building and the Complex. 

19. 29.20 Execution by Landlord. The submission of this document for examination and negotiation does not constitute an offer to lease, or a reservation
of, or option for, the Premises. This document becomes effective and binding only upon execution and delivery hereof by Tenant and by Landlord. No act or omission of any employee or agent of Landlord or of Landlord’s broker shall alter, change
or modify any of the provisions hereof. 
 20. 29.21 Use of Name. Tenant shall not use the name of the Building or Complex for any purpose other than
the address of the business to be conducted by Tenant in the Premises. Tenant shall not use any picture of the Building or Complex in its advertising, stationery or in any other manner so as to imply that the entire Building or Complex is leased by
Tenant. Landlord expressly reserves the right at any time to change the name or street address of the Building and/or Complex without in any manner being liable to Tenant therefor. 

21. 29.22 Nonrecordability of Lease. Tenant agrees that in no event shall this Lease or a memorandum hereof be recorded without Landlord’s express
prior written consent, which consent Landlord may withhold in its sole discretion. 
 22. 29.23 Construction. All provisions hereof, whether covenants
or conditions, shall be deemed to be both covenants and conditions. The definitions contained in this Lease, shall be used to interpret the Lease. All rights and remedies of Landlord and Tenant shall, except as otherwise expressly provided, be
cumulative and non-exclusive of any other remedy at law or in equity. 
 23. 29.24 Force Majeure Delays. This
Lease and the obligations of Tenant hereunder shall not be affected or impaired because Landlord is unable to fulfill any of its obligations hereunder or is delayed in doing so, if such inability or delay is caused by reason of force majeure,
strike, labor troubles, acts of God, acts of government, unavailability of materials or labor, or any other cause beyond the reasonable control of Landlord (collectively “Force Majeure Delays”). 

24. 29.25 Authority. If Tenant is a corporation, Tenant represents and warrants that Tenant is qualified to do business in California and that each
individual executing this Lease on behalf of Tenant is duly authorized to execute and deliver this Lease on behalf of Tenant and shall deliver appropriate certification to that effect if requested. If Tenant is a limited liability company,
partnership, joint venture, or other unincorporated association, Tenant represents and warrants that each individual executing this Lease on behalf of Tenant is duly authorized to execute and deliver this Lease on behalf of Tenant and that this
Lease is binding on Tenant. Furthermore, Tenant agrees that the execution of any written consent hereunder, or any written modification or termination of this Lease, by any general partner or member of Tenant or any other authorized agent of Tenant,
shall be binding on Tenant. 
 25. 29.26 Nondisclosure. Tenant agrees that it shall not disclose any of the matters set forth in this Lease or
disseminate or distribute any information concerning the terms, covenants, or conditions thereof to any person, firm, or entity, other than a prospective assignee or subtenant of the Premises, without first obtaining the express written approval of
Landlord; provided, however, that Tenant may disclose the contents of this Lease to any director, officer, or employee of Tenant, to Tenant’s lawyers, accountants, or other third party consultants or professionals, to any lenders, investors, or
others to whom Tenant provides financial statements, or in response to any legally effective demand for disclosure pursuant to court order or from any other properly constituted legal authority. 

  
 47 

 26. 29.27 Quiet Enjoyment. So long as Tenant is not in default under this Lease beyond any applicable
notice and cure periods, Tenant shall have quiet enjoyment of the Premises for the Term, subject to all the terms and conditions of this Lease and all liens and encumbrances prior to this Lease. 

Access Inspection Disclosure. Pursuant to California Civil Code § 1938, Landlord hereby notifies Tenant that, as of the date of this Lease,
the Premises have not undergone inspection by a “Certified Access Specialist” to determine whether the Premises meet all applicable construction-related accessibility standards under California Civil Code § 55.53, and the
Premises have not been determined to meet all applicable construction-related accessibility standards pursuant to Civil Code § 55.53. In addition, Civil Code § 1938(e) requires that the following language be inserted into this
Lease: 
 A Certified Access Specialist (CASp) can inspect the subject premises and determine whether the subject premises comply with all
of the applicable construction-related accessibility standards under state law. Although state law does not require a CASp inspection of the subject premises, the commercial property owner or lessor may not prohibit the lessee or tenant from
obtaining a CASp inspection of the subject premises for the occupancy or potential occupancy of the lessee or tenant, if requested by the lessee or tenant. The parties shall mutually agree on the arrangements for the time and manner of the CASp
inspection, the payment of the fee for the CASp inspection, and the cost of making any repairs necessary to correct violations of construction-related accessibility standards within the premises. 

Landlord is acting in compliance with applicable Laws by inserting the foregoing paragraph into this Lease, but Landlord thereby expresses no opinion as to
the meaning or applicability of § 1938 and offers no legal advice as to its meaning or applicability. Tenant is informed and agrees that it will seek its own legal counsel if it has questions regarding the meaning of § 1938 or
its applicability to this Lease. 
 1. 29.28 Landlord’s Representative. Tenant acknowledges and agrees that, in executing this Lease, TAK
Development, Inc., a California corporation, is acting solely in its capacity as Landlord’s authorized attorney-in-fact. TAK Development, Inc. is not acquiring or
assuming any legal liability or obligation to any other party executing this Lease, and any claim or demand of any such other party arising under or with respect to this Lease shall be made and enforced solely against Landlord. 

2. 29.29 Exhibits and Attachments. All exhibits and attachments referred to in the body of this Lease are deemed attached hereto and incorporated herein
by reference. The parties have attached the following exhibits to the Lease prior to execution: 
  

			
	 Exhibit A
	  	Site Plan
	 Exhibit B
	  	Floor Plan of Premises
	 Exhibit C
	  	Rules and Regulations
	 Exhibit D
	  	Athletic Facility Use Agreement
	 Exhibit E
	  	Commencement Date Agreement

 1. 29.30 Entire Agreement. This Lease, together with its exhibits, contains all the agreements of the parties hereto
and supersedes any previous negotiations. There have been no representations made by the Landlord or understandings made between the parties other than those set forth in this Lease and its exhibits. This Lease may not be modified except by a
written instrument duly executed by the parties hereto. 
 In witness whereof, the parties have executed this Lease as of the date first above written. 

 

					
	 Landlord:
	 	        	  	 Tenant:

	KASHIWA FUDOSAN AMERICA, INC., a California corporation	 		  	SATSUMA PHARMACEUTICALS, INC., a Delaware corporation
			
	By: TAK Development, Inc., a California corporation	 		  	 By: /s/ John
Kollins                                        
    

	Its: Attorney-in-Fact	 		  	 [name typed] 

			
	 By: /s/ Tomoki Miura
	 		  	 Its:     Chief Executive
Officer                            

	    Tomoki Miura, Senior Manager
	 		  	

  
 48 

 TABLE OF CONTENTS 

 

							
	1	  	BASIC LEASE TERMS	  	 	2	 
	2	  	USE	  	 	8	 
	3	  	PREPARATION OF THE PREMISES	  	 	9	 
	4	  	ADJUSTMENTS OF RENT	  	 	11	 
	5	  	SECURITY DEPOSIT	  	 	17	 
	6	  	COMPLIANCE WITH LAWS	  	 	17	 
	7	  	HAZARDOUS MATERIALS	  	 	18	 
	8	  	SERVICES AND UTILITIES	  	 	19	 
	9	  	TENANT’S CHANGES	  	 	22	 
	10	  	TENANT’S PROPERTY	  	 	24	 
	11	  	CONDITION UPON SURRENDER	  	 	25	 
	12	  	REPAIRS AND MAINTENANCE	  	 	25	 
	13	  	RULES AND REGULATIONS	  	 	26	 
	14	  	INSURANCE AND INDEMNIFICATION	  	 	26	 
	15	  	DAMAGE OR DESTRUCTION	  	 	30	 
	16	  	EMINENT DOMAIN	  	 	31	 
	17	  	ASSIGNMENT AND SUBLETTING	  	 	32	 
	18	  	SUBORDINATION AND ATTORNMENT	  	 	36	 
	19	  	FINANCING REQUIREMENTS	  	 	37	 
	20	  	DEFAULT	  	 	37	 
	21	  	LIMITATIONS ON LANDLORD’S LIABILITY	  	 	40	 
	22	  	ESTOPPEL CERTIFICATES	  	 	40	 
	23	  	NOTICES	  	 	40	 
	24	  	BROKERS	  	 	41	 
	25	  	RIGHTS RESERVED TO LANDLORD	  	 	41	 
	26	  	BUILDING PLANNING	  	 	43	 
	27	  	HOLDING OVER	  	 	43	 
	28	  	PARKING	  	 	43	 
	29	  	MISCELLANEOUS PROVISIONS.	  	 	44	 

  
 49 

 INDEX OF DEFINED TERMS 

 

			
	 A
	  	
		
	 Additional Rent
	  	6, 11, 15, 26, 36, 37, 38, 39, 49
	 Adjustment Period
	  	11, 12, 13, 15, 16, 17
	 Assumed Base Amount
	  	16
	 Athletic Facility
	  	7, 14, 54
		
	 B
	  	
		
	 Base Expense Year
	  	12
	 Base Operating Expenses
	  	11, 12, 16
	 Base Real Estate Taxes
	  	11, 12, 16, 17
	 Base Rent
	  	1, 6, 11, 16, 17, 23, 33, 34, 37, 39, 41
	 Base Tax Year
	  	12, 17
	 Building
	  	1, 7, 8, 9, 12, 13, 14, 16, 21, 22, 23, 24, 25, 27, 28, 30, 32, 34, 36, 37, 38, 39, 40, 45, 46, 48, 52, 53
	 Business Hours
	  	22
	 Business Personal Property
	  	29, 30, 31, 32
		
	 C
	  	
		
	 Claims
	  	31, 32, 33, 38, 45, 46
	 Code Costs
	  	19
	 Commencement Date
	  	1, 2, 4, 6, 11, 14, 19, 22, 42, 45, 54
	 Complex
	  	1, 2, 6, 7, 8, 12, 14, 17, 27, 33, 35, 36, 37, 40, 41, 42, 45, 48, 52, 53
		
	 E
	  	
		
	 Event of Default
	  	42, 43
	 Expiration Date
	  	1, 4, 15, 18, 21, 27, 38
		
	 F
	  	
		
	 Force Majeure Delays
	  	53
		
	 H
	  	
		
	 Hazardous Material
	  	19, 20
	 Holder
	  	31, 40, 41, 44, 45
	 Holidays
	  	22, 49
	 HVAC
	  	21, 23, 24
		
	 I
	  	
		
	 Improvements
	  	9, 27, 34, 47
	 INC
	  	1, 8, 21, 22, 25, 28, 33
	 IW
	  	28
		
	 L
	  	
		
	 Landlord
	  	1, 4, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54
	 Laws
	  	9, 14, 18, 19, 20, 21, 23, 25, 26, 28
	 Lease
	  	i, 1, 2, 4, 5, 6, 7, 8, 9, 11, 12, 15, 16, 17, 18, 19, 20, 21, 22, 24, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55
	 Lessor
	  	31, 40, 41, 45
		
	 M
	  	
		
	 MPOE
	  	21, 22
	 MSDS
	  	20
		
	 O
	  	
		
	 Occupancy Conditions
	  	10
	 Operating Expenses    
	  	11, 12, 13, 14, 15, 16, 17, 34

  
 50 

			
	 P
	  	
		
	 Parking Facility
	  	48, 49
	 Permitted Occupant
	  	37, 40
	 Premises
	  	1, 4, 7, 8, 9, 10, 11, 12, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 32, 33, 34, 35, 36, 37, 38, 39, 40, 42, 43, 44, 45, 46, 47, 48, 50, 52, 53, 54
	 Prime Rate
	  	6
	 Property
	  	1, 2, 7, 8, 9, 12, 13, 14, 15, 17, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 50
		
	 R
	  	
		
	 Real Estate Taxes
	  	11, 12, 13, 16, 17
	 Rent
	  	1, 5, 6, 7, 8, 11, 13, 15, 16, 17, 18, 23, 24, 26, 32, 33, 34, 35, 36, 37, 38, 39, 41, 43, 44, 45, 47, 48, 49, 50, 51
	 Rental Adjustment
	  	11, 15, 16
	 Rules
	  	7, 29, 54
		
	 S
	  	
		
	 Security Deposit
	  	18
	 State
	  	1, 12, 19, 30, 52
	 Statement
	  	15, 16, 17
	 Subsequent Operating Expenses
	  	16
	 Successor Landlord
	  	41
	 Superior Leases
	  	40
	 Superior Mortgages
	  	15, 40
	 Systems and Equipment
	  	7, 8, 9, 14, 21, 22, 23, 24, 28, 33, 48
		
	 T
	  	
		
	 Table
	  	1, 2, 6, 11, 12, 48
	 Takings
	  	35
	 Temporary Condemnation
	  	35
	 Tenant
	  	1, 2, 4, 6, 7, 8, 9, 10, 11, 12, 13, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54
	 Tenant Delays
	  	10
	 Term
	  	1, 4, 5, 6, 9, 11, 12, 13, 15, 16, 17, 18, 19, 22, 24, 27, 30, 34, 35, 36, 43, 47, 48, 50, 51, 54
	 Transfer
	  	35, 36, 37, 38, 39, 42, 45
	 Transfer Notice
	  	36, 37, 38
	 Transfer Premium
	  	38, 39
		
	 U
	  	
		
	 Utilities
	  	13, 15
		
	 W
	  	
		
	 Work
	  	9, 10, 11, 26, 28, 54

  
 51EX-10.3

 Exhibit 10.3 

LOAN AND SECURITY AGREEMENT 

THIS LOAN AND SECURITY AGREEMENT (this “Agreement”) dated as of October 26, 2018 (the “Effective
Date”) by and between SILICON VALLEY BANK, a California corporation (“Bank”), and SATSUMA PHARMACEUTICALS, INC., a Delaware corporation (“Borrower”), provides the terms on which Bank shall
lend to Borrower and Borrower shall repay Bank. The parties agree as follows: 
 1. ACCOUNTING AND OTHER TERMS 

Accounting terms not defined in this Agreement shall be construed following GAAP. Calculations and determinations must be made following GAAP
(except for (i) non-compliance with FAS 123R with respect to Monthly Financial Statements and (ii) with respect to unaudited financial statements for the absence of footnotes and subject to year-end audit adjustments), provided that if at any time any change in GAAP would affect the computation of any covenant or requirement set forth in any Loan Document, and either Borrower or Bank shall so request,
Borrower and Bank shall negotiate in good faith to amend such covenant or requirement to preserve the original intent thereof in light of such change in GAAP; provided, further, that, until so amended, (a) such covenant or requirement shall
continue to be computed in accordance with GAAP prior to such change therein and (b) Borrower shall provide Bank financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a
reconciliation between calculations of such covenant or requirement made before and after giving effect to such change in GAAP. In addition, any obligations of a Person under a lease (whether existing now or entered into in the future) that is not
(or would not be) a capital lease obligation under GAAP as in effect as of the date of this Agreement shall not be treated as a capital lease obligation solely as a result of the adoption or implementation of changes in GAAP. Notwithstanding the
foregoing, all financial covenant calculations (if any) shall be computed with respect to the Borrower only, and not on a consolidated basis. Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in
Section 13. All other terms contained in this Agreement, unless otherwise indicated, shall have the meaning provided by the Code to the extent such terms are defined therein. 

2. LOAN AND TERMS OF PAYMENT 

2.1 Promise to Pay. Borrower hereby unconditionally promises to pay Bank the outstanding principal amount of all Credit
Extensions and accrued and unpaid interest thereon as and when due in accordance with this Agreement. 
 2.1.1 Term Loan Advances.

 (a) Availability. Subject to the terms and conditions of this Agreement, upon Borrower’s request, Bank shall make
(1) term loan advance (the “Term A Loan Advance”) available to Borrower on or about the Effective Date, in an aggregate original principal amount of Five Million Dollars ($5,000,000.00). Subject to the terms and conditions of
this Agreement, upon Borrower’s request, during the Draw Period, Bank shall make additional term loan advances (each a “Term B Loan Advance” and collectively the “Term B Loan Advances”) available to Borrower in
an aggregate original principal amount not to exceed Five Million Dollars ($5,000,000.00). The Term A Loan Advance and Term B Loan Advances are each herein after referred to singly as the “Term Loan Advance” and collectively as the
“Term Loan Advances”. Each Term Loan B Advance must be made in minimum increments of One Million Dollars ($1,000,000.00). After repayment, no Term Loan Advance (or any portion thereof) may be reborrowed. 

(b) Interest Period. Commencing on the first (1st) Payment Date of the month
following the month in which the Funding Date of the applicable Term Loan Advance occurs, and continuing on the Payment Date of each month thereafter, Borrower shall make monthly payments of interest on the outstanding principal amount of each Term
Loan Advance at the rate set forth in Section 2.2(a). 
 (c) Repayment. Commencing on the Term Loan Amortization Date and
continuing on each Payment Date thereafter, Borrower shall repay the aggregate outstanding Term Loan Advances in (i) consecutive equal monthly installments of principal based on the applicable Repayment Schedule, plus (ii) monthly payments
of accrued interest at the rate set forth in Section 2.2(a). All outstanding principal and accrued and unpaid interest with respect to the Term Loan Advances, and all other outstanding Obligations with respect to the Term Loan Advances, are due
and payable in full on the Term Loan Maturity Date. 

 (d) Permitted Prepayment of Term Loan Advances. Borrower shall have the option to
prepay all, but not less than all, of the Term Loan Advances advanced by Bank under this Agreement, provided Borrower (i) provides written notice (which notice may be conditioned upon the consummation of a refinancing or other transaction and
may be revoked by Borrower if such condition has not or will not occur on the proposed termination date) to Bank of its election to prepay the Term Loan Advances at least five (5) Business Days prior to such prepayment, and (ii) pays, on
the date of such prepayment (A) all outstanding principal plus accrued and unpaid interest, (B) the applicable Prepayment Premium, (C) the Final Payment, plus (D) all other sums, if any, that shall have become due and payable,
including interest at the Default Rate with respect to any past due amounts. 
 (e) Mandatory Prepayment Upon an Acceleration. If the
Term Loan Advances are accelerated following the occurrence of an Event of Default, Borrower shall immediately pay to Bank an amount equal to the sum of: (i) all outstanding principal plus accrued and unpaid interest, (ii) the applicable
Prepayment Premium, (iii) the Final Payment, and (iv) all other sums, if any, that shall have become due and payable, including interest at the Default Rate with respect to any past due amounts. 

2.2 Payment of Interest on the Credit Extensions. 

(a) Interest Rate. Subject to Section 2.2(b), the principal amount outstanding under each Term Loan Advance shall accrue interest
at a floating per annum rate equal to the greater of (i) one and one half of one percent (1.50%) above the Prime Rate and (ii) six and one half of one percent (6.50%), which interest shall be payable monthly in accordance with
Section 2.2(d) below. 
 (b) Default Rate. Immediately upon the occurrence and during the continuance of an Event of Default,
Obligations shall bear interest at a rate per annum which is five percent (5.0%) above the rate that is otherwise applicable thereto (the “Default Rate”). Fees and expenses which are required to be paid by Borrower pursuant to the
Loan Documents (including, without limitation, Bank Expenses) but are not paid when due shall bear interest until paid at a rate equal to the highest rate applicable to the Obligations. Payment or acceptance of the increased interest rate provided
in this Section 2.2(b) is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Bank. 

(c) Adjustment to Interest Rate. Changes to the interest rate of any Credit Extension based on changes to the Prime Rate shall be
effective on the effective date of any change to the Prime Rate and to the extent of any such change. 
 (d) Payment; Interest
Computation. Interest is payable monthly on the Payment Date and shall be computed on the basis of a 360-day year for the actual number of days elapsed. In computing interest, (i) all payments
received after 12:00 p.m. Pacific time on any day shall be deemed received at the opening of business on the next Business Day, and (ii) the date of the making of any Credit Extension shall be included and the date of payment shall be excluded;
provided, however, that if any Credit Extension is repaid on the same day on which it is made, such day shall be included in computing interest on such Credit Extension. 

2.3 Fees. Borrower shall pay to Bank: 

(a) Prepayment Premium. The applicable Prepayment Premium, when due hereunder; 

(b) Final Payment. The Final Payment, when due hereunder; and 

(c) Bank Expenses. All Bank Expenses (including reasonable attorneys’ fees and expenses for documentation and negotiation of this
Agreement) incurred through and after the Effective Date, when due (or, if no stated due date, upon demand by Bank). 

  
 -2- 

 Unless otherwise provided in this Agreement or in a separate writing by Bank, Borrower shall
not be entitled to any credit, rebate, or repayment of any fees earned by Bank pursuant to this Agreement notwithstanding any termination of this Agreement or the suspension or termination of Bank’s obligation to make loans and advances
hereunder. Bank may deduct amounts owing by Borrower under the clauses of this Section 2.3 pursuant to the terms of Section 2.4(c). Bank shall provide Borrower written notice of deductions made from the Designated Deposit Account pursuant
to the terms of the clauses of this Section 2.3. 
 2.4 Payments; Application of Payments; Debit of Accounts. 

(a) All payments to be made by Borrower under any Loan Document shall be made in immediately available funds in Dollars, without setoff or
counterclaim, before 12:00 p.m. Pacific time on the date when due. Payments of principal and/or interest received after 12:00 p.m. Pacific time are considered received at the opening of business on the next Business Day. When a payment is due on a
day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid. 

(b) Bank has the exclusive right to determine the order and manner in which all payments with respect to the Obligations may be applied.
Borrower shall have no right to specify the order or the accounts to which Bank shall allocate or apply any payments required to be made by Borrower to Bank or otherwise received by Bank under this Agreement when any such allocation or application
is not specified elsewhere in this Agreement. 
 (c) Bank may debit any of Borrower’s deposit accounts, including the Designated Deposit
Account, for principal and interest payments or any other amounts Borrower owes Bank when due. These debits shall not constitute a set-off. 

2.5 Withholding. 
 (a)
Payments received by Bank from Borrower under this Agreement will be made free and clear of and without deduction for any and all Taxes (except as required by law (statutory or common), treaty, rule or regulation and other than Excluded
Taxes).Specifically, however, if at any time any Governmental Authority, applicable law, regulation or international agreement requires Borrower to make any withholding or deduction from any such payment or other sum payable hereunder to Bank (other
than in respect of Excluded Taxes), Borrower hereby covenants and agrees that the amount due from Borrower with respect to such payment or other sum payable hereunder will be increased to the extent necessary to ensure that, after the making of such
required withholding or deduction (other than in respect of Excluded Taxes), Bank receives a net sum equal to the sum which it would have received had no withholding or deduction been required, and Borrower shall pay the full amount withheld or
deducted to the relevant Governmental Authority. Borrower will, upon request, furnish Bank with proof reasonably satisfactory to Bank indicating that Borrower has made such withholding payment; provided, however, that Borrower need not make any
withholding payment if the amount or validity of such withholding payment is contested in good faith by appropriate and timely proceedings and as to which payment in full is bonded or reserved against by Borrower. The agreements and obligations of
Borrower contained in this Section 2.5 shall survive the termination of this Agreement. 
 (b) Bank shall deliver to Borrower, upon the
reasonable request of Borrower, executed copies of IRS Form W-9 certifying that Bank is exempt from U.S. federal backup withholding tax. If any assignee of Bank’s rights under Section 12.2 of
this Agreement is (i) not a “United States person” as defined in Section 7701(a)(30) of the IRC (such assignee, a “Non-U.S. Lender”), such
Non-U.S. Lender shall, upon becoming party to this Agreement, to the extent that such Non-U.S. Lender is entitled to an exemption from U.S. withholding tax on interest,
deliver to Borrower a complete and properly executed IRS Form W-8BEN, W-8ECI or W-8IMY, as appropriate, or any successor form
prescribed by the IRS, certifying that such Non-U.S. Lender is entitled to such exemption from U.S. withholding tax on interest, or (ii) a “United States Person” as defined in
Section 7701(a)(30) of the IRC (such assignee, a “U.S. Lender”), such U.S. Lender shall, upon becoming party to this Agreement, deliver to Borrower a complete and properly executed IRS Form
W-9 or any successor form prescribed by the IRS, certifying that such U.S. Lender is exempt from U.S. federal backup withholding tax. Notwithstanding Section 2.5 above, Borrower shall not be required
to pay any additional amount to any Non-U.S. Lender or U.S. Lender under Section 2.5 if such Non-U.S. Lender or U.S. Lender fails or is unable to deliver the forms,
certificates or other evidence described in the preceding sentence, unless such non-U.S. Lender’s or U.S. Lender’s, as applicable, failure or inability to deliver such forms is the result of any
change in any applicable law, treaty or governmental rule, or any change in the interpretation thereof after such Non-U.S. Lender or U.S. Lender became a party to this Agreement. 

  
 -3- 

 3. CONDITIONS OF LOANS 

3.1 Conditions Precedent to Initial Credit Extension. Bank’s obligation to make the initial Credit Extension is subject to the
condition precedent that Bank shall have received, in form and substance satisfactory to Bank, such documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate, including, without limitation: 

(a) duly executed signatures to the Loan Documents; 

(b) duly executed original signatures to the Closing Warrants; 

(c) duly executed signatures to the Control Agreements, if any; 

(d) (i) the Operating Documents and long-form good standing certificate of Borrower certified by the Secretary of State of Delaware and
(ii) a good standing certificate/foreign qualification from the State of California certified by the Secretary of State of California, each as of a date no earlier than thirty (30) days prior to the Effective Date; 

(e) duly executed signatures to the completed Borrowing Resolutions for Borrower; 

(f) certified copies, dated as of a recent date, of financing statement searches, as Bank may request, accompanied by written evidence
(including any UCC termination statements) that the Liens indicated in any such financing statements either constitute Permitted Liens or have been or, in connection with the initial Credit Extension, will be terminated or released; 

(g) the Perfection Certificate of Borrower, together with the duly executed signature thereto; 

(h) a bailee’s waiver in favor of Bank for each location where Borrower maintains property with a third party in excess of Two Hundred
Fifty Thousand Dollars ($250,000.00), by each such third party, together with the duly executed signatures thereto, if any; and 
 (i)
payment of the fees and Bank Expenses then due as specified in Section 2.3 hereof. 
 3.2 Conditions Precedent to all Credit
Extensions. Bank’s obligations to make each Credit Extension, including the initial Credit Extension, is subject to the following conditions precedent: 

(a) except as otherwise provided in Section 3.4, timely receipt of an executed Payment/Advance Form; 

(b) the representations and warranties in this Agreement shall be true and correct in all material respects on the date of the Payment/Advance
Form and on the Funding Date of each Credit Extension; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and
provided, further that those representations and warranties expressly referring to a specific date shall be true and correct in all material respects as of such date, and no Event of Default shall have occurred and be continuing or result from the
Credit Extension. Each Credit Extension is Borrower’s representation and warranty on that date that the representations and warranties in this Agreement remain true and correct in all material respects; provided, however, that such materiality
qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date
shall be true and correct in all material respects as of such date; 

  
 -4- 

 (c) Bank determines to its satisfaction that there has not been any material
impairment in the general affairs, management, results of operation, financial condition or the prospect of repayment of the Obligations, nor any material adverse deviation by Borrower from the most recent business plan of Borrower presented to and
accepted by Bank; and 
 (d) With respect to the initial Term B Loan Advance, the duly executed original Term B Loan Warrants. 

3.3 Covenant to Deliver. Borrower agrees to deliver to Bank each item required to be delivered to Bank under this Agreement as a
condition precedent to any Credit Extension. Borrower expressly agrees that a Credit Extension made prior to the receipt by Bank of any such item shall not constitute a waiver by Bank of Borrower’s obligation to deliver such item, and the
making of any Credit Extension in the absence of a required item shall be in Bank’s sole discretion. 
 3.4 Procedures for
Borrowing. Subject to the prior satisfaction of all other applicable conditions to the making of a Credit Extension set forth in this Agreement, to obtain a Credit Extension, Borrower shall notify Bank (which notice shall be irrevocable) by
electronic mail, facsimile, or telephone by 12:00 p.m. Pacific time at least two (2) Business Days before the Funding Date of such Credit Extension. Together with any such electronic or facsimile notification, Borrower shall deliver to Bank by
electronic mail or facsimile a completed Payment/Advance Form executed by an Authorized Signer. Bank may rely on any telephone notice given by a person whom Bank believes is an Authorized Signer. Bank shall credit Credit Extensions to the Designated
Deposit Account. Bank may make Credit Extensions under this Agreement based on instructions from an Authorized Signer or without instructions if the Credit Extensions are necessary to meet Obligations which have become due. 

4. CREATION OF SECURITY INTEREST 

4.1 Grant of Security Interest. Borrower hereby grants Bank, to secure the payment and performance in full of all of the Obligations, a
continuing security interest in, and pledges to Bank, the Collateral, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof. 

Borrower acknowledges that it previously has entered, and/or may in the future enter, into Bank Services Agreements with Bank. Regardless of
the terms of any Bank Services Agreement, Borrower agrees that any amounts Borrower owes Bank thereunder shall be deemed to be Obligations hereunder and that it is the intent of Borrower and Bank to have all such Obligations secured by the first
priority perfected security interest in the Collateral granted herein. The Collateral may also be subject to Permitted Liens. 
 If this
Agreement is terminated, Bank’s Lien in the Collateral shall continue until the Obligations (other than inchoate indemnity obligations) are repaid in full in cash. Upon payment in full in cash of the Obligations (other than inchoate indemnity
obligations) and at such time as Bank’s obligation to make Credit Extensions has terminated, Bank shall, at the sole cost and expense of Borrower, release its Liens in the Collateral and all rights therein shall revert to Borrower. In the event
(x) all Obligations (other than inchoate indemnity obligations), except for Bank Services, are satisfied in full, and (y) this Agreement is terminated, Bank shall terminate the security interest granted herein upon Borrower providing cash
collateral acceptable to Bank in its good faith business judgment for Bank Services, if any. In the event such Bank Services consist of outstanding Letters of Credit, Borrower shall provide to Bank cash collateral in an amount equal to (x) if
such Letters of Credit are denominated in Dollars, then at least one hundred five percent (105.0%); and (y) if such Letters of Credit are denominated in a Foreign Currency, then at least one hundred ten percent (110.0%), of the Dollar
Equivalent of the face amount of all such Letters of Credit plus, in each case, all interest, fees, and costs due or to become due in connection therewith (as estimated by Bank in its business judgment), to secure all of the Obligations relating to
such Letters of Credit. 
 4.2 Priority of Security Interest. Borrower represents, warrants, and covenants that the security interest
granted herein is and shall at all times continue to be a first priority perfected security interest in the Collateral. The Collateral may also be subject to Permitted Liens. If Borrower shall acquire a commercial tort claim, Borrower shall promptly
notify Bank in a writing signed by Borrower of the general details thereof and grant to Bank in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance
reasonably satisfactory to Bank. 

  
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 4.3 Authorization to File Financing Statements. Borrower hereby authorizes Bank to
file financing statements, without notice to Borrower, with all appropriate jurisdictions to perfect or protect Bank’s interest or rights hereunder. Such financing statements may indicate the Collateral as “all assets of the Debtor”
or words of similar effect, or as being of an equal or lesser scope, or with greater detail, all in Bank’s discretion. 
 5.
REPRESENTATIONS AND WARRANTIES 
 Borrower represents and warrants as follows: 

5.1 Due Organization, Authorization; Power and Authority. Borrower is duly existing and in good standing as a Registered
Organization in its jurisdiction of formation and is qualified and licensed to do business and is in good standing in any jurisdiction in which the conduct of its business or its ownership of property requires that it be qualified except where the
failure to do so could not reasonably be expected to have a material adverse effect on Borrower’s business. In connection with this Agreement, Borrower has delivered to Bank a completed certificate signed by Borrower, entitled “Perfection
Certificate” (the “Perfection Certificate”). Borrower represents and warrants to Bank that (a) Borrower’s exact legal name is that indicated on the Perfection Certificate and on the signature page hereof;
(b) Borrower is an organization of the type and is organized in the jurisdiction set forth in the Perfection Certificate; (c) the Perfection Certificate accurately sets forth Borrower’s organizational identification number or
accurately states that Borrower has none; (d) the Perfection Certificate accurately sets forth Borrower’s place of business, or, if more than one, its chief executive office as well as Borrower’s mailing address (if different than its
chief executive office); (e) except as disclosed in the Perfection Certificate, Borrower (and each of its predecessors) has not, in the past five (5) years, changed its jurisdiction of formation, organizational type, or any organizational
number assigned by its jurisdiction; and (f) all other information set forth on the Perfection Certificate pertaining to Borrower and each of its Subsidiaries is true and correct in all material respects (it being understood and agreed that
Borrower may from time to time update certain information in the Perfection Certificate after the Effective Date to the extent permitted by one or more specific provisions in this Agreement). If Borrower is not now a Registered Organization but
later becomes one, Borrower shall promptly notify Bank of such occurrence and provide Bank with Borrower’s organizational identification number. 

The execution, delivery and performance by Borrower of the Loan Documents to which it is a party have been duly authorized by Borrower, and do
not (i) conflict with any of Borrower’s organizational documents, (ii) contravene, conflict with, constitute a default under or violate any material Requirement of Law, (iii) contravene, conflict with or violate any applicable
order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which Borrower or any of its Subsidiaries or any of their property or assets may be bound or affected, (iv) require any action by, filing,
registration, or qualification with, or Governmental Approval from, any Governmental Authority (except such Governmental Approvals which have already been obtained and are in full force and effect (or are being obtained pursuant to
Section 6.1(b)) or (v) conflict with, contravene, constitute a default or breach under, or result in or permit the termination or acceleration of, any material agreement by which Borrower is bound. Borrower is not in default under
any agreement to which it is a party or by which it is bound in which the default could reasonably be expected to have a material adverse effect on Borrower’s business. 

5.2 Collateral. Borrower has good title to, rights in, and the power to transfer each item of the Collateral upon which it purports to
grant a Lien hereunder, free and clear of any and all Liens except Permitted Liens. Borrower has no Collateral Accounts at or with any bank or financial institution other than Bank or Bank’s Affiliates except for the Collateral Accounts
described in the Perfection Certificate delivered to Bank in connection herewith and which Borrower has taken such actions as are necessary to give Bank a perfected security interest therein, pursuant to the terms of Section 6.6(b). The
Accounts are bona fide, existing obligations of the Account Debtors. 
 The Collateral is not in the possession of any third party bailee
(such as a warehouse) except as otherwise provided in the Perfection Certificate or as otherwise permitted in accordance with Section 7.2. None of the components of the Collateral shall be maintained at locations other than as provided in the
Perfection Certificate or as permitted pursuant to Section 7.2. 

  
 -6- 

 All Inventory of Borrower is in all material respects of good and marketable quality, free
from material defects.     
 As of the Effective Date, Borrower is the sole owner of the Intellectual Property which it
owns or purports to own except for (a) non-exclusive licenses granted to its customers in the ordinary course of business,
(b) over-the-counter software that is commercially available to the public, (c) immaterial Intellectual Property licensed to Borrower, and (d) material
Intellectual Property licensed to Borrower and noted on the Perfection Certificate. Each Patent which it owns or purports to own and which is material to Borrower’s business is valid and enforceable, and no part of the Intellectual Property
which Borrower owns or purports to own and which is material to Borrower’s business has been judged invalid or unenforceable, in whole or in part. To the best of Borrower’s knowledge, no claim has been made in writing that any part of the
Intellectual Property violates the rights of any third party except to the extent such claim would not reasonably be expected to have a material adverse effect on Borrower’s business. 

Except as noted on the Perfection Certificate or otherwise disclosed to Bank in writing pursuant to Section 6.7(b) (such disclosure shall
be deemed to update the applicable provision of the Perfection Certificate, subject to the terms of Section 5.1 hereof), Borrower is not a party to, nor is it bound by, any Restricted License. 

5.3 Litigation. Except as noted in the Perfection Certificate or as disclosed to Bank in writing pursuant to Section 6.2(g) (such
disclosure shall be deemed to update the applicable provision of the Perfection Certificate, subject to the terms of Section 5.1 hereof), there are no actions or proceedings pending or, to the knowledge of any Responsible Officer, threatened in
writing by or against Borrower or any of its Subsidiaries that would, individually or in the aggregate, reasonably be expected to result in costs or damages to Borrower in excess of Fifty Thousand Dollars ($50,000.00). 

5.4 Financial Statements; Financial Condition. All consolidated financial statements for Borrower and any of its Subsidiaries delivered
to Bank fairly present in all material respects Borrower’s consolidated financial condition and Borrower’s consolidated results of operations as of the dates and for the periods covered thereby. There has not been any material
deterioration in Borrower’s consolidated financial condition since the date of the most recent financial statements submitted to Bank. 

5.5 Solvency. The fair salable value of Borrower’s consolidated assets (including goodwill minus disposition costs) exceeds the
fair value of Borrower’s liabilities; Borrower is not left with unreasonably small capital after the transactions contemplated by this Agreement; and Borrower is able to pay its debts (including trade debts) as they mature. 

5.6 Regulatory Compliance. Borrower is not an “investment company” or a company “controlled” by an “investment
company” under the Investment Company Act of 1940, as amended. Borrower is not engaged as one of its important activities in extending credit for margin stock (under Regulations X, T and U of the Federal Reserve Board of Governors). Borrower
(a) has complied in all material respects with all Requirements of Law, and (b) has not violated any Requirements of Law, in each case, noncompliance with which or the violation of which could reasonably be expected to have a material
adverse effect on its business. None of Borrower’s or any of its Subsidiaries’ properties or assets has been used by Borrower or any Subsidiary or, to the best of Borrower’s knowledge, by previous Persons, in disposing, producing,
storing, treating, or transporting any hazardous substance other than legally. Borrower and each of its Subsidiaries have obtained all consents, approvals and authorizations of, made all declarations or filings with, and given all notices to, all
Governmental Authorities that are necessary to continue their respective businesses as currently conducted except to the extent that failure to obtain, make, give or file the same would not reasonably be expected to have a material adverse effect on
the Borrower’s business. 
 5.7 Subsidiaries; Investments. Borrower does not own any stock, partnership, or other ownership
interest or other equity securities except for Permitted Investments. 
 5.8 Tax Returns and Payments; Pension Contributions. Borrower
has timely filed all required tax returns and reports (except for returns or reports related to taxes as may be due or owing in an amount less than or equal to Thirty-Five Thousand Dollars ($35,000.00) in the aggregate), and Borrower has timely paid
all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower except (a) to the extent such taxes, assessments, deposits or contributions are being contested in good faith by appropriate proceedings
promptly instituted and diligently conducted, so long as such reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made therefor, or (b) if such taxes, assessments, deposits and
contributions do not, individually or in the aggregate, exceed Thirty-Five Thousand Dollars ($35,000.00). 

  
 -7- 

 To the extent Borrower defers payment of any contested taxes, Borrower shall (i) notify
Bank in writing of the commencement of, and any material development in, the proceedings, and (ii) post bonds or take any other steps required to prevent the Governmental Authority levying such contested taxes from obtaining a Lien upon any of
the Collateral that is other than a “Permitted Lien.” Borrower is unaware of any claims or adjustments proposed for any of Borrower’s prior tax years which could result in additional taxes becoming due and payable by Borrower in
excess of Thirty-Five Thousand Dollars ($35,000.00). Borrower has paid all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms, and Borrower has not withdrawn from
participation in, and has not permitted partial or complete termination of, or permitted the occurrence of any other event with respect to, any such plan which could reasonably be expected to result in any liability of Borrower, including any
liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency. 
 5.9 Use of Proceeds.
Borrower shall use the proceeds of the Credit Extensions as working capital, and to fund its general business requirements and not for personal, family, household or agricultural purposes. 

5.10 Full Disclosure. No written representation, warranty or other statement of Borrower in any certificate or written statement given
to Bank, as of the date such representation, warranty, or other statement was made, taken together with all such written certificates and written statements given by Borrower to Bank, contains any untrue statement of a material fact or omits to
state a material fact necessary to make the statements contained in the certificates or statements not misleading (it being recognized by Bank that the projections and forecasts provided by Borrower in good faith and based upon reasonable
assumptions are not viewed as facts and that actual results during the period or periods covered by such projections and forecasts may differ from the projected or forecasted results). 

5.11 Definition of “Knowledge.” For purposes of the Loan Documents, whenever a representation or warranty is made to
Borrower’s knowledge or awareness, to the “best of” Borrower’s knowledge, or with a similar qualification, knowledge or awareness means the actual knowledge, after reasonable investigation, of any Responsible Officer. 

6. AFFIRMATIVE COVENANTS 

Borrower shall do all of the following: 

6.1 Government Compliance. 

(a) Except as permitted by Sections 7.2 and 7.3, maintain its and all its Subsidiaries’ legal existence and good standing (or its foreign
equivalent, if any) in their respective jurisdictions of formation and maintain qualification in each jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on Borrower’s business or
operations. Borrower shall comply, and have each Subsidiary comply, in all material respects, with all laws, ordinances and regulations to which it is subject if noncompliance with such laws, ordinances, or regulations would reasonably be expected
to have a material adverse effect on Borrower’s business. 
 (b) Obtain all of the Governmental Approvals necessary for the performance
by Borrower of its obligations under the Loan Documents to which it is a party and the grant of a security interest by Borrower to Bank in the Collateral. Subject to the terms of the prior sentence, Borrower shall promptly provide copies of any such
obtained Governmental Approvals to Bank. 

  
 -8- 

 6.2 Financial Statements, Reports, Certificates. Provide Bank with the following:

 (a) Monthly Financial Statements. As soon as available, but no later than thirty (30) days after the last day of each month, a
company prepared consolidated balance sheet and income statement covering Borrower’s consolidated operations for such month certified by a Responsible Officer and in a form acceptable to Bank (the “Monthly Financial
Statements”); 
 (b) Monthly Compliance Certificate. Within thirty (30) days after the last day of each month and
together with the Monthly Financial Statements, a duly completed Compliance Certificate signed by a Responsible Officer, certifying that as of the end of such month, Borrower was in full compliance (except as otherwise noted in the Compliance
Certificate) with all of the terms and conditions of this Agreement, and setting forth calculations showing compliance with the financial covenants (if any) set forth in this Agreement and such other information as Bank may reasonably request; 

(c) Board Projections. As soon as available, but no later than forty-five (45) days after the last day of each fiscal year of
Borrower, and contemporaneously with any material updates or changes thereto, annual Board approved operating budgets and financial projections, in a form acceptable to Bank; 

(d) Annual Audited Financial Statements. As soon as available, but no later than one hundred eighty (180) days after the last day
of Borrower’s fiscal year, audited consolidated financial statements prepared under GAAP, consistently applied, together with an unqualified opinion (other than a going-concern qualification typical for venture back companies similar to
Borrower) on the financial statements from an independent certified public accounting firm reasonably acceptable to Bank. Notwithstanding the foregoing, if the Board determines in its reasonable discretion not to require an audit for any fiscal year
of Borrower, then Borrower shall deliver and Bank shall accept, in lieu of the audited financial statements required by the immediately preceding sentence, company-prepared annual consolidated financial statements no later than forty-five
(45) days after the last day of such fiscal year; 
 (e) Other Statements. Within five (5) days of delivery, copies of all
statements, reports and notices made available to Borrower’s stockholders or to any holders of Subordinated Debt (in their capacities as such); 

(f) SEC Filings. In the event that Borrower becomes subject to the reporting requirements under the Exchange Act within five
(5) days of filing, copies of all periodic and other reports, proxy statements and other materials filed by Borrower with the SEC, any Governmental Authority succeeding to any or all of the functions of the SEC or with any national securities
exchange, or distributed to its shareholders, as the case may be. Documents required to be delivered pursuant to the terms hereof (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered
electronically and if so delivered, shall be deemed to have been delivered on the date on which Borrower posts such documents, or provides a link thereto, on Borrower’s website on the internet at Borrower’s website address; provided,
however, Borrower shall promptly notify Bank in writing (which may be by electronic mail) of the posting of any such documents; 
 (g)
Legal Action Notice. A prompt report of any legal actions pending or threatened in writing against Borrower or any of its Subsidiaries that could reasonably be expected to result in damages or costs to Borrower or any of its Subsidiaries of,
individually or in the aggregate, Fifty Thousand Dollars ($50,000.00) or more; 
 (h) Additional Reporting Requirement. Prompt written
notice of any changes to the beneficial ownership information set out in Section 14 of the Perfection Certificate. Borrower understands and acknowledges that Bank relies on such true, accurate and up-to-date beneficial ownership information to meet Bank’s regulatory obligations to obtain, verify and record information about the beneficial owners of its legal entity customers; and 

(i) Other Financial Information. Other financial information reasonably requested by Bank. 

  
 -9- 

 6.3 Inventory; Returns. Keep all Inventory in good and marketable condition, free
from material defects. Returns and allowances between Borrower and its Account Debtors shall follow Borrower’s customary practices as they exist at the Effective Date. Borrower must promptly notify Bank of all returns, recoveries, disputes and
claims with respect to Inventory that involve more than One Hundred Thousand Dollars ($100,000.00) in the aggregate. 
 6.4 Taxes;
Pensions. Timely file, and require each of its Subsidiaries to timely file, all required tax returns and reports and timely pay, and require each of its Subsidiaries to timely pay, all foreign, federal, state and local taxes, assessments,
deposits and contributions owed by Borrower and each of its Subsidiaries, except for deferred payment of any taxes contested pursuant to the terms of Section 5.8 hereof and taxes with respect to which the amount does not exceed the amount set
forth in Section 5.8 hereof, and shall deliver to Bank, on demand, appropriate certificates attesting to such payments, and pay all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with
their terms. 
 6.5 Insurance. 

(a) Keep its business and the Collateral insured for risks and in amounts standard for companies in Borrower’s industry and location and
as Bank may reasonably request. Insurance policies shall be in a form, with financially sound and reputable insurance companies that are not Affiliates of Borrower, and in amounts that are reasonably satisfactory to Bank. All property policies shall
have a lender’s loss payable endorsement showing Bank as a lender loss payee. All liability policies shall show, or have endorsements showing, Bank as an additional insured. Bank shall be named as lender loss payee and/or additional insured
with respect to any such insurance providing coverage in respect of any Collateral. 
 (b) Ensure that proceeds payable under any
property policy are, at Bank’s option (to be determined in Bank’s good faith business discretion), payable to Bank on account of the Obligations. Notwithstanding the foregoing, (a) so long as no Event of Default has occurred and is
continuing, Borrower shall have the option of applying the proceeds of any casualty policy up to Two Hundred Fifty Thousand Dollars ($250,000.00) in the aggregate, with respect to any loss, toward the replacement or repair of destroyed or damaged
property; provided that any such replaced or repaired property (i) shall be of equal or like value as the replaced or repaired Collateral and (ii) shall be deemed Collateral in which Bank has been granted a first priority security
interest, and (b) after the occurrence and during the continuance of an Event of Default, all proceeds payable under such casualty policy shall, at the option of Bank, be payable to Bank on account of the Obligations. 

(c) At Bank’s request, Borrower shall deliver certified copies of insurance policies and evidence of all premium payments. Each provider
of any such insurance required under this Section 6.5 shall agree, by endorsement upon the policy or policies issued by it or by independent instruments furnished to Bank, that it will give Bank thirty (30) days prior written notice before
any such policy or policies shall be materially altered or canceled. If Borrower fails to obtain insurance as required under this Section 6.5 or to pay any amount or furnish any required proof of payment to third persons and Bank, Bank may make
all or part of such payment or obtain such insurance policies required in this Section 6.5, and take any action under the policies Bank deems prudent. 

6.6 Operating Accounts. 

(a) Maintain all of its and all of its Subsidiaries’ primary operating and other deposit accounts and securities/investment
accounts with Bank and Bank’s Affiliates. In addition to the foregoing, Borrower shall conduct all of its primary banking with Bank and Bank’s Affiliates, including without limitation, letters of credit and business credit cards; provided
that Bank has the ability to offer such products on competitive terms for current market conditions. Notwithstanding the foregoing, Borrower shall be permitted to maintain (i) accounts with Expensify (the “Expensify Accounts”)
and (ii) accounts with Bill.com (the “Bill.com Accounts”; together with the Expensify Accounts, the “Permitted Accounts”); provided that the aggregate amount of funds maintained in the Expensify Accounts (for
all such accounts) and the Bill.com Accounts (for all such accounts) does not at any time exceed Fifty Thousand Dollars ($50,000.00). 
 (b)
Provide Bank five (5) days prior written notice before establishing any Collateral Account at or with any bank or financial institution other than Bank or Bank’s Affiliates. For each Collateral Account that Borrower at any time maintains,
Borrower shall cause the applicable bank or financial institution (other than Bank) at or with which any Collateral Account is maintained to execute and deliver a Control Agreement or 

  
 -10- 

 
other appropriate instrument with respect to such Collateral Account to perfect Bank’s Lien in such Collateral Account in accordance with the terms hereunder which Control Agreement may not
be terminated without the prior written consent of Bank. The provisions of the previous sentence shall not apply to (i) the Permitted Accounts or (ii) deposit accounts exclusively used for payroll, payroll taxes and other employee wage and
benefit payments to or for the benefit of Borrower’s employees and identified to Bank by Borrower as such. 
 6.7 Protection of
Intellectual Property Rights. 
 (a) (i) Protect, defend and maintain the validity and enforceability of Borrower’s
Intellectual Property material to the business of Borrower; (ii) promptly advise Bank in writing of material infringements of any of Borrower’s Intellectual Property of which it is aware that is material to Borrower’s business; and
(iii) not allow any of Borrower’s Intellectual Property material to Borrower’s business to be abandoned, forfeited or dedicated to the public without Bank’s written consent. 

(b) Provide written notice to Bank within thirty (30) days of entering or becoming bound by any Restricted License. Borrower shall take
such commercially reasonable steps as Bank reasonably requests to obtain the consent of, or waiver by, any person whose consent or waiver is necessary for (i) any Restricted License to be deemed “Collateral” and for Bank to have a
security interest in it that might otherwise be restricted or prohibited by law or by the terms of any such Restricted License, whether now existing or entered into in the future, and (ii) Bank to have the ability in the event of a liquidation
of any Collateral to dispose of such Collateral in accordance with Bank’s rights and remedies under this Agreement and the other Loan Documents. 

6.8 Litigation Cooperation. From the date hereof and continuing through the termination of this Agreement, make available to Bank,
without expense to Bank, Borrower and its officers, employees and agents and Borrower’s books and records, to the extent that Bank may deem them reasonably necessary to prosecute or defend any third-party suit or proceeding instituted by or
against Bank with respect to any Collateral or relating to Borrower. 
 6.9 Access to Collateral; Books and Records. Allow
Bank, or its agents, at reasonable times, on three (3) Business Days’ notice (provided no notice is required if an Event of Default has occurred and is continuing), to inspect the Collateral and audit and copy Borrower’s Books. The
foregoing inspections and audits shall be at Borrower’s expense. Such inspections or audits shall be conducted no more often than once every twelve (12) months unless an Event of Default has occurred and is continuing in which case such
inspections and audits shall occur as often as Bank shall determine is necessary. 
 6.10 Further Assurances. Execute any further
instruments and take further action as Bank reasonably requests to perfect or continue Bank’s Lien in the Collateral or to effect the purposes of this Agreement. Deliver to Bank, within ten (10) days after the same are sent or
received, copies of all material correspondence, reports, documents and other filings with any Governmental Authority regarding compliance with or maintenance of Governmental Approvals or Requirements of Law or that could reasonably be expected to
have a material effect on any of the Governmental Approvals or otherwise on the operations of Borrower or any of its Subsidiaries. 
 6.11
Issuance of Term B Loan Warrants. Concurrently with the making of the first Term B Loan Advance to Borrower, and, notwithstanding anything in this Agreement to the contrary, as a condition precedent to Bank’s obligation to make such Term B
Loan Advance, Borrower shall execute and deliver to Bank (and/or one or more other designees of Bank) a Warrant to Purchase Stock in substantially the form attached as Exhibit D hereto (each, a “Term B Loan Warrant” and collectively the
“Term B Loan Warrants”) which shall (a) have a term of ten (10) years following the issue date thereof, (b) have a Warrant Price (as defined in the Term B Loan Warrants) equal to either (i) the last 409A Valuation (as
defined in the Term B Loan Warrants) received by Borrower and approved or accepted by its Board of Directors on or before the first Term B Loan Advance to Borrower, (ii) if the Company’s common stock is then traded or quoted on a Trading
Market (as defined in the Term B Loan Warrants), the lower of the trailing 10-day average share price prior to the first Term B Loan Advance or the closing share price on the day immediately prior to the first
Term B Loan Advance, and (c) be exercisable for such number of shares of the Class (as defined in the Term B Loan Warrants) as determined pursuant to Paragraph A of the Term B Loan Warrants, with the
Per-Advance Shares Amount (as defined in the Term B Loan Warrants) calculated in accordance with the provisions of Section 3.1(b) of the Term B Loan Warrants (subject to adjustment from time to time in
accordance 

  
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with the provisions of the Term B Loan Warrants); provided, that all Term B Loan Warrants so issued shall be exercisable for a maximum aggregate number of shares of the Class (as defined in the
Term B Loan Warrants) not to exceed 0.150% of the Post-Equity Event Capitalization (as defined in the Term B Loan Warrants); provided, further, that all Term B Loan Warrants (if any) so issued to any Person other than Bank shall contain such changes
as are appropriate in respect of the identities of such Persons’ provided, further, that if on the date of issuance of the Term B Loan Warrants the Company’s common stock is then traded or quoted on a Trading Market, then the Term B Loan
Warrant so issued shall contain such changes from the form attached as Exhibit D hereto as are reasonable and customary to take account of such Company status . All Term B Loan Warrants issued pursuant to this Section 6.11 shall, at the time of
issuance, (i) have been duly authorized by all necessary corporate actions of Borrower’s board of directors and stockholders, (ii) not violate or conflict with Borrower’s certificate of incorporation or bylaws, each as amended
and in effect on the date of such issuance, (iii) not cause or result in a breach or violation (or an event which with the giving of notice or the passage of time, or both, would constitute a breach or violation) of any material agreement or
instrument to which Borrower is then a party or to or by which Borrower or its assets may be subject or bound, and (iv) not require the consent, waiver or approval of any Person which has not been obtained in writing on or before such issuance.
All shares of the Class for which the Term B Loan Warrants may become exercisable shall, on or prior to the issuance thereof, have been duly reserved for issuance thereunder out of Borrower’s authorized and unissued capital stock and
shall, upon such issuance in accordance with the terms and conditions of the Term B Loan Warrants, be duly and validly issued, fully paid and non-assessable. 

6.12 Post-Closing Deliverables.    Within thirty (30) days after the Effective Date deliver to Bank evidence
satisfactory to Bank that the insurance policies and endorsements required by Section 6.5 hereof are in full force and effect, together with appropriate evidence showing lender loss payable and/or additional insured clauses or endorsements in
favor of Bank. 
 7. NEGATIVE COVENANTS 

Borrower shall not do any of the following without Bank’s prior written consent: 

7.1 Dispositions. Convey, sell, lease, transfer, assign, or otherwise dispose of (collectively, “Transfer”), or permit any of
its Subsidiaries to Transfer, all or any part of its business or property, except for Transfers (a) of Inventory in the ordinary course of business; (b) of worn-out, surplus or obsolete Equipment
that is, in the reasonable judgment of Borrower, no longer economically practicable to maintain or used or useful in the ordinary course of business of Borrower; (c) consisting of Permitted Liens and Permitted Investments; (d) of non-exclusive licenses for the use of the property of Borrower or its Subsidiaries in the ordinary course of business and licenses in the ordinary course of business that could not result in a legal transfer of
title of the licensed property but that may be exclusive in respects other than territory and that may be exclusive as to territory only as to discrete geographical areas outside of the United States; (e) dispositions of Intellectual Property
that are permitted pursuant to Section 6.7(a); and (f) of other personal property with a book value not to exceed Fifty Thousand Dollars ($50,000.00) in the aggregate in any fiscal year. 

7.2 Changes in Business, Management Control, or Business Locations. (a) Engage in or permit any of its Subsidiaries to engage in any
business other than the businesses currently engaged in by Borrower and such Subsidiary, as applicable, or reasonably related thereto; (b) liquidate or dissolve; (c) fail to provide notice to Bank of any Key Person departing from or
ceasing to be employed by Borrower within five (5) days after such Key Person’s departure from Borrower; or (d) permit or suffer any Change in Control. 

Borrower shall not, without at least ten (10) days prior written notice to Bank: (1) add any new offices or business locations,
including warehouses (unless such new offices or business locations contain less than Two Hundred Fifty Thousand Dollars ($250,000.00) in Borrower’s assets or property) or deliver any portion of the Collateral (other than moveable items of
personal property such as laptop computers) valued, individually or in the aggregate, in excess of Two Hundred Fifty Thousand Dollars ($250,000.00) to a bailee at a location other than to a bailee and at a location already disclosed in the
Perfection Certificate or previously notified to Bank in accordance with this Section 7.2, (2) change its jurisdiction of organization, (3) change its organizational type, (4) change its legal name, or (5) change any
organizational number (if any) assigned by its jurisdiction of organization. If Borrower intends to add any new offices or business locations not already disclosed in the Perfection Certificate or previously notified to Bank in accordance with this
Section 7.2, including warehouses, containing in excess of Two 

  
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Hundred Fifty Thousand Dollars ($250,000.00) of Borrower’s assets or property, then Borrower will use commercially reasonable efforts to cause such landlord of any such new offices or
business locations, including warehouses, to execute and deliver a landlord consent in form and substance satisfactory to Bank. If Borrower intends to deliver any portion of the Collateral (other than moveable items of personal property such as
laptop computers) valued, individually or in the aggregate, in excess of Two Hundred Fifty Thousand Dollars ($250,000.00) to a bailee not already disclosed in the Perfection Certificate or previously notified to Bank in accordance with this
Section 7.2, and Bank and such bailee are not already parties to a bailee agreement governing both the Collateral and the location to which Borrower intends to deliver the Collateral, then Borrower will use commercially reasonable efforts to
cause such bailee to execute and deliver a bailee agreement in form and substance satisfactory to Bank. 
 7.3 Mergers or
Acquisitions. Consummate any merger or consolidation, or permit any of its Subsidiaries to consummate any merger or consolidation, with any other Person, or acquire, or permit any of its Subsidiaries to consummate the acquisition of, all or
substantially all of the capital stock or property of another Person (including, without limitation, by the formation of any Subsidiary). Notwithstanding the foregoing, a Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

 7.4 Indebtedness. Create, incur, assume, or be liable for any Indebtedness, or permit any Subsidiary to do so, other than Permitted
Indebtedness. 
 7.5 Encumbrance. Create, incur, allow, or suffer any Lien on any of its property, or assign or convey any right to
receive income, including the sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens, permit any Collateral not to be subject to the first priority security interest granted herein (subject to Permitted Liens
that are permitted pursuant to the terms of this Agreement to have superior priority to Bank’s Lien under this Agreement),or enter into any agreement, document, instrument or other arrangement (except with or in favor of Bank) with any Person
which directly or indirectly prohibits or has the effect of prohibiting Borrower or any Subsidiary from assigning, mortgaging, pledging, granting a security interest in or upon, or encumbering any of Borrower’s or any Subsidiary’s
Intellectual Property, in each case, in favor of Bank, (i) except as is otherwise permitted in Section 7.1 hereof and the definition of “Permitted Liens” herein, (ii) customary restrictions on assignment, transfer and
encumbrances in license agreements under which Borrower or a Subsidiary is the license customary restrictions in merger or acquisition agreements, provided that such covenants do not prohibit Subsidiary from granting a security interest in
Borrower’s such Subsidiary’s Intellectual Property in favor of Bank and provided further that the counterparties to such covenants are not permitted to receive a security interest in Borrower’s or any Subsidiary’s Intellectual
Property. 
 7.6 Maintenance of Collateral Accounts. Maintain any Collateral Account except pursuant to the terms of
Section 6.6(b) hereof. 
 7.7 Distributions; Investments. (a) Pay any dividends or make any distribution or payment or
redeem, retire or purchase any capital stock of Borrower; provided that (i) Borrower may convert any of its convertible securities into other securities pursuant to the terms of such convertible securities or otherwise in exchange thereof and
pay cash in lieu of issuing fractional shares in connection with such conversion in an aggregate amount not to exceed Ten Thousand Dollars ($10,000.00), (ii) Borrower may pay dividends or make distributions solely in capital stock,
(iii) Borrower or any Subsidiaries may repurchase the stock of former employees or consultants pursuant to stock repurchase agreements so long as an Event of Default does not exist at the time of such repurchase and would not exist after giving
effect to such repurchase, provided that the aggregate amount of all such repurchases does not exceed Seventy-Five Thousand Dollars ($75,000.00) per fiscal year, (iv) non-cash purchases or withholding of
capital stock in connection with the exercise of stock options or stock appreciation rights by way of cashless exercise or the vesting of restricted stock units or in connection with the satisfaction of withholding tax obligations, and
(v) Borrower may make other payments, distributions, redemptions, retirements or purchases in an aggregate amount not to exceed Twenty-Five Thousand Dollars ($25,000.00) in any fiscal year so long as an Event of Default does not exist at the
time of any such payment, distribution, redemption, retirement or purchase and would not exist after giving effect thereof or (b) directly or indirectly make any Investment (including, without limitation, by the formation of any Subsidiary)
other than Permitted Investments, or permit any of its Subsidiaries to do so. 

  
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 7.8 Transactions with Affiliates. Directly or indirectly enter into or permit to
exist any material transaction with any Affiliate of Borrower, except (i) for transactions that are in the ordinary course of Borrower’s business, upon fair and reasonable terms that are no less favorable to Borrower than would be obtained
in an arm’s length transaction with a non-affiliated Person, (ii) transactions permitted by Section 7.7, (iii) employee agreements or arrangements, indemnification agreements and compensation
arrangements approved by the Board or a duly authorized committee thereof and reimbursement of expenses of current officers, employees or directors, all to the extent made in the ordinary course of business, (iv) the payment of reasonable fees
to, and the reimbursement of reasonable out-of-pocket expenses of, members of the Board, and (v) equity and bridge financings, with Borrower’s existing
investors, provided that any such bridge financing shall constitute Subordinated Debt. 
 7.9 Subordinated Debt. (a) Make or permit
any payment on any Subordinated Debt, except under the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating to the Subordinated
Debt which would increase the amount thereof, provide for earlier or greater principal, interest, or other payments thereon, or adversely affect the subordination thereof to Obligations owed to Bank. 

7.10 Compliance. Become an “investment company” or a company controlled by an “investment company”, under the
Investment Company Act of 1940, as amended, or undertake as one of its important activities extending credit to purchase or carry margin stock (as defined in Regulation U of the Board of Governors of the Federal Reserve System), or use the proceeds
of any Credit Extension for that purpose; fail to (a) meet the minimum funding requirements of ERISA, (b) prevent a Reportable Event or Prohibited Transaction, as defined in ERISA, from occurring, or (c) comply with the Federal Fair
Labor Standards Act, the failure of any of the conditions described in clauses (a) through (c) which could reasonably be expected to have a material adverse effect on Borrower’s business; or violate any other law or regulation, if the
violation could reasonably be expected to have a material adverse effect on Borrower’s business, or permit any of its Subsidiaries to do so; withdraw or permit any Subsidiary to withdraw from participation in, permit partial or complete
termination of, or permit the occurrence of any other event with respect to, any present pension, profit sharing and deferred compensation plan which could reasonably be expected to result in any liability of Borrower, including any liability to the
Pension Benefit Guaranty Corporation or its successors or any other governmental agency. 
 8. EVENTS OF DEFAULT 

Any one of the following shall constitute an event of default (an “Event of Default”) under this Agreement: 

8.1 Payment Default. Borrower fails to (a) make any payment of principal or interest on any Credit Extension when due, or
(b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day cure period shall not apply to payments due on the Term Loan Maturity Date). During the cure period,
the failure to make or pay any payment specified under clause (b) hereunder is not an Event of Default (but no Credit Extension will be made during the cure period); 

8.2 Covenant Default. 
 (a)
Borrower fails or neglects to perform any obligation in Sections 6.2, 6.4, 6.5, 6.6, 6.7(b), or 6.12, or violates any covenant in Section 7; or 

(b) Borrower fails or neglects to perform, keep, or observe any other term, provision, condition, covenant or agreement contained in this
Agreement or any Loan Documents, and as to any default (other than those specified in this Section 8) under such other term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days
after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is
likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the
default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Cure periods provided under this section shall not apply, among other things, to financial covenants or any other covenants set forth
in clause (a) above; 

  
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 8.3 Material Adverse Change. A Material Adverse Change occurs; 

8.4 Attachment; Levy; Restraint on Business. 

(a) (i) The service of process seeking to attach, by trustee or similar process, any funds of Borrower or of any entity under the control
of Borrower (including a Subsidiary), or (ii) a notice of lien or levy is filed against any of Borrower’s assets by any Governmental Authority, and the same under subclauses (i) and (ii) hereof are not, within ten (10) days after
the occurrence thereof, discharged or stayed (whether through the posting of a bond or otherwise); provided, however, no Credit Extensions shall be made during any ten (10) day cure period; or 

(b) (i) any material portion of Borrower’s assets is attached, seized, levied on, or comes into possession of a trustee or receiver,
or (ii) any court order enjoins, restrains, or prevents Borrower from conducting all or any material part of its business; 
 8.5
Insolvency. (a) Borrower is unable to pay its debts (including trade debts) as they become due or otherwise becomes insolvent; (b) Borrower begins an Insolvency Proceeding; or (c) an Insolvency Proceeding is begun against Borrower
and is not dismissed or stayed within forty-five (45) days (but no Credit Extensions shall be made while any of the conditions described in clause (a) exist and/or until any Insolvency Proceeding is dismissed); 

8.6 Other Agreements. There is, under any agreement to which Borrower is a party with a third party or parties, (a) any default
resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an amount individually or in the aggregate in excess of One Hundred Thousand Dollars ($100,000.00); or (b) any
breach or default by Borrower, the result of which could reasonably be expected to have a material adverse effect on Borrower’s business; 

8.7 Judgments; Penalties. One or more fines, penalties or final judgments, orders or decrees for the payment of money in an amount,
individually or in the aggregate, of at least One Hundred Thousand Dollars ($100,000.00) (not covered by independent third-party insurance as to which liability has been accepted by such insurance carrier) shall be rendered against Borrower by any
Governmental Authority, and the same are not, within ten (10) days after the entry, assessment or issuance thereof, discharged, satisfied, or paid, or after execution thereof, stayed or bonded pending appeal, or such judgments are not
discharged prior to the expiration of any such stay (provided that no Credit Extensions will be made prior to the satisfaction, payment, discharge, stay, or bonding of such fine, penalty, judgment, order or decree); 

8.8 Misrepresentations. Borrower or any Person acting for Borrower makes any representation, warranty, or other statement now or later
in this Agreement, any Loan Document or in any writing delivered to Bank or to induce Bank to enter this Agreement or any Loan Document, and such representation, warranty, or other statement is incorrect in any material respect when made; 

8.9 Subordinated Debt. Any document, instrument, subordination, intercreditor, or other similar agreement evidencing the subordination
of any Subordinated Debt shall for any reason be revoked or invalidated or otherwise cease to be in full force and effect, any Person shall be in breach thereof or contest in any manner the validity or enforceability thereof or deny that it has any
further liability or obligation thereunder, or the Obligations shall for any reason be subordinated or shall not have the priority contemplated by this Agreement; or 

8.10 Governmental Approvals. Any Governmental Approval shall have been (a) revoked, rescinded, suspended, modified in an adverse
manner or not renewed in the ordinary course for a full term or (b) subject to any decision by a Governmental Authority that designates a hearing with respect to any applications for renewal of any of such Governmental Approval or that could
result in the Governmental Authority taking any of the actions described in clause (a) above, and such decision or such revocation, rescission, suspension, modification or non-renewal (i) causes, or
could reasonably be expected to cause, a Material Adverse Change, or (ii) adversely affects the legal qualifications of Borrower or any of its Subsidiaries to hold such Governmental Approval in any applicable jurisdiction and such revocation,
rescission, suspension, modification or non-renewal could reasonably be expected to materially adversely affect the status of or legal qualifications of Borrower or any of its Subsidiaries to hold any
Governmental Approval in any other jurisdiction. 

  
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 9. BANK’S RIGHTS AND REMEDIES 

9.1 Rights and Remedies. Upon the occurrence and during the continuance of an Event of Default, Bank may, without notice or demand, do
any or all of the following: 
 (a) declare all Obligations immediately due and payable (but if an Event of Default described in
Section 8.5 occurs all Obligations are immediately due and payable without any action by Bank); 
 (b) stop advancing money or extending
credit for Borrower’s benefit under this Agreement or under any other agreement between Borrower and Bank; 
 (c) demand that Borrower
(i) deposit cash with Bank in an amount equal to at least (x) one hundred five percent (105.0%) of the Dollar Equivalent of the aggregate face amount of all Letters of Credit denominated in Dollars remaining undrawn, and (y) one
hundred ten percent (110.0%) of the Dollar Equivalent of the aggregate face amount of all Letters of Credit denominated in a Foreign Currency remaining undrawn (plus, in each case, all interest, fees, and costs due or to become due in connection
therewith (as estimated by Bank in its good faith business judgment)), to secure all of the Obligations relating to such Letters of Credit, as collateral security for the repayment of any future drawings under such Letters of Credit, and Borrower
shall forthwith deposit and pay such amounts, and (ii) pay in advance all letter of credit fees scheduled to be paid or payable over the remaining term of any Letters of Credit; 

(d) terminate any FX Contracts; 

(e) verify the amount of, demand payment of and performance under, and collect any Accounts and General Intangibles, settle or adjust disputes
and claims directly with Account Debtors for amounts on terms and in any order that Bank considers advisable, and notify any Person owing Borrower money of Bank’s security interest in such funds; 

(f) make any payments and do any acts it considers necessary or reasonable to protect the Collateral and/or its security interest in the
Collateral. Borrower shall assemble the Collateral if Bank requests and make it available as Bank designates. Bank may enter premises where the Collateral is located, take and maintain possession of any part of the Collateral, and pay, purchase,
contest, or compromise any Lien which appears to be prior or superior to its security interest and pay all expenses incurred. Borrower grants Bank a license to enter and occupy any of its premises, without charge, to exercise any of Bank’s
rights or remedies; 
 (g) apply to the Obligations (i) any balances and deposits of Borrower it holds, or (ii) any amount held by
Bank owing to or for the credit or the account of Borrower; 
 (h) ship, reclaim, recover, store, finish, maintain, repair, prepare for sale,
advertise for sale, and sell the Collateral. Bank is hereby granted a non-exclusive, royalty-free license or other right to use, without charge, Borrower’s labels, Patents, Copyrights, mask works, rights
of use of any name, trade secrets, trade names, Trademarks, and advertising matter, or any similar property as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection with
Bank’s exercise of its rights under this Section, Borrower’s rights under all licenses and all franchise agreements inure to Bank’s benefit; 

(i) place a “hold” on any account maintained with Bank and/or deliver a notice of exclusive control, any entitlement order, or other
directions or instructions pursuant to any Control Agreement or similar agreements providing control of any Collateral; 
 (j) demand and
receive possession of Borrower’s Books; and 

  
 -16- 

 (k) exercise all rights and remedies available to Bank under the Loan Documents or at law or
equity, including all remedies provided under the Code (including disposal of the Collateral pursuant to the terms thereof). 
 9.2 Power
of Attorney. Borrower hereby irrevocably appoints Bank as its lawful attorney-in-fact, exercisable upon the occurrence and during the continuance of an Event of
Default, to: (a) endorse Borrower’s name on any checks or other forms of payment or security; (b) sign Borrower’s name on any invoice or bill of lading for any Account or drafts against Account Debtors; (c) settle and adjust
disputes and claims about the Accounts directly with Account Debtors, for amounts and on terms Bank determines reasonable; (d) make, settle, and adjust all claims under Borrower’s insurance policies; (e) pay, contest or settle any
Lien, charge, encumbrance, security interest, and adverse claim in or to the Collateral, or any judgment based thereon, or otherwise take any action to terminate or discharge the same; and (f) transfer the Collateral into the name of Bank or a
third party as the Code permits. Borrower hereby appoints Bank as its lawful attorney-in-fact to sign Borrower’s name on any documents necessary to perfect or
continue the perfection of Bank’s security interest in the Collateral regardless of whether an Event of Default has occurred until all Obligations (other than inchoate indemnity obligations, and any other obligations which, by their terms, are
to survive the termination of this Agreement, and any Obligations under Bank Services Agreements that are cash collateralized in accordance with Section 4.1 of this Agreement) have been satisfied in full and Bank is under no further obligation
to make Credit Extensions hereunder. Bank’s foregoing appointment as Borrower’s attorney in fact, and all of Bank’s rights and powers, coupled with an interest, are irrevocable until all Obligations (other than inchoate indemnity
obligations, and any other obligations which, by their terms, are to survive the termination of this Agreement, and any Obligations under Bank Services Agreements that are cash collateralized in accordance with Section 4.1 of this Agreement)
have been fully repaid and performed and Bank’s obligation to provide Credit Extensions terminates. 
 9.3 Protective Payments.
If Borrower fails to obtain the insurance called for by Section 6.5 or fails to pay any premium thereon or fails to pay any other amount which Borrower is obligated to pay under this Agreement or any other Loan Document or which may be required
to preserve the Collateral, Bank may obtain such insurance or make such payment, and all amounts so paid by Bank are Bank Expenses and immediately due and payable, bearing interest at the then highest rate applicable to the Obligations, and secured
by the Collateral. Bank will make reasonable efforts to provide Borrower with notice of Bank obtaining such insurance at the time it is obtained or within a reasonable time thereafter. No payments by Bank are deemed an agreement to make similar
payments in the future or Bank’s waiver of any Event of Default. 
 9.4 Application of Payments and Proceeds Upon Default. If an
Event of Default has occurred and is continuing, Bank shall have the right to apply in any order any funds in its possession, whether from Borrower account balances, payments, proceeds realized as the result of any collection of Accounts or other
disposition of the Collateral, or otherwise, to the Obligations. Bank shall pay any surplus to Borrower by credit to the Designated Deposit Account or to other Persons legally entitled thereto; Borrower shall remain liable to Bank for any
deficiency. If Bank, directly or indirectly, enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, Bank shall have the option, exercisable at any time, of either reducing the Obligations by the
principal amount of the purchase price or deferring the reduction of the Obligations until the actual receipt by Bank of cash therefor. 

9.5 Bank’s Liability for Collateral. So long as Bank complies with reasonable banking practices and applicable law regarding the
safekeeping of the Collateral in the possession or under the control of Bank, Bank shall not be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage to the Collateral; (c) any diminution in the
value of the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other Person. Borrower bears all risk of loss, damage or destruction of the Collateral, other than those losses directly resulting from Bank’s
gross negligence or willful misconduct. 
 9.6 No Waiver; Remedies Cumulative. Bank’s failure, at any time or times, to require
strict performance by Borrower of any provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any right of Bank thereafter to demand strict performance and compliance herewith or therewith. No waiver hereunder
shall be effective unless signed by the party granting the waiver and then is only effective for the specific instance and purpose for which it is given. Bank’s rights and remedies under this Agreement and the other Loan Documents are
cumulative. Bank has all rights and remedies provided under the Code, by law, or in equity. 

  
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Bank’s exercise of one right or remedy is not an election and shall not preclude Bank from exercising any other remedy under this Agreement or other remedy available at law or in equity, and
Bank’s waiver of any Event of Default is not a continuing waiver. Bank’s delay in exercising any remedy is not a waiver, election, or acquiescence. 

9.7 Demand Waiver. To the extent not prohibited by applicable law, Borrower waives demand, notice of default or dishonor, notice of
payment and nonpayment, notice of any default, nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees held by Bank on which Borrower is liable. 

10. NOTICES 
 All
notices, consents, requests, approvals, demands, or other communication by any party to this Agreement or any other Loan Document must be in writing and shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of
actual receipt and three (3) Business Days after deposit in the U.S. mail, first class, registered or certified mail return receipt requested, with proper postage prepaid; (b) upon transmission, when sent by electronic mail or facsimile
transmission; (c) one (1) Business Day after deposit with a reputable overnight courier with all charges prepaid; or (d) when delivered, if hand-delivered by messenger, all of which shall be addressed to the party to be notified and sent
to the address, facsimile number, or email address indicated below. Bank or Borrower may change its mailing or electronic mail address or facsimile number by giving the other party written notice thereof in accordance with the terms of this
Section 10. 
  

					
	If to Borrower:	  	Satsuma Pharmaceuticals, Inc.
		  	400 Oyster Point Boulevard, Suite 221
		  	South San Francisco, California 94080
		  	Attn: John Kollins
		  	Email:	  	john@satsumarx.com
		
	If to Bank:	  	Silicon Valley Bank
		  	505 Howard Street
		  	San Francisco, California 94105
		  	Attn: Jackie Spencer
		  	Email:	  	Jspencer@svb.com
		
	with a copy to:	  	Riemer & Braunstein LLP
		  	1 Center Plaza
		  	Boston, Massachusetts 02108
		  	Attn:	  	David A. Ephraim, Esquire
		  	Fax:	  	(617) 880-3456
		  	Email:	  	DEphraim@riemerlaw.com

 11. CHOICE OF LAW, VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE 

Except as otherwise expressly provided in any of the Loan Documents, California law governs the Loan Documents without regard to principles of
conflicts of law. Borrower and Bank each submit to the exclusive jurisdiction of the State and Federal courts in Santa Clara County, California; provided, however, that nothing in this Agreement shall be deemed to operate to preclude Bank from
bringing suit or taking other legal action in any other jurisdiction to realize on the Collateral or any other security for the Obligations, or to enforce a judgment or other court order in favor of Bank. Borrower expressly submits and consents in
advance to such jurisdiction in any action or suit commenced in any such court, and Borrower hereby waives any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the
granting of such legal or equitable relief as is deemed appropriate by such court. Borrower hereby waives personal service of the summons, complaints, and other process issued in such action or suit and agrees that service of such summons,
complaints, and other process may be made by registered or certified mail addressed to Borrower at the address set forth in, or subsequently provided by Borrower in accordance with, Section 10 of this Agreement and that service so made shall be
deemed completed upon the earlier to occur of Borrower’s actual receipt thereof or three (3) days after deposit in the U.S. mails, proper postage prepaid. 

  
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 TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BORROWER AND BANK EACH WAIVE THEIR
RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL
INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. 
 WITHOUT INTENDING IN ANY WAY TO LIMIT
THE PARTIES’ AGREEMENT TO WAIVE THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY, if the above waiver of the right to a trial by jury is not enforceable, the parties hereto agree that any and all disputes or controversies of any nature between them
arising at any time shall be decided by a reference to a private judge, mutually selected by the parties (or, if they cannot agree, by the Presiding Judge of the Santa Clara County, California Superior Court) appointed in accordance with California
Code of Civil Procedure Section 638 (or pursuant to comparable provisions of federal law if the dispute falls within the exclusive jurisdiction of the federal courts), sitting without a jury, in Santa Clara County, California; and the parties
hereby submit to the jurisdiction of such court. The reference proceedings shall be conducted pursuant to and in accordance with the provisions of California Code of Civil Procedure §§ 638 through 645.1, inclusive. The private judge shall
have the power, among others, to grant provisional relief, including without limitation, entering temporary restraining orders, issuing preliminary and permanent injunctions and appointing receivers. All such proceedings shall be closed to the
public and confidential and all records relating thereto shall be permanently sealed. If during the course of any dispute, a party desires to seek provisional relief, but a judge has not been appointed at that point pursuant to the judicial
reference procedures, then such party may apply to the Santa Clara County, California Superior Court for such relief. The proceeding before the private judge shall be conducted in the same manner as it would be before a court under the rules of
evidence applicable to judicial proceedings. The parties shall be entitled to discovery which shall be conducted in the same manner as it would be before a court under the rules of discovery applicable to judicial proceedings. The private judge
shall oversee discovery and may enforce all discovery rules and orders applicable to judicial proceedings in the same manner as a trial court judge. The parties agree that the selected or appointed private judge shall have the power to decide all
issues in the action or proceeding, whether of fact or of law, and shall report a statement of decision thereon pursuant to California Code of Civil Procedure § 644(a). Nothing in this paragraph shall limit the right of any party at any time to
exercise self-help remedies, foreclose against collateral, or obtain provisional remedies. The private judge shall also determine all issues relating to the applicability, interpretation, and enforceability of this paragraph. 

This Section 11 shall survive the termination of this Agreement. 

12. GENERAL PROVISIONS 

12.1 Termination Prior to Term Loan Maturity Date; Survival. All covenants, representations and warranties made in this Agreement shall
continue in full force until this Agreement has terminated pursuant to its terms and all Obligations (other than inchoate indemnity obligations, and any other obligations which, by their terms, are to survive the termination of this Agreement, and
any Obligations under Bank Services Agreements that are cash collateralized in accordance with Section 4.1 of this Agreement) have been satisfied. So long as Borrower has satisfied the Obligations (other than inchoate indemnity obligations and,
any other obligations which, by their terms, are to survive the termination of this Agreement, and any Obligations under Bank Services Agreements that are cash collateralized in accordance with Section 4.1 of this Agreement), this Agreement may
be terminated prior to the Term Loan Maturity Date by Borrower, effective three (3) Business Days after written notice of termination is given to Bank, which notice may be conditioned upon the consummation of a financing or other events and may
be revoked by Borrower if such condition has or will not occur on the proposed termination date. Those obligations that are expressly specified in this Agreement as surviving this Agreement’s termination shall continue to survive
notwithstanding this Agreement’s termination. 
 12.2 Successors and Assigns. This Agreement binds and is for the benefit of the
successors and permitted assigns of each party. Borrower may not assign this Agreement or any rights or obligations under it without Bank’s prior written consent (which may be granted or withheld in Bank’s discretion). Bank has the right,
without the consent of or notice to Borrower, to sell, transfer, assign, negotiate, or grant participation in all or any part of, or any interest in, Bank’s obligations, rights, and benefits under this Agreement and the other Loan Documents
(other than the Warrants, as to which assignment, transfer and other such actions are governed by the terms thereof). 

  
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 12.3 Indemnification. Borrower agrees to indemnify, defend and hold Bank and its
directors, officers, employees, agents, attorneys, or any other Person affiliated with or representing Bank (each, an “Indemnified Person”) harmless against: (i) all obligations, demands, claims, and liabilities (collectively,
“Claims”) claimed or asserted by any other party in connection with the transactions contemplated by the Loan Documents; and (ii) all losses or expenses (including Bank Expenses) in any way suffered, incurred, or paid by such
Indemnified Person as a result of, following from, consequential to, or arising from transactions between Bank and Borrower (including reasonable attorneys’ fees and expenses), except for Claims and/or losses directly caused by such Indemnified
Person’s gross negligence or willful misconduct. 
 This Section 12.3 shall survive until all statutes of limitation with respect
to the Claims, losses, and expenses for which indemnity is given shall have run. 
 12.4 Time of Essence. Time is of the essence for
the performance of all Obligations in this Agreement. 
 12.5 Severability of Provisions. Each provision of this Agreement is
severable from every other provision in determining the enforceability of any provision. 
 12.6 Correction of Loan Documents. Bank
may correct patent errors and fill in any blanks in the Loan Documents consistent with the agreement of the parties so long as Bank provides Borrower with written notice of such correction and allows Borrower at least ten (10) days to object to
such correction. In the event of such objection, such correction shall not be made except by an amendment signed by both Bank and Borrower. 

12.7 Amendments in Writing; Waiver; Integration. No purported amendment or modification of any Loan Document, or waiver, discharge or
termination of any obligation under any Loan Document, shall be enforceable or admissible unless, and only to the extent, expressly set forth in a writing signed by the party against which enforcement or admission is sought. Without limiting the
generality of the foregoing, no oral promise or statement, nor any action, inaction, delay, failure to require performance or course of conduct shall operate as, or evidence, an amendment, supplement or waiver or have any other effect on any Loan
Document. Any waiver granted shall be limited to the specific circumstance expressly described in it, and shall not apply to any subsequent or other circumstance, whether similar or dissimilar, or give rise to, or evidence, any obligation or
commitment to grant any further waiver. The Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations
between the parties about the subject matter of the Loan Documents merge into the Loan Documents. 
 12.8 Counterparts. This Agreement
may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, is an original, and all taken together, constitute one Agreement. 

12.9 Confidentiality. In handling any confidential information, Bank shall exercise the same degree of care that it exercises for its
own proprietary information, but disclosure of information may be made: (a) to Bank’s Subsidiaries or Affiliates (such Subsidiaries and Affiliates, together with Bank, collectively, “Bank Entities”) provided that such Bank
Entities shall be bound by the confidentiality provisions set forth in this Section 12.9; (b) subject to an agreement containing provisions substantially the same as those of this Section 12.9, to any assignee or purchaser of or
participant in, or any prospective assignee or purchaser of or participant in, any of Bank’s rights and obligations under this Agreement; (c) as required by law, regulation, subpoena, or other order; (d) to Bank’s regulators or
as otherwise required in connection with Bank’s examination or audit; (e) as Bank considers appropriate in exercising remedies under the Loan Documents; and (f) to third-party service providers of Bank so long as such service
providers have executed a confidentiality agreement with Bank with terms no less restrictive than those contained herein. Confidential information does not include information that is either: (i) in the public domain or in Bank’s
possession when disclosed to Bank, or becomes part of the public domain (other than as a result of its disclosure by Bank in violation of this Agreement) after disclosure to Bank; or (ii) disclosed to Bank by a third party, if Bank does not
know that the third party is prohibited from disclosing the information. 

  
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 Bank Entities may use anonymous forms of confidential information for aggregate datasets,
for analyses or reporting, and for any other uses not expressly prohibited in writing by Borrower. The provisions of the immediately preceding sentence shall survive termination of this Agreement. 

12.10 Right of Set Off. Borrower hereby grants to Bank, a lien, security interest and right of set off as security for all Obligations
to Bank, whether now existing or hereafter arising upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Bank or any entity under the control of Bank (including a Bank
subsidiary) or in transit to any of them. At any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Bank may set off the same or any part thereof and apply the same to any liability or obligation
of Borrower even though unmatured and regardless of the adequacy of any other collateral securing the Obligations. ANY AND ALL RIGHTS TO REQUIRE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE
OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 

12.11 Attorneys’ Fees, Costs and Expenses. In any action or proceeding between Borrower and Bank arising out of or relating to the
Loan Documents, the prevailing party shall be entitled to recover its reasonable and documented attorneys’ fees and other costs and expenses incurred, in addition to any other relief to which it may be entitled. 

12.12 Electronic Execution of Documents. The words “execution,” “signed,” “signature” and words of like
import in any Loan Document shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity and enforceability as a manually executed signature or the use of a
paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act. 

12.13 Captions. The headings used in this Agreement are for convenience only and shall not affect the interpretation of this Agreement.

 12.14 Construction of Agreement. The parties mutually acknowledge that they and their attorneys have participated in the
preparation and negotiation of this Agreement. In cases of uncertainty this Agreement shall be construed without regard to which of the parties caused the uncertainty to exist. 

12.15 Relationship. The relationship of the parties to this Agreement is determined solely by the provisions of this Agreement. The
parties do not intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different from those of parties to an arm’s-length contract. 

12.16 Third Parties. Nothing in this Agreement, whether express or implied, is intended to: (a) confer any benefits, rights or
remedies under or by reason of this Agreement on any persons other than the express parties to it and their respective permitted successors and assigns; (b) relieve or discharge the obligation or liability of any person not an express party to
this Agreement; or (c) give any person not an express party to this Agreement any right of subrogation or action against any party to this Agreement. 

13. DEFINITIONS 

13.1 Definitions. As used in the Loan Documents, the word “shall” is mandatory, the word “may” is permissive, the
word “or” is not exclusive, the words “includes” and “including” are not limiting, the singular includes the plural, and numbers denoting amounts that are set off in brackets are negative. As used in this Agreement, the
following capitalized terms have the following meanings: 
 “Account” is any “account” as defined in the Code with
such additions to such term as may hereafter be made, and includes, without limitation, all accounts receivable and other sums owing to Borrower. 

  
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 “Account Debtor” is any “account debtor” as defined in the Code
with such additions to such term as may hereafter be made. 
 “Affiliate” is, with respect to any Person, each other Person
that owns or controls directly or indirectly the Person, any Person that controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors, partners and, for any Person that
is a limited liability company, that Person’s managers and members. 
 “Agreement” is defined in the preamble hereof.

 “Authorized Signer” is any individual listed in Borrower’s Borrowing Resolution who is authorized to execute the
Loan Documents, including any Credit Extension request, on behalf of Borrower. 
 “Bank” is defined in the preamble hereof.

 “Bank Entities” is defined in Section 12.9. 

“Bank Expenses” are all audit fees and expenses, costs, and expenses (including reasonable and documented attorneys’
fees and expenses) for preparing, amending, negotiating, administering, defending and enforcing the Loan Documents (including, without limitation, those incurred in connection with appeals or Insolvency Proceedings) or otherwise incurred with
respect to Borrower. 
 “Bank Services” are any products, credit services, and/or financial accommodations previously,
now, or hereafter provided to Borrower or any of its Subsidiaries by Bank or any Bank Affiliate, including, without limitation, any letters of credit, cash management services (including, without limitation, merchant services, direct deposit of
payroll, business credit cards, and check cashing services), interest rate swap arrangements, and foreign exchange services as any such products or services may be identified in Bank’s various agreements related thereto (each, a “Bank
Services Agreement”). 
 “Bank Services Agreement” is defined in the definition of Bank Services. 

“Board” means Borrower’s board of directors. 

“Borrower” is defined in the preamble hereof. 

“Borrower’s Books” are all Borrower’s books and records including ledgers, federal and state tax returns, records
regarding Borrower’s assets or liabilities, the Collateral, business operations or financial condition, and all computer programs or storage or any equipment containing such information. 

“Borrowing Resolutions” are, with respect to any Person, those resolutions adopted by such Person’s board of directors
(and, if required under the terms of such Person’s Operating Documents, stockholders) and delivered by such Person to Bank approving the Loan Documents to which such Person is a party and the transactions contemplated thereby, together with a
certificate executed by its secretary on behalf of such Person certifying (a) such Person has the authority to execute, deliver, and perform its obligations under each of the Loan Documents to which it is a party, (b) that set forth as a
part of or attached as an exhibit to such certificate is a true, correct, and complete copy of the resolutions then in full force and effect authorizing and ratifying the execution, delivery, and performance by such Person of the Loan Documents to
which it is a party, (c) the name(s) of the Person(s) authorized to execute the Loan Documents, including any Credit Extension request, on behalf of such Person, together with a sample of the true signature(s) of such Person(s), and
(d) that Bank may conclusively rely on such certificate unless and until such Person shall have delivered to Bank a further certificate canceling or amending such prior certificate. 

  
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 “Business Day” is any day that is not a Saturday, Sunday or a day on which
Bank is closed. 
 “Cash Equivalents” means (a) marketable direct obligations issued or unconditionally guaranteed by
the United States or any agency or any State thereof having maturities of not more than one (1) year from the date of acquisition; (b) commercial paper maturing no more than one (1) year after its creation and having the highest
rating from either Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc.; (c) Bank’s certificates of deposit issued maturing no more than one (1) year after issue; and (d) money market funds at least
ninety-five percent (95.0%) of the assets of which constitute Cash Equivalents of the kinds described in clauses (a) through (c) of this definition. 

“Change in Control” means (a) at any time, any “person” or “group” (as such terms are used in
Sections 13(d) and 14(d) of the Exchange Act, shall become, or obtain rights (whether by means of warrants, options or otherwise) to become, the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act), directly or indirectly, of forty-nine percent (49.0%) or more of the ordinary voting power for the election of directors of Borrower (determined on a fully diluted basis) other than
by the sale of Borrower’s equity securities in a public offering or to venture capital or private equity investors so long as Borrower identifies to Bank the venture capital or private equity investors at least seven (7) Business Days
prior to the closing of the transaction and provides to Bank a description of the material terms of the transaction; or (b) at any time, Borrower shall cease to own and control, of record and beneficially, directly or indirectly, one hundred
percent (100.0%) of each class of outstanding capital stock of each Subsidiary of Borrower free and clear of all Liens (except Liens created by this Agreement). 

“Claims” is defined in Section 12.3. 

“Closing Warrants” means, collectively, (a) that certain warrant to purchase stock dated as of the Effective Date by and
between Borrower and Bank with respect to the Term A Loan Advance, and (b) that certain warrant to purchase stock dated as of the Effective Date by and between Borrower and Life Science Loans II, LLC with respect to the Term A Loan Advance.

 “Code” is the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in the State of
California; provided, that, to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the Code, the definition of such term contained in Article
or Division 9 shall govern; provided further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority of, or remedies with respect to, Bank’s Lien on any Collateral is governed by
the Uniform Commercial Code in effect in a jurisdiction other than the State of California, the term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the
provisions thereof relating to such attachment, perfection, priority, or remedies and for purposes of definitions relating to such provisions. 

“Collateral” is any and all properties, rights and assets of Borrower described on Exhibit A. 

“Collateral Account” is any Deposit Account, Securities Account, or Commodity Account. 

“Commodity Account” is any “commodity account” as defined in the Code with such additions to such term as may
hereafter be made. 
 “Compliance Certificate” is that certain certificate in the form attached hereto as
Exhibit B. 
 “Contingent Obligation” is, for any Person, any direct or indirect liability,
contingent or not, of that Person for (a) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation, in each case, directly or indirectly guaranteed, endorsed,
co-made, discounted or sold with recourse by that Person, or for which that Person is directly or indirectly liable; (b) any obligations for undrawn letters of credit for the account of that Person; and
(c) all obligations from any interest rate, currency or commodity swap agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange
rates or commodity prices; but “Contingent Obligation” does not include endorsements in the ordinary course of business. The amount of a Contingent Obligation is the stated or determined amount of the primary obligation for which the
Contingent Obligation is made or, if not determinable, the maximum reasonably anticipated liability for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any guarantee or other support
arrangement. 

  
 -23- 

 “Control Agreement” is any control agreement entered into among the
depository institution at which Borrower maintains a Deposit Account or the securities intermediary or commodity intermediary at which Borrower maintains a Securities Account or a Commodity Account, Borrower, and Bank pursuant to which Bank obtains
control (within the meaning of the Code) over such Deposit Account, Securities Account, or Commodity Account. 

“Copyrights” are any and all copyright rights, copyright applications, copyright registrations and like protections in each
work of authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret. 

“Credit Extension” is any Term Loan Advance, or any other extension of credit by Bank for Borrower’s benefit. 

“Default Rate” is defined in Section 2.2(b). 

“Deposit Account” is any “deposit account” as defined in the Code with such additions to such term as may hereafter
be made. 
 “Designated Deposit Account” is the multicurrency account denominated in Dollars, ending in 497, (last three
digits) maintained by Borrower with Bank. 
 “Dollars,” “dollars” or use of the sign
“$” means only lawful money of the United States and not any other currency, regardless of whether that currency uses the “$” sign to denote its currency or may be readily converted into lawful money of the United States.

 “Dollar Equivalent” is, at any time, (a) with respect to any amount denominated in Dollars, such amount, and
(b) with respect to any amount denominated in a Foreign Currency, the equivalent amount therefor in Dollars as determined by Bank at such time on the basis of the then-prevailing rate of exchange in San Francisco, California, for sales of the
Foreign Currency for transfer to the country issuing such Foreign Currency. 
 “Domestic Subsidiary” means a Subsidiary
organized under the laws of the United States or any state or territory thereof or the District of Columbia. 
 “Draw
Period” is the period of time commencing upon the occurrence of the Equity Event and continuing through November 30, 2019. 

“Effective Date” is defined in the preamble hereof. 

“Equipment” is all “equipment” as defined in the Code with such additions to such term as may hereafter be made,
and includes without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing. 

“Equity Event” means delivery by Borrower to Bank, on or prior to November 30, 2019, of evidence satisfactory to Bank in
Bank’s sole but reasonable discretion that Borrower has received, after the Effective Date, but on or prior to November 30, 2019, unrestricted and unencumbered (other than Liens in favor of Bank created under the Loan Documents) net cash
proceeds in an amount of at least Forty Million Dollars ($40,000,000.00) from the issuance and sale by Borrower of its equity securities to investors acceptable to Bank. 

“ERISA” is the Employee Retirement Income Security Act of 1974, and its regulations. 

“Event of Default” is defined in Section 8. 

  
 -24- 

 “Exchange Act” is the Securities Exchange Act of 1934, as amended. 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to Bank (or any assignee or successor thereto)
or required to be withheld or deducted from a payment to Bank (or any assignee or successor thereto): (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case (i) imposed as a
result of Bank (or any assignee or successor thereto) being organized under the laws of, or having its principal office or its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or
(ii) that are Other Connection Taxes, (b) U.S. federal withholding Taxes imposed on amounts payable to or for the account of Bank (or any assignee or successor thereto) with respect to an applicable interest in Credit Extension or a Term
Loan Advance pursuant to a law in effect on the date on which Bank (or any assignee or successor thereto), as applicable, (i) acquires such interest in the Credit Extension or Term Loan Advance or (ii) changes its lending office, except in
each case to the extent that amounts with respect to such Taxes were payable either to such predecessor or assignor immediately before such successor or assign became a party hereto or to Bank (or any assignee or successor thereto) immediately
before it changed its lending office, and (c) any withholding Taxes imposed under FATCA. 
 “FATCA” means Sections
1471 through 1474 of the IRC, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations
thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among
Governmental Authorities and implementing such Sections of the Internal Revenue Code. 
 “Final Payment” is a payment (in
addition to and not a substitution for the regular monthly payments of principal plus accrued interest) equal to the original principal amount of the Term Loan Advances extended by Bank to Borrower hereunder, multiplied by five percent (5.0%), due
on the earliest to occur of (a) the Term Loan Maturity Date, (b) the payment in full of such Term Loan Advances, (c) as required by Section 2.1.1(d) or Section 2.1.1(e), or (d) the termination of this Agreement. 

“Foreign Currency” means lawful money of a country other than the United States. 

“Foreign Subsidiary” means any Subsidiary which is not a Domestic Subsidiary. 

“Funding Date” is any date on which a Credit Extension is made to or for the account of Borrower which shall be a Business
Day. 
 “FX Contract” is any foreign exchange contract by and between Borrower and Bank under which Borrower commits to
purchase from or sell to Bank a specific amount of Foreign Currency on a specified date. 
 “GAAP” is generally accepted
accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such
other statements by such other Person as may be approved by a significant segment of the accounting profession, which are applicable to the circumstances as of the date of determination. 

“General Intangibles” is all “general intangibles” as defined in the Code in effect on the date hereof with such
additions to such term as may hereafter be made, and includes without limitation, all Intellectual Property, claims, income and other tax refunds, security and other deposits, payment intangibles, contract rights, options to purchase or sell real or
personal property, rights in all litigation presently or hereafter pending (whether in contract, tort or otherwise), insurance policies (including without limitation key man, property damage, and business interruption insurance), payments of
insurance and rights to payment of any kind. 
 “Governmental Approval” is any consent, authorization, approval, order,
license, franchise, permit, certificate, accreditation, registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority. 

  
 -25- 

 “Governmental Authority” is any nation or government, any state or
other political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to
government, any securities exchange and any self-regulatory organization. 
 “Indebtedness” is (a) indebtedness for
borrowed money or the deferred price of property or services, such as reimbursement and other obligations for surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar instruments, (c) capital
lease obligations, and (d) Contingent Obligations. 
 “Indemnified Person” is defined in Section 12.3. 

“Insolvency Proceeding” is any proceeding by or against any Person under the United States Bankruptcy Code, or any other
bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief. 

“Intellectual Property” means, with respect to any Person, all of such Person’s right, title, and interest in and to the
following: 
 (a) its Copyrights, Trademarks and Patents; 

(b) any and all trade secrets and trade secret rights, including, without limitation, any rights to unpatented inventions, know-how, and operating manuals; 
 (c) any and all source code; 

(d) any and all design rights which may be available to such Person; 

(e) any and all claims for damages by way of past, present and future infringement of any of the foregoing, with the right, but not the
obligation, to sue for and collect such damages for said use or infringement of the Intellectual Property rights identified above; and 
 (f)
all amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents. 
 “Internal Revenue Code” is the
Internal Revenue Code of 1986, as amended. 
 “Inventory” is all “inventory” as defined in the Code in effect on
the date hereof with such additions to such term as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without
limitation such inventory as is temporarily out of Borrower’s custody or possession or in transit and including any returned goods and any documents of title representing any of the above. 

“Investment” is any beneficial ownership interest in any Person (including stock, partnership interest or other securities),
and any loan, advance or capital contribution to any Person. 
 “Key Person” is Borrower’s Chief Executive Officer,
who is John Kollins as of the Effective Date. 
 “Letter of Credit” is a standby or commercial letter of credit issued by
Bank upon request of Borrower based upon an application, guarantee, indemnity, or similar agreement. 
 “Lien” is a claim,
mortgage, deed of trust, levy, charge, pledge, security interest or other encumbrance of any kind, whether voluntarily incurred or arising by operation of law or otherwise against any property. 

  
 -26- 

 “Loan Documents” are, collectively, this Agreement and any schedules,
exhibits, certificates, notices, and any other documents related to this Agreement, the Warrants, the Perfection Certificate, Control Agreements, and Bank Services Agreement, any subordination agreement, any note, or notes or guaranties executed by
Borrower, and any other present or future agreement by Borrower with or for the benefit of Bank in connection with this Agreement or Bank Services, all as amended, restated, or otherwise modified. 

“Material Adverse Change” is (a) a material impairment in the perfection or priority of Bank’s Lien in the
Collateral or in the value of such Collateral; (b) a material adverse change in the business, operations, or condition (financial or otherwise) of Borrower; or (c) a material impairment of the prospect of repayment of any portion of the
Obligations. 
 “Monthly Financial Statements” is defined in Section 6.2(a). 

“Obligations” are Borrower’s obligations to pay when due any debts, principal, interest, fees, Bank Expenses, Final
Payment, Prepayment Premium, and other amounts Borrower owes Bank now or later, whether under this Agreement, the other Loan Documents (other than the Warrants), or otherwise, including, without limitation, all obligations relating to Bank Services
and any interest accruing after Insolvency Proceedings begin and debts, liabilities, or obligations of Borrower assigned to Bank, and to perform Borrower’s duties under the Loan Documents (other than the Warrants). 

“Operating Documents” are, for any Person, such Person’s formation documents, as certified by the Secretary of State (or
equivalent agency) of such Person’s jurisdiction of organization on a date that is no earlier than thirty (30) days prior to the Effective Date, and, (a) if such Person is a corporation, its bylaws in current form, (b) if such
Person is a limited liability company, its limited liability company agreement (or similar agreement), and (c) if such Person is a partnership, its partnership agreement (or similar agreement), each of the foregoing with all current amendments
or modifications thereto. 
 “Other Connection Taxes” means, with respect to Bank (or any assignee or successor thereto),
Taxes imposed as a result of a present or former connection between Bank (or any assignee or successor thereto) and the jurisdiction imposing such Tax (other than connections arising solely from Bank (or any assignee or successor thereto) having
executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an
interest in any Credit Extension, Term Loan Advance or Loan Document). 
 “Patents” means all patents, patent applications
and like protections including without limitation improvements, divisions, continuations, renewals, reissues, extensions and continuations-in-part of the same. 

“Payment/Advance Form” is that certain form attached hereto as Exhibit C. 

“Payment Date” is the first (1st) calendar day of each calendar month. 

“Perfection Certificate” is defined in Section 5.1. 

“Permitted Account” is defined in Section 6.6(a). 

“Permitted Indebtedness” is: 

(a) Borrower’s Indebtedness to Bank under this Agreement and the other Loan Documents (including, without limitation, Indebtedness arising
in connection with any Bank Services); 
 (b) Indebtedness existing on the Effective Date which is shown on the Perfection Certificate; 

(c) Subordinated Debt; 
 (d)
unsecured Indebtedness to trade creditors incurred in the ordinary course of business; 

  
 -27- 

 (e) Indebtedness incurred as a result of endorsing negotiable instruments received in the
ordinary course of business; 
 (f) Indebtedness secured by Liens permitted under clauses (a) and (c) of the definition of
“Permitted Liens” hereunder; 
 (g) other unsecured Indebtedness not otherwise permitted in Section 7.4 not exceeding One
Hundred Thousand Dollars ($100,000.00) in the aggregate outstanding at any time; and 
 (h) extensions, refinancings, modifications,
amendments and restatements of any items of Permitted Indebtedness (a) through (g) above, provided that the principal amount thereof is not increased or the terms thereof are not modified to impose more burdensome terms upon Borrower or its
Subsidiary, as the case may be. 
 “Permitted Investments” are: 

(a) Investments (including, without limitation, Subsidiaries) existing on the Effective Date which are shown on the Perfection Certificate;

 (b) Investments consisting of Cash Equivalents; 

(c) Investments consisting of the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary
course of Borrower; 
 (d) Investments consisting of deposit and investment accounts maintained by Borrower in which Bank has a first
priority perfected security interest in such accounts, to the extent required pursuant to the terms of Section 6.6(b) hereof; 
 (e)
Investments accepted in connection with Transfers permitted by Section 7.1; 
 (f) Investments consisting of (i) travel advances
and employee relocation loans and other employee loans and advances in the ordinary course of business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of Borrower or its Subsidiaries pursuant to
employee stock purchase plans or agreements approved by Borrower’s Board; 
 (g) Investments (including debt obligations) received in
connection with the bankruptcy or reorganization of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of business; 

(h) Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are not
Affiliates, in the ordinary course of business; provided that this paragraph (h) shall not apply to Investments of Borrower in any Subsidiary; and 

(i) other Investments not otherwise permitted by Section 7.7 not exceeding One Hundred Thousand Dollars ($100,000.00) in the
aggregate outstanding at any time. 
 “Permitted Liens” are: 

(a) Liens existing on the Effective Date and shown on the Perfection Certificate or arising under this Agreement and the other Loan Documents
(including, without limitation, Liens arising in connection with any Bank Services); 
 (b) Liens for taxes, fees, assessments or other
government charges or levies, either (i) not due and payable or (ii) being contested in good faith and for which Borrower maintains adequate reserves on its Books, provided that no notice of any such Lien has been filed or recorded
under the Internal Revenue Code and the Treasury Regulations adopted thereunder; 

  
 -28- 

 (c) purchase money Liens or capital leases (i) on Equipment acquired or held by
Borrower incurred for financing the acquisition of the Equipment securing no more than One Hundred Thousand Dollars ($100,000.00) in the aggregate amount outstanding, or (ii) existing on Equipment when acquired, if the Lien is confined to the
property and improvements and the proceeds of the Equipment; 
 (d) Liens incurred in the extension, renewal or refinancing of the
indebtedness secured by Liens described in (a) through (c), but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness may not increase;

 (e) Liens of carriers, warehousemen, suppliers, or other Persons that are possessory in nature arising in the ordinary course of business
so long as such Liens attach only to Inventory, securing liabilities in the aggregate amount not to exceed Five Hundred Thousand Dollars ($500,000.00), in the aggregate and which are not delinquent or remain payable without penalty or which are
being contested in good faith and by appropriate proceedings which proceedings have the effect of preventing the forfeiture or sale of the property subject thereto; 

(f) Liens to secure payment of workers’ compensation, employment insurance, old-age pensions,
social security and other like obligations incurred in the ordinary course of business (other than Liens imposed by ERISA); 
 (g) leases or
subleases of real property granted in the ordinary course of Borrower’s business (or, if referring to another Person, in the ordinary course of such Person’s business), and leases, subleases,
non-exclusive licenses or sublicenses of personal property (other than Intellectual Property) granted in the ordinary course of Borrower’s business (or, if referring to another Person, in the ordinary
course of such Person’s business), if the leases, subleases, licenses and sublicenses do not prohibit granting Bank a security interest therein; 

(h) non-exclusive licenses for the use of the property of Borrower or its Subsidiaries in the ordinary
course of business and licenses in the ordinary course of business that could not result in a legal transfer of title of the licensed property but that may be exclusive in respects other than territory and that may be exclusive as to territory only
as to discrete geographical areas outside of the United States; 
 (i) Liens arising from attachments or judgments, orders, or decrees in
circumstances not constituting an Event of Default under Sections 8.4 and 8.7; 
 (j) Liens in favor of other financial institutions arising
in connection with Borrower’s deposit and/or securities accounts held at such institutions, provided that Bank has a first priority perfected security interest in the amounts held in such deposit and/or securities accounts to the extent
required under Section 6.6(b); 
 (k) Liens securing Subordinated Debt so long as (i) such Liens are subordinated to Bank’s
Liens on terms acceptable to Bank, and (ii) such Liens do not cover any property not subject to Bank’s Liens; 
 (l) Liens securing
reimbursement obligations for Letters of Credit and/or comprised of security deposits in favor of landlord(s) where Borrower or its Subsidiaries maintain leased locations in amount not to exceed One Hundred Thousand Dollars ($100,000.00) in the
aggregate outstanding at any time; 
 (m) purported Liens evidenced by the filing of a precautionary
UCC-1 financing statement relating solely to operating leases of equipment. 

“Person” is any individual, sole proprietorship, partnership, limited liability company, joint venture, company, trust,
unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency. 

  
 -29- 

 “Prepayment Premium” shall be an additional fee payable to Bank, with
respect to the Term Loan Advances, in amount equal to: 
 (a) for a prepayment of the Term Loan Advances made on or prior to the first (1st)
anniversary of the Effective Date, three percent (3.0%) of the then outstanding principal amount of the Term Loan Advances immediately prior to such prepayment; 

(b) for a prepayment of the Term Loan Advances made after the first (1st) anniversary of the Effective Date, but on or prior to the second
(2nd) anniversary of the Effective Date, two percent (2%) of the then outstanding principal amount of the Term Loan Advances immediately prior to such prepayment; and 

(c) for a prepayment of the Term Loan Advances made after the second (2nd) anniversary of the Effective Date, but prior to the Term Loan
Maturity Date, one percent (1.0%) of the then outstanding principal amount of the Term Loan Advances immediately prior to such prepayment. 

“Prime Rate” is the rate of interest per annum from time to time published in the money rates section of The Wall Street
Journal or any successor publication thereto as the “prime rate” then in effect; provided that, in the event such rate of interest is less than zero, such rate shall be deemed to be zero for purposes of this Agreement and provided further
that if such rate of interest, as set forth from time to time in the money rates section of The Wall Street Journal, becomes unavailable for any reason as determined by Bank, the “Prime Rate” shall mean the rate of interest per annum
announced by Bank as its prime rate in effect at its principal office in the State of California (such Bank announced Prime Rate not being intended to be the lowest rate of interest charged by Bank in connection with extensions of credit to
debtors); provided that, in the event such rate of interest is less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Registered Organization” is any “registered organization” as defined in the Code with such additions to such term
as may hereafter be made. 
 “Repayment Schedule” means (a) with respect to the Term A Loan Advance, thirty
(30) consecutive calendar months; provided that if a Term B Loan Advance is made, the Repayment Schedule for the Term A Loan Advance is twenty-four (24) consecutive calendar months; and (b) with respect to the Term B Loan Advances,
twenty-four (24) consecutive calendar months. 
 “Requirement of Law” is as to any Person, the organizational or
governing documents of such Person, and any law (statutory or common), treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its
property or to which such Person or any of its property is subject. 
 “Responsible Officer” is any of the Chief Executive
Officer, President, Chief Financial Officer and Controller of Borrower. 
 “Restricted License” is any material license or
similar material agreement (other than commercial off-the-shelf technology license agreements or other similar material agreements that are commercially available to the
public) with respect to which Borrower is the licensee (a) that prohibits or otherwise restricts Borrower from granting a security interest in Borrower’s interest in such license or agreement or any other property in favor of Bank, or
(b) for which a default under or termination of could reasonably be expected to interfere with the Bank’s right to sell any Collateral. 

“SEC” shall mean the Securities and Exchange Commission, any successor thereto, and any analogous Governmental Authority.

 “Securities Account” is any “securities account” as defined in the Code with such additions to such term as
may hereafter be made. 

  
 -30- 

 “Subordinated Debt” is indebtedness incurred by Borrower subordinated to
all of Borrower’s now or hereafter indebtedness to Bank (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Bank entered into between Bank and the other creditor), on terms acceptable to
Bank. 
 “Subsidiary” is, as to any Person, a corporation, partnership, limited liability company or other entity of which
shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other
managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless the context otherwise
requires, each reference to a Subsidiary herein shall be a reference to a Subsidiary of Borrower. 
 “Tax” and
“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholdings), assessments, fees or other charges imposed by any Governmental Authority, including any interest,
additions to tax or penalties applicable thereto. 
 “Term A Loan Advance” is defined in Section 2.1.1(a). 

“Term B Loan Advance” and “Term B Loan Advances” are each defined in Section 2.1.1(a). 

“Term Loan Advance” and “Term Loan Advances” are each defined in Section 2.1.1(a). 

“Term B Loan Warrant” and “Term B Loan Warrants” are each defined in Section 6.11. 

“Term Loan Amortization Date” means (i) with respect to the Term A Loan Advance, December 1, 2019; provided that if
a Term B Loan Advance is made, the Term Loan Amortization Date for the Term A Loan Advance is June 1, 2020; and (ii) with respect to each Term B Loan Advance, June 1, 2020. 

“Term Loan Maturity Date” is May 1, 2022. 

“Trademarks” means any trademark and servicemark rights, whether registered or not, applications to register and
registrations of the same and like protections, and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks. 

“Transfer” is defined in Section 7.1. 

“Warrants” means, collectively, the Closing Warrants and the Term B Loan Warrants. 

[Signature page follows.] 
  

  
 -31- 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as
of the Effective Date. 
 BORROWER: 
  

			
	SATSUMA PHARMACEUTICALS, INC.

			
		
	By	 	 /s/ John Kollins

	Name:	 	 John Kollins

	Title:	 	 Chief Executive Officer

			
	
	BANK:
	
	SILICON VALLEY BANK
		
	By	 	 /s/ Peter A. Sletteland

	Name:	 	 Peter A. Sletteland

	Title:	 	 Vice President

 Signature Page to Loan and Security Agreement 

 EXHIBIT A – COLLATERAL DESCRIPTION 

The Collateral consists of all of Borrower’s right, title and interest in and to the following personal property: 

All goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights or rights to payment of money, leases, license
agreements, franchise agreements, General Intangibles (except as provided below), commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts, certificates
of deposit, fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial assets, whether now owned or hereafter acquired,
wherever located; and 
 all Borrower’s Books relating to the foregoing, and any and all claims, rights and interests in any of the
above and all substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing. 

Notwithstanding the foregoing, the Collateral does not include (a) any interest of Borrower as a lessee under an Equipment lease if
Borrower is prohibited by the terms of such lease from granting a security interest in such lease or under which such an assignment or Lien would cause a default to occur under such lease; provided, however, that upon termination of such
prohibition, such interest shall immediately become Collateral without any action by Borrower or Bank, (b) more than sixty-five percent (65.0%) of the presently existing and hereafter arising issued and outstanding shares of capital stock owned
by Borrower of any Foreign Subsidiary which shares entitle the holder thereof to vote for directors or any other matter, (c) any property to the extent that such grant of security interest is prohibited by any Requirement of Law of a
Governmental Authority or constitutes a breach or default under or results in the termination of or requires any consent not obtained under, any contract, license, agreement, instrument or other document evidencing or giving rise to such property,
except to the extent that such Requirement of Law or the term in such contract, license, agreement, instrument or other document providing for such prohibition, breach, default or termination or requiring such consent is ineffective under Section 9-406, 9-407, 9-408 or 9-409 of the Code (or any successor provision or
provisions) of any relevant jurisdiction or any other applicable law (including the Bankruptcy Code) or principles of equity; provided, however, that such security interest shall attach immediately at such time as such Requirement of Law is not
effective or applicable, or such prohibition, breach, default or termination is no longer applicable or is waived, and to the extent severable, shall attach immediately to any portion of the Collateral that does not result in such consequences, or
(d) any Intellectual Property; provided, however, the Collateral shall include all Accounts and all proceeds of Intellectual Property. 

Pursuant to the terms of a certain negative pledge arrangement with Bank, Borrower has agreed not to encumber any of its Intellectual Property
without Bank’s prior written consent. 

  
 1 

 EXHIBIT B 

COMPLIANCE CERTIFICATE 
  

					
	TO:	  	SILICON VALLEY BANK	  	 Date:
                                         
   

	FROM:	  	SATSUMA PHARMACEUTICALS, INC.	  	

 The undersigned authorized officer of Satsuma Pharmaceuticals, Inc. (“Borrower”) certifies that
under the terms and conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”): 
 (1) Borrower
is in complete compliance for the period ending                      with all required covenants except as noted below; (2) there are no
Events of Default; (3) all representations and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be applicable to any
representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in
all material respects as of such date; (4) Borrower, and each of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and
contributions owed by Borrower except as otherwise permitted pursuant to the terms of Section 5.8 of the Agreement; and (5) no Liens have been levied or claims made against Borrower or any of its Subsidiaries relating to unpaid employee
payroll or benefits of which Borrower has not previously provided written notification to Bank. 
 Attached are the required documents
supporting the certification. The undersigned certifies that these are prepared in accordance with GAAP consistently applied from one period to the next except (i) as explained in an accompanying letter or footnotes and (ii) with respect
to unaudited financial statements for the absence of footnotes and subject to year-end adjustment. The undersigned acknowledges that no borrowings may be requested at any time or date of determination that
Borrower is not in compliance with any of the terms of the Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given them in
the Agreement. 
 Please indicate compliance status by circling Yes/No under “Complies” column. 

 

					
	 Reporting Covenants
	  	 Required
	  	
        Complies        

	Monthly financial statements	  	Monthly within 30 days	  	Yes    No
			
	Compliance Certificate	  	Monthly within 30 days	  	Yes    No
			
	Annual financial statement (CPA Audited)	  	FYE within 180 days	  	Yes    No
			
	Annual financial statement (company prepared for each fiscal year if Board waives audit)	  	FYE within 45 days	  	Yes    No
			
	Board approved projections	  	 At least annually and no later than 45
 days
of FYE
	  	Yes    No
			
	10-Q, 10-K and 8-K	  	Within 5 days after filing with SEC	  	Yes    No

 Other Matters 
  

					
	Have there been any amendments of or other changes to the capitalization table of Borrower and to the Operating Documents of Borrower or any of its Subsidiaries? If yes, provide copies of any such amendments or changes with this
Compliance Certificate.	  	Yes            	  	No

  
 1 

 The following are the exceptions with respect to the certification above: (If no exceptions
exist, state “No exceptions to note.”) 
  
  

 
  
  

									
	SATSUMA PHARMACEUTICALS, INC.	 	                	  	BANK USE ONLY	  		  	
			
		 		  	Received
by:                                        
                                         
                 
	By:                                     
                                         
                    	 		  	            AUTHORIZED SIGNER
	Name:                                     
                                         
              	 		  	Date:                                   
                                         
                                    
	Title:                                     
                                         
                	 		  		  		  	
		 		  	Verified:                                  
                                         
                              
		 		  	            AUTHORIZED SIGNER
			
		 		  	Date:                                   
                                         
                                    
					
		 		  	Compliance Status:	  	Yes	  	No

  
 2 

 EXHIBIT C – LOAN PAYMENT/ADVANCE REQUEST FORM 

DEADLINE FOR SAME DAY PROCESSING IS
NOON PACIFIC TIME 
  

			
	 Fax To:
	  	 Date:
_____________________        

  

							
	LOAN PAYMENT:	  	Satsuma Pharmaceuticals, Inc.	  	        	  	
	From Account
#                                         
                                      	  		  	To Account
#                                         
                                         
                 
	         (Deposit Account #)
	  		  	 (Loan Account #)

	Principal $                                
                                         
                 	  		  	and/or Interest
$                                         
                                         
            
	Authorized Signature:                              
                                      	  		  	        Phone
Number:                                        
                                         
    
	Print
Name/Title:                                       
                                      	  		  	

 LOAN ADVANCE: 
  

					
	Complete Outgoing Wire Request section below if all or a portion of the funds from this loan advance are for an outgoing wire.
			
	From Account #                                  
                                         
            	 	                	  	To Account #                                  
                                         
            
	         (Loan Account #)
	 		  	 (Deposit Account #)

 Amount of Term Loan Advance
$                                         
                   
 All Borrower’s representations and
warranties in the Loan and Security Agreement are true, correct and complete in all material respects on the date of the request for an advance; provided, however, that such materiality qualifier shall not be applicable to any representations and
warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material
respects as of such date: 
  

					
	Authorized Signature:                                  
                                         
  	 	                	  	Phone Number:                                   
                                         
       
			
	Print Name/Title:                                  
                                         
          	 		  	

 OUTGOING WIRE REQUEST: 

Complete only if all or a portion of funds from the loan advance above is to be wired. 

Deadline for same day processing is noon, Pacific Time 
  

					
	Beneficiary Name:                                 
                                         
         	 	                	  	Amount of Wire: $                               
                                         
     
	Beneficiary Bank:                                 
                                         
          	 		  	Account Number:                                 
                                         
     
	City and State:                                 
                                         
                	 		  	
	Beneficiary Bank Transit (ABA)
#:                                        
           	 		  	Beneficiary Bank Code (Swift, Sort, Chip, etc.):                     
		 		  	        (For International Wire Only)
	Intermediary
Bank:                                        
                                         
 	 		  	Transit (ABA)
#:                                        
                                        

	For Further Credit
to:                                        
                                         
                                         
                                         
                                         
            
	Special
Instruction:                                       
                                         
                                         
                                         
                                         
                 

 By signing below, I (we) acknowledge and agree that my (our) funds transfer request shall be processed in accordance with
and subject to the terms and conditions set forth in the agreements(s) covering funds transfer service(s), which agreements(s) were previously received and executed by me (us). 

 

					
	Authorized
Signature:                                       
                                      	 	                	  	2nd Signature (if
required):                                       
                        
	Print
Name/Title:                                       
                                         
     	 		  	Print
Name/Title:                                       
                                         

	Telephone
#:                                        
                                         
            	 		  	Telephone
#:                                        
                                         
       

  
 1

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