Document:

EX-10.19

 Exhibit 10.19 

Execution Version 

Privileged and Confidential 
 [*] =
Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

SERIES B-1 PREFERRED STOCK PURCHASE AGREEMENT 

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
	 1.
	 	 Purchase and Sale of Preferred Stock
	  	 	1	 
		 	 1.1
	 	 Sale and Issuance of Series B Preferred Stock
	  	 	1	 
		 	 1.2
	 	 Closing; Delivery
	  	 	1	 
		 	 1.3
	 	 Defined Terms Used in this Agreement
	  	 	1	 
			
	 2.
	 	 Representations and Warranties of the Company
	  	 	4	 
		 	 2.1
	 	 Organization, Good Standing, Corporate Power and Qualification
	  	 	4	 
		 	 2.2
	 	 Capitalization
	  	 	4	 
		 	 2.3
	 	 Subsidiaries
	  	 	6	 
		 	 2.4
	 	 Authorization
	  	 	6	 
		 	 2.5
	 	 Valid Issuance of Shares
	  	 	6	 
		 	 2.6
	 	 Governmental Consents and Filings
	  	 	7	 
		 	 2.7
	 	 Litigation
	  	 	7	 
		 	 2.8
	 	 Intellectual Property
	  	 	7	 
		 	 2.9
	 	 Compliance with Other Instruments
	  	 	8	 
		 	 2.10
	 	 Agreements; Actions
	  	 	8	 
		 	 2.11
	 	 Certain Transactions
	  	 	9	 
		 	 2.12
	 	 Rights of Registration and Voting Rights
	  	 	9	 
		 	 2.13
	 	 Property
	  	 	10	 
		 	 2.14
	 	 Financial Statements
	  	 	10	 
		 	 2.15
	 	 Changes
	  	 	10	 
		 	 2.16
	 	 Employee Matters
	  	 	10	 
		 	 2.17
	 	 Tax Returns and Payments
	  	 	12	 
		 	 2.18
	 	 Insurance
	  	 	12	 
		 	 2.19
	 	 Permits
	  	 	12	 
		 	 2.20
	 	 Corporate Documents
	  	 	12	 
		 	 2.21
	 	 83(b) Elections
	  	 	12	 
		 	 2.22
	 	 Environmental and Safety Laws
	  	 	13	 
		 	 2.23
	 	 Anti-Money Laundering Laws
	  	 	13	 
		 	 2.24
	 	 Foreign Corrupt Practices Act
	  	 	13	 
		 	 2.25
	 	 Investment Company
	  	 	13	 
		 	 2.26
	 	 Data Privacy
	  	 	13	 
		 	 2.27
	 	 Shell Company
	  	 	14	 
		 	 2.28
	 	 Disclosures
	  	 	14	 
			
	 3.
	 	 Representations and Warranties of the Purchaser
	  	 	14	 
		 	 3.1
	 	 Authorization
	  	 	14	 
		 	 3.2
	 	 Purchase Entirely for Own Account
	  	 	14	 
		 	 3.3
	 	 Disclosure of Information
	  	 	15	 
		 	 3.4
	 	 Restricted Securities
	  	 	15	 
		 	 3.5
	 	 No Public Market
	  	 	15	 

  
 i 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 TABLE OF CONTENTS 

(continued) 
  

									
	 	 	 	 	 	  	Page	 
		 	 3.6
	 	 Legends
	  	 	15	 
		 	 3.7
	 	 Accredited Investor
	  	 	16	 
		 	 3.8
	 	 Foreign Investors
	  	 	16	 
		 	 3.9
	 	 No General Solicitation
	  	 	16	 
		 	 3.10
	 	 Residence
	  	 	16	 
			
	 4.
	 	 Company’s Closing Deliverables
	  	 	16	 
		 	 4.1
	 	 Investors’ Rights Agreement
	  	 	16	 
		 	 4.2
	 	 Right of First Refusal and Co-Sale Agreement
	  	 	16	 
		 	 4.3
	 	 Voting Agreement
	  	 	16	 
		 	 4.4
	 	 Restated Certificate
	  	 	16	 
		 	 4.5
	 	 Secretary’s Certificate; Stock Certificate
	  	 	17	 
		 	 4.6
	 	 Collaboration Agreement
	  	 	17	 
			
	 5.
	 	 Purchaser’s Closing Deliverables
	  	 	17	 
		 	 5.1
	 	 Investors’ Rights Agreement
	  	 	17	 
		 	 5.2
	 	 Right of First Refusal and Co-Sale Agreement
	  	 	17	 
		 	 5.3
	 	 Voting Agreement
	  	 	17	 
		 	 5.4
	 	 Collaboration Agreement
	  	 	17	 
			
	 6.
	 	 Covenants and Agreements
	  	 	17	 
		 	 6.1
	 	 Standstill Provision
	  	 	17	 
		 	 6.2
	 	 Restrictions on Transfer
	  	 	18	 
		 	 6.3
	 	 Voting of Shares
	  	 	19	 
		 	 6.4
	 	 Additional Covenants
	  	 	20	 
			
	 7.
	 	 Miscellaneous
	  	 	20	 
		 	 7.1
	 	 Survival of Warranties
	  	 	20	 
		 	 7.2
	 	 Successors and Assigns
	  	 	20	 
		 	 7.3
	 	 Governing Law
	  	 	20	 
		 	 7.4
	 	 Counterparts
	  	 	20	 
		 	 7.5
	 	 Titles and Subtitles
	  	 	20	 
		 	 7.6
	 	 Notices
	  	 	20	 
		 	 7.7
	 	 No Finder’s Fees
	  	 	21	 
		 	 7.8
	 	 Attorneys’ Fees
	  	 	21	 
		 	 7.9
	 	 Amendments and Waivers
	  	 	21	 
		 	 7.10
	 	 Severability
	  	 	21	 
		 	 7.11
	 	 Delays or Omissions
	  	 	21	 
		 	 7.12
	 	 Entire Agreement
	  	 	21	 
		 	 7.13
	 	 Dispute Resolution
	  	 	22	 
		 	 7.14
	 	 No Commitment for Additional Financing
	  	 	22	 
		 	 7.15
	 	 Waiver of Conflicts
	  	 	23	 

  
 ii 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	 	 	  	Page
	 Exhibit A -
	 	 FORM OF AMENDED AND RESTATED CERTIFICATE OF INCORPORATION
	  	
	 Exhibit B -
	 	 FORM OF SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT
	  	
	 Exhibit C -
	 	 FORM OF SECOND AMENDED AND RESTATED RIGHT OF FIRST REFUSAL AND
CO-SALE AGREEMENT
	  	
	 Exhibit D -
	 	 FORM OF THIRD AMENDED AND RESTATED VOTING AGREEMENT
	  	

  
 iii 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 SERIES B-1 PREFERRED STOCK PURCHASE AGREEMENT 

THIS SERIES B-1 PREFERRED STOCK PURCHASE AGREEMENT (this “Agreement”), is made
as of the 6th day of January, 2017 by and among Ovid Therapeutics Inc., a Delaware corporation (the “Company”), and Takeda Pharmaceutical Company Limited (the “Purchaser”). 

The parties hereby agree as follows: 

1.    Purchase and Sale of Preferred Stock. 

1.1    Sale and Issuance of Series B Preferred Stock. 

(a)    The Company shall adopt and file with the Secretary of State of the State of Delaware on or before the Closing (as
defined below) the Amended and Restated Certificate of Incorporation in the form of Exhibit A attached to this Agreement (the “Restated Certificate”). 

(b)    Subject to the terms and conditions of this Agreement, the Purchaser agrees to purchase at the Closing and the
Company agrees to sell and issue to the Purchaser at the Closing three million, eight hundred thirty-one thousand, two hundred ninety-three (3,831,293) shares of
Series B-1 Preferred Stock, $0.001 par value per share (the “Series B-1 Preferred Stock”), which number constitutes 10% of the Company’s
outstanding shares Common Stock, calculated on an as converted basis immediately prior to the Closing, in consideration of certain license rights granted to the Company pursuant to the Collaboration Agreement (as defined below), which is being
entered into concurrently with the transactions contemplated hereby. The price per share ascribed to the Shares is $6.75 per share. The shares of Series B-1 Preferred Stock issued to the Purchaser
pursuant to this Agreement (including any shares issued at the Closing, as defined below) shall be referred to in this Agreement as the “Shares.” 

1.2    Closing; Delivery. 

(a)    The purchase and sale of the Shares shall take place via the exchange of documents and signatures on the
date hereof, or at such other time and place as the Company and the Purchaser may mutually agree upon, orally or in writing (which time and place are designated as the “Closing”). 

(b)    At the Closing, the Company shall deliver to Purchaser (or the Purchaser’s nominee) a certificate
representing the Shares being purchased by the Purchaser at such Closing. Additionally, at the Closing, the Purchaser and the Company shall sign the Collaboration Agreement. 

1.3    Defined Terms Used in this Agreement. In addition to the terms defined elsewhere in this Agreement, the
following terms used in this Agreement shall be construed to have the meanings set forth below. 

  
  

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (a)    “Affiliate” means, with respect to any specified
Person, any other Person who, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with such Person, including, without limitation, any parent, subsidiary, affiliate of parent, general
partner, managing member, officer or director of such Person or any venture capital or other investment fund now or hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management company
or investment advisor with, such Person. 
 (b)    “Board” means the board of directors of the
Company. 
 (c)    “Code” means the Internal Revenue Code of 1986, as amended. 

(d)    “Collaboration Agreement” means that License and Collaboration Agreement by and between the
Company and Takeda Pharmaceutical Company Limited, dated as of the date hereof. 
 (e)     “Common
Stock” means the common stock, $0.001 par value per share, of the Company. 
 (f)    “Company Covered
Person” means, with respect to the Company as an “issuer” for purposes of Rule 506 promulgated under the Securities Act, any Person listed in the first paragraph of Rule 506(d)(1). 

(g)    “Company Intellectual Property” means all patents, patent applications, trademarks, trademark
applications, service marks, service mark applications, tradenames, copyrights, trade secrets, domain names, mask works, information and proprietary rights and processes, similar or other intellectual property rights, subject matter of any of the
foregoing, tangible embodiments of any of the foregoing, licenses in or to or under any of the foregoing, and any and all such intellectual property rights as are necessary to the Company in the conduct of the Company’s business as now
conducted and as presently proposed to be conducted. 
 (h)    “F&F Voting Agreement” means the
agreement among the Company and the persons listed therein, dated as of August 10, 2015. 

(i)    “Investors’ Rights Agreement” means the agreement among the Company, the
Purchaser and certain other stockholders of the Company, dated as of the date of the Closing, in the form of Exhibit B attached to this Agreement. 

(j)    “Key Employee” means any executive-level employee (including division director and vice
president-level positions) as well as any employee or consultant who either alone or in concert with others develops, invents, programs or designs any Company Intellectual Property. 

  
 2 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (k)    “Knowledge” including the phrase “to the
Company’s knowledge” shall mean the actual knowledge after reasonable inquiry of the following officers: Jeremy Levin, Matthew During, Yaron Werber and Michael Ciraolo.
 
 (l)    “Material Adverse Effect” means a material adverse effect on the business, assets
(including intangible assets), liabilities, financial condition, property or results of operations of the Company. 

(m)    “Other Investors” shall have the following meaning prior to the closing of the Company’s
initial public offering: the holders of at least a majority of the shares of Series B Preferred Stock held by the Company’s stockholders (or such shares of Common Stock issued upon conversion of the Series B Preferred Stock) who have the right
to vote on Voting Matters and cast a vote either in person or by proxy, or execute a written consent on any Voting Matter. Immediately upon the closing of the Company’s initial public offering, “Other Investors” shall have the
following meaning: the holders of at least a majority of the shares of Common Stock held by the Company’s stockholders who have the right to vote and cast a vote, either in person or by proxy, on any Voting Matter. 

(n)     “Person” means any individual, corporation, partnership, trust, limited liability company,
association or other entity. 
 (o)    “Preferred Stock” means all shares of Series A Preferred Stock,
Series B Preferred Stock and Series B-1 Preferred Stock. 

(p)    “Right of First Refusal and Co-Sale Agreement” means the
agreement among the Company, the Purchaser and certain other stockholders of the Company, dated as of the date of the Closing, in the form of Exhibit C attached to this Agreement. 

(q)    “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder. 
 (r)    “Series A Preferred Stock” means the Company’s
Series A Preferred Stock, $0.001 par value per share. 
 (s)    “Series B Preferred Stock” means the
Company’s Series B Preferred Stock, $0.001 par value per share. 
 (t)    “Standstill Period” has
the meaning set forth in Section 6.1. 
 (u)    “Tax” or “Taxes” means any
foreign, federal, state, county or local income, gross receipts, license, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall, profits, environmental, customs, capital stock, franchise, employees’ income
withholding, foreign or domestic withholding, social security, unemployment, disability, real property, personal property, sales, use, transfer, value added, alternative or add-on minimum or other similar tax,
including any interest, penalties or additions to tax or additional amounts with respect to the foregoing, whether or not disputed. 

  
 3 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (v)    “Tax Returns” means any return, declaration, report,
estimate, claim for refund or information return or statement relating to Taxes, including any schedule or attachment thereto, and including any amendment thereof. 

(w)    “Transfer” by any Person means directly or indirectly, to sell, transfer, assign, pledge,
encumber, hypothecate or similarly dispose of, either voluntarily or involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer, assignment, pledge, encumbrance, hypothecation or
similar disposition of, any securities beneficially owned by such Person or of any interest (including any voting interest) in any securities beneficially owned by such Person. For the avoidance of doubt, a transfer of control of the direct or
indirect beneficial ownership of securities is a Transfer of such securities for purposes of this Agreement. 

(x)    “Transaction Agreements” means this Agreement, the Investors’ Rights Agreement, the Right of
First Refusal and Co-Sale Agreement and the Voting Agreement. 

(y)    “Voting Agreement” means the agreement among the Company, the Purchaser and certain other
stockholders of the Company, dated as of the date of the Closing, in the form of Exhibit D attached to this Agreement. 

(z)    “Voting Matter” shall mean [*]. 

2.    Representations and Warranties of the Company. The Company hereby represents and warrants to the Purchaser
that, except as set forth on the Disclosure Schedule delivered contemporaneously with this Agreement (the “Disclosure Schedule”), which exceptions shall be deemed to be part of the representations and warranties made hereunder, the
following representations are true and complete as of the date of the Closing, except as otherwise indicated. The Disclosure Schedule shall be arranged in sections corresponding to the numbered and lettered sections and subsections contained in this
Section 2, and the disclosures in any section or subsection of the Disclosure Schedule shall qualify other sections and subsections in this Section 2 only to the extent it is reasonably apparent
from a reading of the disclosure that such disclosure is applicable to such other sections and subsections. 

2.1    Organization, Good Standing, Corporate Power and Qualification. The Company is a corporation duly organized,
validly existing and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as presently conducted and as proposed to be conducted. The Company is duly qualified to
transact business and is in good standing in each jurisdiction in which the failure to so qualify would have a Material Adverse Effect. 
  

	 	2.2	Capitalization. 

 (a)    The authorized capital of the Company
consists, immediately prior to the Closing, of (i) 62,000,000 shares of Common Stock, 21,152,977 shares of which are issued and outstanding immediately prior to the Closing, and (ii) 20,991,252 shares of Preferred Stock, of which: (A) 5,121,453
shares are designated Series A Preferred Stock, all of which are issued 

  
 4 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
and outstanding; (B) 12,038,506 shares are designated Series B Preferred Stock, all of which are issued and outstanding; and (C) 3,831,293 shares designated as Series B-1 Preferred Stock, none of which are issued and outstanding. All of the outstanding shares of Common Stock and Preferred Stock have been duly authorized, are fully paid and nonassessable and were issued in
compliance with all applicable federal and state securities laws. The rights, privileges and preferences of the Preferred Stock are as stated in the Restated Certificate and as provided by the Delaware General Corporation Law. Each outstanding share
of Preferred Stock is currently convertible into one share of Common Stock. 
 (b)    The Company has reserved
12,898,532 shares of Common Stock for issuance to officers, directors, employees and consultants of the Company pursuant to its 2014 Equity Incentive Plan duly adopted by the Board and approved by the Company stockholders, as amended (the
“Stock Plan”). Of such reserved shares of Common Stock, no shares have been issued pursuant to restricted stock purchase agreements, options to purchase 6,423,680 shares have been granted and are currently outstanding, and 6,474,852
shares of Common Stock remain available for issuance to officers, directors, employees and consultants pursuant to the Stock Plan. The Company has furnished to the Purchaser complete and accurate copies of the Stock Plan and forms of agreements used
thereunder. 
 (c)    Subsection 2.2(c) of the Disclosure Schedule sets forth the capitalization of the Company
immediately prior to and upon the Closing, including the number of shares of the following: (i) issued and outstanding Common Stock; (ii) granted stock options; (iii) shares of Common Stock reserved for future award grants under the
Stock Plan; (iv) each series of Preferred Stock then outstanding; and (v) warrants or stock purchase rights, if any. Except for (A) the conversion privileges of the Shares to be issued under this Agreement, (B) the conversion
privileges of the Series A Preferred Stock, (C) the conversion privileges of the Series B Preferred Stock, (D) the rights provided in Section 4 of the Investors’ Rights Agreement, and (E) the securities
and rights described in Subsection 2.2(a) of this Agreement and Subsection 2.2(c) of the Disclosure Schedule, there are no outstanding options, warrants, rights (including conversion or preemptive rights and rights of first refusal or
similar rights) or agreements, orally or in writing, to purchase or acquire from the Company any shares of Common Stock, Series A Preferred Stock, Series B Preferred Stock, Series B-1 Preferred Stock or any
securities convertible into or exchangeable for shares of Common Stock, Series A Preferred Stock, Series B Preferred Stock or Series B-1 Preferred Stock. All outstanding shares of Common Stock and all shares
of Common Stock underlying outstanding options are subject to a lock-up or market standoff agreement of not less than one hundred eighty (180) days following the Company’s initial public offering
pursuant to a registration statement filed with the Securities and Exchange Commission under the Securities Act. 

(d)    The Company has never adjusted or amended the exercise price of any stock options previously awarded, whether
through amendment, cancellation, replacement grant, repricing, or any other means. Except as set forth in the Restated Certificate, the Company has no obligation (contingent or otherwise) to purchase or redeem any of its capital stock. 

  
 5 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (e)    The Company has obtained valid waivers of any rights by other parties
to purchase any of the Shares covered by this Agreement. 
 2.3    Subsidiaries. The Company does not currently
own or control, directly or indirectly, any interest in any other corporation, partnership, trust, joint venture, limited liability company, association, or other business entity. The Company is not a participant in any joint venture, partnership or
similar arrangement. 
 2.4    Authorization. All corporate action required to be taken by the Board and
stockholders in order to authorize the Company to enter into the Transaction Agreements, and to issue the Shares at the Closing and the Common Stock issuable upon conversion of the Shares, has been taken or will be taken prior to the Closing. All
action on the part of the officers of the Company necessary for the execution and delivery of the Transaction Agreements, the performance of all obligations of the Company under the Transaction Agreements to be performed as of the Closing, and the
issuance and delivery of the Shares has been taken or will be taken prior to the Closing. The Transaction Agreements, when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable
against the Company in accordance with their respective terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application relating to or affecting the
enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies, or (iii) to the extent the indemnification provisions contained
in the Investors’ Rights Agreement may be limited by applicable federal or state securities laws. 

2.5    Valid Issuance of Shares. 

(a)    The Shares, when issued, sold and delivered in accordance with the terms and for the consideration set forth in
this Agreement, will be validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under the Transaction Agreements, applicable state and federal securities laws and liens or encumbrances
created by or imposed by the Purchaser. Assuming the accuracy of the representations of the Purchaser in Section 3 of this Agreement and subject to the filings described in Subsection 2.6(b) below, the Shares will be
issued in compliance with all applicable federal and state securities laws. The Common Stock issuable upon conversion of the Shares has been duly reserved for issuance, and upon issuance in accordance with the terms of the Restated Certificate, will
be validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under the Transaction Agreements, applicable federal and state securities laws and liens or encumbrances created by or imposed
by the Purchaser. Based in part upon the representations of the Purchaser in Section 3 of this Agreement, and subject to Subsection 2.6 below, the Common Stock issuable upon conversion of the Shares will be
issued in compliance with all applicable federal and state securities laws. 
 (b)    No “bad actor”
disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a “Disqualification Event”) is applicable to the Company or, to the Company’s knowledge, any Company Covered Person, except for a Disqualification
Event as to which Rule 506(d)(2)(ii–iv) or (d)(3), is applicable. 

  
 6 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 2.6    Governmental Consents and Filings. Assuming the accuracy of the
representations made by the Purchaser in Section 3 of this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or local
governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except for (a) the filing of the Restated Certificate, which will have been filed as of the
Closing, and (b) filings pursuant to Regulation D of the Securities Act and applicable state securities laws, which have been made or will be made in a timely manner. 

2.7    Litigation. There is no claim, action, suit, proceeding, arbitration, complaint, charge or, to the
Company’s knowledge, investigation pending or to the Company’s knowledge, currently threatened in writing (a) against the Company, or any officer, director or Key Employee of the Company arising out of their employment or Board
relationship with the Company or (b) to the Company’s knowledge, that questions the validity of the Transaction Agreements or the right of the Company to enter into them, or to consummate the transactions contemplated by the Transaction
Agreements. Neither the Company nor, to the Company’s knowledge, any of its officers, directors or Key Employees is a party or is named as subject to the provisions of any order, writ, injunction, judgment or decree of any court or government
agency or instrumentality (in the case of officers, directors or Key Employees, such as would affect the Company in a materially adverse manner). There is no action, suit, proceeding or investigation by the Company pending or which the Company
intends to initiate. The foregoing includes, without limitation, actions, suits, proceedings or investigations pending or threatened in writing (or any basis therefor known to the Company) involving the prior employment of any of the Company’s
employees, their services provided in connection with the Company’s business, any information or techniques allegedly proprietary to any of their former employers or their obligations under any agreements with prior employers. 

2.8    Intellectual Property. The Company owns or possesses or believes it can acquire on commercially reasonable
terms sufficient legal rights to all Company Intellectual Property without any known conflict with, or infringement of, the rights of others. To the Company’s knowledge, no product or service marketed or sold (or proposed to be marketed
or sold) by the Company violates or will violate any license or infringes or will infringe any intellectual property rights of any other party. Other than with respect to commercially available software products under standard end-user object code license agreements, there are no outstanding options, licenses, agreements, claims, encumbrances or shared ownership interests of any kind relating to the Company Intellectual Property, nor is
the Company bound by or a party to any options, licenses or agreements of any kind with respect to the patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information, proprietary rights and processes of any other
Person. The Company has not received a communication alleging that the Company has violated, or by conducting its business, would violate any of the patents, trademarks, service marks, tradenames, copyrights, trade secrets, mask works or other
proprietary rights or processes of any other Person or that a patent or patent application owned 

  
 7 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
by or licensed to the Company, as appropriate, is invalid, unenforceable or unpatentable. The Company has obtained and possesses valid licenses to use all of the software programs present on the
computers and other software-enabled electronic devices that it owns or leases or that it has otherwise provided to its employees for their use in connection with the Company’s business. To the Company’s knowledge, it will not be necessary
to use any inventions of any of its employees or consultants (or Persons it currently intends to hire) made prior to their employment by the Company. Subsection 2.8 of the Disclosure Schedule contains a complete and accurate list of all
patents, patent applications, trademarks, trademark applications, service marks, service mark applications, and tradenames, owned by or licensed by or to the Company. All the patents and patent applications set forth in Subsection 2.8 of the
Disclosure Schedule are currently in compliance with formal legal requirements (including without limitation, as applicable, payment of filing, examination, issue and maintenance fees). Except as set forth in Subsection 2.8 of the Disclosure
Schedule, each current and former employee and consultant has assigned to the Company all intellectual property rights he or she owns that are related to the Company’s business as now conducted and as presently proposed to be conducted, and
such assignments have been recorded at the U.S. Patent and Trademark Office. The Company is not aware of any fact or reason why (i) the issued patents contained in Company Intellectual Property could be held invalid or unenforceable or
(ii) any of the claims in the pending patent applications owned by the Company is unpatentable. To the Company’s Knowledge, there has been no violation or infringement by a third party of any Company Intellectual Property. The Company has
not granted any rights, licenses, options, security interests or other encumbrances in or to any Company Intellectual Property. For purposes of this Subsection 2.8, the Company shall be deemed to have knowledge of a patent right if the
Company has actual knowledge of the patent right or would be found to be on notice of such patent right as determined by reference to United States patent laws. 

2.9    Compliance with Other Instruments. The Company is not in violation or default (a) of any provisions of
its Restated Certificate or its Amended and Restated Bylaws (“Bylaws”), (b) of any instrument, judgment, order, writ or decree, (c) under any note, indenture or mortgage, (d) under any lease, agreement, contract or
purchase order to which it is a party or by which it is bound that is required to be listed on the Disclosure Schedule, or (e) to its Knowledge, of any provision of federal or state statute, rule or regulation applicable to the Company,
the violation of which would or could reasonably be expected to have a Material Adverse Effect. The execution, delivery and performance of the Transaction Agreements and the consummation of the transactions contemplated by the Transaction Agreements
will not result in any such violation or be in conflict with or constitute, with or without the passage of time and giving of notice, either: (i) a default under any such provision, instrument, judgment, order, writ, decree, contract or
agreement; or (ii) an event which results in the creation of any lien, charge or encumbrance upon any assets of the Company or the suspension, revocation, forfeiture, or nonrenewal of any material permit or license applicable to the Company.

 2.10    Agreements; Actions. 

(a)    Except for the Transaction Agreements, there are no agreements, understandings, instruments, contracts or proposed
transactions to which the Company is a party 

  
 8 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
or by which it is bound that involve (i) obligations (contingent or otherwise) of, or payments to, the Company in excess of $500,000 in any 12-month
period, (ii) the license of any material patent, copyright, trademark, trade secret or other proprietary right to or from the Company, (iii) the grant of rights to manufacture, produce, assemble, license, market, or sell its products to
any other Person that limit the Company’s exclusive right to develop, manufacture, assemble, distribute, market or sell its products, or (iv) indemnification by the Company with respect to infringements of proprietary rights. 

(b)    The Company has not (i) declared or paid any dividends, or authorized or made any distribution upon or with
respect to any class or series of its capital stock, (ii) incurred any indebtedness for money borrowed or incurred any other liabilities individually in excess of $250,000 or in excess of $1,000,000 in the aggregate, (iii) made any loans
or advances to any Person, other than ordinary advances for travel expenses, or (iv) sold, exchanged or otherwise disposed of any of its assets or rights, other than the sale of its inventory in the ordinary course of business. For the purposes
of (a) and (b) of this Subsection 2.10, all indebtedness, liabilities, agreements, understandings, instruments, contracts and proposed transactions involving the same Person (including Persons the Company has reason to believe are
affiliated with each other) shall be aggregated for the purpose of meeting the individual minimum dollar amounts of such subsection. 

(c)    The Company is not a guarantor or indemnitor of any indebtedness of any other Person. 

2.11    Certain Transactions. 

(a)    Other than (i) standard employee benefits generally made available to all employees, (ii) standard
director and officer indemnification agreements approved by the Board of Directors, and (iii) the purchase of shares of the Company’s capital stock and the issuance of options to purchase shares of the Company’s Common Stock, in each
instance, approved in the written minutes of the Board of Directors and as reflected in Disclosure Schedule 2.2(c), there are no agreements, understandings or proposed transactions between the Company and any of its officers, directors, consultants
or Key Employees, or any Affiliate thereof. 
 (b)    The Company is not indebted, directly or indirectly, to any of
its directors, officers or employees or to their respective spouses or children or to any Affiliate of any of the foregoing, other than in connection with expenses or advances of expenses incurred in the ordinary course of business or employee
relocation expenses and for other customary employee benefits made generally available to all employees. None of the Company’s directors, officers or employees, or any members of their immediate families, or any Affiliate of the foregoing are,
directly or indirectly, indebted to the Company. 
 2.12    Rights of Registration and Voting Rights. Except as
provided in the Investors’ Rights Agreement, the Company is not under any obligation to register under the Securities Act any of its currently outstanding securities or any securities issuable upon exercise or conversion of its currently
outstanding securities. To the Company’s knowledge, except as contemplated in the Voting Agreement and the F&F Voting Agreement, no stockholder of the Company has entered into any agreements with respect to the voting of capital shares of
the Company. 

  
 9 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 2.13    Property. The property and assets that the Company owns are
free and clear of all mortgages, deeds of trust, liens, loans and encumbrances, except for statutory liens for the payment of current taxes that are not yet delinquent and encumbrances and liens that arise in the ordinary course of business and do
not materially impair the Company’s ownership or use of such property or assets. With respect to the property and assets it leases, the Company is in compliance with such leases and, to its knowledge, holds a valid leasehold interest free
of any liens, claims or encumbrances other than those of the lessors of such property or assets. The Company does not own any real property. 

2.14    Financial Statements. The Company has made available to the Purchaser its audited financial statements as
of December 31, 2015 and for the fiscal year ended December 31, 2015 and its unaudited financial statements (including balance sheet, income statement and statement of cash flows) as of September 30, 2016 and for the three-month
period ended September 30, 2016 (collectively, the “Financial Statements”). The Financial Statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) applied on a
consistent basis throughout the periods indicated, except that the unaudited Financial Statements may not contain all footnotes required by GAAP. The Financial Statements fairly present in all material respects the financial condition and operating
results of the Company as of the dates, and for the periods, indicated therein. Except as set forth in the Financial Statements, the Company does not have any material liability or obligation of any nature, whether or not accrued, contingent or
otherwise, that would be required by GAAP to be disclosed on a balance sheet of the Company or in the notes thereto. The Company maintains and will continue to maintain a standard system of accounting established and administered in accordance with
GAAP. 
 2.15    Changes. To the Company’s knowledge, since September 30, 2016, there have been no
events or circumstances of any kind that have had or could reasonably be expected to result in a Material Adverse Effect. 

2.16    Employee Matters. 

(a)    To the Company’s knowledge, none of its employees are obligated under any contract (including licenses,
covenants or commitments of any nature) or other agreement, or subject to any judgment, decree or order of any court or administrative agency, that would materially interfere with such employee’s ability to promote the interest of the Company
or that would conflict with the Company’s business. Neither the execution or delivery of the Transaction Agreements, nor the carrying on of the Company’s business by the employees of the Company, nor the conduct of the Company’s
business as now conducted and as presently proposed to be conducted, will, to the Company’s knowledge, conflict with or result in a breach of the terms, conditions, or provisions of, or constitute a default under, any contract, covenant or
instrument under which any such employee is now obligated. 

  
 10 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (b)    The Company is not delinquent in payments to any of its employees,
consultants, or independent contractors for any wages, salaries, commissions, bonuses, or other direct compensation for any service performed for it through the date hereof or amounts required to be reimbursed to such employees, consultants or
independent contractors. The Company has complied in all material respects with all applicable state and federal equal employment opportunity laws and with other laws related to employment, including those related to wages, hours, worker
classification and collective bargaining. The Company has withheld and paid to the appropriate governmental entity or is holding for payment not yet due to such governmental entity all amounts required to be withheld from employees of the Company
and is not liable for any arrears of wages, Taxes, penalties or other sums for failure to comply with any of the foregoing. 

(c)    To the Company’s knowledge, no Key Employee intends to terminate employment with the Company or is otherwise
likely to become unavailable to continue as a Key Employee, nor does the Company have a present intention to terminate the employment of any of the foregoing. The employment of each employee of the Company is terminable at the will of the Company.
Except as set forth in Subsection 2.16(c) of the Disclosure Schedule or as required by law, upon termination of the employment of any such employees, no severance or other payments will become due. Except as set forth in Subsection
2.16(c) of the Disclosure Schedule, the Company has no policy, practice, plan or program of paying severance pay or any form of severance compensation in connection with the termination of employment services. 

(d)    The Company has not made any representations regarding equity incentives to any officer, employee, director or
consultant that are inconsistent with the share amounts and terms set forth in the minutes of meetings of the Company’s board of directors and as reflected in Disclosure Schedule 2.2(c). 

(e)    Each former Key Employee whose employment was terminated by the Company has entered into an agreement with the
Company providing for the full release of any claims against the Company or any related party arising out of such employment. 

(f)    Subsection 2.16(f) of the Disclosure Schedule sets forth each employee benefit plan maintained,
established or sponsored by the Company, or which the Company participates in or contributes to, which is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The Company has made all required
contributions and has no liability to any such employee benefit plan, other than liability for health plan continuation coverage described in Part 6 of Title I(B) of ERISA, and has complied in all material respects with all applicable laws for any
such employee benefit plan. 
 (g)    Each current and former employee, consultant and officer of the Company has
executed an agreement with the Company regarding confidentiality and proprietary information substantially in the form or forms delivered to the Purchaser or the counsel for the Purchaser (the “Confidential Information Agreements”).
No current or former Key Employee has excluded any material works or inventions from his or her assignment of 

  
 11 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
inventions pursuant to such Key Employee’s Confidential Information Agreement. The Company is not aware that any of its Key Employees is in violation of any agreement covered by this
Subsection 2.16(g). 
 2.17    Tax Returns and Payments. There are no federal, state, county, local or
foreign Taxes due and payable by the Company that have not been timely paid. The Company has set aside adequate reserves for all accrued and unpaid federal, state, county, local or foreign Taxes of the Company that are not yet due, whether or not
assessed or disputed. There have been no examinations or audits of any Tax Returns or reports by any applicable federal, state, local or foreign governmental agency, or to the Company’s Knowledge, are any examinations or audits threatened in
writing. The Company has duly and timely filed all federal, state, county, local and foreign Tax Returns required to have been filed by it and there are in effect no waivers of applicable statutes of limitations with respect to Taxes for any year.
The Company has complied with all applicable laws relating to the payment, collection, withholding and reporting of any amounts related to Taxes, including with respect to payments made to any employee, independent contractor, creditor, stockholder,
partner or other third party. The Company does not have any liabilities for Taxes of any other person or entity under U.S. Treasury Regulation Section 1.1502-6 or analogous state, county, local or foreign
provision or otherwise, by contract (other than any contract entered into the ordinary course of business the primary purpose of which is not related to Taxes), as a transferee or successor. No claim has ever been made in writing, or otherwise to
the Company’s Knowledge, by any governmental agency in a jurisdiction where the Company does not file Tax Returns that the Company is or may be subject to taxation by that jurisdiction. 

2.18    Insurance. The Company has in full force and effect fire and casualty insurance policies, with
coverage in such amounts as are customary for companies similarly situated to the Company, as determined by the Board. 

2.19    Permits. The Company has all franchises, permits, licenses and any similar authority necessary for
the conduct of its business, the lack of which could reasonably be expected to have a Material Adverse Effect. The Company is not in default in any material respect under any of such franchises, permits, licenses or other similar authority. 

2.20    Corporate Documents. The Restated Certificate and Bylaws of the Company are in the form provided to the
Purchaser. The copy of the minute books of the Company provided to the Purchaser contains minutes of all meetings of directors and stockholders and all actions by written consent without a meeting by the directors and stockholders since the date of
incorporation and accurately reflects in all material respects all actions by the directors (and any committee of directors) and stockholders with respect to all transactions referred to in such minutes. 

2.21    83(b) Elections. To the Company’s knowledge, all elections and notices under Section 83(b) of
the Code have been or will be timely filed by all individuals who have acquired unvested shares of Common Stock. 

  
 12 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 2.22    Environmental and Safety Laws. The Company is not in violation
of any applicable statute, law or regulation relating to the environment or occupational health and safety, and to its knowledge, no material expenditures are or will be required in order to comply with any such existing statute, law or regulation.

 2.23    Anti-Money Laundering Laws. The Company is in compliance with all applicable anti-money laundering
statutes, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any applicable governmental agency (collectively, “Anti-Money Laundering Laws”), and no
action, suit, proceeding, investigation or enforcement by or before any court or governmental agency, authority or body or any arbitrator involving the Company with respect to the Anti-Money Laundering Laws is pending, or to the Company’s
Knowledge, threatened. The Company has instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, compliance with Anti-Money Laundering Laws. 

2.24    Foreign Corrupt Practices Act. Neither the Company nor any of the Company’s directors, officers,
employees or agents have, directly or indirectly, made, offered, promised or authorized any payment or gift of any money or anything of value to or for the benefit of any “foreign official” (as such term is defined in the U.S. Foreign
Corrupt Practices Act of 1977, as amended (the “FCPA”)), foreign political party or official thereof or candidate for foreign political office for the purpose of (a) influencing any official act or decision of such official,
party or candidate, (b) inducing such official, party or candidate to use his, her or its influence to affect any act or decision of a foreign governmental authority, or (c) securing any improper advantage, in the case of (a), (b) and
(c) above in order to assist the Company or any of its affiliates in obtaining or retaining business for or with, or directing business to, any person. Neither the Company nor any of its directors, officers, employees or agents have made or
authorized any bribe, rebate, payoff, influence payment, kickback or other unlawful payment of funds or received or retained any funds in violation of any law, rule or regulation. The Company further represents that it has maintained, and has caused
each of its subsidiaries and affiliates to maintain, systems of internal controls (including, but not limited to, accounting systems, purchasing systems and billing systems) to ensure compliance with the FCPA or any other applicable anti-bribery or
anti-corruption law. Neither the Company, or, to the Company’s knowledge, any of its officers, directors or employees are the subject of any allegation, voluntary disclosure, investigation, prosecution or other enforcement action related to the
FCPA or any other anti-corruption law (collectively, “Enforcement Action”). 
 2.25    Investment
Company. The Company is not an investment company within the meaning of the Investment Company Act of 1940, as amended. 

2.26    Data Privacy. In connection with its collection, storage, transfer (including, without limitation, any
transfer across national borders) and/or use of any personally identifiable information from any individuals, including, without limitation, any customers, prospective customers, employees and/or other third parties (collectively “Personal
Information”), the Company is and has been, to the Company’s Knowledge, in compliance with all applicable laws in all relevant jurisdictions, the Company’s privacy policies and the requirements of any contract or codes of conduct
to which the Company is a party. The 

  
 13 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
Company has commercially reasonable physical, technical, organizational and administrative security measures and policies in place to protect all Personal Information collected by it or on its
behalf from and against unauthorized access, use and/or disclosure. The Company is and has been, to the Company’s Knowledge, in compliance in all material respects with all laws relating to data loss, theft and breach of security notification
obligations. 
 2.27     Shell Company. The Company is not, and has never been, an issuer identified in Rule
144(i)(1) promulgated under the Securities Act. 
 2.28     Disclosures. The Company has made available to the
Purchaser all the information reasonably available to the Company that the Purchaser has requested for deciding whether to acquire the Shares. No representation or warranty of the Company contained in this Agreement, as qualified by the Disclosure
Schedule, and no certificate furnished or to be furnished to the Purchaser at the Closing contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained herein or therein not
misleading in light of the circumstances under which they were made. It is understood that this representation is qualified by the fact that the Company has not delivered to the Purchaser, and has not been requested to deliver, a private placement
or similar memorandum or any written disclosure of the types of information customarily furnished to purchasers of securities. 

3.    Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants to the Company
that: 
 3.1    Authorization. The Purchaser has full power and authority to enter into the Transaction
Agreements. The Transaction Agreements to which the Purchaser is a party, when executed and delivered by the Purchaser, will constitute valid and legally binding obligations of the Purchaser, enforceable in accordance with their terms, except
(a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other laws of general application affecting enforcement of creditors’ rights generally, and as limited by laws relating to the
availability of specific performance, injunctive relief or other equitable remedies, or (b) to the extent the indemnification provisions contained in the Investors’ Rights Agreement may be limited by applicable federal or state securities
laws. 
 3.2    Purchase Entirely for Own Account. This Agreement is made with the Purchaser in reliance upon the
Purchaser’s representation to the Company, which by the Purchaser’s execution of this Agreement, the Purchaser hereby confirms, that the Shares to be acquired by the Purchaser will be acquired for investment for the Purchaser’s own
account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same. By executing
this Agreement, the Purchaser further represents that the Purchaser does not presently have any contract, undertaking, agreement or arrangement with any Person to sell, transfer or grant participations to such Person or to any third Person, with
respect to any of the Shares. The Purchaser has not been formed for the specific purpose of acquiring the Shares. 

  
 14 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 3.3    Disclosure of Information. The Purchaser has had an opportunity
to discuss the Company’s business, management, financial affairs and the terms and conditions of the offering of the Shares with the Company’s management and has had an opportunity to review the Company’s facilities. The foregoing,
however, does not limit or modify the representations and warranties of the Company in Section 2 of this Agreement or the right of the Purchaser to rely thereon. 

3.4    Restricted Securities. The Purchaser understands that the Shares have not been, and will not be, registered
under the Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser’s
representations as expressed herein. The Purchaser understands that the Shares are “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant to these laws, the Purchaser must hold the Shares
indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available. The Purchaser acknowledges that the Company
has no obligation to register or qualify the Shares, or the Common Stock into which it may be converted, for resale except as set forth in the Investors’ Rights Agreement. The Purchaser further acknowledges that if an exemption from
registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Shares, and on requirements relating to the Company which are outside of
the Purchaser’s control, and which the Company is under no obligation and may not be able to satisfy. 

3.5    No Public Market. The Purchaser understands that no public market now exists for the Shares, and that the
Company has made no assurances that a public market will ever exist for the Shares. 
 3.6    Legends. The
Purchaser understands that the Shares and any securities issued in respect of or exchange for the Shares, may be notated with one or all of the following legends: 

“THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH
A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS
NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.” 
 (a)    Any legend set forth in, or required by, the
other Transaction Agreements. 

  
 15 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (b)    Any legend required by the securities laws of any state to the extent
such laws are applicable to the Shares represented by the certificate, instrument, or book entry so legended. 

3.7    Accredited Investor. The Purchaser is an accredited investor as defined in Rule 501(a) of Regulation D
promulgated under the Securities Act. 
 3.8    Foreign Investors. If the Purchaser is not a United States person
(as defined by Section 7701(a)(30) of the Code), the Purchaser hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to subscribe for the Shares or any use of
this Agreement, including (i) the legal requirements within its jurisdiction for the purchase of the Shares, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental or other consents that may need to
be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of the Shares. The Purchaser’s subscription and payment for and continued beneficial
ownership of the Shares will not violate any applicable securities or other laws of the Purchaser’s jurisdiction. 

3.9    No General Solicitation. Neither the Purchaser, nor any of its officers, directors, employees, agents,
stockholders or partners has either directly or indirectly, including, through a broker or finder (a) engaged in any general solicitation, or (b) published any advertisement in connection with the offer and sale of the Shares. 

3.10    Residence. The Purchaser is a partnership, corporation, limited liability company or other entity, and the
office or offices of the Purchaser in which its principal place of business is located is identified on the signature page attached hereto. 

4.    Company’s Closing Deliverables. The obligations of the Purchaser to purchase Shares at the
Closing are subject to the delivery by the Company of the following at or prior to the Closing: 

4.1    Investors’ Rights Agreement. The Company and the Purchaser and the other
stockholders of the Company named as parties thereto shall have executed and delivered the Investors’ Rights Agreement. 

4.2    Right of First Refusal and Co-Sale Agreement.
The Company, the Purchaser and the other stockholders of the Company named as parties thereto shall have executed and delivered the Right of First Refusal and Co-Sale Agreement. 

4.3    Voting Agreement. The Company, the Purchaser and the other stockholders of the Company named as parties
thereto shall have executed and delivered the Voting Agreement. 
 4.4    Restated Certificate. The Company shall
have filed the Restated Certificate with the Secretary of State of Delaware on or prior to the Closing, which shall continue to be in full force and effect as of the Closing. 

  
 16 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 4.5    Secretary’s Certificate; Stock Certificate. The Secretary
of the Company shall have delivered to the Purchaser at the Closing a certificate certifying (a) the Restated Certificate, (b) the Bylaws of the Company, (c) resolutions of the Board approving the Transaction Agreements and the
transactions contemplated under the Transaction Agreements, and (d) resolutions of the stockholders of the Company approving the Restated Certificate. The Company shall deliver to Purchaser a duly executed stock certificate or copy of such
certificate representing the Shares. 
 4.6    Collaboration Agreement. The Company shall have executed and
delivered the Collaboration Agreement. 
 5.    Purchaser’s Closing Deliverables. The
obligations of the Company to sell Shares to the Purchaser at the Closing are subject to the delivery by the Purchaser of the following at or prior to the Closing: 

5.1    Investors’ Rights Agreement. The Purchaser shall have executed and delivered the
Investors’ Rights Agreement. 
 5.2    Right of First Refusal and
Co-Sale Agreement. The Purchaser and the other stockholders of the Company named as parties thereto shall have executed and delivered the Right of First Refusal and Co-Sale Agreement. 
 5.3    Voting Agreement. The Purchaser and the other
stockholders of the Company named as parties thereto shall have executed and delivered the Voting Agreement. 

5.4    Collaboration Agreement. The Purchaser shall have executed and delivered the Collaboration Agreement. 

6.    Covenants and Agreements. 

6.1    Standstill Provision. During the period commencing on the date of the closing of the Company’s initial
public offering pursuant to an effective registration statement filed with the Securities and Exchange Commission (the “IPO Date”) and ending two (2) years after the first commercial sale by Ovid of a Product (as defined in the
Collaboration Agreement) in the United States (the “Standstill Period”), neither Purchaser, any of Purchaser’s controlled Affiliates nor any of Purchaser’s representatives acting on behalf of or in concert with Purchaser
will, in any manner, directly or indirectly: 
 (a)    make, effect, initiate, cause or participate in (i) [*], (ii)
[*] or (iii) [*] or [*]; 
 (b)    [*]; 

(c)    [*]; 

(d)    [*] set forth in Subsection 6.1(a); 

  
 17 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (e)    [*] referred to in Subsections 6.1(a), 6.1(b),
6.1(c) or 6.1(d); 
 (f)    [*] referred to in Subsections 6.1(a), 6.1(b), 6.1(c),
6.1(d) or 6.1(e) [*]; 
 (g)    [*]; or 

(h)    [*] set forth in this Subsection 6 (including this sub-paragraph).

 Notwithstanding any other provision of this Agreement to the contrary, (i) nothing in this Subsection 6 will [*] and
(ii) this Section 6.1 shall terminate upon a Fundamental Change Event. “Fundamental Change Event” means (A) [*] after the termination of the Collaboration Agreement or (B) the Company enters into
a definitive written agreement with any Person other than the Purchaser (or any of its Affiliates) to consummate a merger, consolidation or similar transaction pursuant to which (1) any Person other than the Purchaser (or any of its Affiliates)
will acquire [*] or more of the outstanding voting stock of the Company or (2) the Company and its subsidiaries will sell to any Person other than the Purchaser (or any of its Affiliates) all or substantially all of the consolidated assets of
the Company and its consolidated subsidiaries. The expiration of the Standstill Period will not terminate or otherwise affect any other of the provisions of this Agreement. [*]. 

During the Standstill Period, [*] the Company shall permit [*]. 

6.2    Restrictions on Transfer. 

(a)    Until the earlier of the expiration of the Standstill Period and the public release of efficacy data by Ovid from
the [*] (as defined in the Collaboration Agreement), the Purchaser will not Transfer any Shares or any other Company securities acquired by the Purchaser (or an Affiliate) after the date hereof pursuant to the Collaboration Agreement; provided,
however, that the Purchaser shall be permitted to Transfer any portion or all of its Shares, or any other Company securities acquired by the Purchaser (or an Affiliate) after the date hereof, at any time under the following circumstances: 

(i)    Transfers to any Affiliate, but only upon notice in writing to the Company and provided the transferee agrees in
writing for the benefit of the Company (in form and substance satisfactory to the Company) to be bound by the terms and conditions of this Agreement and if the transferee and the transferor agree for the express benefit of the Company that the
transferee shall Transfer Shares so Transferred back to the transferor at or before such time the transferee ceases to be an Affiliate of the transferor. 

(ii)    Transfers that have been approved in writing by the Board. 

(b)    Notwithstanding Section 6.2(a), the Purchaser may transfer up to 1% of the outstanding capital stock of the
Company in each quarterly period. 

  
 18 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (c)    In the event of any Transfer by the Purchaser of its Shares or its
other Company securities, the Purchaser shall notify the Company in writing of such Transfer. Additionally, in the event of any Transfer by the Purchaser to an Affiliate of Purchaser, the pledgee, transferee or donee shall furnish the Company with a
written agreement to be bound by the provisions of this Agreement, including but not limited to the provisions applicable to the Purchaser pursuant to this Section 6 (the “Transferee Agreement”). In
addition to any other conditions set forth in this Agreement or as otherwise required by the Company, such Transfer to an Affiliate of Purchaser shall not be valid unless and until the Company receives the Transferee Agreement. After the
effectiveness of the Transfer, such pledgee, transferee or donee shall be treated as the “Purchaser” for purposes of this Agreement. 

6.3    Voting of Shares. Until the earlier of (a) the termination of the Collaboration Agreement, (b) the
consummation of a Fundamental Change Event in which a majority of the Board [*] and (c) the first date after the IPO Date and after payment of the Initial Milestone Payment (as defined in the Collaboration Agreement) on which Purchaser
beneficially owns less than 10% of the outstanding voting power of the Company (the “Voting Agreement Duration”), in any vote or action by written consent of the stockholders of the Company on a Voting Matter, the Purchaser shall,
and shall cause its controlled Affiliates to, vote (in person, by proxy or by action by written consent, as applicable) with respect to all voting securities of the Company as to which it is entitled to vote in accordance with the Other Investors.
During the Voting Agreement Duration, the Purchaser shall be, and shall cause each of its controlled Affiliates to be, present in person or represented by proxy at all meetings of stockholders of the Company to the extent necessary so that all
voting securities of the Company as to which they are entitled to vote shall be counted as present for the purpose of determining the presence of a quorum at such meeting. 

Solely in the event of a failure by the Purchaser to act in accordance with the Purchaser’s obligations as to voting or executing a
written consent pursuant to this Section 6.3, the Purchaser hereby irrevocably grants to and appoints the Company’s Chief Executive Officer, in his/her capacity as an officer of the Company, the Purchaser’s proxy
and attorney-in-fact (with full power of substitution), for and in the name, place and stead of the Purchaser, to represent, vote and otherwise act (by voting at any
meeting of stockholders of the Company, by written consent in lieu thereof or otherwise) with respect to the voting securities of the Company owned or held by the Purchaser regarding the matters referred to in this
Section 6.3 until the termination of this Section 6.3, to the same extent and with the same effect as the Purchaser might or could do under applicable law, rules and regulations. The proxy granted
pursuant to this Section 6.3 is coupled with an interest and shall be irrevocable. The Purchaser will take such further action and will execute such other instruments as may be necessary to effectuate the intent of
this proxy. The Purchaser hereby revokes any and all previous proxies or powers of attorney granted with respect to any of the Shares that may have heretofore been appointed or granted with respect to the matters referred to in this
Section 6.3 (other than as described in the Voting Agreement), and no subsequent proxy (whether revocable and irrevocable) or power of attorney shall be given by the Purchaser (other than as described in the Voting
Agreement). Notwithstanding the foregoing, upon expiration of the Voting Agreement Duration, this proxy shall terminate. 

  
 19 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 6.4    Additional Covenants. Notwithstanding anything to the contrary
herein or in the Collaboration Agreement, the Purchaser agrees that it shall not beneficially own, or cause its Affiliates to beneficially own, more than 19.99% of the Company’s outstanding Common Stock. Notwithstanding anything to the contrary
herein or in the Collaboration Agreement, the Company shall not repurchase any shares of capital stock if doing so would result in Purchaser and its Affiliates beneficially owning more than 19.99% of the Company’s outstanding Common Stock. 

7.    Miscellaneous. 

7.1    Survival of Warranties. Unless otherwise set forth in this Agreement, the representations, warranties,
covenants and agreements of the Company and the Purchaser contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and the Closing and shall in no way be affected by any investigation or knowledge of
the subject matter thereof made by or on behalf of the Purchaser or the Company. 
 7.2    Successors and
Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other
than the parties hereto or their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

7.3    Governing Law. This Agreement shall be governed by the internal law of the State of New York. 

7.4    Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000,
e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

7.5    Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are
not to be considered in construing or interpreting this Agreement. 
 7.6    Notices. All notices and other
communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt, or (a) personal delivery to the party to be notified, (b) when sent, if sent by
electronic mail or facsimile during normal business hours of the recipient, and if not sent during normal business hours, then on the recipient’s next business day, (c) five (5) days after having been sent by registered or certified mail,
return receipt requested, postage prepaid, or (d) one (1) business day after deposit with a nationally recognized overnight courier, freight prepaid, specifying next business day delivery, with written verification of receipt. All
communications shall be sent to the respective parties at their address as set forth on the signature page, or to such 

  
 20 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
e-mail address, facsimile number or address as subsequently modified by written notice given in accordance with this Subsection 7.6. If
notice is given to the Company, a copy shall also be sent to Cooley LLP, 3175 Hanover Street, Palo Alto, CA 94304, Attention: Laura Berezin, and if notice is given to the Purchaser, a copy shall also be given to Sidley Austin LLP, 1 South
Dearbor, Chicago, IL 60625, Attention: Jeffrey Rothstein. 
 7.7    No Finder’s Fees. Each
party represents that it neither is nor will be obligated for any finder’s fee or commission in connection with this transaction. The Purchaser agrees to indemnify and to hold harmless the Company from any liability for any commission or
compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of defending against such liability or asserted liability) for which the Purchaser or any of its officers, employees
or representatives is responsible. The Company agrees to indemnify and hold harmless the Purchaser from any liability for any commission or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and
the costs and expenses of defending against such liability or asserted liability) for which the Company or any of its officers, employees or representatives is responsible. 

7.8    Attorneys’ Fees. If any action at law or in equity (including, arbitration) is necessary
to enforce or interpret the terms of any of the Transaction Agreements, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled.

 7.9    Amendments and Waivers. Any term of this Agreement may be amended, terminated or waived only with the
written consent of the Company, and the Purchaser. Any amendment or waiver effected in accordance with this Subsection 7.9 shall be binding upon the Purchaser and each transferee of the Shares (or the Common Stock issuable upon conversion
thereof), each future holder of all such securities, and the Company. 
 7.10    Severability. The invalidity or
unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision. 

7.11    Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party
under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching or
non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of
any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this
Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by
law or otherwise afforded to any party, shall be cumulative and not alternative. 
 7.12    Entire Agreement.
This Agreement (including the Exhibits hereto), the Disclosure Schedule, the Restated Certificate and the other Transaction Agreements constitute 

  
 21 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
the full and entire understanding and agreement between the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof
existing between the parties are expressly canceled. 
 7.13    Dispute Resolution. The parties (a) hereby
irrevocably and unconditionally submit to the jurisdiction of the state courts of New York and to the jurisdiction of the United States District Court for the Southern District of New York for the purpose of any suit, action or other proceeding
arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of New York or the United States District Court for the
Southern District of New York, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the
above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or
the subject matter hereof may not be enforced in or by such court. 
 WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF
ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION AGREEMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE
ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING
NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER
WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 

7.14    No Commitment for Additional Financing. The Company acknowledges and agrees that no Purchaser has made any
representation, undertaking, commitment or agreement to provide or assist the Company in obtaining any financing, investment or other assistance, other than the purchase of the Shares as set forth herein and subject to the conditions set forth
herein. In addition, the Company acknowledges and agrees that (i) no statements, whether written or oral, made by the Purchaser or its representatives on or after the date of this Agreement shall create an obligation, commitment or agreement to
provide or assist the Company in obtaining any financing or investment, (ii) the Company shall not rely on any such statement by the Purchaser or its representatives, and (iii) an obligation, commitment or agreement to provide or assist
the Company in obtaining any financing or investment may only be created by a written agreement, signed by the Purchaser and the Company, setting forth the terms and conditions of such financing or investment and stating that the parties intend for
such 

  
 22 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
writing to be a binding obligation or agreement. The Purchaser shall have the right, in its sole and absolute discretion, to refuse or decline to participate in any other financing of or
investment in the Company, and shall have no obligation to assist or cooperate with the Company in obtaining any financing, investment or other assistance. 

7.15    Waiver of Conflicts. Each party to this Agreement acknowledges that Cooley LLP, counsel for the Company,
has in the past performed and may continue to perform legal services for Purchaser in matters unrelated to the transactions described in this Agreement, including the representation of Purchaser in venture capital financings and other
matters. Accordingly, each party to this Agreement hereby: (a) acknowledges that they have had an opportunity to ask for information relevant to this disclosure; and (b) gives its informed consent to Cooley LLP’s representation
of certain of Purchaser in such unrelated matters and to Cooley LLP’s representation of the Company in connection with this Agreement and the transactions contemplated hereby. 

[signature page follows] 

  
 23 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 IN WITNESS WHEREOF, the parties have executed this Series
B-1 Preferred Stock Purchase Agreement as of the date first written above. 
  

			
	THE COMPANY:
	
	OVID THERAPEUTICS INC.
		
	By:	 	 /s/ Jeremy Levin

	Name:	 	Jeremy Levin
	Title:	 	Chief Executive Officer

  
 [Signature Page to Series
B-1 Preferred Stock Purchase Agreement] 
 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 IN WITNESS WHEREOF, the parties have executed this Series
B-1 Preferred Stock Purchase Agreement as of the date first written above. 
  

			
	PURCHASER:
	
	Takeda Pharmaceutical Company Limited
		
	By:	 	 /s/ Misako Hamamura

	Name:	 	Misako Hamamura
	Title:	 	Vice President, Business Development and Strategy, Japan Business Unit

  
 [Signature Page to Series
B-1 Preferred Stock Purchase Agreement] 
 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 EXHIBIT A 

FORM OF AMENDED AND RESTATED 

CERTIFICATE OF INCORPORATION 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 AMENDED AND RESTATED 

CERTIFICATE OF INCORPORATION 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 AMENDED AND RESTATED 

CERTIFICATE OF INCORPORATION 

OF 
 OVID THERAPEUTICS
INC. 
 (Pursuant to Sections 242 and 245 of the 

General Corporation Law of the State of Delaware) 

Ovid Therapeutics Inc., a corporation organized and existing under and by virtue of the provisions of the General Corporation Law of the State
of Delaware (the “General Corporation Law”), 
 DOES HEREBY CERTIFY: 

1.    That the name of this corporation is Ovid Therapeutics Inc., and that this corporation was originally
incorporated pursuant to the General Corporation Law on April 1, 2014. 
 2.    That the board of directors
of this corporation duly adopted resolutions proposing to amend and restate the Certificate of Incorporation of this corporation, declaring said amendment and restatement to be advisable and in the best interests of this corporation and its
stockholders, and authorizing the appropriate officers of this corporation to solicit the consent of the stockholders therefor, which resolution setting forth the proposed amendment and restatement is as follows: 

RESOLVED, that the Certificate of Incorporation of this corporation be amended and restated in its entirety to read as follows: 

FIRST: The name of this corporation is Ovid Therapeutics Inc. (the “Corporation”). 

SECOND: The address of the registered office of the Corporation in the State of Delaware is Corporation Service Company, 2711
Centerville Road, Suite 400, in the City of Wilmington, County of New Castle, 19808. The name of its registered agent at such address is Corporation Service Company. 

THIRD: The nature of the business or purposes to be conducted or promoted is to engage in any lawful act or activity for which
corporations may be organized under the General Corporation Law. 
 FOURTH: The total number of shares of all classes of stock which
the Corporation shall have authority to issue is eighty-two million nine hundred ninety-one thousand two hundred fifty-two
(82,991,252), consisting of (i) sixty-two million (62,000,000) shares of Common Stock, $0.001 par value per share (“Common Stock”) and (ii) twenty million nine hundred ninety-one thousand two hundred fifty-two (20,991,252) shares of Preferred Stock, $0.001 par value per share (“Preferred Stock”). 

  
 1 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 The following is a statement of the designations and the powers, privileges and rights, and the
qualifications, limitations or restrictions thereof in respect of each class of capital stock of the Corporation. 

A.    COMMON STOCK 

1.    General. The voting, dividend and liquidation rights of the holders of the Common Stock are subject to and
qualified by the rights, powers and preferences of the holders of the Preferred Stock set forth herein. 

2.    Voting. The holders of the Common Stock are entitled to one (1) vote for each share of Common Stock held
at all meetings of stockholders (and written actions in lieu of meetings). Unless required by law, there shall be no cumulative voting. The number of authorized shares of Common Stock may be increased or decreased (but not below the number of shares
thereof then outstanding) by (in addition to any vote of the holders of one or more series of Preferred Stock that may be required by the terms of the Certificate of Incorporation) the affirmative vote of the holders of shares of capital stock of
the Corporation representing a majority of the votes represented by all outstanding shares of capital stock of the Corporation entitled to vote, irrespective of the provisions of Section 242(b)(2) of the General Corporation Law. 

B.    PREFERRED STOCK 

Five million one hundred twenty-one thousand four hundred fifty-three (5,121,453) shares of the
authorized Preferred Stock of the Corporation are hereby designated “Series A Preferred Stock,” twelve million thirty-eight thousand five hundred six (12,038,506) shares of the authorized Preferred Stock of the Corporation
are hereby designated “Series B Preferred Stock,” and three million eight hundred thirty-one thousand two hundred ninety-three (3,831,293) shares of the authorized Preferred Stock of the
Corporation is hereby designated “Series B-1 Preferred Stock” with the following rights, preferences, powers, privileges and restrictions, qualifications and limitations. Unless otherwise
indicated, references to “sections” or “subsections” in this Part B of this Article Fourth refer to sections and subsections of Part B of this Article Fourth. 

1.    Dividends. 

1.1    Series B Preferred Stock and Series B-1 Preferred Stock. In any
calendar year, the holders of outstanding shares of Series B Preferred Stock and the holders of outstanding shares of Series B-1 Preferred stock shall be entitled to receive dividends, when, as and if declared
by the board of directors of the Corporation (the “Board”), out of any assets at the time legally available therefor, at the rate per annum of eight percent (8.0%) of the Original Issue Price (as defined below) for the Series B
Preferred Stock and Series B-1 Preferred Stock, as applicable, payable in preference and priority to any declaration or payment of any distribution on Series A Preferred Stock or Common Stock of the
Corporation in such calendar year. No distributions shall be made with respect to the Series A Preferred Stock or the Common Stock unless dividends on the Series B Preferred Stock and Series B-1 Preferred
Stock have been declared in accordance with the preferences stated herein and all declared dividends on the Series B Preferred Stock and Series B-1 Preferred Stock have been paid or set aside for payment to
the 

  
 2 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
Series B Preferred Stock holders and the Series B-1 Preferred Stock holders. The right to receive dividends on shares of Series B Preferred Stock and
Series B-1 Preferred Stock shall not be cumulative, and no right to dividends shall accrue to holders of Series B Preferred Stock or the holders of Series B-1 Preferred
Stock by reason of the fact that dividends on said shares are not declared or paid. Payment of any dividends to the holders of Series B Preferred Stock and Series B-1 Preferred Stock shall be on a pari passu
basis and any partial payment shall be made ratably among the holders of the Series B Preferred Stock and the Series B-1 Preferred Stock in proportion to the payment each such holder would receive if the full
amount of such dividends were paid. 
 1.2    Series A Preferred Stock. In any calendar year, the holders of
outstanding shares of Series A Preferred Stock shall be entitled to receive dividends, when, as and if declared by the Board, out of any assets at the time legally available therefor, at the rate per annum of eight percent (8.0%) of the Original
Issue Price (as defined below) for the Series A Preferred Stock payable in preference and priority to any declaration or payment of any distribution on Common Stock of the Corporation in such calendar year. No distributions shall be made with
respect to the Common Stock unless dividends on the Series A Preferred Stock have been declared in accordance with the preferences stated herein and all declared dividends on the Series A Preferred Stock have been paid or set aside for payment to
the Series A Preferred Stock holders. The right to receive dividends on shares of Series A Preferred Stock shall not be cumulative, and no right to dividends shall accrue to holders of Series A Preferred Stock by reason of the fact that dividends on
said shares are not declared or paid. 
 1.3    Common Stock. After the payment or setting aside for payment of
the dividends described in Subsections 1.1 and 1.2, any additional dividends set aside or paid in any fiscal year shall be set aside or paid among the holders of the Preferred Stock and Common Stock then outstanding in proportion to
the greatest whole number of shares of Common Stock which would be held by each such holder if all shares of Preferred Stock were converted at the then-effective conversion rate as calculated pursuant to Subsection 4.1.1. 

2.    Liquidation, Dissolution or Winding Up; Certain Mergers, Consolidations and Asset Sales. 

2.1    Preferential Payments to Holders of Series B Preferred Stock and the Holders of Series B-1 Preferred Stock. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event (as defined below), the holders of shares of Series B
Preferred Stock and the holders of shares of Series B-1 Preferred Stock then outstanding shall be entitled to be paid, and in each case on a pari passu basis, out of the assets of the Corporation available for
distribution to its stockholders before any payment shall be made to the holders of Series A Preferred Stock or Common Stock by reason of their ownership thereof, an amount per share equal to: (I) with respect to the Series B Preferred Stock,
the greater of (i) one (1) times the Original Issue Price for the Series B Preferred Stock, plus any dividends declared but unpaid thereon, or (ii) such amount per share as would have been payable had all shares of such series of Series B
Preferred Stock been converted into Common Stock pursuant to Section 4 immediately prior to such liquidation, dissolution, winding up or Deemed Liquidation Event (the amounts payable pursuant to this sentence is hereinafter
referred to as the “Series B Liquidation Amount”); and (II) with respect 

  
 3 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
to the Series B-1 Preferred Stock, the greater of (i) one (1) times the Original Issue Price for the Series
B-1 Preferred Stock, plus any dividends declared but unpaid thereon, or (ii) such amount per share as would have been payable had all shares of such series of Series
B-1 Preferred Stock been converted into Common Stock pursuant to Section 4 immediately prior to such liquidation, dissolution, winding up or Deemed Liquidation Event (the amounts
payable pursuant to this sentence is hereinafter referred to as the “Series B-1 Liquidation Amount”). If upon any such liquidation, dissolution or winding up of the Corporation
or Deemed Liquidation Event, the assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the holders of shares of Series B Preferred Stock and the holders of Series
B-1 Preferred Stock the full amount to which they shall be entitled under this Subsection 2.1, the holders of shares of Series B Preferred Stock and the holders of shares of Series B-1 Preferred Stock shall share ratably on a pari passu basis in any distribution of the assets available for distribution in proportion to the respective amounts to which would otherwise be payable in respect of
the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full. 

2.2    Preferential Payments to Holders of Series A Preferred Stock. In the event of any voluntary or involuntary
liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event, after the payment of all preferential amounts required to be paid to the holders of shares of Series B Preferred Stock and the holders of Series B-1 Preferred Stock, the holders of shares of Series A Preferred Stock then outstanding shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders before any
payment shall be made to the holders of Common Stock by reason of their ownership thereof, an amount per share equal to the greater of (i) one (1) times the Original Issue Price for the Series A Preferred Stock, plus any dividends declared but
unpaid thereon, or (ii) such amount per share as would have been payable had all shares of such series of Series A Preferred Stock been converted into Common Stock pursuant to Section 4 immediately prior to such
liquidation, dissolution, winding up or Deemed Liquidation Event (the amounts payable pursuant to this sentence is hereinafter referred to as the “Series A Liquidation Amount”). If upon any such liquidation,
dissolution or winding up of the Corporation or Deemed Liquidation Event, the assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the holders of shares of Series A Preferred Stock the full amount to
which they shall be entitled under this Subsection 2.2, the holders of shares of Series A Preferred Stock shall share ratably in any distribution of the assets available for distribution in proportion to the respective
amounts to which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full. 

2.3    Payments to Holders of Common Stock. In the event of any voluntary or involuntary liquidation, dissolution
or winding up of the Corporation or Deemed Liquidation Event, after the payment of all preferential amounts required to be paid to the holders of shares of Preferred Stock, the remaining assets of the Corporation available for distribution to its
stockholders shall be distributed among the holders of shares of Common Stock, pro rata based on the number of shares held by each such holder. 

  
 4 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 2.4    Deemed Liquidation Events. 

2.4.1    Definition. Each of the following events shall be considered a “Deemed Liquidation Event”
unless (i) the holders of at least sixty percent (60%) of the outstanding shares of Preferred Stock and Common Stock, voting together as a single class (on an as-converted to Common Stock basis), and
(ii) the holders of a majority of the Series B Preferred Stock and Series B-1 Preferred Stock, voting together as a single class (on an as-converted to Common Stock
basis), elect otherwise by written notice sent to the Corporation at least ten (10) days prior to the effective date of any such event: 

(a)    a merger or consolidation in which 
  

	 	(i)	the Corporation is a constituent party; or 

  

	 	(ii)	a subsidiary of the Corporation is a constituent party and the Corporation issues shares of its capital stock pursuant to such merger or consolidation, 

except any such merger or consolidation involving the Corporation or a subsidiary in which the shares of capital stock of the Corporation outstanding
immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares of capital stock that represent, immediately following such merger or consolidation, at least a majority, by voting power, of the
capital stock of (1) the surviving or resulting corporation; or (2) if the surviving or resulting corporation is a wholly owned subsidiary of another corporation immediately following such merger or consolidation, the parent corporation of
such surviving or resulting corporation; or 
 (b)    the sale, lease, transfer, exclusive license or other
disposition, in a single transaction or series of related transactions, by the Corporation or any subsidiary of the Corporation of all or substantially all of the assets of the Corporation and its subsidiaries taken as a whole, or the sale or
disposition (whether by merger, consolidation or otherwise) of one or more subsidiaries of the Corporation if substantially all of the assets of the Corporation and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries,
except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Corporation. 

2.4.2    Effecting a Deemed Liquidation Event. 

(a)    The Corporation shall not have the power to effect a Deemed Liquidation Event referred to in Subsection
2.4.1(a)(i) unless the agreement or plan of merger or consolidation for such transaction (the “Merger Agreement”) provides that the consideration payable to the stockholders of the Corporation shall be
allocated among the holders of capital stock of the Corporation in accordance with Subsections 2.1, 2.2, and 2.3. 

(b)    In the event of a Deemed Liquidation Event referred to in Subsection 2.4.1(a)(ii) or
2.4.1(b), if the Corporation does not effect a dissolution of the Corporation under the General Corporation Law within ninety (90) days after such Deemed 

  
 5 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
Liquidation Event, then (i) the Corporation shall send a written notice to each holder of Preferred Stock no later than the ninetieth
(90th) day after the Deemed Liquidation Event advising such holders of their right (and the requirements to be met to secure such right) pursuant to the terms of the following clause; (ii) to
require the redemption of such shares of Preferred Stock, and (iii) if the holders of a majority of the then outstanding shares of Preferred Stock so request in a written instrument delivered to the Corporation not later than one hundred twenty
(120) days after such Deemed Liquidation Event, the Corporation shall use the consideration received by the Corporation for such Deemed Liquidation Event (net of any retained liabilities associated with the assets sold or technology licensed,
as determined in good faith by the Board), together with any other assets of the Corporation available for distribution to its stockholders, all to the extent permitted by Delaware law governing distributions to stockholders (the
“Available Proceeds”), on the one hundred fiftieth (150th) day after such Deemed Liquidation Event, to redeem all outstanding shares of Series A Preferred Stock, Series B
Preferred Stock and Series B-1 Preferred Stock at prices per share equal to the Series A Liquidation Amount, Series B Liquidation Amount and Series B-1 Liquidation
Amount, respectively. Notwithstanding the foregoing, in the event of a redemption pursuant to the preceding sentence, if the Available Proceeds are not sufficient to redeem all outstanding shares of Preferred Stock, the Corporation shall ratably
redeem each holder’s shares of Series B Preferred Stock and Series B-1 Preferred Stock, to the fullest extent of such Available Proceeds and, to the extent there are remaining Available Proceeds, then the
Company shall then ratably redeem each holder’s shares of Series A Preferred Stock to the fullest extent of such Available Proceeds. The Company shall redeem the remaining shares as soon as it may lawfully do so under Delaware law governing
distributions to stockholders. Prior to the distribution or redemption provided for in this Subsection 2.4.2(b), the Corporation shall not expend or dissipate the consideration received for such Deemed Liquidation Event, except to discharge
expenses incurred in connection with such Deemed Liquidation Event or in the ordinary course of business. 

2.4.3    Amount Deemed Paid or Distributed. The amount deemed paid or distributed to the holders of capital stock
of the Corporation upon any such merger, consolidation, sale, transfer, exclusive license, other disposition or redemption shall be the cash or the value of the property, rights or securities paid or distributed to such holders by the Corporation or
the acquiring person, firm or other entity. The value of such property, rights or securities shall be determined in good faith by the Board. 

3.    Voting. 

3.1    General. On any matter presented to the stockholders of the Corporation for their action or consideration at
any meeting of stockholders of the Corporation (or by written consent of stockholders in lieu of meeting), each holder of outstanding shares of Preferred Stock shall be entitled to cast the number of votes equal to the number of whole shares of
Common Stock into which the shares of Preferred Stock held by such holder are convertible as of the record date for determining stockholders entitled to vote on such matter. Except as provided by law or by the other provisions of the Certificate of
Incorporation, holders of Preferred Stock shall vote together with the holders of Common Stock as a single class. 

3.2    Election of Directors. The holders of record of the shares of Series A Preferred Stock, exclusively and as
a separate class, shall be entitled to elect one (1) director 

  
 6 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
of the Corporation, the holders of record of the shares of Series B Preferred Stock, exclusively and as a separate class, shall be entitled to elect one (1) director of the Corporation, and
the holders of record of the shares of Common Stock, exclusively and as a separate class, shall be entitled to elect three (3) directors of the Corporation. Any director elected as provided in the preceding sentence may be removed without cause
by, and only by, the affirmative vote of the holders of the shares of the class or series of capital stock entitled to elect such director or directors, given either at a special meeting of such stockholders duly called for that purpose or pursuant
to a written consent of stockholders. If the holders of shares of Series A Preferred Stock, Series B Preferred Stock or Common Stock, as the case may be, fail to elect a sufficient number of directors to fill all directorships for which they are
entitled to elect directors, each voting exclusively and as a separate class, pursuant to the first sentence of this Subsection 3.2, then any directorship not so filled shall remain vacant until such time as the holders of
the Series A Preferred Stock, Series B Preferred Stock or Common Stock, as the case may be, elect a person to fill such directorship by vote or written consent in lieu of a meeting; and no such directorship may be filled by stockholders of the
Corporation other than by the stockholders of the Corporation that are entitled to elect a person to fill such directorship, voting exclusively and as a separate class. The holders of record of the shares of Common Stock and of any
other class or series of voting stock (including the Series A Preferred Stock, Series B Preferred Stock and Series B-1 Preferred Stock), exclusively and voting together as a single class, shall be entitled to
elect the balance of the total number of directors of the Corporation. At any meeting held for the purpose of electing a director, the presence in person or by proxy of the holders of a majority of the outstanding shares of the class or series
entitled to elect such director shall constitute a quorum for the purpose of electing such director. Except as otherwise provided in this Subsection 3.2, a vacancy in any directorship filled by the holders of any
class or series shall be filled only by vote or written consent in lieu of a meeting of the holders of such class or series or by any remaining director or directors elected by the holders of such class or series pursuant to this
Subsection 3.2. The rights of the holders of the Series A Preferred Stock under the first sentence of this Subsection 3.2 shall terminate on the first date following the Original Issue Date (as
defined below) on which (i) there are issued and outstanding less than two million (2,000,000) shares of Series A Preferred Stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination, or other similar
recapitalization with respect to the Series A Preferred Stock) or (ii) the issued and outstanding Series A Preferred Stock represents less than ten percent (10%) of the outstanding capital stock of the Corporation on a fully diluted basis. The
rights of the holders of the Series B Preferred Stock under the first sentence of this Subsection 3.2 shall terminate on the first date following the Original Issue Date (as defined below) on which (i) there are issued
and outstanding less than 2,000,000 shares of Series B Preferred Stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination, or other similar recapitalization with respect to the Series B Preferred Stock)
or (ii) the issued and outstanding Series B Preferred Stock represents less than ten percent (10%) of the outstanding capital stock of the Corporation on a fully diluted basis. 

3.3    Preferred Stock Protective Provisions. At any time when at least ten million (10,000,000) shares of
Preferred Stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Preferred Stock) are outstanding, the Corporation shall not, either directly or
indirectly by amendment, merger, consolidation or otherwise, do any of the following without (in addition to any other vote required by law or the Certificate of Incorporation) the written consent or

  
 7 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
affirmative vote of the holders of at least sixty percent (60%) of the then outstanding shares of Preferred Stock, given in writing or by vote at a meeting, consenting or voting (as the case may
be) separately as a class, and any such act or transaction entered into without such consent or vote shall be null and void ab initio, and of no force or effect:

3.3.1    liquidate, dissolve or wind-up the business and affairs of the
Corporation, effect any merger or consolidation or any other Deemed Liquidation Event, or consent to any of the foregoing; 

3.3.2    amend, alter or repeal any provision of the Certificate of Incorporation of the Corporation in a manner that
adversely affects the powers, preferences or rights of any series of Preferred Stock; 
 3.3.3    create, or authorize
the creation of, or issue any additional class or series of capital stock unless the same ranks junior to the Series B Preferred Stock and Series B-1 Preferred Stock with respect to the distribution of assets
on the liquidation, dissolution or winding up of the Corporation, the payment of dividends and rights of redemption, or increase the authorized number of shares of Preferred Stock; or 

3.3.4    purchase or redeem (or permit any subsidiary to purchase or redeem) or pay or declare any dividend or make any
distribution on, any shares of capital stock of the Corporation other than (i) redemptions of or dividends or distributions on the Preferred Stock as expressly authorized herein, (ii) dividends or other distributions payable on the Common
Stock solely in the form of additional shares of Common Stock, (iii) repurchases of stock from former employees, officers, directors, consultants or other persons who performed services for the Corporation or any subsidiary in connection with
the cessation of such employment or service at the lower of the original purchase price or the then-current fair market value thereof or (iv) as approved by the Board. 

3.4    Series B Preferred Stock Protective Provisions. At any time when at least an aggregate of three million
(3,000,000) shares of Series B Preferred Stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Series B Preferred Stock) are outstanding, the
Corporation shall not, either directly or indirectly by amendment, merger, consolidation or otherwise, do any of the following without (in addition to any other vote required by law or the Certificate of Incorporation) the written consent or
affirmative vote of the holders of a majority of the aggregate of the then outstanding shares of Series B Preferred Stock, given in writing or by vote at a meeting, consenting or voting (as the case may be) separately as a class, and any
such act or transaction entered into without such consent or vote shall be null and void ab initio, and of no force or effect.

3.4.1    modify, amend or waive the rights, preferences or privileges of the Series B Preferred Stock under the
Certificate of Incorporation in a manner that adversely affects the powers, preferences or rights of any series of Series B Preferred Stock; 

3.4.2    increase or decrease the authorized shares of Series B Preferred Stock; or 

  
 8 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 3.4.3    purchase or redeem (or permit any subsidiary to purchase or redeem)
or pay or declare any dividend or make any distribution on, any shares of capital stock of the Corporation issued prior to the date hereof other than (i) redemptions of or dividends or distributions as expressly authorized herein or
(ii) repurchases of stock from former employees, officers, directors, consultants or other persons who performed services for the Corporation or any subsidiary in connection with the cessation of such employment or service at the lower of the
original purchase price or the then-current fair market value thereof. 
 3.5    Series B-1 Preferred Stock Protective Provisions. At any time when at least an aggregate of 2,681,905 shares of Series B-1 Preferred Stock (subject to appropriate adjustment in
the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Series B-1 Preferred Stock) are outstanding, the Corporation shall not, either directly or
indirectly by amendment, merger, consolidation or otherwise, do any of the following without (in addition to any other vote required by law or the Certificate of Incorporation) the written consent or affirmative vote of the holders of a majority of
the aggregate of the then outstanding shares of Series B-1 Preferred Stock, given in writing or by vote at a meeting, consenting or voting (as the case may be) separately as a class, and any such act or
transaction entered into without such consent or vote shall be null and void ab initio, and of no force or effect.

3.5.1    modify, amend or waive the rights, preferences or privileges of the Series
B-1 Preferred Stock under the Certificate of Incorporation in a manner that adversely affects the powers, preferences or rights of the Series B-1 Preferred Stock
disproportionately as compared to the powers, preferences or rights of the Series B Preferred or Series A Preferred; provided, however, that the following shall not be deemed to disproportionately adversely affect the Series B-1 Preferred Stock: any amendments or restatements to the Certificate of Incorporation in connection with a Qualified Public Offering. 

4.    Optional Conversion. 

The holders of the Preferred Stock shall have conversion rights as follows (the “Conversion Rights”): 

4.1    Right to Convert. 

4.1.1    Conversion Ratio. Each share of Preferred Stock shall be convertible, at the option of the holder thereof,
at any time and from time to time, and without the payment of additional consideration by the holder thereof, into such number of fully paid and non-assessable shares of Common Stock as is determined by
dividing the applicable Original Issue Price by the applicable Conversion Price (as defined below) in effect at the time of conversion. The “Conversion Price” for each series of Preferred Stock shall initially be equal to the
applicable Original Issue Price for such series of Preferred Stock. Such initial Conversion Price, and the rate at which shares of Preferred Stock may be converted into shares of Common Stock, shall be subject to adjustment as provided below. 

4.1.2    Termination of Conversion Rights. In the event of a liquidation, dissolution or winding up of the
Corporation or a Deemed Liquidation Event, the Conversion Rights shall terminate at the close of business on the last full day preceding the date fixed for the payment of any such amounts distributable on such event to the holders of Preferred
Stock. 

  
 9 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 4.2    Fractional Shares. No fractional shares of Common Stock shall
be issued upon conversion of the Preferred Stock. In lieu of any fractional shares to which the holder would otherwise be entitled, the Corporation shall pay cash equal to such fraction multiplied by the fair market value of a share of Common Stock
as determined in good faith by the Board. Whether or not fractional shares would be issuable upon such conversion shall be determined on the basis of the total number of shares of Preferred Stock the holder is at the time converting into Common
Stock and the aggregate number of shares of Common Stock issuable upon such conversion. 
 4.3    Mechanics of
Conversion. 
 4.3.1    Notice of Conversion. In order for a holder of Preferred Stock to voluntarily convert
shares of Preferred Stock into shares of Common Stock, such holder shall (a) provide written notice to the Corporation’s transfer agent at the office of the transfer agent for the Preferred Stock (or at the principal office of the
Corporation if the Corporation serves as its own transfer agent) that such holder elects to convert all or any number of such holder’s shares of Preferred Stock and, if applicable, any event on which such conversion is contingent and (b), if
such holder’s shares are certificated, surrender the certificate or certificates for such shares of Preferred Stock (or, if such registered holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit
and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate), at the office of the transfer
agent for the Preferred Stock (or at the principal office of the Corporation if the Corporation serves as its own transfer agent). Such notice shall state such holder’s name or the names of the nominees in which such holder wishes the shares of
Common Stock to be issued. If required by the Corporation, any certificates surrendered for conversion shall be endorsed or accompanied by a written instrument or instruments of transfer, in form satisfactory to the Corporation, duly executed by the
registered holder or his, her or its attorney duly authorized in writing. The close of business on the date of receipt by the transfer agent (or by the Corporation if the Corporation serves as its own transfer agent) of such notice and, if
applicable, certificates (or lost certificate affidavit and agreement) shall be the time of conversion (the “Conversion Time”), and the shares of Common Stock issuable upon conversion of the specified shares shall be deemed to be
outstanding of record as of such date. The Corporation shall, as soon as practicable after the Conversion Time (i) issue and deliver to such holder of Preferred Stock, or to his, her or its nominees, a certificate or certificates for the number
of full shares of Common Stock issuable upon such conversion in accordance with the provisions hereof and a certificate for the number (if any) of the shares of Preferred Stock represented by the surrendered certificate that were not converted into
Common Stock, (ii) pay in cash such amount as provided in Subsection 4.2 in lieu of any fraction of a share of Common Stock otherwise issuable upon such conversion and (iii) pay all declared but unpaid dividends
on the shares of Preferred Stock converted. 
 4.3.2    Reservation of Shares. The Corporation shall at all
times when the Preferred Stock shall be outstanding, reserve and keep available out of its authorized 

  
 10 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
but unissued capital stock, for the purpose of effecting the conversion of the Preferred Stock, such number of its duly authorized shares of Common Stock as shall from time to time be sufficient
to effect the conversion of all outstanding Preferred Stock; and if at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the conversion of all then outstanding shares of the Preferred Stock, the
Corporation shall take such corporate action as may be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purposes, including, without limitation, engaging in best
efforts to obtain the requisite stockholder approval of any necessary amendment to the Certificate of Incorporation. Before taking any action which would cause an adjustment reducing the Conversion Price of a series of Preferred Stock below the then
par value of the shares of Common Stock issuable upon conversion of such series of Preferred Stock, the Corporation will take any corporate action which may, in the opinion of its counsel, be necessary in order that the Corporation may validly and
legally issue fully paid and non-assessable shares of Common Stock at such adjusted applicable Conversion Price. 

4.3.3    Effect of Conversion. All shares of Preferred Stock which shall have been surrendered for conversion as
herein provided shall no longer be deemed to be outstanding and all rights with respect to such shares shall immediately cease and terminate at the Conversion Time, except only the right of the holders thereof to receive shares of Common Stock in
exchange therefor, to receive payment in lieu of any fraction of a share otherwise issuable upon such conversion as provided in Subsection 4.2 and to receive payment of any dividends declared but unpaid thereon. Any shares
of Preferred Stock so converted shall be retired and cancelled and may not be reissued as shares of such series, and the Corporation may thereafter take such appropriate action (without the need for stockholder action) as may be necessary to reduce
the authorized number of shares of Preferred Stock accordingly. 
 4.3.4    No Further Adjustment. Upon any such
conversion, no adjustment to the Conversion Price of a series of Preferred Stock shall be made for any declared but unpaid dividends on such series of Preferred Stock surrendered for conversion or on the Common Stock delivered upon conversion. 

4.3.5    Taxes. The Corporation shall pay any and all issue and other similar taxes that may be payable in respect
of any issuance or delivery of shares of Common Stock upon conversion of shares of Preferred Stock pursuant to this Section 4. The Corporation shall not, however, be required to pay any tax which may be payable in respect
of any transfer involved in the issuance and delivery of shares of Common Stock in a name other than that in which the shares of Preferred Stock so converted were registered, and no such issuance or delivery shall be made unless and until the person
or entity requesting such issuance has paid to the Corporation the amount of any such tax or has established, to the satisfaction of the Corporation, that such tax has been paid. 

4.4    Adjustments to Conversion Price for Diluting Issues. 

4.4.1    Special Definitions. For purposes of this Article Fourth, the following definitions shall apply: 

(a)    “Option” shall mean rights, options or warrants to subscribe for, purchase or otherwise acquire
Common Stock or Convertible Securities. 

  
 11 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (b)    “Original Issue Date” shall mean the date on which
the first share of Series B-1 Preferred Stock was issued. 

(c)    “Original Issue Price” shall mean (i) $0.988 per share with respect to the Series A Preferred
Stock, subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Series A Preferred Stock, (ii) $6.23 per share with respect to the Series B Preferred Stock,
subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Series B Preferred Stock and (iii) $6.75 per share with respect to the Series B-1 Preferred Stock, subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Series
B-1 Preferred Stock. 
 (d)    “Convertible Securities” shall
mean any evidences of indebtedness, shares or other securities directly or indirectly convertible into or exchangeable for Common Stock, but excluding Options. 

(e)    “Additional Shares of Common Stock” shall mean all shares of Common Stock issued (or, pursuant to
Subsection 4.4.3 below, deemed to be issued) by the Corporation after the Original Issue Date, other than (1) the following shares of Common Stock and (2) shares of Common Stock deemed issued pursuant to the
following Options and Convertible Securities (clauses (1) and (2), collectively, “Exempted Securities”): 
  

	 	(i)	shares of Common Stock, Options or Convertible Securities issued as a dividend or distribution on Preferred Stock; 

  

	 	(ii)	shares of Common Stock, Options or Convertible Securities issued by reason of a dividend, stock split, split-up or other distribution on shares of Common Stock that is covered by
Subsection 4.5, 4.6, 4.7 or 4.8; 

  

	 	(iii)	shares of Common Stock or Options issued to employees or directors of, or consultants or advisors to, the Corporation or any of its subsidiaries pursuant to a plan, agreement or arrangement approved by the Board;

  

	 	(iv)	shares of Common Stock or Convertible Securities actually issued upon the exercise of Options or shares of Common Stock actually issued upon the conversion or exchange of Convertible Securities, in each case provided
such issuance is pursuant to the terms of such Option or Convertible Security; 

  
 12 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	 	(v)	shares of Common Stock, Options or Convertible Securities issued to banks, equipment lessors or other financial institutions, or to real property lessors, pursuant to a debt financing, equipment leasing or real property
leasing transaction approved by the Board; 

  

	 	(vi)	shares of Common Stock, Options or Convertible Securities issued pursuant to the acquisition of another corporation by the Corporation by merger, purchase of substantially all of the assets or other reorganization or to
a joint venture agreement, provided that such issuances are approved by the Board; or 

  

	 	(vii)	shares of Common Stock, Options or Convertible Securities issued in connection with sponsored research, collaboration, technology license, development, OEM, marketing or other similar agreements or strategic
partnerships or asset purchases approved by the Board. 

 4.4.2    No Adjustment of Conversion
Price. No adjustment of the Conversion Price for any series of Preferred Stock shall be made as the result of the issuance or deemed issuance of Additional Shares of Common Stock if the Corporation receives written notice from the holders of a
majority of the then outstanding shares of each series of Preferred Stock for which such adjustment would otherwise be made (with each series voting as a separate class) agreeing that no such adjustment shall be made as the result of the issuance or
deemed issuance of such Additional Shares of Common Stock. 
 4.4.3    Deemed Issue of Additional Shares of Common
Stock. 
 (a)    If the Corporation at any time or from time to time after the Original Issue Date shall issue any
Options or Convertible Securities (excluding Options or Convertible Securities which are themselves Exempted Securities) or shall fix a record date for the determination of holders of any class of securities entitled to receive any such Options or
Convertible Securities, then the maximum number of shares of Common Stock (as set forth in the instrument relating thereto, assuming the satisfaction of any conditions to exercisability, convertibility or exchangeability but without regard to any
provision contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or, in the case of Convertible Securities and Options therefor, the conversion or exchange of such Convertible Securities, shall be
deemed to be Additional Shares of Common Stock issued as of the time of such issue or, in case such a record date shall have been fixed, as of the close of business on such record date. 

  
 13 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (b)    If the terms of any Option or Convertible Security, the issuance of
which resulted in an adjustment to the Conversion Price pursuant to the terms of Subsection 4.4.4, are revised as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security
(but excluding automatic adjustments to such terms pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1) any increase or decrease in the number of shares of Common Stock issuable upon
the exercise, conversion and/or exchange of any such Option or Convertible Security or (2) any increase or decrease in the consideration payable to the Corporation upon such exercise, conversion and/or exchange, then, effective upon such
increase or decrease becoming effective, the Conversion Price computed upon the original issue of such Option or Convertible Security (or upon the occurrence of a record date with respect thereto) shall be readjusted to such Conversion Price as
would have obtained had such revised terms been in effect upon the original date of issuance of such Option or Convertible Security. Notwithstanding the foregoing, no readjustment pursuant to this clause (b) shall have the effect of increasing
the Conversion Price to an amount which exceeds the lower of (i) the Conversion Price in effect immediately prior to the original adjustment made as a result of the issuance of such Option or Convertible Security, or (ii) the Conversion
Price that would have resulted from any issuances of Additional Shares of Common Stock (other than deemed issuances of Additional Shares of Common Stock as a result of the issuance of such Option or Convertible Security) between the original
adjustment date and such readjustment date. 
 (c)    If the terms of any Option or Convertible Security (excluding
Options or Convertible Securities which are themselves Exempted Securities), the issuance of which did not result in an adjustment to the Conversion Price pursuant to the terms of Subsection 4.4.4 (either because the consideration per share
(determined pursuant to Subsection 4.4.5) of the Additional Shares of Common Stock subject thereto was equal to or greater than the Conversion Price then in effect, or because such Option or Convertible Security was issued before the Original
Issue Date), are revised after the Original Issue Date as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security (but excluding automatic adjustments to such terms pursuant to
anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1) any increase in the number of shares of Common Stock issuable upon the exercise, conversion or exchange of any such Option or Convertible
Security or (2) any decrease in the consideration payable to the Corporation upon such exercise, conversion or exchange, then such Option or Convertible Security, as so amended or adjusted, and the Additional Shares of Common Stock subject
thereto (determined in the manner provided in Subsection 4.4.3(a) shall be deemed to have been issued effective upon such increase or decrease becoming effective. 

(d)    Upon the expiration or termination of any unexercised Option or unconverted or unexchanged Convertible Security
(or portion thereof) which resulted (either upon its original issuance or upon a revision of its terms) in an adjustment to the Conversion Price pursuant to the terms of Subsection 4.4.4, the Conversion Price shall be
readjusted to such Conversion Price as would have obtained had such Option or Convertible Security (or portion thereof) never been issued. 

(e)    If the number of shares of Common Stock issuable upon the exercise, conversion and/or exchange of any Option or
Convertible Security, or the 

  
 14 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
consideration payable to the Corporation upon such exercise, conversion and/or exchange, is calculable at the time such Option or Convertible Security is issued or amended but is subject to
adjustment based upon subsequent events, any adjustment to the Conversion Price provided for in this Subsection 4.4.3 shall be effected at the time of such issuance or amendment based on such number of shares or amount of
consideration without regard to any provisions for subsequent adjustments (and any subsequent adjustments shall be treated as provided in clauses (b) and (c) of this Subsection 4.4.3). If the number of shares of Common
Stock issuable upon the exercise, conversion and/or exchange of any Option or Convertible Security, or the consideration payable to the Corporation upon such exercise, conversion and/or exchange, cannot be calculated at all at the time such Option
or Convertible Security is issued or amended, any adjustment to the Conversion Price that would result under the terms of this Subsection 4.4.3 at the time of such issuance or amendment shall instead be effected at the time
such number of shares and/or amount of consideration is first calculable (even if subject to subsequent adjustments), assuming for purposes of calculating such adjustment to the Conversion Price that such issuance or amendment took place at the time
such calculation can first be made. 
 4.4.4    Adjustment of Conversion Price Upon Issuance of
Additional Shares of Common Stock. In the event the Corporation shall at any time after the Original Issue Date issue Additional Shares of Common Stock (including Additional Shares of Common Stock deemed to be issued pursuant to
Subsection 4.4.3), without consideration or for a consideration per share less than the Conversion Price applicable to a series of Preferred Stock in effect immediately prior to such issue, then the Conversion Price for
such series of Preferred Stock shall be reduced, concurrently with such issue, to a price (calculated to the nearest one-hundredth of a cent) determined in accordance with the following formula: 

CP2 = CP1 × (A + B) ÷ (A + C). 
 For purposes of the foregoing formula, the following definitions
shall apply: 
 (a)    “CP2” shall mean the
applicable Conversion Price in effect immediately after such issue of Additional Shares of Common Stock; 

(b)    “CP1” shall mean the applicable Conversion Price
in effect immediately prior to such issue of Additional Shares of Common Stock; 
 (c)    “A” shall mean the
number of shares of Common Stock outstanding immediately prior to such issue of Additional Shares of Common Stock (treating for this purpose as outstanding all shares of Common Stock issuable upon exercise of Options outstanding immediately prior to
such issue or upon conversion or exchange of Convertible Securities (including the Preferred Stock) outstanding (assuming exercise of any outstanding Options therefor) immediately prior to such issue); 

(d)    “B” shall mean the number of shares of Common Stock that would have been issued if such Additional
Shares of Common Stock had been issued at a price per share equal to CP1 (determined by dividing the aggregate consideration received by the Corporation in respect of such issue by CP1); and 

  
 15 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (e)    “C” shall mean the number of such Additional Shares of
Common Stock issued in such transaction. 
 4.4.5    Determination of Consideration. For purposes of this
Subsection 4.4, the consideration received by the Corporation for the issue of any Additional Shares of Common Stock shall be computed as follows: 

(a)    Cash and Property: Such consideration shall: 

 

	 	(i)	insofar as it consists of cash, be computed at the aggregate amount of cash received by the Corporation, excluding amounts paid or payable for accrued interest; 

 

	 	(ii)	insofar as it consists of property other than cash, be computed at the fair market value thereof at the time of such issue, as determined in good faith by the Board; and 

 

	 	(iii)	in the event Additional Shares of Common Stock are issued together with other shares or securities or other assets of the Corporation for consideration which covers both, be the proportion of such consideration so
received, computed as provided in clauses (i) and (ii) above, as determined in good faith by the Board. 

(b)    Options and Convertible Securities. The consideration per share received by the Corporation for Additional
Shares of Common Stock deemed to have been issued pursuant to Subsection 4.4.3, relating to Options and Convertible Securities, shall be determined by dividing: 

 

	 	(i)	The total amount, if any, received or receivable by the Corporation as consideration for the issue of such Options or Convertible Securities, plus the minimum aggregate amount of additional consideration (as set forth
in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such consideration) payable to the Corporation upon the exercise of such Options or the conversion or exchange of such Convertible
Securities, or in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such Convertible Securities, by 

  
 16 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	 	(ii)	the maximum number of shares of Common Stock (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such number) issuable upon the exercise of
such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such Convertible Securities.

 4.4.6    Multiple Closing Dates. In the event the Corporation shall issue on more than one date
Additional Shares of Common Stock that are a part of one transaction or a series of related transactions and that would result in an adjustment to the Conversion Price applicable to a series of Preferred Stock pursuant to the terms of Subsection
4.4.4, and such issuance dates occur within a period of no more than ninety (90) days from the first such issuance to the final such issuance, then, upon the final such issuance, the Conversion Price for such series of Preferred Stock shall
be readjusted to give effect to all such issuances as if they occurred on the date of the first such issuance (and without giving effect to any additional adjustments as a result of any such subsequent issuances within such period). 

4.5    Adjustment for Stock Splits and Combinations. If the Corporation shall at any time or from time to time
after the Original Issue Date effect a subdivision of the outstanding Common Stock, the Conversion Price applicable to a series of Preferred Stock in effect immediately before that subdivision shall be proportionately decreased so that the number of
shares of Common Stock issuable on conversion of each share of such series shall be increased in proportion to such increase in the aggregate number of shares of Common Stock outstanding. If the Corporation shall at any time or from time to time
after the Original Issue Date combine the outstanding shares of Common Stock, the Conversion Price for such series of Preferred Stock in effect immediately before the combination shall be proportionately increased so that the number of shares of
Common Stock issuable on conversion of each share of such series shall be decreased in proportion to such decrease in the aggregate number of shares of Common Stock outstanding. Any adjustment under this subsection shall become effective at the
close of business on the date the subdivision or combination becomes effective. 
 4.6    Adjustment for Certain
Dividends and Distributions. In the event the Corporation at any time or from time to time after the Original Issue Date shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend
or other distribution payable on the Common Stock in additional shares of Common Stock, then and in each such event the Conversion Price applicable to a series of Preferred Stock in effect immediately before such event shall be decreased as of the
time of such issuance or, in the event such a record date shall have been fixed, as of the close of business on such record 

  
 17 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
date, by multiplying the Conversion Price for such series of Preferred Stock then in effect by a fraction: 

(1)    the numerator of which shall be the total number of shares of Common Stock issued and outstanding immediately
prior to the time of such issuance or the close of business on such record date, and 
 (2)    the denominator of which
shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date plus the number of shares of Common Stock issuable in payment of such dividend or
distribution. 
 Notwithstanding the foregoing (a) if such record date shall have been fixed and such dividend is not fully paid or if such
distribution is not fully made on the date fixed therefor, the applicable Conversion Price shall be recomputed accordingly as of the close of business on such record date and thereafter the applicable Conversion Price shall be adjusted pursuant to
this subsection as of the time of actual payment of such dividends or distributions; and (b) that no such adjustment shall be made if the holders of Preferred Stock simultaneously receive a dividend or other distribution of shares of Common
Stock in a number equal to the number of shares of Common Stock as they would have received if all outstanding shares of Preferred Stock had been converted into Common Stock on the date of such event. 

4.7    Adjustments for Other Dividends and Distributions. In the event the Corporation at any time or from time to
time after the Original Issue Date shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend or other distribution payable in securities of the Corporation (other than a distribution
of shares of Common Stock in respect of outstanding shares of Common Stock) or in other property and the provisions of Section 1 do not apply to such dividend or distribution, then and in each such event the holders of
Preferred Stock shall receive, simultaneously with the distribution to the holders of Common Stock, a dividend or other distribution of such securities or other property in an amount equal to the amount of such securities or other property as they
would have received if all outstanding shares of Preferred Stock had been converted into Common Stock on the date of such event. 

4.8    Adjustment for Merger or Reorganization, etc. Subject to the provisions of Subsection 2.4, if there
shall occur any reorganization, recapitalization, reclassification, consolidation or merger involving the Corporation in which the Common Stock (but not a series of Preferred Stock) is converted into or exchanged for securities, cash or other
property (other than a transaction covered by Subsections 4.4, 4.6 or 4.7), then, following any such reorganization, recapitalization, reclassification, consolidation or merger, each share of such series of Preferred Stock shall
thereafter be convertible in lieu of the Common Stock into which it was convertible prior to such event into the kind and amount of securities, cash or other property which a holder of the number of shares of Common Stock of the Corporation issuable
upon conversion of one share of such series of Preferred Stock immediately prior to such reorganization, recapitalization, reclassification, consolidation or merger would have been entitled to receive pursuant to such transaction; and, in such case,
appropriate adjustment (as determined in good faith by the Board) shall be made in the application of the provisions in this Section 4 with respect to the rights and interests thereafter of the holders of the Preferred
Stock, 

  
 18 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
to the end that the provisions set forth in this Section 4 (including provisions with respect to changes in and other adjustments of the applicable Conversion Price)
shall thereafter be applicable, as nearly as reasonably may be, in relation to any securities or other property thereafter deliverable upon the conversion of such Preferred Stock. 

4.9    Certificate as to Adjustments. Upon the occurrence of each adjustment or readjustment of the Conversion
Price of a series of Preferred Stock pursuant to this Section 4, the Corporation at its expense shall, as promptly as reasonably practicable but in any event not later than ten (10) days thereafter, compute such
adjustment or readjustment in accordance with the terms hereof and furnish to each holder of such series of Preferred Stock a certificate setting forth such adjustment or readjustment (including the kind and amount of securities, cash or other
property into which such Preferred Stock is convertible) and showing in detail the facts upon which such adjustment or readjustment is based. The Corporation shall, as promptly as reasonably practicable after the written request at any time of any
holder of Preferred Stock (but in any event not later than ten (10) days thereafter), furnish or cause to be furnished to such holder a certificate setting forth (i) the applicable Conversion Price then in effect, and (ii) the number
of shares of Common Stock and the amount, if any, of other securities, cash or property which then would be received upon the conversion of such Preferred Stock. 

4.10    Notice of Record Date. In the event: 

(a)    the Corporation shall take a record of the holders of its Common Stock (or other capital stock or securities at the
time issuable upon conversion of the Preferred Stock) for the purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any right to subscribe for or purchase any shares of capital stock of any class or any
other securities, or to receive any other security; or 
 (b)    of any capital reorganization of the Corporation, any
reclassification of the Common Stock of the Corporation, or any Deemed Liquidation Event; or 
 (c)    of the voluntary
or involuntary dissolution, liquidation or winding-up of the Corporation, 
 then, and in each such case, the
Corporation will send or cause to be sent to the holders of the Preferred Stock a notice specifying, as the case may be, (i) the record date for such dividend, distribution or right, and the amount and character of such dividend, distribution
or right, or (ii) the effective date on which such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up is proposed to take place, and the time, if any
is to be fixed, as of which the holders of record of Common Stock (or such other capital stock or securities at the time issuable upon the conversion of the Preferred Stock) shall be entitled to exchange their shares of Common Stock (or such other
capital stock or securities) for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up, and the amount per
share and character of such exchange applicable to the Preferred Stock and the Common Stock. Such notice shall be sent at least ten (10) days prior to the record date or effective date for the event specified in such notice. 

  
 19 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 5.    Mandatory Conversion. 

5.1    Trigger Events. Upon either (a) the closing of the sale of shares of Common Stock to the public in a
firm-commitment underwritten public offering on the New York Stock Exchange, The NASDAQ Stock Market or other internationally recognized stock exchange, pursuant to an effective registration statement under the Securities Act of 1933, as amended,
resulting in at least fifty million dollars ($50,000,000) of gross proceeds (a “Qualified Public Offering”) or (b) the date and time, or the occurrence of an event, specified by vote or written consent of the holders of at
least sixty percent (60%) of the then outstanding shares of Preferred Stock and the holders of a majority of the Series B Preferred Stock and Series B-1 Preferred Stock (voting together as a single class) (the
time of such closing or the date and time specified or the time of the event specified in such vote or written consent is referred to herein as the “Mandatory Conversion Time”), then (i) all outstanding shares of Preferred
Stock shall automatically be converted into shares of Common Stock, at the then effective conversion rate as calculated pursuant to Subsection 4.1.1. and (ii) such shares may not be reissued by the Corporation. 

5.2    Procedural Requirements. All holders of record of shares of Preferred Stock shall be sent written notice of
the Mandatory Conversion Time and the place designated for mandatory conversion of all such shares of Preferred Stock pursuant to this Section 5. Such notice need not be sent in advance of the occurrence of the Mandatory
Conversion Time. Upon receipt of such notice, each holder of shares of Preferred Stock in certificated form shall surrender his, her or its certificate or certificates for all such shares (or, if such holder alleges that such certificate has been
lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or
destruction of such certificate) to the Corporation at the place designated in such notice. If so required by the Corporation, any certificates surrendered for conversion shall be endorsed or accompanied by written instrument or instruments of
transfer, in form satisfactory to the Corporation, duly executed by the registered holder or by his, her or its attorney duly authorized in writing. All rights with respect to the Preferred Stock converted pursuant to Subsection 5.1,
including the rights, if any, to receive notices and vote (other than as a holder of Common Stock), will terminate at the Mandatory Conversion Time (notwithstanding the failure of the holder or holders thereof to surrender any certificates at or
prior to such time), except only the rights of the holders thereof, upon surrender of any certificate or certificates of such holders (or lost certificate affidavit and agreement) therefor, to receive the items provided for in the next sentence of
this Subsection 5.2. As soon as practicable after the Mandatory Conversion Time and, if applicable, the surrender of any certificate or certificates (or lost certificate affidavit and agreement) for Preferred Stock, the Corporation shall
(a) issue and deliver to such holder, or to his, her or its nominees, a certificate or certificates for the number of full shares of Common Stock issuable on such conversion in accordance with the provisions hereof and (b) pay cash as
provided in Subsection 4.2 in lieu of any fraction of a share of Common Stock otherwise issuable upon such conversion and the payment of any declared but unpaid dividends on the shares of Preferred Stock converted. Such
converted Preferred Stock shall be retired and cancelled and may not be reissued as shares of such series, and the Corporation may thereafter take such appropriate action (without the need for stockholder action) as may be necessary to reduce the
authorized number of shares of Preferred Stock accordingly. 

  
 20 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 6.    Redemption. The Preferred Stock is not redeemable at the option
of the holder thereof. 
 7.    Redeemed or Otherwise Acquired Shares. Any shares of Preferred Stock that are
redeemed or otherwise acquired by the Corporation or any of its subsidiaries shall be automatically and immediately cancelled and retired and shall not be reissued, sold or transferred. Neither the Corporation nor any of its subsidiaries may
exercise any voting or other rights granted to the holders of Preferred Stock following redemption. 

8.    Waiver. Any of the rights, powers, preferences and other terms of the Preferred Stock set forth herein may be
waived on behalf of all holders of a series of Preferred Stock by the affirmative written consent or vote of the holders of a majority of the shares of such series of Preferred Stock then outstanding (with each series voting as a separate class).

 9.    Notices. Any notice required or permitted by the provisions of this Article Fourth to be given to a
holder of shares of Preferred Stock shall be mailed, postage prepaid, to the post office address last shown on the records of the Corporation, or given by electronic communication in compliance with the provisions of the General Corporation Law, and
shall be deemed sent upon such mailing or electronic transmission. 
 FIFTH: Subject to any additional vote required by the
Certificate of Incorporation or Bylaws, in furtherance and not in limitation of the powers conferred by statute, the Board is expressly authorized to make, repeal, alter, amend and rescind any or all of the Bylaws of the Corporation. 

SIXTH: Subject to any additional vote required by the Certificate of Incorporation, the number of directors of the Corporation shall be
determined in the manner set forth in the Bylaws of the Corporation. 
 SEVENTH: Elections of directors need not be by written ballot
unless the Bylaws of the Corporation shall so provide. 
 EIGHTH: Meetings of stockholders may be held within or without the State of
Delaware, as the Bylaws of the Corporation may provide. The books of the Corporation may be kept outside the State of Delaware at such place or places as may be designated from time to time by the Board or in the Bylaws of the Corporation. 

NINTH: To the fullest extent permitted by law, a director of the Corporation shall not be personally liable to the Corporation or its
stockholders for monetary damages for breach of fiduciary duty as a director. If the General Corporation Law or any other law of the State of Delaware is amended after approval by the stockholders of this Article Ninth to authorize corporate action
further eliminating or limiting the personal liability of directors, then the liability of a director of the Corporation shall be eliminated or limited to the fullest extent permitted by the General Corporation Law as so amended. 

Any repeal or modification of the foregoing provisions of this Article Ninth by the stockholders of the Corporation shall not adversely affect
any right or protection of a director of the Corporation existing at the time of, or increase the liability of any director of the Corporation with respect to any acts or omissions of such director occurring prior to, such repeal or modification.

  
 21 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 TENTH: To the fullest extent permitted by applicable law, the Corporation is authorized to
provide indemnification of (and advancement of expenses to) directors, officers and agents of the Corporation (and any other persons to which General Corporation Law permits the Corporation to provide indemnification) through Bylaw provisions,
agreements with such agents or other persons, vote of stockholders or disinterested directors or otherwise, in excess of the indemnification and advancement otherwise permitted by Section 145 of the General Corporation Law.

 Any amendment, repeal or modification of the foregoing provisions of this Article Tenth shall not adversely affect any right or
protection of any director, officer or other agent of the Corporation existing at the time of such amendment, repeal or modification. 

ELEVENTH: For purposes of Section 500 of the California Corporations Code (to the extent applicable), in connection with any
repurchase of shares of Common Stock permitted under this Certificate of Incorporation from employees, officers, directors or consultants of the Corporation in connection with a termination of employment or services pursuant to agreements or
arrangements approved by the Board (in addition to any other consent required under this Certificate of Incorporation), such repurchase may be made without regard to any “preferential dividends arrears amount” or “preferential rights
amount” (as those terms are defined in Section 500 of the California Corporations Code). Accordingly, for purposes of making any calculation under California Corporations Code Section 500 in connection with such repurchase, the
amount of any “preferential dividends arrears amount” or “preferential rights amount” (as those terms are defined therein) shall be deemed to be zero (0). 

*    *    * 

3.    That the foregoing amendment and restatement was approved by the holders of the requisite number of shares of
this corporation in accordance with Section 228 of the General Corporation Law. 
 4.    That this Amended
and Restated Certificate of Incorporation, which restates and integrates and further amends the provisions of this Corporation’s Certificate of Incorporation, has been duly adopted in accordance with Sections 242 and 245 of the General
Corporation Law. 

  
 22 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 IN WITNESS WHEREOF, this Amended and Restated Certificate of Incorporation has been
executed by a duly authorized officer of this corporation on this 6th day of January, 2017. 
  

			
	 By:
	 	  

	 Name:
	 	Jeremy Levin
	 Title:
	 	Chief Executive Officer

  
 23 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 EXHIBIT B 

FORM OF SECOND AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

Privileged and Confidential 

SECOND AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
	 1.
	 	 Definitions
	  	 	1	 
			
	 2.
	 	 Registration Rights
	  	 	5	 
		 	 2.1
	  	 Demand Registration
	  	 	5	 
		 	 2.2
	  	 Company Registration
	  	 	7	 
		 	 2.3
	  	 Underwriting Requirements
	  	 	7	 
		 	 2.4
	  	 Obligations of the Company
	  	 	9	 
		 	 2.5
	  	 Furnish Information
	  	 	10	 
		 	 2.6
	  	 Expenses of Registration
	  	 	10	 
		 	 2.7
	  	 Delay of Registration
	  	 	11	 
		 	 2.8
	  	 Indemnification
	  	 	11	 
		 	 2.9
	  	 Reports Under Exchange Act
	  	 	13	 
		 	 2.10
	  	 Limitations on Subsequent Registration Rights
	  	 	14	 
		 	 2.11
	  	 “Market Stand-off” Agreement
	  	 	14	 
		 	 2.12
	  	 Restrictions on Transfer
	  	 	14	 
		 	 2.13
	  	 Termination of Registration Rights
	  	 	16	 
			
	 3.
	 	 Information Rights
	  	 	16	 
		 	 3.1
	  	 Delivery of Financial Statements
	  	 	16	 
		 	 3.2
	  	 Inspection
	  	 	17	 
		 	 3.3
	  	 Termination of Information
	  	 	17	 
		 	 3.4
	  	 Confidentiality
	  	 	18	 
		 	 3.5
	  	 Publicity
	  	 	18	 
			
	 4.
	 	 Rights to Future Stock Issuances
	  	 	19	 
		 	 4.1
	  	 Right of First Offer
	  	 	19	 
		 	 4.2
	  	 Termination
	  	 	20	 
			
	 5.
	 	 Additional Covenants
	  	 	20	 
		 	 5.1
	  	 Employee Agreements
	  	 	20	 
		 	 5.2
	  	 Board Matters
	  	 	20	 
		 	 5.3
	  	 Successor Indemnification
	  	 	20	 
		 	 5.4
	  	 Termination of Covenants
	  	 	21	 
			
	 6.
	 	 Miscellaneous
	  	 	21	 
		 	 6.1
	  	 Successors and Assigns
	  	 	21	 
		 	 6.2
	  	 Governing Law
	  	 	21	 
		 	 6.3
	  	 Counterparts
	  	 	21	 
		 	 6.4
	  	 Titles and Subtitles
	  	 	21	 

  
 i 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

							
	 6.5
	 	 Notices
	  	 	22	 
	 6.6
	 	 Amendments and Waivers
	  	 	22	 
	 6.7
	 	 Severability
	  	 	23	 
	 6.8
	 	 Aggregation of Stock
	  	 	23	 
	 6.9
	 	 Additional Investors
	  	 	23	 
	 6.10
	 	 Entire Agreement
	  	 	23	 
	 6.11
	 	 Dispute Resolution
	  	 	23	 
	 6.12
	 	 Delays or Omissions
	  	 	24	 
	 6.13
	 	 Massachusetts Business Trust
	  	 	24	 

  

					
	 Schedule A
	 	-	  	 Schedule of Investors

	 Schedule B
	 	-	  	 Schedule of Key Holders

  
 ii 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 SECOND AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT 

THIS SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”), is made as of the 6th day of January,
2017, by and among Ovid Therapeutics Inc., a Delaware corporation (the “Company”), each of the investors listed on Schedule A hereto, each of which is referred to in this Agreement as an “Investor,” and each
of the stockholders listed on Schedule B hereto, each of whom is referred to herein as a “Key Holder.” 

RECITALS 

WHEREAS, certain of the Investors (the “Existing Investors”) hold shares of Common Stock (as defined below), the
Company’s Series A Preferred Stock (or shares of Common Stock issued upon conversion thereof) and/or the Company’s Series B Preferred Stock (or shares of Common Stock issued upon conversion thereof) and possess registration rights,
information rights, rights of first offer, and other rights pursuant to an Amended and Restated Investors’ Rights Agreement dated as of August 10, 2015 between the Company and such Investors (the “Prior Agreement”); 

WHEREAS, the Existing Investors are holders of a majority of the Registrable Securities of the Company (as defined in the Prior
Agreement), and desire to amend and restate the Prior Agreement in its entirety and to accept the rights created pursuant to this Agreement in lieu of the rights granted to them under the Prior Agreement; and 

WHEREAS, one of the Investors is a party to that certain Series B-1 Preferred Stock Purchase
Agreement of even date herewith between the Company and one of the Investor (the “Purchase Agreement”), under which certain of the Company’s and such Investor’s obligations are conditioned upon the execution and delivery
of this Agreement by such Investor, Existing Investors holding a majority of the Registrable Securities, and the Company. 
 NOW,
THEREFORE, the Existing Investors hereby agree that the Prior Agreement shall be amended and restated in its entirety by this Agreement, and the parties to this Agreement further agree as follows: 

1.    Definitions. For purposes of this Agreement: 

1.1    “Affiliate” means, with respect to any specified Person, any other Person who, directly or
indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with such Person, including without limitation any parent, subsidiary, affiliate of parent, general partner, managing member, officer or director
of such Person or any venture capital or other investment fund now or hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management company or investment advisor (or sub-advisor) with, such Person. 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 1.2    “Board” means the board of directors
of the Company. 
 1.3    “Common Stock” means shares of the Company’s common
stock, par value $0.001 per share. 
 1.4    “Competitor” means a Person that, in the
reasonable determination of the Board, is engaged, directly or indirectly (including through any partnership, limited liability company, corporation, joint venture or similar arrangement (whether now existing or formed hereafter)), in a
business which competes with that of the Company, but shall not include any financial investment firm or collective investment vehicle that, together with its Affiliates, holds less than twenty percent (20%) of the outstanding equity of any
Competitor and does not, nor do any of its Affiliates, have a right to designate any members of the board of directors of any Competitor; provided, however, that (a) Genzyme Corporation (or any of its Affiliates to which it may
transfer, or has transferred, all of its Preferred Stock) shall not be deemed a “Competitor” under Sections 3.1 and 4.1 of this Agreement and (b) Takeda (or any of its Affiliates to which it may transfer, or has
transferred, all of its Preferred Stock) shall not be deemed a “Competitor” under Sections 3.1 and 4.1 of this Agreement. 

1.5    “Damages” means any loss, damage, claim or liability (joint or several) to which a
party hereto may become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of or is based upon: (i) any untrue
statement or alleged untrue statement of a material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; (ii) an
omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying party (or any of its
agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law. 

1.6    “Derivative Securities” means any securities or rights convertible into, or
exercisable or exchangeable for (in each case, directly or indirectly), Common Stock, including options and warrants. 

1.7    “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules
and regulations promulgated thereunder. 
 1.8    “Excluded Registration” means
(i) a registration relating to the sale of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, or similar plan, (ii) a registration relating to an SEC Rule 145 transaction, (iii) a
registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities, or (iv) a registration in which the only Common
Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered. 

  
 2 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 1.9    “FOIA Party” means a Person that, in
the reasonable determination of the Board, may be subject to, and thereby required to disclose non-public information furnished by or relating to the Company under, the Freedom of Information Act, 5 U.S.C. 552
(“FOIA”), any state public records access law, any state or other jurisdiction’s laws similar in intent or effect to FOIA, or any other similar statutory or regulatory requirement. 

1.10    “Form S-1” means such form under
the Securities Act as in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC. 

1.11    “Form S-3” means such form under
the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently adopted by the SEC that permits incorporation of substantial information by reference to other documents filed by the Company with the
SEC. 
 1.12    “GAAP” means generally accepted accounting principles in the United
States. 
 1.13    “Holder” means any holder of Registrable Securities who is a party to
this Agreement. 
 1.14    “Immediate Family Member” means a child, stepchild,
grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or
sister-in-law, including, adoptive relationships, of a natural person referred to herein. 

1.15    “Initiating Holders” means, collectively, Holders who properly initiate a
registration request under this Agreement. 
 1.16    “IPO” means the Company’s
first underwritten public offering of its Common Stock under the Securities Act. 
 1.17    “Key
Employee” means any executive-level employee (including, division director and vice president-level positions) as well as any employee who, either alone or in concert with others, develops, invents, programs, or designs any Company
Intellectual Property (as defined in the Purchase Agreement). 
 1.18    “Key Holder Registrable
Securities” means (i) the shares of Common Stock held by the Key Holders, and (ii) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or
other distribution with respect to, or in exchange for or in replacement of such shares. 

  
 3 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 1.19    “Major Purchaser” means each of
(i) Fidelity Management and Research Company or its Affiliates and successors, (ii) Putnam Investment Management, LLC or its Affiliates and successors, (iii) Jennison Global Healthcare Master Fund, Ltd. or its Affiliates and
successors and (iv) any Investor that that receives, directly or indirectly, investment management or investment advisory services from T. Rowe Price Associates, Inc. (or its Affiliates and successors) with respect to its ownership interest in
the Company (such Investor, a “T. Rowe Price Investor”). 
 1.20    “New
Securities” means, collectively, equity securities of the Company, whether or not currently authorized, as well as rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may
become, convertible or exchangeable into or exercisable for such equity securities. 

1.21    “Person” means any individual, corporation, partnership, trust, limited liability
company, association or other entity. 
 1.22    “Preferred Stock” means all shares of
the Company’s Series A Preferred Stock, Series B Preferred Stock and Series B-1 Preferred Stock. 

1.23    “Registrable Securities” means: (i) the Common Stock issuable or issued upon
conversion of the Preferred Stock; (ii) any Common Stock, or any Common Stock issued or issuable (directly or indirectly) upon conversion and/or exercise of any other securities of the Company,
acquired by the Investors after the date hereof; (iii) the Key Holder Registrable Securities, provided, however, that such Key Holder Registrable Securities shall not be deemed Registrable Securities and the Key Holders
shall not be deemed Holders for the purposes of Subsections 3.1, 3.2, 4.1 and 6.6; (iv) the Common Stock issued to H. Lundbeck A/S (“Lundbeck”) pursuant to that certain Stock Purchase Agreement
dated as of March 25, 2015 by and between the Company and Lundbeck; and (v) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution
with respect to, or in exchange for or in replacement of, the shares referenced in clauses (i) and (ii) above; excluding in all cases, however, any Registrable Securities sold by a Person in a transaction in which the applicable rights
under this Agreement are not assigned pursuant to Subsection 6.1, and excluding for purposes of Section 2 any shares for which registration rights have terminated pursuant to Subsection 2.13 of this Agreement.

 1.24    “Registrable Securities then outstanding” means the number of shares
determined by adding the number of shares of outstanding Common Stock that are Registrable Securities and the number of shares of Common Stock issuable (directly or indirectly) pursuant to then exercisable and/or convertible securities that
are Registrable Securities. 
 1.25    “Restricted Securities” means the securities of
the Company required to be notated with the legend set forth in Subsection 2.12(b) hereof. 

1.26    “SEC” means the Securities and Exchange Commission. 

  
 4 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 1.27    “SEC Rule 144” means Rule 144
promulgated by the SEC under the Securities Act. 
 1.28    “SEC Rule 145” means Rule
145 promulgated by the SEC under the Securities Act. 
 1.29    “Securities Act” means
the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

1.30    “Selling Expenses” means all underwriting discounts, selling commissions, and
stock transfer taxes applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as provided in
Subsection 2.6. 
 1.31    “Series A Director” means the director
of the Company that the holders of record of the Series A Preferred Stock are entitled to elect pursuant to the Company’s Certificate of Incorporation. 

1.32    “Series A Preferred Stock” means shares of the Company’s Series A Preferred
Stock, par value $0.001 per share. 
 1.33    “Series B Director” means the
director of the Company that the holders of record of the Series B Preferred Stock are entitled to elect pursuant to the Company’s Certificate of Incorporation. 

1.34    “Series B Preferred Stock” means shares of the Company’s Series B Preferred
Stock, par value $0.001 per share. 
 1.35    “Series B-1
Preferred Stock” means shares of the Company’s Series B-1 Preferred Stock, par value $0.001 per share. 

1.36    “Takeda” means Takeda Pharmaceutical Company Limited, a company incorporated under
the laws of Japan. 
 2.    Registration Rights. The Company covenants and agrees as follows: 

2.1    Demand Registration. 

(a)    Form S-1 Demand. If at any time after the earlier of (i) three
(3) years after the date of this Agreement or (ii) one hundred eighty (180) days after the effective date of the registration statement for the IPO, the Company receives a request from Holders of seventy-five percent (75%) of the
Registrable Securities then outstanding that the Company file a Form S-1 with respect to the Registrable Securities then outstanding, if the anticipated aggregate offering price would be at least twenty-five
million dollars ($25,000,000) and the per share price of the Registrable Securities is at least twelve dollars and forty-six cents ($12.46) per share (as adjusted for any stock split, stock dividend,
combination, or other recapitalization or 

  
 5 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
reclassification effected after the date hereof), then the Company shall (x) within ten (10) days after the date such request is given, give notice thereof (the “Demand
Notice”) to all Holders other than the Initiating Holders; and (y) as soon as practicable, and in any event within sixty (60) days after the date such request is given by the Initiating Holders, file a Form S-1 covering all Registrable Securities that the Initiating Holders requested to be registered and any additional Registrable Securities requested to be included in such registration by any other Holders, as
specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(c) and 2.3. 

(b)    Form S-3 Demand. If at any time when it is eligible to use a Form S-3, the Company receives a request from Holders of at least twenty-five percent (25%) of the Registrable Securities then outstanding that the Company file a Form S-3
registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering price of at least twenty-five million dollars ($25,000,000), then the Company shall (i) within ten (10) days
after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within forty-five (45) days after the date such request is given by the
Initiating Holders, file a Form S-3 covering all Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company
within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(c) and 2.3. 

(c)    Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant
to this Subsection 2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Board it would be materially detrimental to the Company and its stockholders for such registration
statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would (i) materially interfere with a significant acquisition, corporate
reorganization, or other similar transaction involving the Company, (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential, or (iii) render the Company
unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing, and any such time periods with respect to filings or effectiveness thereof shall
be tolled correspondingly, for a period of not more than sixty (60) days after the request of the Initiating Holders is given; provided, however, that the Company may not invoke this right more than twice in any twelve
(12) month period; and provided further that the Company shall not register any securities for its own account or that of any other stockholder during such sixty (60) day period other than an Excluded Registration. 

(d)    The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to
Subsection 2.1(a) (i) during the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is one hundred eighty (180) days after the effective date of, a
Company-initiated registration, 

  
 6 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; (ii) after the Company has
effected one (1) registration pursuant to Subsection 2.1(a); or (iii) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form
S-3 pursuant to a request made pursuant to Subsection 2.1(b). The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection
2.1(b) (i) during the period that is thirty (30) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is ninety (90) days after the effective date of, a Company-initiated
registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; or (ii) if the Company has effected two (2) registrations pursuant to
Subsection 2.1(b) within the twelve (12) month period immediately preceding the date of such request. A registration shall not be counted as “effected” for purposes of this Subsection 2.1(d) until such time as the
applicable registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such registration, elect not to pay the registration expenses therefor, and forfeit their right to one demand
registration statement pursuant to Subsection 2.6, in which case such withdrawn registration statement shall be counted as “effected” for purposes of this Subsection 2.1(d). 

2.2    Company Registration. If the Company proposes to register (including, for this purpose, a registration
effected by the Company for stockholders other than the Holders) any of its Common Stock under the Securities Act in connection with the public offering of such securities solely for cash (other than in an Excluded Registration), the Company shall,
at such time, promptly give each Holder notice of such registration. Upon the request of each Holder given within twenty (20) days after such notice is given by the Company, the Company shall, subject to the provisions of Subsection 2.3,
cause to be registered all of the Registrable Securities that each such Holder has requested to be included in such registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this Subsection
2.2 before the effective date of such registration, whether or not any Holder has elected to include Registrable Securities in such registration. The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by the
Company in accordance with Subsection 2.6. 
 2.3    Underwriting Requirements. 

(a)    If, pursuant to Subsection 2.1, the Initiating Holders intend to distribute the Registrable
Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Subsection 2.1, and the Company shall include such information in the Demand Notice. The
underwriter(s) will be selected by the Company and shall be reasonably acceptable to a majority in interest of the Initiating Holders. In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration
shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities
through such underwriting shall (together with the Company as provided in Subsection 2.4(e)) enter into an underwriting agreement in customary form with the underwriter(s) selected for such 

  
 7 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
underwriting. Notwithstanding any other provision of this Subsection 2.3, if the managing underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a
limitation on the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that otherwise would be underwritten pursuant hereto, and the number of Registrable Securities that may be
included in the underwriting shall be allocated among such Holders of Registrable Securities, including the Initiating Holders, in proportion (as nearly as practicable) to the number of Registrable Securities owned by each Holder or in such other
proportion as shall mutually be agreed to by all such selling Holders; provided, however, that the number of Registrable Securities held by the Holders to be included in such underwriting shall not be reduced unless all other
securities are first entirely excluded from the underwriting. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one
hundred (100) shares. 
 (b)    In connection with any offering involving an underwriting of shares of the
Company’s capital stock pursuant to Subsection 2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as agreed upon
between the Company and its underwriters, and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total number of securities, including Registrable
Securities, requested by stockholders to be included in such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the success of the
offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the success
of the offering. If the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated among
the selling Holders in proportion (as nearly as practicable to) the number of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to by all such selling Holders. To facilitate the allocation
of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. Notwithstanding the foregoing, in no event shall (i) the
number of Registrable Securities included in the offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from the offering, or (ii) the number of Registrable Securities
included in the offering be reduced below thirty percent (30%) of the total number of securities included in such offering, unless such offering is the IPO, in which case the selling Holders may be excluded further if the underwriters make the
determination described above and no other stockholder’s securities are included in such offering. For purposes of the provision in this Subsection 2.3(b) concerning apportionment, for any selling Holder that is a partnership, limited
liability company, or corporation, the partners, members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired partners, members, and retired
members and any trusts for the benefit of any of the foregoing Persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate number of
Registrable Securities owned by all Persons included in such “selling Holder,” as defined in this sentence. 

  
 8 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 2.4    Obligations of the Company. Whenever required under this
Section 2 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

(a)    prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its
commercially reasonable efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period
of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that (i) such one hundred twenty (120) day period shall be
extended for a period of time equal to the period the Holder refrains, at the request of an underwriter of Common Stock (or other securities) of the Company, from selling any securities included in such registration, and (ii) in the case of any
registration of Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such one hundred twenty (120) day
period shall be extended for up to one hundred eighty (180) days, if necessary, to keep the registration statement effective until all such Registrable Securities are sold; 

(b)    prepare and file with the SEC such amendments and supplements to such registration statement, and the prospectus
used in connection with such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by such registration statement; 

(c)    furnish to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus, as
required by the Securities Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities; 

(d)    use its commercially reasonable efforts to register and qualify the securities covered by such registration
statement under such other securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided that the Company shall not be required to qualify to do
business or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; 

(e)    in the event of any underwritten public offering, enter into and perform its obligations under an underwriting
agreement, in usual and customary form, with the underwriter(s) of such offering; 
 (f)    use its commercially
reasonable efforts to cause all such Registrable Securities covered by such registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities
issued by the Company are then listed; 

  
 9 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (g)    provide a transfer agent and registrar for all Registrable Securities
registered pursuant to this Agreement and provide a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration; 

(h)    promptly make available for inspection by the selling Holders, any managing underwriter(s) participating in any
disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders, all financial and other records, pertinent corporate documents, and properties of
the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or
advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith; 

(i)    notify each selling Holder, promptly after the Company receives notice thereof, of the time when such registration
statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and 

(j)    after such registration statement becomes effective, notify each selling Holder of any request by the SEC that the
Company amend or supplement such registration statement or prospectus. 
 In addition, the Company shall ensure that, at all times after any
registration statement covering a public offering of securities of the Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Company’s directors may implement a trading program under
Rule 10b5-1 of the Exchange Act. 
 2.5    Furnish Information. It shall
be a condition precedent to the obligations of the Company to take any action pursuant to this Section 2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such
information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration of such Holder’s Registrable Securities. 

2.6    Expenses of Registration. All expenses (other than Selling Expenses) incurred in connection with
registrations, filings, or qualifications pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for the Company; and the
reasonable fees and disbursements, not to exceed twenty-five thousand dollars ($25,000), of one counsel for the selling Holders (“Selling Holder Counsel”), shall be borne and paid by the Company; provided,
however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Subsection 2.1 if the registration request is subsequently withdrawn at the request of the Holders of a majority
of the Registrable Securities to be registered (in which case all selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless the Holders of a
majority of the Registrable Securities agree to forfeit their right to one registration pursuant to Subsections  

  
 10 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
2.1(a) or 2.1(b), as the case may be. All Selling Expenses relating to Registrable Securities registered pursuant to this Section 2 shall be borne and paid
by the Holders pro rata on the basis of the number of Registrable Securities registered on their behalf. 

2.7    Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or
otherwise delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

2.8    Indemnification. If any Registrable Securities are included in a registration statement under this
Section 2: 
 (a)    To the extent permitted by law, the Company will indemnify and hold
harmless each selling Holder, and the partners, members, officers, directors, and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each
Person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person, or other aforementioned Person
any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement
contained in this Subsection 2.8(a) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall
the Company be liable for any Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling
Person, or other aforementioned Person expressly for use in connection with such registration. 
 (b)    To the extent
permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company
within the meaning of the Securities Act, legal counsel and accountants for the Company, any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such
underwriter or other Holder, against any Damages, in each case only to the extent that such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of
such selling Holder expressly for use in connection with such registration; and each such selling Holder will pay to the Company and each other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with
investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Subsection 2.8(b) shall not apply to amounts paid
in settlement of any such claim or proceeding if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; and provided further that in no event shall the aggregate amounts

  
 11 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
payable by any Holder by way of indemnity or contribution under Subsections 2.8(b) and 2.8(d) exceed the proceeds from the offering received by such Holder (net of any Selling
Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder. 
 (c)    Promptly
after receipt by an indemnified party under this Subsection 2.8 of notice of the commencement of any action (including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party
will, if a claim in respect thereof is to be made against any indemnifying party under this Subsection 2.8, give the indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate in such
action and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party to which notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided,
however, that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the
indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by
such counsel in such action. The failure to give notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under this
Subsection 2.8, to the extent that such failure materially prejudices the indemnifying party’s ability to defend such action. The failure to give notice to the indemnifying party will not relieve it of any liability that it may have to
any indemnified party otherwise than under this Subsection 2.8. 
 (d)    To provide for just and equitable
contribution to joint liability under the Securities Act in any case in which either: (i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Subsection 2.8 but it is judicially
determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding
the fact that this Subsection 2.8 provides for indemnification in such case; or (ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this Subsection
2.8, then, and in each such case, such parties will contribute to the aggregate losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the
relative fault of each of the indemnifying party and the indemnified party in connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant
equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or
alleged omission of a material fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement
or omission; provided, however, that, in any such case (x) no Holder will be required to contribute any amount in excess of the public offering price of all such 

  
 12 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
Registrable Securities offered and sold by such Holder pursuant to such registration statement, and (y) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and provided further that in no event shall a Holder’s liability pursuant to this Subsection
2.8(d), when combined with the amounts paid or payable by such Holder pursuant to Subsection 2.8(b), exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of
willful misconduct or fraud by such Holder. 
 (e)    Notwithstanding the foregoing, to the extent that the provisions
on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control.

 (f)    Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten
public offering, the obligations of the Company and Holders under this Subsection 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section 2, and otherwise shall
survive the termination of this Agreement. 
 2.9    Reports Under Exchange Act. With a view to making available
to the Holders the benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company shall: 
 (a)    make and keep available adequate current public
information, as those terms are understood and defined in SEC Rule 144, at all times after the effective date of the registration statement filed by the Company for the IPO; 

(b)    use commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents
required of the Company under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and 

(c)    furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to
the extent accurate, a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the registration statement filed by the Company for the
IPO), the Securities Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form
S-3 (at any time after the Company so qualifies); and (ii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any
such securities without registration (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form S-3 (at any time after the Company so qualifies
to use such form). 

  
 13 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 2.10    Limitations on Subsequent Registration Rights. From and after
the date of this Agreement, the Company shall not, without the prior written consent of the Holders of a majority of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the
Company that would provide to such holder the right to include securities in any registration on other than on a subordinate basis after all Holders have had the opportunity to include in the registration and offering all shares of Registrable
Securities that they wish to so include; provided that this limitation shall not apply to any additional Investor who becomes a party to this Agreement in accordance with Subsection 6.9. 

2.11    “Market Stand-off”
Agreement. Each Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the registration by the Company of shares of its
Common Stock or any other equity securities under the Securities Act on a registration statement on Form S-1 or Form S-3, and ending on the date specified by the
Company and the managing underwriter (such period not to exceed one hundred eighty (180) days in the case of the IPO, or ninety (90) days in the case of any registration other than the IPO), (i) lend; offer; pledge; sell; contract to sell;
sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible
into or exercisable or exchangeable (directly or indirectly) for Common Stock (whether such shares or any such securities are then owned by the Holder or are thereafter acquired) or (ii) enter into any swap or other arrangement that
transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in
cash, or otherwise. The foregoing provisions of this Subsection 2.11 shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, or the transfer of any shares to any trust for the direct or
indirect benefit of the Holder or the immediate family of the Holder, provided that the trustee of the trust agrees to be bound in writing by the restrictions set forth herein, and provided further that any such transfer shall
not involve a disposition for value, and shall be applicable to the Holders only if all officers, directors and stockholders individually owning more than five percent (5%) of the Company’s outstanding Common Stock (after giving effect to
conversion into Common Stock of all outstanding Preferred Stock) are subject to the same restrictions. The underwriters in connection with such registration are intended third-party beneficiaries of this
Subsection 2.11 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in
connection with such registration that are consistent with this Subsection 2.11 or that are necessary to give further effect thereto. 

2.12    Restrictions on Transfer. 

(a)    The Preferred Stock and the Registrable Securities shall not be sold, pledged, or otherwise transferred, and the
Company shall not recognize and shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, 

  
 14 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
except upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with the provisions of the Securities Act. A transferring Holder will cause any proposed
purchaser, pledgee, or transferee of the Preferred Stock and the Registrable Securities held by such Holder to agree to take and hold such securities subject to the provisions and upon the conditions specified in this Agreement. 

(b)    Each certificate, instrument, or book entry representing (i) the Preferred Stock, (ii) the Registrable
Securities, and (iii) any other securities issued in respect of the securities referenced in clauses (i) and (ii), upon any stock split, stock dividend, recapitalization, merger, consolidation, or similar event, shall (unless otherwise
permitted by the provisions of Subsection 2.12(c)) be notated with a legend substantially in the following form: 
 THE SHARES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT
AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER,
A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 
 The Holders consent to the Company making a notation in its records and
giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this Subsection 2.12. 

(c)    The holder of such Restricted Securities, by acceptance of ownership thereof, agrees to comply in all respects
with the provisions of this Section 2. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed
transaction, the Holder thereof shall give notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer. Each such notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer in
sufficient detail and, if reasonably requested by the Company, shall be accompanied at such Holder’s expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the
Company, addressed to the Company, to the effect that the proposed transaction may be effected without registration under the Securities Act, (ii) a “no action” letter from the SEC to the effect that the proposed sale, pledge, or
transfer of such Restricted Securities without registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto, or (iii) any other evidence reasonably satisfactory to counsel to the Company to
the effect that the proposed 

  
 15 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
sale, pledge, or transfer of the Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell,
pledge, or transfer such Restricted Securities in accordance with the terms of the notice given by the Holder to the Company. Notwithstanding the foregoing, the Company will not require such a legal opinion or “no action” letter
(x) in any transaction in compliance with SEC Rule 144 or (y) in any transaction in which such Holder distributes Restricted Securities to an Affiliate of such Holder for no consideration; provided that each transferee agrees in
writing to be subject to the terms of this Subsection 2.12. Each certificate, instrument, or book entry representing the Restricted Securities transferred as above provided shall be notated with, except if such transfer is made pursuant to
SEC Rule 144, the appropriate restrictive legend set forth in Subsection 2.12(b), except that such certificate, instrument, or book entry shall not be notated with such restrictive legend if, in the opinion of counsel for such Holder and the
Company, such legend is not required in order to establish compliance with any provisions of the Securities Act. The Company agrees that at such time as any legend set forth in Subsection 2.12(b) is no longer required, the Company will, no
later than five (5) business days following the delivery by a Holder to the Company of a certificate, instrument, or book entry representing Preferred Stock or Registrable Securities issued with such legend, deliver or cause to be delivered to
such Holder a certificate, instrument, or book entry position representing such Preferred Stock or Registrable Securities that is free from such legend. 

2.13    Termination of Registration Rights. The right of any Holder to request registration or inclusion of
Registrable Securities in any registration pursuant to Subsections 2.1 or 2.2 shall terminate upon the earliest to occur of: 

(a)    the closing of a Deemed Liquidation Event, as such term is defined in the Company’s Certificate of
Incorporation; 
 (b)    such time as Rule 144 or another similar exemption under the Securities Act is available for
the sale of all of such Holder’s shares without limitation during a three-month period without registration; and 

(c)    the fifth (5th) anniversary of the IPO. 

3.    Information Rights. 

3.1    Delivery of Financial Statements. The Company shall deliver to each Investor, provided that the
Board has reasonably determined that such Investor is not a Competitor of the Company: 
 (a)    as soon as
practicable, but in any event not later than one hundred eighty (180) days after the end of each fiscal year of the Company (i) a balance sheet as of the end of such year, (ii) statements of income and of cash flows for such year, and
(iii) a statement of stockholders’ equity as of the end of such year, all such financial statements audited and certified by independent public accountants of nationally recognized standing selected by the Company; 

  
 16 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (b)    as soon as practicable, but in any event not later than forty-five (45) days after the end of each of the first three (3) quarters of each fiscal year of the Company, unaudited statements of income and cash flows for such fiscal quarter, and an unaudited
balance sheet and a statement of stockholders’ equity as of the end of such fiscal quarter, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal
year-end audit adjustments; and (ii) not contain all notes thereto that may be required in accordance with GAAP); and 

(c)    as soon as practicable, but in any event not later than thirty (30) days after the beginning of each fiscal
year, a budget for such fiscal year, prepared to reflect a monthly basis, including balance sheets, income statements, and statements of cash flow for such months and, promptly after prepared, any other budgets or revised budgets prepared by the
Company. 
 If, for any fiscal year end, the Company has any subsidiary whose accounts are consolidated with those of the Company, then in
respect of such period the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the Company and all such consolidated subsidiaries. 

Notwithstanding anything else in this Subsection 3.1 to the contrary, the Company may cease providing the information set forth in this
Subsection 3.1 during the period starting with the date sixty (60) days before the Company’s good-faith estimate of the date of filing of a registration statement if it reasonably concludes it must do so to comply with the SEC rules
applicable to such registration statement and related offering; provided that the Company’s covenants under this Subsection 3.1 shall be reinstated at such time as the Company is no longer actively employing its commercially
reasonable efforts to cause such registration statement to become effective. 
 3.2    Inspection. The Company
shall permit each Investor (provided that the Board has reasonably determined that such Investor is not a Competitor of the Company), at such Investor’s expense, to visit and inspect the Company’s properties; examine its books of
account and records; and discuss the Company’s affairs, finances, and accounts with its officers, during normal business hours of the Company as may be reasonably requested by such Investor; provided, however, that the Company
shall not be obligated pursuant to this Subsection 3.2 to provide access to any information that it reasonably and in good faith considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality
agreement, in form acceptable to the Company) or the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel. 

3.3    Termination of Information.The covenants set forth in Subsections 3.1 and 3.2 shall terminate and be of no
further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or
(iii) upon a Deemed Liquidation Event for cash or publicly traded securities, as such term is defined in the Company’s Certificate of Incorporation, whichever event occurs first. 

  
 17 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 3.4    Confidentiality. Each Investor agrees that such Investor will
keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this Agreement (including notice of the
Company’s intention to file a registration statement), unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Subsection 3.4 by such Investor), (b) is
or has been independently developed or conceived by the Investor without use of the Company’s confidential information, or (c) is or has been made known or disclosed to the Investor by a third party without a breach of any obligation of
confidentiality such third party may have to the Company; provided, however, that an Investor may disclose confidential information (i) to its attorneys, accountants, consultants, investment advisors (and sub-advisors) and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company, (ii) to any prospective purchaser of any Registrable
Securities from such Investor, if such prospective purchaser agrees to be bound by the provisions of this Subsection 3.4, (iii) to any Affiliate, partner, member, stockholder, director, trustee or wholly owned subsidiary of such
Investor in the ordinary course of business, provided that such Investor informs such Person that such information is confidential and directs such Person to maintain the confidentiality of such information, or (iv) as may otherwise be required
by law, legal process or request of a governmental or regulatory authority (including pursuant to the rules of a securities exchange), provided that the Investor promptly notifies the Company of such disclosure and takes reasonable steps to
minimize the extent of any such required disclosure. Notwithstanding the foregoing, in the case of any Investor that is (i) a registered investment company within the meaning of the Investment Company Act of 1940, as amended, or (ii) is
advised or sub-advised by a registered investment adviser under the regulations of the SEC, such Investor or such Investor’s Affiliates or investment advisor or
sub-advisor may identify only the Company and the value of such Investor’s security holdings in the Company and respond to routine examinations, demands, requests or reporting requirements of a regulator
solely with respect to such holdings (and not, for the avoidance of doubt, other confidential information with respect to the Company’s business) without prior notice to or consent from the Company and such Investor shall otherwise comply with
the confidentiality obligations set forth in this Subsection 3.4. 
 3.5    Publicity. Unless such
disclosure is required by law, regulation or valid court order, and provided that the Company provides notice of the disclosure to any Major Purchaser effected by such requirement, the Company agrees that: (a) it will not, and shall cause each
of its subsidiaries to not, without the prior written consent of such Major Purchaser, use in advertising, publicity, or otherwise the name of the Major Purchaser or any partner or employee of the Major Purchaser, or with respect to the T. Rowe
Price Investors, T. Rowe Price Associates, Inc., nor any trade name, trademark, trade device, service mark, symbol or any abbreviation, contraction or simulation thereof owned by the Major Purchaser or any of its Affiliates or with, respect to the
T. Rowe Price Investors, T. Rowe Price Associates, Inc.; and (b) it shall obtain the written consent of the Major Purchaser, prior to the Company’s or any of its subsidiaries’ issuance of any public statement detailing the purchase
pursuant to the Purchase Agreement. For the avoidance of doubt, each Major Purchaser has the sole discretion to grant its consent to any publicity covered by this Section 3.5 as applicable to such Major Purchaser and its
Affiliates. This Section 3.5 may not be amended or waived, in whole or in part, in a manner adverse to any Major Purchaser, without the prior written consent of such Major Purchaser. 

  
 18 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 4.    Rights to Future Stock Issuances. 

4.1    Right of First Offer. Subject to the terms and conditions of this Subsection 4.1 and applicable
securities laws, if the Company proposes to offer or sell any New Securities, the Company shall first offer such New Securities to each Investor. An Investor shall be entitled to apportion the right of first offer hereby granted to it in such
proportions as it deems appropriate, among itself and its Affiliates; provided that each such Affiliate (x) is not a Competitor or FOIA Party, unless such party’s purchase of New Securities is otherwise consented to by the
Board, (y) agrees to enter into this Agreement and each of the Voting Agreement and Right of First Refusal and Co-Sale Agreement of even date herewith among the Company, the Investors and the other
parties named therein, as an “Investor” under each such agreement (provided that any Competitor or FOIA Party shall not be entitled to any rights as an Investor under Subsections 3.1, 3.2 and 4.1 hereof), and
(z) agrees to purchase at least such number of New Securities as are allocable hereunder to the Investor holding the fewest number of Preferred Stock and any other Derivative Securities. 

(a)    The Company shall give notice (the “Offer Notice”) to each Investor, stating (i) its bona
fide intention to offer such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms, if any, upon which it proposes to offer such New Securities. 

(b)    By notification to the Company within twenty (20) days after the Offer Notice is given, each Investor may
elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the Common Stock then held by such Investor (including all shares of
Common Stock then issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held by such Investor) bears to the total Common Stock of the Company then
outstanding (assuming full conversion and/or exercise, as applicable, of all Preferred Stock and other Derivative Securities). 

(c)    If all New Securities referred to in the Offer Notice are not elected to be purchased or acquired as provided in
Subsection 4.1(b), the Company may, during the ninety (90) day period following the expiration of the periods provided in Subsection 4.1(b), offer and sell the remaining unsubscribed portion of such New Securities to any Person or
Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for the sale of the New Securities within such period, or if such agreement
is not consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to the Investors in accordance with this
Subsection 4.1. 

  
 19 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (d)    The right of first offer in this Subsection 4.1 shall not be
applicable to (i) Exempted Securities (as defined in the Company’s Certificate of Incorporation) and (ii) shares of Common Stock issued in the IPO. 

(e)    Notwithstanding any provision hereof to the contrary, in lieu of complying with the provisions of this
Subsection 4.1, the Company may elect to give notice to the Investors within thirty (30) days after the issuance of New Securities. Such notice shall describe the type, price, and terms of the New Securities. Each Investor shall have
twenty (20) days from the date notice is given to elect to purchase up to the number of New Securities that would, if purchased by such Investor, maintain such Investor’s percentage-ownership position, calculated as set forth in
Subsection 4.1(b) before giving effect to the issuance of such New Securities. The closing of such sale shall occur within sixty (60) days of the date notice is given to the Investors. 

4.2    Termination. The covenants set forth in Subsection 4.1 shall terminate and be of no further force or
effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon a Deemed Liquidation Event, as
such term is defined in the Company’s Certificate of Incorporation, whichever event occurs first. 

5.    Additional Covenants. 

5.1    Employee Agreements. The Company will cause each Key Holder and person now or hereafter employed by it or by
any subsidiary (or engaged by the Company or any subsidiary as a consultant/independent contractor) with access to confidential information and/or trade secrets to enter into a nondisclosure and proprietary rights assignment agreement. In addition,
the Company shall not amend, modify, terminate, waive, or otherwise alter, in whole or in part, any of the above-referenced agreements or any restricted stock agreement between the Company and any employee, without the consent of the Series A
Director and the Series B Director. 
 5.2    Board Matters. Unless otherwise determined by the vote of a
majority of the directors then in office, the Board shall meet at least quarterly in accordance with an agreed-upon schedule. The Company shall reimburse the directors for all reasonable out-of-pocket travel expenses incurred (consistent with the Company’s travel policy) in connection with attending meetings of the Board. 

5.3    Successor Indemnification. If the Company or any of its successors or assignees consolidates with or merges
into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and assignees of the Company assume the
obligations of the Company with respect to indemnification of members of the Board as in effect immediately before such transaction, whether such obligations are contained in the Company’s Bylaws, its Certificate of Incorporation, or elsewhere,
as the case may be. 

  
 20 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 5.4    Termination of Covenants. The covenants set forth in this
Section 5 shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section
12(g) or 15(d) of the Exchange Act, or (iii) upon a Deemed Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation, whichever event occurs first. 

6.    Miscellaneous. 

6.1    Successors and Assigns. The rights under this Agreement may be assigned (but only with all related
obligations) by a Holder to a transferee of Registrable Securities that (i) is an Affiliate of a Holder, (ii) is a Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such Holder’s
Immediate Family Members, or (iii) after such transfer, holds at least 100,000 shares of Registrable Securities (subject to appropriate adjustment for stock splits, stock dividends, combinations, and other recapitalizations); provided,
however, that (x) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to which such rights are being
transferred and (y) such transferee agrees in a written instrument delivered to the Company to be bound by and subject to the terms and conditions of this Agreement, including the provisions of Subsection 2.11. For the purposes of
determining the number of shares of Registrable Securities held by a transferee, the holdings of a transferee (1) that is an Affiliate or stockholder of a Holder, (2) who is a Holder’s Immediate Family Member, or (3) that is a
trust for the benefit of an individual Holder or such Holder’s Immediate Family Member shall be aggregated together and with those of the transferring Holder; provided further that all transferees who would not qualify
individually for assignment of rights shall have a single attorney-in-fact for the purpose of exercising any rights, receiving notices, or taking any action under this
Agreement. The terms and conditions of this Agreement inure to the benefit of and are binding upon the respective successors and permitted assignees of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party
other than the parties hereto or their respective successors and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein. 

6.2    Governing Law. This Agreement shall be governed by the internal law of the State of New York. 

6.3    Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000,
e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

6.4    Titles and Subtitles. The titles and subtitles used in this Agreement are for convenience only and are not
to be considered in construing or interpreting this Agreement. 

  
 21 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 6.5    Notices. All notices and other communications given or made
pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or (i) personal delivery to the party to be notified, (ii) when sent, if sent by electronic mail or facsimile during
the recipient’s normal business hours, and if not sent during normal business hours, then on the recipient’s next business day, (iii) five (5) days after having been sent by registered or certified mail, return receipt requested,
postage prepaid, or (iv) one (1) business day after the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written verification of
receipt. All communications shall be sent to the respective parties at their addresses as set forth on Schedule A or Schedule B (as applicable) hereto, or to the principal office of the Company and to the attention of the Chief
Executive Officer, in the case of the Company, or to such email address, facsimile number, or address as subsequently modified by written notice given in accordance with this Subsection 6.5. If notice is given to the Company, a copy shall
also be sent to Cooley LLP, 3175 Hanover St., Palo Alto, California 94304, Attention: Laura Berezin. 

6.6    Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this
Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company and the holders of a majority of the Registrable Securities then outstanding;
provided that the Company may in its sole discretion waive compliance with Subsection 2.12(c) (and the Company’s failure to object promptly in writing after notification of a proposed assignment allegedly in violation of
Subsection 2.12(c) shall be deemed to be a waiver); and provided further that any provision hereof may be waived by any waiving party on such party’s own behalf, without the consent of any other party; and provided
further that any amendment or waiver of Section 3, which adversely effects any Investor that is (i) a registered investment company within the meaning of the Investment Company Act of 1940, as amended, or (ii) advised by
a registered investment adviser under the regulations of the SEC, shall require the consent of such Investor. Notwithstanding anything herein to the contrary, if any Investor who is entitled to the right of first offer described in
Section 4.1 has not been offered the opportunity to participate in the Company’s offer or sale of New Securities that triggered the right of first offer (the “Triggering Event”) in accordance with the
terms and provisions of Section 4.1 (the “Non-Participating Holders”), then any amendment or waiver of Section 4.1 must also be approved by
a majority of the Registrable Securities held by the Non-Participating Holders (the “Non-Participating Holders’ Approval”); provided
further, however, no such Non-Participating Holders’ Approval shall be required under the circumstances where the Company has set aside an amount of the New Securities in the Triggering Event to be
purchased by new investors that are not affiliated with any existing Investor (the “Set Aside Amount”) and all existing Investors with rights under Section 4.1 have been offered the opportunity to
participate in accordance with the terms and provisions of Section 4.1 with respect to any New Securities less the Set Aside Amount. Notwithstanding the foregoing, this Agreement may not be amended or terminated and the
observance of any term hereof may not be waived with respect to any Investor without the written consent of such Investor, unless such amendment, termination, or waiver applies to all Investors in the same fashion (it being agreed that, so long as,
if applicable, the Non-Participating Holders’ Approval is obtained, a waiver of the provisions of Section 4 with respect to a particular transaction shall be deemed to apply to
all Investors in the same fashion if such 

  
 22 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
waiver does so by its terms, notwithstanding the fact that certain Investors may nonetheless, by agreement with the Company, purchase securities in such transaction). Further, this Agreement may
not be amended, and no provision hereof may be waived, in each case, in any way which would adversely affect the rights of the Key Holders hereunder in a manner disproportionate to any adverse effect such amendment or waiver would have on the rights
of the Investors hereunder, without also the written consent of the holders of at least a majority of the Registrable Securities held by the Key Holders. Moreover, Subsection 1.19 shall not be amended, terminated or waived without the consent
of the effected Major Purchaser. Further, no amendment specifically targeted at Takeda individually that adversely affects Takeda in any respect shall be effective unless approved in writing by Takeda. The Company shall give prompt notice of any
amendment or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, termination, or waiver. Any amendment, termination, or waiver effected in accordance with this Subsection 6.6 shall be
binding on all parties hereto, regardless of whether any such party has consented thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a
further or continuing waiver of any such term, condition, or provision. 
 6.7    Severability. In case any one
or more of the provisions contained in this Agreement is for any reason held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such
invalid, illegal, or unenforceable provision shall be reformed and construed so that it will be valid, legal and enforceable to the maximum extent permitted by law. 

6.8    Aggregation of Stock. All shares of Registrable Securities held or acquired by Affiliates shall be
aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliated persons may apportion such rights as among themselves in any manner they deem appropriate. 

6.9    Additional Investors. Notwithstanding anything to the contrary contained herein, if the Company issues
additional shares of the Company’s Preferred Stock after the date hereof, any purchaser of such shares of Preferred Stock may become a party to this Agreement by executing and delivering an additional counterpart signature page to this
Agreement, and thereafter shall be deemed an “Investor” for all purposes hereunder. No action or consent by the Investors shall be required for such joinder to this Agreement by such additional Investor, so long as such additional Investor
has agreed in writing to be bound by all of the obligations as an “Investor” hereunder. 
 6.10    Entire
Agreement. This Agreement (including any Schedules and Exhibits hereto) constitutes the full and entire understanding and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to
the subject matter hereof existing between the parties is expressly canceled. 
 6.11    Dispute Resolution. The
parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of New York and to the jurisdiction of the United States District Court for the Southern District of New York for the purpose of any

  
 23 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement
except in the state courts of New York or the United States District Court for the Southern District of New York, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or
proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that
the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court. 

WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT,
THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND
THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY
EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND
VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 
 6.12    Delays or
Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such
nonbreaching or nondefaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed
a waiver of any other breach or default theretofore or thereafter occurring. All remedies, whether under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative. 

6.13    Massachusetts Business Trust. If required by the Secretary of State of the Commonwealth of Massachusetts
(the “Secretary of State”), a copy of the Agreement and Declaration of Trust of each Investor or any affiliate thereof is on file with the Secretary of State and notice is hereby given that this Agreement is executed on behalf of
the trustees of such Investor or any affiliate thereof as trustees and not individually and that the obligations of this Agreement are not binding on any of the trustees, officers or stockholders of such Investor or any affiliate thereof
individually but are binding only upon such Investor or any affiliate thereof and its assets and property. Furthermore, notice is given that the trust property of any series of the series trust applicable to such Investor, if applicable, is separate
and distinct and that any obligations of or arising out of this Agreement are several and not joint or joint and several and are binding only on the trust property of such Investor with respect to its obligations under this Agreement. 

  
 24 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 IN WITNESS WHEREOF, the parties have executed this Second Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	THE COMPANY:
	
	OVID THERAPEUTICS INC.
		
	By:	 	  

	Name:	 	Jeremy Levin
	Title:	 	Chief Executive Officer

  
 [Signature Page to Second
Amended and Restated Investors’ Rights Agreement] 
 [*] = Certain confidential information contained in this document, marked by brackets, has been
omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 IN WITNESS WHEREOF, the parties have executed this Second Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTOR:

 
			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 [Signature Page to Second
Amended and Restated Investors’ Rights Agreement] 
 [*] = Certain confidential information contained in this document, marked by brackets, has been
omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 IN WITNESS WHEREOF, the parties have executed this Second Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	KEY HOLDER:

 
			
		
	By:	 	  

	Name:	 	

  
 [Signature Page to Second
Amended and Restated Investors’ Rights Agreement] 
 [*] = Certain confidential information contained in this document, marked by brackets, has been
omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 EXHIBIT C 

FORM OF SECOND AMENDED AND RESTATED 

RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

Privileged and Confidential 

SECOND AMENDED AND RESTATED 

RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
	 1.
	 	 Definitions
	  	 	1	 
			
	 2.
	 	 Agreement Among the Company, the Investors and the Key Holders
	  	 	3	 
		 	 2.1
	  	 Right of First Refusal
	  	 	3	 
		 	 2.2
	  	 Right of Co-Sale
	  	 	5	 
		 	 2.3
	  	 Effect of Failure to Comply
	  	 	7	 
			
	 3.
	 	 Exempt Transfers
	  	 	8	 
		 	 3.1
	  	 Exempted Transfers
	  	 	8	 
		 	 3.2
	  	 Exempted Offerings
	  	 	9	 
		 	 3.3
	  	 Prohibited Transferees
	  	 	9	 
			
	 4.
	 	 Legend
	  	 	9	 
			
	 5.
	 	 Lock-Up
	  	 	9	 
		 	 5.1
	  	 Agreement to Lock-Up
	  	 	9	 
		 	 5.2
	  	 Stop Transfer Instructions
	  	 	10	 
			
	 6.
	 	 Miscellaneous
	  	 	10	 
		 	 6.1
	  	 Term
	  	 	10	 
		 	 6.2
	  	 Stock Split
	  	 	10	 
		 	 6.3
	  	 Ownership
	  	 	10	 
		 	 6.4
	  	 Dispute Resolution
	  	 	10	 
		 	 6.5
	  	 Notices
	  	 	11	 
		 	 6.6
	  	 Entire Agreement
	  	 	11	 
		 	 6.7
	  	 Delays or Omissions
	  	 	11	 
		 	 6.8
	  	 Amendment; Waiver and Termination
	  	 	12	 
		 	 6.9
	  	 Assignment of Rights
	  	 	12	 
		 	 6.10
	  	 Severability
	  	 	13	 
		 	 6.11
	  	 Additional Investors
	  	 	13	 
		 	 6.12
	  	 Governing Law
	  	 	13	 
		 	 6.13
	  	 Titles and Subtitles
	  	 	13	 
		 	 6.14
	  	 Counterparts
	  	 	13	 
		 	 6.15
	  	 Specific Performance
	  	 	13	 
		 	 6.16
	  	 Massachusetts Business Trust
	  	 	14	 
		 		  		  			
		
	 Schedule A
	  	 - Investors
	  

	 Schedule B
	  	 - Key Holders
	  

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 SECOND AMENDED AND RESTATED 

RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT 

THIS SECOND AMENDED AND RESTATED RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT (this
“Agreement”), is made as of the 6th day of January, 2017 by and among Ovid Therapeutics Inc., a Delaware corporation (the “Company”), the Investors listed on Schedule A and the Key Holders
listed on Schedule B. 
 WHEREAS, the Company, certain of the Key Holders and certain of the Investors (the
“Prior Investors”) previously entered into an Amended and Restated Right of First Refusal and Co-Sale Agreement, dated August 10, 2015 (the “Prior Agreement”), in
connection with the purchase of shares of Series B Preferred Stock of the Company, par value $0.001 per share (“Series B Preferred Stock”); and 

WHEREAS, the Key Holders, the Prior Investors and the Company desire to induce one of the Investors to purchase shares of Series B-1 Preferred Stock of the Company, par value $0.001 per share (“Series B-1 Preferred Stock”), pursuant to the Series
B-1 Preferred Stock Purchase Agreement dated as of the date hereof by and between the Company and one of the Investors (the “Purchase Agreement”) by amending and restating the Prior Agreement
to provide the Investor with the rights and privileges as set forth herein. 
 NOW, THEREFORE, the Company, the Key Holders and the
Investors including the Prior Investors each hereby agree to amend and restate the Prior Agreement in its entirety as set forth herein, and the parties hereto further agree as follows: 

1.    Definitions. 

1.1    “Affiliate” means, with respect to any specified Person, any other Person who
directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with such Person, including, without limitation, any parent, subsidiary, affiliate of parent, general partner, managing member, officer
or director of such Person, or any venture capital or investment fund now or hereafter existing which is controlled by one or more general partners or managing members of, or shares the same management company or investment adviser (or sub-advisor) with, such Person. 
 1.2    “Board”
means the board of directors of the Company. 
 1.3    “Capital Stock” means
(a) shares of Common Stock and Preferred Stock (whether now outstanding or hereafter issued in any context), (b) shares of Common Stock issued or issuable upon conversion of Preferred Stock, and (c) shares of Common Stock issued or
issuable upon exercise or conversion, as applicable, of stock options, warrants or other convertible securities of the Company, in each case now owned or subsequently acquired by any Key Holder, any Investor, or their respective successors or
permitted transferees or assigns. For purposes of the number of shares of Capital Stock held by an Investor or Key Holder (or any other calculation based thereon), all shares of Preferred Stock shall be deemed to have been converted into Common
Stock at the then-applicable conversion ratio. 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 1.4    “Change of Control” means a
transaction or series of related transactions in which a person, or a group of related persons, acquires from stockholders of the Company shares representing more than fifty percent (50%) of the outstanding voting power of the Company. 

1.5    “Common Stock” means shares of Common Stock of the Company, $0.001 par value per
share. 
 1.6    “Company Notice” means written notice from the Company notifying the
selling Key Holders that the Company intends to exercise its Right of First Refusal as to some or all of the Transfer Stock with respect to any Proposed Key Holder Transfer. 

1.7    “Investor Notice” means written notice from an Investor notifying the Company and
the selling Key Holder that such Investor intends to exercise its Secondary Refusal Right as to a portion of the Transfer Stock with respect to any Proposed Key Holder Transfer. 

1.8    “Investors” means the persons named on Schedule A hereto,
each person to whom the rights of an Investor are assigned pursuant to Subsection 6.9, each person who hereafter becomes a signatory to this Agreement pursuant to Subsection 6.11 and any one of them, as the context may require. 

1.9    “Key Holders” means the persons named on Schedule B
hereto, each person to whom the rights of a Key Holder are assigned pursuant to Subsection 3.1, each person who hereafter becomes a signatory to this Agreement pursuant to Subsection 6.9 and any one of them, as the context may require.

 1.10    “Person” means any individual, corporation, partnership, trust, limited
liability company, association or other entity. 
 1.11    “Preferred Stock” means all
shares of Series A Preferred Stock, Series B Preferred Stock and Series B-1 Preferred Stock. 

1.12    “Proposed Key Holder Transfer” means any assignment, sale, offer to sell, pledge,
mortgage, hypothecation, encumbrance, disposition of or any other like transfer or encumbering of any Transfer Stock (or any interest therein) proposed by any of the Key Holders. 

1.13    “Proposed Transfer Notice” means written notice from a Key Holder setting forth
the terms and conditions of a Proposed Key Holder Transfer. 
 1.14    “Prospective
Transferee” means any person to whom a Key Holder proposes to make a Proposed Key Holder Transfer. 

1.15    “Restated Certificate” means the Company’s Amended and Restated Certificate
of Incorporation, as amended from time to time. 

  
 2 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 1.16    “Right of
Co-Sale” means the right, but not an obligation, of an Investor to participate in a Proposed Key Holder Transfer on the terms and conditions specified in the Proposed Transfer Notice. 

1.17    “Right of First Refusal” means the right, but not an obligation, of the Company,
or its permitted transferees or assigns, to purchase some or all of the Transfer Stock with respect to a Proposed Key Holder Transfer, on the terms and conditions specified in the Proposed Transfer Notice. 

1.18    “Secondary Notice” means written notice from the Company notifying the Investors
and the selling Key Holder that the Company does not intend to exercise its Right of First Refusal as to all shares of Transfer Stock with respect to any Proposed Key Holder Transfer. 

1.19    “Secondary Refusal Right” means the right, but not an obligation, of each Investor
to purchase up to its pro rata portion (based upon the total number of shares of Capital Stock then held by all Investors) of any Transfer Stock not purchased pursuant to the Right of First Refusal, on the terms and conditions specified in the
Proposed Transfer Notice. 
 1.20    “Series A Preferred Stock” means Series A Preferred
Stock of the Company, par value $0.001 per share. 
 1.21    “Takeda” means Takeda
Pharmaceutical Company Limited, a company incorporated under the laws of Japan. 

1.22    “Transfer Stock” means shares of Capital Stock owned by a Key Holder, or issued to
a Key Holder after the date hereof (including, without limitation, in connection with any stock split, stock dividend, recapitalization, reorganization, or the like), but does not include any shares of Preferred Stock or of Common Stock that are
issued or issuable upon conversion of Preferred Stock. 
 1.23    “Undersubscription
Notice” means written notice from an Investor notifying the Company and the selling Key Holder that such Investor intends to exercise its option to purchase all or any portion of the Transfer Stock not purchased pursuant to the Right of
First Refusal or the Secondary Refusal Right. 
 2.    Agreement Among the Company, the Investors and
the Key Holders. 
 2.1    Right of First Refusal. 

(a)    Grant. Subject to the terms of Section 3 below, each Key Holder hereby
unconditionally and irrevocably grants to the Company a Right of First Refusal to purchase all or any portion of Transfer Stock that such Key Holder may propose to transfer in a Proposed Key Holder Transfer, at the same price and on the same terms
and conditions as those offered to the Prospective Transferee. 

  
 3 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (b)    Notice. Each Key Holder proposing to make a Proposed Key
Holder Transfer must deliver a Proposed Transfer Notice to the Company and each Investor not later than forty-five (45) days prior to the consummation of such Proposed Key Holder Transfer. Such Proposed Transfer Notice shall contain the
material terms and conditions (including price and form of consideration) of the Proposed Key Holder Transfer, the identity of the Prospective Transferee and the intended date of the Proposed Key Holder Transfer. To exercise its Right of First
Refusal under this Section 2, the Company must deliver a Company Notice to the selling Key Holder within fifteen (15) days after delivery of the Proposed Transfer Notice. In the event of a conflict between this
Agreement and any other agreement that may have been entered into by a Key Holder with the Company that contains a preexisting right of first refusal, the Company and the Key Holder acknowledge and agree that the terms of this Agreement shall
control and the preexisting right of first refusal shall be deemed satisfied by compliance with Subsection 2.1(a) and this Subsection 2.1(b). In the event of a conflict between this Agreement and the Company’s Bylaws containing a
preexisting right of first refusal, the terms of the Bylaws will control and compliance with the Bylaws shall be deemed compliance with this Subsections 2.1(a) and (b) in full. 

(c)    Grant of Secondary Refusal Right to Investors. Subject to the terms of Section 3
below, each Key Holder hereby unconditionally and irrevocably grants to the Investors a Secondary Refusal Right to purchase all or any portion of the Transfer Stock not purchased by the Company pursuant to the Right of First Refusal, as provided in
this Subsection 2.1(c). If the Company does not intend to exercise its Right of First Refusal with respect to all Transfer Stock subject to a Proposed Key Holder Transfer, the Company must deliver a Secondary Notice to the selling Key Holder
and to each Investor to that effect no later than fifteen (15) days after the selling Key Holder delivers the Proposed Transfer Notice to the Company. To exercise its Secondary Refusal Right, an Investor must deliver an Investor Notice to the
selling Key Holder and the Company within ten (10) days after the Company’s deadline for its delivery of the Secondary Notice as provided in the preceding sentence. 

(d)    Undersubscription of Transfer Stock. If options to purchase have been exercised by the Company and
the Investors with respect to some but not all of the Transfer Stock by the end of the ten (10) day period specified in the last sentence of Subsection 2.1(c) (the “Investor Notice Period”), then the Company shall,
immediately after the expiration of the Investor Notice Period, send written notice (the “Company Undersubscription Notice”) to those Investors who fully exercised their Secondary Refusal Right within the Investor
Notice Period (the “Exercising Investors”). Each Exercising Investor shall, subject to the provisions of this Subsection 2.1(d), have an additional option to purchase all or any part of the balance of any such remaining
unsubscribed shares of Transfer Stock on the terms and conditions set forth in the Proposed Transfer Notice. To exercise such option, an Exercising Investor must deliver an Undersubscription Notice to the selling Key Holder and the Company within
ten (10) days after the expiration of the Investor Notice Period. In the event there are two (2) or more such Exercising Investors that choose to exercise the last-mentioned option for a total number of remaining shares in excess of the
number available, the remaining shares available for purchase under this Subsection 2.1(d) shall be allocated to such Exercising Investors pro rata based on the number of shares of Transfer Stock such Exercising Investors have elected to
purchase pursuant to the Secondary Refusal Right (without giving effect to any shares of Transfer Stock that any such Exercising Investor has elected to purchase pursuant to the Company Undersubscription

  
 4 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
Notice). If the options to purchase the remaining shares are exercised in full by the Exercising Investors, the Company shall immediately notify all of the Exercising Investors and the selling
Key Holder of that fact. 
 (e)    Consideration; Closing. If the consideration proposed to be paid for the
Transfer Stock is in property, services or other non-cash consideration, the fair market value of the consideration shall be as determined in good faith by the Board and as set forth in the Company Notice. If
the Company or any Investor cannot for any reason pay for the Transfer Stock in the same form of non-cash consideration, the Company or such Investor may pay the cash value equivalent thereof, as determined in
good faith by the Board and as set forth in the Company Notice. The closing of the purchase of Transfer Stock by the Company and the Investors shall take place, and all payments from the Company and the Investors shall have been delivered to the
selling Key Holder, by the later of (i) the date specified in the Proposed Transfer Notice as the intended date of the Proposed Key Holder Transfer; and (ii) forty-five (45) days after delivery of the Proposed Transfer Notice. 

2.2    Right of Co-Sale. 

(a)    Exercise of Right. If any Transfer Stock subject to a Proposed Key Holder Transfer is not purchased pursuant
to Subsection 2.1 above and thereafter is to be sold to a Prospective Transferee, each respective Investor may elect to exercise its Right of Co-Sale and participate on a pro rata basis in the Proposed
Key Holder Transfer as set forth in Subsection 2.2(b) below and, subject to Subsection 2.2(d), otherwise on the same terms and conditions specified in the Proposed Transfer Notice. Each Investor who desires to exercise its Right of Co-Sale (each, a “Participating Investor”) must give the selling Key Holder written notice to that effect within fifteen (15) days after the deadline for delivery of the Secondary Notice
described above, and upon giving such notice such Participating Investor shall be deemed to have effectively exercised the Right of Co-Sale. 

(b)    Shares Includable. Each Participating Investor may include in the Proposed Key Holder Transfer all or any
part of such Participating Investor’s Capital Stock equal to the product obtained by multiplying (i) the aggregate number of shares of Transfer Stock subject to the Proposed Key Holder Transfer (excluding shares purchased by the Company or
the Participating Investors pursuant to the Right of First Refusal or the Secondary Refusal Right) by (ii) a fraction, the numerator of which is the number of shares of Capital Stock owned by such Participating Investor immediately before
consummation of the Proposed Key Holder Transfer and the denominator of which is the total number of shares of Capital Stock owned, in the aggregate, by all Participating Investors immediately prior to the consummation of the Proposed Key Holder
Transfer, plus the number of shares of Transfer Stock held by the selling Key Holder. To the extent one (1) or more of the Participating Investors exercise such right of participation in accordance with the terms and conditions set forth
herein, the number of shares of Transfer Stock that the selling Key Holder may sell in the Proposed Key Holder Transfer shall be correspondingly reduced. 

(c)    Purchase and Sale Agreement. The Participating Investors and the selling Key Holder agree that the terms
and conditions of any Proposed Key Holder Transfer in accordance with Subsection 2.2 will be memorialized in, and governed by, a written purchase 

  
 5 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
and sale agreement with the Prospective Transferee (the “Purchase and Sale Agreement”) with customary terms and provisions for such a transaction, and the Participating Investors
and the selling Key Holder further covenant and agree to enter into such Purchase and Sale Agreement as a condition precedent to any sale or other transfer in accordance with this Subsection 2.2. 

(d)    Allocation of Consideration. 

(i)    Subject to Subsection 2.2(d)(ii), the aggregate consideration payable to the Participating Investors and the
selling Key Holder shall be allocated based on the number of shares of Capital Stock sold to the Prospective Transferee by each Participating Investor and the selling Key Holder as provided in Subsection 2.2(b), provided that if a
Participating Investor wishes to sell Preferred Stock, the price set forth in the Proposed Transfer Notice shall be appropriately adjusted based on the conversion ratio of the Preferred Stock into Common Stock. 

(ii)    In the event that the Proposed Key Holder Transfer constitutes a Change of Control, the terms of the Purchase and
Sale Agreement shall provide that the aggregate consideration from such transfer shall be allocated to the Participating Investors and the selling Key Holder in accordance with Sections 2.1 and 2.2 of Article IV(B) of the Restated
Certificate as if (A) such transfer were a Deemed Liquidation Event (as defined in the Restated Certificate), and (B) the Capital Stock sold in accordance with the Purchase and Sale Agreement were the only Capital Stock outstanding. In the
event that a portion of the aggregate consideration payable to the Participating Investor(s) and selling Key Holder is placed into escrow, the Purchase and Sale Agreement shall provide that (x) the portion of such consideration that is not
placed in escrow (the “Initial Consideration”) shall be allocated in accordance with Sections 2.1 and 2.2 of Article IV(B) of the Restated Certificate as if the Initial Consideration were the only consideration payable in connection
with such transfer, and (y) any additional consideration which becomes payable to the Participating Investor(s) and selling Key Holder upon release from escrow shall be allocated in accordance with Sections 2.1 and 2.2 of Article IV(B) of the
Restated Certificate after taking into account the previous payment of the Initial Consideration as part of the same transfer. 

(e)    Purchase by Selling Key Holder; Deliveries. Notwithstanding Subsection 2.2(c) above, if any
Prospective Transferee or Transferees refuse(s) to purchase securities subject to the Right of Co-Sale from any Participating Investor or Investors or upon the failure to negotiate in good faith a Purchase and
Sale Agreement reasonably satisfactory to the Participating Investors, no Key Holder may sell any Transfer Stock to such Prospective Transferee or Transferees unless and until, simultaneously with such sale, such Key Holder purchases all securities
subject to the Right of Co-Sale from such Participating Investor or Investors on the same terms and conditions (including the proposed purchase price) as set forth in the Proposed Transfer Notice and as
provided in Subsection 2.2(d)(i); provided, however, if such sale constitutes a Change of Control, the portion of the aggregate consideration paid by the selling Key Holder to such Participating Investor or
Investors shall be made in accordance with the first sentence of Subsection 2.2(d)(ii). In connection with such purchase by the selling Key Holder, such Participating Investor or Investors shall deliver to the selling Key Holder any stock
certificate or certificates, properly endorsed for transfer, representing the Capital Stock being purchased by the selling Key Holder (or request that the Company effect such transfer in the 

  
 6 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
name of the selling Key Holder). Any such shares transferred to the selling Key Holder will be transferred to the Prospective Transferee against payment therefor in consummation of the sale of
the Transfer Stock pursuant to the terms and conditions specified in the Proposed Transfer Notice, and the selling Key Holder shall concurrently therewith remit or direct payment to each such Participating Investor the portion of the aggregate
consideration to which each such Participating Investor is entitled by reason of its participation in such sale as provided in this Subsection 2.2(e). 

(f)    Forfeiture of Rights. Notwithstanding the foregoing, if the total number of shares of Transfer Stock that
the Company and the Investors have agreed to purchase in the Company Notice, Investor Notices and Undersubscription Notices is less than the total number of shares of Transfer Stock, then the Company and the Investors shall be deemed to have
forfeited any right to purchase such Transfer Stock, and the selling Key Holder shall be free to sell all, but not less than all, of the Transfer Stock to the Prospective Transferee on terms and conditions substantially similar to (and in no event
more favorable than) the terms and conditions set forth in the Proposed Transfer Notice, it being understood and agreed that (i) any such sale or transfer shall be subject to the other terms and restrictions of this Agreement, including,
without limitation, the terms and restrictions set forth in Subsections 2.2 and 6.9(b); (ii) any future Proposed Key Holder Transfer shall remain subject to the terms and conditions of this Agreement, including this
Section 2; and (iii) such sale shall be consummated within forty-five (45) days after receipt of the Proposed Transfer Notice by the Company and, if such sale is not consummated within such forty-five
(45) day period, such sale shall again become subject to the Right of First Refusal and Secondary Refusal Right on the terms set forth herein. 

(g)    Additional Compliance. If any Proposed Key Holder Transfer is not consummated within sixty (60) days
after receipt of the Proposed Transfer Notice by the Company, the Key Holders proposing the Proposed Key Holder Transfer may not sell any Transfer Stock unless they first comply in full with each provision of this
Section 2. The exercise or election not to exercise any right by any Investor hereunder shall not adversely affect its right to participate in any other sales of Transfer Stock subject to this
Subsection 2.2. 
 2.3    Effect of Failure to Comply. 

(a)    Transfer Void; Equitable Relief. Any Proposed Key Holder Transfer not made in compliance with the
requirements of this Agreement shall be null and void ab initio, shall not be recorded on the books of the Company or its transfer agent and shall not be recognized by the Company. Each party hereto acknowledges and agrees that any breach of this
Agreement would result in substantial harm to the other parties hereto for which monetary damages alone could not adequately compensate. Therefore, the parties hereto unconditionally and irrevocably agree that any
non-breaching party hereto shall be entitled to seek protective orders, injunctive relief and other remedies available at law or in equity (including, without limitation, seeking specific performance or the
rescission of purchases, sales and other transfers of Transfer Stock not made in strict compliance with this Agreement). 

(b)    Violation of First Refusal Right. If any Key Holder becomes obligated to sell any Transfer Stock to the
Company or any Investor under this Agreement and fails to deliver such Transfer Stock in accordance with the terms of this Agreement, the 

  
 7 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
Company and/or such Investor may, at its option, in addition to all other remedies it may have, send to such Key Holder the purchase price for such Transfer Stock as is herein specified and
transfer to the name of the Company or such Investor (or request that the Company effect such transfer in the name of an Investor) on the Company’s books any certificates, instruments, or book entry representing the Transfer Stock to be sold.

 (c)    Violation of Co-Sale Right. If any Key Holder purports to sell
any Transfer Stock in contravention of the Right of Co-Sale (a “Prohibited Transfer”), each Investor who desires to exercise its Right of Co-Sale under
Subsection 2.2 may, in addition to such remedies as may be available by law, in equity or hereunder, require such Key Holder to purchase from such Investor the type and number of shares of Capital Stock that such Investor would have been
entitled to sell to the Prospective Transferee had the Prohibited Transfer been effected in compliance with the terms of Subsection 2.2. The sale will be made on the same terms, including, without limitation, as provided in Subsection
2.2(d)(i) and the first sentence of Subsection 2.2(d)(ii), as applicable, and subject to the same conditions as would have applied had the Key Holder not made the Prohibited Transfer, except that the sale (including, without limitation,
the delivery of the purchase price) must be made within ninety (90) days after the Investor learns of the Prohibited Transfer, as opposed to the timeframe proscribed in Subsection 2.2. Such Key Holder shall also
reimburse each Investor for any and all reasonable and documented out-of-pocket fees and expenses, including reasonable legal fees and expenses, incurred pursuant to the
exercise or the attempted exercise of the Investor’s rights under Subsection 2.2. 
 3.    Exempt
Transfers. 
 3.1    Exempted Transfers. Notwithstanding the foregoing or anything to the contrary herein,
the provisions of Subsections 2.1 and 2.2 shall not apply (a) in the case of a Key Holder that is an entity, upon a transfer by such Key Holder to its stockholders, members, partners or other equity holders, (b) to a
repurchase of Transfer Stock from a Key Holder by the Company at a price no greater than that originally paid by such Key Holder for such Transfer Stock and pursuant to an agreement containing vesting and/or repurchase provisions approved by a
majority of the Board, (c) to a pledge of Transfer Stock that creates a mere security interest in the pledged Transfer Stock; provided that the pledgee thereof agrees in writing in advance to be bound by and comply with all applicable
provisions of this Agreement to the same extent as if it were the Key Holder making such pledge, (d) in the case of a Key Holder that is a natural person, upon a transfer of Transfer Stock by such Key Holder made for bona fide estate planning
purposes, either during his or her lifetime or on death by will or intestacy to his or her spouse, child (natural or adopted), or any other direct lineal descendant of such Key Holder (or his or her spouse) (all of the foregoing collectively
referred to as “family members”), or any other person approved by the Board, or any custodian or trustee of any trust, partnership or limited liability company for the benefit of, or the ownership interests of which are owned wholly by
such Key Holder or any such family members; or (e) to the sale by the Key Holder of up to five percent (5%) of the Transfer Stock held by such Key Holder as of the date that such Key Holder first became party to this Agreement; provided
that in the case of clause(s) (a), (c), (d) or (e), the Key Holder shall deliver prior written notice to the Investors of such pledge, gift transfer or sale and such shares of Transfer Stock shall at all times remain subject to the terms and
restrictions set forth in this Agreement and such transferee shall, as a condition to such issuance, deliver a 

  
 8 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
counterpart signature page to this Agreement as confirmation that such transferee shall be bound by all the terms and conditions of this Agreement as a Key Holder (but only with respect to the
securities so transferred to the transferee), including the obligations of a Key Holder with respect to Proposed Key Holder Transfers of such Transfer Stock pursuant to Section 2; and provided further in the
case of any transfer pursuant to clause (a) or (d) above, that such transfer is made pursuant to a transaction in which there is no consideration actually paid for such transfer. 

3.2    Exempted Offerings. Notwithstanding the foregoing or anything to the contrary herein, the provisions of
Section 2 shall not apply to the sale of any Transfer Stock (a) to the public in an offering pursuant to an effective registration statement under the Securities Act of 1933, as amended (a “Public
Offering”); or (b) pursuant to a Deemed Liquidation Event (as defined in the Restated Certificate). 

3.3    Prohibited Transferees. Notwithstanding the foregoing, no Key Holder shall transfer any Transfer Stock to
(a) any entity which, in the determination of the Board, directly or indirectly competes with the Company; or (b) any customer, distributor or supplier of the Company, if the Board should determine that such transfer would result in such
customer, distributor or supplier receiving information that would place the Company at a competitive disadvantage with respect to such customer, distributor or supplier. 

4.    Legend. Each certificate, instrument, or book entry representing shares of Transfer Stock held by the Key
Holders or issued to any permitted transferee in connection with a transfer permitted by Subsection 3.1 hereof shall be notated with the following legend: 

THE SALE, PLEDGE, HYPOTHECATION, OR TRANSFER OF THE SECURITIES REPRESENTED HEREBY IS SUBJECT TO, AND IN CERTAIN CASES PROHIBITED BY, THE TERMS
AND CONDITIONS OF A CERTAIN RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT BY AND AMONG THE STOCKHOLDER, THE CORPORATION AND CERTAIN OTHER HOLDERS OF STOCK OF THE CORPORATION. COPIES OF SUCH AGREEMENT MAY BE
OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE CORPORATION. 
 Each Key Holder agrees that the Company may instruct its transfer agent to impose
transfer restrictions on the shares notated with the legend referred to in this Section 4 above to enforce the provisions of this Agreement, and the Company agrees to promptly do so. The legend shall be removed upon
termination of this Agreement at the request of the holder. 

5.    Lock-Up. 

5.1    Agreement to Lock-Up. Each Key Holder hereby agrees that it will
not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the Company’s initial public offering (the “IPO”) and ending on the date specified
by the Company and the managing underwriter (such period not to exceed one hundred eighty (l80) days) (a) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any
option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, 

  
 9 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
any shares of Capital Stock held immediately prior to the effectiveness of the registration statement for the IPO or (b) enter into any swap or other arrangement that transfers to another,
in whole or in part, any of the economic consequences of ownership of the Capital Stock, whether any such transaction described in clause (a) or (b) above is to be settled by delivery of Capital Stock or other securities, in cash or
otherwise. The foregoing provisions of this Section 5 shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, and shall only be applicable to the Key Holders if all officers,
directors and holders of more than five percent (5%) of the outstanding Common Stock (after giving effect to the conversion into Common Stock of all outstanding Preferred Stock) enter into similar agreements. The underwriters in connection with the
IPO are intended third-party beneficiaries of this Section 5 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each
Key Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in the IPO that are consistent with this Section 5 or that are necessary to give further effect thereto. 

5.2    Stop Transfer Instructions. In order to enforce the foregoing covenant, the Company may impose
stop-transfer instructions with respect to the shares of Capital Stock of each Key Holder (and transferees and assignees thereof) until the end of such restricted period. 

6.    Miscellaneous. 

6.1    Term. This Agreement shall automatically terminate upon the earlier of (a) immediately prior to the
consummation of the Company’s IPO; and (b) the consummation of a Deemed Liquidation Event (as defined in the Restated Certificate). 

6.2    Stock Split. All references to numbers of shares in this Agreement shall be appropriately adjusted to
reflect any stock dividend, split, combination or other recapitalization affecting the Capital Stock occurring after the date of this Agreement 

6.3    Ownership. Each Key Holder represents and warrants that such Key Holder is the sole legal and beneficial
owner of the shares of Transfer Stock subject to this Agreement and that no other person or entity has any interest in such shares (other than a community property interest as to which the holder thereof has acknowledged and agreed in writing to the
restrictions and obligations hereunder). 
 6.4    Dispute Resolution. The parties (a) hereby irrevocably
and unconditionally submit to the jurisdiction of the state courts of New York and to the jurisdiction of the United States District Court for the Southern District of New York for the purpose of any suit, action or other proceeding arising out of
or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of New York or the United States District Court for the Southern District of New
York, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its
property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may
not be enforced in or by such court. 

  
 10 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED
UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL
DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY
CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL
COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 

6.5    Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing
and shall be deemed effectively given upon the earlier of actual receipt or (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic mail or facsimile during normal business hours of the recipient, and if not
sent during normal business hours, then on the recipient’s next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) business day after
deposit with a nationally recognized overnight courier, freight prepaid, specifying next business day delivery, with written verification of receipt. All communications shall be sent to the respective parties at their address as set forth on
Schedule A or Schedule B hereof, as the case may be, or to such email address, facsimile number or address as subsequently modified by written notice given in accordance with this Section 6.5. If notice is
given to the Company, it shall be sent to 1460 Broadway, Suite 15020, New York, NY 10036, Attention: Chief Executive Officer; and a copy (which shall not constitute notice) shall also be sent to Cooley LLP, 3175 Hanover St., Palo Alto, California
94304; and if notice is given to the Investors, a copy shall also be given to the address of such Investor listed on Schedule A hereto. 

6.6    Entire Agreement. This Agreement (including, the Exhibits and Schedules hereto) constitutes the full and
entire understanding and agreement between the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties are expressly canceled. 

6.7    Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party
under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching or
non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of
any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind 

  
 11 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing
and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative. 

6.8    Amendment; Waiver and Termination. This Agreement may be amended, modified or terminated (other than
pursuant to Section 6.1 above) and the observance of any term hereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only by a written instrument executed by
(a) the Company, (b) the Key Holders holding a majority of the shares of Transfer Stock then held by all of the Key Holders, (c) the holders of a majority of the shares of Common Stock issued or issuable upon conversion of the then
outstanding shares of Preferred Stock held by the Investors (voting as a single class and on an as-converted basis), and (d) the holders of a majority of the shares of Common Stock issuable upon
conversion of the then outstanding shares of Series B Preferred Stock and Series B-1 Preferred Stock held by the Investors (voting as a single class and on an
as-converted basis). Any amendment, modification, termination or waiver so effected shall be binding upon the Company, the Investors, the Key Holders and all of their respective successors and permitted
assigns whether or not such party, assignee or other shareholder entered into or approved such amendment, modification, termination or waiver. Notwithstanding the foregoing, (i) this Agreement may not be amended, modified or terminated and the
observance of any term hereunder may not be waived with respect to any Investor or Key Holder without the written consent of such Investor or Key Holder unless such amendment, modification, termination or waiver applies to all Investors and Key
Holders, respectively, in the same fashion, and (ii) the consent of the Key Holders shall not be required for any amendment, modification, termination or waiver if such amendment, modification, termination or waiver does not apply to the Key
Holders. Further, no amendment specifically targeted at Takeda individually that adversely affects Takeda in any respect shall be effective unless approved in writing by Takeda. The Company shall give prompt written notice of any amendment,
modification or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, modification, termination or waiver. No waivers of or exceptions to any term, condition or provision of this Agreement, in
any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision. 

6.9    Assignment of Rights. 

(a)    The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective
successors and permitted assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assigns any rights, remedies,
obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

(b)    Any successor or permitted assignee of any Key Holder, including any Prospective Transferee who purchases shares
of Transfer Stock in accordance with the terms hereof, shall deliver to the Company and the Investors, as a condition to any transfer or assignment, a counterpart signature page hereto pursuant to which such successor or permitted assignee shall
confirm their agreement to be subject to and bound by all of the provisions set forth in this Agreement that were applicable to the predecessor or assignor of such successor or permitted assignee. 

  
 12 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (c)    The rights of the Investors hereunder are not assignable without the
Company’s written consent (which shall not be unreasonably withheld, delayed or conditioned), except (i) by an Investor to any Affiliate, or (ii) to an assignee or transferee who acquires at least 100,000 shares of Capital Stock (as
adjusted for any stock combination, stock split, stock dividend, recapitalization or other similar transaction), it being acknowledged and agreed that any such assignment, including an assignment contemplated by the preceding clauses (i) or
(ii) shall be subject to and conditioned upon any such assignee’s delivery to the Company and the other Investors of a counterpart signature page hereto pursuant to which such assignee shall confirm their agreement to be subject to and bound by
all of the provisions set forth in this Agreement that were applicable to the assignor of such assignee. 

(d)    Except in connection with an assignment by the Company by operation of law to the acquirer of the Company, the
rights and obligations of the Company hereunder may not be assigned under any circumstances. 

6.10    Severability. The invalidity or unenforceability of any provision hereof shall in no way affect the
validity or enforceability of any other provision. 
 6.11    Additional Investors. Notwithstanding anything to
the contrary contained herein, if the Company issues additional shares of the Company’s Series A Preferred Stock, Series B Preferred Stock or Series B-1 Preferred Stock after the date hereof, any
purchaser of such shares of Series A Preferred Stock, Series B Preferred Stock or Series B-1 Preferred Stock may become a party to this Agreement by executing and delivering an additional counterpart signature
page to this Agreement and thereafter shall be deemed an “Investor” for all purposes hereunder. 

6.12    Governing Law. This Agreement shall be governed by the internal law of the State of New York. 

6.13    Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and
are not to be considered in construing or interpreting this Agreement. 
 6.14    Counterparts. This Agreement
may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or
any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and
effective for all purposes. 
 6.15    Specific Performance. In addition to any and all other remedies that may
be available at law in the event of any breach of this Agreement, each Investor shall be entitled to specific performance of the agreements and obligations of the Company and the Key Holders hereunder and to such other injunction or other equitable
relief as may be granted by a court of competent jurisdiction. 

  
 13 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 6.16    Massachusetts Business Trust. If required by the Secretary of
State of the Commonwealth of Massachusetts (the “Secretary of State”), a copy of the Agreement and Declaration of Trust of each Investor or any affiliate thereof is on file with the Secretary of State and notice is hereby given that
this Agreement is executed on behalf of the trustees of such Investor or any affiliate thereof as trustees and not individually and that the obligations of this Agreement are not binding on any of the trustees, officers or stockholders of such
Investor or any affiliate thereof individually but are binding only upon such Investor or any affiliate thereof and its assets and property. Furthermore, notice is given that the trust property of any series of the series trust applicable to such
Investor, if applicable, is separate and distinct and that any obligations of or arising out of this Agreement are several and not joint or joint and several and are binding only on the trust property of such Investor with respect to its obligations
under this Agreement. 
 [Remainder of Page Intentionally Left Blank] 

  
 14 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 IN WITNESS WHEREOF, the parties have executed this Second Amended and Restated Right of First
Refusal and Co-Sale Agreement as of the date first written above. 
  

			
	THE COMPANY:
	
	OVID THERAPEUTICS INC.
		
	By:	 	  

	Name:	 	Jeremy Levin
	Title:	 	Chief Executive Officer

  
 [Signature Page to Second
Amended and Restated Right of First Refusal and Co-Sale Agreement] 
 [*] = Certain confidential information contained in this document, marked by
brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 IN WITNESS WHEREOF, the parties have executed this Second Amended and Restated Right of First
Refusal and Co-Sale Agreement as of the date first written above. 
  

			
	INVESTOR:
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 [Signature Page to Second
Amended and Restated Right of First Refusal and Co-Sale Agreement] 
 [*] = Certain confidential information contained in this document, marked by
brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 IN WITNESS WHEREOF, the parties have executed this Second Amended and Restated Right of First
Refusal and Co-Sale Agreement as of the date first written above. 
  

			
	KEY HOLDER:
		
	By:	 	  

	Name:	 	  

  
 [Signature Page to Second
Amended and Restated Right of First Refusal and Co-Sale Agreement] 
 [*] = Certain confidential information contained in this document, marked by
brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 EXHIBIT D 

FORM OF THIRD AMENDED AND RESTATED 

VOTING AGREEMENT 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

Privileged and Confidential 

THIRD AMENDED AND RESTATED 

VOTING AGREEMENT 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
	 1.
	 	 Voting Provisions Regarding Board of Directors
	  	 	2	 
				
		 	 1.1
	  	 Board Composition
	  	 	2	 
		 	 1.2
	  	 Failure to Designate a Board Member
	  	 	3	 
		 	 1.3
	  	 Removal of Board Members
	  	 	3	 
		 	 1.4
	  	 No Liability for Election of Recommended Directors
	  	 	4	 
		 	 1.5
	  	 No “Bad Actor” Designees
	  	 	4	 
			
	 2.
	 	 Vote to Increase Authorized Common Stock
	  	 	4	 
			
	 3.
	 	 Drag-Along Right
	  	 	4	 
				
		 	 3.1
	  	 Definitions
	  	 	4	 
		 	 3.2
	  	 Actions to be Taken
	  	 	5	 
		 	 3.3
	  	 Exceptions
	  	 	6	 
			
	 4.
	 	 Remedies
	  	 	8	 
				
		 	 4.1
	  	 Covenants of the Company
	  	 	8	 
		 	 4.2
	  	 Irrevocable Proxy and Power of Attorney
	  	 	9	 
		 	 4.3
	  	 Specific Enforcement
	  	 	9	 
		 	 4.4
	  	 Remedies Cumulative
	  	 	9	 
			
	 5.
	 	 “Bad Actor” Matters.
	  	 	9	 
				
		 	 5.1
	  	 Representation
	  	 	9	 
		 	 5.2
	  	 Covenant
	  	 	10	 
			
	 6.
	 	 Term
	  	 	10	 
			
	 7.
	 	 Miscellaneous
	  	 	10	 
				
		 	 7.1
	  	 Additional Parties
	  	 	10	 
		 	 7.2
	  	 Transfers
	  	 	11	 
		 	 7.3
	  	 Successors and Assigns
	  	 	11	 
		 	 7.4
	  	 Governing Law
	  	 	11	 
		 	 7.5
	  	 Counterparts
	  	 	11	 
		 	 7.6
	  	 Titles and Subtitles
	  	 	11	 
		 	 7.7
	  	 Notices
	  	 	11	 
		 	 7.8
	  	 Consent Required to Amend, Terminate or Waive
	  	 	12	 
		 	 7.9
	  	 Delays or Omissions
	  	 	13	 
		 	 7.10
	  	 Severability
	  	 	13	 
		 	 7.11
	  	 Entire Agreement
	  	 	13	 
		 	 7.12
	  	 Share Certificate Legend
	  	 	14	 
		 	 7.13
	  	 Stock Splits, Stock Dividends, etc.
	  	 	14	 
		 	 7.14
	  	 Manner of Voting
	  	 	14	 
		 	 7.15
	  	 Further Assurances
	  	 	14	 
		 	 7.16
	  	 Dispute Resolution
	  	 	14	 
		 	 7.17
	  	 Costs of Enforcement
	  	 	15	 
		 	 7.18
	  	 Aggregation of Stock
	  	 	15	 
		 	 7.19
	  	 Massachusetts Business Trust
	  	 	15	 

  
 i 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

					
	Schedule A 	 	-	  	 Investors

	Schedule B	 	-	  	 Common Stock Investors

	Schedule C	 	-	  	 Holders

	Schedule D	 	-	  	 Key Holders

	Exhibit A 	 	-	  	 Adoption Agreement

  
 ii 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 THIRD AMENDED AND RESTATED VOTING AGREEMENT 

THIS THIRD AMENDED AND RESTATED VOTING AGREEMENT (this “Agreement”), is made and entered into as of this 6th day of January,
2017 (“Effective Date”) by and among Ovid Therapeutics Inc., a Delaware corporation (the “Company”), each holder of the Company’s Series A Preferred Stock, $0.001 par value per share (“Series A
Preferred Stock”), the Company’s Series B Preferred Stock, $0.001 par value per share (“Series B Preferred Stock”), or the Company’s Series B-1 Preferred Stock, $0.001 per
share (“Series B-1 Preferred Stock,” and together with the Series A Preferred Stock and Series B Preferred Stock, the “Preferred Stock”) listed on Schedule A (together
with any subsequent investors, or transferees, who become parties hereto as “Investors” pursuant to Sections 7.1(a) or 7.2 below, the “Investors”), each holder of the Company’s common stock, par value
$0.001 per share (the “Common Stock”) listed on Schedule B (together with any subsequent investors, or transferees, who become parties hereto pursuant to Sections 7.1(b) or 7.2 below, the “Common Stock
Investors”), each person who became a party hereto as a “Stockholder” pursuant to Section 7.1(c) below listed on Schedule C (together with any person who subsequently becomes a party hereto as a
“Stockholder” pursuant to Section 7.1(c) below, the “Holders”) and those certain stockholders of the Company listed on Schedule D (together with any subsequent stockholders, or any transferees, who become parties
hereto as “Key Holders” pursuant to Section 7.2 below, the “Key Holders,” and together collectively with the Investors, Common Stock Investors and the Holders, the
“Stockholders”). 
 RECITALS 

A.    Concurrently with the execution of this Agreement, the Company and one of the Investors are entering into a Series B-1 Preferred Stock Purchase Agreement (the “Purchase Agreement”) providing for the sale of shares of Series B-1 Preferred Stock. Certain of the Investors
(the “Existing Investors”) and the Key Holders are parties to the Second Amended and Restated Voting Agreement dated August 10, 2015 by and among the Company and the parties thereto (the “Prior Agreement”). The
parties to the Prior Agreement desire to amend and restate that agreement to provide the Investor purchasing shares of the Series B-1 Preferred Stock with certain rights in accordance with the terms of this
Agreement. 
 B.    The Amended and Restated Certificate of Incorporation of the Company (the “Restated
Certificate”) provides that (a) the holders of record of the shares of the Series A Preferred Stock, exclusively and as a separate class, shall be entitled to elect one (1) director of the Company (the “Series A
Director”), (b) the holders of record of the shares of Series B Preferred Stock shall be entitled to elect one (1) director of the Company (the “Series B Director”), (c) the holders of record of the shares of
Common Stock, exclusively and as a separate class, shall be entitled to elect three (3) directors of the Company, and (d) the holders of record of the shares of Common Stock and of any other class or series of voting stock (including
Series A Preferred Stock, Series B Preferred Stock and Series B-1 Preferred Stock), exclusively and voting together as a single class, shall be entitled to elect the balance of the total number of directors of
the Company. 
 C.    The parties also desire to enter into this Agreement to amend and restate the Prior Agreement in
its entirety to set forth their agreements and understandings with respect to how shares of the Company’s capital stock held by them will be voted on, or tendered in connection with, an acquisition of the Company. 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 NOW, THEREFORE, the parties agree as follows: 

1.    Voting Provisions Regarding Board of Directors. 

1.1    Board Composition. Each Stockholder agrees to vote, or cause to be voted, all Shares owned by such
Stockholder, or over which such Stockholder has voting control, from time to time and at all times, in whatever manner as shall be necessary to ensure that at each annual or special meeting of stockholders of the Company at which an election of
directors is held or pursuant to any written consent of the stockholders, the following individuals shall be elected to the Company’s board of directors (the “Board”): 

(a)    one (1) independent industry expert recommended by the Board, and approved by the holders of a majority of
the shares of the Series A Preferred Stock, for so long as the holders of the shares of Common Stock issued or issuable upon conversion of the shares of Series A Preferred Stock held by the Investors (i) continue to own beneficially at least
two million (2,000,000) shares of Common Stock of the Company (including shares of Common Stock issued or issuable upon conversion of Series A Preferred Stock), which number is subject to appropriate adjustment for all stock splits, dividends,
combinations, recapitalizations and the like and (ii) the issued and outstanding Series A Preferred Stock represents at least ten percent (10%) of the outstanding capital stock of the Company on a fully-diluted basis (the “Series A
Threshold”); 
 (b)    one (1) independent industry expert recommended by the Board, and approved by the
holders of a majority of the shares of the Series B Preferred Stock, for so long as the holders of the shares of Common Stock issued or issuable upon conversion of the shares of Series B Preferred Stock held by the Investors (i) continue to own
beneficially at least two million (2,000,000) shares of Common Stock of the Company (including shares of Common Stock issued or issuable upon conversion of Series B Preferred Stock), which number is subject to appropriate adjustment for all stock
splits, dividends, combinations, recapitalizations and the like and (ii) the issued and outstanding Series B Preferred Stock represents at least ten percent (10%) of the outstanding capital stock of the Company on a fully-diluted basis (the
“Series B Threshold”); 
 (c)    for so long as the Key Holders hold any shares of Common Stock (as
adjusted for any stock splits, stock dividends, recapitalizations or the like), one (1) individual designated by the Key Holders holding a majority of the shares of Common Stock then held by the Key Holders (the “Key Holder
Designee”), which individual shall be Dr. Matthew During; provided that if for any reason the Key Holders do not designate Dr. During as the Key Holder Designee, each of the Stockholders shall promptly vote their respective Shares
to elect Dr. During as an additional member of the Board, provided Dr. During exercises his option to remain on the Board other than as the Key Holder Designee; 

(d)    the Company’s Chief Executive Officer, who shall be Dr. Jeremy Levin (the “CEO
Director”), provided that if for any reason Dr. Levin shall cease to serve as the 

  
 2 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
Chief Executive Officer of the Company, each of the Stockholders shall promptly vote their respective Shares to elect Dr. Levin as an additional member of the Board, provided Dr. Levin
exercises his option to remain on the Board other than as the CEO Director; and 
 (e)    one (1) individual
designated by Dr. Levin. 
 To the extent that any of clauses (a) through (e) above shall not be applicable, any member of the Board who would
otherwise have been designated in accordance with the terms thereof shall instead be voted upon by all the stockholders of the Company entitled to vote thereon in accordance with, and pursuant to, the Restated Certificate. 

For purposes of this Agreement: (i) an individual, firm, corporation, partnership, association, limited liability company, trust or any other entity
(collectively, a “Person”) shall be deemed an “Affiliate” of another Person who, directly or indirectly, through one or more intermediaries controls, is controlled by or is under common control with such Person, including,
without limitation, any parent, subsidiary, affiliate of parent, general partner, managing member, officer or director of such Person or any venture capital or other investment fund now or hereafter existing that is controlled by one or more general
partners or managing members of, or shares the same management company or investment advisor with, such Person; and (ii) the term “Shares” shall mean and include any securities of the Company the holders of which are entitled
to vote for members of the Board, including without limitation, all shares of Common Stock, Series A Preferred Stock, Series B Preferred Stock and Series B-1 Preferred Stock, by whatever name called, now owned
or subsequently acquired by a Stockholder, however acquired, whether through stock splits, stock dividends, reclassifications, recapitalizations, similar events or otherwise. 

1.2    Failure to Designate a Board Member. In the absence of any designation from the Persons or groups with the
right to designate a director as specified above, the director previously designated by them and then serving shall be reelected if still eligible to serve as provided herein. 

1.3    Removal of Board Members. Each Stockholder also agrees to vote, or cause to be voted, all Shares owned by
such Stockholder, or over which such Stockholder has voting control, from time to time and at all times, in whatever manner as shall be necessary to ensure that: 

(a)    no director elected pursuant to Section 1.1 of this Agreement may be removed from office
other than for cause unless (i) such removal is directed or approved by the affirmative vote of the Person, or of the holders of at least a majority of the shares of capital stock, entitled under Section 1.1 to
designate that director or (ii) the Person(s) originally entitled to designate or approve such director pursuant to Section 1.1 is no longer so entitled to designate or approve such director; 

(b)    any vacancies created by the resignation, removal or death of a director elected pursuant to
Section 1.1 shall be filled pursuant to the provisions of this Section 1; and 

  
 3 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (c)    upon the request of any party entitled to designate a director as
provided in Sections 1.1(a), 1.1(b), 1.1(c) or 1.1(e) to remove such director, such director shall be removed. 

All Stockholders agree to execute any written consents required to perform the obligations of this Agreement, and the Company agrees at the request of any
party entitled to designate directors to call a special meeting of stockholders for the purpose of electing directors. 

1.4    No Liability for Election of Recommended Directors. No Stockholder, nor any Affiliate of any Stockholder,
shall have any liability as a result of designating an individual for election as a director for any act or omission by such designated individual in his or her capacity as a director of the Company, nor shall any Stockholder have any liability as a
result of voting for any such designee in accordance with the provisions of this Agreement. 
 1.5    No
“Bad Actor” Designees. Each Person with the right to designate or participate in the designation of a director as specified above hereby represents and warrants to the Company that, to such Person’s
knowledge, none of the “bad actor” disqualifying events described in Rule 506(d)(1)(i)-(viii) promulgated under the Securities Act of 1933, as amended (the “Securities Act”) (each, a “Disqualification
Event”), is applicable to such Person’s initial designee named above except, if applicable, for a Disqualification Event as to which Rule 506(d)(2)(ii) or (iii) or (d)(3) is applicable. Any director designee to whom any
Disqualification Event is applicable, except for a Disqualification Event as to which Rule 506(d)(2)(ii) or (iii) or (d)(3) is applicable, is hereinafter referred to as a “Disqualified Designee.” Each Person with the right to
designate or participate in the designation of a director as specified above hereby covenants and agrees (A) not to designate or participate in the designation of any director designee who, to such Person’s knowledge, is a Disqualified
Designee and (B) that in the event such Person becomes aware that any individual previously designated by any such Person is or has become a Disqualified Designee, such Person shall as promptly as practicable take such actions as are necessary
to remove such Disqualified Designee from the Board and designate a replacement designee who is not a Disqualified Designee. 

2.    Vote to Increase Authorized Common Stock. Each Stockholder agrees to vote or cause to be voted all Shares
owned by such Stockholder, or over which such Stockholder has voting control, from time to time and at all times, in whatever manner as shall be necessary to (a) increase the number of authorized shares of Common Stock from time to time to
ensure that there will be sufficient shares of Common Stock available for conversion of all of the shares of Preferred Stock outstanding at any given time or (b) permit the Company to comply with and fulfill its obligations to issue shares of
the Company’s capital stock pursuant to Section 8.1 of the License and Collaboration Agreement by and between the Company and Takeda Pharmaceutical Company Limited, dated as of the date hereof. 

3.    Drag-Along Right. 

3.1    Definitions. A “Sale of the Company” shall mean either: (a) a transaction or series of
related transactions in which a Person, or a group of related Persons, acquires from stockholders of the Company shares representing more than fifty percent (50%) of the outstanding voting power of the Company (a “Stock Sale”) or
(b) a transaction that qualifies as a “Deemed Liquidation Event” as defined in the Restated Certificate. 

  
 4 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 3.2    Actions to be Taken. In the event the Board approves a Sale of
the Company in writing, specifying that this Section 3 shall apply to such transaction, or in the case of a Stock Sale, then each Stockholder and the Company hereby agree: 

(a)    if such transaction requires stockholder approval, with respect to all Shares that such Stockholder owns or over
which such Stockholder otherwise exercises voting power, to vote (in person, by proxy or by action by written consent, as applicable) all Shares in favor of, and adopt, such Sale of the Company (together with any related amendment to the Restated
Certificate required in order to implement such Sale of the Company) and to vote in opposition to any and all other proposals that could delay or impair the ability of the Company to consummate such Sale of the Company; 

(b)    if such transaction is a Stock Sale, to sell the same proportion of shares of capital stock of the Company
beneficially held by such Stockholder as is being offered by other holders of capital stock of the Company intending to participate in the Stock Sale regardless of this Section 3.2(b) (the “Participating Holders”) to the
Person to whom the Participating Holders propose to sell their Shares, and, except as permitted in Section 3.3 below, on the same terms and conditions as the Participating Holders; 

(c)    to execute and deliver all related documentation and take such other action in support of the Sale of the Company
as shall reasonably be requested by the Company in order to carry out the terms and provision of this Section 3, including, without limitation, executing and delivering instruments of conveyance and transfer, and any
purchase agreement, merger agreement, indemnity agreement, escrow agreement, consent, waiver, governmental filing, share certificates duly endorsed for transfer (free and clear of impermissible liens, claims and encumbrances), and any similar or
related documents, in each case so long as consistent with the terms herein and the Restated Certificate; 
 (d)    not
to deposit, and to cause their Affiliates not to deposit, except as provided in this Agreement, any Shares of the Company owned by such party or Affiliate in a voting trust or subject any Shares to any arrangement or agreement with respect to the
voting of such Shares, unless specifically requested to do so by the acquiror in connection with the Sale of the Company; 

(e)    to refrain from exercising any dissenters’ rights or rights of appraisal under applicable law at any time
with respect to such Sale of the Company; 
 (f)    if the consideration to be paid in exchange for the Shares pursuant
to this Section 3 includes any securities and due receipt thereof by any Stockholder would require under applicable law (x) the registration or qualification of such securities or of any person as a broker or dealer or
agent with respect to such securities; or (y) the provision to any 

  
 5 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
Stockholder of any information other than such information as a prudent issuer would generally furnish in an offering made solely to “accredited investors” as defined in Regulation D
promulgated under the Securities Act, the Company may cause to be paid to any such Stockholder in lieu thereof, against surrender of the Shares which would have otherwise been sold by such Stockholder, an amount in cash equal to the fair value (as
determined in good faith by the Company) of the securities which such Stockholder would otherwise receive as of the date of the issuance of such securities in exchange for the Shares; and 

(g)    in the event that the Stockholders, in connection with such Sale of the Company, appoint a stockholder
representative (the “Stockholder Representative”) with respect to matters affecting the Stockholders under the applicable definitive transaction agreements following consummation of such Sale of the Company, (x) to consent to
(i) the appointment of such Stockholder Representative, (ii) the establishment of any applicable escrow, expense or similar fund in connection with any indemnification or similar obligations, and (iii) the payment of such
Stockholder’s pro rata portion (from the applicable escrow or expense fund) of any and all reasonable fees and expenses to such Stockholder Representative in connection with such Stockholder Representative’s services and duties in
connection with such Sale of the Company and its related service as the representative of the Stockholders, and (y) not to assert any claim or commence any suit against the Stockholder Representative or any other Stockholder with respect to any
action or inaction taken or failed to be taken by the Stockholder Representative in connection with its service as the Stockholder Representative, absent fraud or willful misconduct. 

For the avoidance of doubt, nothing in this Section 3.2 shall require any Stockholder (or any of its Affiliates) to
consent to any Sale of the Company under, or take any action under, any commercial agreement to which it is a party with the Company or any indebtedness for borrowed money owed to it by the Company or any of its Subsidiaries. 

3.3    Exceptions. Notwithstanding the foregoing, a Stockholder will not be required to comply with
Section 3.2 above in connection with any proposed Sale of the Company (the “Proposed Sale”), unless: 

(a)    any representations and warranties to be made by such Stockholder in connection with the Proposed Sale are limited
to representations and warranties related to authority, ownership and the ability to convey title to such Shares, including, but not limited to, representations and warranties that (i) the Stockholder holds all right, title and interest in and
to the Shares such Stockholder purports to hold, free and clear of all liens and encumbrances, (ii) the obligations of the Stockholder in connection with the transaction have been duly authorized, if applicable, (iii) the documents to be
entered into by the Stockholder have been duly executed by the Stockholder and delivered to the acquirer and are enforceable against the Stockholder in accordance with their respective terms; and (iv) neither the execution and delivery of
documents to be entered into in connection with the transaction, nor the performance of the Stockholder’s obligations thereunder, will cause a breach or violation of the terms of any agreement, law or judgment, order or decree of any court or
governmental agency; 
 (b)    the Stockholder shall not be liable for the inaccuracy of any representation or warranty
made by any other Person in connection with the Proposed Sale, other than the Company (except to the extent that funds may be paid out of an escrow established to cover breach of representations, warranties and covenants of the Company as well as
breach by any stockholder of any of identical representations, warranties and covenants provided by all stockholders); 

  
 6 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (c)    the liability for indemnification, if any, of such Stockholder in the
Proposed Sale and for the inaccuracy of any representations and warranties made by the Company or its Stockholders in connection with such Proposed Sale, is several and not joint with any other Person (except to the extent that funds may be paid out
of an escrow established to cover breach of representations, warranties and covenants of the Company as well as breach by any stockholder of any of identical representations, warranties and covenants provided by all stockholders), and subject to the
provisions of the Restated Certificate related to the allocation of the escrow, is pro rata in proportion to, and does not exceed, the amount of consideration paid to such Stockholder in connection with such Proposed Sale; 

(d)    liability shall be limited to such Stockholder’s applicable share (determined based on the respective
proceeds payable to each Stockholder in connection with such Proposed Sale in accordance with the provisions of the Restated Certificate) of a negotiated aggregate indemnification amount that applies equally to all Stockholders subject to the
immediately preceding parenthetical but that in no event exceeds the amount of consideration otherwise payable to such Stockholder in connection with such Proposed Sale, except with respect to claims related to actual fraud by such Stockholder, the
liability for which need not be limited as to such Stockholder; 
 (e)    upon the consummation of the Proposed Sale
(i) each holder of each class or series of the Company’s stock will receive the same form of consideration for their shares of such class or series as is received by other holders in respect of their shares of such same class or series of
stock, (ii) each holder of a series of Preferred Stock will receive the same amount of consideration per share of such series of Preferred Stock as is received by other holders in respect of their shares of such same series, (iii) each
holder of Common Stock will receive the same amount of consideration per share of Common Stock as is received by other holders in respect of their shares of Common Stock, and (iv) subject to clause (g) below, unless the holders of at least
a majority of the Preferred Stock elect to receive a lesser amount by written notice given to the Company at least ten (10) days prior to the effective date of any such Proposed Sale, the aggregate consideration receivable by all holders of the
Preferred Stock and Common Stock shall be allocated among the holders of Preferred Stock and Common Stock on the basis of the relative liquidation preferences to which the holders of each respective series of Preferred Stock and the holders of
Common Stock are entitled in a Deemed Liquidation Event (assuming and treating for this purpose that the Proposed Sale is a Deemed Liquidation Event) in accordance with the Company’s Certificate of Incorporation in effect immediately prior to
the Proposed Sale; provided, however, that, notwithstanding the foregoing, if the consideration to be paid in exchange for the Key Holder Shares, Investor Shares or Common Stock Investor Shares, whether Preferred Stock or
Common Stock, as applicable, pursuant to this Section 3.3(e) includes any securities and due receipt thereof by any Key Holder, Investor or Common Stock Investor would require under applicable law (x) the registration or qualification of
such securities or of any person as a broker or dealer or agent with respect to such securities or (y) the provision to any Key Holder, Investor or Common Stock Investor of any information other than such information as a prudent issuer would
generally furnish in an offering made solely to “accredited 

  
 7 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
investors” as defined in Regulation D promulgated under the Securities Act, the Company may cause to be paid to any such Key Holder, Investor or Common Stock Investor in lieu thereof,
against surrender of the Key Holder Shares, Investor Shares or Common Stock Investor Shares, whether Preferred Stock or Common Stock, as applicable, which would have otherwise been sold by such Key Holder, Investor or Common Stock Investor, an
amount in cash equal to the fair value (as determined in good faith by the Company) of the securities which such Key Holder, Investor or Common Stock Investor would otherwise receive as of the date of the issuance of such securities in exchange for
the Key Holder Shares, Investor Shares or Common Stock Investor Shares, whether Preferred Stock or Common Stock, as applicable; 

(f)    subject to clause (e) above, requiring the same form of consideration to be available to the holders of any
single class or series of capital stock, if any holders of any capital stock of the Company are given an option as to the form and amount of consideration to be received as a result of the Proposed Sale, all holders of such capital stock will be
given the same option; provided, however, that nothing in this Section 3.3(f) shall entitle any holder to receive any form of consideration that such holder would be ineligible to receive as a result of such holder’s
failure to satisfy any condition, requirement or limitation that is generally applicable to the Company’s stockholders; 

(g)    other than the covenant to the provide the indemnification described in clause (d) above and to deliver the
shares of the Company at Closing (if applicable), other customary closing deliverables and other customary covenants reasonably necessary to facilitate the consummation of the Closing, no Stockholder shall be required to make any covenants as to
such Stockholder’s actions, business or operations or that would otherwise restrict the actions of such Stockholder (including, for example, any non-compete or similar provisions); 

(h)    notwithstanding anything in this Agreement to the contrary, if the consideration to be paid to the Series B
Preferred Stock in connection with the Proposed Sale is less than $6.23 per share (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization), holders of a majority of the Series
B Preferred Stock consent to the Proposed Sale; and 
 (i)    notwithstanding anything in this Agreement to the
contrary, if the consideration to be paid to the Series B-1 Preferred Stock in connection with the Proposed Sale is less than $6.75 per share (subject to appropriate adjustment in the event of any stock
dividend, stock split, combination or other similar recapitalization), holders of a majority of the Series B-1 Preferred Stock consent to the Proposed Sale. 

4.    Remedies. 

4.1    Covenants of the Company. The Company agrees to use its best efforts, within the requirements of applicable
law, to ensure that the rights granted under this Agreement are effective and that the parties enjoy the benefits of this Agreement. Such actions include, without limitation, the use of the Company’s best efforts to cause the nomination and
election of the directors as provided in this Agreement. 

  
 8 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 4.2    Irrevocable Proxy and Power of Attorney. Each party to this
Agreement, other than Fidelity Management Research Company and its Affiliates and successors, Putnam Investment Management, LLC and its Affiliates and successors, and the T. Rowe Investors (as such term is defined in the Purchase Agreement), hereby
constitutes and appoints as the proxies of the party and hereby grants a power of attorney to the Chief Executive Officer of the Company and the Chairman of the Board, and each of them, with full power of substitution, with respect to the matters
set forth herein, including, without limitation, election of individuals as members of the Board in accordance with Section 1 hereto, votes to increase authorized shares pursuant to Section 2
hereof, votes regarding any Sale of the Company pursuant to Section 3 hereof, and hereby authorizes each of them to represent and vote, if and only if the party (a) fails to vote, or (b) attempts to vote (whether
by proxy, in person or by written consent), in a manner which is inconsistent with the terms of this Agreement, all of such party’s Shares in favor of the election of individuals as members of the Board determined pursuant to and in accordance
with the terms and provisions of this Agreement or the increase of authorized shares or approval of any Sale of the Company pursuant to and in accordance with the terms and provisions of Sections 2 and 3, respectively, of this Agreement or to
take any action necessary to effect Sections 2 and 3, respectively, of this Agreement. Each of the proxy and power of attorney granted pursuant to the immediately preceding sentence is given in consideration of the agreements and covenants of
the Company and the parties in connection with the transactions contemplated by this Agreement and, as such, each is coupled with an interest and shall be irrevocable unless and until this Agreement terminates or expires pursuant to
Section 6 hereof. Each party hereto hereby revokes any and all previous proxies or powers of attorney with respect to the Shares and shall not hereafter, unless and until this Agreement terminates or expires pursuant to
Section 6 hereof, purport to grant any other proxy or power of attorney with respect to any of the Shares, deposit any of the Shares into a voting trust or enter into any agreement (other than this Agreement), arrangement
or understanding with any person, directly or indirectly, to vote, grant any proxy or give instructions with respect to the voting of any of the Shares, in each case, with respect to any of the matters set forth herein. 

4.3    Specific Enforcement. Each party acknowledges and agrees that each party hereto will be irreparably damaged
in the event any of the provisions of this Agreement are not performed by the parties in accordance with their specific terms or are otherwise breached. Accordingly, it is agreed that each of the Company and the Stockholders shall be entitled to an
injunction to prevent breaches of this Agreement, and to specific enforcement of this Agreement and its terms and provisions in any action instituted in any court of the United States or any state having subject matter jurisdiction. 

4.4    Remedies Cumulative. All remedies, either under this Agreement or by law or otherwise afforded to any party,
shall be cumulative and not alternative. 
 5.    “Bad Actor” Matters. 

5.1    Representation. Each Person with the right to designate or participate in the designation of a director
pursuant to this Agreement hereby represents and warrants to the Company that, to such Person’s knowledge, no Disqualification Event is applicable to such Person or any of its Rule 506(d) Related Parties, except, if applicable, for a
Disqualification 

  
 9 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
Event as to which Rule 506(d)(2)(ii) or (iii) or (d)(3) is applicable. For purposes of this Agreement, “Rule 506(d) Related Party” shall mean with respect to any Person any
other Person that is a beneficial owner of such first Person’s securities for purposes of Rule 506(d) of the Securities Act. 

5.2    Covenant. Each Person with the right to designate or participate in the designation of a director pursuant
to this Agreement hereby agrees that it shall notify the Company promptly in writing in the event a Disqualification Event becomes applicable to such Person or any of its Rule 506(d) Related Parties, except, if applicable, for a Disqualification
Event as to which Rule 506(d)(2)(ii) or (iii) or (d)(3) is applicable. 
 6.    Term. This Agreement shall
be effective as of the date hereof and shall continue in effect until and shall terminate upon the earliest to occur of (a) the consummation of the Company’s first underwritten public offering of its Common Stock (other than a registration
statement relating either to the sale of securities to employees of the Company pursuant to its stock option, stock purchase or similar plan or a Rule 145 transaction), (b) the consummation of a Sale of the Company and distribution of proceeds to or
escrow for the benefit of the Stockholders in accordance with the Restated Certificate, provided that the provisions of Section 3 hereof will continue after the closing of any Sale of the Company to the extent
necessary to enforce the provisions of Section 3 with respect to such Sale of the Company, and (c) termination of this Agreement in accordance with Section 7.8. 

7.    Miscellaneous. 

7.1    Additional Parties. 

(a)    Notwithstanding anything to the contrary contained herein, if the Company issues additional shares of Preferred
Stock after the date hereof, as a condition to the issuance of such shares the Company shall require that any purchaser of Preferred Stock become a party to this Agreement by executing and delivering (i) the Adoption Agreement attached to this
Agreement as Exhibit A, or (ii) a counterpart signature page hereto agreeing to be bound by and subject to the terms of this Agreement as an Investor and Stockholder hereunder. In either event, each such person thereafter shall be deemed
an Investor and Stockholder for all purposes under this Agreement. 
 (b)    Notwithstanding anything to the contrary
contained herein, if the Company issues additional shares of Common Stock after the date hereof, the Company may require that any purchaser of Common Stock become a party to this Agreement by executing and delivering (i) the Adoption Agreement
attached to this Agreement as Exhibit A, or (ii) a counterpart signature page hereto agreeing to be bound by and subject to the terms of this Agreement as a Common Stock Investor and Stockholder hereunder. In either event, each such
person thereafter shall be deemed a Common Stock Investor and Stockholder for all purposes under this Agreement. 

(c)    In the event that after the date of this Agreement, the Company enters into an agreement with any Person to issue
shares of capital stock to such Person (other than to a purchaser of Preferred Stock described in Section 7.1(a) above), following which such 

  
 10 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
Person shall hold Shares constituting one percent (1%) or more of the Company’s then outstanding capital stock (treating for this purpose all shares of Common Stock issuable upon exercise of
or conversion of outstanding options, warrants or convertible securities, as if exercised and/or converted or exchanged), then, the Company shall cause such Person, as a condition precedent to entering into such agreement, to become a party to this
Agreement by executing an Adoption Agreement in the form attached hereto as Exhibit A, agreeing to be bound by and subject to the terms of this Agreement as a Stockholder and thereafter such person shall be deemed a Stockholder for all
purposes under this Agreement. 
 7.2    Transfers. Each transferee or assignee of any Shares subject to this
Agreement shall continue to be subject to the terms hereof, and, as a condition precedent to the Company’s recognizing such transfer, each transferee or assignee shall agree in writing to be subject to each of the terms of this Agreement by
executing and delivering an Adoption Agreement substantially in the form attached hereto as Exhibit A. Upon the execution and delivery of an Adoption Agreement by any transferee, such transferee shall be deemed to be a party hereto as if such
transferee were the transferor and such transferee’s signature appeared on the signature pages of this Agreement and shall be deemed to be an Investor and Stockholder, Common Stock Investor and Stockholder, Key Holder and Stockholder, or a
Stockholder, as applicable. The Company shall not permit the transfer of the Shares subject to this Agreement on its books or issue a new certificate representing any such Shares unless and until such transferee shall have complied with the terms of
this Section 7.2. Each certificate instrument, or book entry representing the Shares subject to this Agreement if issued on or after the date of this Agreement shall be notated by the Company with the legend set forth in
Section 7.12. 
 7.3    Successors and Assigns. The terms and conditions of this
Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective
successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

7.4    Governing Law. This Agreement shall be governed by the internal law of the State of New York. 

7.5    Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000,
e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

7.6    Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are
not to be considered in construing or interpreting this Agreement. 
 7.7    Notices. All notices and other
communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier of 

  
 11 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
actual receipt or (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic mail or facsimile during normal business hours of the recipient, and if not
sent during normal business hours, then on the recipient’s next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) business day after the
business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next business day delivery, with written verification of receipt. All communications shall be sent to the respective parties at their address as set
forth on Schedule A or Schedule B hereto, or to such email address, facsimile number or address as subsequently modified by written notice given in accordance with this Section 7.7. If notice is given to the
Company, a copy shall also be sent to Cooley LLP, 3175 Hanover St., Palo Alto, California 94304, Attention: Laura Berezin, and if notice is given to Stockholders, a copy shall also be given to the address of such Stockholder as listed on Schedule
A hereto. 
 7.8    Consent Required to Amend, Terminate or Waive. This Agreement may be amended or
terminated and the observance of any term hereof may be waived (either generally or in a particular instance and either retroactively or prospectively)only by a written instrument executed by (a) the Company; (b) the Key Holders holding a
majority of the Shares then held by the Key Holders; (c) the holders of a majority of the shares of Common Stock issued or issuable upon conversion of the shares of Preferred Stock held by the Investors; and (d) the holders of a majority
of the shares of Common Stock held by the Common Stock Investors. Notwithstanding the foregoing: 
 (i)    this
Agreement may not be amended or terminated and the observance of any term of this Agreement may not be waived with respect to any Investor, Common Stock Investor or Key Holder without the written consent of such Investor, Common Stock Investor or
Key Holder unless such amendment, termination or waiver applies to all Investors, Common Stock Investors or Key Holders, as the case may be, in the same fashion; 

(ii)    the consent of the Key Holders shall not be required for any amendment or waiver if such amendment or waiver
either (A) is not directly applicable to the rights of the Key Holders hereunder; or (B) does not adversely affect the rights of the Key Holders in a manner that is different than the effect on the rights of the other parties hereto; 

(iii)    the terms of Section 3 of this Agreement may not be amended, modified or waived without the consent of the
holders of a majority of the shares of Common Stock issued or issuable upon conversion of the Series B Preferred Stock and Series B-1 Preferred Stock; 

(iv)    the terms of Section 3.3(i) of this Agreement and this Section 7.8(iv) may not be amended, modified or waived
without the consent of the holders of a majority of the shares of Common Stock issued or issuable upon conversion of the Series B-1 Preferred Stock; 

(v)    Schedules A, B, C or D hereto may be amended by the Company from time to time to add
information regarding Persons who become additional parties to this Agreement pursuant to Section 7.1; 

  
 12 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (vi)    any provision hereof may be waived by the waiving party on such
party’s own behalf, without the consent of any other party; and 
 (vii)    Section 1.1(a) of this
Agreement shall not be amended or waived without the written consent of the holders of a majority of the issued and outstanding shares of Series A Preferred Stock, so long as the Series A Threshold is met. Section 1.1(b) of this Agreement
shall not be amended or waived without the written consent of the holders of a majority of the issued and outstanding shares of Series B Preferred Stock, so long as the Series B Threshold is met. Section 1.1(c) of this Agreement shall not be
amended or waived without the written consent of Matthew During and, so long as the Key Holders are entitled to designate a director pursuant to Section 1.1(c), the Key Holders holding a majority of the shares of Common Stock then held by the
Key Holders. Sections 1.1(d) and 1.1(e) of this Agreement shall not be amended or waived without the written consent of Jeremy Levin. Further, no amendment specifically targeted at Takeda individually that adversely affects Takeda in
any respect shall be effective unless approved in writing by Takeda. 
 The Company shall give prompt written notice of any amendment, termination, or
waiver hereunder to any party that did not consent in writing thereto. Any amendment, termination, or waiver effected in accordance with this Section 7.8 shall be binding on each party and all of such party’s
successors and permitted assigns, whether or not any such party, successor or assignee entered into or approved such amendment, termination or waiver. For purposes of this Section 7.8, the requirement of a written
instrument may be satisfied in the form of an action by written consent of the Stockholders circulated by the Company and executed by the Stockholder parties specified, whether or not such action by written consent makes explicit reference to the
terms of this Agreement. 
 7.9    Delays or Omissions. No delay or omission to exercise any right, power or
remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any
single breach or default be deemed a waiver of any other breach or default previously or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement,
or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or
otherwise afforded to any party, shall be cumulative and not alternative. 
 7.10    Severability. The invalidity
or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision. 

7.11    Entire Agreement. Upon the Effective Date, the Prior Agreement shall be amended and restated to read in its
entirety as set forth in this Agreement. This Agreement (including the Exhibits hereto), the Restated Certificate and the other Transaction Agreements (as defined in the Purchase Agreement) constitute the full and entire understanding and agreement
between the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled. 

  
 13 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 7.12    Share Certificate Legend. Each certificate, instrument, or
book entry representing any Shares issued after the date hereof shall be notated by the Company with a legend reading substantially as follows: 

“THE SHARES REPRESENTED HEREBY ARE SUBJECT TO A VOTING AGREEMENT, AS MAY BE AMENDED FROM TIME TO TIME, (A COPY OF WHICH MAY BE OBTAINED
UPON WRITTEN REQUEST FROM THE COMPANY), AND BY ACCEPTING ANY INTEREST IN SUCH SHARES THE PERSON ACCEPTING SUCH INTEREST SHALL BE DEEMED TO AGREE TO AND SHALL BECOME BOUND BY ALL THE PROVISIONS OF THAT VOTING AGREEMENT, INCLUDING CERTAIN RESTRICTIONS
ON TRANSFER AND OWNERSHIP SET FORTH THEREIN.” 
 The Company, by its execution of this Agreement, agrees that it will cause the certificates
instruments, or book entry evidencing the Shares issued after the date hereof to be notated with the legend required by this Section 7.12 of this Agreement, and it shall supply, free of charge, a copy of this Agreement to
any holder of such Shares upon written request from such holder to the Company at its principal office. The parties to this Agreement do hereby agree that the failure to cause the certificates, instruments, or book entry evidencing the Shares to be
notated with the legend required by this Section 7.12 herein and/or the failure of the Company to supply, free of charge, a copy of this Agreement as provided hereunder shall not affect the validity or enforcement of this
Agreement. 
 7.13    Stock Splits, Stock Dividends, etc. In the event of any issuance of Shares of the
Company’s voting securities hereafter to any of the Stockholders (including, without limitation, in connection with any stock split, stock dividend, recapitalization, reorganization, or the like), such Shares shall become subject to this
Agreement and shall be notated with the legend set forth in Section 7.12. 
 7.14    Manner
of Voting. The voting of Shares pursuant to this Agreement may be effected in person, by proxy, by written consent or in any other manner permitted by applicable law. For the avoidance of doubt, voting of the Shares pursuant to this Agreement
need not make explicit reference to the terms of this Agreement. 
 7.15    Further Assurances. At any time or
from time to time after the date hereof, the parties agree to cooperate with each other, and at the request of any other party, to execute and deliver any further instruments or documents and to take all such further action as the other party may
reasonably request in order to evidence or effectuate the consummation of the transactions contemplated hereby and to otherwise carry out the intent of the parties hereunder. 

7.16    Dispute Resolution. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction
of the state courts of New York and to the jurisdiction of the United States District Court for the Southern District of New York for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not
to commence any 

  
 14 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of New York or the United States District Court for the Southern District of New York, and
(c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is
exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be
enforced in or by such court. 
 WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON
OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES
THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS
SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND
THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 

7.17    Costs of Enforcement. If any party to this Agreement seeks to enforce its rights under this Agreement by
legal proceedings, the non-prevailing party shall pay all costs and expenses incurred by the prevailing party, including, without limitation, all reasonable attorneys’ fees. 

7.18    Aggregation of Stock. All Shares held or acquired by a Stockholder and/or its Affiliates shall be
aggregated together for the purpose of determining the availability of any rights under this Agreement, and such Affiliated persons may apportion such rights as among themselves in any manner they deem appropriate. 

7.19    Massachusetts Business Trust. If required by the Secretary of State of the Commonwealth of Massachusetts
(the “Secretary of State”), a copy of the Agreement and Declaration of Trust of each Investor or any affiliate thereof is on file with the Secretary of State and notice is hereby given that this Agreement is executed on behalf of
the trustees of such Investor or any affiliate thereof as trustees and not individually and that the obligations of this Agreement are not binding on any of the trustees, officers or stockholders of such Investor or any affiliate thereof
individually but are binding only upon such Investor or any affiliate thereof and its assets and property. Furthermore, notice is given that the trust property of any series of the series trust applicable to such Investor, if applicable, is separate
and distinct and that any obligations of or arising out of this Agreement are several and not joint or joint and several and are binding only on the trust property of such Investor with respect to its obligations under this Agreement. 

  
 15 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 [Signature Page Follows] 

  
 16 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 IN WITNESS WHEREOF, the parties have executed this Third Amended and Restated Voting Agreement as
of the date first written above. 
  

			
	THE COMPANY:
	
	OVID THERAPEUTICS INC.
		
	By:	 	  

	Name:	 	Jeremy Levin
	Title:	 	Chief Executive Officer

  
 [Signature Page to Third
Amended and Restated Voting Agreement] 
 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 IN WITNESS WHEREOF, the parties have executed this Third Amended and Restated Voting Agreement as
of the date first written above. 
  

			
	INVESTOR:
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 [Signature Page to Third
Amended and Restated Voting Agreement] 
 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 IN WITNESS WHEREOF, the parties have executed this Third Amended and Restated Voting Agreement as
of the date first written above. 
  

			
	COMMON STOCK INVESTOR:
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 [Signature Page to Third
Amended and Restated Voting Agreement] 
 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 IN WITNESS WHEREOF, the parties have executed this Third Amended and Restated Voting Agreement as
of the date first written above. 
  

			
	HOLDER:
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 [Signature Page to Third
Amended and Restated Voting Agreement] 
 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 IN WITNESS WHEREOF, the parties have executed this Third Amended and Restated Voting Agreement as
of the date first written above. 
  

			
	KEY HOLDER:
		
	By:	 	  

	Name:	 	  

  
 [Signature Page to Third
Amended and Restated Voting Agreement] 
 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 EXHIBIT A 

ADOPTION AGREEMENT 
 This
Adoption Agreement (“Adoption Agreement”) is executed on                     , 20     , by the undersigned (the
“Holder”) in accordance with the terms of that certain Third Amended and Restated Voting Agreement dated as of January 6, 2017 (the “Agreement”), by and among the Company and certain of its Stockholders, as
such Agreement may be amended or amended and restated hereafter. Capitalized terms used but not defined in this Adoption Agreement shall have the respective meanings ascribed to such terms in the Agreement. By the execution of this Adoption
Agreement, the Holder agrees as follows. 
 1.1    Acknowledgement. Holder acknowledges that Holder is acquiring
certain shares of the capital stock of the Company (the “Stock”) or options, warrants, or other rights to purchase such Stock (the “Options”), for one of the following reasons (Check the correct box): 

 

	 	☐	As a transferee of Shares from a party in such party’s capacity as an “Investor” or a “Common Stock Investor” bound by the Agreement, and after such transfer, Holder shall be considered an
“Investor” or “Common Stock Investor” (as applicable) and a “Stockholder” for all purposes of the Agreement. 

  

	 	☐	As a transferee of Shares from a party in such party’s capacity as a “Key Holder” bound by the Agreement, and after such transfer, Holder shall be considered a “Key Holder” and a
“Stockholder” for all purposes of the Agreement. 

  

	 	☐	As a new Investor in accordance with Section 7.1(a) of the Agreement, in which case Holder will be an “Investor” and a “Stockholder” for all purposes of the Agreement. 

 

	 	☐	As a new Common Stock Investor in accordance with Section 7.1(b) of the Agreement, in which case Holder will be a “Common Stock Investor” and a “Stockholder” for all purposes of the Agreement.

  

	 	☐	In accordance with 7.1(c) of the Agreement, as a new party who is not a new Investor or Common Stock Investor, in which case Holder will be a “Stockholder” for all purposes of the Agreement.

 1.2    Agreement. Holder hereby (a) agrees that the Stock Options, and any other shares of
capital stock or securities required by the Agreement to be bound thereby, shall be bound by and subject to the terms of the Agreement and (b) adopts the Agreement with the same force and effect as if Holder were originally a party thereto.

 1.3    Further Assurances. Holder hereby expressly agrees to execute such further instruments and take such
further actions as may be reasonably required by the Company in order to achieve the purpose and intent of the Agreement. 

1.4    Notice. Any notice required or permitted by the Agreement shall be given to Holder at the address or
facsimile number listed below Holder’s signature hereto. 
 [signature page follows] 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

			
	HOLDER:
                                         
                                         
   	  	ACCEPTED AND AGREED:
		
	By:
                                        
                                         
                	  	OVID THERAPEUTICS INC.
	Name and Title of Signatory	  	
		
	Address:
                                         
                                         
       	  	By:
                                         
                                         
         
	                                      
                                         
                         	  	Title:
                                         
                                         
      

  
 [Signature Page to
Adoption Agreement] 
 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with
the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended.EX-10.1

 Exhibit 10.1 

TAX RECEIVABLE AGREEMENT 

by and among 
 CARVANA
CO., 
 CERTAIN OTHER PERSONS NAMED HEREIN, 

and 
 THE AGENT 

DATED AS OF [●], 2017 

 TAX RECEIVABLE AGREEMENT 

This TAX RECEIVABLE AGREEMENT (this “Agreement”), dated as of [●], 2017, is hereby entered into by and among Carvana
Co., a Delaware corporation (together with its Subsidiaries that are consolidated for U.S. federal income and applicable state and local Tax purposes, and assuming for this purpose that all available elections to file consolidated tax returns have
been made, the “Corporate Taxpayer”), Carvana Group, LLC, a Delaware limited liability company (the “Company”), the TRA Holders and the Agent. 

RECITALS 
 WHEREAS, the
TRA Holders currently hold limited liability company interests (“Units”) the Company, which is classified as a partnership for U.S. federal income tax purposes; 

WHEREAS, the Corporate Taxpayer is the sole managing member of Carvana Co. Sub LLC, a Delaware limited liability company and a wholly-owned
subsidiary of the Corporate Taxpayer (“Carvana Co. Sub”); 
 WHEREAS, Carvana Co. Sub, which has elected to be taxed as a
corporation for U.S. federal income tax purposes, is a holder of Units and the sole manager of the Company; 
 WHEREAS, the Company and each
of its direct and indirect Subsidiaries that is treated as a partnership for U.S. federal income tax purposes will have in effect an election under Section 754 of the Internal Revenue Code of 1986, as amended (the “Code”), and
any corresponding provisions of state and local Tax law, for each Taxable Year in which an Exchange (as defined below) occurs, which election is expected to result, with respect to the Corporate Taxpayer, in an adjustment to the Tax basis of the
assets owned by the Company and such Subsidiaries; 
 WHEREAS, (i) from and after the closing of IPO Date (as defined below), the TRA
Holders may sell all or a portion of their Units (solely to the extent such Units are Exchangeable Units (as defined below)), together with shares of Class B Common Stock (as defined below), to Carvana Co. Sub for cash and/or Class A
Common Stock (as defined below) and (ii) on the closing of IPO Date, interests in Carvana, LLC will be transferred to Carvana Co. Sub, in the case of each of clauses (i) and (ii), in one or more Exchanges, and as a result of such
Exchanges, the Corporate Taxpayer is expected to obtain or be entitled to certain Tax benefits as further described herein; and 
 WHEREAS,
this Agreement is intended to set forth the agreements among the parties hereto regarding the sharing of the Tax benefits realized by the Corporate Taxpayer as a result of the Exchanges. 

NOW, THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth herein, and intending to be legally
bound hereby, the parties hereto agree as follows: 

 ARTICLE I 

DEFINITIONS 

Section 1.1 Definitions. As used in this Agreement, the terms set forth in this Article I shall have the following meanings
(such meanings to be equally applicable to both the singular and plural forms of the terms defined). 
 “Accrued Amount”
has the meaning set forth in Section 3.1(b) of this Agreement. 
 “Actual Tax Liability” means, with respect to any
Taxable Year, the actual liability for Taxes of (i) the Corporate Taxpayer and (ii) without duplication, the Company, but only with respect to Taxes imposed on the taxable income of the Company that is allocable to the Corporate Taxpayer
or to the other members of the consolidated, combined, or unitary group of which the Corporate Taxpayer is a member for such Taxable Year. 

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly, through one or more
intermediaries, Controls, is Controlled by, or is under common Control with, such first Person. 
 “Agent” means [●]
or such other Person designated as such pursuant to Section 7.6(c). 
 “Agreed Rate” means a per annum rate of LIBOR
plus 100 basis points. 
 “Agreement” has the meaning set forth in the preamble to this Agreement. 

“Amended Schedule” has the meaning set forth in Section 2.3(b) of this Agreement. 

“Attributable” has the meaning set forth in Section 3.1(b) of this Agreement. 

“Basis Adjustment” means any adjustment to the Tax basis of a Reference Asset as a result of an Exchange and the payments
made pursuant to this Agreement with respect to such Exchange (as calculated under Section 2.1 of this Agreement), including, but not limited to: (i) under Sections 734(b), 743(b), and 754 of the Code (in situations
where, following an Exchange, the Company remains classified as a partnership for U.S. federal income tax purposes); and (ii) under Sections 732(b), 734(b) and 1012 of the Code (in situations where, as a result of one or more Exchanges, the
Company becomes an entity that is disregarded as separate from its owner for U.S. federal income tax purposes), and in each case, comparable sections of state and local Tax laws. For the avoidance of doubt, (i) the amount of any Basis
Adjustment resulting from an Exchange of Exchangeable Units shall be determined without regard to any Section 743(b) adjustment attributable to such Exchangeable Units prior to such Exchange, (ii) payments made under this Agreement shall
not be treated as resulting in a Basis Adjustment to the extent such payments are treated as Imputed Interest, and (iii) for the purpose of calculating any Basis Adjustment resulting from an Exchange, all consideration shall be allocated to the
purchase of Exchangeable Units (and none to the Class B Common Stock, if any) in such Exchange. 
 “Beneficial Owner”
means, with respect to a security, a Person who directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares: (i) voting power, which includes the power to vote, or to direct the voting of,
such security 

  
 2 

 
and/or (ii) investment power, which includes the power to dispose of, or to direct the disposition of, such security. The terms “Beneficially Own” and “Beneficial
Ownership” shall have correlative meanings. 
 “Board” means the board of directors of the Corporate Taxpayer. 

“Business Day” means any day other than a Saturday, Sunday or other day on which the banks in New York, New York or Phoenix,
Arizona are authorized by law to be closed. 
 “Cash Payment” has the meaning set forth in the Exchange Agreement. 

“Change of Control” has the meaning set forth in the Exchange Agreement. 

“Change of Control Exchange” has the meaning set forth in the Exchange Agreement. 

“Change of Control Exchange Date” has the meaning set forth in the Exchange Agreement. 

“Class A Common Stock” has the meaning set forth in the LLC Agreement. 

“Class B Common Stock” has the meaning set forth in the LLC Agreement. 

“Code” has the meaning set forth in the recitals of this Agreement. 

“Common Units” has the meaning set forth in the LLC Agreement. 

“Company” has the meaning set forth in the recitals of this Agreement. 

“Control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and
policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
 “Corporate Taxpayer” has
the meaning set forth in the preamble to this Agreement. 
 “Corporate Taxpayer Return” means the U.S. federal and/or state
and local Tax Return of the Corporate Taxpayer (including any consolidated group of which the Corporate Taxpayer is a member, as further described in Section 7.13(a) of this Agreement) filed with respect to any Taxable Year. 

“Cumulative Net Realized Tax Benefit” for a Taxable Year means the cumulative amount (but not less than zero) of Realized Tax
Benefits for all Taxable Years of the Corporate Taxpayer, up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the same period. The Realized Tax Benefit and Realized Tax Detriment for each Taxable Year
shall be determined based on the most recent Tax Benefit Schedule or Amended Schedule, if any, in existence at the time of such determination. 

“Default Rate” means a per annum rate of LIBOR plus 500 basis points. 

“Determination” shall have the meaning ascribed to such term in Section 1313(a) of the Code or similar provision of any
state and local Tax law or any other event (including the execution of IRS Form 870-AD) that finally and conclusively establishes the amount of any liability for Tax. 

  
 3 

 “Disputing Party” has the meaning set forth in
Section 7.9 of this Agreement. 
 “Early Termination” has the meaning set forth in
Section 4.1 of this Agreement. 
 “Early Termination Date” means the date of an Early Termination
Notice for purposes of determining the Early Termination Payment. 
 “Early Termination Effective Date” has the meaning set
forth in Section 4.4 of this Agreement. 
 “Early Termination Notice” has the meaning set forth
in Section 4.4 of this Agreement. 
 “Early Termination Payment” has the meaning set forth in
Section 4.5(b) of this Agreement. 
 “Early Termination Rate” means a per annum rate of LIBOR plus 100 basis points.

 “Early Termination Schedule” has the meaning set forth in Section 4.4 of this Agreement. 

“Exchange” means (i) any “Exchange” as defined in the Exchange Agreement (including, for the avoidance of
doubt, any Change of Control Exchange) and (ii) the transfer of interests in Carvana, LLC to Carvana Co. Sub pursuant to that certain Transfer Agreement, dated on or about the date hereof, by and among Ernest C. Garcia, II, Carvana Group, LLC,
Carvana, LLC, the Corporate Taxpayer and Carvana Co. Sub. 
 “Exchange Act” has the meaning set forth in the LLC Agreement.

 “Exchange Agreement” means that certain Exchange Agreement, dated as of [●], 2017, by and among Carvana Co. Sub,
the Company and the other parties thereto. 
 “Exchange Schedule” has the meaning set forth in
Section 2.1 of this Agreement. 
 “Exchangeable Unit” has the meaning set forth in the Exchange
Agreement. 
 “Expert” means [●] or such nationally recognized expert in the particular area of disagreement as is
mutually acceptable to both parties. 
 “Hypothetical Tax Liability” means, with respect to any Taxable Year, the liability
for Taxes of the Corporate Taxpayer and, without duplication, the Company, but only with respect to Taxes imposed on taxable income of the Company allocable to the Corporate Taxpayer or to the other members of the consolidated, combined, or unitary
group of which the Corporate Taxpayer is a member for such Taxable Year (in each case, using the same methods, elections, conventions, and similar practices used on the relevant Corporate Taxpayer Return), but without taking into account
(i) any Basis Adjustments and (ii) any deduction attributable to Imputed Interest for the Taxable Year. For the avoidance of doubt, Hypothetical Tax Liability shall be determined without taking into account the carryover or carryback of
any Tax item (or portions thereof) that is attributable to any Basis Adjustments and Imputed Interest. 

  
 4 

 “Imputed Interest” means any interest imputed under Section 1272, 1274 or
483 or other provision of the Code and any similar provision of any state and local Tax law with respect to the Corporate Taxpayer’s payment obligations under this Agreement. For the avoidance of doubt, Imputed Interest shall not include any
Accrued Amount. 
 “IPO” means an initial public offering of Class A Common Stock of the Corporate Taxpayer or its
successor in interest or a wholly-owned subsidiary of the Corporate Taxpayer pursuant to which such Class A Common Stock is registered under Section 12 of the Exchange Act and is listed on a national securities exchange. 

“IPO Date” means the closing date of the IPO. 

“IRS” means the U.S. Internal Revenue Service. 

“LIBOR” means during any period, an interest rate per annum equal to the one-year
LIBOR rate reported, on the date two (2) calendar days prior to the first day of such period, on the Telerate Page 3750 (or if such screen shall cease to be publicly available, as reported on Reuters Screen page “LIBOR01” or by any
other publicly available source of such market rate) for London interbank offered rates for United States dollar deposits for such period. 

“LLC Agreement” means the Fourth Amended and Restated Limited Liability Company Agreement of the Company, as amended from
time to time. 
 “Material Objection Notice” has the meaning set forth in Section 4.4 of this
Agreement. 
 “Net Tax Benefit” has the meaning set forth in Section 3.1(b) of this Agreement. 

“Objection Notice” has the meaning set forth in Section 2.3(a) of this Agreement. 

“Payment Date” means any date on which a payment is required to be made pursuant to this Agreement. 

“Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust,
business association, organization, governmental entity or other entity. 
 “Realized Tax Benefit” means, for a Taxable
Year, the excess, if any, of the Hypothetical Tax Liability over the Actual Tax Liability. If all or a portion of the Actual Tax Liability for the Taxable Year arises as a result of an audit by a Taxing Authority for any Taxable Year, such liability
shall not be included in determining the Realized Tax Benefit unless and until there has been a Determination. 
 “Realized Tax
Detriment” means, for a Taxable Year, the excess, if any, of the Actual Tax Liability over the Hypothetical Tax Liability. If all or a portion of the Actual Tax Liability for the Taxable Year arises as a result of an audit by a Taxing
Authority for any Taxable Year, such liability shall not be included in determining the Realized Tax Detriment unless and until there has been a Determination. 

“Reconciliation Dispute” has the meaning set forth in Section 7.9 of this Agreement. 

  
 5 

 “Reconciliation Procedures” means the procedures described in
Section 7.9 of this Agreement. 
 “Reference Asset” means, with respect to any Exchange, an asset
that is held by the Company, or any of its direct or indirect Subsidiaries that is treated as a partnership or disregarded entity for purposes of the applicable Tax (but only to the extent such Subsidiaries are not held through any entity treated as
a corporation for purposes of the applicable Tax), at the time of such Exchange. A Reference Asset also includes any asset that is “substituted basis property” under Section 7701(a)(42) of the Code with respect to a Reference Asset.

 “Schedule” means any of the following: (i) an Exchange Schedule, (ii) a Tax Benefit Schedule, or
(iii) the Early Termination Schedule. 
 “Senior Obligations” has the meaning set forth in
Section 5.1 of this Agreement. 
 “Subsidiaries” means, with respect to any Person, as of any
date of determination, any other Person as to which such Person, owns, directly or indirectly, or otherwise controls more than 50% of the voting power or other similar interests or the sole general partner interest or managing member or similar
interest of such Person. 
 “Tax Benefit Payment” has the meaning set forth in Section 3.1(b) of this Agreement.

 “Tax Benefit Schedule” has the meaning set forth in Section 2.2 of this Agreement. 

“Tax Proceeding” has the meaning set forth in Section 6.1 of this Agreement. 

“Tax Return” means any return, declaration, report or similar statement filed or required to be filed with respect to Taxes
(including any attached schedules), including, without limitation, any information return, claim for refund, amended return and declaration of estimated Tax. 

“Taxable Year” means a taxable year of the Corporate Taxpayer as defined in Section 441(b) of the Code or comparable
section of state or local Tax law, as applicable (which, for the avoidance of doubt, may include a period of less than twelve (12) months for which a Tax Return is made), ending on or after the date hereof. 

“Taxes” means any and all U.S. federal, state and local taxes, assessments or similar charges that are based on or measured
with respect to net income or profits, and any interest related to such Tax. 
 “Taxing Authority” means any federal,
national, state, county or municipal or other local government, any subdivision, agency, commission or authority thereof, or any quasi-governmental body exercising any taxing authority or any other authority exercising Tax regulatory authority. 

“TRA Holder” means each of those Persons set forth on Schedule A and their respective successors
and permitted assigns pursuant to Section 7.6(a). 
 “Transferor” has the meaning set forth in Section
7.13(b) of this Agreement. 

  
 6 

 “Treasury Regulations” means the final, temporary and proposed regulations under
the Code promulgated from time to time (including corresponding provisions and succeeding provisions) as in effect for the relevant Taxable Year. 

“Units” has the meaning set forth in the recitals of this Agreement. 

“Valuation Assumptions” means, as of an Early Termination Date, the assumptions that (i) in each Taxable Year ending on
or after such Early Termination Date, the Corporate Taxpayer will have taxable income sufficient to fully utilize the deductions arising from all Basis Adjustments and the Imputed Interest during such Taxable Year or future Taxable Years (including,
for the avoidance of doubt, Basis Adjustments and Imputed Interest that would result from future Tax Benefit Payments that would be paid in accordance with the Valuation Assumptions, further assuming such future Tax Benefit Payments would be paid on
the due date, without extensions, for filing the Corporate Taxpayer Return for the applicable Taxable Year) in which such deductions would become available, (ii) any loss or credit carryovers generated by deductions or losses arising from any
Basis Adjustment or Imputed Interest that are available in the Taxable Year that includes the Early Termination Date will be utilized by the Corporate Taxpayer in the earliest possible Taxable Year permitted by the Code and the Treasury Regulations
from the Early Termination Date, (iii) the U.S. federal, state and local income and franchise tax rates that will be in effect for each Taxable Year ending on or after such Early Termination Date will be those specified for each such Taxable
Year by the Code and other law as in effect on the Early Termination Date, (iv) any non-amortizable Reference Assets to which any Basis Adjustment is attributable will be disposed of in a fully taxable
transaction for Tax purposes on the earlier of (A) the fifteenth anniversary of the Exchange which gave rise to such Basis Adjustment or (B) the Early Termination Date, and (v) if, at the Early Termination Date, there are Exchangeable
Units that have not been transferred in an Exchange, then all Exchangeable Units and (if applicable) shares of Class B Common Stock shall be deemed to be transferred in an Exchange effective on the Early Termination Date. 

Section 1.2 Other Definitional and Interpretative Provisions. The words “hereof,” “herein” and
“hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. References to Articles, Sections, Exhibits and Schedules are to Articles, Sections,
Exhibits and Schedules of this Agreement unless otherwise specified. All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms
used in any Exhibit or Schedule but not otherwise defined therein, shall have the meaning as defined in this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever
the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation,” whether or not they are in fact followed by those words or
words of like import. “Writing,” “written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any agreement or contract are to that
agreement or contract as amended, modified or supplemented from time to time in accordance with the terms thereof. References to any Person include the successors and permitted assigns of that Person. References from or through any date mean, unless
otherwise specified, from and including or through and including, respectively. 

  
 7 

 ARTICLE II 

DETERMINATION OF CERTAIN REALIZED TAX BENEFITS 

Section 2.1 Exchange Schedule. Within ninety (90) calendar days after the filing of the U.S. federal Corporate Taxpayer
Return for each Taxable Year in which any Exchange has been effected by a TRA Holder, the Corporate Taxpayer shall deliver to the Agent a schedule (the “Exchange Schedule”) that shows, in reasonable detail necessary to perform the
calculations required by this Agreement, including with respect to each TRA Holder participating in any Exchange during such Taxable Year, (i) the Basis Adjustments with respect to the Reference Assets as a result of the Exchanges effected by
such TRA Holder in such Taxable Year and (ii) the period (or periods) over which such Basis Adjustments are amortizable and/or depreciable. 

Section 2.2 Tax Benefit Schedule. 

(a) Tax Benefit Schedule. Within ninety (90) calendar days after the filing of the U.S. federal Corporate Taxpayer Return for any
Taxable Year in which there is a Realized Tax Benefit or Realized Tax Detriment, the Corporate Taxpayer shall provide to the Agent: (i) a schedule showing, in reasonable detail, (A) the calculation of the Realized Tax Benefit or Realized
Tax Detriment for such Taxable Year, (B) the portion of the Net Tax Benefit, if any, that is Attributable to each TRA Holder who has participated in any Exchange, (C) the Accrued Amount with respect to any such Net Tax Benefit that is
Attributable to such TRA Holder, (D) the Tax Benefit Payment determined pursuant to Section 3.1(b) of this Agreement due to each such TRA Holder, and (E) the portion of such Tax Benefit Payment that the Corporate Taxpayer intends to
treat as Imputed Interest (a “Tax Benefit Schedule”), (ii) a reasonably detailed calculation by the Corporate Taxpayer of the Hypothetical Tax Liability, (iii) a reasonably detailed calculation by the Corporate Taxpayer of
the Actual Tax Liability, (iv) a copy of the Corporate Taxpayer Return for such Taxable Year, and (v) any other work papers reasonably requested by the Agent. In addition, the Corporate Taxpayer shall allow the Agent reasonable access at
no cost to the appropriate representatives of the Corporate Taxpayer in connection with a review of such Tax Benefit Schedule. The Tax Benefit Schedule will become final as provided in Section 2.3(a) and may be amended as provided in
Section 2.3(b) (subject to the procedures set forth in Section 2.3(b)). 
 (b) Applicable Principles. The Realized Tax
Benefit or Realized Tax Detriment for each Taxable Year is intended to measure the decrease or increase in the Corporate Taxpayer’s actual liability for Taxes for such Taxable Year that is attributable to the Basis Adjustments and Imputed
Interest, determined using a “with and without” methodology. For the avoidance of doubt, such actual liability for Taxes will take into account the deduction of the portion of the Tax Benefit Payment that must be accounted for as interest
under the Code based upon the characterization of Tax Benefit Payments as additional consideration payable by the Corporate Taxpayer. For purposes of calculating the Realized Tax Benefit or Realized Tax Detriment for any Taxable Year, carryforwards
or carrybacks of any Tax item (such as a net operating loss) attributable to the Basis Adjustments and Imputed Interest shall be considered to be subject to the rules of the Code and the Treasury Regulations and the corresponding provisions of state
and local Tax laws, as applicable, governing the use, limitation and expiration of carryforwards or carrybacks of the relevant type. If a carryforward or carryback of any Tax item includes a portion 

  
 8 

 
that is attributable to the Basis Adjustment or Imputed Interest (a “TRA Portion”) and another portion that is not so attributable (a
“Non-TRA Portion”), such respective portions shall be considered to be used in accordance with the “with and without” methodology so that: (i) the amount of any Non-TRA Portion is deemed utilized first, followed by the amount of any TRA Portion; and (ii) in the case of a carryback of a Non-TRA Portion, such carryback shall not
affect the original “with and without” calculation made in the applicable prior Taxable Year. For the avoidance of doubt, the TRA Portion of any Tax item when such item is incurred shall be determined using a marginal “with and
without” methodology by calculating (i) the amount of such Tax item for all Tax purposes taking into account the Basis Adjustments or Imputed Interest and (ii) the amount of such Tax item for all Tax purposes without taking into
account the Basis Adjustments or Imputed Interest, with the TRA Portion equal to the excess of the amount specified in clause (i) over the amount specified in clause (ii) (but only if such excess is greater than zero). The parties agree that
(i) any payment under this Agreement, including the Accrued Amount (other than amounts accounted for as Imputed Interest) will be treated as a subsequent upward adjustment to the purchase price of the relevant Exchangeable Units and will have
the effect of creating additional Basis Adjustments to Reference Assets for the Corporate Taxpayer in the year of payment, and (ii) as a result, such additional Basis Adjustments will be incorporated into the current year calculation and into
future year calculations, as appropriate. 
 Section 2.3 Procedure; Amendments. 

(a) An applicable Schedule or amendment thereto shall become final and binding on all parties thirty (30) calendar days from the
first date on which the Agent has received the applicable Schedule or amendment thereto unless (i) the Agent, within thirty (30) calendar days after receiving an applicable Schedule or amendment thereto, provides the Corporate
Taxpayer with notice of a material objection to such Schedule (“Objection Notice”) made in good faith or (ii) the Agent provides a written waiver of such right of any Objection Notice within the period described in clause
(i) above, in which case such Schedule or amendment thereto becomes binding on the date a waiver from the Agent has been received by the Corporate Taxpayer. If the Corporate Taxpayer and Agent, for any reason, are unable to successfully
resolve the issues raised in an Objection Notice within thirty (30) calendar days after receipt by the Corporate Taxpayer of such Objection Notice, the Corporate Taxpayer and Agent shall employ the Reconciliation Procedures under
Section 7.9. 
 (b) The applicable Schedule for any Taxable Year may be amended from time to time by the
Corporate Taxpayer (i) in connection with a Determination affecting such Schedule, (ii) to correct inaccuracies in the Schedule identified as a result of the receipt of additional factual information relating to a Taxable Year after
the date the Schedule was provided to the Agent, (iii) to comply with the Expert’s determination under the Reconciliation Procedures, (iv) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable
Year attributable to a carryback or carryforward of a loss or other Tax item to such Taxable Year, (v) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to an amended Corporate Taxpayer
Return filed for such Taxable Year or (vi) to adjust an Exchange Schedule to take into account payments made pursuant to this Agreement (any such Schedule, an “Amended Schedule”).The Corporate Taxpayer shall provide an
Amended Schedule to the Agent within sixty (60) calendar days of the occurrence of an event referenced in clauses (i) through (vi) of the preceding sentence. For the avoidance of doubt, in

  
 9 

 
the event a Schedule is amended after such Schedule becomes final pursuant to Section 2.3(a), the Amended Schedule shall not be taken into account in calculating any Tax
Benefit Payment in the Taxable Year to which the amendment relates but instead shall be taken into account in calculating the Cumulative Net Realized Tax Benefit for the Taxable Year in which the amendment actually occurs. 

ARTICLE III 
 TAX
BENEFIT PAYMENTS 
 Section 3.1 Payments. 

(a) Within five (5) calendar days after a Tax Benefit Schedule delivered to the Agent becomes final in accordance with Section
2.3(a), the Corporate Taxpayer shall pay to each TRA Holder the Tax Benefit Payment in respect of such TRA Holder determined pursuant to Section 3.1(b) for such Taxable Year. Each such payment shall be made by check, by wire transfer of
immediately available funds to the bank account previously designated by the TRA Holder to the Corporate Taxpayer, or as otherwise agreed by the Corporate Taxpayer and the TRA Holder. For the avoidance of doubt, no Tax Benefit Payment shall be made
in respect of estimated Tax payments, including, without limitation, U.S. federal or state estimated income Tax payments. Notwithstanding anything herein to the contrary, unless otherwise specified by a TRA Holder in the Exchange Notice for any
Exchange that occurs pursuant to the Exchange Agreement (or otherwise specified in writing by any TRA Holder with respect to an Exchange), the aggregate Tax Benefit Payments in respect of such Exchange (other than amounts accounted for as interest
under the Code) shall not exceed 50% of the fair market value of the consideration received on such Exchange (whether as a Cash Payment, as shares of Class A Common Stock, or as other consideration). 

(b) A “Tax Benefit Payment” in respect of a TRA Holder for a Taxable Year means an amount, not less than zero, equal to the
sum of the portion of the Net Tax Benefit Attributable to such TRA Holder and the Accrued Amount with respect thereto. A Net Tax Benefit is “Attributable” to a TRA Holder to the extent that it is derived from any Basis Adjustment or
Imputed Interest that is attributable to the Exchangeable Units acquired or deemed acquired by the Corporate Taxpayer or the interests in Carvana, LLC acquired by Carvana Co. Sub in an Exchange undertaken by or with respect to such TRA Holder.
Subject to Section 3.3, the “Net Tax Benefit” for a Taxable Year shall be an amount equal to the excess, if any, of (i) 85% of the Cumulative Net Realized Tax Benefit as of the end of such Taxable Year
over (ii) the total amount of payments previously made under this Section 3.1 (excluding payments attributable to Accrued Amounts); provided, for the avoidance of doubt, that no TRA Holder shall be required to
return any portion of any previously made Tax Benefit Payment. The “Accrued Amount” with respect to any portion of a Net Tax Benefit shall equal an amount determined in the same manner as interest on such portion of the Net Tax
Benefit for a Taxable Year calculated at the Agreed Rate from the due date (without extensions) for filing the Corporate Taxpayer Return for such Taxable Year until the Payment Date. For the avoidance of doubt, for Tax purposes, the Accrued Amount
shall not be treated as interest but shall instead be treated as additional consideration for the acquisition of Exchangeable Units or interests in Carvana, LLC in an Exchange unless otherwise required by law. Notwithstanding the foregoing, for each
Taxable Year ending on or after the date of a Change of Control Exchange where the provisions of Section 4.2 do not apply, 

  
 10 

 
all Tax Benefit Payments, whether paid with respect to Exchangeable Units that were the subject of an Exchange (i) prior to the related Change of Control Exchange Date or (ii) on or
after such Change of Control Exchange Date, shall be calculated by utilizing the assumptions in clauses (i), (ii) and (iv) of the definition of Valuation Assumptions, substituting in each case the term “Change of Control Exchange
Date” for an “Early Termination Date”. 
 Section 3.2 No Duplicative Payments. It is intended that the provisions
of this Agreement will not result in duplicative payment of any amount (including interest) required under this Agreement. It is also intended that the provisions of this Agreement will result in 85% of the Cumulative Net Realized Tax Benefit, and
the Accrued Amount thereon, being paid to the TRA Holders. The provisions of this Agreement shall be construed in the appropriate manner to achieve these fundamental results. 

Section 3.3 Pro Rata Payments; Coordination of Benefits. 

(a) Notwithstanding anything in Section 3.1 to the contrary, to the extent that the aggregate amount of the
Corporate Taxpayer’s Tax benefit subject to this Agreement is limited in a particular Taxable Year because the Corporate Taxpayer does not have sufficient taxable income to fully utilize available deductions and other attributes, the limitation
on the Tax benefit for the Corporate Taxpayer shall be allocated among the TRA Holders in proportion to the respective amounts of Net Tax Benefit that would have been determined under this Agreement if the Corporate Taxpayer had sufficient taxable
income so that there were no such limitation. 
 (b) After taking into account Section 3.3(a), if for any reason the Corporate
Taxpayer does not fully satisfy its payment obligations to make all Tax Benefit Payments due under this Agreement in respect of a particular Taxable Year, then (i) the Corporate Taxpayer will pay the same proportion of each Tax Benefit Payment
due to each TRA Holder in respect of such Taxable Year, without favoring one obligation over the other, and (ii) no Tax Benefit Payment shall be made in respect of any Taxable Year until all Tax Benefit Payments in respect of prior Taxable
Years have been made in full. 
 (c) To the extent the Corporate Taxpayer makes a payment to a TRA Holder in respect of a particular Taxable
Year under Section 3.1(a) of this Agreement (taking into account Section 3.3(a) and (b), but excluding payments attributable to Accrued Amounts) in an amount in excess of the amount of such payment that should have been made to
such TRA Holder in respect of such Taxable Year, then (i) such TRA Holder shall not receive further payments under Section 3.1(a) until such TRA Holder has foregone an amount of payments equal to such excess and (ii) the Corporate
Taxpayer will pay the amount of such TRA Holder’s foregone payments to the other Persons to whom a payment is due under this Agreement in a manner such that each such Person to whom a payment is due under this Agreement, to the maximum extent
possible, receives aggregate payments under Section 3.1(a) (taking into account Section 3.3(a) and (b), but excluding payments attributable to Accrued Amounts) in the amount it would have received if there had been no excess
payment to such TRA Holder. 

  
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 ARTICLE IV 

TERMINATION 

Section 4.1 Early Termination by the Corporate Taxpayer. With the written approval of a majority of its independent directors, the
Corporate Taxpayer may terminate this Agreement at any time by paying to each TRA Holder the Early Termination Payment due to such TRA Holder pursuant to Section 4.5(b) (such termination, an “Early Termination”); provided,
however, that this Agreement shall only terminate upon the receipt of the Early Termination Payment by the TRA Holders. Upon payment of the Early Termination Payment by the Corporate Taxpayer, the Corporate Taxpayer shall not have any further
payment obligations under this Agreement, other than for any (i) Tax Benefit Payment previously due and payable but unpaid as of the Early Termination Notice and (ii) any Tax Benefit Payment due for any Taxable Year ending prior to, with
or including the Early Termination Date (except to the extent that the amount described in clause (ii) is included in the Early Termination Payment). 

Section 4.2 Early Termination upon Change of Control Exchange. In the event of a Change of Control Exchange, all obligations
hereunder shall be accelerated and such obligations shall be calculated as if an Early Termination Notice had been delivered on the Change of Control Exchange Date and shall include, but not be limited to the following: (a) payment of the Early
Termination Payment calculated as if an Early Termination Notice had been delivered on such Change of Control Exchange Date, (b) payment of any Tax Benefit Payment in respect of a TRA Holder agreed to by the Corporate Taxpayer and such TRA
Holder as due and payable but unpaid as of the Early Termination Notice, and (c) payment of any Tax Benefit Payment due for any Taxable Year ending prior to, with or including such Change of Control Exchange Date (except to the extent that the
amount described in clause (c) is included in the Early Termination Payment). In the event of a Change of Control Exchange, the Early Termination Payment shall be calculated utilizing the Valuation Assumptions and by substituting in each case
the term “Change of Control Exchange Date” for the term “Early Termination Date.” 
 Section 4.3 Breach of
Agreement. 
 (a) In the event that the Corporate Taxpayer breaches any of its material obligations under this Agreement, whether as a
result of failure to make any payment when due, as a result of failure to honor any other material obligation required hereunder or by operation of law as a result of the rejection of this Agreement in a case commenced under the Bankruptcy Code or
otherwise, then, unless otherwise waived in writing by a majority of the TRA Holders, such breach shall be treated as an Early Termination and all obligations hereunder shall be accelerated and such obligations shall be calculated as if an Early
Termination Notice had been delivered on the date of such breach and shall include, but shall not be limited to, (i) the Early Termination Payment calculated as if an Early Termination Notice had been delivered on the date of a breach,
(ii) any Tax Benefit Payment previously due and payable but unpaid as of the date of the breach, and (iii) any Tax Benefit Payment due for any Taxable Year ending prior to, with or including the date of the breach (except to the extent
that the amount described in clause (iii) is included in the Early Termination Payment). Notwithstanding the foregoing, in the event that the Corporate Taxpayer breaches any of its material obligations under this Agreement, a majority of the
TRA Holders shall be entitled to elect to receive the amounts set forth in clauses (i), (ii), and (iii) above or to seek specific performance of the terms hereof. 

  
 12 

 (b) The parties agree that the failure to make any payment due pursuant to this Agreement within
three (3) months of the date such payment is due shall be deemed to be a breach of a material obligation under this Agreement for all purposes of this Agreement, and that it shall not be considered to be a breach of a material obligation under
this Agreement to make a payment due pursuant to this Agreement within three (3) months of the date such payment is due. Notwithstanding anything in this Agreement to the contrary: (i) it shall not be a breach of this Agreement (and
Section 5.2 shall apply, but the Default Rate shall be replaced by the Agreed Rate) if the Corporate Taxpayer fails to make any Tax Benefit Payment when due to the extent that the Corporate Taxpayer has insufficient funds
to make such payment as a result of limitations imposed by credit agreements in respect of indebtedness for borrowed money to which the Company, the Corporate Taxpayer, or any of their Subsidiaries is a party (including, without limitation,
limitations on the ability of the Company and its direct or indirect Subsidiaries to make distributions or payments to the Corporate Taxpayer) or the Board determines reasonably and in good faith that making any such distribution or payment would
result in a default under any such existing credit agreement in respect of indebtedness for borrowed money to which the Company, the Corporate Taxpayer, or any of their Subsidiaries is a party and (ii) it shall not be a breach of this Agreement
(and Section 5.2 shall apply with the Default Rate applied to any late payments) if the Corporate Taxpayer fails to make any Tax Benefit Payment when due to the extent that the Board determines reasonably and in good faith
that the Corporate Taxpayer has insufficient funds (taking into account the ability of the Company and its direct or indirect Subsidiaries to make distributions or payments to the Corporate Taxpayer) to make such payment for reasons other than those
specified in clause (i) of this sentence. The Corporate Taxpayer shall use its commercially reasonable efforts to maintain sufficient available funds for the purpose of making required payments under this Agreement and shall use its
commercially reasonable efforts to avoid entering into credit agreements that could be reasonably anticipated to materially delay the timing of any payments under this Agreement. 

Section 4.4 Early Termination Notice. If the Corporate Taxpayer chooses to exercise its right of early termination under
Section 4.1 above, the Corporate Taxpayer shall deliver to the Agent notice of such intention to exercise such right (the “Early Termination Notice”). Upon delivery of the Early Termination Notice or the
occurrence of an event described in Section 4.2 or Section 4.3(a), the Corporate Taxpayer shall deliver (i) a schedule showing in reasonable detail the calculation of the Early Termination Payment (the
“Early Termination Schedule”) and (ii) any other work papers reasonably requested by the Agent. In addition, the Corporate Taxpayer shall allow the Agent reasonable access at no cost to the appropriate representatives of the
Corporate Taxpayer in connection with a review of such Early Termination Schedule. The Early Termination Schedule shall become final and binding on all parties thirty (30) calendar days from the first date on which the Agent has received
such Schedule or amendment thereto unless (x) the Agent, within thirty (30) calendar days after receiving the Early Termination Schedule, provides the Corporate Taxpayer and each other Agent with notice of a material objection to such
Schedule made in good faith (“Material Objection Notice”) or (y) the Agent provides a written waiver of such right of a Material Objection Notice within the period described in clause (x) above, in which case such
Schedule becomes binding on the date a waiver from the Agent has been received by the Corporate Taxpayer (the “Early Termination Effective Date”). If the Corporate Taxpayer and Agent, for any reason, are unable to successfully
resolve the issues raised in such notice within thirty (30) calendar days after receipt by the Corporate Taxpayer of the Material Objection Notice, the Corporate Taxpayer and Agent shall employ the Reconciliation Procedures under
Section 7.9. 

  
 13 

 Section 4.5 Payment upon Early Termination. 

(a) Within three (3) calendar days after the Early Termination Effective Date, the Corporate Taxpayer shall pay to each TRA Holder its
Early Termination Payment. Each such payment shall be made by check, by wire transfer of immediately available funds to a bank account or accounts designated by the TRA Holder, or as otherwise agreed by the Corporate Taxpayer and the TRA Holder.

 (b) The “Early Termination Payment” shall equal, with respect to each TRA Holder, the present value, discounted at the
Early Termination Rate as of the Early Termination Date, of all Tax Benefit Payments that would be required to be paid by the Corporate Taxpayer to such TRA Holder beginning from the Early Termination Date and assuming that the Valuation Assumptions
are applied. 
 ARTICLE V 

SUBORDINATION AND LATE PAYMENTS 

Section 5.1 Subordination. Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment, Early
Termination Payment or any other payment required to be made by the Corporate Taxpayer to any TRA Holder under this Agreement shall rank subordinate and junior in right of payment to any principal, interest or other amounts due and payable in
respect of any obligations in respect of indebtedness for borrowed money of the Corporate Taxpayer and its Subsidiaries (such obligations, “Senior Obligations”) and shall rank pari passu with all current or future
unsecured obligations of the Corporate Taxpayer that are not Senior Obligations. For the avoidance of doubt, notwithstanding the above, the determination of whether it is a breach of this Agreement if the Corporate Taxpayer fails to make any Tax
Benefit Payment when due is governed by Section 4.3(a). 
 Section 5.2 Late Payments by the Corporate Taxpayer. The
amount of all or any portion of any Tax Benefit Payment, Early Termination Payment or any other payment under this Agreement not made to any TRA Holder when due under the terms of this Agreement shall be payable together with any interest thereon,
computed at the Default Rate (or, if so provided in Section 4.3(a), at the Agreed Rate) and commencing from the date on which such Tax Benefit Payment, Early Termination Payment or any other payment under this Agreement was due and payable.

 ARTICLE VI 
 NO
DISPUTES; CONSISTENCY; COOPERATION 
 Section 6.1 Participation in the Corporate Taxpayer’s and Tax
Matters. Except as otherwise provided herein, the Corporate Taxpayer shall have full responsibility for, and sole discretion over, all Tax matters concerning the Corporate Taxpayer, including without limitation preparing, filing or amending any
Tax Return and defending, contesting or settling any issue pertaining to Taxes of the Corporate Taxpayer. Notwithstanding the foregoing, the Corporate Taxpayer (i) shall notify the Agent of, and keep the Agent reasonably informed with respect
to, 

  
 14 

 
the portion of any audit, examination, or any other administrative or judicial proceeding (a “Tax Proceeding”) of the Corporate Taxpayer by a Taxing Authority the outcome of which is
reasonably expected to affect the rights and obligations of the TRA Holders under this Agreement, (ii) shall provide the Agent with reasonable opportunity to provide information and other input to the Corporate Taxpayer and its advisors
concerning the conduct of any such portion of a Tax Proceeding, and (iii) shall not enter into any settlement with respect to any such portion of a Tax Proceeding that could have a material effect on the TRA Holders’ rights (including the
right to receive payments) under this Agreement without the written consent of the Agent, such consent not to be unreasonably withheld, conditioned or delayed; provided, however, that the Corporate Taxpayer shall not be required to
take any action, or refrain from taking any action, that is inconsistent with any provision of the LLC Agreement; provided, further, that, notwithstanding anything to the contrary contained herein, the Corporate Taxpayer shall prepare,
file, and/or amend all Tax Returns in accordance with applicable law (including with respect to the calculation of taxable income and any calculations required to be made under this Agreement) and nothing in this Agreement shall prevent the Agent or
any TRA Holder from disputing such Tax matters in accordance with Section 7.9. 
 Section 6.2
Consistency. The Corporate Taxpayer and the TRA Holders agree to report and cause to be reported for all purposes, including U.S. federal, state and local Tax purposes and financial reporting purposes, all
Tax-related items (including, without limitation, the Basis Adjustments, Imputed Interest, and each Tax Benefit Payment), but, for financial reporting purposes, only in respect of items that are not explicitly
characterized as “deemed” or in a similar manner by the terms of this Agreement, in a manner consistent with that set forth in any Schedule required to be provided by or on behalf of the Corporate Taxpayer under this Agreement, as
finally determined pursuant to Section 2.3, unless otherwise required by applicable law. If the Corporate Taxpayer and any TRA Holder, for any reason, are unable to successfully resolve any disagreement concerning such
treatment within thirty (30) calendar days, the Corporate Taxpayer and such TRA Holder shall employ the Reconciliation Procedures under Section 7.9. 

Section 6.3 Cooperation. Each TRA Holder shall (i) furnish to the Corporate Taxpayer in a timely manner such information,
documents and other materials as the Corporate Taxpayer may reasonably request for purposes of making any determination or computation necessary or appropriate under this Agreement, preparing any Tax Return or contesting or defending any Tax
Proceeding, (ii) make itself available to the Corporate Taxpayer and its representatives to provide explanations of documents and materials and such other information as the Corporate Taxpayer or its representatives may reasonably request in
connection with any of the matters described in clause (i) above, and (iii) reasonably cooperate in connection with any such matter. The Corporate Taxpayer shall reimburse the TRA Holder for any reasonable third-party costs and expenses
incurred pursuant to this Section 6.3. 
 ARTICLE VII 

MISCELLANEOUS 

Section 7.1 Notices. All notices, demands or other communications to be given or delivered under or by reason of the provisions of
this Agreement shall be in writing and shall be deemed to have been given or made when (a) delivered personally to the recipient, (b) delivered 

  
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by means of electronic mail (with hard copy sent to the recipient by reputable overnight courier service (charges prepaid) that same day) if emailed before 5:00 p.m. Phoenix, Arizona time on a
Business Day, and otherwise on the next Business Day, or (c) one (1) Business Day after being sent to the recipient by reputable overnight courier service (charges prepaid). All notices hereunder shall be delivered as set forth below, or
pursuant to such other instructions as may be designated in writing by the party to receive such notice: 
 If to the
Corporate Taxpayer or the Company, to: 
 c/o Carvana Co. 

4020 E. Indian School Road 

Phoenix, AZ 85018 
 Telephone:
(602) 852-6604 
 Attention: Paul Breaux, General Counsel 

E-mail: paul.breaux@carvana.com 

with a copy (which shall not constitute notice to the Corporate Taxpayer or the Company) to: 

Kirkland & Ellis LLP 

300 North LaSalle 

Chicago, IL 60654 

Telephone: (312) 862-2133 

Attention: Robert M. Hayward, P.C. 

E-mail: robert.hayward@kirkland.com 

If to the Agent, to: 

[                    ] 

[                    ] 

[                    ] 

Attention: [                    ] 

Email: 
 If to
a TRA Holder other than the Agent, to: 
 The address set forth in the records of the Company. 

Any party may change its address or fax number by giving the other party written notice of its new address or fax number in the manner set forth above. 

Section 7.2 Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the
same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart. Delivery of an executed
signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 

  
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 Section 7.3 Entire Agreement; No Third Party Beneficiaries. This Agreement
constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. This Agreement shall be binding upon and inure solely to the benefit of each
party hereto and their respective successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of
this Agreement, except as expressly provided in Section 3.3. 
 Section 7.4 Governing Law. This
Agreement shall be governed by, and construed in accordance with, the law of the State of Delaware, without regard to the conflicts of laws principles thereof that would mandate the application of the laws of another jurisdiction. 

Section 7.5 Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by
any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially
adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the
parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. 

Section 7.6 Successors; Assignment. 

(a) No TRA Holder may assign this Agreement to any person without the prior written consent of the Corporate Taxpayer; provided,
however, that 
 (i) to the extent Common Units are transferred in accordance with the terms of the LLC Agreement, the
transferring TRA Holder shall have the option to assign to the transferee of such Common Units the transferring TRA Holder’s rights under this Agreement with respect to such transferred Common Units as long as such transferee has executed and
delivered, or, in connection with such transfer, executes and delivers, a joinder to this Agreement, in form and substance reasonably satisfactory to the Corporate Taxpayer, agreeing to become a “TRA Holder” for all purposes of this
Agreement, and 
 (ii) any and all payments payable or that may become payable to a TRA Holder pursuant to this Agreement
that, once an Exchange has occurred, arise with respect to the Exchangeable Units or the interests in Carvana, LLC transferred in such Exchange, may be assigned to any Person or Persons as long as any such Person has executed and delivered, or, in
connection with such assignment, executes and delivers, a joinder to this Agreement, in form and substance reasonably satisfactory to the Corporate Taxpayer, agreeing to be bound by Section 7.14 and acknowledging
specifically the terms of Section 7.6(b). 
 For these purposes, a pledge by a TRA Holder of some or all of its rights, interests or entitlements
under this Agreement to any U.S. bank in connection with a bona fide loan or other indebtedness shall not constitute an assignment of this agreement; provided that (y) if Common 

  
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Units are transferred to such U.S. bank as a result of a foreclosure or other action relating to such pledge, such transfer shall be a transfer within the meaning of Section 7.6(a)(i) or
(z) if such U.S. bank becomes entitled to payments payable or that may become payable to a TRA Holder as a result of such pledge, such U.S. bank will be treated as a Person to whom such payments were assigned within the meaning of Section
7.6(a)(ii). For the avoidance of doubt, if a TRA Holder transfers Common Units but does not assign to the transferee of such Common Units the rights of such TRA Holder under this Agreement with respect to such transferred Common Units, such TRA
Holder shall continue to be entitled to receive the Tax Benefit Payments, if any, due hereunder with respect to, including any Tax Benefit Payments arising in respect of a subsequent Exchange of, such Common Units. 

(b) Notwithstanding the foregoing provisions of this Section 7.6, no assignee described in Section 7.6(a)(ii)
shall have any rights under this Agreement except for the right to enforce its right to receive payments under this Agreement. 
 (c) The
Person designated as the Agent may not be changed without the prior written consent of the Corporate Taxpayer and TRA Holders who would be entitled to receive more than fifty percent (50%) of the aggregate amount of the Early Termination Payments
payable to all TRA Holders hereunder if the Corporate Taxpayer had exercised its right of Early Termination on the date of the most recent Exchange prior to such amendment (excluding, for purposes of this sentence, all payments made to any TRA
Holder pursuant to this Agreement since the date of such most recent Exchange). 
 (d) Except as otherwise specifically provided herein, all
of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors, assigns, heirs, executors, administrators and legal representatives.
The Corporate Taxpayer shall cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Corporate Taxpayer, by written agreement, expressly to assume
and agree to perform this Agreement in the same manner and to the same extent that the Corporate Taxpayer would be required to perform if no such succession had taken place. 

Section 7.7 Amendments; Waivers. No provision of this Agreement may be amended unless such amendment is approved in writing by
each of the Corporate Taxpayer and by TRA Holders who would be entitled to receive more than fifty percent (50%) of the aggregate amount of the Early Termination Payments payable to all TRA Holders hereunder if the Corporate Taxpayer had exercised
its right of Early Termination on the date of the most recent Exchange prior to such amendment (excluding, for purposes of this sentence, all payments made to any TRA Holder pursuant to this Agreement since the date of such most recent Exchange);
provided, however, that no such amendment shall be effective if such amendment would have a disproportionate effect on the payments certain TRA Holders will or may receive under this Agreement unless all such disproportionately affected
TRA Holders consent in writing to such amendment. 
 Section 7.8 Titles and Subtitles. The titles of the sections and
subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 

  
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 Section 7.9 Reconciliation. In the event that the Corporate Taxpayer and the Agent or
any TRA Holder (as applicable, the “Disputing Party”) are unable to resolve a disagreement with respect to the calculations required to produce the schedules described in Section 2.3,
Section 4.4 and Section 6.2 within the relevant period designated in this Agreement (“Reconciliation Dispute”), the Reconciliation Dispute shall be submitted for determination to
the Expert. The Expert shall be a partner or principal in a nationally recognized accounting or law firm, and unless the Corporate Taxpayer and the Disputing Party agree otherwise, the Expert shall not, and the firm that employs the Expert shall
not, have any material relationship with the Corporate Taxpayer or the Disputing Party or other actual or potential conflict of interest. If the parties are unable to agree on an Expert within fifteen (15) calendar days of receipt by the
respondent(s) of written notice of a Reconciliation Dispute, the Expert shall be appointed by the International Chamber of Commerce Centre for Expertise. The Expert shall resolve (a) any matter relating to the Exchange Schedule or an
amendment thereto or the Early Termination Schedule or an amendment thereto within thirty (30) calendar days, (b) any matter relating to a Tax Benefit Schedule or an amendment thereto within fifteen (15) calendar days , and
(c) any matter related to treatment of any tax-related item as contemplated in Section 6.2 within fifteen (15) calendar days, or, in each case, as soon thereafter as is
reasonably practicable after such matter has been submitted to the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before any payment that is the subject of a disagreement would be due (in the absence of
such disagreement) or any Tax Return reflecting the subject of a disagreement is due, any portion of such payment that is not under dispute shall be paid on the date prescribed by this Agreement and such Tax Return may be filed as prepared by the
Corporate Taxpayer, subject to adjustment or amendment upon resolution. The costs and expenses relating to the engagement of such Expert or amending any Tax Return shall be borne by the Corporate Taxpayer except as provided in the next sentence. The
Corporate Taxpayer and the Disputing Party shall each bear its own costs and expenses of such proceeding, unless (i) the Expert adopts such Disputing Party’s position, in which case the Corporate Taxpayer shall reimburse such Disputing
Party for any reasonable out-of-pocket costs and expenses in such proceeding, or (ii) the Expert adopts the Corporate Taxpayer’s position, in which case such
Disputing Party shall reimburse the Corporate Taxpayer for any reasonable out-of-pocket costs and expenses in such proceeding. Any dispute as to whether a dispute is a
Reconciliation Dispute within the meaning of this Section 7.9 shall be decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this
Section 7.9 shall be binding on the Corporate Taxpayer and its Subsidiaries and the Disputing Party and may be entered and enforced in any court having jurisdiction. 

Section 7.10 Consent to Jurisdiction. Each party hereto irrevocably submits to the exclusive jurisdiction of the United States
District Court for the State of Delaware and the state courts of the State of Delaware for the purposes of any suit, action or other proceeding arising out of this Agreement or any transaction contemplated hereby. Each party hereto further agrees
that service of any process, summons, notice or document by United States certified or registered mail (in each such case, prepaid return receipt requested) to such party’s respective address set forth in the Company’s books and records or
such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party shall be effective service of process in any action, suit or proceeding in Delaware with respect to any
matters to which it has submitted to jurisdiction as set forth above in the immediately preceding sentence. Each party hereto irrevocably and unconditionally waives any objection to the laying 

  
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of venue of any action, suit or proceeding arising out of this Agreement or the transactions contemplated hereby in the United States District Court for the State of Delaware or the state courts
of the State of Delaware and hereby irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in such court has been brought in an inconvenient forum. 

Section 7.11 Waiver of Jury Trial. BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX TRANSACTIONS ARE MOST QUICKLY AND
ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS.
THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, EACH PARTY TO THIS AGREEMENT (INCLUDING THE COMPANY) HEREBY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO
RESOLVE ANY DISPUTE BETWEEN OR AMONG ANY OF THE PARTIES HERETO, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY AND/OR THE RELATIONSHIPS
ESTABLISHED AMONG THE PARTIES HEREUNDER. 
 Section 7.12 Withholding. The Corporate Taxpayer shall be entitled to deduct and
withhold from any payment payable pursuant to this Agreement such amounts as the Corporate Taxpayer is required to deduct and withhold with respect to the making of such payment under the Code or any provision of U.S. federal, state, local or non-U.S. Tax law. To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority by the Corporate Taxpayer, such withheld amounts shall be treated for all purposes of this Agreement as
having been paid to the relevant TRA Holder. 
 Section 7.13 Admission of the Corporate Taxpayer into a Consolidated Group;
Transfers of Corporate Assets. 
 (a) If the Corporate Taxpayer becomes a member of an affiliated, consolidated, combined, or unitary
group of corporations that files a consolidated, combined, or unitary income Tax Return pursuant to Sections 1501 et seq. of the Code or any corresponding provisions of U.S. state or local Tax law, or would be eligible to become a
member of such a group at the election of one or members of that group, then, subject to the application of the Valuation Assumptions upon a Change of Control: (i) the provisions of this Agreement shall be applied with respect to the group as a
whole; and (ii) Tax Benefit Payments, Early Termination Payments and other applicable items hereunder shall be computed with reference to the consolidated taxable income of the group as a whole. 

(b) If any entity that is obligated to make a Tax Benefit Payment or Early Termination Payment hereunder transfers one or more assets to a
corporation (or a Person classified as a corporation for Tax purposes) with which such entity does not file a consolidated Tax Return pursuant to Section 1501 of the Code or any provisions of state or local Tax law, such entity, for purposes of
calculating the amount of any Tax Benefit Payment or Early 

  
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Termination Payment (e.g., calculating the gross income of the entity and determining the Realized Tax Benefit or Realized Tax Detriment of such entity) due hereunder, shall be treated as having
disposed of such asset in a fully taxable transaction on the date of such contribution. The consideration deemed to be received by such entity shall be equal to the fair market value of the contributed asset. Thus, for example, in determining the
Hypothetical Tax Liability of the entity, the taxable income of the entity shall be determined by treating the entity as having sold the asset for its fair market value, recovering any basis applicable to such asset (using the Tax basis that such
asset would have had at such time if no Basis Adjustments had been made), while the Actual Tax Liability of the entity would be determined by recovering the actual Tax basis of the asset that reflects any Basis Adjustments. For purposes of this
Section 7.13, a transfer of a partnership interest shall be treated as a transfer of the transferring partner’s share of each of the assets and liabilities of that partnership. If any entity that is obligated to make a
Tax Benefit Payment or Early Termination Payment hereunder transfers one or more assets to a partnership (or a Person classified as a partnership for Tax purposes), the principles of this Section 7.13(b) and this Agreement shall govern
the treatment of such transfer and any subsequent allocations of income, gain, loss or deductions from such partnership to such entity. 

Section 7.14 Confidentiality. 

(a) The Agent, each TRA Holder and each of the TRA Holder’s assignees acknowledges and agrees that the information of the Corporate
Taxpayer is confidential and, except in the course of performing any duties as necessary for the Corporate Taxpayer and its Affiliates, as required by law or legal process or to enforce the terms of this Agreement, such person shall keep and retain
in the strictest confidence and not disclose to any Person any confidential matters, acquired pursuant to this Agreement, of the Corporate Taxpayer and its Affiliates and successors, concerning the Company and its Affiliates and successors or the
TRA Holders, learned by the Agent or any TRA Holder heretofore or hereafter. This Section 7.14 shall not apply to (i) any information that has been made publicly available by the Corporate Taxpayer or any of its
Affiliates, becomes public knowledge (except as a result of an act of the Agent or a TRA Holder in violation of this Agreement) or is generally known to the business community and (ii) the disclosure of information (A) as may be proper in
the course of performing such TRA Holder’s obligations, or monitoring or enforcing such TRA Holder’s rights, under this Agreement, (B) as part of such TRA Holder’s normal reporting, rating or review procedure (including normal
credit rating and pricing process), or in connection with such TRA Holder’s or such TRA Holder’s Affiliates’ normal fund raising, marketing, informational or reporting activities, or to such TRA Holder’s (or any of its
Affiliates’) Affiliates, auditors, accountants, attorneys or other agents, (C) to any bona fide prospective assignee of such TRA Holder’s rights under this Agreement, or prospective merger or other business combination partner of such
TRA Holder, provided that such assignee or merger partner agrees to be bound by the provisions of this Section 7.14, (D) as is required to be disclosed by order of a court of competent jurisdiction,
administrative body or governmental body, or by subpoena, summons or legal process, or by law, rule or regulation; provided that any TRA Holder required to make any such disclosure to the extent legally permissible shall provide the Corporate
Taxpayer prompt notice of such disclosure, or to regulatory authorities or similar examiners conducting regulatory reviews or examinations (without any such notice to the Corporate Taxpayer), or (E) to the extent necessary for a TRA Holder to
prepare and file its Tax Returns, to respond to any inquiries regarding such Tax Returns from any Taxing Authority or to prosecute or defend any Tax Proceeding with 

  
 21 

 
respect to such Tax Returns. Notwithstanding anything to the contrary herein, the Agent (and each employee, representative or other agent of Agent or its assignees, as applicable) and each TRA
Holder and each of its assignees (and each employee, representative or other agent of such TRA Holder or its assignees, as applicable) may disclose to any and all Persons, without limitation of any kind, the Tax treatment and Tax structure of the
Corporate Taxpayer, Carvana Co. Sub, the Company, the Agent, the TRA Holders and their Affiliates, and any of their transactions, and all materials of any kind (including opinions or other Tax analyses) that are provided to the Agent or the TRA
Holder relating to such Tax treatment and Tax structure. 
 (b) If the Agent or an assignee or a TRA Holder or an assignee commits a breach,
or threatens to commit a breach, of any of the provisions of this Section 7.14, the Corporate Taxpayer shall have the right and remedy to have the provisions of this Section 7.14 specifically
enforced by injunctive relief or otherwise by any court of competent jurisdiction without the need to post any bond or other security, it being acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to the
Corporate Taxpayer or any of its Subsidiaries or the TRA Holders and the accounts and funds managed by the Corporate Taxpayer and that money damages alone shall not provide an adequate remedy to such Persons. Such rights and remedies shall be in
addition to, and not in lieu of, any other rights and remedies available at law or in equity. 
 Section 7.15 No Similar
Agreements. Neither the Corporate Taxpayer nor any of its Subsidiaries shall enter into any additional agreement providing rights similar to this Agreement to any Person (including any agreement pursuant to which the Corporate Taxpayer is
obligated to pay amounts with respect to tax benefits resulting from any net operating losses or other tax attributes to which the Corporate Taxpayer becomes entitled as a result of a transaction) without the prior written consent of the TRA Holders
who would be entitled to receive more than fifty percent (50%) of the aggregate amount of the Early Termination Payments payable to all TRA Holders hereunder if the Corporate Taxpayer had exercised its right of early termination on the date of the
most recent Exchange (excluding, for purposes of this sentence, all payments made to any TRA Holder pursuant to this Agreement since the date of such most recent Exchange). 

Section 7.16 Change in Law. Notwithstanding anything herein to the contrary, if, in connection with an actual or proposed change
in law, a TRA Holder reasonably believes that the existence of this Agreement could cause income (other than income arising from receipt of a payment under this Agreement) recognized by such TRA Holder upon any Exchange to be treated as ordinary
income rather than capital gain (or otherwise taxed at ordinary income rates) for U.S. federal income and all applicable state and local Tax purposes or would have other material adverse Tax consequences to the TRA Holder and/or its direct or
indirect owners, then at the election of the TRA Holder and to the extent specified by the TRA Holder, this Agreement (i) shall cease to have further effect with respect to such TRA Holder, (ii) shall not apply to an Exchange by the TRA
Holder occurring after a date specified by it, or (iii) shall otherwise be amended in a manner determined by the TRA Holder to waive any benefits to which such TRA Holder would otherwise be entitled under this Agreement, provided that such
amendment shall not result in an increase in or acceleration of payments under this Agreement at any time as compared to the amounts and times of payments that would have been due in the absence of such amendment. 

  
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 [Signature Pages Follow] 

  
 23 

 IN WITNESS WHEREOF, the Corporate Taxpayer, the Company, the Agent, and the TRA Holders have duly
executed this Agreement as of the date first written above. 
  

			
	CORPORATE TAXPAYER:
	
	CARVANA CO.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	COMPANY:
	
	CARVANA GROUP, LLC

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	AGENT:
	
	[                                    
    ]

 [The signatures of the TRA Holders are attached in Schedule A.] 

  
 Signature Page to Tax
Receivable Agreement 

 SCHEDULE A 

TRA HOLDERS

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