Document:

Exhibit 4.1

 

FORM OF REGISTRATION RIGHTS
AGREEMENT

 

by and among

 

the Persons listed on Schedule A hereto,

 

and

 

CureVac N.V.

 

Dated as of [●], 2020

 

    

    

    

 

This REGISTRATION RIGHTS AGREEMENT, dated
as of [●], 2020 (as it may be amended supplemented or otherwise modified from time to time, this “Agreement”),
is made among CureVac N.V., a Dutch public limited liability company (naamloze vennootschap) incorporated under the law
of the Netherlands (the “Company”) and the persons listed on Schedule A hereto (each such Person, a “Holder”).
Capitalized terms used in this Agreement without definition have the meaning set forth in Section 1.

 

W I T N E S S E T H:

 

WHEREAS, the Company and Holders
are parties to the Investment Shareholder Agreement (as defined below) pursuant to which the Company agreed to provide each Holder
certain registration rights with respect to the Company Shares (as defined below); and

 

WHEREAS, the Company desires to grant
registration rights to the Holders on the terms and conditions set out in this Agreement;

 

NOW, THEREFORE, in consideration
of the mutual promises made herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

1.           Certain
Definitions. As used herein, the following terms shall have the following meanings:

 

“Additional Piggyback Rights”
has the meaning set forth in Section 2.2(c).

 

“Affiliate” means with
respect to any Person, any other Person that directly or indirectly controls, is controlled by or is under common control with,
such Person and with respect to (i) KfW also includes the Federal Republic of Germany and its special estates (Sondervermögen),
corporate bodies (Körperschaften) and institutions (Anstalten) as well as their respective Affiliates, (ii)
dievini Hopp BioTech holding GmbH & Co. KG (“dievini”), also includes (A) Mr. Dietmar Hopp or an entity
that is the beneficial owner of dievini, determined as of the date hereof, (together “Ultimate Benefeciary”)
(B) a member of the immediate family of an Ultimate Beneficiary referred to under clause (A) above, with “immediate family”
meaning any family member by blood, marriage or adoption, not more remote than the first cousin, (C) an Affiliate of an Ultimate
Beneficiary referred to under clause (A) above), including (i) Hopp LT Vermögensverwaltungs GmbH, registered with the commercial
register of Mannheim, Germany, under HRB 724834, and (ii) trusts, foundations, or similar asset funds for the potential benefit
of an Ultimate Beneficiary or the immediate family as referred to under clause (B), (D) an Affiliate of a member of the immediate
family of an Ultimate Beneficiary referred to under clause (B) above or (E) members of the management board of dievini and/or
its general partner and, for the avoidance of doubt, the dievini management board members Prof. Dr. Christof Hettich and Prof.
Dr. Friedrich von Bohlen also as private individuals and, in each case, their respective Affiliates; provided that no Holder
shall be deemed an Affiliate of any other Holder solely by reason of any investment in the Company or by its being a party to
the Investment and Shareholders’ Agreement.

 

“Agreement” has the meaning
set forth in the preamble.

 

“Assign” means to directly
or indirectly sell, transfer, assign, distribute, exchange, pledge, hypothecate, mortgage, grant a security interest in, encumber
or otherwise dispose of Registrable Securities, whether voluntarily or by operation of law, including by way of a merger. “Assignor,”
“Assignee,” “Assigning” and “Assignment” have meanings corresponding to
the foregoing.

 

“Business Day” means
any day other than a Saturday, Sunday or day on which banking institutions in New York, New York or Frankfurt, Germany are authorized
or obligated by law or executive order to close.

 

“Company” has the meaning
set forth in the preamble.

 

    

    

    

 

“Company Shares” means
common shares of the Company, par value €0.12 per share, and any and all securities of any kind whatsoever of the Company
that may be issued by the Company after the date hereof in respect of, in exchange for, or in substitution of, Company Shares,
pursuant to any stock dividends, splits, reverse splits, combinations, reclassifications, recapitalizations, reorganizations and
the like occurring after the date hereof.

 

“Company Shares Equivalents”
means, with respect to the Company, all options, warrants and other securities convertible into, or exchangeable or exercisable
for (at any time or upon the occurrence of any event or contingency and without regard to any vesting or other conditions to which
such securities may be subject) Company Shares or other equity securities of the Company (including, without limitation, any note
or debt security convertible into or exchangeable for Company Shares or other equity securities of the Company).

 

“Damages” has the meaning
set forth in Section 2.9(a).

 

“Demand Exercise Notice”
has the meaning set forth in Section 2.1(a).

 

“Demand Registration”
has the meaning set forth in Section 2.1(a).

 

“Demand Registration Request”
has the meaning set forth in Section 2.1(a).

 

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

 

“Expenses” means
any and all fees and expenses incident to the Company’s performance of or compliance with Article 2, including, without
limitation: (i) SEC, stock exchange or FINRA, and all other registration and filing fees and all listing fees and fees with
respect to the inclusion of securities on the Nasdaq Global Market or on any other securities market on which the Company
Shares are listed or quoted, (ii) fees and expenses of compliance with state securities or “blue sky” laws of any
state or jurisdiction of the United States or compliance with the securities laws of foreign jurisdictions and in connection
with the preparation of a “blue sky” survey, including, without limitation, reasonable fees and expenses of
outside “blue sky” counsel and securities counsel in foreign jurisdictions, (iii) word processing, printing and
copying expenses, (iv) messenger and delivery expenses, (v) expenses incurred in connection with any road show, (vi) fees and
disbursements of counsel for the Company, (vii) fees and disbursements of all independent public accountants (including the
expenses of any audit and/or comfort letter and updates thereof), retained by the Company, (viii) fees and expenses payable
to any Qualified Independent Underwriter, (ix) any other fees and disbursements of underwriters, if any, customarily paid by
issuers or sellers of securities, including reasonable fees and expenses of counsel for the underwriters in connection with
any filing with or review by FINRA (excluding, for the avoidance of doubt, any underwriting discount, commissions, or
spread), (x) fees and expenses of any transfer agent or custodian, (xi) all internal expenses of the Company, (xii)
reasonable and documented fees, out-of-pocket costs and expenses of the Participating Holders, including the reasonable fees
and disbursements of one counsel for all of the Participating Holders participating in the offering selected by the
Participating Holders holding a majority of the Registrable Securities to be sold for the account of all Participating
Holders in the offering, provided, however, that all such fees, costs and expenses under this clause (xii) shall not
exceed $50,000 in the aggregate for all Participating Holders per registration pursuant to this Agreement and provided,
further, that such fees, costs and expenses shall not include the payment of any underwriting commissions or discounts,
and (xiii) expenses for securities law liability insurance of the Company and any rating agency fees.

 

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“FINRA” means the Financial
Industry Regulatory Authority, Inc.

 

“Fully-Diluted Basis”
means, with respect to the Company Shares, all issued and outstanding Company Shares and all Company Shares issuable in respect
of securities convertible into or exchangeable for such Company Shares, all stock appreciation rights, options, warrants and other
rights to purchase or subscribe for such Company Shares or securities convertible into or exchangeable for such Company Shares,
including any of the foregoing stock appreciation rights, options, warrants or other rights to purchase or subscribe for such Company
Shares that are subject to vesting.

 

“Holder” or “Holders”
has the meaning set forth in the preamble.

 

“Indemnified Party” has
the meaning set forth in Section 2.9(c).

 

“Indemnifying Party”
has the meaning set forth in Section 2.9(c).

 

“Initiating Holder(s)”
has the meaning set forth in Section 2.1(a).

 

“Investment and Shareholders’
Agreement” means the Investment and Shareholders’ Agreement entered between the Company and several shareholders
parties thereto dated July 17, 2020.

 

“IPO” means the first
underwritten public offering of the ordinary shares of the Company to the general public pursuant to a registration statement filed
with the SEC completed on or about the date of this Agreement.

 

“Lock-Up Agreement” means
any agreement entered into by a Holder that provides for restrictions on the transfer of Registrable Securities held by such Holder.

 

“Majority Participating Holders”
means the Participating Holders holding more than 50% of the Registrable Securities proposed to be included in offerings of Registrable
Securities by such Participating Holders pursuant to Section 2.1 or Section 2.2.

 

“Majority
Holder(s)” means (i) any Holder that owns or beneficially owns 10% or more of the then outstanding Company Shares,
until 90 days after such Holder ceases to own or beneficially own at least 10% of such Company Shares and (ii) Mr. Dietmar
Hopp and Affiliates, in particular DH-LT-Investments GmbH, for so long as Mr. Dietmar Hopp is an Affiliate of the Company
considering the controlling situation of Mr. Dietmar Hopp as of the date of this Agreement.

 

“Manager” has the meaning
set forth in Section 2.1(c).

 

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“Participating Holders”
means all Majority Holders of Registrable Securities, which are proposed to be included in any registration or offering of Registrable
Securities pursuant to Section 2.1 or Section 2.2.

 

“Person” means any individual,
corporation (including not-for-profit), general or limited partnership, limited liability company, joint venture, estate, trust,
association, organization, governmental entity or agency or other entity of any kind or nature.

 

“Piggyback Holders” means
the Majority Holders.

 

“Piggyback Shares” has
the meaning set forth in Section 2.3(a)(iv).

 

“Qualified Independent Underwriter”
means a “qualified independent underwriter” within the meaning of FINRA Rule 5121.

 

“Registrable Securities”
means any Company Shares held of record or beneficially owned by the Majority Holders and/or any of their respective Affiliates,
as applicable, at any time (including the underlying shares held as a result of the conversion or exercise of Company Shares Equivalents),
whether now owned or acquired by the Holders and/or any of their respective Affiliates at a later time; provided that, as
to any Registrable Securities held or beneficially owned by a particular Holder and/or any of their respective Affiliates, such
securities shall cease to be Registrable Securities when (A) a registration statement with respect to the sale of such securities
shall have been declared effective under the Securities Act and such securities shall have been disposed of in accordance with
such registration statement, (B) such securities are eligible to be sold by such Holder in a single transaction in compliance with
the requirements of Rule 144 under the Securities Act, as such Rule 144 may be amended (or any successor provision thereto).

 

“Rule 144” and “Rule
144A” have the meaning set forth in Section 4.2.

 

“SEC” means the U.S.
Securities and Exchange Commission.

 

“Section 2.3(a) Sale Number”
has the meaning set forth in Section 2.3(a).

 

“Section 2.3(b) Sale Number”
has the meaning set forth in Section 2.3(b).

 

“Securities Act” means
the United States Securities Act of 1933, as amended, and any successor thereto, and any rules and regulations promulgated thereunder,
all as the same shall be in effect from time to time.

 

“Subsidiary” means any
direct or indirect subsidiary of the Company on the date hereof and any direct or indirect subsidiary of the Company organized
or acquired after the date hereof.

 

“Transfer” means, with
respect to any Company Shares, (i) when used as a verb, to sell, assign, dispose of, exchange, pledge, mortgage, encumber, hypothecate
or otherwise transfer, in whole or in part, any of the economic consequences of ownership of such Company Shares, whether directly
or indirectly, or agree or commit to do any of the foregoing and (ii) when used as a noun, a direct or indirect sale, assignment,
disposition, exchange, pledge, mortgage, encumbrance, hypothecation or other transfer, in whole or in part, of any of the economic
consequences of ownership of such Company Shares or any agreement or commitment to do any of the foregoing. For the avoidance of
doubt, a transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition of an interest in
any Holder, or direct or indirect parent thereof, all or substantially all of whose assets are, directly or indirectly, Company
Shares shall constitute a “Transfer” of Company Shares for purposes of this Agreement. For the avoidance of doubt,
a transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition of an interest in any Holder,
or direct or indirect parent thereof, which has substantial assets in addition to Company Shares shall not constitute a “Transfer”
of Company Shares for purposes of this Agreement.

 

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“Valid Business Reason”
has the meaning set forth in Section 2.1(a)(iii).

 

2.           
Registration Rights.

 

2.1.         Demand
Registrations. (a) If the Company shall receive from any Majority Holder at any time on or following the earlier to occur
of (a) 180 days after the closing of the IPO and (b) July 17, 2022, a written request that the Company file a registration statement
with respect to all or a portion of the Registrable Securities (a “Demand Registration Request,” and the registration
so requested is referred to herein as a “Demand Registration,” and the sender(s) of such request pursuant to
this Agreement shall be known as the “Initiating Holder(s)”), then the Company shall, (i) within 10 Business
Days of the receipt thereof, give written notice (the “Demand Exercise Notice”) of such request to all other
Holders, and subject to the limitations of this Section 2.1, (ii) use its reasonable best efforts to file a Registration Statement
in respect of such Demand Registration as soon as possible, but in no event later than 75 days of receipt of the request, and
(iii) use its reasonable best efforts to effect, as soon as practicable, the registration under the Securities Act (including,
without limitation, by means of a shelf registration pursuant to Rule 415 thereunder if so requested and if the Company is then
eligible to use such a registration) of all Registrable Securities that the Holders request to be registered. Pursuant to this
Section 2.1, the Company shall not be required in any event to effect more than three Demand Registrations on Form F-1 or S-1,
as applicable, or three Demand Registrations of each Holder in any twelve month period in case of a shelf registration on Form
F-3 or S-3, as applicable (pursuant to Rule 415 thereunder if so requested and if the Company is then eligible to use such a registration).
However, the Company shall not be obligated to take any action to effect any Demand Registration:

 

(i)           within three months after a Demand Registration pursuant to this Section 2.1 that has been declared or ordered effective;

 

(ii)          during
the period starting with the date 15 days prior to its good faith estimate of the date of filing of, and ending on a date 90 days
after the effective date of, a Company-initiated registration (other than a registration relating solely to the sale of securities
to directors of the Company pursuant to a stock option, stock purchase or similar plan or to an SEC Rule 145 transaction), provided
that the Company is actively employing in good faith all reasonable efforts to cause such registration statement to become
effective;

 

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(iii)         where
the anticipated offering price, before any underwriting discounts or commissions and any offering-related expenses, is equal to
or less than $35,000,000 with respect to a Demand Registration on Form F-1 or S-1 and $15,000,000 with respect to a Demand Registration
on Form F-3 or S-3, as applicable; provided, however, that if any Majority Holder demands to register at least one-third
of all Registrable Securities beneficially owned by such Majority Holder and its Affiliates, this section 2.1(iii) shall not be
applicable;

 

(iv)          if
the Company shall furnish to such Holders a certificate signed by the Chief Executive Officer of the Company stating that in the
good faith judgment of the Company, any registration of Registrable Securities should not be made or continued (or sales under
a shelf registration statement should be suspended) because (i) such registration (or continued sales under a shelf registration
statement) would materially and adversely interfere with a proposal or plan by the Company to engage in (directly or indirectly
through any of its Subsidiaries): a material acquisition or divestiture of assets; a merger, consolidation, tender offer, reorganization,
offering of the Company's securities or similar material transaction; or a material financing or any other material business transaction
with a third party or (ii) the Company is in possession of material non-public information, and has determined that the disclosure
of such information is not in the Company’s best interests (in either case of (i) or (ii), a “Valid Business Reason”),
then (x) the Company may postpone filing a registration statement relating to a Demand Registration Request or suspend sales under
an existing shelf registration statement until 10 Business Days after such Valid Business Reason no longer exists, but in no event
for more than 90 days after the date the Company determines a Valid Business Reason exists and (y) in case a registration statement
has been filed relating to a Demand Registration Request, if the Valid Business Reason has not resulted from actions taken by
the Company, the Company may cause such registration statement to be withdrawn and its effectiveness terminated or may postpone
amending or supplementing such registration statement until 10 Business Days after such Valid Business Reason no longer exists,
but in no event for more than 90 days after the date the Company determines a Valid Business Reason exists; and the Company shall
give written notice to the Participating Holders of its determination to postpone or withdraw a registration statement or suspend
sales under a shelf registration statement and of the fact that the Valid Business Reason for such postponement, withdrawal or
suspension no longer exists, in each case, promptly after the occurrence thereof; provided, however, that the Company
shall not defer its obligation in this manner for more than 90 days in any 12 month period;

 

(v)          
in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general
consent to service of process in effecting such registration, qualification or compliance;

 

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Each Holder of Registrable Securities agrees that, upon receipt
of any notice from the Company that the Company has determined to withdraw any registration statement pursuant to clause (iv) of
this Section 2.1(a), such Holder will discontinue its disposition of Registrable Securities pursuant to such registration statement
and, if so directed by the Company, will deliver to the Company (at the Company’s expense) all copies, other than permanent
file copies, then in such Holder’s possession of the prospectus covering such Registrable Securities that was in effect at
the time of receipt of such notice. If the Company shall have withdrawn or prematurely terminated a registration statement filed
pursuant to a Demand Registration (whether pursuant to clause (iv) of this Section 2.1(a) or as a result of any stop order, injunction
or other order or requirement of the SEC or any other governmental agency or court), the Company shall not be considered to have
effected an effective registration for the purposes of this Agreement until the Company shall have filed a new registration statement
covering the Registrable Securities covered by the withdrawn registration statement and such registration statement shall have
been declared effective and shall not have been withdrawn. If the Company shall give any notice of withdrawal or postponement of
a registration statement, the Company shall, not later than 10 Business Days after the Valid Business Reason that caused such withdrawal
or postponement no longer exists (but in no event later than 180 days after the date of the postponement or withdrawal), use its
reasonable best efforts to effect the registration under the Securities Act of the Registrable Securities covered by the withdrawn
or postponed registration statement in accordance with Section 2.1 (unless the Initiating Holders shall have withdrawn such request,
in which case the Company shall not be considered to have effected an effective registration for the purposes of this Agreement),
and such registration shall not be withdrawn or postponed pursuant to clause (iv) of this Section 2.1(a).

 

(b)              
 

 

(i)           The
Company, subject to Sections 2.3 and 2.6, shall include in a Demand Registration (x) the Registrable Securities of the Initiating
Holders and (y) the Registrable Securities of any other Majority Holder of Registrable Securities, which shall have made a written
request to the Company for inclusion in such registration pursuant to Section 2.2 (which request shall specify the maximum number
of Registrable Securities intended to be disposed of by such Participating Holder) within 10 Business Days after the receipt of
the Demand Exercise Notice.

 

(ii)          The Company shall, as expeditiously as possible, but subject to the limitations set forth in this Section 2.1, use its reasonable
best efforts to (x) effect such registration under the Securities Act (including, without limitation, by means of a shelf registration
pursuant to Rule 415 under the Securities Act if so requested and if the Company is then eligible to use such a registration) of
the Registrable Securities, which the Company has been so requested to register, for distribution in accordance with such intended
method of distribution and (y) if requested by the Initiating Holder(s), obtain acceleration of the effective date of the registration
statement relating to such registration.

 

(c)           In connection with any Demand Registration, the Company shall select the underwriter(s), which underwriter or underwriters
shall be reasonably acceptable to the Requesting Shareholder.

 

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(d)           If
so requested by the Initiating Holder(s), the Company (together with all Majority Holders proposing to distribute their securities
through such underwriting) shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected
for such underwriting by the Company and the Initiating Holder(s).

 

(e)          Any
Majority Holder that intends to sell Registrable Securities by means of a shelf registration pursuant to Rule 415 thereunder,
shall give the Company two Business Days’ prior notice of any such sale.

 

2.2.         Piggyback Registrations.

 

(a)           If,
at any time or from time to time the Company proposes or is required to register or commence an offering of any of its securities
for its own account or otherwise (other than pursuant to registrations on Form F-4 or Form S-8 or any similar successor forms
thereto) (including but not limited to the registrations or offerings pursuant to Section 2.1), the Company will:

 

(i)           promptly give to each Piggyback Holder written notice thereof (in any event within 5 Business Days) prior to the filing
of any registration statement under the Securities Act; and

 

(ii)           include in such registration and in any underwriting involved therein (if any), all the Registrable Securities specified
in a written request or requests, made within 5 Business Days after mailing or personal delivery of such written notice from the
Company, by any of the Piggyback Holders, except as set forth in Sections 2.2(b) and 2.2(f), with the securities which the Company
at the time proposes to register or sell to permit the sale or other disposition by the Piggyback Holders (in accordance with the
intended method of distribution thereof) of the Registrable Securities to be so registered or sold, including, if necessary, by
filing with the SEC a post-effective amendment or a supplement to the registration statement filed by the Company or the prospectus
related thereto. There is no limitation on the number of such piggyback registrations pursuant to the preceding sentence which
the Company is obligated to effect. No registration of Registrable Securities effected under this Section 2.2(a) shall relieve
the Company of its obligations to effect Demand Registrations under Section 2.1 hereof.

 

(b)          
If the registration in this Section 2.2 involves an underwritten offering, the right of any Piggyback Holder to include
its Registrable Securities in a registration or offering pursuant to this Section 2.2 shall be conditioned upon such Piggyback
Holder’s participation in the underwriting and the inclusion of such Piggyback Holder’s Registrable Securities in the
underwriting to the extent provided herein. All Piggyback Holders proposing to distribute their Registrable Securities through
such underwriting shall (together with the Company) enter into an underwriting agreement in customary form with the underwriter
or underwriters selected for such underwriting by the Company or the Initiating Holder(s) in the event of a registration or offering
pursuant to Section 2.1.

 

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(c)          The
Company, subject to 2.3 and 2.6, may elect to include in any registration statement and offering pursuant to demand registration
rights by any Person, (i) authorized but unissued shares of Company Shares or Company Shares held by the Company as treasury shares
and (ii) any other Company Shares which are requested to be included in such registration pursuant to the exercise of piggyback
registration rights granted by the Company after the date hereof and which are not inconsistent with or more favorable than the
rights granted in, or otherwise conflict with the terms of, this Agreement (“Additional Piggyback Rights”);
provided, however, that such inclusion shall be permitted only to the extent that it is pursuant to, and subject
to, the terms of the underwriting agreement or arrangements, if any, entered into by the Initiating Holders.

 

(d)          Other than in connection with a Demand Registration, if, at any time after giving written notice of its intention to register
or sell any equity securities and prior to the effective date of the registration statement filed in connection with such registration
or sale of such equity securities, the Company shall determine for any reason not to register or sell or to delay registration
or sale of such equity securities, the Company may, at its election, give written notice of such determination to all Piggyback
Holders of record of Registrable Securities and (i) in the case of a determination not to register or sell, shall be relieved of
its obligation to register or sell any Registrable Securities in connection with such abandoned registration or sale, without prejudice,
however, to the rights of Holders under Section 2.1, and (ii) in the case of a determination to delay such registration or sale
of its equity securities, shall be permitted to delay the registration or sale of such Registrable Securities for the same period
as the delay in registering such other equity securities.

 

(e)          Notwithstanding
anything contained herein to the contrary, the Company shall, at the request of any Piggyback Holder, file any prospectus supplement
or post-effective amendments and otherwise take any action necessary to include therein all disclosure and language deemed necessary
or advisable by such Piggyback Holder if such disclosure or language was not included in the initial registration statement, or
revise such disclosure or language if deemed necessary or advisable by such Piggyback Holder including filing a prospectus supplement
naming the Piggyback Holders, partners, members and shareholders to the extent required by law. Any Piggyback Holder shall have
the right to withdraw its request for inclusion of its Registrable Securities in any registration statement pursuant to this Section
2.2 without prejudice to the rights of such Holders under Section 2.1, by giving written notice to the Company of its request
to withdraw; provided, however, that such request must be made in writing prior to the earlier of the execution by such
Piggyback Holder of the underwriting agreement or the execution by such Piggyback Holder of the custody agreement with respect
to such registration or as otherwise required by the underwriters.

 

(f)           Notwithstanding
anything in this Agreement to the contrary, the rights of any Piggyback Holder set forth in this Agreement shall be subject to
any Lock-Up Agreement that such Piggyback Holder has entered into.

 

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2.3.        
Allocation of Securities Included in Registration Statement or Offering.

 

(a)         
Notwithstanding any other provision of this Agreement, in connection with an underwritten offering initiated by a Demand
Registration Request, if the Manager advises the Initiating Holders in writing that marketing factors require, or the SEC advises,
as applicable, a limitation of the number of shares to be underwritten (such number, the “Section 2.3(a) Sale Number”)
within a price range acceptable to the Initiating Holders, the Manager shall so advise all Piggyback Holders of Registrable Securities
that would otherwise be underwritten pursuant hereto, and the Company shall use its reasonable best efforts to include in such
registration or offering, as applicable, the number of shares of Registrable Securities in the registration and underwriting as
follows:

 

(i)           
first, all Registrable Securities requested to be included in such registration or offering by the Majority Holders thereof
(including pursuant to the exercise of piggyback rights pursuant to Section 2.2); provided, however, that if such number
of Registrable Securities exceeds the Section 2.3(a) Sale Number, the number of such Registrable Securities (not to exceed the
Section 2.3(a) Sale Number) to be included in such registration shall be allocated among all such Holders requesting inclusion
thereof in proportion, as nearly as practicable, to the respective amounts of Registrable Securities held by such Majority Holders
at the time of filing of the registration statement or the time of the offering, as applicable.

 

(ii)           second, if by the withdrawal of Registrable Securities by a Majority Holder, a greater number of Registrable Securities
held by other Majority Holders may be included in such registration or offering (up to the Section 2.3(a) Sale Number), then the
Company shall offer to all Holders who have included Registrable Securities in the registration or offering the right to include
additional Registrable Securities in the same proportions as set forth in Section 2.3(a) (i).

 

(iii)          third, to the extent that the number of Registrable Securities to be included pursuant to clauses (i) and (ii) of this Section
2.3(a) is less than the Section 2.3(a) Sale Number, and if the underwriter so agrees, any securities that the Company proposes
to register or sell, up to the Section 2.3(a) Sale Number; and

 

(iv)         
fourth, to the extent that the number of securities to be included pursuant to clauses (i), (ii) and (iii) of this Section
2.3(a) is less than the Section 2.3(a) Sale Number, the remaining securities to be included in such registration or offering shall
be allocated on a pro rata basis among all Persons requesting that securities be included in such registration or offering pursuant
to the exercise of Additional Piggyback Rights (“Piggyback Shares”), based on the aggregate number of Piggyback
Shares then owned by each Person requesting inclusion in relation to the aggregate number of Piggyback Shares owned by all Persons
requesting inclusion, up to the Section 2.3(a) Sale Number.

 

(b)          
In a registration or offering made pursuant to Section 2.2 that involves an underwritten primary offering on behalf of the
Company, which was initiated by the Company, if the Manager determines that marketing factors require a limitation of the number
of shares to be underwritten (such number, the “Section 2.3(b) Sale Number”) in order for the sale of the securities
to be within a price range acceptable to the Company, the Company shall so advise all Piggyback Holders whose securities would
otherwise be registered and underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included
in the registration and underwriting shall be allocated as follows:

 

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(i)           
first, all equity securities that the Company proposes to register for its own account;

 

(ii)           second, to the extent that the number of securities to be included pursuant to clause (i) of this Section 2.3(b) is less
than the Section 2.3(b) Sale Number, the remaining Registrable Securities (not to exceed the Section 2.3(b) Sale Number) to be
included in the underwritten offering shall be allocated among all Holders requesting inclusion pursuant to exercise of rights
under Section 2.2 in proportion, as nearly as practicable, to the respective amounts of Registrable Securities held by such Holders
based on the number of Registrable Securities then owned by each such Holder requesting inclusion in relation to the aggregate
number of Registrable Securities owned by all Holders requesting inclusion;

 

(iii)          third, to the extent that the number of securities to be included pursuant to clauses (i) and (ii) of this Section 2.3(b)
is less than the Section 2.3(b) Sale Number, the remaining securities to be included in such underwritten offering shall be allocated
on a pro rata basis among all Persons requesting that securities be included in such registration pursuant to the exercise of Additional
Piggyback Rights, based on the aggregate number of Piggyback Shares then owned by each Person requesting inclusion in relation
to the aggregate number of Piggyback Shares owned by all Persons requesting inclusion, up to the Section 2.3(b) Sale Number.

 

(c)           If any registration pursuant to Section 2.2 involves an underwritten offering by any Person(s) other than a Holder to whom
the Company has granted registration rights which are not more favorable than or inconsistent with the rights granted in, or otherwise
conflict with the terms of, this Agreement, the Manager (as selected by the Company or such other Person) shall advise the Company
that, in its view, the number of securities requested to be included in such registration exceeds the number (the “Section
2.3(c) Sale Number”) that can be sold in an orderly manner in such registration within a price range acceptable to the
Company, the Company shall include shares in such registration as follows:

 

(i)            first, the shares requested to be included in such underwritten offering shall be allocated on a pro rata basis among such
Person(s) requesting the registration and all Holders requesting that Registrable Securities be included in such registration pursuant
to the exercise of piggyback rights pursuant to Section 2.2, based on the aggregate number of securities or Registrable Securities,
as applicable, then owned by each of the foregoing requesting inclusion in relation to the aggregate number of securities or Registrable
Securities, as applicable, owned by all such Holders and Persons requesting inclusion, up to the Section 2.3(c) Sale Number;

 

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(ii)           second, to the extent that the number of securities to be included pursuant to clause (i) of this Section 2.3(c) is less
than the Section 2.3(c) Sale Number, the remaining shares to be included in such underwritten offering shall be allocated on a
pro rata basis among all Persons requesting that securities be included in such registration pursuant to the exercise of Additional
Piggyback Rights, based on the aggregate number of Piggyback Shares then owned by each Person requesting inclusion in relation
to the aggregate number of Piggyback Shares owned by all Persons requesting inclusion, up to the Section 2.3(c) Sale Number; and

 

(iii)          third,
to the extent that the number of securities to be included pursuant to clauses (i) and (ii) of this Section 2.3(c) is less than
the Section 2.3(c) Sale Number, the remaining shares to be included in such registration shall be allocated to shares the Company
proposes to register for its own account, up to the Section 2.3(c) Sale Number.

 

(d)          
If any Piggyback Holder of Registrable Securities disapproves of the terms of the underwriting, or if, as a result of the
proration provisions set forth in clauses (a), (b) or (c) of this Section 2.3, any Piggyback Holder shall not be entitled to include
all Registrable Securities in a registration or offering that such Piggyback Holder has requested be included, such Piggyback Holder
may elect to withdraw such Piggyback Holder’s request to include Registrable Securities in such registration or offering
or may reduce the number requested to be included; provided, however, that (x) such request must be made in writing,
to the Company, Manager and, if applicable, the Initiating Holder(s), prior to the execution of the underwriting agreement with
respect to such registration and (y) such withdrawal or reduction shall be irrevocable and, after making such withdrawal or reduction,
such Piggyback Holder shall no longer have any right to include such withdrawn Registrable Securities in the registration as to
which such withdrawal or reduction was made to the extent of the Registrable Securities so withdrawn or reduced, without prejudice,
however, to the rights of Holders under Section 2.1.

 

2.4.        
Registration Procedures. If and whenever the Company is required by the provisions of this Agreement to use its reasonable
best efforts to effect or cause the registration of any Registrable Securities under the Securities Act as provided in this Agreement,
the Company shall, as expeditiously as possible (but, in any event, within 90 days after a Demand Registration Request in the case
of Section 2.4(a) below) and, to the fullest extent permitted by applicable law, in connection with the Registration of the Registrable
Securities and, where applicable, a takedown off of a shelf registration statement:

 

(a)          
prepare and file all filings with the SEC and FINRA required for the consummation of the offering, including preparing and
filing with the SEC a registration statement on an appropriate registration form of the SEC for the disposition of such Registrable
Securities in accordance with the intended method of disposition thereof, which registration form (i) shall be selected by the
Company and (ii) shall, in the case of a shelf registration, be available for the sale of the Registrable Securities by the selling
Holders thereof and such registration statement shall comply as to form in all material respects with the requirements of the applicable
registration form and include all financial statements required by the SEC to be filed therewith, and the Company shall use its
reasonable best efforts to cause such registration statement to become effective and remain continuously effective from the date
such registration statement is declared effective until the earliest to occur (A) the first date as of which all of the Registrable
Securities included in the registration statement have been sold or (B) a period of 180 days in the case of an underwritten offering
effected pursuant to a registration statement other than a shelf registration statement and a period of three years in the case
of a shelf registration statement (provided, however, that before filing a registration statement or prospectus or
any amendments or supplements thereto, or comparable statements under securities or state “blue sky” laws of any jurisdiction,
or any free writing prospectus related thereto, the Company will furnish to one counsel for the Piggyback Holders participating
in the planned offering (selected by the Initiating Holder(s), or if there are no Initiating Holder(s), by the Majority Participating
Holders) and to one counsel for the Manager, if any, copies of all such documents proposed to be filed (including all exhibits
thereto), which documents will be subject to the reasonable review and reasonable comment of such counsel (provided that
the Company shall be under no obligation to make any changes suggested by the Participating Holders);

 

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(b)          
prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in
connection therewith and such free writing prospectuses and Exchange Act reports as may be necessary to keep such registration
statement continuously effective for the period set forth in Section 2.4(a) and to comply with the provisions of the Securities
Act with respect to the sale or other disposition of all Registrable Securities covered by such registration statement;

 

(c)           furnish, without charge, to each Participating Holder and each underwriter, if any, of the securities covered by such registration
statement such number of copies of such registration statement, each amendment and supplement thereto (in each case including all
exhibits), the prospectus included in such registration statement (including each preliminary prospectus and any summary prospectus),
any other prospectus filed under Rule 424 under the Securities Act and each free writing prospectus utilized in connection therewith,
in each case, in conformity with the requirements of the Securities Act, and other documents, as such seller and underwriter may
reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities owned by such seller
(the Company hereby consenting to the use in accordance with all applicable law of each such registration statement (or amendment
or post-effective amendment thereto) and each such prospectus (or preliminary prospectus or supplement thereto) or free writing
prospectus by each such Participating Holder and the underwriters, if any, in connection with the offering and sale of the Registrable
Securities covered by such registration statement or prospectus);

 

(d)          use commercially reasonable efforts to register or qualify the Registrable Securities covered by such registration statement
under such other securities or state “blue sky” laws of such jurisdictions as any sellers of Registrable Securities
or any managing underwriter, if any, shall reasonably request in writing, and do any and all other acts and things which may be
reasonably necessary or advisable to enable such sellers or underwriter, if any, to consummate the disposition of the Registrable
Securities in such jurisdictions (including keeping such registration or qualification in effect for so long as such registration
statement remains in effect), except that in no event shall the Company be required to qualify to do business as a foreign corporation
in any jurisdiction where it would not, but for the requirements of this paragraph (e), be required to be so qualified, to subject
itself to taxation in any such jurisdiction or to consent to general service of process in any such jurisdiction;

 

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(e)           promptly notify each Participating Holder and each managing underwriter, if any: (i) when the registration statement, any
pre-effective amendment, the prospectus or any prospectus supplement related thereto, any post-effective amendment to the registration
statement or any free writing prospectus has been filed and, with respect to the registration statement or any post-effective amendment,
when the same has become effective; (ii) of any request by the SEC or state securities authority for amendments or supplements
to the registration statement or the prospectus related thereto or for additional information; (iii) of the issuance by the SEC
of any stop order suspending the effectiveness of the registration statement or the initiation of any proceedings for that purpose;
(iv) of the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities
for sale under the securities or state “blue sky” laws of any jurisdiction or the initiation of any proceeding for
such purpose; (v) of the existence of any fact of which the Company becomes aware which results in the registration statement or
any amendment thereto, the prospectus related thereto or any supplement thereto, any document incorporated therein by reference,
any free writing prospectus or the information conveyed to any purchaser at the time of sale to such purchaser containing an untrue
statement of a material fact or omitting to state a material fact required to be stated therein or necessary to make any statement
therein not misleading; and, if the notification relates to an event described in clause (v), the Company shall promptly prepare
and furnish to each such seller and each underwriter, if any, a reasonable number of copies of a prospectus supplemented or amended
so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not include an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein in the light of the circumstances under which they were made not misleading;

 

(f)           The
Company shall otherwise use all commercially reasonable efforts to comply with all applicable rules and regulations of the
SEC, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering a period of
12 months, beginning within three months after the effective date of the registration statement (unless such report is filed pursuant
to the Exchange Act), which earnings statement satisfies the requirements of Rule 158 under the Securities Act;

 

(g)          The
Company may request each Participating Holder promptly to furnish in writing to the Company (as the Company may reasonably
request) information (i) identifying the respective Participating Holder, (ii) regarding the respective Participating
Holder’s title to the Shares being registered, (iii) regarding the respective Participating Holder’s intended
method of distribution of such the Registrable Securities, and (iv) any other information the Company reasonably
believes, after consultation with counsel, is required in connection with such registration. In connection with a
registration, any Participating Holder that does not provide such information within two Business Days of a request by the
Company (which request is made before filing of the registration) may have its Registrable Securities excluded from such
registration.

 

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(h)          
(i) (A) cause all such Registrable Securities covered by such registration statement to be listed on the principal securities
exchange on which similar securities issued by the Company are then listed (if any), if the listing of such Registrable Securities
is then permitted under the rules of such exchange, or (B) if no similar securities are then so listed, to cause all such Registrable
Securities to be listed on a national securities exchange;

 

(i)           
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 Manager of such offering;

 

(j)           
provide and cause to be maintained a transfer agent and registrar for all such Registrable Securities covered by such registration
statement not later than the effective date of such registration statement;

 

(k)         
use commercially reasonable efforts (i) to obtain an opinion from the Company’s counsel and a comfort letter and updates
thereof from the Company’s independent public accountants who have certified the Company’s financial statements included
or incorporated by reference in such registration statement, in each case, in customary form and covering such matters as are customarily
covered by such opinions and comfort letters (including, in the case of such comfort letter, events subsequent to the date of such
financial statements) delivered to underwriters in underwritten public offerings, which opinion and letter shall be dated the dates
such opinions and comfort letters are customarily dated and otherwise reasonably satisfactory to the underwriters, if any, and
to the Initiating Holder(s) and the Majority Participating Holders, and (ii) furnish to each Participating Holder participating
in the offering and to each underwriter, if any, a copy of such opinion and letter addressed to such underwriter;

 

(l)            upon
receipt of such confidentiality agreements as the Company may reasonably request, make reasonably available for inspection by
counsel for each Participating Holder, by counsel for any underwriter participating in any disposition to be effected pursuant
to such registration statement and by any accountant or other agent retained by any Participating Holder or any such underwriter,
all pertinent financial and other records, pertinent corporate documents and properties of the Company, and cause all of the Company’s
officers, directors and employees to supply all information reasonably requested by any such counsel for a Participating Holder,
counsel for an underwriter, accountant or agent in connection with such registration statement;

 

(m)          use commercially reasonable efforts to prevent the issuance or obtain the prompt withdrawal of any order suspending the
effectiveness of the registration statement, or the prompt lifting of any suspension of the qualification of any of the Registrable
Securities for sale in any jurisdiction, in each case, as promptly as reasonably practicable;

 

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(n)         
use commercially reasonable efforts to make available its senior management, employees and personnel for participation in
“road shows” and other marketing efforts and otherwise provide reasonable assistance to the underwriters (taking into
account the reasonable needs of the Company’s businesses and the requirements of the marketing process) in marketing the
Registrable Securities in any underwritten offering;

 

(o)          
furnish to counsel for each Participating Holder and to each managing underwriter, without charge, at least one signed copy
of the registration statement and any post-effective amendments or supplements thereto, including financial statements and schedules,
all documents incorporated therein by reference, the prospectus contained in such registration statement (including each preliminary
prospectus and any summary prospectus), any other prospectus filed under Rule 424 under the Securities Act and all exhibits (including
those incorporated by reference) and any free writing prospectus utilized in connection therewith;

 

(p)          cooperate with the Participating Holders and the managing underwriter, if any, to facilitate the timely preparation and
delivery of certificates not bearing any restrictive legends representing the Registrable Securities to be sold, and cause such
Registrable Securities to be issued in such denominations and registered in such names in accordance with the underwriting agreement
at least two Business Days prior to any sale of Registrable Securities to the underwriters or, if not an underwritten offering,
in accordance with the instructions of the Participating Holders at least two Business Days prior to any sale of Registrable Securities
and instruct any transfer agent and registrar of Registrable Securities to release any stop transfer orders in respect thereof;

 

(q)          cooperate
with any due diligence investigation by any Manager, underwriter or Participating Holder and make available such documents and
records of the Company and its Subsidiaries that they reasonably request (which, in the case of the Participating Holder, may
be subject to the execution by the Participating Holder of a customary confidentiality agreement in a form which is reasonably
satisfactory to the Company);

 

(r)            in
connection with any underwritten offering, if at any time the information conveyed to a purchaser at the time of sale includes
any untrue statement of a material fact or omits to state any material fact necessary in order to make the statements therein,
in light of the circumstances under which they were made, not misleading, promptly file with the SEC such amendments or supplements
to such information as may be necessary so that the statements as so amended or supplemented will not, in light of the circumstances,
be misleading.

 

If the Company files any shelf registration
statement for the benefit of the holders of any of its securities other than the Majority Holders, the Company agrees that it shall
include in such registration statement such disclosures as may be required by Rule 430B under the Securities Act (referring to
the unnamed selling security holders in a generic manner by identifying the initial offering of the securities to the Holders)
in order to ensure that the Majority Holders may be added to such shelf registration statement at a later time through the filing
of a prospectus supplement rather than a post-effective amendment.

 

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It shall be a condition precedent to the
obligations of the Company to take any action pursuant to Sections 2.1, 2.2, or 2.3 that each Participating Holder shall furnish
to the Company such information regarding themselves, the Registrable Securities held by them, and the intended method of disposition
of such securities as the Company may from time to time reasonably request so long as such information is necessary for the Company
to consummate such registration and shall be used only in connection with such registration.

 

If any such registration statement or comparable
statement under state “blue sky” laws refers to any Holder by name or otherwise as the Holder of any securities of
the Company, then such Holder shall have the right to require (i) the insertion therein of language, in form and substance satisfactory
to such Holder and the Company, to the effect that the holding by such Holder of such securities is not to be construed as a recommendation
by such Holder of the investment quality of the Company’s securities covered thereby and that such holding does not imply
that such Holder will assist in meeting any future financial requirements of the Company, or (ii) in the event that such reference
to such Holder by name or otherwise is not in the judgment of the Company, as advised by counsel, required by the Securities Act
or any similar federal statute or any state “blue sky” or securities law then in force, the deletion of the reference
to such Holder.

 

2.5.         Registration
Expenses. All Expenses incurred in connection with any registration, filing, qualification or compliance pursuant to Article
2 shall, to the fullest extent permitted by applicable law, be borne by the Company, whether or not a registration statement becomes
effective or the offering is consummated. All underwriting discounts and all selling commissions relating to securities registered
by the Participating Holders shall be borne by the holders of such securities pro rata in accordance with the number of shares
sold in the offering by such Participating Holder.

 

2.6.        Certain Limitations on Registration Rights. In the case of any registration under Section 2.1 pursuant to an underwritten
offering, or, in the case of a registration under Section 2.2, if the Company has determined to enter into an underwriting agreement
in connection therewith, all securities to be included in such registration shall be subject to the underwriting agreement and
no Person may participate in such registration or offering unless such Person (i) agrees to sell such Person’s securities
on the basis provided therein and completes and executes all reasonable questionnaires, and other documents (including custody
agreements and powers of attorney) which must be executed in connection therewith; provided, however, that all such
documents shall be consistent with the provisions hereof, (ii) provides such other information to the Company or the underwriter
as may be necessary to register such Person’s securities; and (iii) cooperates with the Company’s reasonable requests
in connection with such Registration (it being understood that the Company’s failure to perform its obligations hereunder,
which failure is caused by such Holder’s failure to cooperate, will not constitute a breach by the Company of this Agreement).

 

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2.7.             
Limitations on Sale or Distribution of Other Securities.

 

(a)                Each
Holder agrees, (i) to the extent requested in writing by a managing underwriter, if any, of any registration effected
pursuant to Section 2.1 in which such Holder is selling Company Shares, not to sell, transfer or otherwise dispose of,
including any sale pursuant to Rule 144 under the Securities Act, any Company Shares, or any other equity security of the
Company or any security convertible into or exchangeable or exercisable for any equity security of the Company (other than as
part of such underwritten public offering) during the time period reasonably requested by the managing underwriter, not to
exceed 90 days and (ii) to the extent requested in writing by a managing underwriter of any underwritten public offering
effected by the Company for its own account in which such Holder is selling Company Shares, not to sell any Company Shares
(other than as part of such underwritten public offering) during the time period reasonably requested by the managing
underwriter, which period shall not exceed 90 days subject to the same exceptions as provided in the lock-up provisions
contained in the underwriting agreement for the IPO; and, if so requested, each Holder agrees to enter into a customary
lock-up agreement with such managing underwriter.

 

2.8.             
No Required Sale. Nothing in this Agreement shall be deemed to create an independent obligation on the part of any
Holder to sell any Registrable Securities pursuant to any effective registration statement. A Holder is not required to include
any of its Registrable Securities in any registration statement, is not required to sell any of its Registrable Securities which
are included in any effective registration statement, and may sell any of its Registrable Securities in any manner in compliance
with applicable law even if such shares are already included on an effective registration statement.

 

2.9.             
Indemnification.

 

(a)              
The Company agrees to indemnify and hold harmless each Participating Holder beneficially owning any Registrable Securities
covered by a registration statement, its officers, directors, employees, partners and agents, and each Person, if any, who controls
such Participating Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act from
and against any and all losses, claims, damages, liabilities and expenses (including reasonable expenses of investigation and reasonable
attorneys’ fees and expenses) (collectively, “Damages”) caused by or relating to any untrue statement
or alleged untrue statement of a material fact contained in any registration statement or prospectus relating to the Registrable
Securities (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto) or any preliminary
prospectus or free writing prospectus, or caused by or relating to any omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such Damages are
caused by or related to any such untrue statement or omission or alleged untrue statement or omission so made based upon information
furnished in writing to the Company by such Participating Holder or on such Participating Holder’s behalf expressly for use
therein; provided that, with respect to any untrue statement or omission or alleged untrue statement or omission
made in any preliminary prospectus, or in any prospectus, as the case may be, the indemnity agreement contained in this Section 2.9(a)
shall not apply to the extent that any Damages result from the fact that a current copy of the prospectus (or such amended or supplemented
prospectus, as the case may be) was not sent or given to the Person asserting any such Damages at or prior to the written confirmation
of the sale of the Registrable Securities concerned to such Person if it is determined that the Company has provided such prospectus
to such Participating Holder and it was the responsibility of such Participating Holder to provide such Person with a current copy
of the prospectus (or such amended or supplemented prospectus, as the case may be) and such current copy of the prospectus (or
such amended or supplemented prospectus, as the case may be) would have cured the defect giving rise to such Damages. The Company
also agrees to indemnify any underwriters of the Registrable Securities, their officers and directors and each Person who controls
such underwriters within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act on substantially
the same basis as that of the indemnification of the Participating Holders provided in this Section 2.9(a).

 

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(b)               Each
Participating Holder holding Registrable Securities included in any registration statement agrees, severally but not jointly,
to indemnify and hold harmless the Company, its officers, directors and agents and each Person, if any, who controls the
Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent
as the indemnity from the Company to such Participating Holder provided in Section 2.9(a), but only (i) with
respect to the information specified in Section 2.4(g) furnished in writing by such Participating Holder or on such
Participating Holder’s behalf expressly for use in any registration statement or prospectus relating to the Registrable
Securities, or any amendment or supplement thereto, or any preliminary prospectus or free writing prospectus or (ii) to
the extent that any Damages result from the fact that a current copy of the prospectus (or such amended or supplemented
prospectus, as the case may be) was not sent or given to the Person asserting any such Damages at or prior to the written
confirmation of the sale of the Registrable Securities concerned to such Person if it is determined that it was the
responsibility of such Participating Holder to provide such Person with a current copy of the prospectus (or such amended or
supplemented prospectus, as the case may be) and such current copy of the prospectus (or such amended or supplemented
prospectus, as the case may be) would have cured the defect giving rise to such loss, claim, damage, liability or expense.
Each such Participating Holder also agrees to indemnify and hold harmless the underwriters of the Registrable Securities,
their officers and directors and each Person who controls such underwriters within the meaning of either Section 15 of
the Securities Act or Section 20 of the Exchange Act on substantially the same basis as that of the indemnification of
the Company provided in this Section 2.9(b).  As a condition to including Registrable Securities in any
registration statement filed in accordance with this Agreement, the Company may require that it shall have received an
undertaking reasonably satisfactory to it from any underwriter to indemnify and hold it harmless to the extent customarily
provided by underwriters with respect to similar securities.  No Participating Holder shall be liable under this
Section 2.9(b) for any Damages in excess of the net proceeds realized by such Participating Holder in the sale of
Registrable Securities of such Participating Holder to which such Damages relate.

 

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(c)               
If any proceeding (including any governmental investigation) shall be brought or asserted against any Person in respect
of which indemnity may be sought pursuant to this Section 2.9, such Person (an “Indemnified Party”) shall promptly
notify the Person against whom such indemnity may be sought (the “Indemnifying Party”) in writing and the Indemnifying
Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to such Indemnified Party,
and shall assume the payment of all fees and expenses; provided that the failure of any Indemnified Party so to
notify the Indemnifying Party shall not relieve the Indemnifying Party of its obligations hereunder except to the extent that the
Indemnifying Party is materially prejudiced by such failure to notify.  In any such proceeding, any Indemnified Party shall
have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified
Party unless (i) the Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of such counsel,
(ii) in the reasonable judgment of such Indemnified Party, representation of both parties by the same counsel would be inappropriate
due to actual or potential differing interests between them, including one or more defenses or counterclaims that are different
from or in addition to those available to the Indemnifying Party, or (iii) the Indemnifying Party shall have failed to assume
the defense within 60 days of notice pursuant to this Section 2.9(c). It is understood that, in connection with any proceeding
or related proceedings in the same jurisdiction, the Indemnifying Party shall not be liable for the reasonable fees and expenses
of more than one separate firm of attorneys at any time for all such Indemnified Parties, and that all such fees and expenses shall
be reimbursed as they are incurred.  In the case of any such separate firm for the Indemnified Parties, such firm shall be
designated in writing by the Indemnified Parties.  The Indemnifying Party shall not be liable for any settlement of any proceeding
effected without its written consent, but if settled with such consent, or if there be a final judgment for the plaintiff, the
Indemnifying Party shall indemnify and hold harmless such Indemnified Parties from and against any loss or liability (to the extent
stated above) by reason of such settlement or judgment.  Without the prior written consent of the Indemnified Party, no Indemnifying
Party shall effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is or could
have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an
unconditional release of such Indemnified Party from all liability arising out of such proceeding.

 

(d)              
If the indemnification provided for in this Section 2.9 is unavailable to the
Indemnified Parties in respect of any Damages, then each Indemnifying Party, in lieu of indemnifying the Indemnified Parties, shall
contribute to the amount paid or payable by such Indemnified Party, in such proportion as is appropriate to reflect the relative
fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in
such Damages as well as any other relevant equitable considerations.  The relative fault of such Indemnifying Party and Indemnified
Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged
untrue statement of a material fact or omission or alleged omission of a material fact, has been taken or made by, or relates to
information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access
to information and opportunity to correct or prevent such action, statement or omission.  The amount paid or payable by a
party as a result of any Damages shall be deemed to include, subject to the limitations set forth in this Agreement, any reasonable
attorneys’ or other reasonable fees or expenses incurred by such party in connection with any proceeding to the extent such
party would have been indemnified for such fees or expenses if the indemnification provided for in this Section 2.9, was available
to such party in accordance with its terms. The parties hereto agree that it would not be just and equitable if contribution
pursuant to this Section 2.9(d), were determined by pro rata allocation or by any other method of allocation that does not
take into account the equitable considerations referred to in the immediately preceding paragraph.  Notwithstanding the provisions
of this Section 2.9(d), no Participating Holder shall be required to contribute, in the aggregate, any amount in excess
of the amount by which the proceeds actually received by such Participating Holder from the sale of the Registrable Securities
subject to the proceeding exceeds the amount of any damages that such Participating Holder has otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged omission, except in the case of fraud by such Participating
Holder.  Each Participating Holder’s obligation to contribute pursuant to this Section 2.9(d), shall be several
in the proportion that the proceeds of the offering received by such Participating Holder bears to the total proceeds of the offering
received by all such Participating Holders and not joint. No Person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation.  The indemnity and contribution agreements contained in this Section 2.9(d) are in addition
to any liability that the Indemnifying Parties may have to the Indemnified Parties.

 

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(e)              
Other Indemnification.  Indemnification similar to that provided in this Section 2.9 (with appropriate modifications)
shall be given by the Company and each Participating Holder participating therein with respect to any required registration or
other qualification of securities under any foreign, federal or state law or regulation or governmental authority other than the
Securities Act.

 

3.                
Underwritten Offerings.

 

3.1.             
Underwriting Agreement in Underwritten Offerings. If requested by the Manager for any underwritten offering, the
Company shall enter into a customary underwriting agreement with the underwriters. Every Participating Holder shall be a party
to such underwriting agreement; provided, however, that no Participating Holder shall be required to make any representations
or warranties to the Company or the underwriters (other than representations and warranties regarding (i) such Participating Holder’s
ownership of Registrable Securities to be transferred free and clear of all liens, claims and encumbrances created by such Participating
Holder, (ii) such Participating Holder’s power and authority to effect such transfer, (iii) such matters pertaining to such
Participating Holder’s compliance with securities laws as reasonably may be requested and (iv) such Participating Holder’s
intended method of distribution and any written information specifically provided by such Participating Holder for inclusion in
the registration statement) or to undertake any indemnification obligations to the Company with respect thereto, except as otherwise
provided in Section 2.9 hereof.

 

    22

     

    

 

4.                
General.

 

4.1.             
Adjustments Affecting Registrable Securities. The provisions of this Agreement shall apply, to the full extent set
forth herein with respect to the Registrable Securities, to any and all shares of capital stock of the Company or any successor
or assign of the Company (whether by merger, share exchange, consolidation, sale of assets or otherwise) which may be issued in
respect of, in exchange for or in substitution of, Registrable Securities and shall be appropriately adjusted for any stock dividends,
splits, reverse splits, combinations, recapitalizations and the like occurring after the date hereof.

 

4.2.             
Rule 144 and Rule 144A. If the Company shall have filed a registration statement pursuant to the requirements of
Section 12 of the Exchange Act or a registration statement pursuant to the requirements of the Securities Act in respect of the
Company Shares or Company Shares Equivalents, the Company covenants that (i) so long as it remains subject to the reporting provisions
of the Exchange Act, it will use reasonable best efforts to timely file the reports required to be filed by it under the Securities
Act or the Exchange Act (including, but not limited to, the reports under Sections 13 and 15(d) of the Exchange Act referred to
in subparagraph (c)(1) of Rule 144 under the Securities Act, as such Rule may be amended (“Rule 144”)) or, if
the Company is not required to file such reports, it will, upon the request of any Majority Holder, make publicly available other
information so long as necessary to permit sales by such Majority Holder under Rule 144, Rule 144A under the Securities Act, as
such Rule may be amended (“Rule 144A”), or any similar rules or regulations hereafter adopted by the SEC, and
(ii) it will take such further action as any Majority Holder may reasonably request, all to the extent required from time to time
to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitation of the
exemptions provided by (A) Rule 144, (B) Rule 144A or (C) any similar rule or regulation hereafter adopted by the SEC. Upon the
request of any Majority Holder of Registrable Securities, the Company will deliver to such Majority Holder a written statement
by the Company that it has complied with the reporting requirements of Rule 144, the Securities Act and the Exchange Act (at any
time after it has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be
resold pursuant to Form F-3 (at any time after it so qualifies), a copy of the most recent annual or quarterly report of the Company
and such other reports and documents so filed by the Company and such other information as may be reasonably requested in availing
any Majority Holder of any rule or regulation of the SEC which permits the selling of any such securities without registration
or pursuant to such form.

 

4.3.              Amendments
and Waivers; Termination. Any provision of this Agreement may be amended and the observance thereof 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 Majority Holders. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with
respect to a matter that relates exclusively to the rights of Holders of Registrable Securities whose securities are being
sold pursuant to a Registration Statement and that does not directly or indirectly affect the rights of other Holders of
Registrable Securities may be given by Holders of at least two-thirds of the Registrable Securities being sold by such
holders pursuant to such Registration Statement. Any amendment or waiver effected in accordance with the first sentence of
this Section 4.3 shall be binding upon each Holder and the Company. Any waiver of any breach or default by any other party of
any of the terms of this Agreement effected in accordance with this Section 4.3 shall not operate as a waiver of any other
breach or default, whether similar to or different from the breach or default waived. No waiver of any provision of this
Agreement shall be implied from any course of dealing between the parties hereto or from any failure by any party to assert
its or his or her rights hereunder on any occasion or series of occasions.

 

    23

     

    

 

4.4.              
If Registrable Securities are held by a nominee for the beneficial owner thereof, the beneficial owner thereof may, at its
option, be treated as the Majority Holder of such Registrable Securities for purposes of any request or other action by any Majority
Holder(s) of Registrable Securities pursuant to this Agreement (or any determination of any number or percentage of shares constituting
Registrable Securities held by any Holder(s) of Registrable Securities contemplated by this Agreement); provided, however,
that the Company shall have received evidence reasonably satisfactory to it of such beneficial ownership.

 

4.5.             
Notices.

 

(a)              
Unless otherwise specified herein, all notices, consents, approvals, reports, designations, requests, waivers, elections
and other communications authorized or required to be given pursuant to this Agreement shall be in writing and shall be given,
made or delivered (and shall be deemed to have been duly given, made or delivered upon receipt) by personal hand-delivery, by facsimile
transmission or electronic mail (so long as receipt of such facsimile transmission or email is requested and received), by mailing
the same in a sealed envelope, registered first-class mail, postage prepaid, return receipt requested, or by air courier guaranteeing
overnight delivery, in each case addressed to the Company at the address set forth below or to the applicable Holder at the address
indicated on Schedule A hereto (or at such other address for a Holder as shall be specified by like notice):

  

    24

     

    

 

	     if to the Company, to it at:
	CureVac N.V.
	Friedrich-Miescher-Strasse 15, 72076
	Tübingen, Germany
	Attention: Franz-Werner Haas
	E-mail:	franz-werner.haas@curevac.com
	 
	     with copies (which shall not constitute actual notice) to:
	 
	Davis Polk & Wardwell LLP
	450 Lexington Avenue
	New York, New York 10017
	Attention: Richard D. Truesdell, Jr.
	Facsimile: (212) 701-5674
	E-mail:	richard.truesdell@davispolk.com

 

(b)              
Any notice shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in the
place of receipt and such day is a Business Day in the place of receipt. Otherwise, such Notice shall be deemed not to have been
received until the next succeeding Business Day in the place of receipt.

 

4.6.             
Successors and Assigns.

 

(a)              
This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, successors,
legal representatives and permitted assigns.

 

(b)               A
Majority Holder may Assign his, her or its rights under this Agreement without the Company’s consent to an Assignee of
Registrable Securities which (i) is with respect to any Majority Holder, the spouse, parent, sibling, descendant, niece or
nephew of such Majority Holder, or the spouse or descendant thereof, and any trust, limited liability company, limited
partnership, private foundation or other estate planning vehicle for such Majority Holder or for the benefit of any of the
foregoing or other persons pursuant to the laws of descent and distribution, or (ii) is a legatee, executor or other
fiduciary pursuant to a last will and testament of the Holder or pursuant to the terms of any trust which take effect upon
the death of the Holder. In addition, any Holder may Assign his, her or its rights under this Agreement without the
Company’s prior written consent so long as such Assignment (i) occurs in connection with the transfer of all, but not
less than all, of such Majority Holder’s Registrable Securities in a single transaction in the case of such an
Assignment by a Majority Holder and  results in an Assignment to a single Assignee who is an Affiliate of such Majority
Holder or (ii) occurs in connection with a transaction where the recipient of such Registrable Securities will become
immediately after the transaction a Majority Holder of Registrable Securities (for purposes of determining whether a
transferee is a Majority Holder under this clause (ii), the Company Shares owned or beneficially owned by such transferee
shall be deemed to include those of its Affiliates). For the avoidance of doubt, if a Holder assigns rights under this clause
and remains a Majority Holder himself, hereself or itself, such assigning Holder shall continue to have the rights and
obligations under this Agreement as long as he, she or it is a Majority Holder. Subject to subsection (c) below, any
Assignment shall be conditioned upon prior written notice to the Company identifying the name and address of such Assignee
and any other material information as to the identity of such Assignee as may be reasonably requested, and Schedule A hereto
shall be updated to reflect such Assignment.

 

    25

     

    

 

(c)               
Notwithstanding anything to the contrary contained in this Section 4.6, any Holder may elect to transfer all or a portion
of its Registrable Securities to any third party without Assigning its rights hereunder with respect thereto, provided that
in any such event all rights under this Agreement with respect to the Registrable Securities so transferred shall cease and terminate.

 

4.7.             
Limitations on Subsequent Registration Rights. From and after the effective date of the first registration statement
filed by the Company for the offering of its securities to the general public, the Company may, without the prior written consent
of the Holders, enter into any agreement with any holder or prospective holder of any securities of the Company which provides
such holder or prospective holder of securities of the Company comparable, but not conflicting, registration rights granted to
the Holders hereby.

 

4.8.             
Entire Agreement. This Agreement and the other agreements referenced herein and therein constitute the entire agreement
among the parties hereto with respect to the subject matter hereof, and supersede any prior agreement or understanding among them
with respect to the matters referred to herein.

 

4.9.             
Governing Law; Waiver of Jury Trial; Jurisdiction.

 

(a)              
Governing Law. This Agreement is governed by and will be construed in accordance with the laws of the State of New
York, excluding any conflict-of-laws rule or principle (whether of New York or any other jurisdiction) that might refer the governance
or the construction of this Agreement to the law of another jurisdiction.

 

(b)              
Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS
OF THE PARTIES HERETO IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT THEREOF. The Company or any Holder may file
an original counterpart or a copy of this Section 4.9(b) with any court as written evidence of the consent of any of the parties
hereto to the waiver of their rights to trial by jury.

  

    26

     

    

 

(c)              
Jurisdiction. Each of the parties hereto (i) consents to submit itself to the personal jurisdiction of the courts
of the State of New York located in the county and city of New York in the event any dispute arises out of this Agreement or any
of the transactions contemplated by this Agreement, (ii) agrees that it will not attempt to deny or defeat such personal jurisdiction
by motion or other request for leave from such court, (iii) agrees that it will not bring any action relating to this Agreement
or any of the transactions contemplated by this Agreement in any court other than the courts of the State of New York located in
the county and city of New York and (iv) to the fullest extent permitted by law, consents to service being made through the notice
procedures set forth in Section 4.5. Each party hereto hereby agrees that, to the fullest extent permitted by law, service of any
process, summons, notice or document by U.S. registered mail to the respective addresses set forth in Section 4.5 shall be effective
service of process for any suit or proceeding in connection with this Agreement or the transactions contemplated hereby.

 

4.10.           
Interpretation; Construction.

 

(a)              
The headings herein are for convenience of reference only, do not constitute part of this Agreement and shall not be deemed
to limit or otherwise affect any of the provisions hereof. Where a reference in this Agreement is made to a Section, such reference
shall be to a Section of this Agreement unless otherwise indicated. Whenever the words “include,” “includes”
or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.”

 

(b)              
The parties have participated jointly in negotiating and drafting this Agreement. In the event that an ambiguity or a question
of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption
or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement.

 

4.11.           
Counterparts. This Agreement may be executed (including by facsimile transmission or other electronic signature of
this Agreement signed by such party (via PDF, TIFF, JPEG or the like)) with counterpart pages or in one or more counterparts, each
of which shall be deemed an original and all of which shall, taken together, be considered one and the same agreement, it being
understood that both parties need not sign the same counterpart. The words “execution,” “signed,” “signature,”
“delivery” and words of like import in or relating to this Agreement or any document to be signed in connection with
this Agreement shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each
of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof
or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided in any applicable law, including
the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act,
or any other similar state laws based on the Uniform Electronic Transactions Act, and the parties hereto consent to conduct the
transactions contemplated hereunder by electronic means

 

    27

     

    

 

4.12.            
Severability. In the event that any provision of this Agreement shall be invalid, illegal or unenforceable, such
provision shall be construed by limiting it so as to be valid, legal and enforceable to the maximum extent provided by law and
the validity, legality and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired
thereby.

 

4.13.           
Specific Performance. It is hereby agreed and acknowledged that it will be impossible to measure the money damages
that would be suffered if the parties fail to comply with any of the obligations imposed on them by this Agreement and that, in
the event of any such failure, an aggrieved party will be irreparably damaged and will not have an adequate remedy at law. Each
party hereto shall, therefore, be entitled (in addition to any other remedy to which such party may be entitled at law or in equity)
to injunctive relief, including specific performance, to enforce such obligations, without the posting of any bond, and if any
action should be brought in equity to enforce any of the provisions of this Agreement, none of the parties hereto shall raise the
defense that there is an adequate remedy at law.

 

4.14.           
Independent Nature of Holders’ Obligations and Rights. The obligations of each Holder hereunder are several
and not joint with the obligations of any other Holder hereunder, and no Holder shall be responsible in any way for the performance
of the obligations of any other Holder hereunder. Nothing contained herein or in any other agreement or document delivered at any
consummation of securities pursuant hereto, and no action taken by any Holder pursuant hereto or thereto, shall be deemed to constitute
the Holders as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Holders
are in any way acting in concert with respect to such obligations or the transactions contemplated by this Agreement. Each Holder
shall be entitled to protect and enforce its rights, including the rights arising out of this Agreement, and it shall not be necessary
for any other Holder to be joined as an additional party in any proceeding for such purpose.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    28

     

    

 

	 	COMPANY
	 	 
	 	CureVac
    N.V.
	 	 
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

 

[Signature Page to Registration Rights Agreement]

 

    

     

    

 

HOLDERS:

 

	 	Dievini Hopp BioTech holding GmbH & Co. KG
	 	 
	 	 
	 	By:	                   
	 	 
	 	 
	 	Kreditanstalt
für Wiederaufbau
	 	 
	 	 
	 	By:	
	 	 
	 	 
	 	DH-LT-Investments GmbH
	 	 
	 	 
	 	By:	

 

 

[Signature Page to Registration Rights Agreement]

 

    

     

    

 

SCHEDULE A

 

	Party	Address
	Dievini Hopp BioTech holding   GmbH & Co. KG 	dievini Hopp BioTech holding GmbH & Co KG

                                                                                Johann-Jakob-Astor-Str. 57

                                                                                D-69190 Walldorf

                                                                                Germany

	Kreditanstalt für Wiederaufbau (“KfW”)	Palmengartenstrasse 5-9

                                                                                60325 Frankfurt am Main

                                                                                Federal Republic of Germany

	DH-LT-Investments GmbH	Opelstraße 28, 68789 St. Leon-Rot, Germany, registered with the commercial register of Mannheim under HRB 732866Exhibit 10.38

 

REDACTED 

Certain identified information, indicated by [*****], has been excluded from the exhibit because it is both (i) not material and
(ii) would likely cause competitive harm if publicly disclosed.

 

 

 

	CureVac
                                         AG • Friedrich-Miescher-Straße 15, 72076 • Tübingen • Germany

                                          

                                         To:

 

Bill & Melinda Gates Foundation ("BMGF")

Attn:Carolyn Ainslie, Chief Financial Officer GSK

Biologicals SA a Belgian corporation with offices at Rue 

de I'Institut 89, 1330 Rixensart ("GSK"), t/t/a Roger

Connor, President of Vaccines

	CureVac
                                         AG

Dr. Franz-Werner Haas

Acting CEO

 

T       +49
7071 9883-1234

 

franz-werner.haas@curevac.com

Page 1

July 15, 2020

 

 

Dear Carolyn,

Dear Roger,

 

Letter agreement regarding the alignment between the Global
Access Commitments Agreement between CureVac and BMGF and the collaboration and license agreement between CureVac and GSK in the
field of mRNA-based vaccines and monoclonal antibody therapies against infectious diseases.

 

I
am writing to you on behalf of CureVac AG, a German corporation with offices at Friedrich-Miescher-Str 15, 72076
Tübingen, ("CureVac") to confirm the agreement between our respective organisations regarding the alignment
of, on the one hand, the Global Access Commitments Agreement dated 13 February 2015 between CureVac and BMGF ("Global
Access Commitments Agreement"), as well as the grant agreements and other agreements between CureVac and BMGF listed in
Appendix A regarding the initiation and conduct of development programs for vaccines and medicines based on CureVac's mRNA
technology platform against a number of infectious diseases, referred to in the Global Access Commitments Agreement as
"Target Diseases and Conditions" (the Global Access Commitments Agreement and agreements listed in Appendix A,
being referred to as the "BMGF Agreements"), and on the other hand, the Collaboration and License Agreement dated
as of the date of this letter agreement between GSK and CureVac for a mutually exclusive partnership for the development
of vaccines and/or monoclonal antibodies based on CureVac's mRNA technology platform, targeting infectious disease pathogens
(the "CLA").

 

Effective on the execution of the CLA and closing of
the equity investment contemplated in the CLA (Effective Date"), CureVac, GSK and BMGF hereby agree as follows:

 

		1.	Subject to the other terms of this agreement, BMGF hereby releases CureVac
of any and all Global Access Commitments (as defined in the BMGF Agreements on the Effective Date) for the following vaccines and
other medicines developed or to be developed under the CLA:

 

		(a)	Any vaccine based on CureVac's mRNA technology platform for the prophylaxis or treatment of
                                                                                                        [*****] virus infections in humans ("[*****] Vaccines"), which may include, without limitation:

 

		i)	an
                                                                                                        [*****] vaccine based on CureVac's mRNA technology platform that is expected to
                                                                                                        [*****] ("[*****] Vaccine"),

 

	CureVac AG

Friedrich-Miescher-Straße 15 

72076 Tübingen

P 07071 98830

 info@curevac.com

www.curevac.com

 	Management Board

Dr. Ingmar Hoerr (Chairman),

Dr. Franz-Werner Haas, Dr. Mariola Fotin-Mleczek,

Dr. Florian von der Mülbe, Pierre Kemula

 

Chairman of the Supervisory Board

Jean Stephenne

	Registered Seat

Local Court Stuttgart

HRB 754041

 

 

Tax No.

86111/81703

VAT-ID:  DE 221 393

632

 	Bank Details

 

Kreissparkasse Tübingen

Bank Code:  641 500 20

Account:  122
885

IBAN:  DE68 6415 0020 0000 1228 85

SWIFT-BIC
SOLA DE S1 TUB

 

 

     

     

    

 

 

 

		ii)	an
                                                                                                        [*****] vaccine based on CureVac's mRNA technology platform offering
broad protection
                                                                                                        [*****] ("[*****] Vaccine"), and

		iii)	an influenza vaccine based on CureVac's mRNA technology platform providing prophylaxis or treatment
of a [*****] of
                                                                                                        [*****] virus infections in humans ("[*****] Vaccine").

(The [*****] Vaccines developed and/or commercialized under
the CLA shall be referred to as the "GSK
                                                                                                        [*****] Vaccines.")

 

		(b)	Any vaccine or other medicine based on CureVac's mRNA technology platform
for the prophylaxis and/or treatment of a
                                                                                                        [*****] virus infection.

 

		(c)	Any vaccine or other medicine based on CureVac's mRNA technology platform
for the prophylaxis and/or treatment of a human
                                                                                                        [*****] infection.

 

(the vaccines and medicines
referred to in items (a) to (c) inclusive shall jointly be referred to as the "CLA Products").

 

		2.	The release set forth in Section 1 above shall remain in effect with respect to a CLA Product
                                                            for as long as a vaccine or medicine of that nature is in development or being commercialized under the CLA. For clarity, the
                                                            release in Section 1 above shall terminate as to any vaccine or medicine for which GSK has terminated the development or
                                                            commercialisation in accordance with the CLA.

 

		3.	Notwithstanding Section 1 above, GSK acknowledges and agrees that BMGF has certain rights
                                                            under the Global Access Commitments Agreement to require CureVac to initiate and/or continue Projects (as defined in the
                                                            Global Access Commitments Agreement or any other BMGF Agreements on the Effective Date), including, without limitation, for
                                                            (i) a [*****] Vaccine intended to substantially meet the interventional TPP in Appendix B, (ii) Projects initially aimed at a
                                                            [*****] Vaccine that substantially meet the interventional TPP in Appendix B, (iii) Projects aimed at vaccines based on the
                                                            concepts described in the Grant Agreement [*****] and/or (iv) Projects aimed at a [*****] Vaccine and/or [*****]
                                                            Vaccine. Without limiting the foregoing, and for further clarity BMGF retains the right to continue work on the concept of
                                                            [*****] that were demonstrated to be feasible because of the lack of antigen interference shown in [*****]. Nothing in this
                                                            letter agreement relieves CureVac from its obligation to (i) engage in Projects as defined above recognizing that Projects
                                                            may be initiated under new agreements or (ii) publish or otherwise disseminate data and results arising from activities under
                                                            the Projects. The aforementioned [*****] Vaccines and any other [*****] vaccines developed as part of one or more Projects
                                                            shall be referred to as the "BMGF
                                                                                                        [*****] Vaccines".

 

		4.	Except as specifically defined otherwise in this agreement, and unless otherwise
agreed by GSK, CureVac and BMGF in writing in accordance with this agreement, CureVac will conduct BMGF-funded Projects separately
from and in parallel to any vaccine or other medicine development program conducted
by CureVac and GSK under the CLA, and put in place adequate firewalling measures to ensure such separation.

 

    Seite 2

     

    

 

 

 

		5.	Subject to the execution of an appropriate confidentiality agreement, BMGF, CureVac and GSK
                                                            will as soon as reasonably possible following the Effective Date define a process to (i) exchange between them, at an agreed
                                                            frequency, information regarding the status, progress and results of their respective efforts to develop [*****] Vaccines,
                                                            including the sharing of development data for use in support of the development of the respective [*****] Vaccines, and (ii)
                                                            discuss and agree upon the publication of information, results and development data relating to the respective [*****]
                                                            Vaccines, in a manner that encourages the dissemination of scientific findings, so that CureVac and BMGF may timely publish
                                                            Funded Developments (as defined in the BMGF Agreements on the Effective Date) in compliance with BMGF's Open Access Policy,
                                                            while enabling the parties to preserve their intellectual property interests, and (iii) discuss in good faith the approach
                                                            for other matters where (iv) decisions taken by BMGF alone or together with CureVac may materially adversely impact the
                                                            development of GSK
                                                                                                        [*****] Vaccines or (y) decisions taken by GSK alone or together with CureVac may materially adversely
                                                            impact the development of BMGF
                                                                                                        [*****] Vaccines.

 

		6.	GSK acknowledges and agrees that the development by CureVac, its Affiliates or the
                                                            Sublicensees (as defined in Section 7 below) of BMGF
                                                                                                        [*****] Vaccines or any other products under Projects (current or
                                                            future), and the making available and accessible by CureVac or BMGF or any of their respective Affiliates or Sublicensees of
                                                            such BMGF
                                                                                                        [*****] Vaccines or any other products under Projects for the benefit of people in Access Countries (as defined
                                                            in the Global Access Commitments Agreement on the Effective Date) in accordance with the BMGF Agreements or subsequent
                                                            agreements for Projects (including associated manufacturing, marketing, distribution and import and export activities) will
                                                            not constitute a breach by CureVac of the exclusivity granted to GSK under the CLA. On the other hand BMGF acknowledges and
                                                            accepts that CureVac is bound towards GSK to not market or commercialize, solely or with any other party, the BMGF
                                                                                                        [*****] Vaccines outside of Access Countries, nor to manufacture the BMGF
                                                                                                        [*****] Vaccines for the purpose of marketing or
                                                            commercializing them outside of Access Countries, nor to license such activities to any other party.

 

		7.	With regard to the BMGF
                                                                                                        [*****] Vaccines, GSK hereby grants to CureVac and
BMGF for these products or product candidates at any stage of development the following licenses (provided that BMGF confirms that
it will not be entitled to exercise the licenses unless and until the Global Access License (as defined in the Global Access Commitments
Agreement on the Effective Date) is properly exercised:

 

		(a)	a non-exclusive, royalty-free, fully paid-up, perpetual, irrevocable license
under the Licensed GSK IP for the sole purpose of researching and developing the BMGF
                                                                                                        [*****] Vaccines (including associated
import and export) anywhere in the world; provided, that clinical studies conducted outside the Access Countries and interactions
with regulatory authorities outside the Access Countries must be approved in advance and in writing by GSK, with this approval
not to be unreasonably conditioned, withheld, or delayed; and

 

		(b)	a non-exclusive, royalty-free, fully paid-up, perpetual, irrevocable license under the
                                                                 Licensed GSK IP to manufacture or have manufactured the BMGF
                                                                                                        [*****] Vaccines (including associated import and export)
                                                                 anywhere in the world, for the sole purpose of supporting the making available and accessible of BMGF
                                                                                                        [*****] Vaccines for
                                                                 the benefit of people in Access Countries (as defined in the Global Access Commitments Agreement on the Effective Date) in
                                                                 accordance with the BMGF Agreements; and

 

    Seite 3

     

    

 

 

 

		(c)	a non-exclusive, royalty-free, fully paid-up, perpetual, irrevocable license
under the Licensed GSK IP to market, distribute, offer for sale and/or sell BMGF
                                                                                                        [*****] Vaccines in Access Countries; and

 

CureVac may sublicense the rights
granted under the aforementioned licenses as reasonably necessary to conduct Projects for BMGF
                                                                                                        [*****] Vaccines or satisfy its
Global Access commitments for BMGF
                                                                                                        [*****] Vaccines.

 

BMGF
may sublicense the rights granted under the aforementioned licenses in accordance with the tenns of the Global Access License
set forth in the Global Access Commitments Agreement if such Global Access License is exercised. Where CureVac or BMGF
subcontracts portions of the activities set forth in items (a) and (c) above to a third party, such subcontractor shall
equally constitute a sublicensee. CureVac and BMGF shall remain liable to GSK for any act or omission of their respective
sublicensees (whereby CureVac shall not be liable to GSK for any act or omission by BMGF and BMGF shall not be liable to GSK
for any act or omission by CureVac).

 

Where
as a result of the use or exploitation by CureVac or BMGF or their pennitted sublicensees of Licensed GSK IP through the
development, manufacture or commercialisation of the BMGF
                                                                                                        [*****] Vaccines, GSK would owe a consideration to a third party
licensor of a Patent or Know-How Controlled by GSK pursuant to a license held by GSK or its affiliates that is in addition to
the consideration owed for the development, manufacture or commercialisation of GSK
                                                                                                        [*****] Vaccines or other GSK products
licensed under such head license, GSK may restrict the scope of such head license to the GSK
                                                                                                        [*****] Vaccines unless GSK,
CureVac and BMGF, acting reasonably and in good faith, have reached an agreement regarding the reimbursement of such
additional consideration attributable to the development, manufacture or commercialization of the BMGF
                                                                                                        [*****] Vaccines
(provided, that BMGF may elect in writing to forego such license, in which case, GSK may restrict such head license without
engaging in such negotiation).

 

Consistent
with the principles set forth in Section 6 and this Section 7, GSK grants CureVac an exception to the exclusivity of the
license granted by CureVac to GSK under the Patents and Know-How Controlled by CureVac pursuant to the CLA, limited to the
specific purpose of enabling CureVac to grant BMGF the Global Access License (as defined in the Global Access Commitments
Agreement on the Effective Date) under those Patents and Know-How Controlled by CureVac with regard to the BMGF
                                                                                                        [*****] Vaccines.

 

For the purpose
of this letter agreement, the following capitalized terms will have the following meanings:

 

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"Licensed
GSK IP" shall mean the Patents and Know-How Controlled by GSK resulting from the development, manufacture or other
exploitation of the GSK
                                                                                                        [*****] Vaccines in accordance with the CLA, excluding any GSK Background IP, whereby:

 

		-	"Patents" shall mean any and all patents and patent applications, including
                                                                                 provisional and non-provisional applications, reissues, extensions, substitutions, confirmations, re-registrations,
                                                                                 re-examinations, re-validations, patents of addition, supplementary protection certificates or the equivalents thereof,
                                                                                 continuations, continuations-in-part and divisionals thereof and all foreign counterparts, and the like of any of the
                                                                                 foregoing.

		 	 

		-	"Know-How" shall mean all technical, scientific
and other information, inventions, discoveries, trade secrets, knowledge, technology, means, methods, processes, practices, formulae,
instructions, skills, techniques, procedures, expressed ideas, technical assistance, designs, drawings, assembly procedures, computer
programs, apparatuses, specifications, development data, results, non-clinical, clinical, safety, process and manufacturing and
quality control data and information (including trial designs and protocols), and registration dossiers, in each case solely to
the extent confidential and/or proprietary and in written, electronic or any other form now known or hereafter developed.

		 	 

		-	"Controlled" shall mean with respect to a Patent or item of Know-How, that a party
                                                                                 or its affiliate owns or co-owns or has a license as of or after the Effective Date under such Patents or Know-How sufficient
                                                                                 to grant the license in question, provided that any Patents and Know-How licensed by CureVac to GSK under the CLA will not
                                                                                 constitute Patents and Know-How Controlled by GSK for the purpose of this letter agreement.

		 	 

		-	"GSK Background IP" means any Patents and Know-How Controlled by GSK at the
                                                                                 Effective Date or generated or acquired by or on behalf of GSK thereafter outside of the scope of the CLA or this letter
                                                                                 agreement.

 

		8.	BMGF acknowledges and agrees that in consideration of the aforementioned access to
                                                            information, development data and the aforementioned acknowledgements and agreements by GSK and the aforementioned licenses
                                                            granted by GSK, CureVac shall remain released with regard to the CLA Products as set forth in Sections 1 and 2,
                                                            notwithstanding the fact such products may benefit from, rely on or incorporate data, intellectual property or other elements
                                                            that qualify as Funded Developments (as defined in the BMGF Agreements on the Effective Date). GSK acknowledges and agrees
                                                            that in consideration of the aforementioned access to information, development data and the aforementioned acknowledgements
                                                            and agreements by BMGF and the hereinafter licenses granted by CureVac, CureVac shall have the right under the licenses
                                                            granted above to use any Licensed GSK IP and Patents and Know-How licensed by CureVac to GSK under the CLA in connection with
                                                            any Project(s) relating to a BMGF
                                                                                                        [*****] Vaccine and that such Licensed GSK IP and Patents and Know-How may become
                                                            incorporated in BMGF
                                                                                                        [*****] Vaccines or other Funded Developments related thereto. GSK confirms that it will disclose to
                                                            CureVac during the term of the CLA any "Invention" which shall mean an invention or discovery, whether or not
                                                            patentable, discovered, made, conceived and/or first reduced to practice during the term of the CLA by or on behalf GSK or
                                                            Affiliates of GSK, alone or jointly with each other and/or any third party, which arise from the performance of activities
                                                            under the CLA, including all related patents and patent applications, and will ensure that CureVac has access to all Know-How
                                                            included in the Licensed GSK IP.

 

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		9.	CureVac and BMGF acknowledge and agree that any Patents and Know-How resulting
from the development of the BMGF
                                                                                                        [*****] Vaccines will be Controlled by CureVac and shall form part of the licensed CureVac Technology
(as defined in the CLA on the Effective Date) at no additional cost or royalty to GSK.

 

		10.	At the request of a party, the other parties will work in good faith to negotiate and enter
                                                              into a collaboration or other arrangement by which the parties would combine development efforts for the [*****] Vaccine
                                                              being developed by GSK and CureVac under the CLA with those for the
                                                                                                        [*****] Vaccine being developed or
                                                              contemplated to be developed by CureVac under any BMGF agreement and/or a
                                                                                                        [*****] Vaccine that is
                                                              likely to meet the TPP in Appendix B. These collaborations or other arrangements would be subject to global access
                                                              obligations for Access Countries (as defined in the Global Access Commitments Agreement), including affordable pricing and
                                                              volume commitments, that would be reflective of the relative financial and other contributions of the parties. No party is
                                                              obligated to enter into such collaboration or other arrangement.

 

		11.	Subject to the waivers, releases and licenses granted by GSK to CureVac under this letter
                                                                agreement, CureVac confirms that it has and will retain sufficient rights and licenses under all intellectual property and
                                                                intellectual property rights owned or controlled by CureVac either (a) on the Effective Date or (b) in the conduct of
                                                                Projects funded by BMGF after the Effective Date, to satisfy the Global Access License and related requirements under the
                                                                Global Access Agreement. Further, CureVac confirms that nothing in the CLA limits CureVac's ability to perform its
                                                                obligations in the BMGF Agreements except as otherwise provided in this agreement.

 

		12.	The agreement between CureVac, BMGF and GSK set forth in this letter shall be effective on
                                                                the Effective Date and shall terminate upon the termination of the CLA. This agreement is void if the Effective Date does not
                                                                occur on or before September 30, 2020.

 

		13.	Without limiting CureVac's obligations under the BMGF Agreements, CureVac
confirms that it will not use funding provided by BMGF to conduct activities under the CLA and not use funding provided by GSK
to conduct activities under the BMGF Agreements.

 

		14.	No party will issue any press releases or other public announcements regarding this agreement
                                                                without the prior written approval of the other parties. No party will use the name or logo of the other party or its
                                                                affiliates in any public or promotional materials (including printed materials, email signatures, business cards, client
                                                                lists, letterhead and the like) without the prior written consent of that other party.

 

		15.	Except as expressly agreed otherwise in this agreement, the BMGF Agreements
remain in full force and effect in accordance with their respective terms.

 

No
amendment to or modification of this agreement will be binding unless such amendment or modification is agreed to in writing
and signed by a duly authorized representative of each of the other parties. Except as specifically provided for in this
letter agreement, nothing in this letter agreement will amend either the CLA or BMGF Agreements.

 

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		16.	This agreement will be construed and enforced in accordance with the laws
of the state of New York without regard to its conflicts of laws to the contrary. This agreement may be executed in counterparts.

 

Please return a countersigned copy of this to confirm your
understanding and acceptance of the above.

 

	 	Sincerely,
	 	 
	 	CUREVAC AG
	 	 
	 	/s/ Dr. Franz-Werner Haas
	 	By:	Dr. Franz-Werner Haas

	 	Title:	Active CEO/COO
	 	 
	 	/s/ Pierre Kemula
	 	By:	Pierre Kemula
	 	Title:  	CFO

 

[signature of GSK and BMGF follow on next page]

 

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By signing below, the
parties agree to be bound by the terms of the letter agreement regarding the alignment between the Global Access Commitments Agreement
between CureVac and BMGF and the collaboration and license agreement between CureVac and GSK in the field of mRNA-based vaccines
and monoclonal antibody therapies against infectious diseases.

 

	BILL
    & MELINDA GATES FOUNDATION	 
	 	 
	/s/
    Carolyn Ainslie 	 
	By:	Carolyn
    Ainslie	 
	Title:
       	Chief
    Financial Officer	 
	 	 
	 	 
	GLAXOSMITHKLINE
    BIOLOGICALS SA	 
	 	 
	 	 
	By:	 	 
	Title:	 	 

 

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By
signing below, the parties agree to be bound by the terms of the letter agreement regarding the alignment between the Global Access
Commitments Agreement between CureVac and BMGF and the collaboration and license agreement between CureVac and GSK in the field
of mRNA-based vaccines and monoclonal antibody therapies against infectious diseases.

 

	BILL
    & MELINDA GATES FOUNDATION	 
	 	 	 
	 	 
	By:	Carolyn
    Ainslie	 
	Title:  	Chief
    Financial Officer	 

 

GLAXOSMITHKLINE BIOLOGICALS SA

 

	/s/ Authorized Signatory	 	/s/
                   Authorized Signatory
	By: Authorized Signatory	 	By: Authorized Signatory
	   	 	 	 

 

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Appendix A

 

BMGF Agreements

 

                                                                                                        [*****]

 

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                                                                                                        [*****]

 

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Appendix B

 

[*****]

 

    Seite 12

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