Document:

Exhibit

Exhibit 10.18

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (i) NOT MATERIAL AND (ii) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED

U.S. SECURITY AGREEMENT
THIS U.S. SECURITY AGREEMENT (as the same may be amended, restated, supplemented or otherwise modified from time to time, this “Security Agreement”) is entered into as of August 31, 2019 by Brickell Subsidiary, Inc., a Delaware corporation (formerly known as Brickell Biotech, Inc.) (“Brickell” or “Grantor” and together with any additional obligors that are hereafter joined as parties hereto, the “Grantors”, and each individually, a “Grantor”) and NovaQuest Co-Investment Fund X, L.P., a Delaware limited partnership (“Secured Party”).
PRELIMINARY STATEMENT
Brickell and Secured Party have entered into a Funding Agreement, dated as of June 2, 2019 (the “Funding Agreement”), pursuant to which Secured Party has agreed to provide funding for Brickell’s development of the Product (as defined in the Funding Agreement) and for Brickell to make certain payments to Secured Party as set forth in the Funding Agreement; 
Brickell is entering into this Security Agreement in order to induce Secured Party to enter into and extend credit to Brickell under the Funding Agreement;
ACCORDINGLY, Grantors and Secured Party hereby agree as follows:
ARTICLE I 
 
DEFINITIONS
1.1    Terms Defined in UCC.  Terms defined in the UCC which are not otherwise defined in this Security Agreement are used herein as defined in the UCC, and if defined in more than one article of the UCC shall have the meaning specified in Article 9 thereof.
1.2    Terms Defined in the Funding Agreement.  All capitalized terms used herein and not otherwise defined herein or in the UCC shall have the meanings assigned to such terms in the Funding Agreement.
1.3    Definitions of Certain Terms Used Herein.  As used in this Security Agreement, in addition to the terms defined in the preamble and the Preliminary Statement, the following terms shall have the following meanings:
“Article” means a numbered article of this Security Agreement, unless another document or statute is specifically referenced.
“Collateral” shall have the meaning set forth in Article II.

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“Control” shall have the meaning set forth in Section 8-106 of Article 8, Section 9-104, 9‐105, 9-106 or 9-107 of Article 9 of the UCC, as applicable.
“Copyright Security Agreement” shall mean an agreement substantially in the form of the agreement attached hereto as Exhibit IV.
“Copyrights” means, with respect to any Grantor, all of such Grantor’s right, title, and interest in and to the following: (a) all copyrights, works protectable by copyright, copyright registrations, and copyright applications; (b) all extensions and renewals of any of the foregoing; (c) all income, royalties, damages, claims and payments now or hereafter due and/or payable under any of the foregoing, including, without limitation, damages or payments for past or future infringements for any of the foregoing; (d) the right to sue for past, present, and future infringements or violations of any of the foregoing; and (e) all rights corresponding to any of the foregoing throughout the world.
“Domain Names” means all internet domain names and associated URL addresses in or to which any Person now or hereafter has any right, title or interest.
“Event of Default” is defined in Section 5.1.
“Excluded Accounts” means (a) any trust or fiduciary account, (b) any payroll account or payroll taxes account, (c) any employee wage and benefit accounts, (d) any deposit account or securities account established or currently maintained for the sole purpose of holding cash or cash equivalents that serve as collateral or security under any letter of credit or other obligation not prohibited by the Funding Agreement, (e) withholding tax and fiduciary accounts and (f) any account that does not hold Product Assets or the proceeds of Product Assets.
“Excluded Assets” means (a) any assets that are not Product Assets or proceeds thereof, (b) any governmental licenses or state or local franchises, charters and authorizations, to the extent a security interest in any such license, franchise, charter or authorization is prohibited or restricted thereby (other than to the extent that any such prohibition or restriction would be rendered ineffective pursuant to the UCC of any relevant jurisdiction or any other Applicable Law), (c) nonassignable licenses or contracts, which by their terms require the consent of the licensor thereof or another party (other than to the extent that any such prohibition would be rendered ineffective pursuant to the UCC of any relevant jurisdiction or any other Applicable Law), (d) any applications for trademarks or service marks filed in the United States Patent and Trademark Office, or any successor office thereto pursuant to 15 U.S.C. §1051 Section 1(b) unless and until evidence of use of the mark in interstate commerce is submitted to the United States Patent and Trademark Office pursuant to 15 U.S.C. §1051 Section 1(c) or Section 1(d), and (e) Excluded Accounts.
“Insolvency Event” means in relation to any Grantor:
(a)    if such Grantor (i) files a petition seeking to take advantage of any laws relating to bankruptcy, insolvency, reorganization, winding up or composition for adjustment of debts; (ii) 

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consents to, or fails to contest within sixty (60) calendar days and in appropriate manner, any petition filed against it in an involuntary case under such bankruptcy laws or other laws; (iii) applies for, consents to, or fails to contest within sixty (60) calendar days and in appropriate manner the appointment of, or the taking of possession by, a receiver, custodian, trustee, or liquidator of itself or of a substantial part of its property; (iv) admits in writing its inability to pay its debts as they become due; (v) makes a general assignment for the benefit of creditors; or (vi) takes any corporate action for the purpose of authorizing any of the foregoing; or
(b)    if a case or other proceeding is commenced against such Grantor in any court of competent jurisdiction seeking (i) relief under any laws relating to bankruptcy, insolvency, reorganization, winding up, or adjustment of debts or (ii) the appointment of a trustee, receiver, custodian, liquidator, or the like for such Grantor for all or any substantial part of its assets; and under either clause (b)(i) or (b)(ii) of this definition, such case or proceeding has continued without dismissal or stay for a period of sixty (60) consecutive calendar days, or an order granting the relief requested in such case or proceeding (including an order for relief under such federal bankruptcy laws) is entered.
“Intellectual Property” means the collective reference to all rights, priorities and privileges relating to all Patents, Trademarks, Copyrights, Domain Names, trade secrets, Licenses and any other intellectual property, and all rights to sue or otherwise recover for any past, present and future infringement, dilution, misappropriation, or other violation or impairment thereof, including the right to receive all proceeds therefrom, including without limitation license fees, royalties, income payments, claims, damages and proceeds of suit, now or hereafter due and/or payable with respect thereto.
“Licenses” means (a) any and all licenses, agreements or similar arrangements providing for the grant to or from any Grantor of any right in and to Patents, Copyrights, or Trademarks or other Intellectual Property, and (b) all rights to sue for past, present, and future breaches thereof.
“Non-Contingent Obligations” means (i) if U.S. Approval has occurred, the Milestone Payment Obligation, and (ii) if a Non-Technical Termination has occurred, the Non-Technical Termination Payment.
“Patent Security Agreement” shall mean an agreement substantially in the form of the agreement attached hereto as Exhibit II.
“Patents” means, with respect to any Grantor, all of such Grantor’s right, title, and interest in and to: (a) any and all patents and patent applications; (b) all inventions and improvements described and claimed therein; (c) all reissues, divisions, continuations, renewals, extensions, and continuations-in-part thereof; (d) all income, royalties, damages, claims, and payments now or hereafter due or payable under and with respect thereto, including, without limitation, damages and payments for past and future infringements thereof; (e) all rights to sue for past, present, and future infringements thereof; and (f) all rights corresponding to any of the foregoing throughout the world.

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“Permitted Liens” means the security interest in or lien on its assets granted by Brickell in favor of Hercules Technology Growth Capital, Inc., a Maryland corporation, but only for a period of time not to exceed seven (7) Business Days after the Closing Date.
“Schedule” refers to a specific schedule to this Security Agreement, unless another document is specifically referenced.
“Section” means a numbered section of this Security Agreement, unless another document or statute is specifically referenced.
“Secured Obligations” means all obligations of Brickell to make any Milestone Installment Payment, any Non-Technical Termination Payment, or any Revenue Share Payment pursuant to the Funding Agreement.
“Software” means with respect to any Grantor, all of such Grantor’s right, title, and interest in and to computer programs, object code, source code and supporting documentation, including, without limitation, “software” as such term is defined in the UCC and computer programs that may be construed as included in the definition of “goods” in the UCC.
“Supplement to U.S. Security Agreement” means a supplement to this Security Agreement in the form of Exhibit I (with such modifications as shall be reasonably acceptable to Secured Party).
“Termination Date” shall have the meaning set forth in Section 7.11.
“Trademark Security Agreement” shall mean an agreement substantially in the form of the agreement attached hereto as Exhibit III.
“Trademarks” means, with respect to any Grantor, all of such Grantor’s right, title, and interest in and to the following: (a) all trademarks (including service marks), trade names, trade styles, trade dress and the registrations and applications for registration thereof and the goodwill of the business symbolized by the foregoing; (b) all renewals of the foregoing; (c) all income, royalties, damages, claims and payments now or hereafter due or payable with respect thereto, including, without limitation, damages, claims, and payments for past and future infringements thereof; (d) all rights to sue for past, present, and future infringements of the foregoing, including the right to settle suits involving claims and demands for royalties owing; and (e) all rights corresponding to any of the foregoing throughout the world.
“UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York; provided, however, that, in the event that, by reason of mandatory provisions of any Applicable Law, any of the attachment, perfection or priority of Secured Party’s security interest in any Collateral is governed by the Uniform Commercial Code of a jurisdiction other than the State of New York, “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction 

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for purposes of the provisions hereof relating to such attachment, perfection or priority and for purposes of the definitions related to or otherwise used in such provisions.
Section 11.12 of the Funding Agreement shall apply to this Security Agreement as if set out herein in full, mutatis mutandis.
ARTICLE II 
 
GRANT OF SECURITY INTEREST
For value received and to secure the prompt and complete payment and performance of the Secured Obligations, each Grantor hereby grants to Secured Party a continuing security interest in and lien upon all of the following, in each case, to the extent located in the United States: Grantor’s accounts, equipment, inventory, goods, fixtures, cash and currency, chattel paper, instruments, investment property, documents, letter-of-credit rights, deposit accounts, insurance claims and proceeds, contract rights, general intangibles, goodwill, and Intellectual Property rights, wherever located, whether now owned or hereafter acquired, and any additions, replacements, accessions, or substitutions thereof, all cash and non-cash proceeds and products thereof and all supporting obligations related thereto, but only to the extent such aforementioned property comprises the Product Assets as defined in the Funding Agreement, together with all books and records, customer lists, credit files, programs, printouts and other computer materials and records related thereto (the “Collateral”); provided that Collateral shall exclude Excluded Assets.
For the avoidance of doubt, the reaffirmation and grant of a security interest herein shall not be deemed to be an outright absolute assignment of Intellectual Property rights owned by such Grantor. 
ARTICLE III
 
REPRESENTATIONS AND WARRANTIES
As of the Effective Date, each Grantor represents and warrants, and each Grantor that becomes a party to this Security Agreement pursuant to the execution of a Supplement to U.S. Security Agreement in substantially the form of Exhibit I represents and warrants (after giving effect to supplements to each of the Schedules hereto with respect to such subsequent Grantor as attached to such Supplement to U.S. Security Agreement as of the date of such Supplement to U.S. Security Agreement), to Secured Party that:
3.1    Title, Authorization, Validity and Enforceability.  Such Grantor has good and valid rights in and the power to transfer the Collateral owned by it and title to the Collateral with respect to which it has purported to grant a security interest hereunder, free and clear of all Liens except for Permitted Liens, and has full corporate, limited liability company or partnership, as applicable, power and authority to grant to Secured Party the security interest in such Collateral 

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pursuant hereto.  The execution and delivery by such Grantor of this Security Agreement (or any supplement hereto) and the performance of its obligations hereunder have been duly authorized by proper corporate, limited liability company, limited partnership or partnership, as applicable, proceedings, and this Security Agreement constitutes a legal, valid and binding obligation of such Grantor and creates a security interest which is enforceable against such Grantor in all of its right, title and interest in all Collateral it now owns or hereafter acquires, subject to applicable bankruptcy, insolvency, reorganization or moratorium and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.  When financing statements have been filed in the appropriate offices against such Grantor in the locations listed in Schedule C, Secured Party will have a fully perfected first priority security interest in the Collateral owned by such Grantor to the extent that a security interest may be perfected by filing of a financing statement under the UCC, subject only to Permitted Liens.
3.2    Conflicting Laws and Contracts. Neither the execution and delivery by such Grantor of this Security Agreement, the creation and perfection of the security interest in the Collateral granted hereunder, nor compliance with the terms and provisions hereof will (i) violate the charter, by-laws or other organizational documents of such Grantor, (ii) violate any Applicable Law or regulation or any order of any Governmental Authority that applies to such Grantor or the Collateral except as could not result in a Material Adverse Effect, (iii) violate in any material respect or result in a default under any material indenture, material agreement or other material instrument binding upon such Grantor or its assets, or give rise to a right thereunder to require any payment to be made by such Grantor except where such defaults would not reasonably be expected to result in a Material Adverse Effect, or (iv) result in the creation or imposition of any Lien on the Collateral of such Grantor, other than Liens created under this Security Agreement or the Funding Agreement.
3.3    Principal Location.  As of the date such Person becomes a Grantor hereunder, such Grantor’s location of its chief executive office is disclosed in Schedule A.
3.4    No Other Names; Etc.  Within the five-year period ending as of the date such Person becomes a Grantor hereunder, such Grantor has not conducted business under any other name, changed its jurisdiction of organization, merged with or into or consolidated with any other Person, except as disclosed on Schedule A (as may be updated at the time such Person becomes a Grantor hereunder).  The name in which such Grantor has executed this Security Agreement (or any Supplement to U.S. Security Agreement, as applicable) is the exact name as it appears in such Grantor’s organizational documents, as amended, as filed with such Grantor’s jurisdiction of organization as of the date such Person becomes a Grantor hereunder.
3.5    Filing Requirements.  As of the date such Person becomes a Grantor hereunder, none of the Collateral owned by such Grantor is of a type for which security interests or liens may be perfected by filing under any U.S. federal statute except for Patents, Trademarks and Copyrights held by such Grantor and described in Schedule B.
3.6    No Financing Statements, Security Agreements.  No UCC financing statement or security agreement describing all or any portion of the Collateral which has not lapsed or been 

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terminated naming such Grantor as debtor has been filed or is of record in any jurisdiction except UCC financing statements (i) naming Secured Party as the secured party and (ii) in respect of Permitted Liens.
3.7    Federal Employer Identification Number; State Organization Number; Jurisdiction of Organization.  As of the date such Person becomes a Grantor hereunder, such Grantor’s federal employer identification number (if applicable) is, and if such Grantor is a registered organization, such Grantor’s state of organization, type of organization and state of organization identification number (if any) are, listed in Schedule E.
3.8    Intellectual Property.  Schedule B contains a complete and accurate listing as of the date such Person becomes a Grantor hereunder of the following Intellectual Property licensed or owned by such Grantor in connection with the Product Assets: (i) U.S. trademark registrations and applications for trademark registration, (ii) U.S. patents and patent applications, (iii) U.S. copyright registrations and applications for registration, and (iv) Domain Names and (B) Licenses for all forms of Intellectual Property described in clauses (A)(i)-(iii) above that are owned by a Third Party and licensed to such Grantor or otherwise used by such Grantor under contract that are material to the business of the Grantor other than off-the-shelf Software and Software subject to shrink-wrap, click-wrap and other generally commercially available licenses.  Notwithstanding anything in this Section 3.8 to the contrary, this Section 3.8 shall only apply to those items of Intellectual Property that constitute Product Assets.
3.9    [Reserved]. 
3.10    Deposit and Securities Accounts.  Schedule F contains a list of all Deposit Accounts and Securities Accounts that constitute Collateral of each Grantor as of the date such Person becomes a Grantor hereunder.
ARTICLE IV 
 
COVENANTS
Each of the Grantors agrees, and from and after the effective date of any Supplement to U.S. Security Agreement applicable to any Grantor (and after giving effect to supplements to each of the Schedules hereto with respect to such subsequent Grantor as attached to such Supplement to U.S. Security Agreement) and thereafter until the Termination Date, each such subsequent Grantor agrees:
4.1    General.
(a)    Financing Statements and Other Actions; Defense of Title.  Each Grantor hereby authorizes Secured Party to file, and if requested will execute and deliver to Secured Party, all financing statements describing the Collateral owned by such Grantor and other documents and take such other actions as may from time to time reasonably be requested by Secured Party in order to maintain a perfected security interest in the Collateral owned by such Grantor.  Such financing 

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statements may describe the Collateral in the same manner as described herein.  At least ten (10) Business Days prior to opening any new Deposit Account or Securities Account that constitutes Collateral, the Grantor establishing such account shall provide written notice thereof to Secured Party, such notice to include the name, location, intended purpose and anticipated balance of funds to be held in such Deposit Account or Securities Account.  Except with respect to Encumbrances that are permitted pursuant to the Funding Agreement, each Grantor agrees that it shall not execute any agreement for the benefit of any Person other than Secured Party that would have the effect of establishing Control of any Collateral provided that the foregoing shall not preclude Grantor from executing documentation with a depository bank, securities intermediary, or the like with respect to establishment of a deposit account or securities account or similar arrangement in the ordinary course of business.  
(b)    Change in Corporate Existence, Type or Jurisdiction of Organization, Location, Name.  Each Grantor will:
(i)    preserve its existence and organizational structure as in effect on the Effective Date (or as of the date such Person becomes a Grantor hereunder), except as otherwise permitted under the Funding Agreement; and
(ii)    within thirty (30) calendar days (or such later date as may be agreed to by Secured Party in its sole discretion) before such Grantor makes any change in its (A) legal name or (B) jurisdiction of organization after the Effective Date, provide written notice to Secured Party of such action, clearly describing such change and providing such other information in connection therewith as Secured Party may reasonably request.
(c)    Other UCC Financing Statements.  Prior to the Termination Date, each Grantor acknowledges that it is not authorized to file any UCC financing statement or amendment or termination statement with respect to any UCC financing statement filed in connection herewith without the prior written consent of Secured Party, subject to such Grantor’s rights under Section 9-509(d)(2) of the UCC.
(d)    Disposition of Collateral.  No Grantor shall sell, lease or otherwise dispose, discount or factor, with or without recourse, any Collateral except as permitted under the Funding Agreement. 
4.2    Intellectual Property.  If, after the date hereof, any Grantor obtains ownership rights to, including, but not limited to filing and acceptance of a statement of use or an amendment to allege use with the United States Patent and Trademark Office, or applies for or seeks registration of (other than applications for Trademarks filed in the United States Patent and Trademark Office, or any successor office thereto pursuant to 15 U.S.C. §1051 Section 1(b)), any new patentable invention, Trademark or Copyright in addition to the Patents, Trademarks and Copyrights described in Schedule B, in each case that constitutes Collateral, such Grantor shall give Secured Party written notice thereof as part of each Quarterly Report delivered to Secured Party under the Funding Agreement. Each Grantor agrees to execute and deliver to Secured Party, within thirty (30) days (or such later date as may be agreed to by Secured Party) of delivery of the applicable Quarterly 

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Report, any Supplement to U.S. Security Agreement, any Copyright Security Agreement, any Patent Security Agreement, any Trademark Security Agreement and any other document reasonably requested by Secured Party to evidence Secured Party’s security interest in such new application or registration in a form appropriate for recording in the applicable federal office.  
4.3    [Reserved].
4.1    Foreign Intellectual Property.  In the event any Grantor acquires any material Intellectual Property in the Territory constituting Collateral that is not located, registered or arising in the United States, such Grantor agrees to provide prompt written notice thereof to Secured Party and take such actions as may be required by Secured Party to create and perfect a security interest in such Collateral in favor of Secured Party. 
4.2    Termination of Hercules Lien.  Brickell agrees to cause the security interest in its assets granted to Hercules Technology Growth Capital, Inc. to be released within three (3) Business Days following the Closing Date and to have promptly terminated, but in any event within seven (7) business days after the Closing Date, all financing statements, control agreements and notices of record with respect thereto. 
4.3    Further Assurances.  Each Grantor agrees that from time to time such Grantor will promptly execute and deliver all further instruments and documents, and take all further action, that Secured Party may reasonably request, in order to perfect and protect the security interests granted hereby, to create, perfect or protect the security interests purported to be granted hereby or to enable Secured Party to exercise and enforce its rights and remedies hereunder with respect to any of the Collateral; provided that, (i) no action will be required of any Grantor to the extent such action would (A) result in (1) a breach of Applicable Laws that apply to such Grantor relating to corporate benefit, financial assistance, fraudulent preference, related or connected persons transactions, thin capitalization, capital maintenance or other Applicable Laws that apply to such Grantor, or (2) any material risk to the officers of the relevant Grantor of breach of fiduciary duties or civil or criminal liability, (B) result in costs that are materially disproportionate to the benefit obtained by Secured Party by reference to the costs of creating or perfecting such Liens versus the value of the assets being secured (as reasonably determined by Secured Party), or (C) impose an undue administration burden on, or material inconvenience to the ordinary course of operations of, such Grantor of such Lien, in each case which is materially disproportionate to the benefit obtained by Secured Party (as reasonably determined by Secured Party). Each Grantor shall furnish to Secured Party from time to time statements and schedules further identifying and describing the Collateral and such other reports in connection with the Collateral as Secured Party reasonably requests, all in reasonable detail and in form and substance reasonably satisfactory to Secured Party.
ARTICLE V 
 
DEFAULT AND REMEDIES

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5.1    Events of Default.  The occurrence of any one or more of the following events shall be an event of default hereunder (each, an “Event of Default”):
(a)    Payments.  Brickell fails to pay any Milestone Installment Payment or Revenue Share Payment when due and does not cure such breach within thirty (30) calendar days after the earlier of (i) provision of written notice of such breach by Brickell to Secured Party in accordance with Section 8.1 of the Funding Agreement, or (ii) Secured Party becoming aware of such breach.
(b)    Non-Technical Termination.  Any Non-Technical Termination shall have occurred and Brickell shall have failed to pay the Non-Technical Termination Payment when due in accordance with Section 3.3(c) of the Funding Agreement.
(c)    Minimum Cash Balance.  Brickell shall fail to satisfy its obligation to maintain a minimum cash balance in accordance with Section 8.4(d) of the Funding Agreement. 
(d)    Insolvency. An Insolvency Event occurs with respect to any Grantor.
Upon the occurrence and during the continuance of an Event of Default, Secured Party may, by written notice to the Grantors, accelerate any Non-Contingent Obligations and thereupon any such Non-Contingent Obligations shall immediately become due and payable without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived; provided that in the event of an Event of Default under Section 5.1(d), all Non-Contingent Obligations shall automatically and without written notice from Secured Party become due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived by each Grantor.  For the avoidance of doubt, (i) the Milestone Payment Obligation (i.e., Thirty-Seven Million, Five Hundred Thousand Dollars ($37,500,000)) would not be accelerated by an Event of Default that occurs prior to the Milestone Payment Obligation accruing, and being irrevocably earned by NovaQuest, on the Milestone Date, pursuant to Section 4.1(a) of the Funding Agreement and (ii) a Non-Technical Termination Payment would not be accelerated by an Event of Default that occurs prior to the occurrence of a Non-Technical Termination pursuant to Section 3.3(c) of the Funding Agreement. 
5.2    Remedies.  
(a)    Secured Party may, upon the occurrence and during the continuation of any Event of Default, exercise any or all of the following rights and remedies:
(i)    Those rights and remedies provided in this Security Agreement or the Funding Agreement; provided that this clause (i) shall not be construed to limit any rights or remedies available to Secured Party prior to or after an Event of Default.
(ii)    Those rights and remedies available to a secured party under the UCC (whether or not the UCC applies to the affected Collateral) or under any other Applicable Law or in equity when a debtor is in default under a security agreement.

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(iii)    Without notice except as specifically provided in Section 7.1 hereof or elsewhere herein, sell, lease, assign, grant an option or options to purchase or otherwise dispose of, deliver, or realize upon, the Collateral or any part thereof in one or more parcels at public or private sale or sales (which sales may be adjourned or continued from time to time with or without notice and may take place at any Grantor’s premises or elsewhere), for cash, on credit or for future delivery without assumption of any credit risk, and upon such other terms as Secured Party may deem commercially reasonable.  Secured Party shall be entitled to credit bid and use and apply the Secured Obligations (or any portion thereof) as a credit on account of the purchase price for any Collateral payable by Secured Party at such sale.  Each purchaser at any such sale shall hold the property sold absolutely free from any claim or right on the part of any Grantor, and each Grantor hereby waives (to the extent permitted by Applicable Law) all rights of redemption, stay and/or appraisal which it now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted.
(iv)    Transfer and register in its name or in the name of its nominee the whole or any part of the Collateral, to exchange certificates or instruments representing or evidencing Collateral for certificates or instruments of smaller or larger denominations, to exercise the voting and all other rights as a holder with respect thereto, to collect and receive all dividends, interest, principal and other distributions made thereon and to otherwise act with respect to the Collateral as though Secured Party was the outright owner thereof.
(b)    Secured Party may comply with any applicable state or federal law requirements in connection with a disposition of the Collateral and such compliance will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral.
(c)    Secured Party, after the occurrence and during the continuance of an Event of Default, shall be entitled to exercise the power of attorney provided in Section 7.4 hereof to execute, and cause to be acknowledged and notarized, an assignment of the entire right, title, and interest of any Grantor in and to the Intellectual Property included in the Collateral, and record said assignment with the applicable agency or registrar.
(d)    Secured Party shall have the right upon any such public sale or sales and, to the extent permitted by law, upon any such private sale or sales, to purchase all or any part of the Collateral so sold, free of any right or equity of redemption, which right or equity of redemption each Grantor hereby expressly waives and releases.  Secured Party may sell the Collateral without giving any warranties as to the Collateral.  Secured Party may specifically disclaim or modify any warranties of title or the like.
(e)    Until Secured Party is able to effect a sale, lease, or other disposition of Collateral, Secured Party shall have the right to hold or use Collateral, or any part thereof, to the extent that it deems appropriate for the purpose of preserving Collateral or its value or for any other purpose deemed appropriate by Secured Party.  Secured Party may, if it so elects, seek the appointment of a receiver or keeper to take possession of Collateral and to enforce any of Secured Party’s remedies, with respect to such appointment without prior notice or hearing as to such appointment.

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(f)    Notwithstanding the foregoing, Secured Party shall not be required to (i) make any demand upon, or pursue or exhaust any of its rights or remedies against, any Grantor, any other obligor, guarantor, pledgor or any other Person with respect to the payment of the Secured Obligations or to pursue or exhaust any of its rights or remedies with respect to any Collateral therefor or any direct or indirect guarantee thereof, (ii) marshal the Collateral or any guarantee of the Secured Obligations or to resort to the Collateral or any such guarantee in any particular order, or (iii) effect a public sale of any Collateral.
5.3    Grantors’ Obligations Upon Event of Default.  Upon the request of Secured Party after the occurrence and during the continuance of an Event of Default, each Grantor will:
(a)    Assembly of Collateral. Assemble and make available to Secured Party the Collateral and all records relating thereto at any place or places specified by Secured Party.
(b)     Secured Party Access. Permit Secured Party and its representatives and agents, to enter, occupy and use any premises where all or any part of the Collateral, or the books and records relating thereto, or both, are located, to take possession of all or any part of the Collateral, or the books and records relating thereto, or both, to remove all or any part of the Collateral, or the books and records relating thereto, or both, and to conduct sales of the Collateral, without any obligation to pay such Grantor for such use and occupancy.
5.4    Proceeds.  The proceeds of the Collateral shall be applied by Secured Party to payment of the Secured Obligations with any proceeds remaining after such application returned to the relevant Grantor.
ARTICLE VI 
 
WAIVERS, AMENDMENTS AND REMEDIES
No delay or omission of Secured Party to exercise any right or remedy granted under this Security Agreement shall impair such right or remedy or be construed to be a waiver of any Event of Default or an acquiescence therein, and any single or partial exercise of any such right or remedy shall not preclude any other or further exercise thereof or the exercise of any other right or remedy.  No waiver of any term, condition or provision of this Security Agreement shall be valid unless evidenced in a writing signed by Secured Party.  This Security Agreement, including any attachments or exhibits hereto, may be amended, modified, or supplemented only by a written amendment or agreement signed by Secured Party and each Grantor.  All rights and remedies contained in this Security Agreement or by law afforded shall be cumulative and all shall be available to Secured Party until the Termination Date.

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ARTICLE VII 
 
GENERAL PROVISIONS
7.1    Notice of Disposition of Collateral; Condition of Collateral.  Each Grantor hereby waives notice of the time and place of any public sale or the time after which any private sale or other disposition of all or any part of the Collateral may be made.  To the extent such notice may not be waived under Applicable Law, any notice made shall be deemed commercially reasonable if sent to Brickell, addressed as set forth in Article VIII, at least ten (10) days prior to (i) the date of any such public sale or (ii) the time after which any such private sale or other disposition may be made.  Any such public sale shall be held at such time or times within ordinary business hours and at such place or places as Secured Party may fix and state in the notice (if any) of such sale, and each Grantor agrees that the internet shall constitute a “place” for purposes of Section 9-610(b) of the UCC.  Secured Party may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned.  To the maximum extent permitted by Applicable Law, each Grantor waives all claims, damages, and demands against Secured Party arising out of the repossession, retention or sale of the Collateral, except such as arise solely out of the gross negligence or willful misconduct of Secured Party as determined by a court of competent jurisdiction in a final and non-appealable judgment.  To the extent it may lawfully do so, each Grantor absolutely and irrevocably waives and relinquishes the benefit and advantage of, and covenants not to assert against Secured Party, any valuation, stay, appraisal, extension, moratorium, redemption or similar laws and any and all rights or defenses it may have as a surety now or hereafter existing which, but for this provision, might be applicable to the sale of any Collateral made under the judgment, order or decree of any court, or privately under the power of sale conferred by this Security Agreement, or otherwise. Except as otherwise specifically provided herein, each Grantor hereby waives presentment, demand, protest or any notice (to the maximum extent permitted by Applicable Law) of any kind in connection with this Security Agreement or any Collateral.  Each Grantor shall permit Secured Party and its representatives and agents, to inspect any of its Collateral or its books and financial records related thereto, to examine and make copies of its books of accounts and other financial records related to Collateral and to discuss matters pertaining to the Collateral with, and to be advised as to the same by, its officers at such reasonable times and intervals as Secured Party may designate.  The Grantors shall pay the expenses of Secured Party for all visits, inspections and examinations that are made while any Event of Default is continuing and otherwise with respect to one such annual visit, inspection and examination.
7.2    Limitation on Secured Party’s Duty with Respect to the Collateral.  Secured Party shall have no obligation to clean-up or otherwise prepare the Collateral for sale.  Secured Party shall use reasonable care with respect to the Collateral in its possession or under its control; provided that Secured Party shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral in its possession or under its control if such Collateral is accorded treatment substantially equal to that which Secured Party accords its own property.  Secured Party 

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shall not have any other duty as to any Collateral in its possession or control or in the possession or control of any agent or nominee of Secured Party, or any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto.  To the extent that Applicable Law imposes duties on Secured Party to exercise remedies in a commercially reasonable manner, each Grantor acknowledges and agrees that it is commercially reasonable for Secured Party (i) to fail to incur expenses deemed significant by Secured Party to prepare Collateral for disposition or otherwise to transform raw material or work in process into finished goods or other finished products for disposition, (ii) to fail to obtain third party consents for access to Collateral to be disposed of, or to obtain or, if not required by other law, to fail to obtain governmental or third party consents for the collection or disposition of Collateral to be collected or disposed of, (iii) to fail to exercise collection remedies against account debtors or other Persons obligated on Collateral or to remove Liens on or any adverse claims against Collateral, (iv) to exercise collection remedies against account debtors and other Persons obligated on Collateral directly or through the use of collection agencies and other collection specialists, (v) to advertise dispositions of Collateral through publications or media of general circulation, whether or not the Collateral is of a specialized nature, (vi) to contact other Persons, whether or not in the same business as such Grantor, for expressions of interest in acquiring all or any portion of such Collateral, (vii) to hire one or more professional auctioneers to assist in the disposition of Collateral, whether or not the Collateral is of a specialized nature, (viii) to dispose of Collateral by utilizing internet sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable capacity of doing so, or that match buyers and sellers of assets, (ix) to dispose of assets in wholesale rather than retail markets, (x) to disclaim disposition warranties, such as title, possession or quiet enjoyment, (xi) to purchase insurance or credit enhancements to insure Secured Party against risks of loss, collection or disposition of Collateral or to provide to Secured Party a guaranteed return from the collection or disposition of Collateral, or (xii) to the extent deemed appropriate by Secured Party, to obtain the services of other brokers, investment bankers, consultants and other professionals to assist Secured Party in the collection or disposition of any of the Collateral. Each Grantor acknowledges that the purpose of this Section 7.2 is to provide non-exhaustive indications of what actions or omissions by Secured Party would be commercially reasonable in Secured Party’s exercise of remedies against the Collateral and that other actions or omissions by Secured Party shall not be deemed commercially unreasonable solely on account of not being indicated in this Section 7.2.  Without limitation upon the foregoing, nothing contained in this Section 7.2 shall be construed to grant any rights to any Grantor or to impose any duties on Secured Party that would not have been granted or imposed by this Security Agreement or by Applicable Law in the absence of this Section 7.2.
7.3    Secured Party’s Performance of Grantor’s Obligations.  Without having any obligation to do so, Secured Party may perform or pay any obligation which any Grantor has agreed to perform or pay in this Security Agreement and such Grantor shall promptly reimburse Secured Party on demand for any reasonable amounts paid by Secured Party pursuant to this Section 7.3.  Each Grantor’s obligation to reimburse Secured Party pursuant to the preceding sentence shall be a Secured Obligation payable on demand.  Nothing in this Section 7.3 shall be interpreted as excusing any Grantor from the performance of, or imposing any obligation on Secured Party to cure or 

14

perform, any covenants or other promises of any Grantor with respect to any of its obligations under this Security Agreement.
7.4    Authorization for Secured Party to Take Certain Action.  Each Grantor irrevocably authorizes Secured Party at any time and from time to time in the sole discretion of Secured Party and appoints Secured Party as its attorney in fact (i) to execute on behalf of such Grantor as debtor and to file financing statements, including amendments thereto and/or continuations thereof, necessary or desirable in Secured Party’s sole discretion to perfect and to maintain the perfection and priority of Secured Party’s security interest in the Collateral, (ii) after the occurrence and during the continuance of an Event of Default, to indorse and collect any cash proceeds of the Collateral, (iii) to file a carbon, photographic or other reproduction of this Security Agreement or any financing statement with respect to the Collateral as a financing statement and to file any other financing statement or amendment and/or continuation of a financing statement (which does not add new collateral or add a debtor) in such offices as Secured Party in its sole discretion deems necessary or desirable to perfect and to maintain the perfection and priority of  Secured Party’s security interest in the Collateral, (iv) after the occurrence and during the continuance of an Event of Default, to apply the proceeds of any Collateral received by Secured Party to the Secured Obligations, (v) to discharge past due taxes, assessments, charges, fees or Liens on the Collateral (except for such Liens as are specifically permitted hereunder or under the Funding Agreement) and (vi) after the occurrence and during the continuance of an Event of Default, to exercise all rights and remedies under Article V or otherwise under this Security Agreement and each Grantor agrees to promptly reimburse Secured Party on demand for any reasonable payment made or any reasonable expense incurred by Secured Party in connection therewith; provided that (x) this authorization shall not relieve any Grantor of any of its obligations under this Security Agreement or under the Funding Agreement and (y) nothing herein contained shall be construed as requiring or obligating Secured Party to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by Secured Party, or to present or file any claim or notice, or to take any action with respect to the Collateral or any part thereof or the moneys due or to become due in respect thereof or any property covered thereby.  The power-of-attorney granted hereby is coupled with an interest and shall be irrevocable.
7.5    Specific Performance of Certain Covenants.  Each Grantor acknowledges and agrees that a breach of the covenants contained in Sections 5.2 and 5.3 hereof will cause irreparable injury to Secured Party, that Secured Party has no adequate remedy at law in respect of such breaches and therefore agrees, without limiting the right of Secured Party to seek and obtain specific performance of other obligations of the Grantors contained in this Security Agreement, that the covenants of the Grantors contained in the Sections referred to in this Section 7.5 shall be specifically enforceable against the Grantors.
7.6    Reinstatement.  This Security Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or against any Grantor for liquidation or reorganization, should any Grantor become insolvent or make an assignment for the benefit of any creditor or creditors or should a receiver or trustee be appointed for all or any significant part of 

15

any Grantor’s assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Secured Obligations, or any part thereof, is, pursuant to Applicable Law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Secured Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Secured Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.
7.7    Indemnification.  The Grantors shall indemnify and hold Secured Party harmless from and against any and all claims, losses and liabilities (including reasonable attorneys’ fees) actually incurred by Secured Party (a) related solely to this Security Agreement arising out of claims, suits, actions or demands, in each case brought by a Third Party, or any settlements or judgments arising therefrom, or (b) arising from the enforcement of this Security Agreement and the security interests hereby created, except claims, losses or liabilities resulting from Secured Party’s gross negligence or willful misconduct as determined by a final judgment of a court of competent jurisdiction.  With respect to any claim for indemnification under clause (a) of the preceding sentence, the provisions of Section 10.2 of the Funding Agreement shall be incorporated herein, mutatis mutandis.  Any liability of the Grantors to indemnify and hold Secured Party harmless pursuant to the preceding sentence shall be part of the Secured Obligations.  Each Grantor’s obligations under this Section 7.7 shall survive termination of this Security Agreement.
7.8    Benefit of Agreement.  The terms and provisions of this Security Agreement shall be binding upon and inure to the benefit of the Grantors, Secured Party and their respective successors and assigns (including all persons who become party to this Security Agreement as a Grantor), except that the Grantors shall not have the right to assign their rights or delegate their obligations under this Security Agreement or any interest herein, without the prior written consent of Secured Party.  No sales of participations, assignments, transfers, or other dispositions of any agreement governing the Secured Obligations or any portion thereof or interest therein shall in any manner impair the Lien granted to Secured Party.
7.9    Survival of Representations.  All representations and warranties of the Grantors contained in this Security Agreement shall survive the execution and delivery of this Security Agreement.
7.10    Headings.  The title of and section headings in this Security Agreement are for convenience of reference only, and shall not govern the interpretation of any of the terms and provisions of this Security Agreement.
7.11    Termination.  This Security Agreement shall continue in effect for the Term of the Funding Agreement. 
7.12    Entire Agreement.  This Security Agreement embodies the entire agreement and understanding between the Grantors and Secured Party relating to the Collateral and supersedes all 

16

prior agreements and understandings among the Grantors and Secured Party relating to the Collateral.
7.13    Governing Law; Jurisdiction; Waiver of Jury Trial.
(a)    Governing Law.  This Security Agreement shall be governed by and construed, interpreted, and enforced in accordance with the laws of New York, as applied to agreements executed and performed entirely in New York, without giving effect to the principles of conflicts of law thereof, other than Section 5-1401 of the New York General Obligations Law.
(b)    WAIVER OF JURY TRIAL.  EACH PARTY HERETO IRREVOCABLY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING IN CONNECTION WITH OR RELATING TO THIS SECURITY AGREEMENT OR ANY AGREEMENT ENTERED INTO PURSUANT HERETO AND AGREES THAT ANY SUCH SUIT, ACTION, OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.
(c)    Dispute Resolution and Equitable Relief. Sections 11.3 and 11.4 of the Funding Agreement shall apply to this Security Agreement as if set out herein in full, mutatis mutandis.
7.14    Severability.  Any provision in this Security Agreement that is held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to this end the provisions of this Security Agreement are declared to be severable.
7.15    Counterparts.  This Security Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Security Agreement by telecopy or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Security Agreement.
7.16    Security Interest Absolute.  All rights of Secured Party hereunder, the grant of a security interest in the Collateral and all obligations of each Grantor hereunder, shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Funding Agreement, any agreement with respect to any of the Secured Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Secured Obligations, or any other amendment or waiver of or any consent to any departure from the Funding Agreement or any other agreement or instrument relating to any of the foregoing, (c) any exchange, release or nonperfection of any other collateral, or any release or amendment or waiver of or consent to or departure from any guaranty, for all or any of the Secured Obligations or (d) any other circumstance (other than payment in full of the Secured Obligations (other than inchoate obligations)) that might otherwise constitute a defense available to, or a discharge of, any Grantor in respect of the Secured Obligations or in respect of this Security Agreement.

17

7.17    Additional Grantors.  Each Grantor agrees to provide prompt written notice to Secured Party of the formation or acquisition of any new subsidiary that has an interest in Product Assets and such subsidiary shall be required to enter in this Security Agreement as a Grantor.  Upon execution and delivery by Secured Party and any such new subsidiary of a Supplement to U.S. Security Agreement in the form of Exhibit I hereto, such subsidiary shall become a Grantor hereunder with the same force and effect as if originally named as a Grantor herein.  The execution and delivery of such instrument shall not require the consent of any Grantor hereunder.  The rights and obligations of each Grantor hereunder shall remain in full force and effect notwithstanding the addition of any new Grantor as a party to this Security Agreement.
7.18    Release of Liens.  Upon the termination of this Security Agreement in accordance with Section 7.11, each Grantor shall automatically be released from its obligations under this Security Agreement, and the security interests in the Collateral created by this Security Agreement and the Funding Agreement shall be automatically released.  In addition, upon any sale or other disposition by any Grantor of any Collateral in a transaction permitted under the Funding Agreement (other than a disposition to another Grantor), the security interests in such Collateral created by this Security Agreement shall, upon written notice to Secured Party, be automatically released.
In connection with any termination or release pursuant to this Section 7.18, Secured Party shall execute and deliver to the applicable Grantor all documents that such Grantor shall reasonably request to evidence such termination or release. 
ARTICLE VIII 
 
NOTICES
8.1    Sending Notices.  Any notice required or permitted to be given under this Security Agreement shall be sent (and deemed received) in the manner and to the addresses set forth in Section 11.7 of the Funding Agreement.  Any notice delivered to Brickell shall be deemed to have been delivered to all of the Grantors.
[Signature Pages Follow]

18

IN WITNESS WHEREOF, each of the Grantor and Secured Party has executed this Security Agreement as of the date first above written.
GRANTOR:
	
		
	Brickell Subsidiary, Inc. 

	 
	

	By:
	/s/ Robert Brown

	Name:
	Robert Brown

	Title:
	Chief Executive Officer

[Signature Page to Security Agreement]

SECURED PARTY:

	
			
	NovaQuest Co-Investment Fund X, L.P. 

	 

	By:
	NQ POF V GP, LTD., its general partner
	 

	 
	 
	 

	 
	 
	 

	By:
	/s/ John L. Bradley, Jr.
	 

	Name:
	John L. Bradley, Jr.
	 

	Title:
	Director
	 

                    

[Signature Page to Security Agreement]

Schedule A
Prior names, jurisdiction of formation, place of business (if the Grantor has only one place of business), chief executive office (if the Grantor has more than one place of business), mergers and mailing address:
	
						
	Grantor
	Prior Name
	Jurisdiction of Formation
	Principal Place of Business
	Chief Executive Office / Mailing Address
	Significant Mergers or Acquisitions

	Brickell Subsidiary, Inc.
	Brickell Biotech, Inc.
	DE, USA
	5777 Central Ave. Suite 102, Boulder, CO, USA
	5777 Central Ave. Suite 102, Boulder, CO, USA
	On August 31, 2019, Brickell Biotech, Inc. merged with and into Victory Subsidiary, Inc., with Brickell Biotech, Inc. being the surviving corporation.  Pursuant to the Certificate of Merger, the surviving corporation was renamed Brickell Subsidiary, Inc.

Schedule B
[***]

Schedule C
Offices in Which UCC Financing Statements Shall Be Filed
	
		
	Grantor
	Jurisdictions

	Brickell Subsidiary, Inc.
	Delaware, SOS

Schedule D
[Reserved]

Schedule E
Federal Employer Identification Number; 
State Organization Number; Jurisdiction of Incorporation

	
					
	Grantor
	Federal Employer Identification Number
	Type of Organization
	State/ Jurisdiction of Organization or Incorporation
	State/ Jurisdiction of Organization Number

	Brickell Subsidiary, Inc.
	27-0943393
	C-Corp
	DE
	 

Exhibit I
Supplement 
to 
U.S. Security Agreement
Reference is hereby made to the U.S. Security Agreement (as amended, restated, supplemented or otherwise modified from time to time, the “Agreement”), dated as of [__], 2019, made by the Grantors party thereto on the date thereof (together with any additional obligor, whether now existing or hereafter formed or acquired, which becomes party to the Agreement from time to time by executing a Supplement to U.S. Security Agreement in substantially the form hereof, the “Grantors”), in favor of Secured Party. Capitalized terms used herein and not defined herein shall have the meanings given to them in the Agreement.
By its execution below, the undersigned, [NAME OF NEW GRANTOR], a [                  ] [corporation/limited liability company/limited partnership] (the “New Grantor”) agrees to become, and does hereby become, a Grantor under the Agreement and agrees to be bound by the Agreement as if originally a party thereto.  The New Grantor hereby pledges and grants to Secured Party a security interest in all of the New Grantor’s right, title and interest, wherever located and whether now owned or hereafter acquired, in and to the Collateral to secure the prompt and complete payment and performance of the Secured Obligations.  For the avoidance of doubt, the grant of a security interest herein shall not be deemed to be an outright assignment of intellectual property rights owned by the New Grantor.
By its execution below, the undersigned represents and warrants as to itself that all of the representations and warranties contained in the Agreement are true and correct in all material respects as of the date hereof (other than to the extent qualified by materiality or “Material Adverse Effect”, in which case, such representations and warranties shall be true and correct). The New Grantor represents and warrants that the supplements to the Schedules to the Agreement attached hereto are true and correct in all respects and that such supplements set forth all information required to be scheduled under the Agreement with respect to the New Grantor. The New Grantor shall take all steps necessary and required under the Agreement to perfect, in favor of Secured Party, a first-priority security interest in and lien against the New Grantor’s Collateral subject to any Permitted Liens.
New Grantor hereby authorizes Secured Party to file, and if requested will execute and deliver to Secured Party, all financing statements describing the Collateral owned by such New Grantor and other documents and take such other actions as may from time to time reasonably be requested by Secured Party (and in accordance with the terms of the Agreement) in order to maintain a perfected security interest in and, if applicable, Control of, the Collateral owned by such New Grantor. Such financing statements may describe the Collateral in the same manner as described in the Agreement or may contain an indication or description of collateral that describes such property in any other manner as Secured Party may determine, in its sole discretion, is necessary, advisable 

or prudent to ensure that the perfection of the security interest in the Collateral granted to Secured Party in the Agreement (as supplemented hereby), including, without limitation, describing such property as “all assets of the Debtor whether now owned or hereafter acquired and wheresoever located, including all accessions thereto and proceeds thereof” or using words of similar import.
THIS SECURITY AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

IN WITNESS WHEREOF, the New Grantor has executed and delivered this Supplement to U.S. Security Agreement as of this _____ day of __________,20___.
[NAME OF NEW GRANTOR]

By:        
Name:        
Title:        

	
			
	NovaQuest Co-Investment Fund X, L.P. 

	 

	By:
	[NQ, its general partner]
	 

	 
	 
	 

	By:
	 [NQ, its sole member]
	 

	 
	 
	 

	By:
	 
	 

	Name:
	 
	 

	Title:
	 
	 

Exhibit II
[Form of] Patent Security Agreement
THIS PATENT SECURITY AGREEMENT (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Patent Security Agreement”) is made effective as of [______________], 20[__] by and from [_______] (the “Grantor”), to and in favor of NovaQuest Co-Investment Fund X, L.P., a Delaware limited partnership (the “Grantee”).
WHEREAS, the Grantor has entered into a U.S. Security Agreement dated as of [__], 2019 (as may be amended, restated, supplemented or otherwise modified from time to time, the “U.S. Security Agreement”).
WHEREAS, the Grantor owns the patents listed on Schedule A attached hereto (the “Patents”), which Patents are pending or registered with the United States Patent and Trademark Office.
WHEREAS, this Patent Security Agreement has been executed in conjunction with the security interest granted under the U.S. Security Agreement to the Grantee. In the event that any provisions of this Patent Security Agreement are deemed to conflict with the U.S. Security Agreement, the provisions of the U.S. Security Agreement shall govern.
NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed that:
1)    Definitions. All capitalized terms not defined herein shall have the respective meaning given to them in the Funding Agreement or the U.S. Security Agreement.
2)    The Security Interest.
(a)    This Patent Security Agreement is made to secure the prompt and complete payment and performance of all the Secured Obligations. Upon the occurrence of the Termination Date (as defined in the U.S. Security Agreement), the Grantee shall promptly, upon such satisfaction, execute, acknowledge, and deliver to the Grantor all reasonably requested instruments in writing releasing the security interest in the Patents acquired under the U.S. Security Agreement and this Patent Security Agreement.
(b)    The Grantor hereby pledges and grants to the Grantee a security interest in all of the Grantor’s right, title and interest, wherever located and whether now owned or hereafter acquired, in and to (i) any and all patents and patent applications, including those listed on Schedule A hereto; (ii) all inventions and improvements described and claimed therein; (iii) all reissues, 

divisions, continuations, renewals, extensions, and continuations-in-part thereof; (iv) all income, royalties, damages, claims, and payments now or hereafter due or payable under and with respect thereto, including, without limitation, damages and payments for past and future infringements thereof; (v) all rights to sue for past, present, and future infringements thereof; and (vi) all rights corresponding to any of the foregoing throughout the world.
3)    Governing Law. THIS PATENT SECURITY AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.
4)    Recordation. The Grantor hereby authorizes and requests that the Commissioner of Patents and Trademarks record this Patent Security Agreement.
*******
IN WITNESS WHEREOF, the Grantor has executed this Patent Security Agreement effective as of the date first written above.
[GRANTOR]

By:        
Name:        
Title:        

	
			
	NovaQuest Co-Investment Fund X, L.P. 

	 

	By:
	[NQ, its general partner]
	 

	 
	 
	 

	By:
	 [NQ, its sole member]
	 

	 
	 
	 

	By:
	 
	 

	Name:
	 
	 

	Title:
	 
	 

Schedule A
Patents
	
					
	Title
	Patent No.
	Date Issued
	Application No.
	Date Filed

	 
	 
	 
	 
	 

Exhibit III
[Form of] Trademark Security Agreement
THIS TRADEMARK SECURITY AGREEMENT (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Trademark Security Agreement”) is made effective as of [________], 20[__] by and from [    ] (the “Grantor”), to and in favor of NovaQuest Co-Investment Fund X, L.P., a Delaware limited partnership  (the “Grantee”).
WHEREAS, the Grantor has entered into a U.S. Security Agreement dated as of [__], 2019 (as may be amended, restated, supplemented or otherwise modified from time to time, the “U.S. Security Agreement”).
WHEREAS, the Grantor owns the trademarks listed on Schedule A attached hereto (the “Trademarks”), which Trademarks are pending or registered with the United States Patent and Trademark Office.
WHEREAS, this Trademark Security Agreement has been executed in conjunction with the security interest granted under the U.S. Security Agreement to the Grantee. In the event that any provisions of this Trademark Security Agreement are deemed to conflict with the U.S. Security Agreement, the provisions of the U.S. Security Agreement shall govern.
NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed that:
1)    Definitions. All capitalized terms not defined herein shall have the respective meaning given to them in the Funding Agreement or the U.S. Security Agreement.
2)    The Security Interest.
(a)    This Trademark Security Agreement is made to secure the prompt and complete payment and performance of all the Secured Obligations. Upon the occurrence of the Termination Date (as defined in the U.S. Security Agreement), the Grantee shall promptly, upon such satisfaction, execute, acknowledge, and deliver to the Grantor all reasonably requested instruments in writing releasing the security interest in the Trademarks acquired under the U.S. Security Agreement and this Trademark Security Agreement.
(b)    The Grantor hereby pledges and grants to the Grantee a security interest in (other than applications for trademarks or service marks filed in the United States Patent and Trademark Office or any successor office thereto pursuant to 15 U.S.C. §1051 Section 1(b) unless and until evidence of use of the mark in interstate commerce is submitted to the United States Patent 

and Trademark Office or any successor office thereto pursuant to 15 U.S.C. §1051 Section 1(c) or Section 1(d)) all of the Grantor’s right, title and interest, wherever located and whether now owned or hereafter acquired, in and to (i) all trademarks (including service marks), trade names, trade styles, trade dress and the registrations and applications for registration thereof, including those listed on Schedule A hereto and the goodwill of the business symbolized by the foregoing; (ii) all renewals of the foregoing; (iii) all income, royalties, damages, claims and payments now or hereafter due or payable with respect thereto, including, without limitation, damages, claims, and payments for past and future infringements thereof; (iv) all rights to sue for past, present, and future infringements of the foregoing, including the right to settle suits involving claims and demands for royalties owing; and (v) all rights corresponding to any of the foregoing throughout the world.
3)    Governing Law. THIS TRADEMARK SECURITY AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.
4)    Recordation. The Grantor hereby authorizes and requests that the Commissioner of Patents and Trademarks record this Trademark Security Agreement.
*******
IN WITNESS WHEREOF, the Grantor has executed this Trademark Security Agreement effective as of the date first written above.
[GRANTOR]

By:        
Name:        
Title:        

	
			
	NovaQuest Co-Investment Fund X, L.P. 

	 

	By:
	[NQ, its general partner]
	 

	 
	 
	 

	By:
	 [NQ, its sole member]
	 

	 
	 
	 

	By:
	 
	 

	Name:
	 
	 

	Title:
	 
	 

Schedule A
Trademarks
	
					
	Mark
	App. No.
	App. Date
	Reg. No.
	Reg. Date

	 
	 
	 
	 
	 

Exhibit IV
[Form of] Copyright Security Agreement
THIS COPYRIGHT SECURITY AGREEMENT (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Copyright Security Agreement”) is made effective as of [__________], 20[__] by and from [    ] (the “Grantor”), to and in favor of NovaQuest Co-Investment Fund X, L.P., a Delaware limited partnership  (the “Grantee”).
WHEREAS, the Grantor has entered into a U.S. Security Agreement dated as of [__], 2019 (as may be amended, restated, supplemented or otherwise modified from time to time, the “U.S. Security Agreement”).
WHEREAS, Grantor owns the copyrights listed on Schedule A attached hereto (the “Copyrights”), which Copyrights are pending or registered with the United States Copyright Office.
WHEREAS, this Copyright Security Agreement has been granted in conjunction with the security interest granted under the U.S. Security Agreement to the Grantee. In the event that any provisions of this Copyright Security Agreement are deemed to conflict with the U.S. Security Agreement, the provisions of the U.S. Security Agreement shall govern.
NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed that:
1)    Definitions. All capitalized terms not defined herein shall have the respective meaning given to them in the Funding Agreement or the U.S. Security Agreement.
2)    The Security Interest.
(a)    This Copyright Security Agreement is made to secure the prompt and complete payment and performance of all the Secured Obligations. Upon the occurrence of the Termination Date (as defined in the U.S. Security Agreement), the Grantee shall promptly, upon such satisfaction, execute, acknowledge, and deliver to the Grantor all reasonably requested instruments in writing releasing the security interest in the Copyrights acquired under the U.S. Security Agreement and this Copyright Security Agreement.
(b)    The Grantor hereby pledges and grants to the Grantee a security interest in all of the Grantor’s right, title and interest, wherever located and whether now owned or hereafter acquired, in and to (i) all copyrights, rights and interests in copyrights, works protectable by copyright, copyright registrations, and copyright applications, including those listed on Schedule A hereto; (ii) all extensions and renewals of any of the foregoing; (iii) all income, royalties, damages, 

claims and payments now or hereafter due and/or payable under any of the foregoing, including, without limitation, damages or payments for past or future infringements or violations for any of the foregoing; (iv) the right to sue for past, present, and future infringements of any of the foregoing; and (v) all rights corresponding to any of the foregoing throughout the world.
3)    Governing Law. THIS COPYRIGHT SECURITY AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.
4)    Recordation. The Grantor hereby authorizes and requests that the Commissioner of Copyrights record this Copyright Security Agreement.
*******
IN WITNESS WHEREOF, the Grantor has executed this Copyright Security Agreement effective as of the date first written above.
[GRANTOR]

By:        
Name:        
Title:        

	
			
	NovaQuest Co-Investment Fund X, L.P. 

	 

	By:
	[NQ, its general partner]
	 

	 
	 
	 

	By:
	 [NQ, its sole member]
	 

	 
	 
	 

	By:
	 
	 

	Name:
	 
	 

	Title:
	 
	 

Schedule B
Copyrights
	
			
	Copyright Title
	Reg. No.
	Reg. DateEX-4.2

 Exhibit 4.2 

VIR BIOTECHNOLOGY, INC. 

AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT 

November 29, 2017 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
			
	 1.
	 	Definitions	  	 	1	 
			
	 2.
	 	Registration Rights	  	 	4	 
		 	2.1	  	Demand Registration	  	 	4	 
		 	2.2	  	Company Registration	  	 	6	 
		 	2.3	  	Underwriting Requirements	  	 	6	 
		 	2.4	  	Obligations of the Company	  	 	7	 
		 	2.5	  	Furnish Information	  	 	8	 
		 	2.6	  	Expenses of Registration	  	 	8	 
		 	2.7	  	Delay of Registration	  	 	9	 
		 	2.8	  	Indemnification	  	 	9	 
		 	2.9	  	Reports Under Exchange Act	  	 	11	 
		 	2.10	  	Limitations on Subsequent Registration Rights	  	 	11	 
		 	2.11	  	“Market Stand-off” Agreement	  	 	11	 
		 	2.12	  	Restrictions on Transfer	  	 	12	 
		 	2.13	  	Termination of Registration Rights	  	 	13	 
			
	 3.
	 	Information and Observer Rights	  	 	14	 
		 	3.1	  	Delivery of Financial Statements	  	 	14	 
		 	3.2	  	Inspection	  	 	15	 
		 	3.3	  	Observer Rights	  	 	15	 
		 	3.4	  	Termination of Information and Observer Rights	  	 	15	 
		 	3.5	  	Confidentiality	  	 	16	 
		 	3.6	  	“Bad Actor” Covenant	  	 	16	 
			
	 4.
	 	Rights to Future Stock Issuances	  	 	16	 
		 	4.1	  	Right of First Offer	  	 	16	 
		 	4.2	  	Termination	  	 	17	 
			
	 5.
	 	Additional Covenants	  	 	18	 
		 	5.1	  	Employee Agreements	  	 	18	 
		 	5.2	  	Employee Stock	  	 	18	 
		 	5.3	  	Qualified Small Business Stock	  	 	18	 
		 	5.4	  	Matters Requiring Board Supermajority Approval	  	 	18	 
		 	5.5	  	Board Matters	  	 	19	 
		 	5.6	  	Successor Indemnification	  	 	20	 
		 	5.7	  	Expenses of Counsel	  	 	20	 
		 	5.8	  	Indemnification Matters	  	 	20	 
		 	5.9	  	Right to Conduct Activities	  	 	21	 
		 	5.10	  	Tax Reporting	  	 	21	 
		 	5.11	  	Termination of Covenants	  	 	21	 
			
	 6.
	 	Miscellaneous	  	 	21	 
		 	6.1	  	Successors and Assigns	  	 	21	 
		 	6.2	  	Governing Law	  	 	22	 
		 	6.3	  	Counterparts	  	 	22	 
		 	6.4	  	Titles and Subtitles	  	 	22	 

  
 i 

									
	    
	 	6.5	  	Notices	  	 	22	 
		 	6.6	  	Amendments and Waivers	  	 	22	 
		 	6.7	  	Severability	  	 	23	 
		 	6.8	  	Aggregation of Stock	  	 	23	 
		 	6.9	  	Additional Investors	  	 	23	 
		 	6.10	  	Entire Agreement	  	 	23	 
		 	6.11	  	Dispute Resolution	  	 	23	 
		 	6.12	  	Waiver of Jury Trial	  	 	24	 
		 	6.13	  	Delays or Omissions	  	 	24	 
		 	6.14	  	Acknowledgment	  	 	24	 

 Schedule A - Schedule of Investors 

  
 ii 

 AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT 

THIS AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”), is made as of November 29, 2017, by and
among Vir Biotechnology, Inc., a Delaware corporation (the “Company”), each of the investors listed on Schedule A hereto, each of which is referred to in this Agreement as an “Investor”. 

RECITALS 

WHEREAS, certain of the Investors (the “Existing Investors”) hold shares of the Company’s Series A-1 Preferred Stock, Series A-2 Preferred Stock and/or shares of Common Stock issued upon conversion thereof and possess registration rights, information rights, rights of
first offer, and other rights pursuant to an Amended and Restated Investors’ Rights Agreement, dated as of August 25, 2017, between the Company and such Investors (the “Prior Agreement”); and 

WHEREAS, the Existing Investors are holders of at least 60% of the Registrable Securities of the Company (as defined in the Prior
Agreement), and desire to amend and restate the Prior Agreement in its entirety. 
 NOW, THEREFORE, the Existing Investors hereby
agree that the Prior Agreement shall be amended and restated, and the parties to this Agreement further agree as follows: 
 1.
Definitions. For purposes of this Agreement: 
 “ARCH” means ARCH Venture Fund IX, L.P. and ARCH Venture Fund IX
Overage, L.P. 
 “Affiliate” means, with respect to any specified Person, any other Person who, directly or indirectly,
controls, is controlled by, or is under common control with such Person, including without limitation any general partner, managing member, officer or director of such Person or any venture capital fund now or hereafter existing that is controlled
by one or more general partners or managing members of, or shares the same management company with, such Person; and, in addition, with respect to the Baillie Gifford Investor, any person that receives, directly or indirectly, investment management
or management advisory services from Baillie Gifford, or any of its subsidiaries or owned affiliates. SoftBank and the SoftBank Vision Fund, L.P. shall be deemed an Affiliate of SoftBank Group Corp. and each Affiliate thereof for so long as SoftBank
or the SoftBank Vision Fund, L.P. is directly or indirectly managed or controlled by SoftBank Group Corp. or one or more general partners, managing members, managing directors, executive officers or a management company who are Affiliates of
SoftBank Group Corp. 
 “Baillie Gifford” means Baillie Gifford & Co. and any successor or affiliated investment
advisor to the Baillie Gifford Investor. 
 “Baillie Gifford Investor” means Scottish Mortgage Investment Trust plc. 

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

 “Competitor” means, as of any date, a Person engaged, directly or
indirectly (including through any partnership, limited liability company, corporation, joint venture or similar arrangement (whether now existing or formed hereafter)), in the business conducted or proposed to be conducted by the Company on
such date, but shall not include (i) any financial investment firm or collective investment vehicle that, together with its Affiliates, holds less than twenty percent (20)% of the outstanding equity of any Competitor and does not, nor do any of
its Affiliates, have a right to designate any members of the board of directors of any Competitor or (ii) any Specified Investor. 

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

“Derivative Securities” means any securities or rights convertible into, or exercisable or exchangeable for (in each case,
directly or indirectly), Common Stock, including options and warrants. 
 “Exchange Act” means the Securities Exchange Act
of 1934, as amended, and the rules and regulations promulgated thereunder. 
 “Excluded Registration” means (i) a
registration relating to the sale of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; (iii) a registration on
any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration in which the only Common Stock being
registered is Common Stock issuable upon conversion of debt securities that are also being registered. 
 “Form S-1” means such form under the Securities Act as in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC. 

“Form S-3” means such form under the Securities Act as in effect on the date
hereof or any registration form under the Securities Act subsequently adopted by the SEC that permits incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

“GAAP” means generally accepted accounting principles in the United States. 

“Holder” means any holder of Registrable Securities who is a party to this Agreement. 

“Immediate Family Member” means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including, adoptive relationships, of a natural person referred to herein. 

“Initiating Holders” means, collectively, Holders who properly initiate a registration request under this Agreement. 

  
 2 

 “IPO” means the Company’s first underwritten public offering of its
Common Stock under the Securities Act. 
 “Key Employee” means Klaus Früh, Ph.D., Louis J. Picker, M.D., Jay Parrish,
Ph.D., George A. Scangos, Ph.D. and Howard Horn. 
 “Major Investor” means any Investor that, individually or together with
such Investor’s Affiliates, holds at least 10,000,000 shares of Registrable Securities, as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification effected after the date hereof. 

“New Securities” means, collectively, equity securities of the Company, whether or not currently authorized, as well as
rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or exchangeable into or exercisable for such equity securities. 

“Person” means any individual, corporation, partnership, trust, limited liability company, association or other entity. 

“Preferred Stock” means, collectively, shares of the Company’s Series A-1
Preferred Stock, Series A-2 Preferred Stock and Series B Preferred Stock. 
 “Purchase
Agreement” means, that certain Amended and Restated Series A-1 and Series B Preferred Stock Purchase Agreement, dated August 25, 2017, by and among the Company and the other parties thereto. 

“Registrable Securities” means (i) the Common Stock issuable or issued upon conversion of the Preferred Stock,
excluding any shares of Common Stock issued upon conversion of shares of Preferred Stock pursuant to the “Special Mandatory Conversion” provisions of the Company’s Certificate of Incorporation; (ii) any Common Stock, or any
Common Stock issued or issuable (directly or indirectly) upon conversion and/or exercise of any other securities of the Company, acquired by the Investors after the date hereof; and (iii) any Common
Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares referenced in clauses
(i) and (ii) above; excluding in all cases, however, any Registrable Securities sold by a Person in a transaction in which the applicable rights under this Agreement are not assigned pursuant to Subsection 6.1, and
excluding for purposes of Section 2 any shares for which registration rights have terminated pursuant to Subsection 2.13 of this Agreement. 

“Registrable Securities then outstanding” means the number of shares determined by adding the number of shares of outstanding
Common Stock that are Registrable Securities and the number of shares of Common Stock issuable (directly or indirectly) pursuant to then exercisable and/or convertible securities that are Registrable Securities. 

“Restricted Securities” means the securities of the Company required to be notated with the legend set forth in Subsection
2.12(b) hereof. 
 “SEC” means the Securities and Exchange Commission. 

“SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act. 

“SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act. 

  
 3 

 “Securities Act” means the Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder. 
 “Selling Expenses” means all underwriting discounts, selling commissions,
and stock transfer taxes applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as provided in
Subsection 2.6. 
 “Senior Directors” means, collectively, the Series A-1
Directors and Series B Directors. 
 “Senior Preferred Stock” means, collectively, shares of the Company’s Series A-1 Preferred Stock and Series B Preferred Stock. 
 “Series
A-1 Director” means any director of the Company that the holders of record of the Series A-1 Preferred Stock are entitled to elect pursuant to the
Company’s Certificate of Incorporation. 
 “Series A-1 Preferred Stock” means
the shares of Series A-1 Preferred Stock, $0.0001 par value per share, of the Company. 

“Series A-2 Preferred Stock” means the shares of Series A-2 Preferred Stock, $0.0001 par value per share, of the Company. 
 “Series B Director”
means any director of the Company that the holders of record of the Series B Preferred Stock are entitled to elect pursuant to the Company’s Certificate of Incorporation. 

“Series B Preferred Stock” means the shares of Series B Preferred Stock, $0.0001 par value per share, of the Company. 

“SoftBank” means SoftBank Vision Fund (AIV M1) L.P. 

“Specified Investor” means ARCH, Baillie Gifford, SoftBank and Temasek. 

“Temasek” means TLS Beta Pte. Ltd. and its Affiliates. 

2. Registration Rights. The Company covenants and agrees as follows: 

2.1 Demand Registration. 

(a) Form S-1 Demand. If at any time after the earlier of (i) five (5) years after the date
of this Agreement or (ii) one hundred eighty (180) days after the effective date of the registration statement for the IPO, the Company receives a request from Major Investors holding at least fifty percent (50%) of the Registrable
Securities then outstanding that the Company file a Form S-1 registration statement with respect to at least fifty percent (50%) of the Registrable Securities then outstanding (or a lesser percent if
the anticipated aggregate offering price, net of Selling Expenses, would exceed $10 million), then the Company shall (x) within ten (10) days after the date such request is given, give notice thereof (the “Demand Notice”)
to all Holders other than the Initiating Holders; and (y) as soon as practicable file a Form S-1 registration statement under the Securities Act covering all Registrable Securities that the Initiating
Holders requested to be registered and any additional Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of
the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(c) and 2.3. 

  
 4 

 (b) Form S-3 Demand. If at any time when it is
eligible to use a Form S-3 registration statement, the Company receives a request from Major Investors holding at least ten percent (10%) of the Registrable Securities then outstanding that the Company file a
Form S-3 registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least $5 million, then the
Company shall (i) within ten (10) days after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii) as soon as practicable file a Form
S-3 registration statement under the Securities Act covering all Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to
the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(c) and 2.3. 

(c) Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant to this Subsection
2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Company’s Board of Directors (the “Board”) it would be materially detrimental to the Company and its
stockholders for such registration statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would (i) materially interfere with a
significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential;
or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing, and any time periods with respect to filing or
effectiveness thereof shall be tolled correspondingly, for a period of not more than sixty (60) days after the request of the Initiating Holders is given; provided, however, that the Company may not invoke this right more than
twice in any twelve (12) month period; and provided further that the Company shall not register any securities for its own account or that of any other stockholder during such sixty (60) day period other than an Excluded
Registration. 
 (d) The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to
Subsection 2.1(a), (i) during the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is one hundred eighty (180) days after the effective date of,
a Company-initiated registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; (ii) after the Company has effected two
registrations pursuant to Subsection 2.1(a); or (iii) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant to a
request made pursuant to Subsection 2.1(b). The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.1(b) (i) during the period that is thirty (30) days before
the Company’s good faith estimate of the date of filing of, and ending on a date that is ninety (90) days after the effective date of, a Company-initiated registration, provided that the Company is actively employing in good faith
commercially reasonable efforts to cause such registration statement to become effective; or (ii) if the Company has effected two registrations pursuant to Subsection 2.1(b) within the twelve (12) month period immediately preceding
the date of such request. A registration shall not be counted as “effected” for purposes of this Subsection 2.1(d) until such time as the applicable registration statement has been declared effective by the SEC, unless the
Initiating Holders withdraw their request for such registration, elect not to pay the registration expenses therefor, and forfeit their right to one demand registration statement pursuant to Subsection 2.6, in which case such withdrawn
registration statement shall be counted as “effected” for purposes of this Subsection 2.1(d). 

  
 5 

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

(a) If, pursuant to Subsection 2.1, the Initiating Holders intend to distribute the Registrable Securities covered by their
request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Subsection 2.1, and the Company shall include such information in the Demand Notice. The underwriter(s) will be selected by the
Company and shall be reasonably acceptable to a majority in interest of the Initiating Holders. In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration shall be conditioned upon such
Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall
(together with the Company as provided in Subsection 2.4(e)) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting. Notwithstanding any other provision of this Subsection 2.3, if
the managing underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that
otherwise would be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among such Holders of Registrable Securities, including the Initiating Holders, in proportion (as
nearly as practicable) to the number of Registrable Securities owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling Holders; provided, however, that the number of Registrable Securities
held by the Holders to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting. To facilitate the allocation of shares in accordance with the above provisions, the Company
or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. 
 (b) In
connection with any offering involving an underwriting of shares of the Company’s capital stock pursuant to Subsection 2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such
underwriting unless the Holders accept the terms of the underwriting as agreed upon between the Company and its underwriters, and then only in such quantity, if any, as the underwriters in their sole discretion determine will not jeopardize the
success of the offering by the Company. If the total number of securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds the number of securities to be sold (other than by the Company) that the
underwriters in their reasonable discretion determine is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the
underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering. If the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such
offering, then the Registrable Securities that are included in such offering shall be allocated among the selling Holders in proportion (as nearly as practicable to) the number of Registrable Securities owned by each selling

  
 6 

 
Holder or in such other proportions as shall mutually be agreed to by all such selling Holders. To facilitate the allocation of shares in accordance with the above provisions, the Company or the
underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. Notwithstanding the foregoing, in no event shall the number of Registrable Securities included in the offering be reduced unless all
other securities (other than securities to be sold by the Company) are first entirely excluded from the offering. For purposes of the provision in this Subsection 2.3(b) concerning apportionment, for any selling Holder that is a partnership,
limited liability company, or corporation, the partners, members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired partners, members, and
retired members and any trusts for the benefit of any of the foregoing Persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate
number of Registrable Securities owned by all Persons included in such “selling Holder,” as defined in this sentence. 
 (c) For
purposes of Subsection 2.1, a registration shall not be counted as “effected” if, as a result of an exercise of the underwriter’s cutback provisions in Subsection 2.3(a), fewer than fifty percent (50%) of the total
number of Registrable Securities that Holders have requested to be included in such registration statement are actually included. 
 2.4
Obligations of the Company. Whenever required under this Section 2 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

(a) prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable
efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period of up to one hundred
twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that (i) such one hundred twenty (120) day period shall be extended for a period
of time equal to the period the Holder refrains, at the request of an underwriter of Common Stock (or other securities) of the Company, from selling any securities included in such registration, and (ii) in the case of any registration of
Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such one hundred twenty (120) day period shall be
extended for up to an additional sixty (60) days, if necessary, to keep the registration statement effective until all such Registrable Securities are sold; 

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

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

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

  
 7 

 (e) in the event of any underwritten public offering, enter into and perform its
obligations under an underwriting agreement, in usual and customary form, with the underwriter(s) of such offering; 
 (f) use its
commercially reasonable efforts to cause all such Registrable Securities covered by such registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which
similar securities issued by the Company are then listed; 
 (g) provide a transfer agent and registrar for all Registrable Securities
registered pursuant to this Agreement and provide a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration; 

(h) promptly make available for inspection by the selling Holders, any managing underwriter(s) participating in any disposition pursuant to
such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause
the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the
accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith; 
 (i) notify
each selling Holder, promptly after the Company receives notice thereof, of the time when such registration statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and

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

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

  
 8 

 
majority of the Registrable Securities agree to forfeit their right to one registration pursuant to Subsections 2.1(a) or 2.1(b), as the case may be; provided
further that if, at the time of such withdrawal, the Holders shall have learned of a material adverse change in the condition, business, or prospects of the Company from that known to the Holders at the time of their request and have
withdrawn the request with reasonable promptness after learning of such information then the Holders shall not be required to pay any of such expenses and shall not forfeit their right to one registration pursuant to Subsections 2.1(a) or
2.1(b). All Selling Expenses relating to Registrable Securities registered pursuant to this Section 2 shall be borne and paid by the Holders pro rata on the basis of the number of Registrable Securities registered on
their behalf. 
 2.7 Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise
delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

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

  
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 (c) Promptly after receipt by an indemnified party under this Subsection 2.8
of notice of the commencement of any action (including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying
party under this Subsection 2.8, give the indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate
jointly with any other indemnifying party to which notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other
indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the
counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such action. The failure to give notice to the
indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under this Subsection 2.8, to the extent that such failure materially
prejudices the indemnifying party’s ability to defend such action. The failure to give notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Subsection
2.8. 
 (d) To provide for just and equitable contribution to joint liability under the Securities Act in any case in which either:
(i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Subsection 2.8 but it is judicially determined (by the entry of a final judgment or decree by a court of competent
jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this Subsection 2.8 provides for indemnification in such
case, or (ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this Subsection 2.8, then, and in each such case, such parties will contribute to the
aggregate losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party
in connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative fault of the indemnifying party and of
the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to information supplied by the
indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case
(x) no Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement, and (y) no Person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and provided further that in no
event shall a Holder’s liability pursuant to this Subsection 2.8(d), when combined with the amounts paid or payable by such Holder pursuant to Subsection 2.8(b), exceed the proceeds from the offering received by such Holder (net
of any Selling Expenses paid by such Holder), except in the case of willful misconduct or fraud by such Holder. 
 (e) Notwithstanding the
foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions
in the underwriting agreement shall control. 

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

(b) use commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents required of the Company under
the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and 
 (c)
furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to the extent accurate, a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any
time after ninety (90) days after the effective date of the registration statement filed by the Company for the IPO), the Securities Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or
that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after the Company so qualifies); and (ii) such other information as may be reasonably requested in
availing any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form
S-3 (at any time after the Company so qualifies to use such form). 
 2.10 Limitations on
Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without the prior written consent of the Holders of at least 60% of the Registrable Securities then outstanding, enter into any agreement with any
holder or prospective holder of any securities of the Company that would allow such holder or prospective holder (i) to include such securities in any registration unless, under the terms of such agreement, such holder or prospective holder may
include such securities in any such registration only to the extent that the inclusion of such securities will not reduce the number of the Registrable Securities of the Holders that are included; or (ii) allow such holder or prospective holder
to initiate a demand for registration of any securities held by such holder or prospective holder; provided that this limitation shall not apply to any additional Investor who becomes a party to this Agreement in accordance with Subsection
6.9. 
 2.11 “Market Stand-off” Agreement. Each
Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the registration by the Company of shares of its Common Stock or any
other equity securities under the Securities Act on a registration statement on Form S-1 or Form S-3, and ending on the date specified by the Company and the managing underwriter (such period not to
exceed one hundred eighty (180) days in the case of the IPO, or such other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other distribution of research reports,
and (2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto), (i) lend; offer; pledge; sell; contract
to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or 

  
 11 

 
otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock
held immediately before the effective date of the registration statement for such offering or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of
ownership of such securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. The foregoing provisions of this Subsection 2.11
shall apply only to the IPO, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, or the transfer of any shares to any trust for the direct or indirect benefit of the Holder or the immediate family
of the Holder, provided that the trustee of the trust agrees to be bound in writing by the restrictions set forth herein, and provided further that any such transfer shall not involve a disposition for value, and shall be
applicable to the Holders only if all officers and directors are subject to the same restrictions and the Company uses commercially reasonable efforts to obtain a similar agreement from all stockholders individually owning more than one percent (1%)
of the Company’s outstanding Common Stock (after giving effect to conversion into Common Stock of all outstanding Preferred Stock). The underwriters in connection with such registration are intended
third-party beneficiaries of this Subsection 2.11 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute
such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent with this Subsection 2.11 or that are necessary to give further effect thereto. Any discretionary waiver or
termination of the restrictions of any or all of such agreements by the Company or the underwriters shall apply pro rata to all Holders subject to such agreements, based on the number of shares subject to such agreements. 

2.12 Restrictions on Transfer. 

(a) The Preferred Stock and the Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company shall not
recognize and shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with the
provisions of the Securities Act. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Preferred Stock and the Registrable Securities held by such Holder to agree to take and hold such securities subject to the
provisions and upon the conditions specified in this Agreement. 
 (b) Each certificate, instrument, or book entry representing (i) the
Preferred Stock, (ii) the Registrable Securities, and (iii) any other securities issued in respect of the securities referenced in clauses (i) and (ii), upon any stock split, stock dividend, recapitalization, merger, consolidation, or
similar event, shall (unless otherwise permitted by the provisions of Subsection 2.12(c)) be notated with a legend substantially in the following form: 

THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.
SUCH SHARES MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT. 

THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER,
A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 

  
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 The Holders consent to the Company making a notation in its records and giving instructions
to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this Subsection 2.12. 

(c) The holder of such Restricted Securities, by acceptance of ownership thereof, agrees to comply in all respects with the provisions of this
Section 2. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed transaction, the Holder thereof shall
give notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer. Each such notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if reasonably
requested by the Company, shall be accompanied at such Holder’s expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the
effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a “no action” letter from the SEC to the effect that the proposed sale, pledge, or transfer of such Restricted Securities without
registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or
transfer of the Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted Securities in accordance with the
terms of the notice given by the Holder to the Company. The Company will not require such a legal opinion or “no action” letter (x) in any transaction in compliance with SEC Rule 144; (y) in any transaction in which such Holder
distributes Restricted Securities to an Affiliate of such Holder for no consideration; or (z) in any transaction in which such Holder transfers Restricted Securities by gift, will or intestate succession to his or her Immediate Family Member or
trust for the benefit of an individual Holder or one or more of such Holder’s Immediate Family Members; provided that each transferee agrees in writing to be subject to the terms of this Subsection 2.12. Each certificate,
instrument, or book entry representing the Restricted Securities transferred as above provided shall be notated with, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in Subsection
2.12(b), except that such certificate instrument, or book entry shall not be notated with such restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with
any provisions of the Securities Act. 
 2.13 Termination of Registration Rights. The right of any Holder to request registration or
inclusion of Registrable Securities in any registration pursuant to Subsections 2.1 or 2.2 shall terminate upon the earliest to occur of: 

(a) the closing of a Deemed Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation; 

(b) such time as Rule 144 or another similar exemption under the Securities Act is available for the sale of all of such Holder’s shares
without limitation during a three-month period without registration; and 
 (c) the fifth anniversary of the IPO. 

  
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 3. Information and Observer Rights. 

3.1 Delivery of Financial Statements. The Company shall deliver to each Major Investor, provided that the Board has not
reasonably determined that such Major Investor is a Competitor: 
 (a) as soon as practicable, but in any event within one hundred eighty
(180) days after the end of each fiscal year of the Company (i) a balance sheet as of the end of such year, (ii) statements of income and of cash flows for such year, and a comparison between (x) the actual amounts as of and for
such fiscal year and (y) the comparable amounts for the prior year and as included in the Budget (as defined in Subsection 3.1(e)) for such year, with an explanation of any material differences between such amounts and a schedule as to
the sources and applications of funds for such year, and (iii) a statement of stockholders’ equity as of the end of such year, all such financial statements (other than the financial statements for the fiscal year ended December 31,
2016) shall be audited and certified by independent public accountants of recognized standing selected by the Board or a committee of the Board; 

(b) as soon as practicable, but in any event within forty-five (45) days after the end of each of
the first three (3) quarters of each fiscal year of the Company, unaudited statements of income and cash flows for such fiscal quarter, and an unaudited balance sheet and a statement of stockholders’ equity as of the end of such fiscal
quarter, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments; and (ii) not contain all notes thereto that may be
required in accordance with GAAP); 
 (c) as soon as practicable, but in any event within forty-five (45) days after the end of each of
the first three (3) quarters of each fiscal year of the Company, a statement showing the number of shares of each class and series of capital stock and securities convertible into or exercisable for shares of capital stock outstanding at the
end of the period, the Common Stock issuable upon conversion or exercise of any outstanding securities convertible or exercisable for Common Stock and the exchange ratio or exercise price applicable thereto, and the number of shares of issued stock
options and stock options not yet issued but reserved for issuance, if any, all in sufficient detail as to permit the Major Investors to calculate their respective percentage equity ownership in the Company, and certified by the chief financial
officer or chief executive officer of the Company as being true, complete, and correct; 
 (d) as soon as practicable, but in any event
within thirty (30) days of the end of each month, an unaudited income statement and statement of cash flows for such month, and an unaudited balance sheet and statement of stockholders’ equity as of the end of such month, all prepared in
accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes thereto that may be required in accordance with
GAAP); 
 (e) as soon as practicable, but in any event thirty-one (31) days after the beginning
of each fiscal year, a budget and business plan for such fiscal year (collectively, the “Budget”), approved by the Board and prepared on a monthly basis, including balance sheets, income statements, and statements of cash flow for
such months and, promptly after prepared, any other budgets or revised budgets prepared by the Company; 
 (f) with respect to the financial
statements called for in Subsection 3.1(a), Subsection 3.1(b) and Subsection 3.1(d), an instrument executed by the chief financial officer of the Company certifying that such financial statements were prepared in accordance with
GAAP consistently applied with prior practice for earlier periods (except as otherwise set forth in Subsection 3.1(b) and Subsection 3.1(d)) and fairly present the financial condition of the Company and its results of operation for the
periods specified therein; and 
 (g) such other information relating to the financial condition, business, prospects, or corporate affairs
of the Company as any Major Investor may from time to time reasonably request; provided, however, that the Company shall not be obligated under this Subsection 3.1 to provide information (i) that the Company reasonably
determines in good faith to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in a form acceptable to the Company); or (ii) the disclosure of which would adversely affect the
attorney-client privilege between the Company and its counsel. 

  
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 If, for any period, the Company has any subsidiary whose accounts are consolidated with
those of the Company, then in respect of such period the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the Company and all such consolidated subsidiaries.

Notwithstanding anything else in this Subsection 3.1 to the contrary, the Company may cease providing the information set forth in this
Subsection 3.1 during the period starting with the date thirty (30) days before the Company’s good-faith estimate of the date of filing of a registration statement if it reasonably concludes it must do so to comply with the SEC
rules applicable to such registration statement and related offering; provided that the Company’s covenants under this Subsection 3.1 shall be reinstated at such time as the Company is no longer actively employing its commercially
reasonable efforts to cause such registration statement to become effective. 
 3.2 Inspection. The Company shall permit each Major
Investor (provided that the Board has not reasonably determined that such Major Investor is a Competitor of the Company), at such Major Investor’s expense, to visit and inspect the Company’s properties; examine its books of account
and records; and discuss the Company’s affairs, finances, and accounts with its officers, during normal business hours of the Company as may be reasonably requested by the Major Investor; provided, however, that the Company shall
not be obligated pursuant to this Subsection 3.2 to provide access to any information that it reasonably and in good faith considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement,
in form acceptable to the Company) or the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel. 

3.3 Observer Rights. For so long as at least 1,750,000 shares of Series A-2 Preferred Stock
remain outstanding, the Company shall allow one representative of the holders of a majority of Series A-2 Preferred Stock to attend all meetings of the Board in a nonvoting observer capacity, which
representative shall initially be Louis Picker. In addition, the Company shall allow one representative of Altitude Life Science Ventures Fund II, L.P. and Altitude Life Science Ventures Side Fund II, L.P. (collectively,
“Altitude”), for so long as Altitude owns not less than twenty percent (20%) of the shares of the Series A-1 Preferred Stock it is purchasing under the Purchase Agreement and does not have one
(1) Affiliate then serving on the Board, to attend all meetings of the Board in a nonvoting observer capacity. Each observer appointed pursuant to this Agreement or pursuant to any management rights letter or other agreement issued or entered
into by the Company on or about the date hereof, are referred to herein as an “Observer”, and collectively, the “Observers”. The Company shall give the Observers copies of all notices, minutes, consents, and other
materials that it provides to its directors at the same time and in the same manner as provided to such directors. Observers shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to all information so provided.
The Company reserves the right to withhold any information and to exclude an Observer from any meeting or portion thereof if reasonably determined that access to such information or attendance at such meeting could adversely affect the
attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a conflict of interest, or if such Investor or its representative is a Competitor of the Company. 

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

  
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 3.5 Confidentiality. Each Investor agrees that such Investor will keep confidential
and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this Agreement (including notice of the Company’s
intention to file a registration statement), unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Subsection 3.5 by such Investor), (b) is or has been
independently developed or conceived by the Investor without use of the Company’s confidential information, or (c) is or has been made known or disclosed to the Investor by a third party without a breach of any obligation of
confidentiality such third party may have to the Company; provided, that an Investor may disclose confidential information (i) to its and its Affiliates’ directors, officers, employees, attorneys, accountants, consultants, and other
professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Registrable Securities from such Investor, if such prospective purchaser agrees
to be bound by the provisions of this Subsection 3.5; (iii) to any existing or prospective Affiliate, partner, member, stockholder, or wholly owned subsidiary of such Investor in the ordinary course of business, provided that
such Investor informs such Person that such information is confidential and directs such Person to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, provided that the Investor promptly
notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure. 
 3.6
“Bad Actor” Covenant. In the event the Company proposes an offering of its securities in reliance on Rule 506 of the Securities Act, the Company intends to conduct an inquiry of all Investors that
beneficially own 20% or more of the Company’s then outstanding voting equity securities, calculated on the basis of voting power (each, a “20% Holder”), as to whether any 20% Holder or any Rule 506(d) Related Party of such 20%
Holder is a “bad actor” within the meaning of Rule 506(d) promulgated under the Securities Act (each, a “Bad Actor”). Each Stockholder hereby agrees that it shall provide information reasonably requested by the Company in
order to conduct its inquiry within five (5) business days after the date of the Company’s request therefor. For purposes of this Agreement, “Rule 506(d) Related Party” shall mean a person or entity covered by the “Bad
Actor disqualification” provision of Rule 506(d) of the Securities Act. 
 4. Rights to Future Stock Issuances. 

4.1 Right of First Offer. 

(a) Subject to the terms and conditions of this Subsection 4.1 and applicable securities laws, if the Company proposes to offer or sell
any New Securities, the Company shall first offer such New Securities to each Major Investor. A Major Investor shall be entitled to apportion the right of first offer hereby granted to it in such proportions as it deems appropriate, among
(i) itself, (ii) its Affiliates and (iii) its beneficial interest holders, such as limited partners, members or any other Person having “beneficial ownership,” as such term is defined in Rule
13d-3 promulgated under the Exchange Act, of such Major Investor (“Investor Beneficial Owners”); provided that each such Affiliate or Investor Beneficial Owner (x) is not a
Competitor, unless such party’s purchase of New Securities is otherwise consented to by the Board, and (y) agrees to enter into this Agreement and each of the Voting Agreement and Right of First Refusal and
Co-Sale Agreement of even date herewith among the Company, the Investors and the other parties named therein, as an “Investor” under each such agreement (provided that any Competitor
shall not be entitled to any rights as a Major Investor under Subsections 3.1, 3.2 and 4.1 hereof). 

  
 16 

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

(c) By notification to the Company within twenty (20) days after the Offer Notice is given, each Major Investor may elect to purchase or
otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the Common Stock then held by such Major Investor (including all shares of Common Stock then
issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held by such Major Investor) bears to the total Common Stock of the Company then outstanding (assuming
full conversion and/or exercise, as applicable, of all Preferred Stock and other Derivative Securities). At the expiration of such twenty (20) day period, the Company shall promptly notify each Major Investor that elects to purchase or acquire
all the shares available to it (each, a “Fully Exercising Investor”) of any other Major Investor’s failure to do likewise. During the ten (10) day period commencing after the Company has given such notice, each Fully
Exercising Investor may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of shares specified above, up to that portion of the New Securities for which Major Investors were entitled to subscribe but that were
not subscribed for by the Major Investors which is equal to the proportion that the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of Preferred Stock and any other Derivative
Securities then held, by such Fully Exercising Investor bears to the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities
then held, by all Fully Exercising Investors who wish to purchase such unsubscribed shares. The closing of any sale pursuant to this Subsection 4.1(c) shall occur within the later of ninety (90) days of the date that
the Offer Notice is given and the date of initial sale of New Securities pursuant to Subsection 4.1(c). 
 (d) If all New Securities
referred to in the Offer Notice are not elected to be purchased or acquired as provided in Subsection 4.1(c), the Company may, during the ninety (90) day period following the expiration of the periods provided in
Subsection 4.1(c), offer and sell the remaining unsubscribed portion of such New Securities to any Person or Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer
Notice. If the Company does not enter into an agreement for the sale of the New Securities within such period, or if such agreement is not consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be
deemed to be revived and such New Securities shall not be offered unless first reoffered to the Major Investors in accordance with this Subsection 4.1. 

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

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

  
 17 

 5. Additional Covenants. 

5.1 Employee Agreements. The Company will cause (i) each person now or hereafter employed by it or by any subsidiary (or engaged by
the Company or any subsidiary as a consultant/independent contractor) with access to confidential information and/or trade secrets to enter into a nondisclosure and proprietary rights assignment agreement; and (ii) each Key Employee to enter
into a one (1) year nonsolicitation agreement, substantially in the form approved by the Board. In addition, the Company shall not amend, modify, terminate, waive, or otherwise alter, in whole or in part, any of the above-referenced agreements
or any restricted stock agreement between the Company and any employee, without the consent of the Board, acting with the approval of at least sixty six percent (66%) of the members thereof (a “Board Supermajority”). 

5.2 Employee Stock. Unless otherwise approved by a Board Supermajority, all future employees and consultants of the Company who
purchase, receive options to purchase, or receive awards of shares of the Company’s capital stock after the date hereof shall be required to execute restricted stock or option agreements, as applicable, providing for (i) vesting of shares
over a four (4) year period, with the first twenty-five percent (25%) of such shares vesting following twelve (12) months of continued employment or service, and the remaining shares vesting in equal monthly installments over the following
thirty-six (36) months, and (ii) a market stand-off provision substantially similar to that in Subsection 2.11. In addition, unless otherwise approved
by a Board Supermajority, the Company shall retain a “right of first refusal” on employee transfers until the Company’s IPO and shall have the right to repurchase unvested shares at cost upon termination of employment of a
holder of restricted stock. 
 5.3 Qualified Small Business Stock. The Company shall use commercially reasonable efforts to cause the
shares of Preferred Stock issued pursuant to the Purchase Agreement, as well as any shares into which such shares are converted, within the meaning of Section 1202(f) of the Internal Revenue Code (the “Code”), to constitute
“qualified small business stock” as defined in Section 1202(c) of the Code; provided, however, that such requirement shall not be applicable if the Board of the Company determines, in its good-faith business judgment,
that (a) such qualification is inconsistent with the best interests of the Company, or (b) such shares no longer constitute “qualified small business stock” as defined in Section 1202(c) of the Code. The Company shall submit
to its stockholders (including the Investors) and to the Internal Revenue Service any reports that may be required under Section 1202(d)(1)(C) of the Code and the regulations promulgated thereunder. In addition, within twenty (20) business
days after any Investor’s written request therefor, the Company shall, at its option, either (i) deliver to such Investor a written statement indicating whether (and what portion of) such Investor’s interest in the Company constitutes
“qualified small business stock” as defined in Section 1202(c) of the Code or (ii) deliver to such Investor such factual information in the Company’s possession as is reasonably necessary to enable such Investor to determine
whether (and what portion of) such Investor’s interest in the Company constitutes “qualified small business stock” as defined in Section 1202(c) of the Code. 

5.4 Matters Requiring Board Supermajority Approval. So long as the holders of Senior Preferred Stock are entitled to elect
one or more Senior Directors, the Company hereby covenants and agrees with each of the Investors that it shall not, nor shall it permit any subsidiary to, without approval of a Board Supermajority: 

(a) make any loan or advance to, or own any stock or other securities of, any subsidiary or other corporation, partnership, or other entity
unless it is wholly owned by the Company; provided that any corporate strategic relationship that does not require approval of a Board Supermajority pursuant to Section 5.4(k) below shall not require approval pursuant this Section 5.4(a);

 (b) make any loan or advance to any Person, including, without limitation, any employee or director of the Company or any subsidiary,
except advances and similar expenditures in the ordinary course of business or under the terms of an employee stock or option plan approved by the Board; provided that any corporate strategic relationship that does not require approval of a Board
Supermajority pursuant to Section 5.4(k) below shall not require approval pursuant this Section 5.4(b); 

  
 18 

 (c) guarantee, directly or indirectly any indebtedness except for trade accounts of the
Company or any subsidiary arising in the ordinary course of business; 
 (d) make any investment inconsistent with any investment policy
approved by the Board; 
 (e) incur any aggregate indebtedness in excess of $250,000 that is not already included in a budget approved by the
Board, other than trade credit incurred in the ordinary course of business; 
 (f) otherwise enter into or be a party to any transaction with
any director, officer, or employee of the Company or any “associate” (as defined in Rule 12b-2 promulgated under the Exchange Act) of any such Person, except for transactions contemplated by this
Agreement and the Purchase Agreement; or transactions made in the ordinary course of business and pursuant to reasonable requirements of the Company’s business and upon fair and reasonable terms that are approved by a Board Supermajority; 

(g) hire, terminate, or change the compensation of the executive officers, including approving any option grants or stock awards to executive
officers; 
 (h) change the principal business of the Company, enter new lines of business, or exit the current line of business; 

(i) sell, assign, out-license, pledge, or encumber material technology or intellectual property, other than licenses granted in the ordinary
course of business; 
 (j) increase the shares of Common Stock reserved for issuance under the Company’s Equity Incentive Plan or adopt
any other equity incentive plan; or 
 (k) enter into any corporate strategic relationship involving the payment, contribution, or assignment
by the Company or to the Company of money or assets greater than $20,000,000. 
 5.5 Board Matters. Unless otherwise determined by the
vote of a majority of the directors then in office, the Board shall meet at least quarterly in accordance with an agreed-upon schedule. The Company shall reimburse the directors for all reasonable out-of-pocket travel expenses incurred (consistent with the Company’s travel policy) in connection with attending meetings of the Board. The Company shall cause to be established, as soon as practicable
after such request, and will maintain, an audit committee and a compensation committee, each of which shall consist solely of non-management directors. So long as the holders of Series A-1 Preferred Stock are entitled to elect at least one (1) Series A-1 Director, each Series A-1 Director shall have the right to
be a member of each committee of the Board. So long as the holders of Series B Preferred Stock are entitled to elect at least one (1) Series B Director, such Series B Director shall have the right to be a member of each committee of the Board.

  
 19 

 5.6 Successor Indemnification. If the Company or any of its successors or assignees
consolidates with or merges into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and assignees of the
Company assume the obligations of the Company with respect to indemnification of members of the Board as in effect immediately before such transaction, whether such obligations are contained in the Company’s Bylaws, its Certificate of
Incorporation, or elsewhere, as the case may be. 
 5.7 Expenses of Counsel. In the event of a transaction which is a Sale of the
Company (as defined in the Voting Agreement (as defined in the Purchase Agreement)), the reasonable fees and disbursements of one counsel for the Investors (“Investor Counsel”), in their capacities as stockholders, shall be borne
and paid by the Company. At the outset of considering a transaction which, if consummated would constitute a Sale of the Company, the Company shall obtain the ability to share with the Investor Counsel (and such counsel’s clients) and shall
share the confidential information (including, without limitation, the initial and all subsequent drafts of memoranda of understanding, letters of intent and other transaction documents and related noncompete, employment, consulting and other
compensation agreements and plans) pertaining to and memorializing any of the transactions which, individually or when aggregated with others would constitute the Sale of the Company. The Company shall be obligated to share (and cause the
Company’s counsel and investment bankers to share) such materials when distributed to the Company’s executives and/or any one or more of the other parties to such transaction(s). In the event that Investor Counsel deems it appropriate, in
its reasonable discretion, to enter into a joint defense agreement or other arrangement to enhance the ability of the parties to protect their communications and other reviewed materials under the attorney client privilege, the Company shall, and
shall direct its counsel to, execute and deliver to Investor Counsel and its clients such an agreement in form and substance reasonably acceptable to Investor Counsel. In the event that one or more of the other party or parties to such transactions
require the clients of Investor Counsel to enter into a confidentiality agreement and/or joint defense agreement in order to receive such information, then the Company shall share whatever information can be shared without entry into such agreement
and shall, at the same time, in good faith work expeditiously to enable Investor Counsel and its clients to negotiate and enter into the appropriate agreement(s) without undue burden to the clients of Investor Counsel. 

5.8 Indemnification Matters. The Company hereby acknowledges that one (1) or more of the directors nominated to serve on the Board
by the Investors (each a “Fund Director”) may have certain rights to indemnification, advancement of expenses and/or insurance provided by one or more of the Investors and certain of their affiliates (collectively, the “Fund
Indemnitors”). The Company hereby agrees (a) that it is the indemnitor of first resort (i.e., its obligations to any such Fund Director are primary and any obligation of the Fund Indemnitors to advance expenses or to
provide indemnification for the same expenses or liabilities incurred by such Fund Director are secondary), (b) that it shall be required to advance the full amount of expenses incurred by such Fund Director and shall be liable for the full amount
of all expenses, judgments, penalties, fines and amounts paid in settlement by or on behalf of any such Fund Director to the extent legally permitted and as required by the Company’s Certificate of Incorporation or Bylaws of the Company (or any
agreement between the Company and such Fund Director), without regard to any rights such Fund Director may have against the Fund Indemnitors, and, (c) that it irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all
claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of any such Fund Director with
respect to any claim for which such Fund Director has sought indemnification from the Company shall affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to
all of the rights of recovery of such Fund Director against the Company. 

  
 20 

 5.9 Right to Conduct Activities. The Company hereby agrees and
acknowledges that certain of the Major Investors and certain of their respective Affiliates are professional venture capital investment funds (collectively, the “Funds”), and as such invest in numerous portfolio companies, that each
of the Specified Investors and their respective Affiliates invest in numerous companies, and that the Bill & Melinda Gates Foundation (the “Foundation”) invests in numerous portfolio companies in furtherance of its
charitable mission, in each case, some of which may be deemed competitive with the Company’s business (as currently conducted or as may be conducted in the future). Notwithstanding anything herein to the contrary, the parties agree that no Fund
or any Fund Affiliate investment fund, Specified Investor, the Foundation or any of their respective Affiliates, or any of their or their Affiliates’ partners, officers or representatives which manage or advise any such investment funds shall
be considered a Competitor of the Company as a result of such investment, management or advisory activities for purposes of this Agreement and the Company agrees that, to the extent permitted under applicable law, none of the Funds, Specified
Investors, the Foundation, or their respective Affiliates, or any of their or their respective Affiliates’ partners, officers or representatives shall be liable to the Company for any claim arising out of, or based upon, (i) the investment
by a Fund, Specified Investor, the Foundation or any of their respective Affiliates in any entity competitive with the Company, or (ii) actions taken by any partner, officer or other representative of a Fund, Specified Investor, the Foundation
or their respective Affiliates to assist any such competitive company, whether or not such action was taken as a member of the board of directors of such competitive company or otherwise, and whether or not such action has a detrimental effect on
the Company; provided, however, that the foregoing shall not relieve (x) any of the Funds from liability associated with the unauthorized disclosure of the Company’s confidential information obtained pursuant to this Agreement, or
(y) any director or officer of the Company from any liability associated with his or her fiduciary duties to the Company. 
 5.10 Tax
Reporting. The Company will comply with any obligation imposed on the Company to make any filing (including any filing on Internal Revenue Service Form 5471) as a result of any interest that the Company holds in a
non-U.S. Person or any activities that the Company conducts outside of the U.S. and shall include in such filing any information necessary to obviate (to the extent possible) any similar obligation to which
any shareholder would otherwise be subject with respect to such interest or such activity. The Company shall promptly provide each Investor with a copy of any such filing. 

5.11 Termination of Covenants. The covenants set forth in this Section 5, except for Subsections 5.6 through 5.10 shall terminate
and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or
(iii) upon a Deemed Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation, whichever event occurs first. 

6. Miscellaneous. 
 6.1
Successors and Assigns. The rights under this Agreement may be assigned (but only with all related obligations) by a Holder to a transferee of Registrable Securities that (i) is an Affiliate of a Holder; (ii) is a
Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such Holder’s Immediate Family Members; or (iii) after such transfer, holds at least 500,000 shares (or all shares that the
transferring Holder held if such Holder held less than 500,000 shares) of Registrable Securities (subject to appropriate adjustment for stock splits, stock dividends, combinations, and other recapitalizations); provided, however, that
(x) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to which such rights are being transferred; and (y) such
transferee agrees in a written instrument delivered to the Company to be bound by and subject to the terms and conditions of this Agreement, including the provisions of Subsection 2.11. For the purposes of determining the number of shares of
Registrable Securities held by a transferee, the holdings of a transferee (1) that is an Affiliate or stockholder of a Holder; (2) who is a Holder’s Immediate Family Member; or (3) that is a trust for the benefit of an individual
Holder or such Holder’s Immediate Family 

  
 21 

 
Member shall be aggregated together and with those of the transferring Holder; provided further that all transferees who would not qualify individually for assignment of rights
shall have a single attorney-in-fact for the purpose of exercising any rights, receiving notices, or taking any action under this Agreement. The terms and conditions of
this Agreement inure to the benefit of and are binding upon the respective successors and permitted assignees of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their
respective successors and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein. 

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

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

6.4 Titles and Subtitles. The titles and subtitles used in this Agreement are for convenience only and are not to be considered in
construing or interpreting this Agreement. 
 6.5 Notices. All notices and other communications given or made pursuant to this
Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent by electronic mail during the recipient’s normal
business hours, and if not sent during normal business hours, then on the recipient’s next business day; (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or
(iv) one (1) business day after the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written verification of receipt. All
communications shall be sent to the respective parties at their addresses as set forth on Schedule A hereto, or to such email address or physical address as subsequently modified by written notice given in accordance with this Subsection
6.5. If notice is given to the Company, communications should be sent to 499 Illinois Street, 5th Floor, San Francisco, California 94158, Attn: Chief Executive Officer, and a copy shall also
be sent to Proskauer Rose LLP, One International Place, Boston, MA 02110; Attn: ; Phone: ; email: . 
 6.6 Amendments and Waivers. Any
term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company and the
holders of at least 60% of the Registrable Securities then outstanding; provided that the Company may in its sole discretion waive compliance with Subsection 2.12(c) (and the Company’s failure to object promptly in writing after
notification of a proposed assignment allegedly in violation of Subsection 2.12(c) shall be deemed to be a waiver); and provided further that any provision hereof may be waived by any waiving party on such party’s own
behalf, without the consent of any other party. Notwithstanding the foregoing, this Agreement may not be amended or terminated and the observance of any term hereof may not be waived with respect to any Investor without the written consent of such
Investor, unless such amendment, termination, or waiver applies to all Investors in the same fashion (it being agreed that a waiver of the provisions of Section 4 with respect to a particular transaction shall be deemed to
apply to all Investors in the same fashion if such waiver does so by its terms, notwithstanding the fact that certain Investors may nonetheless, by agreement with the Company, purchase securities in such transaction). The Company shall give prompt
notice of any amendment or termination hereof or waiver hereunder to any party hereto 

  
 22 

 
that did not consent in writing to such amendment, termination, or waiver. Any amendment, termination, or waiver effected in accordance with this Subsection 6.6 shall be binding on all
parties hereto, regardless of whether any such party has consented thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or
continuing waiver of any such term, condition, or provision. 
 6.7 Severability. In case any one or more of the provisions contained
in this Agreement is for any reason held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable
provision shall be reformed and construed so that it will be valid, legal, and enforceable to the maximum extent permitted by law. 
 6.8
Aggregation of Stock. All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliated persons may
apportion such rights as among themselves in any manner they deem appropriate. 
 6.9 Additional Investors. Notwithstanding anything
to the contrary contained herein, if the Company issues additional shares of Preferred Stock after the date hereof, any purchaser of such shares of Preferred Stock may become a party to this Agreement by executing and delivering an additional
counterpart signature page to this Agreement, and thereafter shall be deemed an “Investor” for all purposes hereunder. No action or consent by the Investors shall be required for such joinder to this Agreement by such additional Investor,
so long as such additional Investor has agreed in writing to be bound by all of the obligations as an “Investor” hereunder. 
 6.10
Entire Agreement. This Agreement (including any Schedules and Exhibits hereto) constitutes the full and entire understanding and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement
relating to the subject matter hereof existing between the parties is expressly canceled. Upon the effectiveness of this Agreement, the Prior Agreement shall be deemed amended and restated and superseded and replaced in its entirety by this
Agreement, and shall be of no further force or effect. 
 6.11 Dispute Resolution. Any unresolved controversy or claim arising out of
or relating to this Agreement, except as (i) otherwise provided in this Agreement, or (ii) any such controversies or claims arising out of the Company’s intellectual property rights for which a provisional remedy or equitable relief
is sought, shall be submitted to arbitration by one arbitrator mutually agreed upon by the parties, and if no agreement can be reached within thirty (30) days after names of potential arbitrators have been proposed by Judicial Arbitration and
Mediation Services, Inc. (“JAMS”), then by one arbitrator having reasonable experience in corporate finance transactions of the type provided for in this Agreement and who is chosen by the JAMS. The arbitration shall take place in
Wilmington, Delaware, in accordance with the JAMS Comprehensive Arbitration Rules & Procedures then in effect, and judgment upon any award rendered in such arbitration will be binding and may be entered in any court having jurisdiction
thereof. There shall be limited discovery prior to the arbitration hearing as follows: (a) exchange of witness lists and copies of documentary evidence and documents relating to or arising out of the issues to be arbitrated,
(b) depositions of all party witnesses, and (c) such other depositions as may be allowed by the arbitrators upon a showing of good cause. Depositions shall be conducted in accordance with the Delaware Code of Civil Procedure, the
arbitrator shall be required to provide in writing to the parties the basis for the award or order of such arbitrator, and a court reporter shall record all hearings, with such record constituting the official transcript of such proceedings. Each
party will bear its own costs in respect of any disputes arising under this Agreement. Each of the parties to this Agreement consents to personal jurisdiction for any equitable action sought in the U.S. District Court

  
 23 

 
for the District of Delaware or the Court of Chancery of the State of Delaware. Notwithstanding anything in this Agreement to the contrary, in the event of a dispute solely between the Company
and the Foundation, the dispute resolution procedures in the letter agreement between the Company and the Foundation will apply. 
 6.12
Waiver of Jury Trial : EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR
THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT
LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO
ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL
COUNSEL. 
 6.13 Delays or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party under this
Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching or nondefaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach
or default, or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. All remedies, whether under this
Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative. 
 6.14 Acknowledgment. The Company
acknowledges that the Investors are in the business of venture capital investing and therefore review the business plans and related proprietary information of many enterprises, including enterprises which may have products or services which compete
directly or indirectly with those of the Company. Nothing in this Agreement shall preclude or in any way restrict the Investors from investing or participating in any particular enterprise whether or not such enterprise has products or services
which compete with those of the Company. 
 [Remainder of Page Intentionally Left Blank] 

  
 24 

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

			
	VIR BIOTECHNOLGY, INC.
		
	By:	 	/s/ George A. Scangos
	Name:	 	George A. Scangos, Ph.D.
	Title:	 	President and Chief Executive Officer

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	ARCH VENTURE FUND IX, L.P.
		
	By:	 	ARCH Venture Partners IX, L.P., its General Partner
		
	By:	 	ARCH Venture Partners IX, LLC, its General Partner
		
	By:	 	/s/ Robert Nelsen
	Name:	 	
	Title:	 	
	
	ARCH VENTURE FUND IX OVERAGE, L.P.
		
	By:	 	ARCH Venture Partners IX Overage, L.P., its General Partner
		
	By:	 	ARCH Venture Partners IX, LLC, its General Partner
		
	By:	 	/s/ Robert Nelsen
	Name:	 	
	Title:	 	

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	ALTITUDE LIFE SCIENCE VENTURES FUND II, L.P.
		
	By:	 	Altitude Life Science Ventures Fund II, LLC
	Its:	 	General Partner
		
	By:	 	/s/ David Maki
	Name:	 	David Maki
	Title:	 	Managing Member
	
	ALTITUDE LIFE SCIENCE VENTURES SIDE FUND II, L.P.
		
	By:	 	Altitude Life Science Ventures Fund II, LLC
	Its:	 	General Partner
		
	By:	 	/s/ David Maki
	Name:	 	David Maki
	Title:	 	Managing Member

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	BILL & MELINDA GATES FOUNDATION
		
	By:	 	/s/ Andrew Farnum
	Name:	 	Andrew Farnum
	Title:	 	Director, Program-Related Investments

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	ALTA PARTNERS IX, L.P.
		
	By:	 	/s/ Bob More
	Name:	 	Bob More
	Title:	 	Managing Director

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	GV 2017, L.P.
		
	By:	 	GV 2017 GP, L.P., its General Partner
		
	By:	 	GV 2017 GP, L.L.C., its General Partner
		
	By:	 	/s/ Daphne Chang
	Name:	 	Daphne Chang
	Title:	 	Authorized Signatory

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	VIR INVESTORS, LLC
		
	By:	 	/s/ George A. Scangos
	Name:	 	George A. Scangos, Ph.D.
	Title:	 	Manager

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	SOFTBANK VISION FUND (AIV M1) L.P.
		
	By:	 	SVF GP (Jersey) Limited, its General Partner
		
	By:	 	/s/ Simon King
	Name:	 	Simon King
	Title:	 	Director

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	SCOTTISH MORTGAGE INVESTMENT TRUST PLC
		
	By:	 	/s/ Graham Laybourn
	Name:	 	Graham Laybourn
	Title:	 	Partner of Baillie Gifford & Co
		 	as agent for and on behalf of Scottish
		 	Mortgage Investment Trust PLC

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	TLS BETA PTE. LTD.
		
	By:	 	/s/ Khoo Shih
	Name:	 	Khoo Shih
	Title:	 	Authorized Signatory

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	YUKON INVESTORS, LLC
		
	By:	 	Pavilion Alternatives Group, LLC, its Manager
		
	By:	 	/s/ Donn Cox
	Name:	 	Donn Cox
	Title:	 	President, Managing Director

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTORS:
	
	WO SPECIAL OPPORTUNITIES, LLC
		
	By:	 	/s/ Aaron Wolfson
	Name:	 	Aaron Wolfson
	Title:	 	Manager

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTORS:
	
	NAVIAN INVESTMENTS LIMITED
		
	By:	 	/s/ Rongguang WU
	Name:	 	Rongguang WU
	Title:	 	Director
	5/28/18	 	
	
	Address for notices:
		
	Attn:	 	
	Phone:	 	
	Email:	 	

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTORS:
	
	PLATINUM FALCON B 2018 RSC LTD.
		
	By:	 	/s/ Hunald Bin Buttibin Humai Bin Bishr Almani
	Name:	 	Hunald Bin Buttibin Humai Bin Bishr Almani
	Title:	 	Authorized Signatory
		
	By:	 	/s/ Ahmed Abdullatif Ahmed Ibrahim Al Mosa
	Name:	 	Ahmed Abdullatif Ahmed Ibrahim Al Mosa
	Title:	 	Authorized Signatory

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTORS:
	
	 MDC CAPITAL PARTNERS (VENTURES) LP

acting by its general partner,

	 MDC Capital Partners (Ventures) GP, LP

itself acting by its general partner,

	MDC Capital Partners (Ventures) GP, LLC
		
	By:	 	/s/ Ibrahim Ajami
	Name:	 	Ibrahim Ajami
	Title:	 	Authorized Signatory
	
	Address:
	
	
		
	Email:	 	

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTORS:
	
	TAIKANG KAITAI (CAYMAN) SPECIAL OPPORTUNITY I
		
	By:	 	/s/ YEUNG Ying Kit
	Name:	 	YEUNG Ying Kit
	Title:	 	Director

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 SCHEDULE A 

INVESTORS

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00299-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00299-of-00352.parquet"}]]