Document:

EX-4.2

 Exhibit 4.2 

EIGHTH SUPPLEMENTAL INDENTURE 

between 
 RAYMOND JAMES
FINANCIAL, INC. 
 and 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 

Dated as of April 1, 2021 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1
	 	DEFINITIONS	  	 	1	 
			
	 SECTION 1.1
	 	Definition of Terms	  	 	1	 
			
	 ARTICLE 2
	 	GENERAL TERMS AND CONDITIONS OF THE NOTES	  	 	3	 
			
	 SECTION 2.1
	 	Designation and Principal Amount	  	 	3	 
			
	 SECTION 2.2
	 	Maturity	  	 	3	 
			
	 SECTION 2.3
	 	Form and Payment	  	 	3	 
			
	 SECTION 2.4
	 	Global Form	  	 	4	 
			
	 SECTION 2.5
	 	Interest	  	 	4	 
			
	 SECTION 2.6
	 	Redemption	  	 	5	 
			
	 SECTION 2.7
	 	Events of Default	  	 	5	 
			
	 SECTION 2.8
	 	Limitations on Liens	  	 	6	 
			
	 ARTICLE 3
	 	EXPENSES	  	 	6	 
			
	 SECTION 3.1
	 	Payment of Expenses	  	 	6	 
			
	 SECTION 3.2
	 	Payment Upon Resignation or Removal	  	 	6	 
			
	 ARTICLE 4
	 	FORM OF NOTE	  	 	6	 
			
	 SECTION 4.1
	 	Form of Note	  	 	6	 
			
	 ARTICLE 5
	 	ORIGINAL ISSUE OF NOTES	  	 	7	 
			
	 SECTION 5.1
	 	Original Issue of Notes	  	 	7	 
			
	 ARTICLE 6
	 	SUPPLEMENTAL INDENTURES	  	 	7	 
			
	 SECTION 6.1
	 	Supplemental Indentures Without Consent of Noteholders	  	 	7	 
			
	 SECTION 6.2
	 	Supplemental Indentures with Consent of Holders	  	 	9	 
			
	 SECTION 6.3
	 	Compliance with Trust Indenture Act; Effect of Supplemental Indentures	  	 	10	 
			
	 SECTION 6.4
	 	Notation on Securities	  	 	10	 
			
	 ARTICLE 7
	 	MISCELLANEOUS	  	 	10	 
			
	 SECTION 7.1
	 	No Sinking Fund	  	 	10	 
			
	 SECTION 7.2
	 	Ratification of Indenture	  	 	10	 
			
	 SECTION 7.3
	 	Trustee Not Responsible for Recitals	  	 	10	 
			
	 SECTION 7.4
	 	Governing Law	  	 	11	 
			
	 SECTION 7.5
	 	Separability	  	 	11	 

  

  
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	 SECTION 7.6
	 	Counterparts	  	 	11	 
			
	 SECTION 7.7
	 	Force Majeure	  	 	12	 
			
	 SECTION 7.8
	 	Waiver of Jury Trial	  	 	12	 
			
	 SECTION 7.9
	 	Damages	  	 	12	 
			
	 SECTION 7.10
	 	FACTA	  	 	12	 
			
	 SECTION 7.11
	 	Reports	  	 	12	 
			
	 SECTION 7.12
	 	Trustee Notice of Default	  	 	13	 
			
	 SECTION 7.13
	 	Electronic Means	  	 	13	 
			
	 SECTION 7.14
	 	OFAC Certification and Covenants	  	 	13	 

  
 -ii- 

 EIGHTH SUPPLEMENTAL INDENTURE 

THIS EIGHTH SUPPLEMENTAL INDENTURE, dated as of April 1, 2021 (this “Eighth Supplemental Indenture”), between RAYMOND JAMES
FINANCIAL, INC., a Florida corporation (the “Company”), and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”), under an Indenture dated as of August 10, 2009, between the Company and the Trustee
(the “Indenture”). 
 WHEREAS, the Company desires to establish, under the terms of the Indenture, a series of its Securities
(such securities being of the type referred to in the Indenture and in this Eighth Supplemental Indenture as the “Securities”) to be known as its 3.750% Senior Notes due 2051 (the “Notes”), the form and substance of such Notes
and the terms, provisions and conditions thereof, to be set forth as provided in the Indenture and this Eighth Supplemental Indenture; 

WHEREAS, under the terms of an Underwriting Agreement dated as of March 18, 2021 (the “Underwriting Agreement”), among the
Company and the Underwriters named therein (the “Underwriters”), the Company has agreed to sell to the Underwriters $750,000,000 aggregate principal amount of its Securities; 

WHEREAS, the Company has requested that the Trustee execute and deliver this Eighth Supplemental Indenture; and 

WHEREAS, all requirements necessary to make this Eighth Supplemental Indenture a valid instrument in accordance with its terms and to make the
Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, have been performed, and the execution and delivery of this Eighth Supplemental Indenture have been duly authorized in all
respects. 
 NOW THEREFORE, in consideration of the purchase and acceptance of the Notes by the Holders (as defined below) thereof, and for
the purpose of setting forth, as provided in the Indenture, the form and substance of the Notes and the terms, provisions and conditions thereof, the Company covenants and agrees with the Trustee as follows: 

ARTICLE 1 
 DEFINITIONS 

SECTION 1.1 Definition of Terms. 

Unless the context otherwise requires: 

(a) a term defined in the Indenture has the same meaning when used in this Eighth Supplemental Indenture unless otherwise provided herein; 

(b) a term defined anywhere in this Eighth Supplemental Indenture has the same meaning throughout; 

 (c) the singular includes the plural and vice versa; 

(d) a reference to a Section or Article is to a Section or Article of this Eighth Supplemental Indenture; 

(e) headings are for convenience of reference only and do not affect interpretation; 

(f) the following terms have the meanings given to them in this Section 1.1; and 

“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agents as having a maturity
comparable to the remaining term of the Notes to be redeemed (assuming that such Notes mature on October 1, 2050) that would be utilized, at the time of selection in accordance with customary financial practice, in pricing new issues of
corporate debt securities of comparable maturity to the remaining term of the Notes; 
 “Comparable Treasury Price” means,
with respect to any redemption date, (1) the average of four Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Dealer Quotations, (2) if more than one but fewer than four
such Reference Treasury Dealer Quotations is provided, the average of all such quotations, or (3) if only one Reference Treasury Dealer Quotation is provided, such quotation; 

“Coupon Rate” shall have the meaning set forth in Section 2.5; 

“Electronic Means” means the following communications methods: e-mail, facsimile transmission, secure electronic transmission
containing applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the Trustee as available for use in connection with its services under the Indenture; 

“Global Note” means a global Note to be registered in the name of the U.S. or Common Depositary, or its nominee; 

“Holder” means any person in whose name the Notes are registered on the register kept by the Company in accordance with the
terms hereof; 
 “Interest Payment Date” shall have the meaning set forth in Section 2.5; 

“Maturity Date” means the date on which the Notes mature and on which the principal shall be due and payable together with
all accrued and unpaid interest thereon; 
 “Maturity Repayment Price” means the price, at the Maturity Date, equal to the
principal amount of, plus accrued interest on, the Notes; 
 “Permitted Liens” means (i) liens for taxes or assessment
or governmental charges or levies (a) that are not then due and delinquent, (b) the validity of which is being contested in good faith or (c) which are less than $1,000,000 in amount; (ii) liens created by or resulting from any
litigation or legal proceedings which are currently being contested in good faith by appropriate proceedings or which involve claims of less than $1,000,000; and (iii) deposits to secure (or in lieu of) surety, stay, appeal or customs bonds;

  
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 “Quotation Agents” means the Reference Treasury Dealers appointed by the
Company; 
 “Reference Treasury Dealers” means (1) Citigroup Global Markets Inc., BofA Securities, Inc. and J.P. Morgan
Securities LLC (or their affiliates that are Primary Treasury Dealers) and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary
Treasury Dealer”), the Company shall substitute therefore another Primary Treasury Dealer, and (ii) any other Primary Treasury Dealers selected by the Company; 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m.,
New York City time, on the third business day preceding such redemption date; and 
 “Treasury Rate” means, with respect to
any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such redemption date. 
 ARTICLE 2 

GENERAL TERMS AND CONDITIONS OF THE NOTES 

SECTION 2.1 Designation and Principal Amount. 

There is hereby authorized and established under the terms of the Indenture a series of the Company’s Securities designated as the
“3.750% Senior Notes due 2051” to be initially issued in the original aggregate principal amount of $750,000,000, which amount shall be as set forth in one or more written orders of the Company for the authentication and delivery of the
Notes pursuant to Section 2.06 of the Indenture. Subject to the provisions of the Indenture, additional Notes may be issued without limitation as to the aggregate principal amount thereof. 

SECTION 2.2 Maturity. 

The Maturity Date for the Notes is April 1, 2051. 

SECTION 2.3 Form and Payment. 

Except as provided in Section 2.4, the Notes shall be issued in fully registered certificated form without interest coupons. Principal and
interest on the Notes issued in certificated form shall be payable, the transfer of such Notes shall be registrable and such Notes shall be exchangeable for Notes bearing identical terms and provisions at the office or agency of the Trustee;
provided, however, that payment of interest may be made at the option of the Company by check mailed to the Holder at such address as shall appear in the Security Register. 

  
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 SECTION 2.4 Global Form. 

(a) A Global Note may be transferred, in whole but not in part, only to another nominee of the Depositary, or to a successor Depositary
selected or approved by the Company or to a nominee of such successor Depositary. 
 (b) If at any time the Depositary notifies the Company
that it is unwilling or unable to continue as Depositary or if at any time the Depositary shall no longer be registered or in good standing under the Exchange Act or other applicable statute or regulation, and a successor Depositary for such series
is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such condition, as the case may be, the Company shall execute, and, subject to Article 2 of the Indenture, the Trustee, upon written notice
from the Company, shall authenticate and make available for delivery the Notes in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Note in
exchange for such Global Note. In addition, the Company may at any time determine that the Notes shall no longer be represented by a Global Note. In such event the Company shall execute, and subject to Section 2.07 of the Indenture, the
Trustee, upon receipt of an Officers’ Certificate evidencing such determination by the Company, shall authenticate and deliver the Notes in definitive registered form without coupons, in authorized denominations, and in an aggregate principal
amount equal to the principal amount of the Global Note in exchange for such Global Note. Upon the exchange of the Global Note for such Notes in definitive registered form without coupons, in authorized denominations, the Global Note shall be
canceled by the Trustee. Such Notes in definitive registered form issued in exchange for the Global Note shall be registered in such names and in such authorized denominations as the U.S. or Common Depositary, pursuant to instructions from its
direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Notes to the U.S. or Common Depositary for delivery to the Persons in whose names such Securities are so registered. 

SECTION 2.5 Interest. 
 (a)
Each Note shall bear interest at the rate of 3.750% per annum (the “Coupon Rate”) from April 1, 2021 until the principal thereof becomes due and payable, and on any overdue principal and (to the extent that payment of such
interest is enforceable under applicable law) on any overdue installment of interest at the Coupon Rate, compounded semi-annually, payable semi-annually in arrears on April 1 and October 1 of each year (each, an “Interest Payment
Date”), beginning, on October 1, 2021, to the Person in whose name such Note or any predecessor Note is registered at the close of business on the regular record date for such interest installment, whether or not a business day. As long as
such Note is in book-entry only form, the regular record date shall be the close of business on the business day next preceding the Interest Payment Date. If such Note is no longer in book-entry only form, the relevant record dates shall be
March 15 and September 15 prior to the regular Interest Payment Date. 

  
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 (b) The amount of interest payable for any period shall be computed on the basis of a
360-day year of twelve 30-day months. Except as provided in the following sentence, the amount of interest payable for any period shorter than a full semi-annual period for which interest is computed, shall be computed on the basis of the actual
number of days elapsed in such a 30-day period. In the event that any date on which interest is payable on the Notes is not a business day, then payment of interest payable on such date shall be made on the next succeeding day which is a business
day (and without any interest or other payment in respect of any such delay), except that, if such business day is in the next succeeding calendar year, such payment shall be made on the immediately preceding business day, in each case with the same
force and effect as if made on such date. 
 SECTION 2.6 Redemption 

(a) Prior to October 1, 2050, the Notes are redeemable at the option of the Company, subject to the terms and conditions of Article 3 of
the Indenture, in whole at any time or in part from time to time prior to the Maturity Date, at a redemption price equal to the greater of (x) 100% of the principal amount of the Notes so redeemed or (y) the sum of the present values of
the remaining scheduled payments of principal and interest thereon that would be due if such notes matured on October 1, 2050 but for such redemption (not including any such portion of such payments of interest accrued as of the redemption
date), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the Treasury Rate, plus 20 basis points, plus an amount equal to accrued and unpaid interest
thereon to, but excluding, the redemption date. On or after October 1, 2050, the Notes are redeemable at the option of the Company, subject to the terms and conditions of Article 3 of the Indenture, in whole at any time or in part from time to
time prior to the Maturity Date, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus an amount equal to accrued and unpaid interest thereon to, but excluding, the redemption date. Notwithstanding the
foregoing, installments of interest on the Notes that are due and payable on Interest Payment Dates falling on or prior to a redemption date shall be payable on the Interest Payment Date to the Holders as of the close of business on the relevant
record date according to the Notes and the Indenture. 
 (b) Notice of any redemption shall be delivered by mail or electronic delivery at
least 10 days but not more than 60 days before the redemption date to each Holder of the Notes to be redeemed. Unless the Company defaults in payment of the redemption price, on and after the redemption date, interest shall cease to accrue on the
Notes or portions thereof called for redemption. If less than all of the Notes are to be redeemed, the Notes represented by global Securities shall be selected by the Trustee pursuant to procedures of The Depository Trust Company. 

(c) Prior to publishing any notice of redemption in connection with a redemption pursuant to Section 2.6(a) hereof, the Company will
deliver to the Trustee a certificate signed by the Chief Financial Officer or a Senior Vice President of the Company stating that the Company is entitled to redeem the Notes and that the conditions precedent to redemption have occurred. 

SECTION 2.7 Events of Default. 

An Event of Default with respect to the Notes shall be (i) an Event of Default as defined under Section 6.01(a), (b), (c),
(d) or (e) of the Indenture, or (ii) an event of default as defined in any mortgage, indenture, or instrument under which there may be issued, or by which there may be secured or evidenced, any indebtedness of the Company or any
Principal Subsidiary for money borrowed, whether such indebtedness currently exists or shall be created in the future, which has occurred and has resulted in such indebtedness becoming or being declared due and payable. 

  
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 SECTION 2.8 Limitations on Liens. 

The Company, or any successor corporation, shall not, and shall not permit any subsidiary to, create, assume, incur or guarantee any
indebtedness for borrowed money secured by a pledge, lien or other encumbrance, except for Permitted Liens, on the voting securities of any Principal Subsidiary unless the Company causes the Notes (and if the Company so elects, any other of the
Company’s indebtedness ranking on a parity with the Notes) to be secured equally and ratably with (or, at the Company’s option, prior to) any indebtedness secured thereby. 

ARTICLE 3 
 EXPENSES 

SECTION 3.1 Payment of Expenses. 

In connection with the offering, sale and issuance of the Notes, the Company, in its capacity as borrower with respect to the Notes, shall pay
all costs and expenses relating to the offering, sale and issuance of the Notes, including commissions to the underwriters payable pursuant to the Underwriting Agreement and the compensation of the Trustee under the Indenture in accordance with the
provisions of Section 6.06 of the Indenture. 
 SECTION 3.2 Payment Upon Resignation or Removal. 

Upon termination of this Eighth Supplemental Indenture or the Indenture or the removal or resignation of the Trustee, unless otherwise stated,
the Company shall pay to the Trustee all amounts accrued to the date of such termination, removal or resignation. 
 ARTICLE 4 

FORM OF NOTE 
 SECTION 4.1
Form of Note. 
 The Notes and the Trustee’s certificate of authentication to be endorsed thereon are to be substantially in the
following form as Exhibit A attached hereto. 

  
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 ARTICLE 5 

ORIGINAL ISSUE OF NOTES 
 SECTION
5.1 Original Issue of Notes. 
 Notes in the aggregate principal amount of up to $750,000,000 may, upon execution of this Eighth
Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver said Notes to or upon the written order of the Company, signed by any Authorized Officer, as
defined in the Indenture, without any further action by the Company. 
 ARTICLE 6 

SUPPLEMENTAL INDENTURES 

Effective on the date hereof, Article 10 of the Indenture is hereby deleted in its entirety and replaced with the following with respect to
the Notes: 
 SECTION 6.1 Supplemental Indentures without Consent of Noteholders. 

Without the consent of any holders of Notes or coupons, the Company, when authorized by or pursuant to Board Resolution, and the Trustee may
from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act of 1939 as in force at the date of the execution thereof) for one or more of the following
purposes: 
 (a) to evidence the succession of another corporation to the Company, or successive successions, pursuant to Article 11 of
the Indenture, and the assumption by the successor corporation of the covenants, agreements and obligations of the Company herein and in the Notes; 

(b) to add to the covenants of the Company such further covenants, restrictions, conditions or provisions as its Board of Directors shall
consider to be for the protection of the holders of Notes, and to make the occurrence, or the occurrence and continuance, of a default in any of such additional covenants, restrictions, conditions or provisions an Event of Default permitting the
enforcement of all or any of the several remedies provided in the Indenture as amended and supplemented by this Eighth Supplemental Indenture, with such period of grace, if any, and subject to such conditions as such supplemental indenture may
provide; 
 (c) to add to or change any of the provisions of the Indenture as amended and supplemented by this Eighth Supplemental
Indenture to provide that Bearer Securities may be registrable as to principal, to change or eliminate any restrictions on the payment of principal of or any premium or interest on Bearer Securities, to permit Bearer Securities to be issued in
exchange for Registered Securities, to permit Bearer Securities to be issued in exchange for Bearer Securities of other authorized denominations or to permit or facilitate the issuance of Securities in uncertificated form, provided that any such
action shall not adversely affect the interests of the holders of Securities of any series or any related coupons in any material respect; 

  
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 (d) to modify, eliminate or add to the provisions of the Indenture as amended and
supplemented by this Eighth Supplemental Indenture to such extent as shall be necessary to effect the qualification of this Indenture as amended and supplemented by this Eighth Supplemental Indenture under the Trust Indenture Act of 1939, or under
any similar Federal statute hereafter enacted, and to add to the Indenture as amended and supplemented by this Eighth Supplemental Indenture such other provisions as may be expressly permitted by the Trust Indenture Act of 1939, excluding however,
the provisions referred to in Section 316(a)(2) of the Trust Indenture Act of 1939 or any corresponding provision in any similar Federal statute hereafter enacted; 

(e) to modify, eliminate or add to any of the provisions of the Indenture as amended and supplemented by this Eighth Supplemental
Indenture, provided that any such change or elimination (i) shall become effective only when there is no Note Outstanding and created prior to the execution of such supplemental indenture that is entitled to the benefit of such provision or
(ii) shall not apply to any Note Outstanding; 
 (f) to cure any ambiguity or to correct or supplement any provision contained in
the Indenture as amended and supplemented by this Eighth Supplemental Indenture or in any supplemental indenture thereto which may be defective or inconsistent with any other provisions contained in the Indenture, this Eighth Supplemental Indenture
or in any supplemental indenture; to convey, transfer, assign, mortgage or pledge any property to or with the Trustee; or to make such other provisions in regard to matters or questions arising under the Indenture as amended and supplemented by this
Eighth Supplemental Indenture, provided such other provisions shall not adversely or any related coupons affect in any material respect the interests of the holders of the Notes or any related coupons, including provisions necessary or desirable to
provide for or facilitate the administration of the trusts hereunder; and 
 (g) to evidence and provide for the acceptance and
appointment hereunder by a successor trustee with respect to the Securities of one or more series and to add or change any provisions of the Indenture as amended and supplemented by this Eighth Supplemental Indenture as shall be necessary to provide
for or facilitate the administration of the trusts hereunder by more than one trustee, pursuant to Section 7.11 of the Indenture. 

The Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, to make any further appropriate
agreements and stipulations which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder, but the Trustee shall not be obligated to enter into any such supplemental indenture which
adversely affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. No supplemental indenture shall be effective as against the Trustee unless and until the Trustee has duly executed and delivered the same.

  
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 SECTION 6.2. Supplemental Indentures with Consent of Holders. 

With the consent (evidenced as provided in Section 8.01 of the Indenture) of the holders of not less than 50% in aggregate principal
amount of the Notes at the time Outstanding (voting as one class), the Company, when authorized by a Board Resolution, and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental to the Indenture as
amended and supplemented by this Eighth Supplemental Indenture (which shall conform to the provisions of the Trust Indenture Act of 1939 as in force at the date of the execution thereof) for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of the Indenture as amended and supplemented by this Eighth Supplemental Indenture or of any supplemental indenture or of modifying in any manner the rights of the holders of the Notes and any related
coupons under the Indenture as amended and supplemented by this Eighth Supplemental Indenture; provided, however, that no such supplemental indenture shall (1) extend the fixed maturity of the Note, or reduce the principal amount thereof or
premium, if any, or reduce the rate or extend the time of payment of interest thereon, without the consent of the holder of each Notes so affected, or (2) reduce the aforesaid percentage of Notes, the consent of the holders of which is required
for any such supplemental indenture, without the consent of the holders of all Notes then Outstanding. 
 Upon the request of the Company,
accompanied by a copy of a Board Resolution certified by the Secretary or an Assistant Secretary of the Company authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of
Noteholders as aforesaid, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under the Indenture as amended and
supplemented by this Eighth Supplemental Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture. 

It shall not be necessary for the consent of the Noteholders under this Section to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such consent shall approve the substance thereof. 
 Promptly after the execution by the Company
and the Trustee of any supplemental indenture pursuant to the provisions of this Article 6, the Company shall provide notice, in the manner and to the extent provided in Section 15.04 of the Indenture, setting forth in general terms the
substance of such supplemental indenture, to all holders of Notes. Any failure of the Company so to provide such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

  
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 SECTION 6.3 Compliance with Trust Indenture Act; Effect of Supplemental Indentures.

 Any supplemental indenture executed pursuant to the provisions of this Article 6 shall comply with the Trust Indenture Act of 1939, as
then in effect. Upon the execution of any supplemental indenture pursuant to the provisions of this Article 6 and subject to the provisions in any supplemental indenture relating to the prospective application of such instrument, the Indenture
as amended and supplemented by this Eighth Supplemental Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under the Indenture of
the Trustee, the Company and the holders of Notes theretofore or thereafter authenticated and delivered hereunder and of any coupons appertaining thereto shall thereafter be determined, exercised and enforced hereunder subject in all respects to
such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of the Indenture as amended and supplemented by this Eighth Supplemental Indenture
for any and all purposes. 
 The Trustee, subject to the provisions of Sections 7.01 and 7.02 of the Indenture, shall be entitled to
receive and shall be fully protected in relying upon an Opinion of Counsel as conclusive evidence that any such supplemental indenture complies with the provisions of this Article 6. 

SECTION 6.4 Notation on Securities. 

Notes authenticated and delivered after the execution of any supplemental indenture to the Indenture as amended and supplemented by this Eighth
Supplemental Indenture pursuant to the provisions of this Article 6 may bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. New Notes so modified as to conform, in the opinion of the
Trustee and the Board of Directors of the Company, to any modification of the Indenture as amended and supplemented by this Eighth Supplemental Indenture contained in any such supplemental indenture may be prepared by the Company, authenticated by
the Trustee and delivered, without charge to the Noteholders, in exchange for the Notes then Outstanding. 
 ARTICLE 7 

MISCELLANEOUS 
 SECTION 7.1 No
Sinking Fund. 
 The Notes are not entitled to the benefit of any sinking fund. 

SECTION 7.2 Ratification of Indenture. 

The Indenture, as supplemented by this Eighth Supplemental Indenture, is in all respects ratified and confirmed, and this Eighth Supplemental
Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided. 
 SECTION 7.3 Trustee Not
Responsible for Recitals. 
 The recitals herein contained are made by the Company and not by the Trustee, and the Trustee assumes no
responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of the Indenture as amended and supplemented by this Eighth Supplemental Indenture. 

  
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 SECTION 7.4 Governing Law. 

This Eighth Supplemental Indenture and each Note shall be deemed to be a contract made under the internal laws of the State of New York, and
for all purposes shall be construed in accordance with laws of said State. 
 SECTION 7.5 Separability. 

In case any one or more of the provisions contained in this Eighth Supplemental Indenture or in the Notes shall for any reason be held invalid,
illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Eighth Supplemental Indenture or of the Notes, but this Eighth Supplemental Indenture and the Notes shall be
construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 
 SECTION 7.6
Counterparts. 
 This Eighth Supplemental Indenture may be executed in any number of counterparts each of which shall be an original;
but such counterparts shall together constitute but one and the same instrument. 
 The words “execution,” “signed,”
“signature,” “delivery,” and words of like import in or relating to this Eighth Supplemental Indenture, the Notes or any document to be signed in connection with this Eighth Supplemental Indenture, including by the Trustee, shall
be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use
of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by Electronic Means. For the avoidance of doubt and only with respect to the Notes, this Section 7.6
shall be deemed to amend Section 2.06 of the Indenture to permit (i) electronic signatures of the Notes by the officers specified therein not under its corporate seal nor attested by it Secretary or one of its Assistant Secretaries and
(ii) authentication by the Trustee to be executed by manual, electronic or facsimile signature and provide that any Note executed, authenticated and delivered in such manner shall be valid and obligatory for all purposes under the Indenture and
entitled to the benefits thereunder and hereunder. 
 Delivery of an executed counterpart signature page of this Eighth Supplemental
Indenture by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Eighth Supplemental Indenture and shall have the same legal validity and enforceability as a manually executed
signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via email from a person purporting to be an authorized officer shall be considered signed or executed by such authorized officer on behalf of
the applicable person and will be binding on all parties hereto to the same extent as if it were manually executed. Neither the Company nor the Trustee shall have any duty to inquire into or investigate the authenticity or authorization of any such
electronic signature and shall be entitled to conclusively rely on any such electronic signature without any liability with respect thereto. 

  
 11 

 SECTION 7.7 Force Majeure. 

In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of
or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to
resume performance as soon as practicable under the circumstances. 
 SECTION 7.8 Waiver of Jury Trial. 

EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY
JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY. 
 SECTION
7.9 Damages. 
 In no event shall the Trustee be responsible or liable for special, indirect, punitive, or consequential loss or
damage of any kind whatsoever (including, but not limited to, loss or profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

SECTION 7.10 FATCA. 
 In
order to comply with applicable tax laws, rules and regulations (inclusive of directives, guidelines and interpretations promulgated by competent authorities) in effect from time to time (“Applicable Tax Law”), if a foreign financial
institution, issuer, trustee, paying agent, holder or other institution (the “Foreign Institution”) has agreed to be a party or subject to the Indenture, (i) the Foreign Institution agrees to provide (and, to the extent such
information is in the possession of the Company, the Company agrees to provide) to The Bank of New York Mellon sufficient information about itself so The Bank of New York Mellon can determine whether it has tax related obligations under Applicable
Tax Law, and (ii) the Company and the Foreign Institution agree that The Bank of New York Mellon shall be entitled to make any withholding or deduction from payments under the Indenture to the extent necessary to comply with Applicable Tax Law.
The terms of this section shall survive the termination of the Indenture. 
 SECTION 7.11 Reports. 

Delivery of the reports and documents described in Section 5.03 of the Indenture to the Trustee is for informational purposes only, and
the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants under the
Indenture. 

  
 12 

 SECTION 7.12 Trustee Notice of Default. 

The Trustee shall not be deemed to have notice of any default or Event of Default unless either (i) a Responsible Officer has actual
knowledge of such default or Event of Default or (ii) written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee and such notice references the Notes and the Indenture.

 SECTION 7.13 Electronic Means. 

The Trustee shall have the right to accept and act upon instructions, including funds transfer instructions (“Instructions”) given
pursuant to the Indenture and delivered using Electronic Means; provided, however, that the Company shall provide to the Trustee an incumbency certificate listing officers with the authority to provide such Instructions (“Authorized
Officers”) and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Company whenever a person is to be added or deleted from the listing. If the Company elects to give the Trustee
Instructions using Electronic Means and the Trustee in its discretion elects to act upon such Instructions, the Trustee’s understanding of such Instructions shall be deemed controlling. The Company understands and agrees that the Trustee cannot
determine the identity of the actual sender of such Instructions, and that the Trustee shall conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to the Trustee
have been sent by such Authorized Officer. The Company shall be responsible for ensuring that only Authorized Officers transmit such Instructions to the Trustee and that the Company and all Authorized Officers are solely responsible to safeguard the
use and confidentiality of the applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Company. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the
Trustee’s reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction, except for any such losses, costs or expenses due to the Trustee’s gross
negligence or willful misconduct. The Company agrees: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized
Instructions, and the risk of interception and misuse by third parties; (ii) that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Trustee and that there may be more
secure methods of transmitting Instructions than the method(s) selected by the Company; (iii) that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable
degree of protection in light of its particular needs and circumstances; and (iv) to notify the Trustee immediately upon learning of any compromise or unauthorized use of the security procedures. 

SECTION 7.14 OFAC Certification and Covenants. 

(a) The Company covenants and represents that neither they nor any of their affiliates, subsidiaries, directors or officers are the target or
subject of any sanctions enforced by the US Government, (including, the Office of Foreign Assets Control of the US Department of the Treasury) or other relevant sanctions authority to which the Company is subject (collectively
“Sanctions”). 

  
 13 

 (b) The Company covenants and represents that neither they nor any of their affiliates,
subsidiaries, directors or officers will use any payments made pursuant to this Eighth Supplemental Indenture: (i) to fund or facilitate any activities of or business with any person who, at the time of such funding or facilitation, is the
subject or target of Sanctions, (ii) to fund or facilitate any activities of or business with any country or territory that is the target or subject of Sanctions, or (iii) in any other manner that will result in a violation of Sanctions by
any person. 
 [Signature Page Follows] 
  

  
 14 

 IN WITNESS WHEREOF, the parties hereto have caused this Eighth Supplemental Indenture to be
duly executed by their authorized respective officers as of the day and year first above written. 
  

			
	RAYMOND JAMES FINANCIAL, INC.
		
	By:	 	 /s/ Paul Shoukry

		 	Name: Paul Shoukry
		 	Title: Chief Financial Officer and Treasurer
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	 /s/ Bruce C. Boyd

		 	Name: Bruce C. Boyd
		 	Title: Vice President

 Exhibit A 

Form of Registered Global Note 

 REGISTERED SENIOR NOTE 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A
DEPOSITORY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE. EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS
NOTE AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (55 Water Street, New York, New York)
(“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and this Note is registered in the name of Cede & Co. or such other name as requested by an authorized representative of DTC, and unless any
payment is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest herein. 

 

			
	REGISTERED	  	$500,000,000
		
	NUMBER R-1	  	CUSIP No. 754730AH2
		  	ISIN No. US754730AH26

 RAYMOND JAMES FINANCIAL, INC. 

3.750% SENIOR NOTE DUE 2051 
 RAYMOND JAMES
FINANCIAL, INC., a Florida corporation (herein called the “Company,” which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co. or
its registered assigns, the principal sum of FIVE HUNDRED MILLION DOLLARS on April 1, 2051 (except to the extent redeemed or repaid prior to that date). The Company shall pay interest on such principal amount at the rate of 3.750% per
annum, until payment of such principal amount has been made or duly provided for, semi-annually in arrears on April 1 and October 1 of each year (each, an “Interest Payment Date”). Interest shall be payable on each Interest
Payment Date, commencing on October 1, 2021, and at the stated maturity or earlier redemption or repayment (the “Maturity Date”). If the Company shall default in the payment of interest due on any Interest Payment Date, then this Note
shall bear interest from the next preceding Interest Payment Date to which interest has been paid, or, if no interest has been paid on the Notes, from April 1, 2021 (the “Original Issue Date”). 

  
 3 

 Interest on this Note shall accrue from the Original Issue Date until the principal amount is paid or duly
provided for. Interest (including payments for partial periods) shall be computed on the basis of a 360-day year of twelve 30-day months. Interest payable on this Note on any Interest Payment Date or the Maturity Date shall include interest accrued
from, and including, the preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from, and including, the Original Issue Date, if no interest has been paid or duly provided for) to, but excluding, such
Interest Payment Date or the Maturity Date, as the case may be. If the Maturity Date or any Interest Payment Date falls on a day which is not a Business Day (as defined below), principal of or interest payable with respect to the Maturity Date or
such Interest Payment Date shall be paid on the succeeding Business Day, except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same
force and effect as if made on the Maturity Date or such Interest Payment Date, and no additional interest shall accrue as a result of that postponement. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date
shall be paid to the person in whose name this Note (or one or more predecessor Notes evidencing all or a portion of the same debt as this Note) is registered at the close of business on the regular record date for such Interest Payment Date,
whether or not a Business Day. As long as this Note is in book-entry only form, the regular record date shall be the close of business on the Business Day next preceding such Interest Payment Date. If, pursuant to the terms of the Indenture, this
Note is no longer in book-entry only form, the record date shall be the close of business on March 15 and September 15 preceding an Interest Payment Date. “Business Day” means any weekday that is not a legal holiday in New York,
New York or St. Petersburg, Florida and that is not a day on which banking institutions in those cities are authorized or required by law or regulation to be closed. 

The principal of and interest on this Note are payable in immediately available funds in such coin or currency of the United States as at the time of payment
is legal tender for payment of public and private debts, at the office or agency of the Company designated as provided in the Indenture. However, interest may be paid, at the option of the Company, by check mailed to the person entitled thereto at
his address last appearing on the registry books of the Company relating to the Notes. Notwithstanding the preceding sentence, payments of principal of and interest payable on the Maturity Date shall be made by wire transfer of immediately available
funds to a designated account maintained in the United States upon (i) receipt of written notice by the Issuing and Paying Agent (as described on the reverse hereof) from the registered holder hereof not less than one Business Day prior to the
due date of such principal and (ii) presentation of this Note to the Issuing and Paying Agent, at The Bank of New York Mellon Trust Company, N.A., 101 Barclay Street, New York, New York, 10286. Any interest not punctually paid or duly provided
for shall be payable as provided in such Indenture. 
 References herein to “U.S. dollars,” “U.S.$,” or “$” are to the coin or
currency of the United States as at the time of payment is legal tender for the payment of public and private debts. 
 Reference is made to the further
provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth at this place. 
 Unless the certificate
of authentication hereon has been executed by the Trustee (as described on the reverse hereof) or by an authenticating agent on behalf of the Trustee by manual signature, this Note shall not be entitled to any benefit under such Indenture or be
valid or obligatory for any purpose. 

  
 4 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed, by manual or facsimile signature.

  

			
	RAYMOND JAMES FINANCIAL, INC.
		
	By:	 	
                     

	Name: Paul Shoukry
	Title:   Chief Financial Officer and Treasurer

  

			
	ATTEST:
		
	By:	 	
                     

	Name: Jonathan J. Doyle
	Title: Assistant General Counsel—Securities and Corporate Governance and Assistant Secretary

  
 5 

 (CERTIFICATE OF AUTHENTICATION) 

Certificate of Authentication 
 This is one of the
Securities of the series designated therein referred to in the within- mentioned Indenture. 
 Dated: April 1, 2021 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee 
  

			
	By:	 	
                     
    

	
                 

	
	Authorized Signatory

  
 6 

 (REVERSE OF NOTE) 

RAYMOND JAMES FINANCIAL, INC. 

3.750% SENIOR NOTE DUE 2051 
 SECTION 1.
General. This Note is one of a duly authorized series of Securities of the Company unlimited in aggregate principal amount (herein called the “Notes”) issued and to be issued under an Indenture dated as of August 10, 2009
(herein called the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture
and all indentures supplemental thereto reference is hereby made for a statement of the respective rights thereunder of the Company, the Trustee, and the holders of the Notes, and the terms upon which the Notes are, and are to be, authenticated and
delivered. The series of which this Note is a part also is designated as the Company’s 3.750% Senior Notes due 2051 (herein called the “Series”), initially in the principal amount of $750,000,000. The Trustee initially shall act as
Security Registrar, Transfer Agent, Authenticating Agent and Issuing and Paying Agent in connection with the Notes. 
 SECTION 2. No Sinking Fund.
This Note is not subject to any sinking fund. 
 SECTION 3. Redemption and Repayment. 

(a) Prior to October 1, 2050, Company may, at its option, and subject to the terms and conditions of Article 3 of the Indenture and Section 2.6 of
the Eighth Supplemental Indenture dated as of April 1, 2021 (the “Eighth Supplemental Indenture”), redeem the Notes of this Series, in whole at any time or in part from time to time prior to the Maturity Date, at a redemption price
equal to the greater of (x) 100% of the principal amount of the Notes so redeemed or (y) the sum of the present values of the remaining scheduled payments of principal and interest thereon that would be due if such notes matured on
October 1, 2051 but for such redemption (not including any such portion of such payments of interest accrued as of the redemption date), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at a discount rate equal to the Treasury Rate (as defined below), plus 20 basis points, plus an amount equal to accrued and unpaid interest thereon to, but excluding, the redemption date. On or after October 1, 2050, Company may,
at its option, and subject to the terms and conditions of Article 3 of the Indenture and Section 2.6 of the Eighth Supplemental Indenture, redeem the Notes of this Series, in whole at any time or in part from time to time prior to the Maturity
Date, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus an amount equal to accrued and unpaid interest thereon to, but excluding, the redemption date. Notwithstanding the foregoing, installments of
interest on the Notes that are due and payable on Interest Payment Dates falling on or prior to a redemption date shall be payable on the Interest Payment Date to the holders of the Notes as of the close of business on the relevant record date
according to the Notes and the Indenture. 

  
 7 

 (b) Notice of any redemption shall be delivered by mail or electronic delivery at least 10
days but not more than 60 days before the redemption date to each holder of the Notes to be redeemed. Unless the Company defaults in payment of the redemption price, on and after the redemption date, interest shall cease to accrue on the Notes or
portions thereof called for redemption. If less than all of the Notes are to be redeemed, the Notes shall be selected by the Trustee pursuant to procedures of The Depository Trust Company. 

(c) Prior to publishing any notice of redemption in connection with a redemption pursuant to Section 3(a)(ii) hereof, the Company will
deliver to the Trustee a certificate signed by the Chief Financial Officer or a Senior Vice President of the Company stating that the Company is entitled to redeem the Notes and that the conditions precedent to redemption have occurred. 

For purposes of the above: 
 “Comparable Treasury
Issue” means the United States Treasury security selected by the Quotation Agents as having a maturity comparable to the remaining term of the Notes to be redeemed (assuming that such Notes mature on October 1, 2050) that would be
utilized, at the time of selection in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes. 

“Comparable Treasury Price” means, with respect to any redemption date, (1) the average of four Reference Treasury Dealer Quotations for such
redemption date, after excluding the highest and lowest such Reference Dealer Quotations, (2) if more than one but fewer than four such Reference Dealer Quotations is provided, the average of all such quotations, or (3) if only one
Reference Treasury Dealer Quotation is provided, such quotation. 
 “Quotation Agents” means the Reference Treasury Dealers appointed by the
Company. “Reference Treasury Dealers” means (1) Citigroup Global Market Inc., BofA Securities, Inc. and J.P. Morgan Securities LLC (or their affiliates that are Primary Treasury Dealers) and their respective successors; provided,
however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company shall substitute therefore another Primary Treasury Dealer, and (2) any
other Primary Treasury Dealers selected by the Company. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury
Dealer and any redemption date the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such
Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such redemption date. 
 “Treasury Rate” means,
with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such redemption date. 
 SECTION 4. Defeasance. The provisions of Article 14 of the Indenture do not apply
to the Notes of this Series. 

  
 8 

 SECTION 5. Events of Default. If an Event of Default (as defined in the Eighth Supplemental Indenture
as (i) an Event of Default as defined under Section 6.01(a), (b), (c), (d) or (e) of the Indenture, or (ii) an event of default as defined in any mortgage, indenture, or instrument under which there may be issued, or by
which there may be secured or evidenced, any indebtedness of the Company or any Principal Subsidiary (as defined in the Indenture) for money borrowed, whether such indebtedness currently exists or shall be created in the future, which has occurred
and has resulted in such indebtedness becoming or being declared due and payable) shall occur with respect to the Notes, the principal of all the Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 

SECTION 6. Modifications and Waivers. The Indenture, as supplemented by the Eighth Supplemental Indenture, permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the holders of the Notes under the Indenture at any time by the Company with the consent of the holders of not less than 50% in
aggregate principal amount of the Notes then outstanding. The Indenture also contains provisions permitting the holders of a majority in aggregate principal amount of the Notes then outstanding and all other Securities then outstanding under the
Indenture and affected thereby, on behalf of the holders of all such Securities, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or
waiver by the holder of this Note shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not
notation of such consent or waiver is made upon this Note. 
 No recourse shall be had for the payment of the principal of or the interest on this Note, or
for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer, or director, as such, past, present, or future, of the
Company or any predecessor or successor corporation, whether by virtue of any constitution, statute, or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of
the consideration for issue hereof, expressly waived and released. 
 SECTION 7. Obligations Unconditional. No reference herein to the Indenture and
no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency,
herein prescribed. 
 SECTION 8. Authorized Denominations. The Notes are issuable only as registered Notes without coupons in the denominations of
Two Thousand Dollars ($2,000) and any whole multiples of One Thousand Dollars ($1,000). As provided in the Indenture, and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes of
different authorized denominations, as requested by the holder surrendering the same. 

  
 9 

 SECTION 9. Registration of Transfer. As provided in the Indenture and subject to certain limitations
therein set forth, the transfer of this Note may be registered on the Security Register or registry of the Company relating to the Notes, upon surrender of this Note for registration of transfer at the office or agency of the Company designated by
it pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Trustee or the Security Registrar duly executed by, the registered holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, shall be issued to the designated transferee or transferees. 

The Notes are being issued by means of a book-entry system with no physical distribution of certificates to be made except as provided in the Indenture. The
book-entry system maintained by DTC shall evidence ownership of the Notes, with transfers of ownership effected on the records of DTC and its participants pursuant to rules and procedures established by DTC and its participants. The Company shall
recognize Cede & Co., as nominee of DTC, while the registered holder of the Notes, as the owner of the Notes for all purposes, including payment of principal, premium (if any) and interest, notices, and voting. Transfer of the principal,
premium (if any), and interest to beneficial owners of the Notes by participants of DTC shall be the responsibility of such participants and other nominees of such beneficial owners. So long as the book-entry system is in effect, the selection of
any Notes to be redeemed shall be determined by DTC pursuant to rules and procedures established by DTC and its participants. The Company shall not be responsible or liable for such transfers or payments or for maintaining, supervising, or reviewing
the records maintained by DTC, its participants, or persons acting through such participants. 
 No service charge shall be made for any such registration
of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax, assessment, or other governmental charge, including, without limitation, any withholding tax, payable in connection therewith. 

Prior to due presentment for registration of transfer of this Note, the Company, the Trustee, the Issuing and Paying Agent, and any agent of the Company may
treat the person in whose name this Note is registered as the absolute owner hereof for the purpose of receiving payment as herein provided and for all other purposes, whether or not this Note be overdue, and neither the Company, the Trustee, the
Issuing and Paying Agent, nor any such agent of the Company shall be affected by notice to the contrary. 
 SECTION 10. Authentication Date. The
Notes of this Series shall be dated the date of their authentication. 
 SECTION 11. Defined Terms. All terms used in this Note which are not defined
herein, but are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 SECTION 12. Governing Law. THIS NOTE SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAWS. 

  
 10 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of the within Note shall be construed as though they were written out in full according
to applicable laws or regulations: 
 TEN COM—
                             as tenants in common 

TEN ENT—
                              as tenants by the entireties 

JT TEN—
                                  as joint tenants with right of survivorship
and not as tenants in common 
 UNIF GIFT MIN ACT—          
                                  as Custodian for
                                         .

                          
                                      (Cust)  
                                         
         (Minor) 
 Under Uniform Gifts to Minors Act 

                       
                                         
         
 (State) 

Additional abbreviations may also be used though not in the above list. 

 

                       
                                         
         
 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

[PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS 

INCLUDING ZIP CODE, OF ASSIGNEE] 
  

 
  

 
  

 
 Please Insert Social Security or Other 

Identifying Number of
Assignee:                                       
                      
 the within Note and all
rights thereunder, hereby irrevocably constituting and appointing                             
Attorney to transfer said Note on the books of the Company, with full power of substitution in the premises. 

Dated:                         
                                         
                                         
                                         
                                         
             
 NOTICE: The signature to this assignment must correspond with the name as it
appears upon the face of the within Note in every particular, without alteration or enlargement or any change whatever and must be guaranteed. 

 REGISTERED SENIOR NOTE 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A
DEPOSITORY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE. EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS
NOTE AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (55 Water Street, New York, New York)
(“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and this Note is registered in the name of Cede & Co. or such other name as requested by an authorized representative of DTC, and unless any
payment is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest herein. 

 

					
	REGISTERED	  	 	$250,000,000	 
		
	NUMBER R-2	  	 	CUSIP No. 754730AH2	 
		  	 	ISIN No. US754730AH26	 

 RAYMOND JAMES FINANCIAL, INC. 

3.750% SENIOR NOTE DUE 2051 

RAYMOND JAMES FINANCIAL, INC., a Florida corporation (herein called the “Company,” which term includes any successor corporation
under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co. or its registered assigns, the principal sum of TWO HUNDRED FIFTY MILLION DOLLARS on April 1, 2051 (except to the extent
redeemed or repaid prior to that date). The Company shall pay interest on such principal amount at the rate of 3.750% per annum, until payment of such principal amount has been made or duly provided for, semi-annually in arrears on April 1
and October 1 of each year (each, an “Interest Payment Date”). Interest shall be payable on each Interest Payment Date, commencing on October 1, 2021, and at the stated maturity or earlier redemption or repayment (the
“Maturity Date”). If the Company shall default in the payment of interest due on any Interest Payment Date, then this Note shall bear interest from the next preceding Interest Payment Date to which interest has been paid, or, if no
interest has been paid on the Notes, from April 1, 2021 (the “Original Issue Date”). 
 Interest on this Note shall accrue
from the Original Issue Date until the principal amount is paid or duly provided for. Interest (including payments for partial periods) shall be computed on the basis of a 360-day year of twelve 30-day months. Interest payable on this Note on any

  
 12 

 Interest Payment Date or the Maturity Date shall include interest accrued from, and including, the preceding
Interest Payment Date in respect of which interest has been paid or duly provided for (or from, and including, the Original Issue Date, if no interest has been paid or duly provided for) to, but excluding, such Interest Payment Date or the Maturity
Date, as the case may be. If the Maturity Date or any Interest Payment Date falls on a day which is not a Business Day (as defined below), principal of or interest payable with respect to the Maturity Date or such Interest Payment Date shall be paid
on the succeeding Business Day, except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on the Maturity
Date or such Interest Payment Date, and no additional interest shall accrue as a result of that postponement. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date shall be paid to the person in whose name
this Note (or one or more predecessor Notes evidencing all or a portion of the same debt as this Note) is registered at the close of business on the regular record date for such Interest Payment Date, whether or not a Business Day. As long as this
Note is in book-entry only form, the regular record date shall be the close of business on the Business Day next preceding such Interest Payment Date. If, pursuant to the terms of the Indenture, this Note is no longer in book-entry only form, the
record date shall be the close of business on March 15 and September 15 preceding an Interest Payment Date. “Business Day” means any weekday that is not a legal holiday in New York, New York or St. Petersburg, Florida and that is
not a day on which banking institutions in those cities are authorized or required by law or regulation to be closed. 
 The principal of
and interest on this Note are payable in immediately available funds in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts, at the office or agency of the Company designated
as provided in the Indenture. However, interest may be paid, at the option of the Company, by check mailed to the person entitled thereto at his address last appearing on the registry books of the Company relating to the Notes. Notwithstanding the
preceding sentence, payments of principal of and interest payable on the Maturity Date shall be made by wire transfer of immediately available funds to a designated account maintained in the United States upon (i) receipt of written notice by
the Issuing and Paying Agent (as described on the reverse hereof) from the registered holder hereof not less than one Business Day prior to the due date of such principal and (ii) presentation of this Note to the Issuing and Paying Agent, at
The Bank of New York Mellon Trust Company, N.A., 101 Barclay Street, New York, New York, 10286. Any interest not punctually paid or duly provided for shall be payable as provided in such Indenture. 

References herein to “U.S. dollars,” “U.S.$,” or “$” are to the coin or currency of the United States as at the
time of payment is legal tender for the payment of public and private debts. 
 Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully set forth at this place. 
 Unless the certificate of
authentication hereon has been executed by the Trustee (as described on the reverse hereof) or by an authenticating agent on behalf of the Trustee by manual signature, this Note shall not be entitled to any benefit under such Indenture or be valid
or obligatory for any purpose. 

  
 13 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed, by manual or
facsimile signature. 
  

			
	RAYMOND JAMES FINANCIAL, INC.
		
	By:	 	
                     
    

	Name: Paul Shoukry
	Title:   Chief Financial Officer and Treasurer

  

			
	ATTEST:
		
	By:	 	              

	Name: Jonathan J. Doyle
	Title: Assistant General Counsel—Securities and Corporate Governance and Assistant Secretary

  
 14 

 (CERTIFICATE OF AUTHENTICATION) 

Certificate of Authentication 

This is one of the Securities of the series designated therein referred to in the within- mentioned Indenture. 

Dated: April 1, 2021 
  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	
                 

	Authorized Signatory

  
 15 

 (REVERSE OF NOTE) 

RAYMOND JAMES FINANCIAL, INC. 

3.750% SENIOR NOTE DUE 2051 

SECTION 1. General. This Note is one of a duly authorized series of Securities of the Company unlimited in aggregate principal amount
(herein called the “Notes”) issued and to be issued under an Indenture dated as of August 10, 2009 (herein called the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein
called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights thereunder of the Company,
the Trustee, and the holders of the Notes, and the terms upon which the Notes are, and are to be, authenticated and delivered. The series of which this Note is a part also is designated as the Company’s 3.750% Senior Notes due 2051 (herein
called the “Series”), initially in the principal amount of $750,000,000. The Trustee initially shall act as Security Registrar, Transfer Agent, Authenticating Agent and Issuing and Paying Agent in connection with the Notes. 

SECTION 2. No Sinking Fund. This Note is not subject to any sinking fund. 

SECTION 3. Redemption and Repayment. 

(a) Prior to October 1, 2050, Company may, at its option, and subject to the terms and conditions of Article 3 of the Indenture and
Section 2.6 of the Eighth Supplemental Indenture dated as of April 1, 2021 (the “Eighth Supplemental Indenture”), redeem the Notes of this Series, in whole at any time or in part from time to time prior to the Maturity Date, at a
redemption price equal to the greater of (x) 100% of the principal amount of the Notes so redeemed or (y) the sum of the present values of the remaining scheduled payments of principal and interest thereon that would be due if such notes
matured on October 1, 2051 but for such redemption (not including any such portion of such payments of interest accrued as of the redemption date), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of
twelve 30-day months) at a discount rate equal to the Treasury Rate (as defined below), plus 20 basis points, plus an amount equal to accrued and unpaid interest thereon to, but excluding, the redemption date. On or after October 1, 2050,
Company may, at its option, and subject to the terms and conditions of Article 3 of the Indenture and Section 2.6 of the Eighth Supplemental Indenture, redeem the Notes of this Series, in whole at any time or in part from time to time prior to
the Maturity Date, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus an amount equal to accrued and unpaid interest thereon to, but excluding, the redemption date. Notwithstanding the foregoing,
installments of interest on the Notes that are due and payable on Interest Payment Dates falling on or prior to a redemption date shall be payable on the Interest Payment Date to the holders of the Notes as of the close of business on the relevant
record date according to the Notes and the Indenture. 

  
 16 

 (d) Notice of any redemption shall be delivered by mail or electronic delivery at least 10
days but not more than 60 days before the redemption date to each holder of the Notes to be redeemed. Unless the Company defaults in payment of the redemption price, on and after the redemption date, interest shall cease to accrue on the Notes or
portions thereof called for redemption. If less than all of the Notes are to be redeemed, the Notes shall be selected by the Trustee pursuant to procedures of The Depository Trust Company. 

(e) Prior to publishing any notice of redemption in connection with a redemption pursuant to Section 3(a)(ii) hereof, the Company will
deliver to the Trustee a certificate signed by the Chief Financial Officer or a Senior Vice President of the Company stating that the Company is entitled to redeem the Notes and that the conditions precedent to redemption have occurred. 

For purposes of the above: 

“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agents as having a maturity
comparable to the remaining term of the Notes to be redeemed (assuming that such Notes mature on October 1, 2050) that would be utilized, at the time of selection in accordance with customary financial practice, in pricing new issues of
corporate debt securities of comparable maturity to the remaining term of the Notes. 
 “Comparable Treasury Price” means, with
respect to any redemption date, (1) the average of four Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Dealer Quotations, (2) if more than one but fewer than four such
Reference Dealer Quotations is provided, the average of all such quotations, or (3) if only one Reference Treasury Dealer Quotation is provided, such quotation. 

“Quotation Agents” means the Reference Treasury Dealers appointed by the Company. “Reference Treasury Dealers” means
(1) Citigroup Global Market Inc., BofA Securities, Inc. and J.P. Morgan Securities LLC (or their affiliates that are Primary Treasury Dealers) and their respective successors; provided, however, that if any of the foregoing shall cease to be a
primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company shall substitute therefore another Primary Treasury Dealer, and (2) any other Primary Treasury Dealers selected by the Company. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date the average, as
determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m., New York City
time, on the third Business Day preceding such redemption date. 
 “Treasury Rate” means, with respect to any redemption date, the
rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for
such redemption date. 
 SECTION 4. Defeasance. The provisions of Article 14 of the Indenture do not apply to the Notes of this
Series. 

  
 17 

 SECTION 5. Events of Default. If an Event of Default (as defined in the Eighth
Supplemental Indenture as (i) an Event of Default as defined under Section 6.01(a), (b), (c), (d) or (e) of the Indenture, or (ii) an event of default as defined in any mortgage, indenture, or instrument under which there
may be issued, or by which there may be secured or evidenced, any indebtedness of the Company or any Principal Subsidiary (as defined in the Indenture) for money borrowed, whether such indebtedness currently exists or shall be created in the future,
which has occurred and has resulted in such indebtedness becoming or being declared due and payable) shall occur with respect to the Notes, the principal of all the Notes may be declared due and payable in the manner and with the effect provided in
the Indenture. 
 SECTION 6. Modifications and Waivers. The Indenture, as supplemented by the Eighth Supplemental Indenture, permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the holders of the Notes under the Indenture at any time by the Company with the consent of the
holders of not less than 50% in aggregate principal amount of the Notes then outstanding. The Indenture also contains provisions permitting the holders of a majority in aggregate principal amount of the Notes then outstanding and all other
Securities then outstanding under the Indenture and affected thereby, on behalf of the holders of all such Securities, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the holder of this Note shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange
herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. 
 No recourse shall be had for the
payment of the principal of or the interest on this Note, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder,
officer, or director, as such, past, present, or future, of the Company or any predecessor or successor corporation, whether by virtue of any constitution, statute, or rule of law, or by the enforcement of any assessment or penalty or otherwise, all
such liability being, by the acceptance hereof and as part of the consideration for issue hereof, expressly waived and released. 
 SECTION
7. Obligations Unconditional. No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and
interest on this Note at the times, place, and rate, and in the coin or currency, herein prescribed. 
 SECTION 8. Authorized
Denominations. The Notes are issuable only as registered Notes without coupons in the denominations of Two Thousand Dollars ($2,000) and any whole multiples of One Thousand Dollars ($1,000). As provided in the Indenture, and subject to certain
limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes of different authorized denominations, as requested by the holder surrendering the same. 

  
 18 

 SECTION 9. Registration of Transfer. As provided in the Indenture and subject to
certain limitations therein set forth, the transfer of this Note may be registered on the Security Register or registry of the Company relating to the Notes, upon surrender of this Note for registration of transfer at the office or agency of the
Company designated by it pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Trustee or the Security Registrar duly executed by, the registered holder hereof or
his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, shall be issued to the designated transferee or transferees. 

The Notes are being issued by means of a book-entry system with no physical distribution of certificates to be made except as provided in the
Indenture. The book-entry system maintained by DTC shall evidence ownership of the Notes, with transfers of ownership effected on the records of DTC and its participants pursuant to rules and procedures established by DTC and its participants. The
Company shall recognize Cede & Co., as nominee of DTC, while the registered holder of the Notes, as the owner of the Notes for all purposes, including payment of principal, premium (if any) and interest, notices, and voting. Transfer of the
principal, premium (if any), and interest to beneficial owners of the Notes by participants of DTC shall be the responsibility of such participants and other nominees of such beneficial owners. So long as the book-entry system is in effect, the
selection of any Notes to be redeemed shall be determined by DTC pursuant to rules and procedures established by DTC and its participants. The Company shall not be responsible or liable for such transfers or payments or for maintaining, supervising,
or reviewing the records maintained by DTC, its participants, or persons acting through such participants. 
 No service charge shall be
made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax, assessment, or other governmental charge, including, without limitation, any withholding tax, payable in connection
therewith. 
 Prior to due presentment for registration of transfer of this Note, the Company, the Trustee, the Issuing and Paying Agent,
and any agent of the Company may treat the person in whose name this Note is registered as the absolute owner hereof for the purpose of receiving payment as herein provided and for all other purposes, whether or not this Note be overdue, and neither
the Company, the Trustee, the Issuing and Paying Agent, nor any such agent of the Company shall be affected by notice to the contrary. 

SECTION 10. Authentication Date. The Notes of this Series shall be dated the date of their authentication. 

SECTION 11. Defined Terms. All terms used in this Note which are not defined herein, but are defined in the Indenture shall have the
meanings assigned to them in the Indenture. 
 SECTION 12. Governing Law. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAWS. 

  
 19 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of the within Note shall be construed as though they were written out in
full according to applicable laws or regulations: 
 TEN COM—     as tenants in common 

TEN ENT—      as tenants by the entireties 

JT TEN—          as joint tenants with right of survivorship and not as tenants in common 

UNIF GIFT MIN ACT—
                                        
as Custodian for
                                         .

                          
                                (Cust)        
                                         
      (Minor) 
 Under Uniform Gifts to Minors Act 

 

                       
                                         
                     
 (State) 

Additional abbreviations may also be used though not in the above list. 

 

                       
                                         
                     
 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

[PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS 

INCLUDING ZIP CODE, OF ASSIGNEE] 
  

 
  

 
  

 
 Please Insert Social Security or Other 

                    Identifying Number of Assignee:
                                         
    
 the within Note and all rights thereunder, hereby irrevocably constituting and appointing
                             Attorney to transfer said Note on the books of the Company, with full
power of substitution in the premises. 
 Dated:
                                     

NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Note in every particular, without alteration
or enlargement or any change whatever and must be guaranteed.EX-10.10

 Exhibit 10.10 

LOAN AND SECURITY AGREEMENT 

Dated as of November 5, 2020 

between 
 IMPEL
NEUROPHARMA, INC., 
 a Delaware corporation, 

as “Borrower”, 

and 
 AVENUE VENTURE
OPPORTUNITIES FUND, L.P., 
 a Delaware limited partnership, 

as “Lender” 
  

 LOAN AND SECURITY AGREEMENT 

Borrower and Lender have entered or anticipate entering into one or more transactions pursuant to which Lender agrees to make available to
Borrower a loan facility governed by the terms and conditions set forth in this document and one or more Supplements executed by Borrower and Lender which incorporate this document by reference. Each Supplement constitutes a supplement to and forms
part of this document, and will be read and construed as one with this document, so that this document and the Supplement constitute a single agreement between the parties (collectively referred to as this
“Agreement”). 
 Accordingly, the parties agree as follows: 

 

 ARTICLE 1 - INTERPRETATION 

1.1 Definitions. The terms defined in Article 10 and in the Supplement will have the meanings therein specified for purposes of
this Agreement. 
 1.2 Inconsistency. In the event of any inconsistency between the provisions of any Supplement and this
document, the provisions of the Supplement will be controlling for the purpose of all relevant transactions. 
 1.3 Transparency
Pledge. For the avoidance of doubt and notwithstanding anything to the contrary contained in this Agreement or in the other Loan Documents: (a) the occurrence of a Material Adverse Change or Material Adverse Effect shall not constitute an
Event of Default or otherwise allow Lender to declare the outstanding Loans due and payable; (b) Lender shall not be entitled to (i) require Borrower’s investors or members of Borrower’s Board of Directors to make any additional
written or verbal commitments of ongoing financial support, or (ii) require Borrower to conduct its banking or hold its deposits at any specific bank or financial institution; and (c) Borrower shall not be required to maintain any minimum
tangible net worth, working capital, current ratio, quick asset ratio, liquidity ratio or debt-to-equity ratio or comply with any similar financial covenant. 

ARTICLE 2 - THE COMMITMENT AND LOANS 

2.1 The Commitment. Subject to the terms and conditions of this Agreement, Lender agrees to make term loans to Borrower from
time to time from the Closing Date and to and including the Termination Date in an aggregate principal amount not exceeding the Commitment. The Commitment is not a revolving credit commitment, and Borrower does not have the right to repay and
reborrow hereunder; provided that Borrower may prepay the Loans as set forth in the Supplement.

 
Each Loan requested by Borrower to be made on a single Business Day shall be for a minimum principal amount set forth in the Supplement, except to the extent the remaining Commitment is a lesser
amount. 
 2.2 Notes Evidencing Loans; Repayment. Each Loan shall be evidenced by a separate Note payable to the order of
Lender, in the total principal amount of the Loan. Principal and interest of each Loan shall be payable at the times and in the manner set forth in the Note and regularly scheduled payments thereof shall be effected by automatic debit of the
appropriate funds from Borrower’s Primary Operating Account as specified in the Supplement hereto. Repayment of the Loans and payment of all other amounts owed to Lender will be paid by Borrower in the currency in which the same has been
provided (i.e., United States Dollars). 
 2.3 Procedures for Borrowing. 

(a) At least five (5) Business Days prior to a proposed Borrowing Date (or such lesser period of time as may be agreed upon by
Lender in its sole discretion), Lender shall have received from Borrower a written request for a borrowing hereunder (a “Borrowing Request”). Each Borrowing Request shall be in substantially the form of
Exhibit “B” to the Supplement, shall be executed by a responsible executive or financial officer of Borrower, and shall state how much is requested, and shall be accompanied by such other information and documentation as Lender may
reasonably request, including the executed Note(s) for the Loan(s) covered by the Borrowing Request. 
 (b) No later than 1:00 p.m.
Pacific Standard Time on the Borrowing Date, if Borrower has satisfied the conditions precedent in Article 4 by 9:00 a.m. Pacific Standard Time on such Borrowing Date, Lender shall make the Loan available to Borrower in immediately available funds.

 

  
 1 

 2.4 Interest. Except as otherwise specified in the applicable Note and/or
Supplement, Basic Interest on the outstanding principal balance of each Loan shall accrue daily at the Designated Rate from the Borrowing Date. If the outstanding principal balance of such Loan is not paid at maturity, interest shall accrue at the
Default Rate until paid in full, as further set forth herein. 
 2.5 Intentionally Omitted. 

2.6 Interest Rate Calculation. Basic Interest, along with charges and fees under this Agreement and any Loan Document, shall
be calculated for actual days elapsed on the basis of a 360-day year, which results in higher interest, charge or fee payments than if a 365-day year were used. In no
event shall Borrower be obligated to pay Lender interest, charges or fees at a rate in excess of the highest rate permitted by applicable law from time to time in effect. 

2.7 Default Interest. Any unpaid payments in respect of the Obligations shall bear interest from their respective maturities,
whether scheduled or accelerated, at the Default Rate, compounded monthly. Borrower shall pay such interest on demand. 
 2.8
Late Charges. If Borrower is late in making any scheduled payment in respect of the Obligations by more than five (5) days, then Borrower agrees to pay a late charge of five percent (5%) of the payment due, but not less than fifty
dollars ($50.00) for any one such delinquent payment; provided, that Lender shall endeavor to provide Borrower written notice of such late charge; provided further however, that (i) any failure of Lender to provide notice shall not relieve
Borrower of the obligation to pay the same; and (ii) Borrower shall only be entitled to such notice from Lender one (1) time per year. This late charge may be charged by Lender for the purpose of defraying the expenses incidental to the
handling of such delinquent amounts. Borrower acknowledges that such late charge represents a reasonable sum considering all of the circumstances existing on the date of this Agreement and represents a fair and reasonable estimate of the costs that
will be sustained by Lender due to the failure of Borrower to make timely payments. Borrower further agrees that proof of actual damages would be costly and inconvenient. Such late charge shall be paid without prejudice to the right of Lender to
collect any other amounts provided to be paid or to declare a default under this Agreement or any of the other Loan Documents or from exercising any other rights and remedies of Lender. 

 

 2.9 Lender’s Records. Principal, Basic Interest and all other sums owed
under any Loan Document shall be evidenced by entries in records maintained by Lender for such purpose. Each payment on and any other credits with respect to principal, Basic Interest and all other sums outstanding under any Loan Document shall be
evidenced by entries in such records. Absent manifest error, Lender’s records shall be conclusive evidence thereof. Upon Borrower’s written request therefor, but not more than once per year during the term hereof, Lender shall promptly
provide Borrower a copy of such records; provided that any failure to provide such records shall not result in any liability to Lender. 

2.10 Grant of Security Interests; Filing of Financing Statements. 

(a) To secure the timely payment and performance of all of Borrower’s Obligations, Borrower hereby grants to Lender continuing
security interests in all of the Collateral. In connection with the foregoing, Borrower authorizes Lender to prepare and file any financing statements describing the Collateral without otherwise obtaining Borrower’s signature or consent with
respect to the filing of such financing statements. Such financing statements may indicate the Collateral as “all assets of the Debtor” or words of similar effect. 

(b) In furtherance of Borrower’s grant of the security interests in the Collateral pursuant to Section 2.10(a) above,
Borrower hereby pledges and grants to Lender a security interest in all the Shares, together with all proceeds and substitutions thereof, all cash, stock and other moneys and property paid thereon, all rights to subscribe for securities declared or
granted in connection therewith, and all other cash and noncash proceeds of the foregoing, as security for the performance of the Obligations. On the Closing Date or at any time thereafter following Lender’s request, the certificate or
certificates for the Shares will be delivered to the Lender, accompanied by an instrument of assignment duly executed in blank by Borrower, unless such Shares have not been certificated. To the extent required by the terms and conditions governing
the Shares, Borrower shall cause the books of each entity whose Shares are part of the Collateral and any transfer agent to reflect the pledge of the Shares. Upon the occurrence and during the continuance of an Event of Default hereunder, Lender may
effect the transfer of any securities included in the Collateral (including but not limited to the Shares) into the name of Lender and cause new certificates representing such securities to be issued in the name of Lender or its transferee(s).
Borrower will execute and deliver such documents, and 

 

  
 2 

 
take or cause to be taken such actions, as Lender may reasonably request to perfect or continue the perfection of Lender’s security interest in the Shares. Except as provided in the
following sentence, Borrower shall be entitled to exercise any right to which a holder of such Shares is entitled, including, without limitation, any voting rights with respect to the Shares and receipt of all dividends and other distributions with
respect to the Shares that are permitted hereunder and the granting of, waivers and ratifications in respect thereof, provided that Borrower shall not exercise any right in a manner which would be inconsistent with the performance of its Obligations
pursuant to any of the terms of this Agreement or which would constitute or create any violation of such terms of this Agreement. All such rights to vote and receipt of dividends and other distributions with respect to the Shares that are permitted
hereunder and the granting of consents, waivers and ratifications shall terminate upon the occurrence and continuance of an Event of Default and Lender’s written notice to Borrower of Lender’s intent to exercise its rights and remedies
under this Agreement, including this Section 2.10(b). 
 (c) Borrower is and shall remain absolutely and unconditionally
liable for the performance of its Obligations, including, without limitation, any deficiency by reason of the failure of the Collateral to satisfy all amounts due Lender under any of the Loan Documents. 

(d) All Collateral pledged by Borrower under this Agreement and any Supplement shall secure the timely payment and performance of all
Obligations. Except as expressly provided in this Agreement, no Collateral pledged under this Agreement or any Supplement shall be released until such time as all Obligations have been satisfied and paid in full (other than inchoate indemnity
obligations). 
 ARTICLE 3 - REPRESENTATIONS AND WARRANTIES 

Borrower represents and warrants that, except as set forth in the Supplement or the Schedule of Exceptions hereto, if any, as of the Closing
Date and each Borrowing Date: 
 3.1 Due Organization. Borrower is a corporation duly organized and validly existing in good
standing under the laws of the jurisdiction of its incorporation, and is duly qualified to conduct business and is in good standing in each other jurisdiction in which its business is conducted or its properties are located, except where the failure
to be so qualified would not reasonably be expected to have a Material Adverse Effect.

 3.2 Authorization, Validity and Enforceability. The execution, delivery and
performance of all Loan Documents executed by Borrower are within Borrower’s powers, have been duly authorized, and following such due authorization, are not in conflict with Borrower’s certificate of incorporation or by laws, or the terms
of any charter or other organizational document of Borrower, as amended from time to time; and all such Loan Documents constitute valid and binding obligations of Borrower, enforceable in accordance with their terms (except as may be limited by
bankruptcy, insolvency and similar laws affecting the enforcement of creditors’ rights in general, and subject to general principles of equity). 

3.3 Compliance with Applicable Laws. Borrower has complied with all licensing, permit and fictitious name requirements
necessary to lawfully conduct the business in which it is engaged, and to any sales, leases or the furnishing of services by Borrower, including without limitation those requiring consumer or other disclosures, in each case, the noncompliance with
which would have a Material Adverse Effect. 
 3.4 No Conflict. The execution, delivery, and performance by Borrower of all
Loan Documents are not in conflict with any law, rule, regulation, order or directive, or any indenture, agreement, or undertaking to which Borrower is a party or by which Borrower may be bound or affected. Without limiting the generality of the
foregoing, the issuance of the Warrant and the grant of registration rights in connection therewith do not violate any agreement or instrument by which Borrower is bound or require the consent of any holders of Borrower’s securities other than
consents which have been obtained prior to the Closing Date. 
 3.5 No Litigation, Claims or Proceedings. There is no
litigation, tax claim, proceeding or dispute pending, or, to the knowledge of Borrower, threatened against or affecting Borrower, its property or the conduct of its business which, if adversely determined, could reasonably be expected to have a
Material Adverse Effect. 
 3.6 Correctness of Financial Statements. Borrower’s financial statements which have been
delivered to Lender fairly and accurately, in all material respects, reflect Borrower’s financial condition in accordance with GAAP (except for the absence of footnotes and subject to normal year-end
adjustments) as of the latest date of such financial statements; and, since that date there has been no Material Adverse Change.

 

  
 3 

 3.7 No Subsidiaries. As of the Closing Date, Borrower is not a majority owner of
or in a control relationship with any other business entity, except for Impel Australia. 
 3.8 Environmental Matters. To
its knowledge after reasonable inquiry, Borrower has concluded that Borrower is in compliance with Environmental Laws, except to the extent a failure to be in such compliance would not reasonably be expected to have a Material Adverse Effect. 

3.9 No Event of Default. No Default or Event of Default has occurred and is continuing. 

3.10 Full Disclosure. None of the representations or warranties made by Borrower in the Loan Documents as of the date such
representations and warranties are made or deemed made, and none of the written statements contained in any exhibit, report, statement or certificate furnished by or on behalf of Borrower in connection with the Loan Documents (including disclosure
materials delivered by or on behalf of Borrower to Lender prior to the Closing Date or pursuant to Section 5.2 hereof), taken as a whole, contains any untrue statement of a material fact or omits any material fact required to be stated therein
or necessary to make the statements made therein, in light of the circumstances under which they are made, not misleading as of the time when made or delivered. 

3.11 Specific Representations Regarding Collateral. 

(a) Title. Except for the security interests created by this Agreement and Permitted Liens, (i) Borrower is and will be
the unconditional legal and beneficial owner of the Collateral, and (ii) the Collateral is genuine and subject to no Liens. There exist no prior assignments or encumbrances of record with the U.S. Patent and Trademark Office or U.S. Copyright
Office affecting any Collateral in favor of any third party, other than Permitted Liens. 
 (b) Rights to Payment. The names
of the obligors, amount owing to Borrower, due dates and all other information with respect to the Rights to Payment are and will be correctly stated in all material respects in all Records relating to the Rights to Payment. Borrower further
represents and warrants, to its knowledge, that each Person appearing to be obligated on a Right to Payment has authority and capacity to contract and is bound as it appears to be.

 (c) Location of Collateral. As of the Closing Date, Borrower’s chief
executive office, Inventory, Records, Equipment, and any other offices or places of business are located at the address(es) shown on the Supplement. 

(d) Business Names. Other than its full corporate name, Borrower has not conducted business using any trade names or
fictitious business names except as shown on the Supplement. 
 3.12 Copyrights, Patents, Trademarks and Licenses. 

(a) Borrower owns or is licensed or otherwise has the right to use all of the patents, trademarks, service marks, trade names,
copyrights, contractual franchises, authorizations and other similar rights that are reasonably necessary for the operation of its business, without known conflict with the rights of any other Person. 

(b) To Borrower’s knowledge, no slogan or other advertising device, product, process, method, substance, part or other material
now employed, or now contemplated to be employed, by Borrower infringes upon any rights held by any other Person. 
 (c) No claim
or litigation regarding any of the foregoing is pending or, to Borrower’s knowledge, threatened in writing, and, to Borrower’s knowledge, no patent, invention, device, application, principle or any statute, law, rule, regulation, standard
or code is pending or proposed which, in either case, could reasonably be expected to have a Material Adverse Effect. 
 3.13
Regulatory Compliance. Borrower has, to the best of its knowledge, met the minimum funding requirements of ERISA with respect to any employee benefit plans subject to ERISA. To the best of Borrower’s knowledge, no event has occurred
resulting from Borrower’s failure to comply with ERISA that is reasonably likely to result in Borrower’s incurring any liability that could have a Material Adverse Effect. Borrower is not required to be registered as an “investment
company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940. Borrower is not engaged principally, or as one of its important activities, in the business of extending
credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulations T and U of the Board of Governors of the Federal Reserve System). Borrower has complied in all material respects with all the provisions of the Federal
Fair Labor Standards Act. 

 

  
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 3.14 Shares. Borrower has full power and authority to create a first priority
Lien on the Shares and no disability or contractual obligation exists that would prohibit Borrower from pledging the Shares pursuant to this Agreement. To Borrower’s knowledge, there are no subscriptions, warrants, rights of first refusal or
other restrictions on transfer relative to, or options exercisable with respect to the Shares. The Shares have been and will be duly authorized and validly issued, and are fully paid and non-assessable. To
Borrower’s knowledge, the Shares are not the subject of any present or threatened suit, action, arbitration, administrative or other proceeding, and Borrower knows of no reasonable grounds for the institution of any such proceedings. 

3.15 Compliance with Anti-Corruption Laws. Borrower has not taken any action that would cause a violation of any
anti-corruption law, including but not limited to, the Foreign Corrupt Practices Act, the United Kingdom Bribery Act, and all other applicable anti-corruption laws. Borrower, its employees, agents and representatives have not, directly or
indirectly, offered, paid, given, promised or authorized the payment of any money, gift or anything of value to any person acting in an official capacity for any government department, agency or instrumentality, including state-owned or controlled
companies or entities, and public international organizations, as well as a political party or official thereof or candidate for political office. None of Borrower’s principals or staff are officers, employees or representatives of governments,
government agencies, or government-owned or controlled enterprises. 
 3.16 Survival. The representations and warranties of
Borrower as set forth in this Agreement survive the execution and delivery of this Agreement and shall continue until satisfaction in full, in cash, of all Obligations under the Loan Documents or Lender has any commitment to lend hereunder. 

ARTICLE 4 - CONDITIONS PRECEDENT 

4.1 Conditions to First Loan. The obligation of Lender to make its first Loan hereunder is, in addition to the conditions
precedent specified in Section 4.2 and in any Supplement, subject to the fulfillment of the following conditions and to the receipt by Lender of the documents described below, duly executed and in form and substance reasonably satisfactory to
Lender and its counsel: 

 (a) Resolutions. A certified copy of the resolutions of the Board of Directors
of Borrower authorizing the execution, delivery and performance by Borrower of the Loan Documents. 
 (b) Incumbency and
Signatures. A certificate of the secretary (or other authorized officer) of Borrower certifying the names of the officer or officers of Borrower authorized to sign the Loan Documents, together with a sample of the true signature of each such
officer. 
 (c) Legal Opinion. The opinion of legal counsel for Borrower as to such matters as Lender may reasonably
request, in form and substance reasonably satisfactory to Lender. 
 (d) Charter Documents. Copies of the organizational and
charter documents of Borrower (e.g., Certificate of Incorporation and Bylaws), as amended through the Closing Date, certified by an officer of Borrower as being true, correct and complete. 

(e) This Agreement. Counterparts of this Agreement and the initial Supplement, with all schedules completed and attached
thereto, and disclosing such information as is acceptable to Lender. 
 (f) Financing Statements. Filing copies (or other
evidence of filing reasonably satisfactory to Lender and its counsel) of such UCC financing statements, collateral assignments, account control agreements, and termination statements, with respect to the Collateral as Lender shall reasonably
request. 
 (g) Intellectual Property Security Agreement. An Intellectual Property Security Agreement executed by Borrower
in form and substance reasonably satisfactory to Lender. 
 (h) Lien Searches. UCC lien, judgment, bankruptcy and tax lien
searches of Borrower from such jurisdictions or offices as Lender may reasonably request, all as of a date reasonably satisfactory to Lender and its counsel. 

(i) Good Standing Certificate. A certificate of status or good standing of Borrower as of a date acceptable to Lender from the
jurisdiction of Borrower’s organization and any foreign jurisdictions where Borrower is qualified to do business, except where the failure to be so qualified could not reasonably be expected to have a Material Adverse Effect. 

(j) Warrant. The Warrant issued by Borrower exercisable for such number, type and class of shares of Borrower’s capital
stock, and for an initial exercise price as is specified therein. 

 

  
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 (k) Insurance Certificates. Insurance certificates showing Lender as loss payee
or additional insured. 
 (l) Other Documents. Such other documents and instruments as Lender may reasonably request to
effectuate the intents and purposes of this Agreement. 
 4.2 Conditions to All Loans. The obligation of Lender to make its
initial Loan and each subsequent Loan is subject to the following further conditions precedent that: 
 (a) No Default. No
Default or Event of Default has occurred and is continuing or will result from the making of any such Loan, and the representations and warranties of Borrower contained in Article 3 of this Agreement and Part 3 of the Supplement are true and correct
in all material respects as of the Borrowing Date of such Loan. 
 (b) No Material Adverse Change. No event has occurred
that has had or could reasonably be expected to have a Material Adverse Change. 
 (c) Borrowing Request. Borrower shall
have delivered to Lender a Borrowing Request for such Loan. 
 (d) Note. Borrower shall have delivered an executed Note
evidencing such Loan, substantially in the form attached to the Supplement as an exhibit. 
 (e) Supplemental Lien Filings.
Borrower shall have executed and delivered such amendments or supplements to this Agreement and additional Security Documents, financing statements and third party waivers as Lender may reasonably request in connection with the proposed Loan, in
order to create, protect or perfect or to maintain the perfection of Lender’s Liens on the Collateral. 
 (f) VCOC
Limitation. Lender shall not be obligated to make any Loan under its Commitment if at the time of or after giving effect to the proposed Loan Lender would no longer qualify as: (i) a “venture capital operating company” under U.S.
Department of Labor Regulations Section 2510.3-101(d), Title 29 of the Code of Federal Regulations, as amended; and (ii) a “business development company” under the provisions of

 
federal Investment Company Act of 1940, as amended; and (iii) a “regulated investment company” under the provisions of the Internal Revenue Code of 1986, as amended. 

(g) Financial Projections. Borrower shall have delivered to Lender Borrower’s business plan and/or financial projections
or forecasts as most recently approved by Borrower’s Board of Directors. 
 ARTICLE 5 - AFFIRMATIVE COVENANTS 

During the term of this Agreement and until its performance of all Obligations (other than inchoate indemnity obligations), Borrower will:

 5.1 Notice to Lender. Promptly give written notice to Lender of: 

(a) Any litigation or administrative or regulatory proceeding affecting Borrower where the amount claimed against Borrower is at the
Threshold Amount or more, or where the granting of the relief requested could reasonably be expected to have a Material Adverse Effect; or of the acquisition by Borrower of any commercial tort claim, including brief details of such claim and such
other information as Lender may reasonably request to enable Lender to better perfect its Lien in such commercial tort claim as Collateral. 

(b) Any dispute which may exist between Borrower and any governmental or regulatory authority, which could reasonably be expected to
have a Material Adverse Effect. 
 (c) The occurrence of any Default or any Event of Default. 

(d) Any change in the location of any of Borrower’s places of business or a material portion of the Collateral at least fifteen
(15) days in advance of such change, or of the establishment of any new, or the discontinuance of any existing, place of business; provided, however on the day of any such notice, the information set forth in such notice shall be deemed to be
part of the Supplement with no further action by either party. 
 (e) Any dispute or default by Borrower or any other party under
any joint venture, partnering, distribution, cross-licensing, strategic alliance, collaborative research or manufacturing, license or similar agreement which could reasonably be expected to have a Material Adverse Effect.

 

  
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 (f) Any other matter which has resulted or could reasonably be expected to result in a
Material Adverse Change. 
 (g) Any Subsidiary Borrower intends to acquire or create on or after the Closing Date. 

5.2 Financial Statements. Deliver to Lender or cause to be delivered to Lender, in form and detail reasonably satisfactory to
Lender the following financial and other information, which Borrower warrants shall be accurate and complete in all material respects: 

(a) Monthly Financial Statements. As soon as available but no later than thirty (30) days after the end of each month,
Borrower’s unaudited balance sheet as of the end of such period, and Borrower’s unaudited income statement and Borrower’s unaudited cash flow statement for such period and for that portion of Borrower’s financial reporting year
ending with such period, prepared in accordance with GAAP (except for the absence of footnotes and subject to normal year-end adjustments) and attested by a responsible financial officer of Borrower as being
complete and correct in all material respects and fairly presenting in all material respects Borrower’s financial condition and the results of Borrower’s operations as of the date(s) and for the period(s) covered thereby. After a Qualified
Public Offering, the foregoing interim financial statements shall be delivered no later than forty-five (45) days after each fiscal quarter and for the quarter-annual fiscal period then ended. 

(b) Year-End Financial Statements. As soon as available but no later than one hundred
fifty (150) days after the end of each fiscal year, a complete copy of Borrower’s audit report, which shall include balance sheet, income statement, statement of changes in equity and statement of cash flows for such year, prepared in
accordance with GAAP and certified by an independent certified public accountant selected by Borrower and satisfactory to Lender (the “Accountant”). The Accountant’s certification shall not be qualified or
limited due to a restricted or limited examination by the Accountant of any material portion of Borrower’s records. 
 (c)
Compliance Certificates. Simultaneously with the delivery of each set of financial statements referred to in paragraphs (a) and (b) above, a certificate of the chief financial officer of Borrower (or other executive officer)
substantially in the form of Exhibit “C” to the Supplement (a “Compliance

 
Certificate”) stating, among other things, whether any Default or Event of Default exists on the date of such certificate, and if so, setting forth the details thereof
and the action which Borrower is taking or proposes to take with respect thereto. If requested by Lender, a Compliance Certificate also shall be delivered to Lender on the Closing Date. 

(d) Government Required Reports. Promptly after sending, issuing, making available, or filing, copies of all reports, proxy
statements, and financial statements that Borrower sends or makes available generally to its stockholders, and, not later than ten (10) days after actual filing or the date such filing was first due, all public registration statements and
reports that Borrower files or is required to file with the Securities and Exchange Commission, or any other governmental or regulatory authority having similar authority; provided, however, that nothing in this Section 5.2(d) shall require
Borrower to violate any applicable laws, local ordinances or regulations or agreements by which Borrower is bound, including, without limitation, securities laws and nondisclosure agreements. 

(e) Other Information. Such other statements, lists of property and accounts, operating budgets (as updated), sales
projections, forecasts, reports, 409A valuation reports (to the extent prepared and as updated), operating plans, financial exhibits, capitalization tables (as updated) and information relating to equity and debt financings consummated after the
Closing Date (including post-closing capitalization table(s)), or other information as Lender may from time to time reasonably request. 

(f) Board Packages. In addition to the information described in Section 5.2(e), Borrower will promptly provide Lender
with copies of all notices, minutes, consents and other materials, financial or otherwise, which Borrower provides to its Board of Directors (collectively, “Board Packages”); provided, however, that
Borrower need not provide Lender with copies of routine Board actions, such as option and stock grants under Borrower’s equity incentive plan in the normal course of business; and provided, further, however, that such Board
Packages may be redacted to the extent that (i) Borrower’s Board of Directors determines such redaction is reasonably necessary to preserve the attorney-client privilege, to protect highly confidential proprietary information, or for other
similar reasons or (ii) such redacted material relates to Lender (or Borrower’s strategy regarding the Loans or Lender).

 

  
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 5.3 Managerial Assistance from Lender. Permit Lender to exercise
“management rights,” as that term is defined in 29 C.F.R. § 2510.3-101(d), including without limitation the following rights: 

(a) Borrower agrees that (i) it will make its officers, directors, employees and affiliates available at such times as Lender may
reasonably request during normal business hours for Lender to consult with and advise as to the conduct of Borrower’s business, its equipment and financing plans, and its financial condition and prospects (but in no case more than quarterly, in
addition to any inspection or visitation rights exercised under Sections 5.6, 5.9 or Articles 7 or 8 hereof), (ii) Lender shall have the right to inspect Borrower’s books, records, facilities and properties at reasonable times during normal
business hours on reasonable advance notice (but in no case more than quarterly, in addition to any inspection or visitation rights exercised under Sections 5.6, 5.9 or Articles 7 or 8 hereof), and (iii) Lender shall be entitled to recommend
prospective candidates for election or nomination for election to Borrower’s Board of Directors and Borrower shall give due consideration to (but shall not be bound by) such recommendations, it being the intention of the parties that Lender
shall be entitled through such rights, inter alia, to furnish “significant managerial assistance”, as defined in Section 2(a)(47) of the Investment Company Act of 1940, to Borrower. 

(b) Without limiting the generality of (a) above, if Lender reasonably believes that financial or other developments affecting
Borrower have impaired or are likely to impair Borrower’s ability to perform its obligations under this Agreement, permit Lender reasonable access to Borrower’s management and/or Board of Directors and opportunity to present Lender’s
views with respect to such developments, but Borrower shall not be bound by any recommendations of Lender. 
 Lender shall cooperate with Borrower to ensure
that the exercise of Lender’s rights shall not disrupt the business of Borrower. The rights enumerated above shall not be construed as giving Lender control over Borrower’s management or policies or create any liability, per se, as a
result of Borrower’s failure to follow any advice provided by Lender. Borrower shall not be required under this Section 5.3 to provide access to information which would reasonably be expected to adversely affect the attorney-client
privilege between Borrower and its counsel. 
 The rights granted in this Section 5.3 shall terminate upon the earliest to occur of (a) Borrower
becoming subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Securities Exchange Act of 1934, as amended, (b) consummation of a sale of Borrower’s

 securities pursuant to a registration statement filed by Borrower under the Securities Act, in connection with a
direct listing of Borrower’s securities, an underwritten public offering of Borrower’s securities, or a SPAC Transaction, (c) such time as Lender and its affiliates do not own any of the following that were issued by Borrower pursuant
to this Agreement: (i) the Notes; (ii) the Warrant; and (iii) the shares acquired pursuant to such Warrant, and (d) the consummation of a merger or consolidation of Borrower that is effected (i) for independent business
reasons unrelated to extinguishing such rights and (ii) for purposes other than (A) the reincorporation of Borrower in a different state or (B) the formation of a holding company that will be owned exclusively by Borrower’s
stockholders and will hold all of the outstanding shares of capital stock of Borrower’s successor. 
 5.4 Existence.
Maintain and preserve Borrower’s existence, present form of business, and all rights and privileges necessary in the normal course of its business; and keep all Borrower’s property in good working order and condition, ordinary wear and
tear excepted. 
 5.5 Insurance. Obtain and keep in force insurance in such amounts and types as is usual in the type of
business conducted by Borrower, with insurance carriers having a policyholder rating of not less than “A” and financial category rating of Class VII in “Best’s Insurance Guide,” unless otherwise approved by Lender. Such
insurance policies must be in form and substance reasonably satisfactory to Lender, and shall list Lender as an additional insured or loss payee, as applicable, on endorsement(s) in form reasonably acceptable to Lender. Borrower shall furnish to
Lender such endorsements, and upon Lender’s request, copies of any or all such policies. 
 5.6 Accounting Records.
Maintain adequate books, accounts and records, and prepare all financial statements in accordance with GAAP (except for the absence of footnotes and subject to normal year-end adjustments), and in compliance
with the regulations of any governmental or regulatory authority having jurisdiction over Borrower or Borrower’s business; and permit employees or agents of Lender at such reasonable times as Lender may request, at Borrower’s expense (not
to exceed $2,500 in any 12-month period unless an Event of Default has occurred and is continuing), to inspect Borrower’s properties, and to examine, review and audit, and make copies and memoranda of
Borrower’s books, accounts and records. Notwithstanding the foregoing, if no Event of Default has occurred and is continuing, Lender shall limit such inspections to no more than once per calendar year.

 

  
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 5.7 Compliance with Laws. Comply in all material respects with all laws
(including Environmental Laws), rules, regulations applicable to, and all orders and directives of any governmental or regulatory authority having jurisdiction over, Borrower or Borrower’s business, and with all material agreements to which
Borrower is a party, except where the failure to so comply could not reasonably be expected to have a Material Adverse Effect. 

5.8 Taxes and Other Liabilities. Pay all Borrower’s Indebtedness when due; pay all taxes and other governmental or
regulatory assessments (individually or in the aggregate, in excess of $25,000) before delinquency or before any penalty attaches thereto, except as may be contested in good faith by the appropriate procedures and for which Borrower shall maintain
appropriate reserves; and timely file all required tax returns (subject to any applicable extensions) with respect to taxes individually or in the aggregate, in excess of $25,000. 

5.9 Special Collateral Covenants. 

(a) Maintenance of Collateral; Inspection. Do all things reasonably necessary to maintain, preserve, protect and keep all
Collateral in good working order and salable condition, ordinary wear and tear excepted, deal with the Collateral in all commercially reasonable ways as are considered good practice by owners of like property, and use the Collateral lawfully and, to
the extent applicable, only as permitted by Borrower’s insurance policies. Maintain, or cause to be maintained, complete and accurate Records, in all material respects, relating to the Collateral. Upon reasonable prior notice at reasonable
times during normal business hours (but in no case more than once per calendar year if no Event of Default has occurred and is continuing), Borrower hereby authorizes Lender’s officers, employees, representatives and agents to inspect the
Collateral and to discuss the Collateral and the Records relating thereto with Borrower’s officers and employees, and, in the case of any Right to Payment, after consultation with Borrower, with any Person which is or may be obligated thereon,
provided that such inspections shall be conducted in such a manner as not to interfere unreasonably with the operations of Borrower. Only one (1) inspection described in this Section 5.9(a) in any
12-month period shall be at Borrower’s expense, unless an Event of Default has occurred and is continuing, in which case all additional such inspections shall be at Borrower’s expense.

 (b) Documents of Title. Not sign or authorize the signing of any financing
statement or other document naming Borrower as debtor or obligor, or acquiesce or cooperate in the issuance of any bill of lading, warehouse receipt or other document or instrument of title with respect to any Collateral, except those negotiated to
Lender, or those naming Lender as secured party, or those related to a Permitted Lien. 
 (c) Change in Location or Name.
Without at least fifteen (15) days’ prior written notice to Lender: (a) not relocate all or any material portion of the Collateral or Records (except as otherwise permitted herein), its chief executive office, or establish a place of
business at a location other than as specified in the Supplement; and (b) not change its name, mailing address, location of Collateral, jurisdiction of incorporation or its legal structure. 

(d) Decals, Markings. At the request of Lender, to the extent commercially practicable, firmly affix a decal, stencil or other
marking to designated items of Equipment, indicating thereon the security interest of Lender; provided, however, that Lender agrees not to make such a request unless Lender reasonably believes that an event which could reasonably be expected to have
a Material Adverse Effect is reasonably likely to occur. 
 (e) Agreement with Persons in Possession of Collateral. Use its
commercially reasonable efforts to obtain and maintain such acknowledgments, consents, waivers and agreements (each a “Waiver”) from the owner, operator, lienholder, mortgagee, landlord or any Person in
possession of tangible Collateral in excess of $100,000 per location within the United States of America as Lender may reasonably require, all in form and substance reasonably satisfactory to Lender. In addition, Lender shall have the right to
require Borrower to use its commercially reasonable efforts to provide Lender with a Waiver for any Collateral in excess of $100,000 per location within the United States of America that is located in a jurisdiction that provides for statutory
landlord’s Liens and for any location at which the Person in possession of such Collateral has a Lien thereon. Notwithstanding anything to the contrary in this Section 5.9(e), Borrower and Lender acknowledge and agree that all material
Intellectual Property and Records that are maintained on items of Collateral for which Borrower is unable to provide a Waiver also shall be maintained or backed up in a manner sufficient that Lender shall be able to have access to such Intellectual
Property and Records in accordance with the exercise of Lender’s rights hereunder. 

 

  
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 (f) Certain Agreements on Rights to Payment. Other than in the ordinary course
of business (including any discount, credit, rebate or other reduction in payment negotiated with any insurance provider), not make any material discount, credit, rebate or other reduction in the original amount owing on a Right to Payment or accept
in satisfaction of a Right to Payment less than the original amount thereof. 
 5.10 Authorization for Automated Clearinghouse
Funds Transfer. (i) Authorize Lender to initiate debit entries to Borrower’s Primary Operating Account, specified in the Supplement hereto, through Automated Clearinghouse (“ACH”) transfers, in
order to satisfy the regularly scheduled payments of principal and interest; (ii) provide Lender at least thirty (30) days’ notice of any change in Borrower’s Primary Operating Account; and (iii) grant Lender any additional
authorizations necessary to begin ACH debits from a new account which becomes the Primary Operating Account. 
 5.11
Anti-Corruption Laws. Provide true, accurate and complete information, in all material respects, in all product orders, reimbursement requests and other communications relating to Borrower and its products. 

ARTICLE 6 - NEGATIVE COVENANTS 
 During
the term of this Agreement and until the performance of all Obligations (other than inchoate indemnity obligations), Borrower will not: 

6.1 Indebtedness. Be indebted for borrowed money, the deferred purchase price of property, or leases which would be
capitalized in accordance with GAAP; or become liable as a surety, guarantor, accommodation party or otherwise for or upon the obligation of any other Person, except: 

(a) Indebtedness incurred for the acquisition of supplies, inventory or other property or services on normal trade credit; 

(b) Indebtedness incurred pursuant to one or more transactions permitted under Section 6.4; 

(c) Indebtedness of Borrower under this Agreement; 

(d) Subordinated Debt; 

(e) any Indebtedness approved by Lender prior to the Closing Date as shown on Schedule 6.1;

 (f) Indebtedness secured by a lien described in clause (c) of the defined term
“Permitted Liens” not to exceed $250,000 in aggregate principal amount outstanding at any time: 
 (g) Indebtedness
incurred under corporate credit cards not to exceed $150,000 in aggregate principal amount outstanding at any time; 
 (h)
guaranties and similar surety obligations in respect of Indebtedness permitted under this Section 6.1; 
 (i) Indebtedness
incurred as a result of endorsing negotiable instruments received in the ordinary course of business; 
 (j) Indebtedness incurred
in connection with Bank Services, provided that such Indebtedness does not exceed One Hundred Thousand Dollars ($100,000); 
 (k)
letters of credit securing performance of operating leases, real estate leases or appeal bonds and other obligations permitted under this Agreement, provided that such Indebtedness does not exceed One Hundred Thousand ($100,000) in the aggregate
amount outstanding at any time; and 
 (l) extensions, refinancings and renewals of any of the foregoing; provided that the
principal amount thereof is not increased. 
 6.2 Liens. Create, incur, assume or permit to exist any Lien, or grant any
other Person a negative pledge, on any of Borrower’s property, except (a) Permitted Liens, (b) any negative pledge in respect of any asset subject to a Lien permitted by clause (c) of the definition of Permitted Liens,
(c) negative pledges that do not restrict or prohibit Borrower from granting a security interest in Borrower’s assets in favor of Lender, (d) leases to Borrower of real or personal property, and (e) inbound licenses of
Intellectual Property. Borrower and Lender agree that this covenant is not intended to constitute a lien, deed of trust, equitable mortgage, or security interest of any kind on any of Borrower’s real property, and this Agreement shall not be
recorded or recordable. Notwithstanding the foregoing, however, violation of this covenant by Borrower shall constitute an Event of Default. 

6.3 Dividends. Except after a Qualified Public Offering, pay any dividends or purchase, redeem or otherwise acquire or make
any other distribution with respect to any of Borrower’s capital stock, except (a) dividends or other distributions solely of capital stock

 

  
 10 

 
of Borrower, (b) cash payments made in lieu of the issuance of fractional shares, (c) so long as no Event of Default has occurred and is continuing, repurchases of equity interests from
employees or contractors upon termination of employment or services under reverse vesting or similar repurchase plans not to exceed $250,000 in any calendar year, (d) the conversion of Borrower’s convertible securities into other
securities pursuant to the terms of such convertible securities or otherwise in exchange thereof, (e) the purchase, redemption or other acquisition of shares of Borrower’s capital stock with the proceeds received from a substantially
concurrent issue of new shares of its capital stock and (f) repurchase equity interests to the extent deemed to occur upon exercise of stock options or warrants if (x) such repurchased equity interests represent a portion of the exercise
price of such options or warrants and (y) such repurchase is in the form of non-cash consideration or in the form of a cashless net exercise. 

6.4 Fundamental Changes. (a) Liquidate or dissolve; (b) enter into, or permit any of Borrower’s Subsidiaries to
enter into, any Change of Control; or (c) acquire, or permit any of Borrower’s Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person. Notwithstanding anything to the contrary in this
Section 6.4, Borrower may enter into a transaction that will constitute a Change of Control so long as: (i) the Person that results from such Change of Control (the “Surviving Entity”) shall have
executed and delivered to Lender an agreement in form and substance reasonably satisfactory to Lender, containing an assumption by the Surviving Entity of the due and punctual payment and performance of all Obligations and performance and observance
of each covenant and condition of Borrower in the Loan Documents; (ii) all such obligations of the Surviving Entity to Lender shall be guaranteed by any Person that directly or indirectly owns or controls 50% or more of the voting stock of the
Surviving Entity; (iii) immediately after giving effect to such Change of Control, no Event of Default or, event which with the lapse of time or giving of notice or both, would result in an Event of Default shall have occurred and be
continuing; and (iv) the credit risk to Lender, in its sole discretion, with respect to the Obligations and the Collateral shall not be increased. In determining whether the proposed Change of Control would result in an increased credit risk,
Lender may consider, among other things, changes in Borrower’s management team, employee base, access to equity markets, venture capital support, financial position and/or disposition of intellectual property rights which may reasonably be
anticipated as a result of the Change of Control. In addition, (i) a Subsidiary may merge or consolidate into another Subsidiary and (ii) Borrower may consolidate or merge with any of Borrower’s Subsidiaries provided that Borrower is
the continuing or surviving Person. 

 6.5 Sales of Assets. Sell, transfer, lease, license or otherwise dispose of (a
“Transfer”) any of Borrower’s assets except for the following (each a “Permitted Transfer”): (i) exclusive and non-exclusive licenses or sublicenses
of Intellectual Property in the ordinary course of business consistent with industry practice, provided that such licenses of Intellectual Property neither result in a legal transfer of title of the licensed Intellectual Property nor have the same
effect as a sale of such Intellectual Property, but may be exclusive in respects other than territory and may be exclusive as to territory only as to discrete geographical areas outside of the United States; (ii) Transfers of worn-out, obsolete or surplus property (each as determined by Borrower in its reasonable judgment); (iii) Transfers of Inventory in the ordinary course of business; (iv) Transfers constituting Permitted Liens;
(v) Transfers permitted in Section 6.3, 6.4, 6.6 or 6.7 hereunder; and (vi) Transfers of assets (other than Intellectual Property) for fair consideration and in the ordinary course of its business. 

6.6 Loans/Investments. Make or suffer to exist any loans, guaranties, advances, or investments
(“Investments”), except: 
 (a) accounts receivable in the ordinary course of Borrower’s
business; 
 (b) Investments in Cash Equivalents; 

(c) [reserved]; 

(d) temporary advances to cover incidental expenses to be incurred in the ordinary course of business; 

(e) Investments in joint ventures, strategic alliances, licensing and similar arrangements customary in Borrower’s industry and
which do not require Borrower to assume or otherwise become liable for the obligations of any third party not directly related to or arising out of such arrangement or, without the prior written consent of Lender, require Borrower to transfer
ownership of non-cash assets to such joint venture or other entity; 
 (f) Investments in
(i) one or more wholly-owned domestic Subsidiaries of Borrower, so long as in accordance with Section 6.14(a) of this Agreement, each such Person has been made a co-borrower hereunder or has executed
and delivered to Lender an 

 

  
 11 

 
agreement, in form and substance reasonably satisfactory to Lender, containing a guaranty of the Obligations, and (ii) subject to Section 6.14(d), one or more wholly-owned foreign
Subsidiaries of Borrower with the prior written consent of Lender; 
 (g) Investments approved by Lender prior to the Closing Date
as shown on Schedule 6.6; 
 (h) Investments accepted in connection with Transfers permitted by Section 6.5; 

(i) non-cash loans approved by Borrower’s Board of Directors to employees, officers or
directors relating to the purchase of equity securities of Borrower pursuant to employee stock purchase plans or agreements approved by Borrower’s Board of Directors, limited to an aggregate total of $150,000 at any time outstanding; 

(j) Investments (including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers
and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of Borrower’s business; 

(k) Investments permitted under Section 6.11; 

(l) Investments consisting of notes receivable of, or prepaid royalties and other credit extensions to, customers and suppliers in
the ordinary course of business; 
 (m) endorsements of negotiable instruments for deposit or collection or similar transactions in
the ordinary course of business; 
 (n) deferred purchase obligations accepted in connection with Permitted Transfers; and 

(o) Investments by wholly owned Subsidiaries in other wholly owned Subsidiaries or in Borrower. 

6.7 Transactions with Related Persons. Directly or indirectly enter into any transaction with or for the benefit of a Related
Person on terms more favorable to the Related Person than would have been obtainable in an “arms’ length” dealing, except (a) sales of equity securities by Borrower and incurrence of Subordinated Debt for capital raising
purposes, (b) Investments permitted under clauses (d), (f), (i) or (o) of Section 6.6, (c) the incurrence of any Indebtedness pursuant to Section 6.1, (d) commercially reasonable and customary

 
compensation or severance arrangements with Borrower’s employees, officers, directors and managers approved by Borrower’s board of directors, and (e) transactions in the ordinary
course of business, upon fair and reasonable terms that are no less favorable to Borrower than would be obtained in an arm’s length transaction with a non-affiliated Person. 

6.8 Other Business. Engage in any material line of business other than the business Borrower conducts as of the Closing Date
and any business substantially similar or related or incidental thereto. 
 6.9 Financing Statements and Other Actions. Fail
to execute and deliver to Lender all financing statements, notices and other documents (including, without limitation, any filings with the United States Patent and Trademark Office and the United States Copyright Office) from time to time
reasonably requested by Lender to maintain a perfected first priority security interest in the Collateral in favor of Lender, subject to Permitted Liens; perform such other acts, and execute and deliver to Lender such additional conveyances,
assignments, agreements and instruments, as Lender may at any time reasonably request in connection with the administration and enforcement of this Agreement or Lender’s rights, powers and remedies hereunder. 

6.10 Compliance. Become required to be registered as an “investment company” or controlled by an “investment
company,” within the meaning of the Investment Company Act of 1940, or become principally engaged in, or undertake as one of its important activities, the business of extending credit for the purpose of purchasing or carrying margin stock, or
use the proceeds of any Loan for such purpose. Fail to meet the minimum funding requirements of ERISA, permit a Reportable Event or Prohibited Transaction, as defined in ERISA, to occur, fail to comply with the Federal Fair Labor Standards Act or
violate any law or regulation, which violation could reasonably be expected to have a Material Adverse Effect or a material adverse effect on the Collateral or the priority of Lender’s Lien on the Collateral, or permit any of its subsidiaries
to do any of the foregoing. 
 6.11 Other Deposit and Securities Accounts. Maintain any Deposit Accounts or accounts holding
securities owned by Borrower except (i) Deposit Accounts and investment/securities accounts as set forth in the Supplement, and (ii) other Deposit Accounts and securities/investment accounts, in each case, with respect to which Borrower
and Lender shall have taken such action as Lender reasonably deems necessary to obtain a perfected first priority security

 

  
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interest therein, subject to Permitted Liens. The provisions of the previous sentence shall not apply to (i) Deposit Accounts exclusively used for payroll, payroll taxes and other employee
wage and benefit payments to or for the benefit of Borrower’s employees and identified to Lender as such and (ii) Excluded Accounts. 

6.12 Prepayment of Indebtedness. Prepay, redeem or otherwise satisfy in any manner prior to the scheduled repayment thereof
any Indebtedness (other than the Loans and Indebtedness permitted by Section 6.1 hereof). Notwithstanding the foregoing, Lender agrees that the conversion or exchange into Borrower’s equity securities of any
Indebtedness (other than the Loans) shall not be prohibited by this Section 6.12. 
 6.13 Repayment of Subordinated
Debt. Repay, prepay, redeem or otherwise satisfy in any manner any Subordinated Debt, except in accordance with the terms of any subordination agreement among Borrower, Lender and the holder(s) of such Subordinated Debt. Notwithstanding the
foregoing, Lender agrees that the conversion or exchange into Borrower’s equity securities of any Subordinated Debt and the payment of cash in lieu of fractional shares shall not be prohibited by this Section 6.13. 

6.14 Subsidiaries. 

(a) Acquire or create any Subsidiary, unless such Subsidiary becomes, at Lender’s option, either a co-borrower hereunder or executes and delivers to Lender one or more agreements, in form and substance reasonably satisfactory to Lender, containing a guaranty of the Obligations that is secured by first priority
Liens on such Person’s assets, subject to Permitted Liens. For clarity, the parties acknowledge and agree that Lender shall have the exclusive right to determine whether any such Person will be made a
co-borrower hereunder or a guarantor of the Obligations. Prior to the acquisition or creation of any such Subsidiary, Borrower shall notify Lender thereof in writing, which notice shall contain the
jurisdiction of such Person’s formation and include a description of such Person’s fully diluted capitalization and Borrower’s purpose for its acquisition or creation of such Subsidiary. 

(b) Sell, transfer, encumber or otherwise dispose of Borrower’s ownership interest in any Subsidiary other than Permitted Liens
and Permitted Transfers. 

 (c) Cause or permit a Subsidiary to do any of the following: (i) grant Liens on
such Subsidiary’s assets, except for Liens that would constitute Permitted Liens if incurred by Borrower and Liens on any property held or acquired by such Subsidiary in the ordinary course of its business securing Indebtedness incurred or
assumed for the purpose of financing all or any part of the cost of acquiring such property; provided, that such Lien attaches solely to the property acquired with such Indebtedness and that the principal amount of such Indebtedness does not
exceed one hundred percent (100%) of the cost of such property; and (ii) issue any additional Shares, except to Borrower or a wholly owned Subsidiary of Borrower. 

(d) Notwithstanding, and without limiting, any other provision of this Agreement or the Supplement to the contrary, Borrower shall
not invest in or loan to, directly or indirectly, or cause or permit Impel Australia to maintain, cash or other assets of a value in excess of $1,000,000 (U.S.) in the aggregate at any time during the term of this Agreement. 

6.15 Leases. Create, incur, assume, or suffer to exist any obligation as lessee for the rental or hire of any personal
property (“Personal Property Leases”), except for Personal Property Leases of Equipment in the ordinary course of business that do not in the aggregate require Borrower to make payments (including taxes, insurance, maintenance and
similar expenses which Borrower is required to pay under the terms of any such lease) in any calendar year in excess of $250,000 in aggregate amount. For the avoidance of doubt, this Section 6.15 will not be applicable to Indebtedness otherwise
permitted under Section 6.1(f) of this Agreement. 
 6.16 Anti-Corruption Laws. 

(a) Take any action that would cause a violation of any anti-corruption law, including but not limited to, the Foreign Corrupt
Practices Act, the United Kingdom Bribery Act, and all other applicable anti-corruption laws. 
 (b) Directly or indirectly, offer,
pay, give, promise or authorize the payment of any money, gift, or anything of value to any person acting in an official capacity for any government department, agency, or instrumentality, including state-owned or controlled companies or entities,
and public international organizations, as well as a political party or official thereof or candidates for political office, except in compliance with applicable law.

 

  
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 ARTICLE 7—EVENTS OF DEFAULT 

7.1 Events of Default; Acceleration. Upon the occurrence and during the continuation of any Event of Default, the obligation of
Lender to make any additional Loan shall be suspended. The occurrence and continuation of any of the following (each, an “Event of Default”) shall at the option of Lender (1) make all sums of Basic Interest
and principal, as well as any other Obligations and amounts owing under any Loan Documents, immediately due and payable without notice of default, presentment or demand for payment, protest or notice of nonpayment or dishonor or any other notices or
demands, and (2) give Lender the right to exercise any other right or remedy provided by contract or applicable law: 
 (a)
Borrower shall fail to pay any principal or interest under this Agreement or any Note, or fail to pay any fees or other charges when due under any Loan Document, and such failure continues for three (3) Business Days or more after the same
first becomes due; or an Event of Default as defined in any other Loan Document shall have occurred. 
 (b) Any representation or
warranty made, or financial statement, certificate or other document provided, by Borrower under any Loan Document, taken together with all such representations, warranties, statements, certificates and documents, shall prove to have been false or
misleading in any material respect when made or deemed made herein. 
 (c) [Reserved.] 

(d) (i) Borrower shall fail to pay its debts generally as they become due; or (ii) Borrower shall commence any Insolvency
Proceeding with respect to itself, an involuntary Insolvency Proceeding shall be filed against Borrower, or a custodian, receiver, trustee, assignee for the benefit of creditors, or other similar official, shall be appointed to take possession,
custody or control of the properties of Borrower, and such involuntary Insolvency Proceeding, petition or appointment is acquiesced to by Borrower or is not dismissed within forty five (45) days; or (iii) the dissolution, winding up, or
termination of the business or cessation of operations of Borrower (including any transaction or series of related transactions deemed to be a liquidation, dissolution or winding up of Borrower pursuant to the provisions of Borrower’s charter
documents); or (iv) Borrower shall take any corporate action for the purpose of effecting, approving, or consenting to any of the foregoing.

 (e) Borrower shall be in default beyond any applicable period of grace or cure under
any other agreement involving the borrowing of money, the purchase of property, the advance of credit or any other monetary liability of any kind to Lender or to any Person in an amount in excess of the Threshold Amount. 

(f) Any governmental or regulatory authority shall take any final and non-appealable judicial
or administrative action, or any defined benefit pension plan maintained by Borrower shall have any unfunded liabilities, any of which, in the reasonable judgment of Lender, could reasonably be expected to have a Material Adverse Effect. 

(g) Any sale, transfer or other disposition of all or a substantial or material part of the assets of Borrower, including without
limitation to any trust or similar entity, shall occur. 
 (h) Any judgment(s) singly or in the aggregate in excess of the
Threshold Amount shall be entered against Borrower which remain unsatisfied, unvacated or unstayed pending appeal for twenty (20) or more days after entry thereof. 

(i) Borrower shall fail to perform or observe any covenant contained in Article 6 of this Agreement. 

(j) Borrower shall fail to perform or observe any covenant contained in Article 5 or elsewhere in this Agreement or any other Loan
Document (other than a covenant which is dealt with specifically elsewhere in this Article 7) and, if capable of being cured, the breach of such covenant is not cured within 10 days after the sooner to occur of Borrower’s receipt of notice of
such breach from Lender or the date on which such breach first becomes known to any officer of Borrower (the “Notice Date”); provided, however that if such breach is not capable of being cured within such 10-day period and Borrower timely notifies Lender of such fact and Borrower diligently pursues such cure, then the cure period shall be extended to the date requested in Borrower’s notice but in no event more
than 30 days from the Notice Date; provided, further, that such 30-day opportunity to cure shall not apply in the case of any failure to perform or observe any covenant which has been the subject
of a prior failure within the preceding 180 days or which is a willful and knowing breach by Borrower. 
 7.2 Remedies upon
Default. Upon the occurrence and during the continuance of an Event of Default, Lender shall be entitled to, at its option, exercise any or all of the rights and remedies available

 

  
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to a secured party under the UCC or any other applicable law, and exercise any or all of its rights and remedies provided for in this Agreement and in any other Loan Document. The obligations of
Borrower under this Agreement shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any Obligations is rescinded or must otherwise be returned by Lender upon, on account of, or in connection with, the
insolvency, bankruptcy or reorganization of Borrower or otherwise, all as though such payment had not been made. 
 7.3 Sale of
Collateral. Upon the occurrence and during the continuance of an Event of Default, Lender may sell all or any part of the Collateral, at public or private sales, to itself, a wholesaler, retailer or investor, for cash, upon credit or for future
delivery, and at such price or prices as Lender may deem commercially reasonable. To the extent permitted by law, Borrower hereby specifically waives all rights of redemption and any rights of stay or appraisal which it has or may have under any
applicable law in effect from time to time. Subject to applicable law, any such public or private sales shall be held at such times and at such place(s) as Lender may determine. In case of the sale of all or any part of the Collateral on credit or
for future delivery, the Collateral so sold may be retained by Lender until the selling price is paid by the purchaser, but Lender shall not incur any liability in case of the failure of such purchaser to pay for the Collateral and, in case of any
such failure, such Collateral may be resold. Subject to applicable law, Lender may, instead of exercising its power of sale, proceed to enforce its security interest in the Collateral by seeking a judgment or decree of a court of competent
jurisdiction. Without limiting the generality of the foregoing, if an Event of Default is in existence, 
 (1) Subject to the rights of
any third parties, Lender may license, or sublicense, whether general, special or otherwise, and whether on an exclusive or non-exclusive basis, any Copyrights, Patents or Trademarks included in the Collateral
throughout the world for such term or terms, on such conditions and in such manner as Lender shall in its sole discretion determine; 

(2) Lender may (without assuming any obligations or liability thereunder), at any time and from time to time, enforce (and shall have the
exclusive right to enforce) against any licensee or sublicensee all rights and remedies of Borrower in, to and under any Copyright Licenses, Patent Licenses or Trademark Licenses and take or refrain from taking any action under any thereof, and
Borrower hereby releases Lender from, and agrees to hold Lender free and harmless from and against any claims arising out of, any lawful action so taken or omitted to be taken with respect thereto other than claims arising out of Lender’s gross
negligence or willful misconduct; and 

 (3) Upon request by Lender, Borrower will execute and deliver to Lender a power of attorney,
in form and substance reasonably satisfactory to Lender for the implementation of any lease, assignment, license, sublicense, grant of option, sale or other disposition of a Copyright, Patent or Trademark. In the event of any such disposition
pursuant to this clause 3, Borrower shall supply its know-how and expertise relating to the products or services made or rendered in connection with Patents, the manufacture and sale of the products
bearing Trademarks, and its customer lists and other records relating to such Copyrights, Patents or Trademarks and to the distribution of said products, to Lender. 

(4) If, at any time after the occurrence and during the continuance of an Event of Default, when Lender shall determine to exercise its
right to sell the whole or any part of the Shares hereunder, such Shares or the part thereof to be sold shall not, for any reason whatsoever, be effectively registered under the Securities Act (or any similar statute), then Lender may, in its
discretion (subject only to applicable requirements of law), sell such Shares or part thereof by private sale in such manner and under such circumstances as Lender may deem necessary or advisable, but subject to the other requirements of this
Article 7, and shall not be required to effect such registration or to cause the same to be effected. Without limiting the generality of the foregoing, in any such event, Lender in its discretion may (i) in accordance with applicable
securities laws proceed to make such private sale notwithstanding that a registration statement for the purpose of registering such Shares or part thereof could be or shall have been filed under the Securities Act (or similar statute), (ii) approach
and negotiate with a single possible purchaser to effect such sale, and (iii) restrict such sale to a purchaser who is an accredited investor under the Securities Act and who will represent and agree that such purchaser is purchasing for its
own account, for investment and not with a view to the distribution or sale of such Shares or any part thereof. In addition to a private sale as provided above in this Article 7, if any of the Shares shall not be freely distributable to the
public without registration under the Securities Act (or similar statute) at the time of any proposed sale pursuant to this Article 7, then Lender shall not be required to effect such registration or cause the same to be effected but, in its
discretion (subject only to applicable requirements of law), may require that any sale hereunder (including a sale at auction) be conducted subject to restrictions:

 

  
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 (A) as to the financial sophistication and ability of any Person permitted to bid or purchase
at any such sale; 
 (B) as to the content of legends to be placed upon any certificates representing the Shares sold in such sale,
including restrictions on future transfer thereof; 
 (C) as to the representations required to be made by each Person bidding or
purchasing at such sale relating to such Person’s access to financial information about Borrower or any of its Subsidiaries and such Person’s intentions as to the holding of the Shares so sold for investment for its own account and not
with a view to the distribution thereof; and 
 (D) as to such other matters as Lender may, in its discretion, deem necessary or
appropriate in order that such sale (notwithstanding any failure so to register) may be effected in compliance with the Bankruptcy Code and other laws affecting the enforcement of creditors’ rights and the Securities Act and all applicable
state securities laws. 
 (5) Borrower recognizes that Lender may be unable to effect a public sale of any or all the Shares and may be
compelled to resort to one or more private sales thereof in accordance with clause (4) above. Borrower also acknowledges that any such private sale may result in prices and other terms less favorable to the seller than if such sale were
a public sale and, notwithstanding such circumstances, agrees that any such private sale shall not be deemed to have been made in a commercially unreasonable manner solely by virtue of such sale being private. Lender shall be under no obligation to
delay a sale of any of the Shares for the period of time necessary to permit the applicable Subsidiary to register such securities for public sale under the Securities Act, or under applicable state securities laws, even if Borrower and/or the
Subsidiary would agree to do so. 
 7.4 Borrower’s Obligations upon Default. Upon the request of Lender after the
occurrence and during the continuance of an Event of Default, Borrower will: 
 (a) Assemble and make available to Lender the
Collateral at such place(s) as Lender shall reasonably designate, segregating all Collateral so that each item is capable of identification; and

 (b) Subject to the rights of any lessor, permit Lender, by Lender’s officers,
employees, agents and representatives, to enter any premises where any Collateral is located, to take possession of the Collateral, to complete the processing, manufacture or repair of any Collateral, and to remove the Collateral, or to conduct any
public or private sale of the Collateral, all without any liability of Lender for rent or other compensation for the use of Borrower’s premises. 

ARTICLE 8 - SPECIAL COLLATERAL PROVISIONS 

8.1 Compromise and Collection. Borrower and Lender recognize that setoffs, counterclaims, defenses and other claims may be
asserted by obligors with respect to certain of the Rights to Payment; that certain of the Rights to Payment may be or become uncollectible in whole or in part; and that the expense and probability of success of litigating a disputed Right to
Payment may exceed the amount that reasonably may be expected to be recovered with respect to such Right to Payment. Borrower hereby authorizes Lender, after and during the continuance of an Event of Default, to compromise with the obligor, accept
in full payment of any Right to Payment such amount as Lender shall negotiate with the obligor, or abandon any Right to Payment. Any such action by Lender shall be considered commercially reasonable so long as Lender acts in good faith based on
information known to it at the time it takes any such action. 
 8.2 Performance of Borrower’s Obligations. Without
having any obligation to do so, upon reasonable prior notice to Borrower (unless an Event of Default has occurred and is continuting), Lender may perform or pay any obligation which Borrower has agreed to perform or pay under this Agreement,
including, without limitation, the payment or discharge of taxes or Liens levied or placed on or threatened against the Collateral. In so performing or paying, Lender shall determine the action to be taken and the amount necessary to discharge such
obligations. Borrower shall reimburse Lender on demand for any amounts paid by Lender pursuant to this Section, which amounts shall constitute Obligations secured by the Collateral and shall bear interest from the date of demand at the Default Rate.

 8.3 Power of Attorney. For the purpose of protecting and preserving the Collateral and Lender’s rights under this
Agreement, Borrower hereby irrevocably appoints Lender, with full power of 

 

  
 16 

 
substitution, as its attorney-in-fact with full power and authority, after the occurrence and during the
continuance of an Event of Default, to do any act which Borrower is obligated to do hereunder; to exercise such rights with respect to the Collateral as Borrower might exercise; to use such Inventory, Equipment, Fixtures or other property as
Borrower might use; to enter Borrower’s premises; to give notice of Lender’s security interest in, and to collect the Collateral; and before or after Default, to execute and file in Borrower’s name any financing statements, amendments
and continuation statements, account control agreements or other Security Documents necessary or desirable to create, maintain, perfect or continue the perfection of Lender’s security interests in the Collateral. Borrower hereby ratifies all
that Lender shall lawfully do or cause to be done by virtue of this appointment. 
 8.4 Authorization for Lender to Take Certain
Action. The power of attorney created in Section 8.3 is a power coupled with an interest and shall be irrevocable. The powers conferred on Lender hereunder are solely to protect its interests in the Collateral and shall not impose any duty
upon Lender to exercise such powers. Lender shall be accountable only for amounts that it actually receives as a result of the exercise of such powers and in no event shall Lender or any of its directors, officers, employees, agents or
representatives be responsible to Borrower for any act or failure to act, except for gross negligence or willful misconduct. After the occurrence and during the continuance of an Event of Default, Lender may exercise this power of attorney without
notice to or assent of Borrower, in the name of Borrower, or in Lender’s own name, from time to time in Lender’s sole discretion and at Borrower’s expense. To further carry out the terms of this Agreement, after the occurrence and
during the continuance of an Event of Default, Lender may: 
 (a) Execute any statements or documents or take possession of, and
endorse and collect and receive delivery or payment of, any checks, drafts, notes, acceptances or other instruments and documents constituting Collateral, or constituting the payment of amounts due and to become due or any performance to be rendered
with respect to the Collateral. 
 (b) Sign and endorse any invoices, freight or express bills, bills of lading, storage or
warehouse receipts; drafts, certificates and statements under any commercial or standby letter of credit relating to Collateral; assignments, verifications and notices in connection with Accounts; or any other documents relating to the Collateral,
including without limitation the Records. 

 (c) Use or operate Collateral or any other property of Borrower for the purpose of
preserving or liquidating Collateral. 
 (d) File any claim or take any other action or proceeding in any court of law or equity or
as otherwise deemed appropriate by Lender for the purpose of collecting any and all monies due or securing any performance to be rendered with respect to the Collateral. 

(e) Commence, prosecute or defend any suits, actions or proceedings or as otherwise deemed appropriate by Lender for the purpose of
protecting or collecting the Collateral. In furtherance of this right, upon the occurrence and during the continuance of an Event of Default, Lender may apply for the appointment of a receiver or similar official to operate Borrower’s business.

 (f) Prepare, adjust, execute, deliver and receive payment under insurance claims, and collect and receive payment of and endorse
any instrument in payment of loss or returned premiums or any other insurance refund or return, and apply such amounts at Lender’s sole discretion, toward repayment of the Obligations or replacement of the Collateral. 

8.5 Application of Proceeds. Any Proceeds and other monies or property received by Lender pursuant to the terms of this
Agreement or any Loan Document may be applied by Lender first to the payment of expenses of collection, including without limitation reasonable attorneys’ fees, and then to the payment of the Obligations in such order of application as Lender
may elect. Any surplus shall be paid to Borrower or such other parties as are legally entitled thereto. 
 8.6 Deficiency.
If the Proceeds of any disposition of the Collateral are insufficient to cover all costs and expenses of such sale and the payment in full of all the Obligations, plus all other sums required to be expended or distributed by Lender, then Borrower
shall be liable for any such deficiency. 
 8.7 Lender Transfer. Upon the transfer of all or any part of the Obligations,
Lender may transfer all or part of the Collateral and shall be fully discharged thereafter from all liability and responsibility with respect to such Collateral so transferred, and the transferee shall be vested with all the rights and powers of
Lender hereunder with respect to such Collateral so transferred, but with respect to any Collateral not so transferred, Lender shall retain all rights and powers hereby given.

 

  
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 8.8 Lender’s Duties. 

(a) Lender shall use reasonable care in the custody and preservation of any Collateral in its possession. Without limitation on other
conduct which may be considered the exercise of reasonable care, Lender shall be deemed to have exercised reasonable care in the custody and preservation of such Collateral if such Collateral is accorded treatment substantially equal to that which
Lender accords its own property, it being understood that Lender shall not have any responsibility for ascertaining or taking action with respect to calls, conversions, exchanges, maturities, declining value, tenders or other matters relative to any
Collateral, regardless of whether Lender has or is deemed to have knowledge of such matters; or taking any necessary steps to preserve any rights against any Person with respect to any Collateral. Under no circumstances shall Lender be responsible
for any injury or loss to the Collateral, or any part thereof, arising from any cause beyond the reasonable control of Lender. 

(b) Lender may at any time deliver the Collateral or any part thereof to Borrower and the acknowledgement of the receipt of Borrower
of such Collateral in good condition (as applicable) shall be a complete and full acquittance for the Collateral so delivered, and Lender shall thereafter be discharged from any liability or responsibility therefor. 

(c) Neither Lender, nor any of its directors, officers, employees, agents, attorneys or any other person affiliated with or
representing Lender shall be liable for any claims, demands, losses or damages, of any kind whatsoever, made, claimed, incurred or suffered by Borrower or any other party through the ordinary negligence of Lender, or any of its directors, officers,
employees, agents, attorneys or any other person affiliated with or representing Lender. 
 8.9 Termination of Security
Interests and Loan Documents. Upon the payment in full of the Obligations (other than inchoate indemnity obligations) and satisfaction of all Borrower’s obligations under this Agreement and the other Loan Documents, and if Lender has no
further obligations under its Commitment, the security interest granted hereby shall automatically terminate and, all rights to the Collateral shall automatically revert to Borrower and this Agreement and the other Loan Documents shall terminate;
provided that (i) those obligations, liabilities, covenants and terms that are expressly

 
specified herein and in any other Loan Document as surviving that respective agreement’s termination, including without limitation, Borrower’s indemnity obligations set forth in this
Agreement, shall continue to survive notwithstanding anything to the contrary set forth herein, and (ii) nothing set forth herein shall affect or be deemed to affect those obligations, liabilities, covenants and terms set forth in any warrant
instrument issued to Lender’s parent company or set forth in any other equity securities or convertible debt securities of Borrower acquired by Lender in connection with this Agreement. Upon any such termination, Lender shall return all
Collateral in its possession or control to Borrower and, at Borrower’s expense, execute and deliver to Borrower such documents as Borrower shall reasonably request to evidence such termination. In connection therewith, Borrower agrees to
provide Lender with such information as may be reasonably requested by Lender as to whether the securities issuable upon the exercise of any Warrant issued in connection with this Agreement constitute “qualified small business stock” for
purposes of Section 1202(c) of the Internal Revenue Code and Section 18152.5 of the California Revenue and Taxation Code. 
 ARTICLE
9—GENERAL PROVISIONS 
 9.1 Notices. Any notice given by any party under any Loan Document shall be in writing and
personally delivered, sent by overnight courier, or United States mail, postage prepaid, or sent by facsimile, or other authenticated message, charges prepaid, to the other party’s or parties’ addresses shown on the Supplement. Each party
may change the address or facsimile number to which notices, requests and other communications are to be sent by giving written notice of such change to each other party. Notice given by hand delivery shall be deemed received on the date delivered;
if sent by overnight courier, on the next Business Day after delivery to the courier service; if by first class mail, on the third Business Day after deposit in the U.S. Mail; and if by facsimile, on the date of transmission. 

9.2 Binding Effect. The Loan Documents shall be binding upon and inure to the benefit of Borrower and Lender and their
respective successors and assigns; provided, however, that Borrower may not assign or transfer Borrower’s rights or obligations under any Loan Document. Lender reserves the right to sell, assign, transfer, negotiate or grant participations in
all or any part of, or any interest in, Lender’s rights and obligations under the Loan Documents provided that, so long as no Event of Default has occurred and is continuing, Lender shall not assign any of such rights

 

  
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or obligations to any competitor of Borrower. In connection with any of the foregoing, Lender may disclose all documents and information which Lender now or hereafter may have relating to the
Loans, Borrower, or its business, provided that any Person who receives such information shall have agreed in writing in advance to maintain the confidentiality of such information on terms no less favorable to Borrower than are set forth in
Section 9.13 hereof. 
 9.3 No Waiver. Any waiver, consent or approval by Lender of any Event of Default or breach of
any provision, condition, or covenant of any Loan Document must be in writing and shall be effective only to the extent set forth in writing. No waiver of any breach or default shall be deemed a waiver of any later breach or default of the same or
any other provision of any Loan Document. No failure or delay on the part of Lender in exercising any power, right, or privilege under any Loan Document shall operate as a waiver thereof, and no single or partial exercise of any such power, right,
or privilege shall preclude any further exercise thereof or the exercise of any other power, right or privilege. Lender has the right at its sole option to continue to accept interest and/or principal payments due under the Loan Documents after
default, and such acceptance shall not constitute a waiver of said default or an extension of the maturity of any Loan unless Lender agrees otherwise in writing. 

9.4 Rights Cumulative. All rights and remedies existing under the Loan Documents are cumulative to, and not exclusive of, any
other rights or remedies available under contract or applicable law. 
 9.5 Unenforceable Provisions. Any provision of any
Loan Document executed by Borrower which is prohibited or unenforceable in any jurisdiction, shall be so only as to such jurisdiction and only to the extent of such prohibition or unenforceability, but all the remaining provisions of any such Loan
Document shall remain valid and enforceable. 
 9.6 Accounting Terms. Except as otherwise provided in this Agreement,
accounting terms and financial covenants and information shall be determined and prepared in accordance with GAAP (except for the absence of footnotes and subject to normal year-end adjustments). 

9.7 Indemnification; Exculpation. Borrower shall pay and protect, defend and indemnify Lender and Lender’s employees,
officers, directors, shareholders, affiliates, correspondents, agents and representatives (other than Lender, collectively “Agents”) against, and hold Lender and each such

 
Agent harmless from, all claims, actions, proceedings, liabilities, damages, losses, expenses (including, without limitation, attorneys’ fees and costs) and other amounts incurred by Lender
and each such Agent, arising from (i) the matters contemplated by this Agreement or any other Loan Documents, (ii) any dispute between Borrower and a third party, or (iii) any contention that Borrower has failed to comply with any
law, rule, regulation, order or directive applicable to Borrower’s business; provided, however, that this indemnification shall not apply to any of the foregoing to the extent incurred as the result of Lender’s or any Agent’s
gross negligence or willful misconduct. This indemnification shall survive the payment and satisfaction of all of Borrower’s Obligations to Lender. 

9.8 Reimbursement. Borrower shall reimburse Lender for all documented, out-of-pocket costs and expenses, including without limitation reasonable attorneys’ fees and disbursements expended or incurred by Lender in any arbitration, mediation, judicial reference, legal action
or otherwise in connection with (a) the preparation and negotiation of the Loan Documents, (b) the amendment and enforcement of the Loan Documents, including without limitation during any workout, attempted workout, and/or in connection
with the rendering of legal advice as to Lender’s rights, remedies and obligations under the Loan Documents, (c) collecting any sum which becomes due Lender under any Loan Document, (d) any proceeding for declaratory relief, any
counterclaim to any proceeding, or any appeal, or (e) the protection, preservation or enforcement of any rights of Lender. For the purposes of this section, attorneys’ fees shall include, without limitation, fees incurred in connection
with the following: (1) contempt proceedings; (2) discovery; (3) any motion, proceeding or other activity of any kind in connection with an Insolvency Proceeding; (4) garnishment, levy, and debtor and third party examinations; and
(5) postjudgment motions and proceedings of any kind, including without limitation any activity taken to collect or enforce any judgment. All of the foregoing costs and expenses shall be payable upon demand by Lender, and if not paid within
forty-five (45) days of presentation of invoices shall bear interest at the Default Rate. 
 9.9 Execution in Counterparts;
Electronic Signatures. This Agreement and the other Loan Documents may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same agreement. This Agreement
and each of the other Loan Documents may be executed by electronic signatures. Borrower and Lender expressly agree to conduct the transactions contemplated by this

 

  
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Agreement and the other Loan Documents by electronic means (including, without limitation, with respect to the execution, delivery, storage and transfer of this Agreement and each of the other
Loan Documents by electronic means and to the enforceability of electronic Loan Documents). Delivery of an executed signature page to this Agreement and each of the other Loan Documents by facsimile or other electronic mail transmission (including
pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) shall be effective as delivery of a manually executed counterpart hereof and thereof, as applicable. The words “execution,”
“signed,” “signature” and words of like import herein shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity and enforceability as
a manually executed signature or the use of a paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions
Act. 
 9.10 Entire Agreement. The Loan Documents are intended by the parties as the final expression of their agreement and
therefore contain the entire agreement between the parties and supersede all prior understandings or agreements concerning the subject matter hereof. This Agreement may be amended only in a writing signed by Borrower and Lender. 

9.11 Governing Law and Jurisdiction. 

(a) THIS AGREEMENT AND THE LOAN DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF
CALIFORNIA. 
 (b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT MAY BE BROUGHT IN THE
COURTS OF THE STATE OF CALIFORNIA OR OF THE UNITED STATES FOR THE NORTHERN DISTRICT OF CALIFORNIA, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF BORROWER AND LENDER CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE
JURISDICTION OF THOSE COURTS. EACH OF BORROWER AND LENDER IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF

 
FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR ANY DOCUMENT RELATED HERETO. BORROWER AND
LENDER EACH WAIVE PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED BY CALIFORNIA LAW. 

9.12 Waiver of Jury Trial. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW, BORROWER AND LENDER EACH WAIVES ITS RESPECTIVE
RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY
TYPE BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY OR ANY PARTICIPANT OR ASSIGNEE, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. BORROWER AND LENDER EACH AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A
COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEMS, IN WHOLE OR
IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS OR ANY PROVISION HEREOF OR THEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT AND
THE OTHER LOAN DOCUMENTS. 
 9.13 Confidentiality. Lender agrees to exercise the same degree of care that it exercises for
its own confidential information (but not less than a reasonable degree of care), to hold in confidence all confidential information that it receives from Borrower pursuant to the Loan Documents and not to disclose such information to any third
parties, except for disclosure as shall be reasonably required: (a) to legal counsel and accountants for Lender; (b) to other professional advisors to Lender; (c) to regulatory officials having jurisdiction over Lender to the extent
required by law; (d) to Lender’s investors and prospective investors 

 

  
 20 

 
(subject to the same confidentiality obligation set forth herein), and in Lender’s SEC filings as required by law; (e) as required by law or legal process or in connection with any
legal proceeding to which Lender and Borrower are adverse parties; (f) in connection with a disposition or proposed disposition of any or all of Lender’s rights hereunder to any assignee or participant (subject to the same confidentiality
obligation set forth herein); (g) to Lender’s subsidiaries or Affiliates in connection with their business with Borrower (subject to the same confidentiality obligation set forth herein); (h) as required by valid order of a court of competent
jurisdiction, administrative agency or governmental body, or by any applicable law, rule, regulation, subpoena, or any other administrative or legal process, or by applicable regulatory or professional standards, including in connection with any
judicial or other proceeding involving Lender relating to this Agreement and the transactions contemplated hereby; and (i) as required in connection with Lender’s examination or audit. Lender further agrees not to use any such confidential
information for any purposes except for the business purposes contemplated under this Agreement. For purposes of this section, Lender and Borrower agree that “confidential information” shall mean any information regarding or relating to
Borrower other than: (i) information which is or becomes generally available to the public other than as result of a disclosure by Lender in violation of this section, (ii) information which becomes available to Lender from any other
source (other than Borrower) which Lender does not know is bound by a confidentiality agreement with respect to the information made available, and (iii) information that Lender knows on a
non-confidential basis prior to Borrower disclosing it to Lender. In addition, Borrower agrees that Lender may use Borrower’s name, logo and/or trademark in connection with certain promotional materials
that Lender may disseminate to the public, including, but are not limited to, brochures, internet website, press releases and any other materials relating to the fact that Lender has a financing relationship with Borrower. 

ARTICLE 10 - DEFINITIONS 
 The
definitions appearing in this Agreement or any Supplement shall be applicable to both the singular and plural forms of the defined terms: 

“Account” means any “account,” as such term is defined in the UCC, now owned or hereafter acquired by Borrower
or in which Borrower now holds or hereafter acquires any interest and, in any event, shall include, without limitation, all accounts receivable, book debts and other forms of obligations (other

 
than forms of obligations evidenced by Chattel Paper, Documents or Instruments) now owned or hereafter received or acquired by or belonging or owing to Borrower (including, without limitation,
under any trade name, style or division thereof) whether arising out of goods sold or services rendered by Borrower or from any other transaction, whether or not the same involves the sale of goods or services by Borrower (including, without
limitation, any such obligation that may be characterized as an account or contract right under the UCC) and all of Borrower’s rights in, to and under all purchase orders or receipts now owned or hereafter acquired by it for goods or services,
and all of Borrower’s rights to any goods represented by any of the foregoing (including, without limitation, unpaid seller’s rights of rescission, replevin, reclamation and stoppage in transit and rights to returned, reclaimed or
repossessed goods), and all monies due or to become due to Borrower under all purchase orders and contracts for the sale of goods or the performance of services or both by Borrower or in connection with any other transaction (whether or not yet
earned by performance on the part of Borrower), now in existence or hereafter occurring, including, without limitation, the right to receive the proceeds of said purchase orders and contracts, and all collateral security and guarantees of any kind
given by any Person with respect to any of the foregoing. 
 “Affiliate” means any Person which directly or indirectly
controls, is controlled by, or is under common control with Borrower. “Control,” “controlled by” and “under common control with” mean direct or indirect possession of the power to direct or cause the direction of
management or policies (whether through ownership of voting securities, by contract or otherwise); provided, that control shall be conclusively presumed when any Person or affiliated group directly or indirectly owns five percent (5%) or more of the
securities having ordinary voting power for the election of directors of a corporation. 
 “Agreement” means this Loan
and Security Agreement and each Supplement thereto, as each may be amended or supplemented from time to time. 
 “Bank
Services” means cash management services, treasury, depository, overdraft, electronic funds transfer, automatic clearing house arrangements, cash pooling arrangements, netting services, merchant services, interest rate swap
arrangements, foreign exchange services and other similar arrangements or financial accommodations, in each case in the ordinary course of business.

 

  
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 “Bankruptcy Code” means the Federal Bankruptcy Reform Act of 1978 (11
U.S.C. §101, et seq.), as amended. 
 “Basic Interest” means the rate of interest payable on the
outstanding balance of each Loan at the applicable Designated Rate. 
 “Borrowing Date” means the Business Day on
which the proceeds of a Loan are disbursed by Lender. 
 “Borrowing Request” means a written request from Borrower in
substantially the form of Exhibit “B” to the Supplement, requesting the funding of one or more Loans on a particular Borrowing Date. 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks in New York City or
San Francisco are authorized or required by law to close. 
 “Cash Equivalents” has the meaning specified in the
Supplement. 
 “Change of Control” means: (a) any sale, license, or other disposition of all or substantially all
of the assets of Borrower; (b) any reorganization, consolidation, merger or other transaction involving Borrower; or (c) any transaction or series of related transactions in which any Person or two or more Persons acting in concert shall
have acquired by contract or otherwise, the power to control the management of Borrower, or to control the equity interests of Borrower entitled to vote for members of the Board of Directors or equivalent governing body of Borrower on a
fully-diluted basis (and taking into account all such securities that such Person or Persons have the right to acquire pursuant to any option right) representing 50% or more of the combined voting power of such securities (other than in connection
with a Qualified Public Offering or a sale to recognized venture capital investors in a transaction or series of transactions effected by Borrower for financing purposes, so long as Borrower identifies to Lender the venture capital investors prior
to the closing of the transaction and provides Lender with a description of the material terms of such transaction). 
 “Chattel
Paper” means any “chattel paper,” as such term is defined in the UCC, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 

“Closing Date” means the date of this Agreement.

 “Collateral” means (I) prior to a Qualified Public Offering, the
assets described on Annex I attached hereto; and (II) from and after a Qualified Public Offering, the assets described on Annex II attached hereto. 

“Commitment” means the obligation of Lender to make Loans to Borrower up to the aggregate principal amount set forth in
the Supplement. 
 “Copyright License” means any written agreement granting any right to use any Copyright or
Copyright registration now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 

“Copyrights” means all of the following now owned or hereafter acquired by Borrower or in which Borrower now holds or
hereafter acquires any interest: (i) all copyrights, whether registered or unregistered, held pursuant to the laws of the United States, any State thereof or of any other country; (ii) all registrations, applications and recordings in the
United States Copyright Office or in any similar office or agency of the United States, any State thereof or any other country; (iii) all continuations, renewals or extensions thereof; and (iv) any registrations to be issued under any
pending applications. 
 “Default” means an event which with the giving of notice, passage of time, or both would
constitute an Event of Default. 
 “Default Rate” means the applicable Designated Rate plus five percent (5%) per
annum. 
 “Deposit Accounts” means any “deposit accounts,” as such term is defined in the UCC, now owned or
hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 
 “Designated Rate”
means the rate of interest per annum described in the Supplement as being applicable to an outstanding Loan from time to time. 

“Documents” means any “documents,” as such term is defined in the UCC, now owned or hereafter acquired by
Borrower or in which Borrower now holds or hereafter acquires any interest. 
 “Dollars” or
“$” means lawful currency of the United States. 

 

  
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 “Environmental Laws” means all federal, state or local laws, statutes,
common law duties, rules, regulations, ordinances and codes, together with all administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any governmental authorities, in each case relating to
environmental, health, or safety matters. 
 “Equipment” means any “equipment,” as such term is defined in
the UCC, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest and any and all additions, substitutions and replacements of any of the foregoing, wherever located, together with all
attachments, components, parts, equipment and accessories installed thereon or affixed thereto. 
 “Event of Default”
means any event described in Section 7.1. 
 “Excluded Account” means any cash collateral account, trust account
or other fiduciary account identified as such by Borrower in writing to Lender. 
 “Fixtures” means any
“fixtures,” as such term is defined in the UCC, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 

“GAAP” means generally accepted accounting principles and practices consistent with those principles and practices
promulgated or adopted by the Financial Accounting Standards Board and the Board of the American Institute of Certified Public Accountants, their respective predecessors and successors. Each accounting term used but not otherwise expressly defined
herein shall have the meaning given it by GAAP. 
 “General Intangibles” means any “general intangibles,” as
such term is defined in the UCC, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest and, in any event, shall include, without limitation, all right, title and interest that Borrower may now
or hereafter have in or under any contract, all customer lists, Copyrights, Trademarks, Patents, websites, domain names, and all applications therefor and reissues, extensions, or renewals thereof, other items of, and rights to, Intellectual
Property, interests in partnerships, joint ventures and other business associations, Licenses, permits, trade secrets, proprietary or confidential information, inventions (whether or not patented or patentable), technical information, procedures,
designs, knowledge, know-how, software, data bases, data, skill, expertise, recipes, experience, processes, models, drawings, materials and records, goodwill (including, without limitation, the goodwill
associated with any Trademark, Trademark registration or Trademark licensed under any

 
Trademark License), claims in or under insurance policies, including unearned premiums, uncertificated securities, money, cash or cash equivalents, deposit, checking and other bank accounts,
rights to sue for past, present and future infringement of Copyrights, Trademarks and Patents, rights to receive tax refunds and other payments and rights of indemnification. 

“Goods” means any “goods,” as such term is defined in the UCC, now owned or hereafter acquired by Borrower or
in which Borrower now holds or hereafter acquires any interest. 
 “Impel Australia” means Impel Neuropharma Australia
Pty Ltd, an entity organized under the laws of Australia and a wholly-owned Subsidiary of Borrower. 
 “Indebtedness”
of any Person means at any date, without duplication and without regard to whether matured or unmatured, absolute or contingent: (i) all obligations of such Person for borrowed money; (ii) all obligations of such Person evidenced by bonds,
debentures, notes, or other similar instruments; (iii) all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of business; (iv) all
obligations of such Person as lessee under capital leases; (v) all obligations of such Person to reimburse or prepay any bank or other Person in respect of amounts paid under a letter of credit, banker’s acceptance, or similar instrument,
whether drawn or undrawn; (vi) all obligations of such Person to purchase securities which arise out of or in connection with the sale of the same or substantially similar securities; (vii) all obligations of such Person to purchase,
redeem, exchange, convert or otherwise acquire for value any capital stock of such Person or any warrants, rights or options to acquire such capital stock, now or hereafter outstanding, except to the extent that such obligations remain performable
solely at the option of such Person; (viii) all obligations to repurchase assets previously sold (including any obligation to repurchase any accounts or chattel paper under any factoring, receivables purchase, or similar arrangement); (ix)
obligations of such Person under interest rate swap, cap, collar or similar hedging arrangements; and (x) all obligations of others of any type described in clause (i) through clause (ix) above guaranteed by such Person. 

“Insolvency Proceeding” means with respect to a Person (a) any case, action or proceeding before any court or other
governmental authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors with respect to such Person, or (b) any general
assignment for the benefit of creditors, composition, 

 

  
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 marshalling of assets for creditors, or other, similar arrangement in respect of such Person’s creditors
generally or any substantial portion of its creditors, undertaken under U.S. Federal, state or foreign law, including the Bankruptcy Code, but in each case, excluding any avoidance or similar action against such Person commenced by an assignee for
the benefit of creditors, bankruptcy trustee, debtor in possession, or other representative of another Person or such other Person’s estate. 

“Instruments” means any “instrument,” as such term is defined in the UCC, now owned or hereafter acquired by
Borrower or in which Borrower now holds or hereafter acquires any interest. 
 “Intellectual Property” means all of
Borrower’s Copyrights, Trademarks, Patents, Licenses, trade secrets, source codes, customer lists, proprietary or confidential information, inventions (whether or not patented or patentable), technical information, procedures, designs,
knowledge, know-how, software, data bases, skill, expertise, experience, processes, models, drawings, materials, records and goodwill associated with the foregoing. 

“Intellectual Property Security Agreement” means any Intellectual Property Security Agreement executed and delivered by
Borrower in favor of Lender, as the same may be amended, supplemented, or restated from time to time. 

“Inventory” means any “inventory,” as such term is defined in the UCC, wherever located, now owned or
hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest, and, in any event, shall include, without limitation, all inventory, goods and other personal property that are held by or on behalf of Borrower for
sale or lease or are furnished or are to be furnished under a contract of service or that constitute raw materials, work in process or materials used or consumed or to be used or consumed in Borrower’s business, or the processing, packaging,
promotion, delivery or shipping of the same, and all finished goods, whether or not the same is in transit or in the constructive, actual or exclusive possession of Borrower or is held by others for Borrower’s account, including, without
limitation, all goods covered by purchase orders and contracts with suppliers and all goods billed and held by suppliers and all such property that may be in the possession or custody of any carriers, forwarding agents, truckers, warehousemen,
vendors, selling agents or other Persons. 

 

 “Investment Property” means any “investment property,” as such
term is defined in the UCC, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 

“Letter of Credit Rights” means any “letter of credit rights,” as such term is defined in the UCC, now owned
or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest, including any right to payment under any letter of credit. 

“License” means any Copyright License, Patent License, Trademark License or other license of rights or interests now
held or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest and any renewals or extensions thereof. 

“Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment for security, security interest,
encumbrance, levy, lien or charge of any kind, whether voluntarily incurred or arising by operation of law or otherwise, against any property, any conditional sale or other title retention agreement, any lease in the nature of a security interest,
and the filing of any financing statement (other than a precautionary financing statement with respect to a lease that is not in the nature of a security interest) under the UCC or comparable law of any jurisdiction. 

“Loan” means an extension of credit by Lender under this Agreement. 

“Loan Documents” means, individually and collectively, this Loan and Security Agreement, each Supplement, each Note, the
Intellectual Property Security Agreement, and any other security or pledge agreement(s), any Warrant issued by Borrower in connection with this Agreement, and all other contracts, instruments, addenda and documents executed in connection with this
Agreement or the extensions of credit which are the subject of this Agreement. 
 “Material Adverse Effect” or
“Material Adverse Change” means (a) a material adverse change in, or a material adverse effect upon, the operations, business, properties, or financial condition of Borrower; (b) a material impairment of the ability
of Borrower to perform under any Loan Document; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against Borrower of any Loan Document. 

“Note” means a promissory note substantially in the form attached to the Supplement as Exhibit “A”,
executed by Borrower evidencing each Loan. 

 

  
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 “Obligations” means all debts, obligations and liabilities of Borrower to
Lender now or hereafter made, incurred or created under, pursuant to or in connection with this Agreement or any other Loan Document (other than the Warrant), whether voluntary or involuntary and however arising or evidenced, whether direct or
acquired by Lender by assignment or succession, whether due or not due, absolute or contingent, liquidated or unliquidated, determined or undetermined, and whether Borrower may be liable individually or jointly, or whether recovery upon such debt
may be or become barred by any statute of limitations or otherwise unenforceable; and all renewals, extensions and modifications thereof; and all attorneys’ fees and costs incurred by Lender in connection with the collection and enforcement
thereof as provided for in any such Loan Document (other than the Warrant). 
 “Patent License” means any written
agreement granting any right with respect to any invention on which a Patent is in existence now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 

“Patents” means all of the following property now owned or hereafter acquired by Borrower or in which Borrower now holds
or hereafter acquires any interest: (a) all letters patent of, or rights corresponding thereto in, the United States or any other country, all registrations and recordings thereof, and all applications for letters patent of, or rights
corresponding thereto in, the United States or any other country, including, without limitation, registrations, recordings and applications in the United States Patent and Trademark Office or in any similar office or agency of the United States, any
State thereof or any other country; (b) all reissues, continuations, continuations-in-part or extensions thereof; (c) all petty patents, divisionals, and
patents of addition; and (d) all patents to be issued under any such applications. 
 “Permitted Lien” means:

 (a) involuntary Liens which, in the aggregate, would not have a Material Adverse Effect and which in any event would not exceed,
in the aggregate, the Threshold Amount; 
 (b) Liens for current taxes or other governmental or regulatory assessments which are
not delinquent, or which are contested in good faith by the appropriate procedures and for which appropriate reserves are maintained;

 (c) security interests on any property held or acquired by Borrower in the ordinary
course of business securing Indebtedness incurred or assumed for the purpose of financing all or any part of the cost of acquiring such property; provided, that such Lien attaches solely to the property acquired with such Indebtedness (and
the Proceeds thereof) and that the principal amount of such Indebtedness does not exceed one hundred percent (100%) of the cost of such property; 

(d) Liens in favor of Lender; 

(e) bankers’ liens, rights of setoff and similar Liens incurred on deposits made in the ordinary course of business as long as
an account control agreement (or equivalent) for each account in which such deposits are held in a form acceptable to Lender has been executed and delivered to Lender to the extent required under Section 6.11; 

(f) materialmen’s, mechanics’, repairmen’s, warehousemen’s, carriers’, landlord’s (subject to
Section 5.9(e) hereof), employees’ or other like Liens arising in the ordinary course of business and which are not delinquent for more than 45 days or are being contested in good faith by appropriate proceedings; 

(g) any judgment, attachment or similar Lien, unless the judgment arising in circumstances not constituting an Event of Default under
Section 7.1(h); 
 (h) licenses or sublicenses of Intellectual Property in accordance with the terms of Section 6.5
hereof; 
 (i) Liens securing Subordinated Debt; 

(j) Liens which have been approved by Lender in writing prior to the Closing Date, as shown on Schedule 6.2 hereto; 

(k) the interests of licensors under inbound licenses to Borrower; 

(l) the interests of sub-lessees under subleases of real property and statutory or common law
Liens of landlords; 
 (m) Liens to secure payment of workers’ compensation, employment insurance, old-age pensions, social security and other like obligations incurred in the ordinary course of business (other than Liens imposed by ERISA); 

(n) deposits to secure the performance of bids, trade contracts (other than for Indebtedness), leases (other than capital lease
obligations), statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature arising as a matter of law and incurred in the ordinary course of business; and

 

  
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 (o) zoning restrictions, easements, rights of way, restrictions on use of real property
and other similar encumbrances incurred in the ordinary course of business which, in the aggregate, are not substantial in amount and do not materially detract from the value of the property subject thereto or interfere with the ordinary conduct of
the business of the Borrower or any of its Subsidiaries. 
 “Permitted Transfers” is defined in Section 6.5. 

“Person” means any individual, sole proprietorship, partnership, joint venture, trust, unincorporated organization,
association, corporation, limited liability company, institution, public benefit corporation, other entity or government (whether federal, state, county, city, municipal, local, foreign, or otherwise, including any instrumentality, division, agency,
body or department thereof). 
 “Proceeds” means “proceeds,” as such term is defined in the UCC and, in any
event, shall include, without limitation, (a) any and all Accounts, Chattel Paper, Instruments, cash or other forms of money or currency or other proceeds payable to Borrower from time to time in respect of the Collateral, (b) any and all
proceeds of any insurance, indemnity, warranty or guaranty payable to Borrower from time to time with respect to any of the Collateral, (c) any and all payments (in any form whatsoever) made or due and payable to Borrower from time to time in
connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of the Collateral by any governmental authority (or any Person acting under color of governmental authority), (d) any claim of Borrower against
third parties (i) for past, present or future infringement of any Copyright, Patent or Patent License or (ii) for past, present or future infringement or dilution of any Trademark or Trademark License or for injury to the goodwill
associated with any Trademark, Trademark registration or Trademark licensed under any Trademark License and (e) any and all other amounts from time to time paid or payable under or in connection with any of the Collateral. 

“Qualified Public Offering” means the closing of a direct listing of Borrower’s common stock, an underwritten
public offering of Borrower’s common stock or SPAC Transaction, in each case, with aggregate gross proceeds of not less than $75,000,000 (prior to underwriting expenses and commissions).

 “Receivables” means all of Borrower’s Accounts, Instruments,
Documents, Chattel Paper, Supporting Obligations, and letters of credit and Letter of Credit Rights. 
 “Records”
means all Borrower’s computer programs, software, hardware, source codes and data processing information, all written documents, books, invoices, ledger sheets, financial information and statements, and all other writings concerning
Borrower’s business. 
 “Related Person” means any Affiliate of Borrower, or any officer, employee, director or
equity security holder of Borrower or any Affiliate. 
 “Rights to Payment” means all Borrower’s accounts,
instruments, contract rights, documents, chattel paper and all other rights to payment, including, without limitation, the Accounts, all negotiable certificates of deposit and all rights to payment under any Patent License, any Trademark License, or
any commercial or standby letter of credit. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Security Documents” means this Loan and Security Agreement, the Supplement hereto, the Intellectual Property Security
Agreement, and any and all account control agreements, collateral assignments, chattel mortgages, financing statements, amendments to any of the foregoing and other documents from time to time executed or filed to create, perfect or maintain the
perfection of Lender’s Liens on the Collateral. 
 “Shares” means: (a) one hundred percent (100%) of the
issued and outstanding capital stock, membership units or other securities owned or held of record by Borrower in any Subsidiary that is not a controlled foreign corporation (as defined in the Internal Revenue Code), and (b) 65% of the issued and
outstanding capital stock, membership units or other securities entitled to vote owned or held of record by Borrower in any Subsidiary that is a controlled foreign corporation (as defined in the Internal Revenue Code). 

“Subordinated Debt” means Indebtedness (i) approved by Lender; and (ii) where the holder’s right to
payment of such Indebtedness, the priority of any Lien securing the same, and the rights of the holder thereof to enforce remedies against Borrower following default have been made subordinate to the Liens of Lender and to the prior payment to
Lender of the Obligations, either (A) pursuant to a written subordination agreement approved by Lender in its sole but reasonable discretion or (B) on terms otherwise approved by Lender in its sole but reasonable discretion.

 

  
 26 

 “Subsidiary” means any Person a majority of the equity ownership or voting
stock of which is directly or indirectly now owned or hereafter acquired by Borrower or by one or more other Subsidiaries. 

“Supplement” means that certain supplement to the Loan and Security Agreement, as the same may be amended or restated
from time to time, and any other supplements entered into between Borrower and Lender, as the same may be amended or restated from time to time. 

“Supporting Obligations” means any “supporting obligations,” as such term is defined in the UCC, now owned or
hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 
 “Termination
Date” has the meaning specified in the Supplement. 
 “Threshold Amount” has the meaning specified
in the Supplement. 
 “Trademark License” means any written agreement granting any right to use any Trademark or
Trademark registration now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 

“Trademarks” means all of the following property now owned or hereafter acquired by Borrower or in which Borrower now
holds or hereafter acquires any interest: (a) all trademarks, tradenames, corporate names, business names, trade styles, service marks, logos, other source or business identifiers, prints and labels on which any of the foregoing have appeared
or appear, designs and general intangibles of like nature, now existing or hereafter adopted or acquired, all registrations and recordings thereof, and any applications in connection therewith, including, without limitation, registrations,
recordings and applications in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country or any political subdivision thereof and (b) reissues, extensions or
renewals thereof. 

 

 “UCC” means the Uniform Commercial Code as the same may, from time to
time, be in effect in the State of California; provided, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of, or remedies with respect to, Lender’s Lien on any
Collateral is governed by the Uniform Commercial Code as enacted and in effect in a jurisdiction other than the State of California, the term “UCC” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction
solely for purposes of the provisions thereof relating to such attachment, perfection, priority or remedies and for purposes of definitions related to such provisions. Unless otherwise defined herein, terms that are defined in the UCC and used
herein shall have the meanings given to them in the UCC. 
 “Warrant” has the meaning specified in the Supplement.

 [Signature page follows]

 

  
 27 

 [Signature page to Loan and Security Agreement] 

IN WITNESS WHEREOF, the parties have executed this 
 Agreement as
of the date first above written. 
  

			
	BORROWER:
	
	IMPEL NEUROPHARMA, INC.
		
	By:	 	 /s/ John Leaman, M.D.

	Name:	 	John Leaman, M.D
	Title:	 	Chief Financial Officer
	
	LENDER:
	
	AVENUE VENTURE OPPORTUNITIES FUND, L.P.
	
	By: Avenue Venture Opportunities Partners, LLC
	Its: General Partner
		
	By:	 	 /s/ Sonia Gardner

	Name:	 	Sonia Gardner
	Title:	 	Authorized Signatory

 [Schedules to Loan and Security Agreement follow] 

 Annex I to 

Loan and Security Agreement 
 dated
as of November __, 2020 
 between 

Impel Neuropharma, Inc. 
 and 

Avenue Venture Opportunities Fund, L.P. 

Description of Collateral 
 The
Collateral consists of all of Borrower’s right, title and interest in and to the following property, whether now owned or hereafter acquired and wherever located: (a) all Receivables; (b) all Equipment; (c) all Fixtures;
(d) all General Intangibles (including all Intellectual Property); (e) all Inventory; (f) all Investment Property; (g) all Deposit Accounts; (h) all Shares; (i) all other Goods and personal property of Borrower, whether
tangible or intangible and whether now or hereafter owned or existing, leased, consigned by or to, or acquired by, Borrower and wherever located; (j) all Records; and (k) all Proceeds of each of the foregoing and all accessions to,
substitutions and replacements for, and rents, profits and products of each of the foregoing. 
 Notwithstanding the foregoing the term
“Collateral” shall not include: (i) more than sixty-five percent (65%) of the issued and outstanding capital stock, membership units or other securities entitled to vote owned or held of record by Borrower in any Subsidiary that is a
controlled foreign corporation (as defined in the Internal Revenue Code), provided that the Collateral shall include one hundred percent (100%) of the issued and outstanding non-voting capital stock of such
Subsidiary; (ii) “intent-to-use” trademarks at all times prior to the first use thereof, whether by the actual use thereof in commerce, the recording of a
statement of use with the United States Patent and Trademark Office or otherwise, but only to the extent the granting of a security interest in such “intent to use” trademarks would be contrary to applicable law; or (iii) any
contract, Instrument or Chattel Paper in which Borrower has any right, title or interest if and to the extent such contract, Instrument or Chattel Paper includes a provision containing a restriction on assignment such that the creation of a security
interest in the right, title or interest of Borrower therein would be prohibited and would, in and of itself, cause or result in a default thereunder enabling another person party to such contract, Instrument or Chattel Paper to enforce any remedy
with respect thereto; provided, however, that the foregoing exclusion shall not apply if (A) such prohibition has been waived or such other person has otherwise consented to the creation hereunder of a security interest in such contract,
Instrument or Chattel Paper, or (B) such prohibition would be rendered ineffective pursuant to Sections 9-407(a) or 9-408(a) of the UCC, as applicable and as then
in effect in any relevant jurisdiction, or any other applicable law (including the Bankruptcy Code or principles of equity); provided, further, that immediately upon the ineffectiveness, lapse or termination of any such provision, the term
“Collateral” shall include, and Borrower shall be deemed to have granted a security interest in, all its rights, title and interests in and to such contract, Instrument or Chattel Paper as if such provision had never been in effect; and
provided further that the foregoing exclusion shall in no way be construed so as to limit, impair or otherwise affect Lender’s unconditional continuing security interest in and to all rights, title and interests of Borrower in or to any payment
obligations or other rights to receive monies due or to become due under any such contract, Instrument or Chattel Paper and in any such monies and other proceeds of such contract, Instrument or Chattel Paper. 

 Annex II to 

Loan and Security Agreement 
 dated
as of November 5, 2020 
 between 

Impel Neuropharma, Inc. 
 and 

Avenue Venture Opportunities Fund, L.P. 

Description of Collateral 
 The
Collateral consists of all of Borrower’s right, title and interest in and to the following property, whether now owned or hereafter acquired and wherever located: (a) all Receivables; (b) all Equipment; (c) all Fixtures;
(d) all General Intangibles (except as noted below); (e) all Inventory; (f) all Investment Property; (g) all Deposit Accounts; (h) all Shares; (i) all other Goods and personal property of Borrower, whether tangible or
intangible and whether now or hereafter owned or existing, leased, consigned by or to, or acquired by, Borrower and wherever located; (j) all Records; and (k) all Proceeds of each of the foregoing and all accessions to, substitutions and
replacements for, and rents, profits and products of each of the foregoing. 
 Notwithstanding the foregoing the term “Collateral” shall not
include: (i) more than sixty-five percent (65%) of the issued and outstanding capital stock, membership units or other securities entitled to vote owned or held of record by Borrower in any Subsidiary that is a controlled foreign corporation
(as defined in the Internal Revenue Code), provided that the Collateral shall include one hundred percent (100%) of the issued and outstanding non-voting capital stock of such Subsidiary; (ii) any
Intellectual Property; provided, however, the Collateral shall include all Accounts and all proceeds of Intellectual Property; if a judicial authority (including a U.S. Bankruptcy Court) would hold that a security interest in the underlying
Intellectual Property is necessary to have a security interest in such Accounts and such property that are proceeds of Intellectual Property, then the Collateral shall automatically, and effective as of the Closing Date, include the Intellectual
Property to the extent necessary to permit perfection of Lender’s security interest in such Accounts and such other property of Borrower that are proceeds of the Intellectual Property; (iii) “intent-to-use” trademarks at all times prior to the first use thereof, whether by the actual use thereof in commerce, the recording of a statement of use with the United States Patent and Trademark
Office or otherwise, but only to the extent the granting of a security interest in such “intent to use” trademarks would be contrary to applicable law; or (iv) any contract, Instrument or Chattel Paper in which Borrower has any right,
title or interest if and to the extent such contract, Instrument or Chattel Paper includes a provision containing a restriction on assignment such that the creation of a security interest in the right, title or interest of Borrower therein would be
prohibited and would, in and of itself, cause or result in a default thereunder enabling another person party to such contract, Instrument or Chattel Paper to enforce any remedy with respect thereto; provided, however, that the foregoing
exclusion shall not apply if (A) such prohibition has been waived or such other person has otherwise consented to the creation hereunder of a security interest in such contract, Instrument or Chattel Paper, or (B) such prohibition would be
rendered ineffective pursuant to Sections 9-407(a) or 9-408(a) of the UCC, as applicable and as then in effect in any relevant jurisdiction, or any other applicable law
(including the Bankruptcy Code or principles of equity); provided, further, that immediately upon the ineffectiveness, lapse or termination of any such provision, the term “Collateral” shall include, and Borrower shall be deemed to
have granted a security interest in, all its rights, title and interests in and to such contract, Instrument or Chattel Paper as if such provision had never been in effect; and provided further that the foregoing exclusion shall in no way be
construed so as to limit, impair or otherwise affect Lender’s unconditional continuing security interest in and to all rights, title and interests of Borrower in or to any payment obligations or other rights to receive monies due or to become
due under any such contract, Instrument or Chattel Paper and in any such monies and other proceeds of such contract, Instrument or Chattel Paper. 

 Schedules to 

Loan and Security Agreement 
 dated
as of November 5, 2020 
 between 

IMPEL NEUROPHARMA, INC. 
 and 

Avenue Venture Opportunities Fund, L.P. 
  

 
 [Intentionally omitted] 

 SUPPLEMENT 

to the 
 Loan and Security
Agreement 
 dated as of November 5, 2020 

between 
 IMPEL
NEUROPHARMA, INC. (“Borrower”) 
 and 

Avenue Venture Opportunities Fund, L.P. (“Lender”) 
  

 
 This is a Supplement identified in the document
entitled Loan and Security Agreement, dated as of November __, 2020 (as amended, restated, supplemented and modified from time to time, the “Loan and Security Agreement”), by and between Borrower and Lender. All
capitalized terms used in this Supplement and not otherwise defined in this Supplement have the meanings ascribed to them in Article 10 of the Loan and Security Agreement, which is incorporated in its entirety into this Supplement. In the event of
any inconsistency between the provisions of the Loan and Security Agreement and this Supplement, this Supplement is controlling. 
 In addition to the
provisions of the Loan and Security Agreement, the parties agree as follows: 
 Part 1 - Additional Definitions: 

“Amortization Period” means the period commencing on the first day of the first full calendar month following the
Interest-only Period and continuing until the Maturity Date. 
 “Cash Equivalents” means the following assets or rights of
Borrower: (i) marketable direct obligations issued or unconditionally guaranteed by the United States government having maturities of not more than 12 months from the date of acquisition; (ii) domestic certificates of deposit and time
deposits having maturities of not more than 12 months from the date of acquisition, and overnight bank deposits, in each case issued by a commercial bank organized under the laws of the United States or any state thereof which at the time of
acquisition are rated A-1 or better by Standard & Poor’s Corporation (or equivalent); (iii) commercial paper maturing not more than 1 year after its date of acquisition; and (iv) money
market accounts (subject to control agreements in favor of lender) at least ninety-five percent (95%) of the assets of which constitute cash equivalents of the kinds described in clauses (i) through (iii) of this definition. 

“Commitment” means, subject to the terms and conditions set forth in the Loan and Security Agreement and this Supplement,
Lender’s commitment to make Growth Capital Loans to Borrower up to the aggregate original principal amount of Twenty Million Dollars ($20,000,000), with Ten Million Dollars ($10,000,000) funded on the Closing Date; and up to Ten Million Dollars
($10,000,000) to be funded between the Tranche 2 Start Date and the Termination Date, subject to the conditions in Section 1(a) of Part 2 (“Tranche 2”) and mutual agreement of Borrower and Lender. 

“Designated Rate” means, for each Growth Capital Loan, a variable rate of interest per annum equal to the sum
of (i) the greater of (A) the Prime Rate and (B) three and one-quarter percent (3.25%), plus (ii) seven and three-quarters percent (7.75%). Changes to the Designated Rate based on
changes to the Prime Rate shall be effective as of the next scheduled interest payment date immediately following such change. 

“FDA” means the U.S. Food and Drug Administration or any successor thereto. 

“Final Payment” means a payment (in addition to and not a substitution for the regular monthly payments of principal plus
accrued interest) equal to four and one-half percent (4.50%) of the Growth Capital Loans funded. 

 “Growth Capital Loan” means any Loan requested by Borrower
and funded by Lender under its Commitment for general corporate purposes of Borrower. 

“INP-104” means a combination of drug-device product composed of
dihydroergotamine mesylate (“DHE”) drug product and Borrower’s novel I123 Precision Olfactory Delivery (POD) device, which delivers DHE to the nasal cavity. 

“Interest-only Period” means the period commencing on the Closing Date and continuing until the twelfth (12th) month anniversary of the Closing Date; provided, however, that such period shall be extended for twelve (12) months (the “First Interest-only Period Extension”) if as
of the last day of the Interest-only Period then in effect Borrower has achieved the Qualified Public Offering; provided, further, however that such period shall be extended for an additional twelve (12) months if, as of the last day of
the Interest-only Period then in effect, Borrower has achieved (a) the First Interest-only Period Extension and (b) FDA approval of INP-104; provided, further, however, that the Interest-only
Period shall not exceed thirty-six (36) months. For the avoidance of doubt, the FDA approval of INP-104 may occur before the First Interest-only Period Extension.

 “IPO” as used herein, means a sale of Borrower’s securities pursuant to a registration statement filed by Borrower
under the Securities Act (or pursuant to the laws of the jurisdiction in which the initial public offering is completed), in connection with the first firm commitment underwritten offering of Borrower’s securities to the general public. 

“Loan” or “Loans” mean, as the context may require, individually a Growth Capital Loan, and collectively,
the Growth Capital Loans. 
 “Loan Commencement Date” means, with respect to each Growth Capital Loan:
(a) the first day of the first full calendar month following the Borrowing Date of such Loan if such Borrowing Date is not the first day of a month; or (b) the same day as the Borrowing Date if the Borrowing Date is the first day of a
month. 
 “Maturity Date” means November 1, 2023. 

“Prepayment Fee” means, with respect to any prepayment of the Loans: 

(i) if the prepayment occurs during the period commencing on the Closing Date and ending on (but including) the
one-year anniversary of the Closing Date, an amount equal to the principal amount of the Loans prepaid multiplied by 4.00%; 

(ii) if the prepayment occurs during the period commencing on the day immediately following the
one-year anniversary of the Closing Date and ending on (but including) the two-year anniversary of the Closing Date, an amount equal to the principal amount of the Loans
prepaid multiplied by 3.00%; 
 (iii) if the prepayment occurs during the period commencing on the day immediately following the two-year anniversary of the Closing Date and ending on (but excluding) the three year anniversary, an amount equal to the principal amount of the Loans prepaid multiplied by 2.00%; and 

(iv) if the prepayment occurs during the period commencing on the day immediately following the three-year anniversary of the Closing Date and
ending on (but excluding) the Maturity Date, an amount equal to the principal amount of the Loans prepaid multiplied by 1.00%. 

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

  
 2 

 “SPAC Transaction” means any transaction involving Borrower
and any special purpose acquisition company, whether merger, acquisition, public (or other) offering, sale, transfer or other exchange, of equity securities, or otherwise. 

“Termination Date” means the earlier of: (i) the date Lender may terminate making Growth Capital Loans or extending
other credit pursuant to the rights of Lender under Article 7 of the Loan and Security Agreement; and (ii) December 31, 2021. 

“Threshold Amount” means Two Hundred Fifty Thousand Dollars ($250,000). 

“Tranche 2 Start Date” means the date Borrower has satisfied the conditions in Part 2, Section 1(a). 

“Warrant” is defined in Part 2, Section 3(a) hereof. 

Part 2 - Additional Covenants and Conditions: 

1. Growth Capital Loan Facility. 

(a) Additional Condition(s) Precedent Regarding Growth Capital Loan Commitments. In addition to the satisfaction of all of
the other applicable conditions precedent specified in Sections 4.1 and 4.2 of the Loan and Security Agreement and this Supplement, Lender’s obligation to fund Tranche 2 of its Commitment of Growth Capital Loans is subject to (I) receipt
by Lender of evidence, as determined by Lender in its reasonable discretion, that (x) Borrower has consummated the Qualified Public Offering; and (y) Borrower has received FDA approval of INP-104;
and (II) approval by Lender’s investment committee. 
 Subject to satisfaction of the conditions precedent specified in
Sections 4.1 and Section 4.2 of the Loan and Security Agreement and this Supplement, Lender agrees to make Growth Capital Loans to Borrower under Lender’s Commitment from time to time from and after the Closing Date up to and
including the Termination Date in an aggregate, original principal amount up to, but not exceeding, then then-unfunded portion of Lender’s Commitment. 

(b) Minimum Funding Amount; Maximum Number of Borrowing Requests. Growth Capital Loans requested by Borrower to be made on a
single Business Day shall be for a minimum aggregate, original principal amount of Two Million Five Hundred Thousand Dollars ($2,500,000); provided, however, that the initial Growth Capital Loan shall be funded on the Closing Date in a minimum
original principal amount of Ten Million Dollars ($10,000,000). Borrower shall not submit a Borrowing Request more frequently than once per calendar month. 

(c) Repayment of Growth Capital Loans. Principal of, and interest on, each Growth Capital Loan shall be payable as set forth in a
Note evidencing such Growth Capital Loan (substantially in the form attached hereto as Exhibit “A”), which Note shall provide substantially as follows: principal shall be fully amortized over the Amortization
Period in equal, monthly principal installments plus, in each case, unpaid interest thereon at the Designated Rate, commencing after the Interest-only Period of interest-only installments at the Designated Rate. In particular, on the Borrowing Date
applicable to such Growth Capital Loan, Borrower shall pay to Lender (i) if the Borrowing Date is earlier than the Loan Commencement Date, interest only at the Designated Rate, in advance, on the outstanding principal balance of the Growth
Capital Loan for the period from the Borrowing Date through the last day of the calendar month in which such Borrowing Date occurs, and (ii) the first (1st) interest-only installment at the Designated Rate, in advance, on the outstanding
principal balance of the Note evidencing such Loan for the ensuing month. Commencing on the first day of the second (2nd) full month after the Borrowing Date and continuing on the first (1st) day of each month during the Interest-only Period thereafter, Borrower shall pay to Lender interest only at the Designated Rate, in advance, on the outstanding principal balance of the Loan
evidenced by such Note for the ensuing month. Commencing on the first (1st) day of the first (1st) full month after the Interest-only Period,
and continuing on the first (1st) day of each consecutive calendar month thereafter, Borrower shall pay to Lender principal, plus interest at the Designated Rate, in advance, in equal consecutive
monthly installments in an amount sufficient to fully amortize the Loan evidenced by such Note over the Amortization Period. On the Maturity Date, all principal and accrued interest then remaining unpaid and the Final Payment shall be due and
payable. 

  
 3 

 2. Prepayment. Borrower may prepay all, but not less than all, Growth Capital
Loans in whole, but not in part, at any time by tendering to Lender a cash payment in respect of such Loans in an amount determined by Lender equal to the sum of: (i) the aggregate outstanding principal amount of such Loans; (ii) the
accrued and unpaid interest on such Loans as of the date of prepayment; (iii) the Prepayment Fee; and (iv) the Final Payment. 

3. Issuance of Warrant; Right to Invest. 

(a) Warrant. As additional consideration for the making of its Commitment, Lender has earned and is entitled to receive
immediately upon the execution of the Loan and Security Agreement and this Supplement, a warrant instrument issued by Borrower (the “Warrant”). 

(b) Warrant General. The Warrant shall be in form and substance reasonably satisfactory to Lender. 

(c) Right to Invest. Subject to mutual agreement by Borrower and Lender, Lender shall have the right, in its discretion, but not
the obligation, to invest up to Ten Million Dollars ($10,000,000) in equity securities of Borrower on the same terms, conditions, and pricing offered by Borrower to any investor existing at such time, in connection with any private placement
concurrent with any IPO (at the initial IPO price) or SPAC Transaction (at the effective price per share in such SPAC Transaction); provided, however, such terms shall exclude the right to designate a seat on the Borrower’s Board of Directors
or observer thereto, which may be offered to other investors at Borrower’s discretion. 
 4. Commitment Fee. Borrower
shall pay to Lender a commitment fee in the amount of one percent (1.00%) of the initial Ten Million Dollar ($10,000,000) Commitment due and payable on the Closing Date, of which Fifty Thousand Dollars ($50,000) has been paid by Borrower to Lender
as an advance deposit prior to the date hereof. As an additional condition precedent under Section 4.1 of the Loan and Security Agreement, Lender shall have completed to its satisfaction its due diligence review of Borrower’s business and
financial condition and prospects, and Lender’s Commitment shall have been approved. If this condition is not satisfied, the Fifty Thousand Dollars ($50,000) advance deposit previously paid by Borrower shall be refunded. In the event Lender
advances the Tranche 2 Loan, Lender shall “net fund” an additional Commitment Fee equal to one percent (1.00%) of the Tranche 2 Loan amount on the funding date of such Tranche 2. Except as set forth in this Section 4, the Commitment
Fee is not refundable. 
 5. Documentation Fee Payment. On the Closing Date, Borrower shall reimburse Lender pursuant to
Section 9.8(a) of the Loan and Security Agreement for (i) its reasonable and documented out-of-pocket attorneys’ fees, costs and expenses incurred in
connection with the preparation and negotiation of the Loan Documents and (ii) such Lender’s costs and filing fees related to perfection of its Liens in the Collateral in any jurisdiction in which the same is located, recording a copy of
the Intellectual Property Security Agreement with the United States Patent and Trademark Office or the United States Copyright Office, as applicable, and confirming the priority of such Liens. 

6. Borrower’s Primary Operating Account and Wire Transfer Instructions: 

 

			
	Institution Name:	 	 
	Address:	 	 
	ABA No.:	 	 
	Contact Name:	 	 
	Phone No.:	 	 
	E-mail:	 	 
	Account Title:	 	 
	Account No.:	 	 

  
 4 

 7. Debits to Account for ACH Transfers. For purposes of Sections 2.2 and 5.10
of the Loan and Security Agreement, the Primary Operating Account shall be the bank account set forth in Section 6 above, unless and until such account is changed in accordance with Section 5.10 of the Loan and Security
Agreement. Borrower hereby agrees that the Growth Capital Loans will be advanced to the account specified above and regularly scheduled payments of principal, interest and fees will be automatically debited from the same account. Borrower hereby
confirms that the bank at which the Primary Operating Account is maintained uses that same ABA Number for incoming wires transfers to the Primary Operating Account and outgoing ACH transfers from the Primary Operating Account. 

Part 3 - Additional Representations: 

Borrower represents and warrants that as of the Closing Date and, subject to any written updates of the information set forth below by Borrower to Lender,
each Borrowing Date: 
  

	 	a)	 Its chief executive office is located at: 201 Elliott Avenue West, Suite 260, Seattle, WA 98119

  

	 	b)	 Its Equipment is located at: 201 Elliott Avenue West, Suite 260, Seattle, WA 98119 and [______________]

  

	 	c)	 Its Inventory is located at: 201 Elliott Avenue West, Suite 260, Seattle, WA 98119 and [______________]

  

	 	d)	 Its Records are located at: 201 Elliott Avenue West, Suite 260, Seattle, WA 98119 

 

	 	e)	 In addition to its chief executive office, Borrower maintains offices or operates its business at the following
locations: [___________] 

  

	 	f)	 Other than its full corporate name, Borrower has conducted business using the following trade names or
fictitious business names: [___________] 

  

	 	g)	 Its Delaware state corporation identification number is: 4579337 

 

	 	h)	 Its U.S. federal tax identification number is: [___________] 

 

	 	i)	 Including Borrower’s Primary Operating Account identified in Section 6 above, Borrower maintains the
following Deposit Accounts and investment accounts: 

  

			
	Institution Name:	 	 
	Address:	 	 
	ABA No.:	 	 
	Contact Name:	 	 
	Phone No.:	 	 
	E-mail:	 	 
	Account Title:	 	 
	Account No.:	 	 
	Account No.:	 	 

  
 5 

 Part 4 - Additional Loan Documents: 

 

			
	Form of Promissory Note	  	Exhibit “A”
	Form of Borrowing Request	  	Exhibit “B”
	Form of Compliance Certificate	  	Exhibit “C”

 [Remainder of this page intentionally left blank; signature page follows] 

  
 6 

 [Signature page to Supplement to Loan and Security Agreement] 

IN WITNESS WHEREOF, the parties have executed this Supplement as of the date first above written. 

 

							
		 		 	BORROWER:
			
		 		 	IMPEL NEUROPHARMA, INC.
				
		 		 	By:	 	 /s/ John Leaman, M.D.

		 		 	Name:	 	John Leaman, M.D.
		 		 	Title:	 	Chief Financial Officer
			
	Address for Notices:	 		 	201 Elliott Avenue West, Suite 260
		 		 	Seattle, WA 98119
		 		 	Attn: John Hoekman, PhD and John Leaman, M.D.
			
		 		 	LENDER:
			
		 		 	AVENUE VENTURE OPPORTUNITIES FUND, L.P.
				
		 		 	By:	 	Avenue Venture Opportunities Partners, LLC
		 		 	Its:	 	General Partner
				
		 		 	By:	 	 /s/ Sonia Gardner

		 		 	Name:	 	/s/ Sonia Gardner
		 		 	Title:	 	Authorized Signatory
			
	Address for Notices:	 		 	11 West 42nd Street, 9th Floor
		 		 	New York, New York 10036
		 		 	Attn: Todd Greenbarg, Senior Managing Director

 EXHIBIT “A” 

FORM OF PROMISSORY NOTE 

[Intentionally omitted] 

 EXHIBIT “B” 

FORM OF BORROWING REQUEST 

[Intentionally omitted] 

 EXHIBIT “C” 

FORM OF 
 COMPLIANCE
CERTIFICATE 
 [Intentionally omitted]

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