Document:

Exhibit 10.1

 

NORTHERN
TECHNOLOGIES INTERNATIONAL CORPORATION

AMENDED
AND RESTATED 2019 STOCK INCENTIVE PLAN

 

(As amended on January 15, 2021)

 

1.            Purpose of Plan.

 

The purpose of the Northern
Technologies International Corporation 2019 Stock Incentive Plan (this “Plan”) is to advance the interests of Northern
Technologies International Corporation (the “Company”) and its stockholders by enabling the Company and its Subsidiaries
to attract and retain qualified individuals through opportunities for equity participation in the Company, and to reward those
individuals who contribute to the achievement of the Company’s economic objectives. The original version of this Plan initially
became effective upon its approval by the Company’s stockholders on January 18, 2019 (the “Initial Effective Date”)
and at that time replaced the Northern Technologies International Corporation Amended and Restated 2007 Stock Incentive Plan (the
“Prior Plan”); provided, however, that awards outstanding under the Prior Plan as of the Initial Effective Date remained
outstanding in accordance with their terms. After the Initial Effective Date, no more grants of awards were be made under the Prior
Plan. This Plan has been approved by the Board and shall become effective upon approval by the stockholders of the Company on January
15, 2021 or such later date as this Plan is approved by the Company’s stockholders (the “Effective Date”).

 

2.            Definitions.

 

The following terms
will have the meanings set forth below, unless the context clearly otherwise requires:

 

2.1.            
“Adverse Action” means any action or conduct by a Participant that the Committee, in its sole discretion,
determines to be injurious, detrimental, prejudicial or adverse to the interests of the Company or any Subsidiary, including: (a)
disclosing confidential information of the Company or any Subsidiary to any person not authorized by the Company or Subsidiary
to receive it, (b) engaging, directly or indirectly, in any commercial activity that in the judgment of the Committee competes
with the business of the Company or any Subsidiary or (c) interfering with the relationships of the Company or any Subsidiary and
their respective employees, independent contractors, customers, prospective customers and vendors.

 

2.2.            
“Board” means the Board of Directors of the Company.

 

2.3.            
“Broker Exercise Notice” means a written notice pursuant to which a Participant, upon exercise of an
Option, irrevocably instructs a broker or dealer to sell a sufficient number of shares of Common Stock or loan a sufficient amount
of money to pay all or a portion of the exercise price of the Option and/or any related withholding tax obligations and remit such
sums to the Company and directs the Company to deliver shares of Common Stock to be issued upon such exercise directly to such
broker or dealer or their nominee.

 

2.4.            
“Cause” means (a) “Cause” as defined in any Individual Agreement; or (b) dishonesty, fraud,
misrepresentation, embezzlement or other act of dishonesty with respect to the Company or any Subsidiary, (c) any unlawful or criminal
activity of a serious nature, (d) any intentional and deliberate breach of a duty or duties that, individually or in the aggregate,
are material in relation to the Participant’s overall duties, or (e) any material breach of any employment, service, confidentiality
or non-compete agreement entered into with the Company or any Subsidiary.

 

     

     

    

2.5.            
“Change in Control” means an event described in Section 14.1 of this Plan; provided, however, if distribution
of an Incentive Award subject to Section 409A of the Code is triggered by a Change in Control, the term Change in Control will
mean a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the assets
of the Company, as defined in Section 409A of the Code and the regulations and rulings issued thereunder.

 

2.6.            
“Code” means the Internal Revenue Code of 1986, as amended (including, when the context requires, all
regulations, interpretations and rulings issued thereunder).

 

2.7.            
“Committee” means the group of individuals administering this Plan, as provided in Section 3 of this
Plan.

 

2.8.            
“Common Stock” means the common stock of the Company, par value $0.02 per share, or the number and kind
of shares of stock or other securities into which such Common Stock may be changed in accordance with Section 4.3 of this Plan.

 

2.9.            
“Disability” means, with respect to a Participant who is a party to an Individual Agreement, which agreement
contains a definition of “disability” or “permanent disability” (or words of like import) for purposes
of termination of employment thereunder by the Company, “disability” or “permanent disability” as defined
in the most recent of such agreements; or in all other cases, means the disability of the Participant such as would entitle the
Participant to receive disability income benefits pursuant to the long-term disability plan of the Company or Subsidiary then covering
the Participant or, if no such plan exists or is applicable to the Participant, the permanent and total disability of the Participant
within the meaning of Section 22(e)(3) of the Code; provided, however, if distribution of an Incentive Award subject to Section
409A of the Code is triggered by an Eligible Recipient’s Disability, such term will mean that the Eligible Recipient is disabled
as defined by Section 409A of the Code and the regulations and rulings issued thereunder.

 

2.10.         
“Dividend Equivalents” means a credit, made at the discretion of the Committee, to the account of a Participant
in an amount equal to the cash dividends paid on one share of Common Stock for each share of Common Stock represented by an Incentive
Award held by such Participant, subject to Section 11 of this Plan and any other provision of this Plan and which Dividend Equivalents
may be subject to the same conditions and restrictions as the Incentive Awards to which they attach and may be settled in the form
of cash, shares of Common Stock, or in any combination of both.

 

2.11.         
“Effective Date” means January 15, 2021 or such later date as this Plan is approved by the Company’s
stockholders.

 

2.12.         
“Eligible Recipients” means (a) for the purposes of granting Incentive Stock Options, all employees (including,
without limitation, officers and directors who are also employees) of the Company or any Subsidiary and (b) for the purposes of
granting Non-Statutory Stock Options and other Incentive Awards, all employees (including, without limitation, officers and directors
who are also employees) of the Company or any Subsidiary and any non-employee directors, consultants, advisors and independent
contractors of the Company or any Subsidiary; provided, however, that an Eligible Recipient shall not include any person engaged
to provide consulting or advisory services (other than as an employee or a director) to the Company or any Subsidiary that are
in connection with the offer and sale of the Company’s securities in a capital raising transaction or directly or indirectly
promote or maintain a market for the Company’s securities.

 

2.13.         
“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

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2.14.         
“Fair Market Value” means, with respect to the Common Stock, as of any date: (a) the mean between the
reported high and low sale prices of the Common Stock as of such date during the regular daily trading session, as reported on
the Nasdaq Global Select Market, Nasdaq Global Market, Nasdaq Stock Market, the New York Stock Exchange, NYSE American or any other
national securities exchange on which the Common Stock is then listed or quoted (or, if no shares were traded or quoted on such
date, as of the next preceding date on which there was such a trade or quote); or (b) if the Common Stock is not so listed, admitted
to unlisted trading privileges, or reported on any national securities exchange, the mean between the reported high and low sale
prices as of such date during the regular daily trading session, as reported by the OTC Bulletin Board, OTC Markets or other comparable
quotation service (or, if no shares were traded or quoted on such date, as of the next preceding date on which there was such a
trade or quote); or (c) if the Common Stock is not so listed or reported, such price as the Committee determines in good faith,
and consistent with the definition of “fair market value” under Section 409A of the Code. If determined by the Committee,
such determination will be final, conclusive and binding for all purposes and on all persons, including the Company, the stockholders
of the Company, the Participants and their respective successors-in-interest. No member of the Committee will be liable for any
determination regarding the fair market value of the Common Stock that is made in good faith.

 

2.15.         
“Incentive Award” means an Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock
Unit, Performance Award or Other Stock-Based Award granted to an Eligible Recipient pursuant to this Plan.

 

2.16.         
“Incentive Award Agreement” means either: (a) a written or electronic agreement entered into by the Company
and a Participant setting forth the terms and provisions applicable to an Incentive Award granted under this Plan, including any
amendment or modification thereof, or (b) a written or electronic statement issued by the Company to a Participant describing the
terms and provisions of an Incentive Award, including any amendment or modification thereof.

 

2.17.         
“Incentive Stock Option” means a right to purchase shares of Common Stock granted to an Eligible Recipient
pursuant to Section 6 of this Plan that qualifies as an “incentive stock option” within the meaning of Section 422
of the Code.

 

2.18.         
“Individual Agreement” means any employment, consulting, severance or similar agreement between the Participant
and the Company or one of its Subsidiaries.

 

2.19.         
“Initial Effective Date” means January 18, 2019.

 

2.20.         
 “Non-Employee Director” means a member of the Board who is not an employee of the Company or any of
its subsidiaries.

 

2.21.         
“Non-Statutory Stock Option” means a right to purchase shares of Common Stock granted to an Eligible
Recipient pursuant to Section 6 of this Plan that does not qualify as an Incentive Stock Option.

 

2.22.         
“Option” means an Incentive Stock Option or a Non-Statutory Stock Option.

 

2.23.         
“Other Stock-Based Award” means an award of shares of Common Stock granted to an Eligible Recipient pursuant
to Section 10 of this Plan.

 

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2.24.         
“Participant” means an Eligible Recipient who receives one or more Incentive Awards under this Plan.

 

2.25.         
“Performance Award” means a right granted to an Eligible Recipient pursuant to Section 9 of this Plan
to receive an amount of cash, a number of shares of Common Stock, or a combination of both, contingent upon and the value of which
at the time it is payable is determined as a function of the extent of the achievement of one or more Performance Criteria during
a specified performance period or the achievement of other objectives during a specified period.

 

2.26.         
 “Performance Criteria” means the performance criteria that may be used by the Committee in granting
Incentive Awards contingent upon achievement of performance goals, including, without limitation, net sales; operating income;
income before income taxes; income before interest, taxes, depreciation and amortization; income before income taxes; income before
interest, taxes, depreciation and amortization and other non-cash items; net income; net income per share (basic or diluted); profitability
as measured by return ratios (including return on assets, return on equity, return on capital, return on investment and return
on sales); cash flows; market share; cost of sales; sales, general and administrative expense, cost reduction goals; margins (including
one or more of gross, operating and net income margins); stock price; total return to stockholders; economic value added; working
capital and strategic plan development and implementation. The Committee may select one criterion or multiple criteria for measuring
performance, and the measurement may be based upon Company, Subsidiary or business unit performance, either absolute or by relative
comparison to prior periods or other companies or any other external measure of the selected criteria.

 

2.27.         
“Previously Acquired Shares” means shares of Common Stock that are already owned by the Participant or,
with respect to any Incentive Award, that are to be issued to the Participant upon the grant, exercise or vesting of such Incentive
Award.

 

2.28.         
“Prior Plan” means the Northern Technologies International Corporation Amended and Restated 2007 Stock
Incentive Plan.

 

2.29.         
“Restricted Stock Award” means an award of shares of Common Stock granted to an Eligible Recipient pursuant
to Section 8 of this Plan that are subject to restrictions on transferability and a risk of forfeiture imposed by the provisions
of such Section 8.

 

2.30.         
“Restricted Stock Unit” means an award denominated in shares of Common Stock granted to an Eligible Recipient
pursuant to Section 8 of this Plan.

 

2.31.         
“Retirement” means termination of employment or service pursuant to and in accordance with the regular
(or, if approved by the Board for purposes of this Plan, early) retirement/pension plan or practice of the Company or Subsidiary
then covering the Participant, provided that if the Participant is not covered by any such plan or practice, the Participant will
be deemed to be covered by the Company plan or practice for purposes of this determination/termination of employment or if the
Company does not have any such retirement/pension plan or practice, service at age 55 or older and completion of at least 10 years
of continuous service.

 

2.32.         
“Securities Act” means the Securities Act of 1933, as amended.

 

2.33.         
“Separation from Service” has the meaning set forth in Section 12.4(c) of this Plan.

 

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2.34.         
“Stock Appreciation Right” means a right granted to an Eligible Recipient pursuant to Section 7 of this
Plan to receive a payment from the Company, in the form of shares of Common Stock, cash or a combination of both, equal to the
difference between the Fair Market Value of one or more shares of Common Stock and a specified exercise price of such shares.

 

2.35.         
“Subsidiary” means any entity that is directly or indirectly controlled by the Company or any entity
in which the Company has a significant equity interest, as determined by the Committee provided the Company has a “controlling
interest” in the Subsidiary as defined in Treas. Reg. Sec. 1.409A-1(b)(5)(iii)(E)(1).

 

2.36.         
“Tax Date” means the date any withholding tax obligation arises under the Code for a Participant with
respect to an Incentive Award.

 

2.37.         
 Tax Laws” has the meaning set forth in Section 21.9 of this Plan.

 

3.            Plan Administration.

 

3.1.            
The Committee. This Plan will be administered by the Board or by a committee of the Board. So long as the Company
has a class of its equity securities registered under Section 12 of the Exchange Act, any committee administering this Plan will
consist solely of two or more members of the Board who are “non-employee directors” within the meaning of Rule 16b-3
under the Exchange Act and who are “independent directors” under the Listing Rules of the Nasdaq Stock Market (or other
applicable market or exchange on which the Company’s Common Stock may be quoted or traded). Such a committee, if established,
will act by majority approval of the members (but may also take action by the written consent of all of the members of such committee),
and a majority of the members of such a committee will constitute a quorum. As used in this Plan, “Committee” will
refer to the Board or to such a committee, if established. To the extent consistent with applicable corporate law of the Company’s
jurisdiction of incorporation, the Committee may delegate to any officers of the Company the duties, power and authority of the
Committee under this Plan pursuant to such conditions or limitations as the Committee may establish; provided, however, that only
the Committee may exercise such duties, power and authority with respect to Eligible Recipients who are subject to Section 16 of
the Exchange Act. The Committee may exercise its duties, power and authority under this Plan in its sole and absolute discretion
without the consent of any Participant or other party, unless this Plan specifically provides otherwise. Each determination, interpretation
or other action made or taken by the Committee pursuant to the provisions of this Plan will be final, conclusive and binding for
all purposes and on all persons, and no member of the Committee will be liable for any action or determination made in good faith
with respect to this Plan or any Incentive Award granted under this Plan.

 

3.2.            
Authority of the Committee.

 

(a)               
In accordance with and subject to the provisions of this Plan, the Committee will have full and exclusive discretionary
power and authority to take such actions as it deems necessary and advisable with respect to the administration of this Plan, including
the following:

 

(i)                
To designate the Eligible Recipients to be selected as Participants;

 

(ii)             
To determine the nature and extent of the Incentive Awards to be made to each Participant (including the number of
shares of Common Stock to be subject to each Incentive Award, any exercise price, the manner in which Incentive Awards will vest
or become exercisable and whether Incentive Awards will be granted in tandem with other Incentive Awards) and the form of an Incentive
Award Agreement;

 

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(iii)           
To determine the time or times when Incentive Awards will be granted;

 

(iv)            
To determine the duration of each Incentive Award;

 

(v)              
To determine the terms, restrictions and other conditions to which the payment or vesting of Incentive Awards may
be subject;

 

(vi)            
To pay the economic value of any Incentive Award in the form of cash, Common Stock or any combination of both;

 

(vii)         
To construe and interpret this Plan and Incentive Awards granted under it, and to establish, amend and revoke rules
and regulations for its administration and in so doing, to correct any defect, omission, or inconsistency in this Plan or in an
Incentive Award Agreement, in a manner and to the extent it will deem necessary or expedient to make this Plan fully effective;

 

(viii)       
To determine Fair Market Value in accordance with Section 2.14 of this Plan;

 

(ix)            
To amend this Plan or any Incentive Award Agreement, as provided in this Plan;

 

(x)              
To adopt subplans or special provisions applicable to Incentive Awards regulated by the laws of a jurisdiction other
than, and outside of, the United States, which except as otherwise provided in this Plan, such subplans or special provisions may
take precedence over other provisions of this Plan;

 

(xi)            
To authorize any person to execute on behalf of the Company any Incentive Award Agreement or any other instrument
required to effect the grant of an Incentive Award previously granted by the Committee;

 

(xii)         
To determine whether Incentive Awards will be settled in shares of Common Stock, cash or in any combination thereof;

 

(xiii)       
To determine whether Incentive Awards will be adjusted for Dividend Equivalents; and

 

(xiv)        
To impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of
any resales by a Participant or other subsequent transfers by the Participant of any shares of Common Stock, including restrictions
under an insider trading policy, stock ownership guidelines, restrictions as to the use of a specified brokerage firm for such
resales or other transfers and other restrictions designed to increase equity ownership by Participants or otherwise align the
interests of Participants with the Company’s stockholders.

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(b)               
Subject to Section 3.2(d) of this Plan, the Committee will have the authority under this Plan to amend or modify the terms
of any outstanding Incentive Award in any manner, including, without limitation, the authority to modify the number of shares of
Common Stock or other terms and conditions of an Incentive Award, extend the term of an Incentive Award, accelerate the exercisability
or vesting or otherwise terminate any restrictions relating to an Incentive Award, accept the surrender of any outstanding Incentive
Award or, to the extent not previously exercised or vested, authorize the grant of new Incentive Awards in substitution for surrendered
Incentive Awards; provided, however that the amended or modified terms are permitted by this Plan as then in effect and that any
Participant adversely affected by such amended or modified terms has consented to such amendment or modification.

 

(c)               
In the event of (i) any reorganization, merger, consolidation, recapitalization, liquidation, reclassification, stock dividend,
stock split, combination of shares, rights offering, extraordinary dividend or divestiture (including a spin-off) or any other
similar change in corporate structure or shares; (ii) any purchase, acquisition, sale, disposition or write-down of a significant
amount of assets or a significant business; (iii) any change in accounting principles or practices, tax laws or other such laws
or provisions affecting reported results; (iv) any uninsured catastrophic losses or extraordinary non-recurring items as described
in management’s discussion and analysis of financial performance appearing in the Company’s annual report to stockholders
for the applicable year; or (v) any other similar change, in each case with respect to the Company or any other entity whose performance
is relevant to the grant or vesting of an Incentive Award, the Committee (or, if the Company is not the surviving corporation in
any such transaction, the board of directors of the surviving corporation) may, without the consent of any affected Participant,
amend or modify the vesting criteria (including Performance Criteria) of any outstanding Incentive Award that is based in whole
or in part on the financial performance of the Company (or any Subsidiary or division or other subunit thereof) or such other entity
so as equitably to reflect such event, with the desired result that the criteria for evaluating such financial performance of the
Company or such other entity will be substantially the same (in the sole discretion of the Committee or the board of directors
of the surviving corporation) following such event as prior to such event; provided, however, that the amended or modified terms
are permitted by this Plan as then in effect.

 

(d)               
Notwithstanding any other provision of this Plan other than Section 4.3, the Committee may not, without prior approval of
the Company’s stockholders, seek to effect any re-pricing of any previously granted, “underwater” Option or Stock
Appreciation Right by: (i) amending or modifying the terms of the Option or Stock Appreciation Right to lower the exercise price;
(ii) canceling the underwater Option or Stock Appreciation Right in exchange for (A) cash; (B) replacement Options or Stock Appreciation
Rights having a lower exercise price; or (C) other Incentive Awards; or (iii) repurchasing the underwater Options or Stock Appreciation
Rights and granting new Incentive Awards under this Plan. For purposes of this Section 3.2(d), an Option or Stock Appreciation
Right will be deemed to be “underwater” at any time when the Fair Market Value of the Common Stock is less than the
exercise price of the Option or Stock Appreciation Right.

 

(e)               
In addition to the authority of the Committee under Section 3.2(a) of this Plan and notwithstanding any other provision
of this Plan, the Committee may, in its sole discretion, amend the terms of this Plan or Incentive Awards with respect to Participants
resident outside of the United States or employed by a non-U.S. Subsidiary in order to comply with local legal requirements, to
otherwise protect the Company’s or Subsidiary’s interests, or to meet objectives of this Plan, and may, where appropriate,
establish one or more sub-plans (including the adoption of any required rules and regulations) for the purposes of qualifying for
preferred tax treatment under foreign tax laws. The Committee shall have no authority, however, to take action pursuant to this
Section 3.2(e) of this Plan: (i) to reserve shares of Common Stock or grant Incentive Awards in excess of the limitations provided
in Section 4.1 of this Plan; (ii) to effect any re-pricing in violation of Section 3.2(d) of this Plan; (iii) to grant Options
or Stock Appreciation Rights having an exercise price less than 100% of the Fair Market Value of one share of Common Stock on the
date of grant in violation of Section 6.2 or 7.2 of this Plan, as the case may be; or (iv) for which stockholder approval would
then be required pursuant to Section 422 of the Code or the Listing Rules of the Nasdaq Stock Market (or other applicable market
or exchange on which the Company’s Common Stock may be quoted or traded).

 

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4.            Shares
Available for Issuance.

 

4.1.            
Maximum Number of Shares Available; Incentive Award and Non-Employee Director Compensation Limitations. Subject to
adjustment as provided in Section 4.3 of this Plan, the maximum number of shares of Common Stock that will be available for issuance
under this Plan will be the sum of:

 

(a)               
1,600,000;

 

(b)               
the number of shares of Common Stock subject to Incentive Awards outstanding under the Prior Plan as of the Initial Effective
Date but only to the extent that such outstanding Incentive Awards are forfeited, expire or otherwise terminate without the issuance
of such shares of Common Stock;

 

(c)               
the number of shares issued or Incentive Awards granted under this Plan in connection with the settlement, assumption or
substitution of outstanding awards or obligations to grant future awards as a condition of the Company and/or any Subsidiary(ies)
acquiring, merging or consolidating with another entity; and

 

(d)               
the number of shares that are unallocated and available for grant under a stock plan assumed by the Company or any Subsidiary(ies)
in connection with the merger, consolidation, or acquisition of another entity by the Company and/or any of its Subsidiaries, based
on the applicable exchange ratio and other transaction terms, but only to the extent that such shares may be utilized by the Company
or its Subsidiaries following the transaction pursuant to the Listing Rules of the Nasdaq Stock Market (or other applicable market
or exchange on which the Company’s Common Stock may be quoted or traded).

 

Notwithstanding any other provisions of this
Plan to the contrary, (i) no more than 1,600,000 shares of Common Stock may be issued pursuant to the exercise of Incentive Stock
Options granted under this Plan; (ii) no more than 800,000 shares of Common Stock may be issued or issuable under this Plan in
connection with the grant of Incentive Awards, other than Options or Stock Appreciation Rights; and (iii) the sum of any cash compensation,
or other compensation, and the value (determined as of the grant date in accordance with Financial Accounting Standards Board Accounting
Standards Codification Topic 718, or any successor thereto) of Incentive Awards granted to a Non-Employee Director as compensation
for services as a Non-Employee Director during any fiscal year of the Company may not exceed $200,000 (increased to $250,000 with
respect to any Non-Employee Director serving as Chairman of the Board or Lead Independent Director or in the fiscal year of a Non-Employee
Director's initial service as a Non-Employee Director) (with any compensation that is deferred counting towards this limit for
the year in which the compensation is first earned, and not a later year of settlement). All of the foregoing share limits are
subject, in each case, to adjustment as provided in Section 4.3 of this Plan. The limit in clause (ii) will not apply, however,
to the extent Incentive Awards are granted as a result of the Company’s assumption or substitution of like awards issued
by any acquired, merged or consolidated entity pursuant to the applicable transaction terms, nor will any Incentive Stock Options
issued in any such assumption or substitution pursuant to applicable provisions of the Code count towards the limit in clause (i).

 

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4.2.            
Accounting for Incentive Awards. Shares of Common Stock that are issued under this Plan or that are subject to outstanding
Incentive Awards will be applied to reduce the maximum number of shares of Common Stock remaining available for issuance under
this Plan only to the extent they are used; provided, however, that; (a) any shares which would have been issued upon any exercise
of an Option but for the fact that the exercise price was paid by a “net exercise” pursuant to Section 6.4(b) of this
Plan or the tender or attestation as to ownership of Previously Acquired Shares pursuant to Section 6.4(a) of this Plan will not
again become available for issuance under this Plan; and (b) the full number of shares of Common Stock subject to a Stock Appreciation
Right granted that are settled by the issuance of shares of Common Stock will be counted against the shares authorized for issuance
under this Plan, regardless of the number of shares actually issued upon settlement of such Stock Appreciation Right, and will
not again become available for issuance under this Plan. Furthermore, any shares of Common Stock withheld to satisfy tax withholding
obligations on Incentive Awards issued under this Plan, any shares of Common Stock withheld to pay the exercise price of Incentive
Awards under this Plan and any shares of Common Stock not issued or delivered as a result of the “net exercise” of
an outstanding Option pursuant to Section 6.4 or settlement of a Stock Appreciation Right in shares of Common Stock pursuant to
Section 7.1 will be counted against the shares of Common Stock authorized for issuance under this Plan and will not be available
again for grant under this Plan. Any shares of Common Stock repurchased by the Company on the open market using the proceeds from
the exercise of an Incentive Award will not increase the number of shares of Common Stock available for future grant of Incentive
Awards. Any shares of Common Stock related to Incentive Awards granted under this Plan or under the Prior Plan that terminate by
expiration, forfeiture, cancellation or otherwise without the issuance of the shares of Common Stock, or are settled in cash in
lieu of shares of Common Stock, or are exchanged with the Committee’s permission, prior to the issuance of shares of Common
Stock, for Incentive Awards not involving shares of Common Stock, will be available again for grant under this Plan and correspondingly
increase the total number of shares of Common Stock available for issuance under this Plan under Section 4.1.

 

4.3.            
Adjustments to Shares and Incentive Awards. In the event of any reorganization, merger, consolidation, recapitalization,
liquidation, reclassification, stock dividend, stock split, combination of shares, rights offering, divestiture or extraordinary
dividend (including a spin-off) or any other similar change in the corporate structure or shares of the Company, the Committee
(or, if the Company is not the surviving corporation in any such transaction, the board of directors of the surviving corporation)
will make appropriate adjustment (which determination will be conclusive) as to the number and kind of securities or other property
(including cash) available for issuance or payment under this Plan and, in order to prevent dilution or enlargement of the rights
of Participants, (a) the number and kind of securities or other property (including cash) subject to outstanding Incentive Awards,
and (b) the exercise price of outstanding Options and Stock Appreciation Rights.

 

5.            Participation.

 

Participants in this Plan
will be those Eligible Recipients who, in the judgment of the Committee, have contributed, are contributing or are expected to
contribute to the achievement of economic objectives of the Company or its Subsidiaries. Eligible Recipients may be granted from
time to time one or more Incentive Awards, singly or in combination or in tandem with other Incentive Awards, as may be determined
by the Committee in its sole discretion. Incentive Awards will be deemed to be granted as of the date specified in the grant resolution
of the Committee, which date will be the date of any related agreement with the Participant.

 

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6.            Options.

 

6.1.            
Grant. An Eligible Recipient may be granted one or more Options under this Plan, and such Options will be subject
to such terms and conditions, consistent with the other provisions of this Plan, as may be determined by the Committee in its sole
discretion. The Committee may designate whether an Option is to be considered an Incentive Stock Option or a Non-Statutory Stock
Option. To the extent that any Incentive Stock Option (or portion thereof) granted under this Plan ceases for any reason to qualify
as an “incentive stock option” for purposes of Section 422 of the Code, such Incentive Stock Option (or portion thereof)
will continue to be outstanding for purposes of this Plan but will thereafter be deemed to be a Non-Statutory Stock Option. Options
may be granted to an Eligible Recipient for services provided to a Subsidiary only if, with respect to such Eligible Recipient,
the underlying shares of Common Stock constitute “service recipient stock” within the meaning of Treas. Reg. Section
1.409A-1(b)(5)(iii).

 

6.2.            
Exercise Price. The per share price to be paid by a Participant upon exercise of an Option will be determined by
the Committee in its discretion at the time of the Option grant, provided that such price will not be less than 100% of the Fair
Market Value of one share of Common Stock on the date of grant (or 110% of the Fair Market Value of one share of Common Stock on
the date of grant of an Incentive Stock Option if, at the time the Incentive Stock Option is granted, the Participant owns, directly
or indirectly, more than 10% of the total combined voting power of all classes of stock of the Company or any parent or subsidiary
corporation of the Company). Notwithstanding the foregoing, to the extent that Options are granted under this Plan as a result
of the Company’s assumption or substitution of options issued by any acquired, merged or consolidated entity, the exercise
price for such Options shall be the price determined by the Committee pursuant to the conversion terms applicable to the transaction.

 

6.3.            
Exercisability and Duration. An Option will become exercisable at such times and in such installments and upon such
terms and conditions as may be determined by the Committee in its sole discretion at the time of grant (including without limitation
(a) the achievement of one or more of the Performance Criteria; and/or that (b) the Participant remain in the continuous employ
or service of the Company or a Subsidiary for a certain period); provided, however, that no Option may be exercisable after 10
years from its date of grant (five years from its date of grant in the case of an Incentive Stock Option if, at the time the Incentive
Stock Option is granted, the Participant owns, directly or indirectly, more than 10% of the total combined voting power of all
classes of stock of the Company or any parent or subsidiary corporation of the Company). Notwithstanding the foregoing, if the
exercise of an Option that is exercisable in accordance with its terms is prevented by the provisions of Section 16 of this Plan,
the Option will remain exercisable until thirty (30) days after the date such exercise first would no longer be prevented by such
provisions, but in any event no later than the expiration date of such Option.

 

6.4.            
Payment of Exercise Price.

 

(a)               
The total purchase price of the shares to be purchased upon exercise of an Option will be paid entirely in cash (including
check, bank draft or money order); provided, however, that the Committee, in its sole discretion and upon terms and conditions
established by the Committee, may allow such payments to be made, in whole or in part, by (i) tender of a Broker Exercise Notice;
(ii) by tender, or attestation as to ownership, of Previously Acquired Shares that are acceptable to the Committee; (iii) by a
“net exercise” of the Option (as further described in paragraph (b), below); or (iv) by a combination of such methods.
Notwithstanding any other provision of this Plan to the contrary, no Participant who is a director or an “executive officer”
of the Company within the meaning of Section 13(k) of the Exchange Act will be permitted to make payment with respect to any Incentive
Awards granted under this Plan, or continue any extension of credit with respect to such payment with a loan from the Company or
a loan arranged by the Company in violation of Section 13(k) of the Exchange Act.

 

    	 	10	 

     

    

(b)               
In the case of a “net exercise” of an Option, the Company will not require a payment of the exercise price of
the Option from the Participant but will reduce the number of shares of Common Stock issued upon the exercise by the largest number
of whole shares that has a Fair Market Value on the exercise date that does not exceed the aggregate exercise price for the shares
exercised under this method. Shares of Common Stock will no longer be outstanding under an Option (and will therefore not thereafter
be exercisable) following the exercise of such Option to the extent of (i) shares used to pay the exercise price of an Option under
the “net exercise,” (ii) shares actually delivered to the Participant as a result of such exercise and (iii) any
shares withheld for purposes of tax withholding pursuant to Section 13.1 of this Plan.

 

(c)               
Previously Acquired Shares tendered or covered by an attestation as payment of an Option exercise price will be valued at
their Fair Market Value on the exercise date.

 

6.5.            
Manner of Exercise. An Option may be exercised by a Participant in whole or in part from time to time, subject to
the conditions contained in this Plan and in the Incentive Award Agreement relating to such Option, by delivery in person, by facsimile
or electronic transmission or through the mail of written notice of exercise to the Company at its principal executive office in
Circle Pines, Minnesota and by paying in full the total exercise price for the shares of Common Stock to be purchased in accordance
with Section 6.4 of this Plan.

 

6.6.            
Early Exercise. An Option may, but need not, include a provision whereby the Participant may elect at any time before
the Participant’s employment or service terminates to exercise the Option as to any part or all of the shares subject to
the Option prior to the full vesting of the Option. Any unvested shares so purchased shall be subject to a repurchase option in
favor of the Company and to any other restriction the Committee determines to be appropriate.

 

7.            Stock
Appreciation Rights.

 

7.1.            
Grant. An Eligible Recipient may be granted one or more Stock Appreciation Rights under this Plan, and such Stock
Appreciation Rights will be subject to such terms and conditions, consistent with the other provisions of this Plan, as may be
determined by the Committee in its sole discretion. The Committee will have the sole discretion to determine the form in which
payment of the economic value of Stock Appreciation Rights will be made to a Participant (i.e., cash, shares of Common Stock or
any combination thereof) or to consent to or disapprove the election by a Participant of the form of such payment. Stock Appreciation
Rights may be granted to an Eligible Recipient for services provided to a Subsidiary only if, with respect to such Eligible Recipient,
the underlying shares of Common Stock constitute “service recipient stock” within the meaning of Treas. Reg. Section
1.409A-1(b)(5)(iii).

 

7.2.            
Exercise Price. The exercise price of a Stock Appreciation Right will be determined by the Committee, in its discretion,
at the date of grant but may not be less than 100% of the Fair Market Value of one share of Common Stock on the date of grant,
except as provided in Section 7.4 of this Plan. Notwithstanding the foregoing, to the extent that Stock Appreciation Rights are
granted under this Plan as a result of the Company’s assumption or substitution of stock appreciation rights issued by any
acquired, merged or consolidated entity, the exercise price for such Stock Appreciation Rights shall be the price determined by
the Committee pursuant to the conversion terms applicable to the transaction.

 

    	 	11	 

     

    

7.3.            
Exercisability and Duration. A Stock Appreciation Right will become exercisable at such time and in such installments
as may be determined by the Committee in its sole discretion at the time of grant; provided, however, that no Stock Appreciation
Right may be exercisable after 10 years from its date of grant. A Stock Appreciation Right will be exercised by giving notice in
the same manner as for Options, as set forth in Section 6.5 of this Plan. Notwithstanding the foregoing, if the exercise of a Stock
Appreciation Right that is exercisable in accordance with its terms is prevented by the provisions of Section 16 of this Plan,
the Stock Appreciation Right will remain exercisable until thirty (30) days after the date such exercise first would no longer
be prevented by such provisions, but in any event no later than the expiration date of such Stock Appreciation Right.

 

7.4.            
Grants in Tandem with Options. Stock Appreciation Rights may be granted alone or in addition to other Incentive Awards,
or in tandem with an Option, either at the time of grant of the Option or at any time thereafter during the term of the Option.
A Stock Appreciation Right granted in tandem with an Option shall cover the same number of shares of Common Stock as covered by
the Option (or such lesser number as the Committee may determine), shall be exercisable at such time or times and only to the extent
that the related Option is exercisable, have the same term as the Option and shall have an exercise price equal to the exercise
price for the Option. Upon the exercise of a Stock Appreciation Right granted in tandem with an Option, the Option shall be canceled
automatically to the extent of the number of shares covered by such exercise; conversely, upon exercise of an Option having a related
Stock Appreciation Right, the Stock Appreciation Right shall be canceled automatically to the extent of the number of shares covered
by the Option exercise.

 

8.           Restricted
Stock Awards and Restricted Stock Units.

 

8.1.            
Grant. An Eligible Recipient may be granted one or more Restricted Stock Awards or Restricted Stock Units under this
Plan, and such Incentive Awards will be subject to such terms and conditions, consistent with the other provisions of this Plan,
as may be determined by the Committee in its sole discretion. Restricted Stock Units will be similar to Restricted Stock Awards
except that no shares of Common Stock are actually awarded to the Participant on the date of grant of the Restricted Stock Units
and will be denominated in shares of Common Stock but paid in cash, shares of Common Stock or a combination of cash and shares
of Common Stock as the Committee, in its sole discretion, will determine, and as provided in the Incentive Award Agreement. The
Committee may impose such restrictions or conditions, not inconsistent with the provisions of this Plan, to the vesting of such
Restricted Stock Awards or Restricted Stock Units as it deems appropriate, including, without limitation, (a) the achievement of
one or more of the Performance Criteria; and/or that (b) the Participant remain in the continuous employ or service of the Company
or a Subsidiary for a certain period.

 

8.2.            
Rights as a Stockholder; Transferability. Except as provided in Sections 8.1, 8.3, 8.4 and 15.3 of this Plan, a Participant
will have all voting, dividend, liquidation and other rights with respect to shares of Common Stock issued to the Participant as
a Restricted Stock Award under this Section 8 upon the Participant becoming the holder of record of such shares as if such Participant
were a holder of record of shares of unrestricted Common Stock. A Participant will have no voting rights to any Restricted Stock
Units granted hereunder.

 

8.3.            
Dividends and Distributions.

 

(a)               
Unless the Committee determines otherwise in its sole discretion (either in an Incentive Award Agreement at the time of
grant or at any time after the grant of the Restricted Stock Award), any dividends or distributions (including regular quarterly
cash dividends) paid with respect to shares of Common Stock subject to the unvested portion of a Restricted Stock Award will be
subject to the same restrictions as the shares to which such dividends or distributions relate. In the event the Committee determines
not to pay such dividends or distributions currently, the Committee will determine in its sole discretion whether any interest
will be paid on such dividends or distributions. In addition, the Committee in its sole discretion may require such dividends and
distributions to be reinvested (and in such case the Participants consent to such reinvestment) in shares of Common Stock that
will be subject to the same restrictions as the shares to which such dividends or distributions relate.

 

    	 	12	 

     

    

(b)               
Unless the Committee determines otherwise in its sole discretion (either in a Participant’s Incentive Award Agreement
or at any time after the grant of the Restricted Stock Unit), to the extent permitted or required by applicable law, as determined
by the Committee, prior to settlement or forfeiture, any Restricted Stock Units awarded under this Plan may, at the Committee’s
discretion, carry with it a right to Dividend Equivalents. Such right entitles the Participant to be credited with an amount equal
to all cash dividends paid on one share of Common Stok while the Restricted Stock Unit is outstanding. Dividend Equivalents may
be converted into additional Restricted Stock Units and may (and will, to the extent required below) be made subject to the same
conditions and restricted as the Restricted Stock Units to which they attach. Settlement of Dividend Equivalents may be made in
the form of cash, in the form of shares of Common Stock, or in a combination of both. Dividend Equivalents as to Restricted Stock
Units will be subject to forfeiture and termination to the same extent as the corresponding Restricted Stock Units as to which
the Dividend Equivalents relate. In no event will Participants holding Restricted Stock Units receive any Dividend Equivalents
on such Restricted Stock Units until the vesting provisions of such Restricted Stock Units lapse.

 

8.4.            
Enforcement of Restrictions on Restricted Stock Awards. To enforce the restrictions referred to in this Section 8,
the Committee may place a legend on the stock certificates referring to such restrictions and may require the Participant, until
the restrictions have lapsed, to keep the stock certificates, together with duly endorsed stock powers, in the custody of the Company
or its transfer agent, or to maintain evidence of stock ownership, together with duly endorsed stock powers, in a certificateless
book-entry stock account with the Company’s transfer agent. Alternatively, Restricted Stock Awards may be held in non-certificated
form pursuant to such terms and conditions as the Company may establish with its registrar and transfer agent or any third-party
administrator designated by the Company to hold Restricted Stock Awards on behalf of Participants.

 

9.            Performance Awards.

 

An Eligible Recipient
may be granted one or more Performance Awards under this Plan, and such Performance Awards will be subject to such terms and conditions,
if any, consistent with the other provisions of this Plan, as may be determined by the Committee in its sole discretion, including,
but not limited to, the achievement of one or more of the Performance Criteria; provided, however, that in all cases payment of
the Performance Award will be made within two and one-half months following the end of the Eligible Recipient’s tax year
during which receipt of the Performance Award is no longer subject to a “substantial risk of forfeiture” within the
meaning of Section 409A of the Code, except to the extent an Eligible Recipient has properly elected to defer the income that may
be attributable to a Performance Award under a Company or Subsidiary deferred compensation plan.

 

10.          Other Stock-Based Awards.

 

An Eligible Recipient
may be granted one or more Other Stock-Based Awards under this Plan, and such Other-Stock Based Awards will be subject to such
terms and conditions, consistent with the other provisions of this Plan, as may be determined by the Committee in its sole discretion,
not otherwise described by the terms of this Plan (including the grant or offer for sale of unrestricted shares of Common Stock)
in such amounts and subject to such terms and conditions as the Committee will determine. Such Other-Stock Based Awards may involve
the transfer of actual shares of Common Stock to Participants as a bonus or in lieu of obligations to pay cash or deliver other
property under this Plan or under other plans or compensatory arrangements, or payment in cash or otherwise of amounts based on
the value of shares of Common Stock, and may include Incentive Awards designed to comply with or take advantage of the applicable
local laws of jurisdictions other than the United States; provided, however, that in all cases payment of the Other Stock-Based
Award will be made within two and one-half months following the end of the Eligible Recipient’s tax year during which receipt
of the Other Stock-Based Award is no longer subject to a “substantial risk of forfeiture” within the meaning of Section
409A of the Code, except to the extent an Eligible Recipient has properly elected to defer the income that may be attributable
to an Other Stock-Based Award under a Company or Subsidiary deferred compensation plan.

 

    	 	13	 

     

    

11.          Dividend
Equivalents

 

Subject to the provisions
of this Plan and any Incentive Award Agreement, any Participant selected by the Committee may be granted Dividend Equivalents based
on the dividends declared on shares of Common Stock that are subject to any Incentive Award, to be credited as of dividend payment
dates, during the period between the date the Incentive Award is granted and the date the Incentive Award is exercised, vests,
settles, is paid or expires, as determined by the Committee. Such Dividend Equivalents will be converted to cash or additional
shares of Common Stock by such formula and at such time and subject to such limitations as may be determined by the Committee and
the Committee may provide that such amounts (if any) will be deemed to have been reinvested in additional shares of Common Stock
or otherwise reinvested. Notwithstanding the foregoing, the Committee may not grant Dividend Equivalents based on the dividends
declared on shares of Common Stock that are subject to an Option or Stock Appreciation Right; and further, no dividends or Dividend
Equivalents will be paid out with respect to any unvested Incentive Awards, including Performance Awards.

 

12.          Effect
of Termination of Employment or Other Service. The following provisions shall apply upon termination of a Participant’s
employment or other service with the Company and all Subsidiaries, unless otherwise expressly provided by the Committee in its
sole discretion in an Incentive Award Agreement or the terms of an Individual Agreement or determined by the Committee pursuant
to Section 12.3 of this Plan.

 

12.1.         
Termination Due to Death, Disability or Retirement. In the event a Participant’s employment or other service
with the Company and all Subsidiaries is terminated by reason of death, Disability or Retirement:

 

(a)               
All outstanding Options and Stock Appreciation Rights then held by the Participant will, to the extent exercisable as of
such termination, remain exercisable in full for a period of twelve (12) months after such termination (but in no event after the
expiration date of any such Option or Stock Appreciation Right). Options and Stock Appreciation Rights not exercisable as of such
termination will be forfeited and terminate.

 

(b)               
All Restricted Stock Awards then held by the Participant that have not vested as of such termination will be terminated
and forfeited; and

 

    	 	14	 

     

    

(c)               
All outstanding but unpaid and non-vested Restricted Stock Units, Performance Awards and Other Stock-Based Awards then held
by the Participant will be terminated and forfeited.

 

12.2.         
Termination for Reasons Other than Death, Disability or Retirement. In the event a Participant’s employment
or other service is terminated with the Company and all Subsidiaries for any reason other than death, Disability or Retirement,
or a Participant is in the employ or service of a Subsidiary and the Subsidiary ceases to be a Subsidiary of the Company (unless
the Participant continues in the employ or service of the Company or another Subsidiary):

 

(a)               
All outstanding Options and Stock Appreciation Rights then held by the Participant will, to the extent exercisable as of
such termination, remain exercisable in full for a period of three (3) months after such termination (but in no event after the
expiration date of any such Option or Stock Appreciation Right). Options and Stock Appreciation Rights not exercisable as of such
termination will be forfeited and terminate;

 

(b)               
All Restricted Stock Awards then held by the Participant that have not vested as of such termination will be terminated
and forfeited; and

 

(c)               
All outstanding but unpaid and non-vested Restricted Stock Units, Performance Awards and Other Stock-Based Awards then held
by the Participant will be terminated and forfeited.

 

12.3.         
Modification of Rights Upon Termination. Notwithstanding the other provisions of this Section 12, upon a Participant’s
termination of employment or other service with the Company and all Subsidiaries, the Committee may, in its sole discretion (which
may be exercised at any time on or after the date of grant, including following such termination), except as provided in clause
(ii), below, cause Options or Stock Appreciation Rights (or any part thereof) then held by such Participant to terminate, become
or continue to become exercisable and/or remain exercisable following such termination of employment or service (but not beyond
the earlier of the original maximum term of such Option or Stock Appreciation Right or ten (10) years from the original date of
grant of such Option or Stock Appreciation Right), and Restricted Stock Awards, Restricted Stock Units, Performance Awards or Other
Stock-Based Awards then held by such Participant to terminate, vest and/or continue to vest or become free of restrictions and
conditions to payment, as the case may be, following such termination of employment or service, in each case in the manner determined
by the Committee; and (ii) any such action adversely affecting any outstanding Incentive Award will not be effective without the
consent of the affected Participant (subject to the right of the Committee to take whatever action it deems appropriate under Sections
3.2(c), 4.3 and 14 of this Plan).

 

12.4.         
Determination of Termination of Employment or Other Service.

 

(a)               
The change in a Participant’s status from that of an employee of the Company or any Subsidiary to that of a non-employee
consultant, director or advisor of the Company or any Subsidiary will, for purposes of this Plan, be deemed to result in a termination
of such Participant’s employment with the Company and its Subsidiaries, unless the Committee otherwise determines in its
sole discretion.

 

(b)               
The change in a Participant’s status from that of a non-employee consultant, director or advisor of the Company or
any Subsidiary to that of an employee of the Company or any Subsidiary will not, for purposes of this Plan, be deemed to result
in a termination of such Participant’s service as a non-employee consultant, director or advisor with the Company and its
Subsidiaries, and such Participant will thereafter be deemed to be an employee of the Company or its Subsidiaries until such Participant’s
employment or service is terminated, in which event such Participant will be governed by the provisions of this Plan relating to
termination of employment or service (subject to paragraph (a), above).

 

    	 	15	 

     

    

(c)               
Unless the Committee otherwise determines in its sole discretion, a Participant’s employment or other service will,
for purposes of this Plan, be deemed to have terminated on the date recorded on the personnel or other records of the Company or
the Subsidiary for which the Participant provides employment or other service, as determined by the Committee in its sole discretion
based upon such records; provided, however, if distribution or forfeiture of an Incentive Award subject to Section 409A of the
Code is triggered by a termination of a Participant’s employment or other service, such termination must also constitute
a “separation from service” within the meaning of Section 409A of the Code (a “Separation from Service”)
and a Separation from Service shall constitute a termination of employment or other service.

 

12.5.         
Effect of Actions Constituting Cause or Adverse Action. Notwithstanding anything in this Plan to the contrary and
in addition to the other rights of the Committee under this Section 12, if a Participant is determined by the Committee, acting
in its sole discretion, to have taken any action that would constitute Cause or an Adverse Action during or within one (1) year
after the termination of employment or other service with the Company or a Subsidiary, irrespective of whether such action or the
Committee’s determination occurs before or after termination of such Participant’s employment or other service with
the Company or any Subsidiary and irrespective of whether or not the Participant was terminated as a result of such Cause or Adverse
Action, (a) all rights of the Participant under this Plan and any Incentive Award Agreements then held by the Participant will
terminate and be forfeited without notice of any kind, and (b) the Committee in its sole discretion will have the authority to
rescind the exercise, vesting or issuance of, or payment in respect of, any Incentive Awards of the Participant that were exercised,
vested or issued, or as to which such payment was made, and to require the Participant to pay to the Company, within ten (10) days
of receipt from the Company of notice of such rescission, any amount received or the amount of any gain realized as a result of
such rescinded exercise, vesting, issuance or payment (including any dividends paid or other distributions made with respect to
any shares subject to any Incentive Award). The Company may defer the exercise of any Option or Stock Appreciation Right for a
period of up to six (6) months after receipt of the Participant’s written notice of exercise or the issuance of share certificates
upon the vesting of any Incentive Award for a period of up to six (6) months after the date of such vesting in order for the Committee
to make any determination as to the existence of Cause or an Adverse Action. The Company will be entitled to withhold and deduct
from future wages of the Participant (or from other amounts that may be due and owing to the Participant from the Company or a
Subsidiary) or make other arrangements for the collection of all amounts necessary to satisfy such payment obligations. Unless
otherwise provided by the Committee in an Incentive Award Agreement, this Section 12.5 will not apply to any Participant following
a Change in Control.

 

12.6.         
Forfeiture of Incentive Awards. Notwithstanding anything in this Plan to the contrary and in addition to the other
rights of the Committee under this Section 12, if the Company is required to prepare an accounting restatement due to the material
noncompliance of the Company, as a result of misconduct, with any financial reporting requirement under the securities laws, then
any Participant who is one of the individuals subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002
will reimburse the Company for the amount of any Incentive Award received by such individual under this Plan during the 12-month
period following the first public issuance or filing with the Securities and Exchange Commission, as the case may be, of the financial
document embodying such financial reporting requirement. The Company also may seek to recover the amount of any Incentive Award
received as required by the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act or any other clawback,
forfeiture or recoupment provision required by applicable law or under the requirements of any stock exchange or market upon which
the shares of Common Stock are then listed or traded. In addition, all Incentive Awards under this Plan will be subject to forfeiture
or other penalties pursuant to any clawback or forfeiture policy of the Company, as in effect from time to time, and such forfeiture
and/or penalty conditions or provisions as determined by the Committee.

 

    	 	16	 

     

    

13.          Payment
of Withholding Taxes.

 

13.1.         
General Rules. The Company is entitled to (a) withhold and deduct from future wages of the Participant (or from other
amounts that may be due and owing to the Participant from the Company or a Subsidiary), or make other arrangements for the collection
of, all legally required amounts necessary to satisfy any and all federal, foreign, state and local withholding and employment-related
tax requirements attributable to an Incentive Award, including, without limitation, the grant, exercise or vesting of, or payment
of dividends with respect to, an Incentive Award or a disqualifying disposition of stock received upon exercise of an Incentive
Stock Option; (b) withhold cash paid or payable or shares of Common Stock from the shares issued or otherwise issuable to the Participant
in connection with an Incentive Award; or (c) require the Participant promptly to remit the amount of such withholding to the Company
before taking any action, including issuing any shares of Common Stock, with respect to an Incentive Award. Shares of Common Stock
issued or otherwise issuable to the Participant in connection with an Incentive Award that gives rise to tax withholding obligations
that are withheld for purposes of satisfying the Participant’s withholding or employment-related tax obligation will be valued
at their Fair Market Value on the Tax Date. When withholding for taxes is effected under this Plan, it shall be withheld only up
to an amount of tax withholding based on the maximum statutory tax rates in the Participant’s applicable tax jurisdictions
or such other rate that will not trigger a negative accounting impact on the Company.

 

13.2.         
Special Rules. The Committee may, in its sole discretion and upon terms and conditions established by the Committee,
permit or require a Participant to satisfy, in whole or in part, any withholding or employment-related tax obligation described
in Section 13.1 of this Plan by withholding shares of Common Stock underlying an Incentive Award, by electing to tender, or by
attestation as to ownership of, Previously Acquired Shares, by delivery of a Broker Exercise Notice or a combination of such methods.
For purposes of satisfying a Participant’s withholding or employment-related tax obligation, shares of Common Stock withheld
by the Company or Previously Acquired Shares tendered or covered by an attestation will be valued at their Fair Market Value on
the Tax Date.

 

14.          Change in Control.

 

14.1.         
Definition of Change in Control. Unless otherwise provided in an Incentive Award Agreement or Individual Agreement,
a “Change in Control” shall be deemed to have occurred if the event set forth in any one of the following clauses shall
have occurred. For purposes of this Section 14.1, a “Change in Control” of the Company will mean (a) the sale, lease,
exchange or other transfer of substantially all of the assets of the Company (in one transaction or in a series of related transaction)
to a person or entity that is not controlled, directly or indirectly, by the Company, (b) a merger or consolidation to which the
Company is a party if the stockholders of the Company immediately prior to effective date of such merger or consolidation do not
have “beneficial ownership” (as defined in Rule 13d-3 under the Exchange Act) immediately following the effective date
of such merger or consolidation of more than 80% of the combined voting power of the surviving corporation’s outstanding
securities ordinarily having the right to vote at elections of directors, or (c) a change in control of the Company of a nature
that would be required to be reported pursuant to Section 13 or 15(d) of the Exchange Act, whether or not the Company is then subject
to such reporting requirements, including, without limitation, such time as (i) any person becomes, after the effective date of
this Plan, the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 40%
or more of the combined voting power of the Company’s outstanding securities ordinarily having the right to vote at elections
of directors, or (ii) individuals who constitute the Board on the effective date of this Plan cease for any reason to constitute
at least a majority of the Board, provided that any person becoming a director subsequent to the effective date of this Plan whose
election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the
directors comprising the Board on the effective date of this Plan will, for purposes of this clause (ii), be considered as though
such persons were a member of the Board on the Effective Date of this Plan.

 

    	 	17	 

     

    

14.2.         
Acceleration of Vesting. Without limiting the authority of the Committee under Sections 3.2 and 4.3 of this Plan,
if a Change in Control of the Company occurs, then, if approved by the Committee in its sole discretion either in an Incentive
Award Agreement at the time of grant or at any time after the grant of an Incentive Award: (a) all outstanding Options and Stock
Appreciation Rights will become immediately exercisable in full and will remain exercisable in accordance with their terms, regardless
of whether the Participants to whom such Options or Stock Appreciation Rights have been granted remain in the employ or service
of the Company or any Subsidiary; (b) all outstanding Restricted Stock Awards will become immediately fully vested and non-forfeitable;
and (c) all outstanding Restricted Stock Units, Performance Awards and Other Stock-Based Awards then held by the Participant will
vest and/or continue to vest in the manner determined by the Committee and set forth in the Incentive Award Agreement evidencing
such Restricted Stock Units, Performance Awards and Other Stock-Based Awards.

 

14.3.         
Cash Payment. In connection with a Change in Control, the Committee in its sole discretion, either in an Incentive
Award Agreement at the time of grant of an Incentive Award or at any time after the grant of such an Incentive Award, may determine
that any or all outstanding Incentive Awards granted under the Plan, whether or not exercisable or vested, as the case may be,
will be canceled and terminated and that in connection with such cancellation and termination the holder of such Incentive Award
will receive for each share of Common Stock subject to such Incentive Award a cash payment (or the delivery of shares of stock,
other securities or a combination of cash, stock and securities with a fair market value (as determined by the Committee in good
faith) equivalent to such cash payment) equal to the difference, if any, between the consideration received by stockholders of
the Company in respect of a share of Common Stock in connection with such Change in Control and the purchase price per share, if
any, under the Incentive Award, multiplied by the number of shares of Common Stock subject to such Incentive Award (or in which
such Incentive Award is denominated); provided, however, that if such product is zero ($0) or less or to the extent
that the Incentive Award is not then exercisable, the Incentive Award may be canceled and terminated without payment therefor.
If any portion of the consideration pursuant to a Change in Control may be received by holders of shares of Common Stock on a contingent
or delayed basis, the Committee may, in its sole discretion, determine the fair market value per share of such consideration as
of the time of the Change in Control on the basis of the Committee’s good faith estimate of the present value of the probable
future payment of such consideration. Notwithstanding the foregoing, any shares of Common Stock issued pursuant to an Incentive
Award that immediately prior to the effectiveness of the Change in Control are subject to no further restrictions pursuant to the
Plan or an Incentive Award Agreement (other than pursuant to the securities laws) will be deemed to be outstanding shares of Common
Stock and receive the same consideration as other outstanding shares of Common Stock in connection with the Change in Control.

 

    	 	18	 

     

    

14.4.         
Limitation on Change in Control Payments. Notwithstanding anything in Section 14.2 or 14.3 of this Plan to the
contrary, if, with respect to a Participant, the acceleration of the vesting of an Incentive Award as provided in Section 14.2
of this Plan or the payment of cash in exchange for all or part of an Incentive Award as provided in Section 14.3 of this Plan
(which acceleration or payment could be deemed a “payment” within the meaning of Section 280G(b)(2) of the Code),
together with any other “payments” that such Participant has the right to receive from the Company or any corporation
that is a member of an “affiliated group” (as defined in Section 1504(a) of the Code without regard to Section 1504(b)
of the Code) of which the Company is a member, would constitute a “parachute payment” (as defined in Section 280G(b)(2)
of the Code), then the “payments” to such Participant pursuant to Section 14.2 or 14.3 of this Plan will be reduced
to the largest amount as will result in no portion of such “payments” being subject to the excise tax imposed by Section
4999 of the Code; provided, that such reduction shall be made only if the aggregate amount of the payments after such reduction
exceeds the difference between (A) the amount of such payments absent such reduction minus (B) the aggregate amount of the excise
tax imposed under Section 4999 of the Code attributable to any such excess parachute payments. Notwithstanding the foregoing sentence,
if a Participant is subject to a separate agreement with the Company or a Subsidiary that expressly addresses the potential application
of Sections 280G or 4999 of the Code (including, without limitation, that “payments” under such agreement or otherwise
will be reduced, that the Participant will have the discretion to determine which “payments” will be reduced, that
such “payments” will not be reduced or that such “payments” will be “grossed up” for tax purposes),
then this Section 14.4 will not apply, and any “payments” to a Participant pursuant to Section 14.2 or 14.3 of this
Plan will be treated as “payments” arising under such separate agreement. provided, however, such separate
agreement may not modify the time or form of payment under any Award that constitutes deferred compensation subject to Section
409A of the Code if the modification would cause such Incentive Award to become subject to the adverse tax consequences specified
in Section 409A of the Code.

 

15.          Rights of Eligible Recipients and Participants; Transferability.

 

15.1.         
Employment or Service. Nothing in this Plan will interfere with or limit in any way the right of the Company or any
Subsidiary to terminate the employment or service of any Eligible Recipient or Participant at any time, nor confer upon any Eligible
Recipient or Participant any right to continue in the employ or service of the Company or any Subsidiary.

 

15.2.         
No Rights to Incentive Awards. No Participant or Eligible Recipient will have any claim to be granted any Incentive
Award under this Plan.

 

15.3.         
Rights as a Stockholder. As a holder of Incentive Awards (other than Restricted Stock Awards), a Participant will
have no rights as a stockholder unless and until such Incentive Awards are exercised for, or paid in the form of, shares of Common
Stock and the Participant becomes the holder of record of such shares. Except as otherwise provided in this Plan or otherwise provided
by the Committee, no adjustment will be made in the amount of cash payable or in the number of shares of Common Stock issuable
under Incentive Awards denominated in or based on the value of shares of Common Stock as a result of cash dividends or distributions
paid to holders of Common Stock prior to the payment of, or issuance of shares of Common Stock under, such Incentive Awards.

 

15.4.         
Restrictions on Transfer.

 

(a)               
Except pursuant to testamentary will or the laws of descent and distribution or as otherwise expressly permitted by subsections
(b) and (c) below, no right or interest of any Participant in an Incentive Award prior to the exercise (in the case of Options)
or vesting or issuance (in the case of Restricted Stock Awards, Restricted Stock Units, Performance Awards and Other Stock-Based
Awards) of such Incentive Award will be assignable or transferable, or subjected to any lien, during the lifetime of the Participant,
either voluntarily or involuntarily, directly or indirectly, by operation of law or otherwise.

 

    	 	19	 

     

    

(b)               
A Participant will be entitled to designate a beneficiary to receive an Incentive Award upon such Participant’s death,
and in the event of such Participant’s death, payment of any amounts due under this Plan will be made to, and exercise of
any Options or Stock Appreciation Rights (to the extent permitted pursuant to Section 12 of this Plan) may be made by, such beneficiary.
If a deceased Participant has failed to designate a beneficiary, or if a beneficiary designated by the Participant fails to survive
the Participant, payment of any amounts due under this Plan will be made to, and exercise of any Options or Stock Appreciation
Rights (to the extent permitted pursuant to Section 12 of this Plan) may be made by, the Participant’s legal representatives,
heirs and legatees. If a deceased Participant has designated a beneficiary and such beneficiary survives the Participant but dies
before complete payment of all amounts due under this Plan or exercise of all exercisable Options or Stock Appreciation Rights,
then such payments will be made to, and the exercise of such Options or Stock Appreciation Rights may be made by, the legal representatives,
heirs and legatees of the beneficiary.

 

(c)               
Upon a Participant’s request, the Committee may, in its sole discretion, permit a transfer of all or a portion of
a Non-Statutory Stock Option, other than for value, to such Participant’s child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law,
or sister-in-law, any person sharing such Participant’s household (other than a tenant or employee), a trust in which any
of the foregoing have more than fifty percent (50%) of the beneficial interests, a foundation in which any of the foregoing (or
the Participant) control the management of assets, and any other entity in which these persons (or the Participant) own more than
fifty percent (50%) of the voting interests. Any permitted transferee will remain subject to all the terms and conditions applicable
to the Participant prior to the transfer. A permitted transfer may be conditioned upon such requirements as the Committee may,
in its sole discretion, determine, including, but not limited to execution and/or delivery of appropriate acknowledgements, opinion
of counsel, or other documents by the transferee.

 

(d)               
The Committee may impose such restrictions on any shares of Common Stock acquired by a Participant under this Plan as it
may deem advisable, including minimum holding period requirements, restrictions under applicable federal securities laws, under
the requirements of any stock exchange or market upon which the Common Stock is then listed or under any blue sky or state securities
laws applicable to such shares or the Company’s insider trading policy.

 

15.5.         
Non-Exclusivity of this Plan. Nothing contained in this Plan is intended to modify or rescind any previously approved
compensation plans or programs of the Company or create any limitations on the power or authority of the Board to adopt such additional
or other compensation arrangements as the Board may deem necessary or desirable.

 

16.         Securities
Law and Other Restrictions.

 

Notwithstanding any other
provision of this Plan or any agreements entered into pursuant to this Plan, the Company will not be required to issue any shares
of Common Stock under this Plan, and a Participant may not sell, assign, transfer or otherwise dispose of shares of Common Stock
issued pursuant to Incentive Awards granted under this Plan, unless (a) there is in effect with respect to such shares a registration
statement under the Securities Act and any applicable securities laws of a state or foreign jurisdiction or an exemption from such
registration under the Securities Act and applicable state or foreign securities laws, and (b) there has been obtained any other
consent, approval or permit from any other U.S. or foreign regulatory body which the Committee, in its sole discretion, deems necessary
or advisable. The Company may condition such issuance, sale or transfer upon the receipt of any representations or agreements from
the parties involved, and the placement of any legends on certificates representing shares of Common Stock, as may be deemed necessary
or advisable by the Company in order to comply with such securities law or other restrictions.

 

    	 	20	 

     

    

17.          Deferred Compensation; Compliance with Section 409A.

 

It is intended that all
Incentive Awards issued under this Plan be in a form and administered in a manner that will comply with the requirements of Section
409A of the Code, or the requirements of an exception to Section 409A of the Code, and the Incentive Award Agreements and this
Plan will be construed and administered in a manner that is consistent with and gives effect to such intent. The Committee is authorized
to adopt rules or regulations deemed necessary or appropriate to qualify for an exception from or to comply with the requirements
of Section 409A of the Code. With respect to an Incentive Award that constitutes a deferral of compensation subject to Code Section
409A: (a) if any amount is payable or forfeited under such Incentive Award upon a termination of service, a termination of service
will be treated as having occurred only at such time the Participant has experienced a Separation from Service; (b) if any amount
is payable under such Incentive Award upon a Disability, a Disability will be treated as having occurred only at such time the
Participant has experienced a “disability” as such term is defined for purposes of Code Section 409A; (c) if any amount
is payable under such Incentive Award on account of the occurrence of a Change in Control, a Change in Control will be treated
as having occurred only at such time a “change in the ownership or effective control of the corporation or in the ownership
of a substantial portion of the assets of the corporation” as such terms are defined for purposes of Code Section 409A, (d)
if any amount becomes payable under such Incentive Award on account of a Participant’s Separation from Service at such time
as the Participant is a “specified employee” within the meaning of Code Section 409A, then no payment will be made,
except as permitted under Code Section 409A, prior to the first business day after the earlier of (i) the date that is six (6)
months after the date of the Participant’s Separation from Service or (ii) the Participant’s death, and (e) no amendment
to or payment under such Incentive Award, including by way of an Individual Agreement, will be made except and only to the extent
permitted under Code Section 409A.

 

18.          Plan
Amendment, Modification and Termination.

 

The Board may suspend
or terminate this Plan or any portion thereof at any time. In addition to the authority of the Committee to amend this Plan under
Section 3.2(e) of this Plan, the Board may amend this Plan from time to time in such respects as the Board may deem advisable in
order that Incentive Awards under this Plan will conform to any change in applicable laws or regulations or in any other respect
the Board may deem to be in the best interests of the Company; provided, however, that no such amendments to this Plan will be
effective without approval of the Company’s stockholders if: (i) stockholder approval of the amendment is then required pursuant
to Section 422 of the Code or the Listing Rules of the Nasdaq Stock Market (or other applicable market or exchange on which the
Company’s Common Stock may be quoted or traded); or (ii) such amendment seeks to increase the number of shares authorized
for issuance hereunder (other than by virtue of an adjustment under Section 4.3 of this Plan) or to modify Section 3.2(d) of this
Plan. No termination, suspension or amendment of this Plan may adversely affect any outstanding Incentive Award without the consent
of the affected Participant; provided, however, that this sentence will not impair the right of the Committee to take whatever
action it deems appropriate under Sections 3.2(c), 4.3 and 14 of this Plan. Notwithstanding any other provision of this Plan to
the contrary, the Committee may amend this Plan, to take effect retroactively or otherwise, as deemed necessary or advisable for
the purpose of conforming this Plan to any present or future law relating to plans of this or similar nature, and to the administration
regulations and rulings promulgated thereunder. By accepting an Incentive Award under this Plan, a Participant agrees to any amendment
made pursuant to the preceding sentence to any Incentive Award granted under this Plan without further consideration or action.

 

    	 	21	 

     

    

19.          Substituted Awards.

 

The Committee may grant
Incentive Awards under this Plan in substitution for stock and stock-based awards held by employees of another entity who become
employees of the Company or a Subsidiary as a result of a merger or consolidation of the former employing entity with the Company
or a Subsidiary or the acquisition by the Company or a Subsidiary of property or stock of the former employing corporation. The
Committee may direct that the substitute Incentive Awards be granted on such terms and conditions as the Committee considers appropriate
in the circumstances.

 

20.          Effective Date and Duration of this Plan.

 

This Plan will be effective
as of the Initial Effective Date and will terminate at midnight on the day before the tenth (10th) anniversary of the
Initial Effective Date, and may be terminated prior to such time by Board action. No Incentive Award will be granted after termination
of this Plan. Incentive Awards outstanding upon termination of this Plan may continue to be exercised, earned or become free of
restrictions, according to their terms.

 

21.          Miscellaneous.

 

21.1.         
Usage. In this Plan, except where otherwise indicated by clear contrary intention, (a) any masculine term used herein
also will include the feminine, (b) the plural will include the singular, and the singular will include the plural, (c) “including”
(and with correlative meaning “include”) means including without limiting the generality of any description preceding
such term, and (d) “or” is used in the inclusive sense of “and/or”.

 

21.2.         
Unfunded Plan. Participants will have no right, title or interest whatsoever in or to any investments that the Company
or its Subsidiaries may make to aid it in meeting its obligations under this Plan. Nothing contained in this Plan, and no action
taken pursuant to its provisions, will create or be construed to create a trust of any kind, or a fiduciary relationship between
the Company and any Participant, beneficiary, legal representative, or any other individual. To the extent that any individual
acquires a right to receive payments from the Company or any Subsidiary under this Plan, such right will be no greater than the
right of an unsecured general creditor of the Company or the Subsidiary, as the case may be. All payments to be made hereunder
will be paid from the general funds of the Company or the Subsidiary, as the case may be, and no special or separate fund will
be established and no segregation of assets will be made to assure payment of such amounts except as expressly set forth in this
Plan.

 

21.3.         
Relationship to Other Benefits. Neither Incentive Awards made under this Plan nor shares of Common Stock paid pursuant
to such Incentive Awards under this Plan will be included as “compensation” for purposes of computing the benefits
payable to any Participant under any pension, retirement (qualified or non-qualified), savings, profit sharing, group insurance,
welfare, or benefit plan of the Company or any Subsidiary unless provided otherwise in such plan.

 

21.4.         
Fractional Shares. No fractional shares of Common Stock will be issued or delivered under this Plan or any Incentive
Award. The Committee will determine whether cash, other Incentive Awards or other property will be issued or paid in lieu of fractional
shares of Common Stock or whether such fractional shares of Common Stock or any rights thereto will be forfeited or otherwise eliminated
by rounding up or down.

 

    	 	22	 

     

    

21.5.         
Governing Law; Venue. Except to the extent expressly provided herein or in connection with other matters of corporate
governance and authority (all of which shall be governed by the laws of the Company’s jurisdiction of incorporation), the
validity, construction, interpretation, administration and effect of this Plan and any rules, regulations and actions relating
to this Plan will be governed by and construed exclusively in accordance with the laws of the State of Minnesota, notwithstanding
the conflicts of laws principles of any jurisdictions. Unless otherwise provided in an Incentive Award Agreement, recipients of
an Incentive Award under this Plan are deemed to submit to the exclusive jurisdiction and venue of the federal or state courts
of the State of Minnesota to resolve any and all issues that may arise out of or relate to this Plan or any Incentive Award Agreement.

 

21.6.         
Successors and Assigns. This Plan will be binding upon and inure to the benefit of the successors and permitted assigns
of the Company and the Participants.

 

21.7.         
Construction. Wherever possible, each provision of this Plan and any Incentive Award Agreement granted under this
Plan will be interpreted so that it is valid under the applicable law. If any provision of this Plan or any Incentive Award Agreement
granted under this Plan is to any extent invalid under the applicable law, that provision will still be effective to the extent
it remains valid. The remainder of this Plan and the Incentive Award Agreement also will continue to be valid, and the entire Plan
and Incentive Award Agreement will continue to be valid in other jurisdictions.

 

21.8.         
Delivery and Execution of Electronic Documents. To the extent permitted by applicable law, the Company may: (a) deliver
by email or other electronic means (including posting on a Web site maintained by the Company or by a third party under contract
with the Company) all documents relating to this Plan or any Incentive Award hereunder (including prospectuses required by the
Securities and Exchange Commission) and all other documents that the Company is required to deliver to its security holders (including
annual reports and proxy statements), and (b) permit Participants to use electronic, internet or other non-paper means to execute
applicable Plan documents (including Incentive Award Agreements) and take other actions under this Plan in a manner prescribed
by the Committee.

 

21.9.         
No Representations or Warranties Regarding Tax Effect. Notwithstanding any provision of this Plan to the contrary,
the Company and its Subsidiaries, the Board, and the Committee neither represent nor warrant the tax treatment under any federal,
state, local, or foreign laws and regulations thereunder (individually and collectively referred to as the “Tax Laws”)
of any Incentive Award granted or any amounts paid to any Participant under this Plan including, but not limited to, when and to
what extent such Incentive Awards or amounts may be subject to tax, penalties, and interest under the Tax Laws.

 

21.10.     
Indemnification. Subject to any limitations and requirements of Delaware law, each individual who is or will have
been a member of the Board, or a Committee appointed by the Board, or an officer or employee of the Company to whom authority was
delegated in accordance with Section 3.1 of this Plan, will be indemnified and held harmless by the Company against and from any
loss, cost, liability or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting
from any claim, action, suit or proceeding to which he or she may be a party or in which he or she may be involved by reason of
any action taken or failure to act under this Plan and against and from any and all amounts paid by him or her in settlement thereof,
with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such action, suit or proceeding
against him or her, provided he or she will give the Company an opportunity, at its own expense, to handle and defend the same
before he or she undertakes to handle and defend it on his/her own behalf. The foregoing right of indemnification will not be exclusive
of any other rights of indemnification to which such individuals may be entitled under the Company’s Certificate of Incorporation
or Bylaws, as a matter of law, or otherwise, or pursuant to any agreement with the Company, or any power that the Company may have
to indemnify them or hold them harmless.

 

 

23EX-10.1

 Exhibit 10.1 

BOLT BIOTHERAPEUTICS, INC. 

AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT 

June 26, 2020 

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	 	Page	 
	 1.
	 	 DEFINITIONS
	 	 	1	 
			
	 2.
	 	 REGISTRATION RIGHTS
	 	 	5	 
				
		 	 2.1
	 	 Demand Registration
	 	 	5	 
				
		 	 2.2
	 	 Company Registration
	 	 	6	 
				
		 	 2.3
	 	 Underwriting Requirements
	 	 	6	 
				
		 	 2.4
	 	 Obligations of the Company
	 	 	8	 
				
		 	 2.5
	 	 Furnish Information
	 	 	9	 
				
		 	 2.6
	 	 Expenses of Registration
	 	 	9	 
				
		 	 2.7
	 	 Delay of Registration
	 	 	10	 
				
		 	 2.8
	 	 Indemnification
	 	 	10	 
				
		 	 2.9
	 	 Reports Under Exchange Act
	 	 	11	 
				
		 	 2.10
	 	 Limitations on Subsequent Registration Rights
	 	 	12	 
				
		 	 2.11
	 	 “Market Stand-off” Agreement
	 	 	12	 
				
		 	 2.12
	 	 Restrictions on Transfer
	 	 	13	 
				
		 	 2.13
	 	 Termination of Registration Rights
	 	 	14	 
			
	 3.
	 	 INFORMATION AND OBSERVER RIGHTS
	 	 	14	 
				
		 	 3.1
	 	 Delivery of Financial Statements
	 	 	14	 
				
		 	 3.2
	 	 Inspection
	 	 	15	 
				
		 	 3.3
	 	 Observer Rights
	 	 	15	 
				
		 	 3.4
	 	 Termination of Information and Observer Rights
	 	 	16	 
				
		 	 3.5
	 	 Confidentiality
	 	 	16	 
				
		 	 3.6
	 	 CFIUS
	 	 	16	 
			
	 4.
	 	 RIGHTS TO FUTURE STOCK ISSUANCES
	 	 	17	 
				
		 	 4.1
	 	 Right of First Offer
	 	 	17	 
				
		 	 4.2
	 	 Termination
	 	 	18	 
			
	 5.
	 	 ADDITIONAL COVENANTS
	 	 	18	 
				
		 	 5.1
	 	 Insurance
	 	 	18	 
				
		 	 5.2
	 	 Employee Stock
	 	 	18	 
				
		 	 5.3
	 	 Matters Requiring Investor Director Approval
	 	 	19	 
				
		 	 5.4
	 	 Board Matters
	 	 	19	 
				
		 	 5.5
	 	 Successor Indemnification
	 	 	20	 
				
		 	 5.6
	 	 Expenses of Counsel
	 	 	20	 
				
		 	 5.7
	 	 Post-Closing Covenants
	 	 	20	 
				
		 	 5.8
	 	 Right to Conduct Activities
	 	 	20	 
				
		 	 5.9
	 	 Reservation of Common Stock
	 	 	21	 
				
		 	 5.10
	 	 Termination of Covenants
	 	 	21	 
				
		 	 5.11
	 	 Foreign Corrupt Practices Act
	 	 	21	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

									
	 	 	 	 	 	 	Page	 
	 6.
	 	 MISCELLANEOUS
	 	 	21	 
				
		 	 6.1
	 	 Successors and Assigns
	 	 	21	 
				
		 	 6.2
	 	 Governing Law
	 	 	22	 
				
		 	 6.3
	 	 Counterparts
	 	 	22	 
				
		 	 6.4
	 	 Titles and Subtitles
	 	 	22	 
				
		 	 6.5
	 	 Notices
	 	 	22	 
				
		 	 6.6
	 	 Amendments and Waivers
	 	 	22	 
				
		 	 6.7
	 	 Severability
	 	 	23	 
				
		 	 6.8
	 	 Aggregation of Stock
	 	 	23	 
				
		 	 6.9
	 	 Additional Investors
	 	 	23	 
				
		 	 6.10
	 	 Entire Agreement
	 	 	24	 
				
		 	 6.11
	 	 Dispute Resolution
	 	 	24	 
				
		 	 6.12
	 	 Delays or Omissions
	 	 	24	 
				
		 	 6.13
	 	 Acknowledgment
	 	 	24	 
				
		 	 6.14
	 	 Limitation of Liability; Freedom to Operate Affiliates
	 	 	25	 
				
		 	 6.15
	 	 Attorneys’ Fees
	 	 	25	 

 Schedule A - Schedule of Investors 

  
 ii 

 AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT 

THIS AMENDED AND RESTATED INVESTORS’ RIGHTS
AGREEMENT (this “Agreement”), is made as of the 26th day of June, 2020 by and among BOLT BIOTHERAPEUTICS,
INC., a Delaware corporation (the “Company”), and each of the investors listed on Schedule A hereto, each of which is referred to in this Agreement as an “Investor”
and any Additional Purchaser (as defined in the Purchase Agreement) that becomes a party to this Agreement in accordance with Section 6.9 hereof. 

RECITALS 

WHEREAS, the Company and certain of the Investors are parties to that certain Series C Preferred Stock
Purchase Agreement of even date herewith (as amended from time to time) (the “Purchase Agreement”); 

WHEREAS, certain of the Investors (the “Existing Investors”) hold shares of the
Company’s Series Seed Preferred Stock, Series A-1 Preferred Stock, Series B Preferred Stock, Series T Preferred Stock and/or shares of Common Stock issued upon conversion thereof and possess registration
rights, information rights, rights of first offer, and other rights pursuant to that certain Amended and Restated Investors’ Rights Agreement, dated as of March 26, 2019, by and among the Company and the parties thereto (the
“Prior Agreement”); 
 WHEREAS, the Existing Investors are the holders of a
majority of the outstanding shares of Registrable Securities (as defined in the Prior Agreement) and desire to amend and restate the Prior Agreement in its entirety and further desire to accept the rights created pursuant to this Agreement in lieu
of the rights granted to them under the Prior Agreement; and WHEREAS, in order to induce the Company to enter into the Purchase Agreement and to induce certain of the Investors to invest funds in the Company pursuant to the Purchase Agreement, the
Investors and the Company hereby agree that this Agreement shall govern the rights of the Investors to cause the Company to register shares of Common Stock issuable to the Investors, to receive certain information from the Company, and to
participate in future equity offerings by the Company, and that this Agreement shall govern certain other matters as set forth in this Agreement. 

NOW, THEREFORE, the Existing Investors hereby agree that the Prior Agreement is hereby
amended and restated by this Agreement, and the parties to this Agreement further agree as follows: 

1.    Definitions. For purposes of this Agreement: 

1.1    “Affiliate” means, with respect to any specified Person, any other Person who,
directly or indirectly, controls, is controlled by, or is under common control with such Person, including, without limitation, any general partner, managing member, officer, director or trustee of such Person or any venture capital fund, investment
fund, registered investment company or asset manager now or hereafter existing that is controlled by one or more general partners, managing members or investment advisers of, or shares the same management company or investment adviser with, such
Person; any wholly-owned subsidiary of such Person; or any direct or indirect wholly-owned subsidiary of the ultimate parent entity of such Person. In addition to the foregoing, NFLS Beta Limited shall be considered an affiliate of Pivotal
bioVenture Partners Fund I, L.P. (“Pivotal”). In addition to the foregoing, Four Pines Master Fund LP shall be considered an affiliate of Rock Springs Capital Master Fund LP (together, “Rock Springs
Capital”). Notwithstanding the foregoing, with respect to Novo Holdings A/S, in lieu of the above definition, the term “Affiliate” shall mean Novo Ventures (US), Inc. and Novo Holdings Principal Investments (US),
Inc. (together with Novo Holdings A/S, “Novo”), any partner, executive officer or director of Novo or any venture capital fund, asset manager or other Person now or hereafter existing formed for the purpose of making
investments in other Persons that is controlled by or under common control with Novo, and for the avoidance of doubt, shall not include any other affiliate of Novo. 

 1.2    “Board” means the Company’s
Board of Directors. 
 1.3    “CFIUS” means the Committee on Foreign Investment in the
United States, or any member agency thereof acting in such capacity. 
 1.4    “Common
Stock” means shares of the Company’s common stock, par value $0.00001 per share. 

1.5    “Competitor” means a Person engaged, directly or indirectly (including
through any partnership, limited liability company, corporation, joint venture or similar arrangement (whether now existing or formed hereafter)), in anti-tumor antibody-based immunotherapy of cancer, but shall not include any financial investment
firm or collective investment vehicle that, together with its Affiliates, holds less than twenty percent (20)% of the outstanding equity of any Competitor and does not, nor do any of its Affiliates, have a right to designate any members of the Board
of Directors of any Competitor; provided that none of Pivotal, Novo, Vivo PANDA Fund, L.P (“Vivo”), Sofinnova Venture Partners X, L.P. (“Sofinnova”), RA Capital Healthcare Fund, L.P., Blackwell
Partners LLC - Series A, and RA Capital Nexus Fund, L.P. (together, “RA Capital”), Citadel Multi-Strategy Equities Master Fund Ltd. (“Surveyor Capital”), Rock Springs Capital, nor their Affiliates
shall be deemed to be a Competitor hereunder. 
 1.6    “Damages” means any loss, damage,
claim or liability (joint or several) to which a party hereto may become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises
out of or is based upon: (i) any untrue statement or alleged untrue statement of a material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any
amendments or supplements thereto; (ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation
by the indemnifying party (or any of its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law. 

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

1.8    “DPA” means Section 721 of the Defense Production Act of 1950, as amended (50
U.S.C. § 4565), and all rules and regulations thereunder, including as codified at 31 C.F.R. Part 800. 

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

1.11    “FOIA Party” means a Person that, in the reasonable determination of the Board, may
be subject to, and thereby required to disclose non-public information furnished by or relating to the Company under, the Freedom of Information Act, 5 U.S.C. 552 (“FOIA”), any state
public records access law, any state or other jurisdiction’s laws similar in intent or effect to FOIA, or any other similar statutory or regulatory requirement; provided that none of Pivotal, Novo, Vivo, Sofinnova, RA Capital, Surveyor Capital,
Rock Springs Capital, Pfizer Ventures (US) LLC or their Affiliates shall be deemed to be a FOIA Party hereunder. 

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

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

 1.14    “GAAP” means generally accepted accounting principles in the United States, as
in effect from time to time. 
 1.15    “Holder” means any holder of Registrable
Securities who is a party to this Agreement. 
 1.16    “Immediate Family Member” means a
child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or
sister-in-law, including, adoptive relationships, of a natural person referred to herein. 

1.17    “Initiating Holders” means, collectively, Holders who properly initiate a
registration request under this Agreement. 
 1.18    “IPO” means the Company’s
first underwritten public offering of its Common Stock under the Securities Act. 
 1.19    “Key
Employee” has the meaning set forth in the Purchase Agreement. 
 1.20    “Major
Investor” means (i) any Investor that, individually or together with such Investor’s Affiliates, holds at least 1,000,000 shares of Registrable Securities (on an as converted basis and as adjusted for any stock split, stock
dividend, combination, or other recapitalization or reclassification effected after the date hereof) and each Person to whom any of the rights of any such Investor are assigned pursuant to Section 6.1; and (ii) with respect to any Investor
that holds Series Seed Preferred Stock, any such Investor that individually or together with such Investor’s Affiliates, holds at least 405,624 shares of Registrable Securities (on an as converted basis and as adjusted for any stock split,
stock dividend, combination, or other recapitalization or reclassification effected after the date hereof); provided, however, that in no event shall Toray Industries, Inc. (“Toray”) be deemed a Major Investor
for purposes of Section 4 of this Agreement. 
 1.21    “New Securities” means,
collectively, equity securities of the Company, whether or not currently authorized, as well as rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or
exchangeable into or exercisable for such equity securities. 
 1.22    “Person” means
any individual, corporation, partnership, trust, limited liability company, association or other entity. 

1.23    “Preferred Stock” means, collectively, shares of the Company’s Series Seed
Preferred Stock, Series A-1 Preferred Stock, Series B Preferred Stock, Series T Preferred Stock, Series C-1 Preferred Stock and Series
C-2 Preferred Stock. 
 1.24    “Preferred
Directors” means the Series C Director, the Series B Director and the Series A-1 Directors, collectively. 

1.25    “Registrable Securities” means (i) the Common Stock issuable or issued upon
conversion of the Preferred Stock excluding any Common Stock issued upon conversion of the Preferred Stock pursuant to the “Special Mandatory Conversion” provisions in the Certificate of Incorporation; (ii) any

  
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Common Stock, or any Common Stock issued or issuable (other than Common Stock issued pursuant to a Special Mandatory Conversion) (directly or indirectly) upon conversion and/or exercise of any
other securities of the Company, acquired by the Investors, including, but not limited to, any Common Stock issuable upon exercise of warrants; and (iii) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant,
right, or other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares referenced in clause (i) and (ii) above; excluding in all cases, however, any Registrable
Securities sold by a Person in a transaction in which the applicable rights under this Agreement are not assigned pursuant to Subsection 6.1, and excluding for purposes of Section 2 any shares for which registration rights have terminated
pursuant to Subsection 2.13 of this Agreement. A Holder of Registrable Securities need not convert such Registrable Securities into Common Stock prior to requesting registration hereunder but may make such request in contemplation of conversion of
such Registrable Securities into Common Stock prior to the effectiveness of such registration. 

1.26    “Registrable Securities then outstanding” means the number of shares determined by
adding the number of shares of outstanding Common Stock that are Registrable Securities and the number of shares of Common Stock issuable (directly or indirectly) pursuant to then exercisable and/or convertible securities that are Registrable
Securities. 
 1.27    “Requisite Holders” means the holders of at least a
majority of the Registrable Securities then outstanding, voting as a single class and on an as-converted basis. 

1.28    “Restated Certificate” means the Company’s Amended and Restated Certificate of
Incorporation, as amended and/or restated from time to time. 
 1.29    “Restricted
Securities” means the securities of the Company required to be notated with the legend set forth in Subsection 2.12(b) hereof. 

1.30    “SEC” means the Securities and Exchange Commission. 

1.31    “SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities
Act. 
 1.32    “SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities
Act. 
 1.33    “Securities Act” means the Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder. 
 1.34    “Selling Expenses” means all
underwriting discounts, selling commissions, and stock transfer taxes applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne
and paid by the Company as provided in Subsection 2.6. 
 1.35    “Series A-1 Director” means any director of the Company that the holders of record of the Series A-1 Preferred Stock, exclusively as a separate class, are entitled to
elect pursuant to the Company’s Restated Certificate. 
 1.36    “Series A-1 Preferred Stock” means shares of the Company’s Series A-1 Preferred Stock, par value $0.00001 per share. 

1.37    “Series B Director” means any director of the Company that the holders of record of
the Series B Preferred Stock, exclusively as a separate class, are entitled to elect pursuant to the Company’s Restated Certificate. 

  
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 1.38    “Series C Director” means any
director of the Company that the holders of record of the Series C-1 Preferred Stock and Series C-2 Preferred Stock, exclusively as a separate class, are entitled to
elect pursuant to the Company’s Restated Certificate. 
 1.39    “Series B Preferred
Stock” means shares of the Company’s Series B Preferred Stock, par value $0.00001 per share. 

1.40    “Series C-1 Preferred Stock” means shares
of the Company’s Series C-1 Preferred Stock, par value $0.00001 per share. 

1.41    “Series C-2 Preferred Stock” means shares
of the Company’s Series C-2 Preferred Stock, par value $0.00001 per share 

1.42    “Series Seed Preferred Stock” means shares of the Company’s Series Seed
Preferred Stock, par value $0.00001 per share. 
 1.43    “Series T Preferred Stock”
means shares of the Company’s Series T Preferred Stock, par value $0.00001 per share. 

1.44    “Stock Plan” means the Company’s 2015 Equity Incentive Plan. 

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

2.1    Demand Registration. 

(a)    Form S-1 Demand. If, at any time after the earlier of
(i) three (3) years after the date of this Agreement or (ii) one hundred eighty (180) days after the effective date of the registration statement for the IPO, the Company receives a request from the Requisite Holders that the Company
file a Form S-1 registration statement with respect to the Registrable Securities then outstanding representing at least an aggregate offering price, net of Selling Expenses, of $10,000,000, then the Company
shall (x) within ten (10) days after the date such request is given, give notice thereof (the “Demand Notice”) to all Holders other than the Initiating Holders; and (y) as soon as practicable, and in any event
within sixty (60) days after the date such request is given by the Initiating Holders, file a Form S-1 registration statement under the Securities Act covering all Registrable Securities that the
Initiating Holders requested to be registered and any additional Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days
of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(c) and 2.3. 

(b)    Form S-3 Demand. If at any time when it is eligible to use a
Form S-3 registration statement, the Company receives a request from Holders of at least twenty percent (20%) of the Registrable Securities then outstanding that the Company file a Form S-3 registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least $2,000,000, then the Company shall
(i) within ten (10) days after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within forty-five (45) days after the date
such request is given by the Initiating Holders, file a Form S-3 registration statement under the Securities Act covering all Registrable Securities requested to be included in such registration by any other
Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(c) and 2.3. 

(c)    Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration
pursuant to this Subsection 2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Board it would be materially detrimental to the Company and its stockholders for such registration
statement to either become effective or remain 

  
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effective for as long as such registration statement otherwise would be required to remain effective, because such action would (i) materially interfere with a significant acquisition,
corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the
Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing, and any time periods with respect to filing or effectiveness thereof shall
be tolled correspondingly, for a period of not more than one hundred twenty (120) days after the request of the Initiating Holders is given; provided, however, that the Company may not invoke this right more than twice in any
twelve (12) month period; and provided further that the Company shall not register any securities for its own account or that of any other stockholder during such one hundred twenty (120) day period other than an Excluded
Registration. 
 (d)    The Company shall not be obligated to effect, or to take any action to effect, any
registration pursuant to Subsection 2.1(a) (i) during the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is one hundred eighty (180) days after the
effective date of, a Company-initiated registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; (ii) after the Company has
effected two registrations pursuant to Subsection 2.1(a); or (iii) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant
to a request made pursuant to Subsection 2.1(b). The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.1(b) (i) during the period that is thirty (30) days before the
Company’s good faith estimate of the date of filing of, and ending on a date that is ninety (90) days after the effective date of, a Company-initiated registration, provided that the Company is actively employing in good faith
commercially reasonable efforts to cause such registration statement to become effective; or (ii) if the Company has effected two registrations pursuant to Subsection 2.1(b) within the twelve (12) month period immediately preceding the
date of such request. A registration shall not be counted as “effected” for purposes of this Subsection 2.1(d) until such time as the applicable registration statement registering all requested Registrable Securities has been declared
effective by the SEC, unless the Initiating Holders withdraw their request for such registration, elect not to pay the registration expenses therefor, and forfeit their right to one demand registration statement pursuant to Subsection 2.6, in which
case such withdrawn registration statement shall be counted as “effected” for purposes of this Subsection 2.1(d); provided, however, that if the Initiating Holders withdraw their request for registration as a result of a
material adverse change to the Company, then a withdrawal of the registration statement shall not be counted as “effected.” 

2.2    Company Registration. If the Company proposes to register (including, for this purpose, a
registration effected by the Company for stockholders other than the Holders) any of its Common Stock under the Securities Act in connection with the public offering of such securities solely for cash (other than in an Excluded Registration), the
Company shall, at such time, promptly give each Holder notice of such registration. Upon the request of each Holder given within twenty (20) days after such notice is given by the Company, the Company shall, subject to the provisions of
Subsection 2.3, cause to be registered all of the Registrable Securities that each such Holder has requested to be included in such registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this
Subsection 2.2 before the effective date of such registration, whether or not any Holder has elected to include Registrable Securities in such registration. The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by
the Company in accordance with Subsection 2.6; provided, that if such withdrawal is during a period the Company had deferred taking action pursuant to Subsection 2.1(c), then the Initiating Holders may withdraw their request for registration and
such registration will not be counted as “effected” for purposes of this Subsection 2.1(d). 

2.3    Underwriting Requirements. 

(a)    If, pursuant to Subsection 2.1, the Initiating Holders intend to distribute the Registrable Securities
covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Subsection 2.1, and the Company shall include such information in the Demand Notice. The underwriter(s) will be
selected by the Company and shall be 

  
 6 

 
reasonably acceptable to the Requisite Holders who are Initiating Holders. In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration shall
be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through
such underwriting shall (together with the Company as provided in Subsection 2.4(e)) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting. Notwithstanding any other provision of this
Subsection 2.3, if the underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable
Securities that otherwise would be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among such Holders of Registrable Securities, including the Initiating Holders, in
proportion (as nearly as practicable) to the number of Registrable Securities owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling Holders; provided, however, that the number of
Registrable Securities held by the Holders to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting. To facilitate the allocation of shares in accordance with the above
provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. For purposes of the provision in this Subsection 2.3(a) concerning apportionment, for any selling Holder
that is a partnership, limited liability company, or corporation, the partners, members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired
partners, members, and retired members and any trusts for the benefit of any of the foregoing Persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be
based upon the aggregate number of Registrable Securities owned by all Persons included in such “selling Holder,” as defined in this sentence. 

(b)    In connection with any offering involving an underwriting of shares of the Company’s capital stock
pursuant to Subsection 2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders seeking to sell Registrable Securities in such offering accept the terms of the
underwriting as agreed upon between the Company and its underwriters, and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total number of
securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is
compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion
determine will not jeopardize the success of the offering. If the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included
in such offering shall be allocated among the selling Holders in proportion (as nearly as practicable to) the number of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to by all such
selling Holders. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. Notwithstanding the
foregoing, in no event shall (i) the number of Registrable Securities included in the offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from the offering, or
(ii) the number of Registrable Securities included in the offering be reduced below fifty percent (50%) of the total number of securities included in such offering, unless such offering is the IPO, in which case the selling Holders may be
excluded further if the underwriters make the determination described above and no other stockholder’s securities are included in such offering. For purposes of the provision in this Subsection 2.3(b) concerning apportionment, for any selling
Holder that is a partnership, limited liability company, or corporation, the partners, members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired
partners, members, and retired members and any trusts for the benefit of any of the foregoing Persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling
Holder” shall be based upon the aggregate number of Registrable Securities owned by all Persons included in such “selling Holder,” as defined in this sentence. 

  
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 (c)    For purposes of Subsection 2.1, a registration shall not
be counted as “effected” if, as a result of an exercise of the underwriter’s cutback provisions in Subsection 2.3(a), fewer than one-hundred percent (100%) of the total number of Registrable
Securities that Holders have requested to be included in such registration statement are actually included. 

2.4    Obligations of the Company. Whenever required under this Section 2 to effect the registration of
any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 
 (a)    prepare and
file with the SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable efforts to cause such registration statement to become effective and, upon the request of the Requisite Holders of the
Registrable Securities registered thereunder, keep such registration statement effective for a period of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed;
provided, however, that (i) such one hundred twenty (120) day period shall be extended for a period of time equal to the period the Holder refrains, at the request of an underwriter of Common Stock (or other securities) of
the Company, from selling any securities included in such registration, and (ii) in the case of any registration of Registrable Securities on Form S-3 that are intended to be offered on a continuous or
delayed basis, subject to compliance with applicable SEC rules, such one hundred twenty (120) day period shall be extended for up to one hundred twenty (120) days, if necessary, to keep the registration statement effective until all such
Registrable Securities are sold; 
 (b)    prepare and file with the SEC such amendments and supplements to such
registration statement, and the prospectus used in connection with such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by such registration statement; 

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

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

(e)    in the event of any underwritten public offering, enter into and perform its obligations under an
underwriting agreement, in usual and customary form, with the underwriter(s) of such offering; 
 (f)    notify
each Holder of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus
included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of
the circumstances then existing. As promptly as practicable thereafter, the Company will prepare and file with the SEC, and furnish without charge to the appropriate Holders and managing underwriter(s), if any, an amendment or supplement to such
registration statement or prospectus in order to cause such registration statement or prospectus not to include any 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 not misleading in the light of the circumstances then existing and will furnish such copies thereof as the Holders or any underwriters may reasonably request; 

(g)    use its commercially reasonable efforts to cause all such Registrable Securities covered by such
registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed; 

  
 8 

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

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

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

(k)    after such registration statement becomes effective, notify each selling Holder of any request by the SEC
that the Company amend or supplement such registration statement or prospectus; 
 (l)    make generally
available to its security holders, and deliver to each Holder participating in the registration statement, an earnings statement of the Company that will satisfy the provisions of Section 11(a) of the Securities Act covering a period of twelve
(12) months beginning after the effective date of such registration statement as soon as reasonably practicable after the termination of such twelve (12)-month period; and 

(m)    use its commercially reasonable efforts to furnish, on the date that such Registrable Securities are
delivered to the underwriters for sale, if such securities are being sold through underwriters, (i) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is
customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and (ii) a letter, dated as of such date, from the independent certified public accountants of the Company, in form and substance as is
customarily given by independent certified public accountants to underwriters in an underwritten public offering addressed to the underwriters. 

In addition, the Company shall ensure that, at all times after any registration statement covering a public offering of securities of the
Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Company’s directors may implement a trading program under Rule 10b5-1 of the Exchange Act.

 2.5    Furnish Information. It shall be a condition precedent to the obligations of the Company to take
any action pursuant to this Section 2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended
method of disposition of such securities as is reasonably required to effect the registration of such Holder’s Registrable Securities. 

2.6    Expenses of Registration. All expenses (other than Selling Expenses) incurred in connection with
(x) registrations, filings, or qualifications pursuant to Section 2 and (y) the IPO, including all registration, filing, and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the Company,
and the reasonable fees and disbursements, not to exceed $50,000 in each instance, of one counsel for the selling Holders (“Selling Holder Counsel”), shall be borne and paid by the

  
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Company; provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Subsection 2.1 if the registration
request is subsequently withdrawn at the request of the Requisite Holders of the Registrable Securities to be registered (in which case all selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were
to be included in the withdrawn registration), unless the Requisite Holders of the Registrable Securities agree to forfeit their right to one registration pursuant to Subsections 2.1(a) or 2.1(b), as the case may be; provided further that if,
at the time of such withdrawal, the Holders shall have learned of a material adverse change in the condition, business, or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with
reasonable promptness after learning of such information then the Holders shall not be required to pay any of such expenses and shall not forfeit their right to one registration pursuant to Subsections 2.1(a) or 2.1(b). Except as set forth herein,
all Selling Expenses relating to Registrable Securities registered pursuant to this Section 2 shall be borne and paid by the Holders pro rata on the basis of the number of Registrable Securities registered on their behalf. 

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

2.8    Indemnification. If any Registrable Securities are included in a registration statement under this
Section 2: 
 (a)    To the extent permitted by law, the Company will indemnify and hold harmless each
selling Holder, and the partners, members, officers, directors, and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each Person, if
any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person, or other aforementioned Person any legal
or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained
in this Subsection 2.8(a) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed, nor
shall the Company be liable for any Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter,
controlling Person, or other aforementioned Person expressly for use in connection with such registration. 

(b)    To the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold
harmless the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company within the meaning of the Securities Act, legal counsel and accountants for the Company,
any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or other Holder, against any Damages, in each case only to the extent that
such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such selling Holder expressly for use in connection with such registration; and each such
selling Holder will pay to the Company and each other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses
are incurred; provided, however, that the indemnity agreement contained in this Subsection 2.8(b) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the
Holder, which consent shall not be unreasonably withheld, conditioned or delayed; and provided further that in no event shall the aggregate amounts payable by any Holder by way of indemnity or contribution under Subsections 2.8(b) and 2.8(d) exceed
the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder. 

  
 10 

 (c)    Promptly after receipt by an indemnified party under this
Subsection 2.8 of notice of the commencement of any action (including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any
indemnifying party under this Subsection 2.8, give the indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate
jointly with any other indemnifying party to which notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other
indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the
counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such action. The failure to give notice to the
indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under this Subsection 2.8, to the extent that such failure materially prejudices the
indemnifying party’s ability to defend such action. The failure to give notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Subsection 2.8. 

(d)    To provide for just and equitable contribution to joint liability under the Securities Act in any case in
which either: (i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Subsection 2.8 but it is judicially determined (by the entry of a final judgment or decree by a court of competent
jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this Subsection 2.8 provides for indemnification in such case, or
(ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this Subsection 2.8, then, and in each such case, such parties will contribute to the aggregate losses,
claims, damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party in connection with
the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified
party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to information supplied by the indemnifying party or
by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case (x) no Holder will be
required to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement, and (y) no Person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and provided further that in no event shall a Holder’s liability
pursuant to this Subsection 2.8(d), when combined with the amounts paid or payable by such Holder pursuant to Subsection 2.8(b), exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except
in the case of willful misconduct or fraud by such Holder. 
 (e)    Notwithstanding the foregoing, to the
extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting
agreement shall control. 
 (f)    Unless otherwise superseded by an underwriting agreement entered into in
connection with the underwritten public offering, the obligations of the Company and Holders under this Subsection 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section 2, and otherwise
shall survive the termination of this Agreement. 
 2.9    Reports Under Exchange Act. With a view to
making available to the Holders the benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder 

  
 11 

 
to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company shall: 

(a)    make and keep available adequate current public information, as those terms are understood and defined in
SEC Rule 144, at all times after the effective date of the registration statement filed by the Company for the IPO; 

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

(c)    furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request
(i) to the extent accurate, a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the registration statement filed by the
Company for the IPO), the Securities Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after the Company so qualifies) and (ii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any such
securities without registration (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form S-3 (at any time after the Company so qualifies to
use such form). 
 2.10    Limitations on Subsequent Registration Rights. From and after the date of this
Agreement, the Company shall not, without the prior written consent of the Requisite Holders of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company unless such
securities have registration rights that are subordinate to the rights of the securities held by the Investors. 

2.11    “Market Stand-off”
Agreement. Each Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the IPO, and ending on the date specified by the
Company and the managing underwriter (such period not to exceed one hundred eighty (180) days in the case of the IPO), (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to
sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common
Stock held immediately before the effective date of the registration statement for the IPO or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such
securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. The foregoing provisions of this Subsection 2.11 shall apply only to the
IPO, and shall not apply to distributions to current or former partners, members or stockholders of a Holder or to the transfer of any shares owned by a Holder in the Company to its Affiliates or any of the Holder’s stockholders, members,
partners or other equity holders; provided that the Affiliate, stockholder, member, partner or other equity holder of the Holder agrees to be bound in writing by the restrictions set forth herein, shall not apply to transactions or announcements
relating to: (1) securities acquired in the IPO or (2) securities acquired in open market transactions from and after the IPO, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, or the
transfer of any shares to any trust for the direct or indirect benefit of the Holder or the immediate family of the Holder or transfers to Affiliates of Holders regardless of whether or not such transfer is for consideration, provided that
the trustee of the trust agrees to be bound in writing by the restrictions set forth herein, and provided further that any such transfer shall not involve a disposition for value, and shall be applicable to the Holders only if all officers,
directors and stockholders individually owning more than one percent (1%) of the Company’s outstanding Common Stock (after giving effect to conversion into Common Stock of all outstanding Preferred Stock) are subject to the same restrictions.
The underwriters in connection with such registration are intended third-party beneficiaries of this Subsection 2.11 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each Holder
further agrees to execute such agreements as may 

  
 12 

 
be reasonably requested by the underwriters in connection with such registration that are consistent with this Subsection 2.11 or that are necessary to give further effect thereto. Except for up
to one percent (1%) of the capital stock, in the aggregate for all stockholders subject to lock-up restrictions, any discretionary waiver or termination of the restrictions of any or all of such agreements by
the Company or the underwriters shall apply pro rata to all Holders subject to such agreements, based on the number of shares subject to such agreements. 

2.12    Restrictions on Transfer. 

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

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

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

(c)    The holder of such Restricted Securities, by acceptance of ownership thereof, agrees to comply in all
respects with the provisions of this Section 2. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed transaction, the
Holder thereof shall give notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer. Each such notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail
and, if reasonably requested by the Company, shall be accompanied at such Holder’s expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to
the Company, to the effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a “no action” letter from the SEC to the effect that the proposed sale, pledge, or transfer of
such Restricted Securities without registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company to the effect
that the proposed sale, pledge, or transfer of the Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted
Securities in accordance with the terms of the notice given by the Holder to the Company. The Company will not require such a legal opinion or “no action” letter (A) in any transaction in compliance with SEC Rule 144;
(B) in any transaction in which such Holder transfers Restricted Securities to an Affiliate of such Holder; (C) a transfer by a Holder that is a 

  
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partnership, limited liability company or corporation to a partner, limited partner, retired partner, member, retired member or stockholder of a Holder; (D) a transfer to a charity;
(E) a transfer by gift, will or intestate succession of any partner to his or her spouse or to the siblings, lineal descendants or ancestors of such partner or his or her spouse; or (F) the transfer by a Holder exercising its co-sale rights under the Right of First Refusal and Co-Sale Agreement, dated as of the date hereto, by and among the Company, the Investors and Key Holders named therein, as
amended, if in each transfer under clauses (A), (B) (C), (D) or (E) each prospective transferee agrees in writing to be subject to the terms of this Subsection 2.12; Each certificate, instrument, or book entry representing the Restricted
Securities transferred as above provided shall be notated with, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in Subsection 2.12(b), except that such certificate, instrument, or book entry
shall not be notated with such restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with any provisions of the Securities Act. Notwithstanding the foregoing,
the Company shall be obligated to reissue promptly unlegended certificates or book entries at the request of any Holder thereof if the Company has completed its IPO and the Holder shall have obtained an opinion of counsel (which counsel may be
counsel to the Company) to the effect that the securities proposed to be disposed of may lawfully be so disposed of without registration, qualification and legend, provided that the second legend listed above shall be removed only at such time as
the Holder of such certificate is no longer subject to any restrictions hereunder. 
 (d)    The rights to cause
the Company to register Registrable Securities pursuant to this Section 2 may be assigned by a Holder to a transferee or assignee of Registrable Securities (for so long as such shares remain Registrable Securities) that (a) is a
subsidiary, parent, general partner, limited partner, retired partner, member or retired member, of a Holder that is a corporation, partnership or limited liability company, (b) is a Holder’s family member or trust for the benefit of an
individual Holder, (c) acquires at least five percent of the then-outstanding Registrable Securities or (d) is an Affiliate of such Holder; provided, however, that (i) the transferor shall, within ten days after such transfer, furnish
to the Company written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned and (ii) such transferee shall agree to be subject to all restrictions set
forth in this Agreement. 
 2.13    Termination of Registration Rights. The right of any Holder to request
registration or inclusion of Registrable Securities in any registration pursuant to Subsections 2.1 or 2.2 shall terminate upon the earliest to occur of: 

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

(c)    the fifth anniversary of the IPO. 

3.    Information and Observer Rights. 

3.1    Delivery of Financial Statements. The Company shall deliver to each Major Investor: 

(a)    as soon as practicable, but in any event within one hundred eighty (180) days after the end of each
fiscal year of the Company (i) a balance sheet as of the end of such year and (ii) statements of income and cash flows for such year, all such financial statements audited and prepared in accordance with GAAP; 

(b)    as soon as practicable, but in any event within sixty (60) days after the end of each of the first
three (3) quarters of each fiscal year of the Company, unaudited statements of income 

  
 14 

 
for such fiscal quarter and an unaudited balance sheet as of the end of such fiscal quarter, all prepared substantially in accordance with GAAP (except that such financial statements may
(i) be subject to normal year-end audit adjustments and (ii) not contain all notes thereto that may be required in accordance with GAAP); 

(c)    as soon as practicable, but in any event within forty-five (45) days of the end of each month, an
unaudited income statement for such month, and an unaudited balance sheet as of the end of such month, all prepared substantially in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes thereto that may be required in accordance with GAAP); 

(d)    as soon as practicable, but in any event thirty (30) days before the end of each fiscal year, a budget
and business plan for the next fiscal year, prepared on a monthly basis, forecasting the Company’s revenues, expenses and cash positions; 

(e)    as soon as practicable, but in any event within forty-five (45) days after the end of each of the
financial quarters of each fiscal year of the Company, the Company’s current capitalization table in sufficient detail as to allow each Major Investor to calculate its percentage ownership in the Company; and 

(f)    such other information relating to the financial condition, business or corporate affairs of the Company as
any Major Investor may from time to time reasonably request; provided, however, that the Company shall not be obligated under this Subsection 3.1 to provide information (i) that the Company reasonably determines in good faith to
be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in a form reasonably acceptable to the Company); or (ii) the disclosure of which would adversely affect the attorney-client privilege
between the Company and its counsel. 
 If, for any period, the Company has any subsidiary whose accounts are consolidated with those of the
Company, then in respect of such period the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the Company and all such consolidated subsidiaries. 

Notwithstanding anything else in this Subsection 3.1 to the contrary, the Company may cease providing the information set forth in this
Subsection 3.1 during the period starting with the date sixty (60) days before the Company’s good-faith estimate of the date of filing of a registration statement if it reasonably concludes it must do so to comply with the SEC rules
applicable to such registration statement and related offering; provided that the Company’s covenants under this Subsection 3.1 shall be reinstated at such time as the Company is no longer actively employing its commercially reasonable
efforts to cause such registration statement to become effective. 
 3.2    Inspection. The Company shall
permit each Major Investor, at such Major Investor’s expense, to visit and inspect the Company’s properties; examine its books of account and records; and discuss the Company’s affairs, finances, and accounts with its officers, during
normal business hours of the Company as may be reasonably requested by the Major Investor upon reasonable advance notice; provided, however, that the Company shall not be obligated pursuant to this Subsection 3.2 to provide access to
any information that it reasonably and in good faith considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form reasonably acceptable to the Company) or the disclosure of which
would adversely affect the attorney-client privilege between the Company and its counsel. 
 3.3    Observer
Rights. As long as each of Pivotal, Novo, Vivo Capital Fund VIII, L.P. and Vivo Capital Surplus Fund VIII, L.P. (collectively, “Vivo Fund VIII”), Sofinnova, RA Capital, Surveyor Capital, Rock Springs Capital (whether by
Rock Springs Capital Master Fund LP or Four Pines Master Fund LP) and Samsara BioCapital, LP holds any shares of Preferred Stock or shares of Common Stock issued upon the conversion of Preferred Stock, the Company shall invite a representative of
each of Pivotal, Novo, 

  
 15 

 
Vivo Fund VIII, Sofinnova, RA Capital, Surveyor Capital, Rock Springs Capital and Samsara BioCapital, LP to attend all meetings of its Board in a nonvoting observer capacity (each, an
“Observer”). The Observer representing Sofinnova will initially be James Healy. The Company shall give each such Observer copies of all notices, minutes, consents, and other materials that it provides to its directors at the
same time and in the same manner as provided to any other member of the Board; provided, however, that such Observer shall agree to hold in confidence and trust all information provided; and provided further, that the Company
reserves the right to withhold any information and to exclude such Observer from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and
its counsel. 
 3.4    Termination of Information and Observer Rights. The covenants set forth in
Subsection 3.1, Subsection 3.2, and Subsection 3.3 shall terminate and be of no further force or effect (i) immediately prior to the closing of the IPO, or (ii) upon a Deemed Liquidation Event (other than an Asset Sale), whichever event
occurs first. 
 3.5    Confidentiality. Each Investor agrees, severally and not jointly, that such
Investor will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this Agreement (including
notice of the Company’s intention to file a registration statement), unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Subsection 3.5 by such Investor),
(b) is or has been independently developed or conceived by the Investor without use of the Company’s confidential information, or (c) is or has been made known or disclosed to the Investor by a third party without a breach of any
obligation of confidentiality such third party may have to the Company; provided, however, that an Investor may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the
extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Registrable Securities from such Investor, if such prospective purchaser agrees to be bound by the
provisions of this Subsection 3.5; (iii) to any existing or prospective Affiliate, partner, member, stockholder, or wholly owned subsidiary of such Investor in the ordinary course of business, provided that such Investor informs such Person
that such information is confidential and directs such Person to maintain the confidentiality of such information; (iv) to the extent required in connection with any routine or periodic examination or similar process by any regulatory or
self-regulatory body or authority not specifically directed at the Company or the confidential information obtained from the Company pursuant to the terms of the Agreement, including, without limitation, quarterly or annual reports, (v) as may
otherwise be required by law, provided that, with respect to this clause (v), the Investor promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure; (vi) as
required by any court or other governmental body, provided that the Investor promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure; (vii) in connection with the
enforcement of this Agreement or any other agreement with the Company or its subsidiaries or rights under this Agreement or any other agreement with the Company or its subsidiaries; (viii) to comply with applicable law, statutes, rules or
regulations or pursuant to any direction, request or requirement (whether or not having the force of law but if not having the force of law being of a type with which institutional investors in the relevant jurisdiction are accustomed to comply) of
any self-regulating organization or any governmental, fiscal, monetary or other authority; (ix) for internal market, industry and investment analyses; or (x) to officers, employees, agents, directors, partners, parent or subsidiaries to
the extent necessary to obtain their services in connection with monitoring its investment in the Company. This Section 3.5 shall supersede and replace, in its entirety, any agreement between the Company and any Investor related to the
confidential treatment of the Company’s information. The Company acknowledges and agrees that in no event shall Surveyor Capital’s confidentiality and non-use obligations hereunder in any manner be
deemed or construed as limiting Surveyor Capital’s or its representatives’ (or any of their respective Affiliates’) ability to trade any security of a company that has issued securities that are publicly traded. 

3.6    CFIUS. Except as otherwise provided in Section 1.4(c) of the Purchase Agreement, if and only if
(i) CFIUS or any member agency thereof acting in its capacity as a member agency (“CFIUS”) requests or requires that the Company or an Investor file a notice or declaration with CFIUS

  
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pursuant to the DPA, with respect to an Investor’s investment in the Company (the “Covered Transaction”), or (ii) the Company or an Investor (each of the
Investors described in (i) and (ii) a “Non-U.S. Investor”) determines in good faith that a filing with CFIUS with respect to the Covered Transaction is advisable or required by
applicable law, then in either case, (i) or (ii): (x) the Company and such Non-U.S. Investor shall, and shall cause any Affiliates to, cooperate and promptly make a CFIUS filing in the requested, required
or advisable form in accordance with the DPA; and (y) the Company and the Investors shall, and shall cause any Affiliates to, use commercially reasonable efforts to obtain, as applicable, the CFIUS Satisfied Condition (as defined in the
Purchase Agreement). For the avoidance of doubt, a Non-U.S. Investor shall have no obligation to accept or take any action, condition or restriction with respect to the Covered Transactions in order to achieve
the CFIUS Satisfied Condition. In the event of a CFIUS Filing Requirement (as defined in the Purchase Agreement), neither (A) the “Special Mandatory Conversion” provisions of the Certificate of Incorporation nor
(B) any future provisions of the Certificate of Incorporation or any other agreement serving a similar purpose with respect to a future acquisition of shares by a Non-U.S. Purchaser shall apply to any Non-U.S. Purchaser making filings pursuant to the DPA under this Section 3.6 unless and until the date that is ten (10) business days after the CFIUS Satisfied Condition is achieved. 

4.    Rights to Future Stock Issuances. 

4.1    Right of First Offer. Subject to the terms and conditions of this Subsection 4.1 and applicable
securities laws, if the Company proposes to offer or sell any New Securities, the Company shall first offer such New Securities to each Major Investor and each existing holder of Series Seed Preferred Stock (collectively, the “ROFO
Investors”) in accordance with this Section 4. A ROFO Investor shall be entitled to apportion the right of first offer hereby granted to it in such proportions as it deems appropriate, among (i) itself, (ii) its Affiliates
(but not co-investors) and (iii) its beneficial interest holders, such as limited partners, members or any other Person having “beneficial ownership,” as such term is defined in
Rule 13d-3 promulgated under the Exchange Act, of such ROFO Investor (“Investor Beneficial Owners”); provided that each such Affiliate or Investor Beneficial Owner (x) is
not a Competitor or FOIA Party, unless such party’s purchase of New Securities is otherwise consented to by the Board, (y) agrees to enter into this Agreement and each of the Voting Agreement and Right of First Refusal and Co-Sale Agreement dated of even date herewith (and as may be amended from time to time) among the Company, the Investors and the other parties named therein, as an “Investor” under each such
agreement (provided that any Competitor or FOIA Party shall not be entitled to any rights as a Major Investor under Subsections 3.1, 3.2 and 4.1 hereof), and (z) agrees to purchase at least such number of New Securities as are allocable
hereunder to the ROFO Investor holding the fewest number of shares of Preferred Stock and any other Derivative Securities. 

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

(b)    By notification to the Company within twenty (20) days after the Offer Notice is given, each ROFO
Investor may elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the Common Stock then held by such ROFO Investor (including
all shares of Common Stock then issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held by such ROFO Investor) bears to the total Common Stock of the
Company then outstanding (assuming full conversion and/or exercise, as applicable, of all Preferred Stock and other Derivative Securities, but excluding authorized but unissued shares reserved for issuance under the Stock Plan, including any
increase in the number of authorized shares reserved for issuance under the Stock Plan in connection with any future equity financings). At the expiration of such twenty (20) day period, the Company shall promptly notify each ROFO Investor that
elects to purchase or acquire all the shares available to it (each, a “Fully Exercising Investor”) of any other ROFO Investor’s failure to do likewise. During the ten (10) day period commencing after the Company has
given such notice, each Fully Exercising Investor may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of 

  
 17 

 
shares specified above, up to that portion of the New Securities for which ROFO Investors were entitled to subscribe but that were not subscribed for by the ROFO Investors which is equal to the
proportion that the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of Preferred Stock and any other Derivative Securities then held, by such Fully Exercising Investor bears to the
Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held, by all Fully Exercising Investors who wish to purchase such
unsubscribed shares. The closing of any sale pursuant to this Subsection 4.1(b) shall occur within the later of one hundred and twenty (120) days of the date that the Offer Notice is given and the date of initial sale of New Securities pursuant
to Subsection 4.1(c). 
 (c)    If all New Securities referred to in the Offer Notice are not elected to be
purchased or acquired as provided in Subsection 4.1(b), the Company may, during the ninety (90) day period following the expiration of the periods provided in Subsection 4.1(b), offer and sell the remaining unsubscribed portion of such New
Securities to any Person or Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for the sale of the New Securities within such
period, or if such agreement is not consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to the ROFO
Investors in accordance with this Subsection 4.1. 
 (d)    The right of first offer in this Subsection 4.1
shall not be applicable to (i) Exempted Securities (as defined in the Company’s Restated Certificate); or (ii) the issuance of shares of Preferred Stock pursuant to the Purchase Agreement. For the avoidance of doubt, Toray shall have
no rights under Section 4 of this Agreement. 
 (e)    The rights of first offer of each Investor under
this Section 4 may be transferred to the same parties, subject to the same restrictions, as any transfer of registration rights pursuant to Section 2.12. 

4.2    Termination. The covenants set forth in Subsection 4.1 shall terminate and be of no further force or
effect (i) as of immediately prior the consummation of the IPO, or (ii) upon a Deemed Liquidation Event, as such term is defined in the Company’s Restated Certificate, whichever event occurs first. 

5.    Additional Covenants. 

5.1    Insurance. If not already in place, the Company shall obtain, within ninety (90) days of the date
hereof, from financially sound and reputable insurers Directors and Officers liability insurance in an amount and on terms and conditions satisfactory to the Board, and will use commercially reasonable efforts to cause such insurance policy to be
maintained until such time as the Board determines that such insurance should be discontinued. The policy shall not be cancelable by the Company without prior approval by the Board, which approval must include the affirmative vote of a majority of
the Preferred Directors then-serving. If not already in place, the Company shall obtain, within ninety (90) days of the date hereof, from financially sound and reputable insurers term
“key-person” insurance on Randall Schatzman, in an amount and on terms and conditions satisfactory to the Board of Directors, and will use commercially reasonable efforts to cause such insurance
policy to be maintained until such time as the Board of Directors (including a majority of the Preferred Directors) determines that such insurance should be discontinued. The key-person policy shall name the
Company as loss payee, and neither policy shall be cancelable by the Company without prior approval by the Board of Directors, including a majority of the Preferred Directors. 

5.2    Employee Agreements. The Company will cause (i) each Person now or hereafter employed by it or
by any subsidiary (or engaged by the Company or any subsidiary as a consultant/independent contractor) to enter into a nondisclosure and proprietary rights assignment agreement, substantially in the form approved by the Board and provided to the
Investors; and (ii) each 

  
 18 

 
Person now or hereafter employed by it or by any subsidiary with access to confidential information and/or trade secrets to enter into a nonsolicitation agreement, substantially in the form
approved by the Board and provided to the Investors. In addition, the Company shall not amend, modify, terminate, waive, or otherwise alter, in whole or in part, any of the above-referenced agreements between the Company and any employee, without
the consent of the Board, which approval must include the affirmative vote of a majority of the Preferred Directors then-serving. 

5.3    Employee Stock. Unless otherwise approved by the Board, all future employees and consultants of the
Company who purchase, receive options to purchase, or receive awards of shares of the Company’s capital stock after the date hereof shall be required to execute restricted stock or option agreements, as applicable, providing for
(i) vesting of shares over a four (4) year period, with the first twenty-five percent (25%) of such shares vesting following twelve (12) months of continued employment or service, and the remaining shares vesting in equal monthly
installments over the following thirty-six (36) months, and (ii) a market stand-off provision substantially similar to that in Subsection 2.11. In addition,
unless otherwise approved by the Board, the Company shall retain a “right of first refusal” on employee transfers until the IPO and shall have the right to repurchase unvested shares at cost upon termination of employment of
a holder of restricted stock. 
 5.4    Matters Requiring Investor Director Approval. So long as any
shares of Preferred Stock remain outstanding, the Company hereby covenants and agrees with each of the Investors that it shall not, without approval of the Board, which approval must include the affirmative vote of a majority of the Preferred
Directors then-serving: 
 (a)    approve its budget and any material amendments thereto or deviations
therefrom; 
 (b)    establish or invest in a subsidiary or joint venture; 

(c)    incur any aggregate indebtedness in excess of $500,000 that is not already included in the budget approved
by the Board pursuant to Subsection 5.4(a), other than trade credit incurred in the ordinary course of business; 

(d)    make any capital expenditures in excess of $500,000 not contemplated by the budget approved by the Board
pursuant to Subsection 5.4(a); 
 (e)    grant any salaries to new employees or bonuses to any new or existing
employees in excess of $225,000 annually; 
 (f)    change its independent accountants; 

(g)    grant any stock option with vesting terms different from those set forth in Subsection 5.3; 

(h)    create or increase the number of shares reserved under its Stock Plan; 

(i)    hire or terminate any senior executive officer; 

(j)    create any committee of the Board; 

(k)    change its principal business or enter into a new line of business; 

(l)    acquire any business; 

(m)    change the location of its principal executive offices; 

  
 19 

 (n)    sell any assets, other than sales in the ordinary course
of business; 
 (o)    grant severance arrangements or enter into employment agreements that cannot be
terminated at will by the Company; 
 (p)    exclusively license any intellectual property or enter into an
exclusive distribution or partnership agreement relating to its intellectual property; 
 (q)    increase or
decrease the size of the Board; or 
 (r)    adopt any amendment to the Restated Certificate or Bylaws. 

5.5    Board Matters. 

(a)    Unless otherwise determined by the vote of a majority of the directors then in office, including the
determination of at least a majority of the Preferred Directors then serving on the Board, the Board shall meet at least once each calendar quarter (which may be via teleconference) in accordance with an agreed-upon schedule. 

(b)    Each Preferred Director shall be entitled in such person’s discretion to be a member of any committee
of the Board and a director of any subsidiary of the Company. 
 (c)    The Company shall reimburse the
nonemployee directors and board observers appointed pursuant to Section 3.3 of this Agreement for all customary expenses and reasonable out-of-pocket travel
expenses incurred in connection with attending meetings of the Board, meetings of the committees of the Board, meetings of the board of directors or any subsidiary of the Company and for reasonable expenses actually incurred while working for the
benefit of the Company. 
 5.6    Successor Indemnification. If the Company or any of its successors or
assignees consolidates with or merges into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and
assignees of the Company assume the obligations of the Company with respect to indemnification of members of the Board as in effect immediately before such transaction, whether such obligations are contained in the Company’s Bylaws, its
Restated Certificate, or elsewhere, as the case may be. 
 5.7    Expenses of Counsel. In the event of a
transaction which is a Sale of the Company (as defined in the Amended and Restated Voting Agreement dated of even date herewith (and as may be amended from time to time) among the Company, the Investors and the other parties named therein), the
reasonable fees and disbursements, not to exceed $25,000, of one counsel for the Investors, in their capacities as stockholders, shall be borne and paid by the Company. 

5.8    Post-Closing Covenants. 

(a)    The Company shall provide written notice of any Deemed Liquidation Event, as such term is defined in the
Restated Certificate, to each Investor not less than twenty (20) days prior to the effective date of such Deemed Liquidation Event. 

(b)    In connection with the Second Closing (as defined in the Purchase Agreement), the Company and the Investors
agree to take all action necessary to increase the number of shares of Common Stock reserved for future issuance under the Stock Plan (including options then outstanding and shares available for grant) to a total of 30,013,743 shares (as
appropriately adjusted for stock splits, stock dividends, recapitalizations, reclassifications, reorganizations, combinations and the like). 

  
 20 

 5.9    Right to Conduct Activities. The Company hereby
agrees and acknowledges that Pivotal, Novo, Vivo, Sofinnova, RA Capital, Surveyor Capital, and Rock Springs Capital (together with their Affiliates) are professional investment organizations, and as such reviews the business plans and related
proprietary information of many enterprises, some of which may compete directly or indirectly with the Company’s business (as currently conducted or as currently propose to be conducted). The Company hereby agrees that, to the extent permitted
under applicable law, Pivotal, Novo, Vivo, Sofinnova, RA Capital, Surveyor Capital, and Rock Springs Capital (together with their Affiliates) shall not be liable to the Company for any claim arising out of, or based upon, (i) the investment by
Pivotal, Novo, Vivo, Rock Springs Capital, and Sofinnova (together with their Affiliates) in any entity competitive with the Company, or (ii) actions taken by any partner, officer, employee or other representative of Pivotal, Novo, Vivo,
Sofinnova, RA Capital, Surveyor Capital, and Rock Springs Capital (together with their Affiliates) (or its Affiliates) to assist any such competitive company, whether or not such action was taken as a member of the board of directors of such
competitive company or otherwise, and whether or not such action has a detrimental effect on the Company; provided, however, that the foregoing shall not relieve (x) any of the Investors from liability associated with the
unauthorized disclosure of the Company’s confidential information obtained pursuant to this Agreement, or (y) any director or officer of the Company from any liability associated with his or her fiduciary duties to the Company. 

5.10    Reservation of Common Stock. The Company will at all times reserve and keep available, solely for
issuance and delivery upon the conversion of the Preferred Stock, all Common Stock issuable from time to time upon such conversion. 

5.11    Termination of Covenants. The covenants set forth in this Section 5, except for Subsections
5.1, 5.6 and 5.7, shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, or (ii) upon a Deemed Liquidation Event (other than an Asset Sale), whichever event occurs first. 

5.12    Foreign Corrupt Practices Act. The Company covenants that it shall not, and shall not permit any of
its subsidiaries or controlled Affiliates or any of its or their respective directors, officers, managers, employees, independent contractors, representatives or agents acting on its or their behalf, to, promise, authorize or make any unlawful
payment, or otherwise provide any item of value, directly or indirectly, to any foreign official or any foreign political party or official thereof or candidate for foreign political office in violation of the U.S. Foreign Corrupt Practices Act
(“FCPA”) or any other applicable anti-bribery or anti-corruption law. The Company further covenants that it shall, and shall cause each of its subsidiaries and controlled Affiliates, to cease all of its or their respective
activities, as well as remediate any actions taken by the Company, its subsidiaries or controlled Affiliates, or any actions taken on its or their behalf by any of their respective directors, officers, managers, employees, independent contractors,
representatives or agents in violation of the FCPA or any other applicable anti-bribery or anti-corruption law. The Company further covenants that it shall, for itself and each of its subsidiaries and controlled Affiliates, whether now in existence
or formed in the future, maintain systems of internal controls that are reasonably tailored to the Company’s size, complexity, operations, business lines, geographic footprint, and business model (including, but not limited to, accounting
systems, purchasing systems and billing systems) to ensure compliance with the FCPA and other applicable anti-bribery or anti-corruption law. Upon reasonable request, the Company agrees to provide responsive information and/or certifications
concerning its compliance with applicable anti-corruption laws. The Company shall promptly notify each Investor if the Company becomes aware of any enforcement action by a government agency with respect to the FCPA. The Company shall cause any
subsidiary, whether now in existence or formed in the future, to comply in all material respects with all applicable laws. 

6.    Miscellaneous. 

6.1    Successors and Assigns. The rights under this Agreement may be assigned (but only with all related
obligations) by a Holder to a transferee of Registrable Securities that (i) is an Affiliate of a Holder; (ii) is a Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such Holder’s
Immediate Family Members; or (iii) after such transfer, holds at least 1,400,000 shares of Registrable Securities (subject to appropriate adjustment for stock splits, stock 

  
 21 

 
dividends, combinations, and other recapitalizations); provided, however, that (x) the Company is, within a reasonable time after such transfer, furnished with written notice
of the name and address of such transferee and the Registrable Securities with respect to which such rights are being transferred; and (y) such transferee agrees in a written instrument delivered to the Company to be bound by and subject to the
terms and conditions of this Agreement, including the provisions of Subsection 2.11. For the purposes of determining the number of shares of Registrable Securities held by a transferee, the holdings of a transferee (1) that is an Affiliate or
stockholder of a Holder; (2) who is a Holder’s Immediate Family Member; or (3) that is a trust for the benefit of an individual Holder or such Holder’s Immediate Family Member shall be aggregated together and with those of the
transferring Holder; provided further that all transferees who would not qualify individually for assignment of rights shall have a single attorney-in-fact for
the purpose of exercising any rights, receiving notices, or taking any action under this Agreement. The terms and conditions of this Agreement inure to the benefit of and are binding upon the respective successors and permitted assignees of the
parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assignees any rights, remedies, obligations or liabilities under or by reason of
this Agreement, except as expressly provided herein. 
 6.2    Governing Law. This Agreement shall be
governed by the internal law of the State of Delaware, without regard to conflict of law principles that would result in the application of any law other than the law of the State of Delaware. 

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

6.4    Titles and Subtitles. The titles and subtitles used in this Agreement are for convenience only and
are not to be considered in construing or interpreting this Agreement. 
 6.5    Notices. All notices and
other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent by
electronic mail or facsimile during the recipient’s normal business hours, and if not sent during normal business hours, then on the recipient’s next business day; (iii) five (5) days after having been sent by registered or certified
mail, return receipt requested, postage prepaid; or (iv) one (1) business day after the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next-day
delivery, with written verification of receipt. All communications shall be sent to the respective parties at their addresses as set forth on Schedule A hereto, or to the principal office of the Company and to the attention of the Chief Executive
Officer, in the case of the Company, or to such email address, facsimile number, or address as subsequently modified by written notice given in accordance with this Subsection 6.5. If notice is given to the Company, it shall be sent by e-mail to notices@boltbio.com; and a copy (which shall not constitute notice) shall also be sent to Tony Jeffries, Wilson Sonsini Goodrich & Rosati, P.C., 650 Page Mill Road, Palo Alto, CA 94304, and to
Randall Schatzman, Bolt Biotherapeutics, Inc., at rschatzman@boltbio.com; if notice is given to Pivotal, Novo, or Vivo, a copy shall also be given to Josh Seidenfeld, Cooley LLP, 3175 Hanover Street, Palo Alto, CA 94304-1130; and if notice is given
to Toray, a copy shall also be given to Nobuyuki Kobayashi, Toray Industries, Inc., Nihonbashi-Muromachi 2-chome, Chuo-ku, Tokyo
103-8666, Japan; and if notice is given to Sofinnova, a copy (which shall not constitute notice) shall also be given to Brian Covotta, O’Melveny & Myers LLP, 2765 Sand Hill Rd., Menlo Park, CA
94025. 
 6.6    Amendments and Waivers. Any term of this Agreement may be amended or terminated and the
observance of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company and the Requisite Holders of the Registrable Securities
then outstanding; provided that (i) the Company may in its sole discretion waive compliance with Subsection 2.12(c) (and the Company’s failure to object 

  
 22 

 
promptly in writing after notification of a proposed assignment allegedly in violation of Subsection 2.12(c) shall be deemed to be a waiver); (ii) any provision hereof may be waived by any
waiving party on such party’s own behalf, without the consent of any other party; (iii) Section 6.14 of this Agreement may not be amended or waived in a manner that is adverse to any Investor without the consent of such Investor;
(iv) Section 1.5, Section 1.9, Section 3.3, Section 5.4, and Section 5.9 of this Agreement shall not be amended in a manner that affects the rights and privileges of Pivotal, Novo, Vivo, Sofinnova, RA Capital, Surveyor
Capital, and Rock Springs Capital without such party’s consent; and (v) (A) the definition of “Affiliate” with respect to Novo and this provision of this Section 6.6 may not be amended or waived without the
written consent of Novo and (B) unless required by applicable law, the definitions of “CFIUS” and “DPA,” Section 3.6 and this provision of this Section 6.6 may not be amended or waived
without the written consent of Novo. Notwithstanding the foregoing, (a) this Agreement may not be amended or terminated and the observance of any term hereof may not be waived with respect to any Investor without the written consent of such
Investor, unless such amendment, termination, or waiver applies to all Investors in the same fashion (it being agreed that a waiver of the provisions of Section 4 with respect to a particular transaction shall be deemed to apply to all
Investors in the same fashion if such waiver does so by its terms, notwithstanding the fact that certain Investors may nonetheless, by agreement with the Company, purchase securities in such transaction; provided, however,
(a) that if, after giving effect to such waiver of Section 4 with respect to a particular transaction, a Major Investor purchases securities in such transaction or issuance (such Major Investor, a “Participating
Investor”), such waiver of the provisions of Section 4 shall be deemed to apply to each other Major Investor whose rights were waived or amended only if such other Major Investor has been provided the opportunity to purchase a
proportional number of the New Securities being offered by the Company in such transaction based on the pro rata purchase 28 right of such other Major Investor set forth in Section 4, assuming a transaction size determined based upon the amount
purchased by the Participating Investor that invested the largest percentage in such transaction, it being agreed that such opportunity may be provided subsequent to the initial closing in which such Participating Investor(s) purchase securities)
and (b) Subsections 3.1 and 3.2, Section 4 and any other section of this Agreement applicable to the Major Investors (including this clause (b) of this sentence of this Subsection 6.6) may not be amended, modified, terminated or
waived without the written consent of the holders of at least a majority of the Registrable Securities then outstanding and held by the Major Investors. Notwithstanding the foregoing, Schedule A hereto may be amended by the Company from time to time
to add transferees of any Registrable Securities in compliance with the terms of this Agreement without the consent of the other parties; and Schedule A hereto may also be amended by the Company after the date of this Agreement without the consent
of the other parties to add information regarding any additional Investor who becomes a party to this Agreement in accordance with Subsection 6.9. The Company shall give prompt notice of any amendment or termination hereof or waiver hereunder to any
party hereto that did not consent in writing to such amendment, termination, or waiver. Any amendment, termination, or waiver effected in accordance with this Subsection 6.6 shall be binding on all parties hereto, regardless of whether any such
party has consented thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or
provision. 
 6.7    Severability. In case any one or more of the provisions contained in this Agreement
is for any reason held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable provision shall be
reformed and construed so that it will be valid, legal, and enforceable to the maximum extent permitted by law. 

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

6.9    Additional Investors. Notwithstanding anything to the contrary contained herein, if the Company
issues additional shares of the Company’s Preferred Stock after the date hereof, whether pursuant to the Purchase Agreement or otherwise, any purchaser of such shares of Preferred Stock may become a party to this Agreement by executing and
delivering an additional counterpart signature page to 

  
 23 

 
this Agreement, and thereafter shall be deemed an “Investor” for all purposes hereunder. No action or consent by the Investors shall be required for such joinder to this
Agreement by such additional Investor, so long as such additional Investor has agreed in writing to be bound by all of the obligations as an “Investor” hereunder. 

6.10    Entire Agreement. This Agreement (including any Schedules and Exhibits hereto) constitutes the full
and entire understanding and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled. Upon the
effectiveness of this Agreement, the Prior Agreement shall be deemed amended and restated and superseded and replaced in its entirety by this Agreement, and shall be of no further force or effect. 

6.11    Dispute Resolution. The parties (a) hereby irrevocably and unconditionally submit to the
jurisdiction of the state courts of California and to the jurisdiction of the United States District Court for the District of Northern California for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement,
(b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of California or the United States District Court for the District of Northern California, and (c) hereby
waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune
from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such
court. 
 WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS
AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY
COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY
DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY
KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 
 The prevailing party shall be entitled to reasonable
attorney’s fees, costs, and necessary disbursements in addition to any other relief to which such party may be entitled. Each of the parties to this Agreement consents to personal jurisdiction for any equitable action sought in the U.S.
District Court for the District of Northern California or any court of the State of California having subject matter jurisdiction. 

6.12    Delays or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any
party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching or nondefaulting party, nor shall it be construed to be a waiver of or acquiescence to
any such breach or default, or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. All remedies, whether
under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative. 

6.13    Acknowledgment. The Company acknowledges that the Investors are in the business of venture capital
or asset management investing and therefore review the business plans and related proprietary information of many enterprises, including enterprises which may have products or services which compete directly or indirectly with those of the Company.
Nothing in this Agreement shall preclude or in any way restrict the Investors from investing or participating in any particular enterprise 

  
 24 

 
whether or not such enterprise has products or services which compete with those of the Company. The Company and each Investor that is a party to this Agreement, acknowledges and agrees that
certain of the Investors or their Affiliates may presently have, or may engage in the future, in internal development programs, or may receive information from third parties that relates to, and may develop and commercialize products independently
or in cooperation with such third parties, that are similar to or that are directly or indirectly competitive with, the Company’s development programs, products or services. Nothing in this Agreement or any other agreement related to the
transactions contemplated by this Agreement, shall in any way preclude or restrict such Investors or their Affiliates from conducting any development program, commercializing any product or service or otherwise engaging in any enterprise, whether or
not such development program, product, service or enterprise, competes with those of the Company, so long as such activities do not result in a violation of the confidentiality provisions of this Agreement. 

6.14    Limitation of Liability; Freedom to Operate Affiliates. The total liability, in the aggregate, of
any Investor and its officers, directors, employees and agents, for any and all claims, losses, costs or damages, including attorneys’ and accountants’ fees and expenses and costs of any nature whatsoever or claims or expenses resulting
from or in any way related to such Investor’s breach of this Agreement shall be several and not joint with the other stockholders and shall not exceed the total purchase price paid to the Company by such Investor under the Investor’s
applicable purchase agreement. Nothing in this Agreement or the Transaction Agreements (as defined in the Purchase Agreement) shall restrict any Investor’s freedom to operate any of its affiliates (including any such affiliate that is a
potential competitor of the Company). 
 6.15    Attorneys’ Fees. If any action at law
or in equity is necessary to enforce or interpret the terms of this Agreement, the non-prevailing party shall pay all costs and expenses incurred by the prevailing party, including, without limitation, all
reasonable attorneys’ fees. 
 [REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK] 

  
 25 

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

			
	COMPANY:
	
	BOLT BIOTHERAPEUTICS, INC.
		
	By:	 	 /s/ Randall Schatzman

	Name:	 	Randall Schatzman
	Title:	 	Chief Executive Officer

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	SOFINNOVA VENTURE PARTNERS X, L.P.
	By: Sofinnova Management X, L.L.C.
	
	Its: General Partner
		
	By:	 	 /s/ James I. Healy

	Name:	 	James I. Healy
	Title:	 	Managing Member
	
	Address:
	
	3000 Sand Hill Road
	Building 4-Suite 250
	Menlo Park, CA 94025
	
	With a copy (which shall not constitute notice) to:
	O’Melveny & Myers LLP
	Attn: Brian Covotta
	2765 Sand Hill Road
	Menlo Park, CA 94025

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	RA CAPITAL NEXUS FUND, L.P.
	By: RA Capital Nexus Fund GP, LLC
	Its: General Partner
		
	By:	 	 /s/ Rajeev Shah

	Name:	 	Rajeev Shah
	Title:	 	Manager
		
	Address:	 	RA Capital Management, L.P.
		 	200 Berkeley Street
		 	18th Floor
		 	Boston, MA 02116
		 	Attn: General Counsel

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	BLACKWELL PARTNERS LLC SERIES A
	By:	 	 /s/ Abayomi A. Adigun

	Name:	 	Abayomi A. Adigun
	Title:	 	Investment Manager
		 	DUMAC, Inv., Authorized Signatory
		
	By:	 	 /s/ Janine M. Lall

	Name:	 	Janine M. Lall
	Title:	 	Head of Finance & Controller
		 	DUMAC, Inc., Authorized Signatory
		
	Address:	 	Blackwell Partners LLC Series A
		 	280 S. Mangum Street
		 	Suite 210
		 	Durham, NC 27701
		 	Attn: Jannine Lall

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	RA CAPITAL NEXUS FUND, L.P.
	By: RA Capital Nexus Fund GP, LLC
	Its: General Partner
		
	By:	 	 /s/ Rajeev Shah

	Name:	 	Rajeev Shah
	Title:	 	Manager
		
	Address:	 	RA Capital Management, L.P.
		 	200 Berkeley Street
		 	18th Floor
		 	Boston, MA 02116
		 	Attn: General Counsel

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	CITADEL MULTI-STRATEGY
	EQUITIES MASTER FUND LTD.
	
	By: Citadel Advisors LLC, its portfolio manager
		
	By:	 	 /s/ Shellane Mulcahy

	Name:	 	Shellane Mulcahy
	Title:	 	Authorized Signatory
	
	Address:
	c/o Citadel Advisors LLC
	601 Lexington Avenue
	New York, New York 10022
	Attention: Noah Goldberg and Harry Greenbaum
	CitadelAgreementNotice@citadel.com; noah.goldberg@citadel.com; Harry.Greenbaum@citadel.com
	
	With copies to:
	Choate, Hall & Stewart, LLP
	Two International Place
	Boston, MA 02100
	Attention: Brian P. Lenihan and Tobin P. Sullivan
	blenihan@choate.com;
	tsullivan@choate.com

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	ROCK SPRINGS CAPITAL MASTER FUND LP
	
	By: Rock Springs General Partner LLC, its general partner
		
	By:	 	 /s/ Graham McPhail

	Name:	 	Graham McPhail
	Title:	 	Member
	
	Address:
	c/o Rock Springs Capital Management LP
	650 South Exeter Street, Suite 1070
	Baltimore, MD 21202
	Attn: General Counsel
	Email: Jill@rockspringscapital.com and
	ops@rockspringscapital.com
	
	FOUR PINES MASTER FUND LP
	By: Four Pines General Partner LLC, its general partner
		
	By:	 	 /s/ Graham McPhail

	Name:	 	Graham McPhail
	Title:	 	Member
	
	Address:
	c/o Rock Springs Capital Management LP
	650 South Exeter Street, Suite 1070
	Baltimore, MD 21202
	Attn: General Counsel
	Email: Jill@rockspringscapital.com and
	ops@rockspringscapital.com

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	PIVOTAL BIOVENTURE PARTNERS FUND LP
		
	By:	 	Pivotal bioVenture Partners Fund I G.P., L.P., its general partner
		
	By:	 	Pivotal bioVenture Partners Fund I U.G.P. Ltd, its general partner
	
	 /s/ Robert Hopfner

	Name:	 	Robert Hopfner
	Title:	 	Managing Partner

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

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

	
	INVESTORS:
	
	VIVO PANDA FUND, L.P.
	By: Vivo Panda, LLC, its general partner
	
	 /s/ Mahendra Shah

	Mahendra Shah
	Managing Member

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

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

	
	INVESTORS:
	
	VIVO CAPITAL FUND VIII, L.P.
	
	 /s/ Frank Kung

	Frank Kung
	Managing Member,
	Vivo Capital VIII, LLC
	General Partner of Vivo Capital Fund VIII, L.P.

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

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

	
	INVESTORS:
	
	VIVO CAPITAL SURPLUS FUND VIII, L.P.
	
	 /s/ Frank Kung

	Frank Kung
	Managing Member,
	Vivo Capital VIII, LLC
	General Partner of Vivo Capital Fund VIII, L.P.

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

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

	
	INVESTORS:
	
	ERNEST MARIO
	 /s/ Ernest Mario

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	THE BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY
(PVF)
		
	By:	 	 /s/ Sabrina Liang

	Name:	 	Sabrina Liang
	Title:	 	Authorized Signatory on behalf of The Board of Trustees of the Leland Stanford Junior University (PVF)

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	NOVO HOLDINGS A/S
	By:	 	 /s/ Thomas Dyrberg

	Name:	 	Thomas Dyrberg, under specific power of attorney
	Title:	 	Managing Partner

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	NEWLEAF PACIFIC LIMITED
		
	By:	 	 /s/ Shing Chi Yap

	Name:	 	Shing Chi Yap
	Title:	 	Director

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	KAM FUNG INTERNATIONAL LIMITED
		
	By:	 	 /s/ Antony, Kam Chung LEUNG

	Name:	 	Antony, Kam Chung LEUNG
	Title:	 	Director

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	PFIZER VENTURES (US) LLC
		
	By:	 	 /s/ Denis Patrick

	Name:	 	Denis Patrick
	Title:	 	Vice President, ES&I, Managing Partner Pfizer Ventures

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	NFLS BETA LIMITED
		
	By:	 	 /s/ Xintong Sun

	Name:	 	Xintong Sun
	Title:	 	Director

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

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

							
	INVESTORS:
	
	SAMSARA BIOCAPITAL, L.P.
		
	By:	 	Samsara BioCapital GP, LLC, General Partner
		
	By:	 	 /s/ Srinivas Akkaraju

		 	Name:	 	Srinivas Akkaraju, MD, PhD
		 	Title:	 	Managing Member

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 SCHEDULE A 

INVESTORS 
  

			
	 Name and Address
	  	
Shares of Preferred Stock Held

	 Sofinnova Venture Partners X, L.P.
 3000 Sand
Hill Road
 Building 4-Suite 250

Menlo Park, CA 94025
  

With a copy (which shall not constitute notice) to:
  

O’Melveny & Myers LLP
 Attn: Brian Covotta

2765 Sand Hill Road
 Menlo Park, CA 94025
	  	Series C-1: 7,729,468
		
	 RA CAPITAL HEALTHCARE FUND GP, LLC By: RA Capital Healthcare Fund GP, LLC

 
 RA Capital Management, L.P.

200 Berkeley Street
 18th Floor

Boston, MA 02116
 Attn: General Counsel
	  	Series C-1: 3,878,449
		
	 BLACKWELL PARTNERS LLC – SERIES A
  

Blackwell Partners LLC – Series A
 280 S. Mangum Street

Suite 210
 Durham, NC 27701

Attn: Jannine Lall
	  	Series C-1: 469,377
		
	 RA CAPITAL NEXUS FUND, L.P.
 By: RA Capital
Nexus Fund GP, LLC
  
 RA Capital Management, L.P.

200 Berkeley Street
 18th Floor

Boston, MA 02116
 Attn: General Counsel
	  	Series C-1: 1,449,275
		
	 Citadel Multi-Strategy Equities Master Fund Ltd.
  

c/o Citadel Advisors LLC
 601 Lexington Avenue

New York, New York 10022
 Attention: Noah Goldberg and Harry
Greenbaum
 CitadelAgreementNotice@citadel.com;

noah.goldberg@citadel.com;

Harry.Greenbaum@citadel.com
	  	Series C-1: 5,797,101

			
	 With copies to:
  

Choate, Hall & Stewart, LLP

Two International Place

Boston, MA 02100

Attention: Brian P. Lenihan and Tobin P. Sullivan

blenihan@choate.com;

tsullivan@choate.com
	  	
		
	 ROCK SPRINGS CAPITAL MASTER FUND LP
  

c/o Rock Springs Capital Management LP
 650 South Exeter Street,
Suite 1070
 Baltimore, MD 21202
 Attn: General Counsel

Email: Jill@rockspringscapital.com and

ops@rockspringscapital.com
	  	Series C-1: 4,347,826
		
	 FOUR PINES MASTER FUND LP
  

c/o Rock Springs Capital Management LP
 650 South Exeter Street,
Suite 1070
 Baltimore, MD 21202
 Attn: General Counsel

Email: Jill@rockspringscapital.com and

ops@rockspringscapital.com
	  	Series C-1: 869,565
		
	 Pfizer Ventures (US) LLC
 c/o Pfizer Inc.

235 East 42nd Street
 New York, NY 10017

United States of America
 Attention: Denis Patrick

Email: Denis.Patrick@pfizer.com
  

with a copy to:
 Andrew J. Muratore, Esq.

Pfizer Inc.
 235 East 42nd Street

New York, NY 10017
 United States of America

Email:andrew.j.muratore@pfizer.com
	  	Series C-1: 1,932,368
		
	 Samsara BioCapital, L.P.
 628 Middlefield
Road
 Palo Alto, CA 94301
	  	Series C-1: 1,932,368
		
	 Toray Industries, Inc.
 1-1, Nihonbashi-Muromachi 2-chome

Chuo-ku, Tokyo 103-8666, Japan

Attention: Nobuyuki Kobayashi, General Manager,
 Business
Development
  
 With a copy, which shall not constitute notice, to:

 
 Douglas Leonard & Garvey P.C.

14 South Street
 Concord, NH 03301

U.S.A.
 Attention: John M. Garvey
	  	Series T: 5,022,601

			
	 Pivotal bioVenture Partners Fund I, L.P.

c/o Pivotal bioVenture Partners

Address: 501 2nd Street, Suite 200

San Francisco, CA 94107

Attn: Robert Hopfner

Email: rob@pivotalbiovp.com
	  	 Series C-1: 1,180,585

Series B: 8,700,190

		
	 NFLS Beta Limited
 23F, Nan Fung Tower

88 Connaught Road Central
 Hong Kong

Attn: Xintong Sun
 Email: anna.sun@nanfung.com
	  	 Series C-1: 767,380

Series B: 5,655,124

		
	 Novo Holdings A/S
 Tuborg Havnevej 19

DK 2900 Hellerup
 Denmark

Attn: Heather Ludvigsen

E-mail: hlud@novo.dk
  

With a copy (which shall not constitute notice) to:
 Novo Ventures
(US), Inc.
 501 2nd Street, Suite 300
 San Francisco, CA
94107
 Attn: Peter Moldt; email: pmod@novo.dk
 Junie Lim;
email: jeql@novo.dk
	  	 Series C-1: 2,951,696

Series B: 14,355,314
 Series A-1: 7,674,270

		
	 Vivo Capital Fund VIII, L.P.
 C/O: Vivo Capital
LLC
 192 Lytton Avenue
 Palo Alto, CA 94301

Attn: General Counsel

E-mail: legal@vivocapital.com
	  	 Series C-1: 2,225,459

Series B: 7,644,568

		
	 Vivo Capital Surplus Fund VIII, L.P.
 C/O: Vivo
Capital LLC
 192 Lytton Avenue
 Palo Alto, CA 94301

Attn: General Counsel

E-mail: legal@vivocapital.com
	  	 Series C-1: 307,309

Series B: 1,055,622

		
	 Vivo PANDA Fund, L.P.
 505 Hamilton Avenue,
Suite 207
 Palo Alto, CA 94301
	  	 Series B: 3,306,072

Series A-1: 6,608,400

		
	 Money Access Investment Ltd
 31/F Jiujiang Road
288
 Hongyi Plaza, Shanghai, PRC
	  	Series A-1: 213,174

			
	 Newleaf Pacific Limited

121 Des Voeux Rd, RM 2201

Central, Hong Kong
	  	 Series C-1: 124,930

Series B: 509,717
 Series A-1: 426,348

		
	 Kam Fung International Limited
 c/o Flat F, 43/F
Block 3
 Estoril Court, 55 Garden Road, Hong Kong
 Attn:
Antony, Kam Chung LEUNG
	  	 Series C-1: 124,930

Series B: 509,717
 Series A-1: 426,348

		
	 The Board of Trustees of the Leland Stanford Junior

University (PVF)
 Stanford Management Company

Attn: Sabrina Liang
 635 Knight Way

Stanford, CA 94305-7297
 Tel: 650-721-1653
 E-mail: direct@smc.stanford.edu
	  	 Series B: 2,958,054

Series A-1: 1,705,393

		
	 Engleman Family Trust
	  	Series Seed: 405,624
		
	 Chih-Ping Liu and Pamela Jingping Pan Trust 6

November 2016
 Pamela Jingping Pan
	  	 Series B: 1,640,037

Series Seed: 806,873

		
	 Ernest Mario
	  	 Series C-1: 47,174

Series B: 87,001
 Series Seed:
270,416

		
	Eric and Philip Liu Irrevocable Trust Dated May 8, 2013	  	Series Seed: 200,000
		
	Pan, Jingfon Paul	  	Series Seed: 50,000
		
	Pan, Jingxiu Jason	  	Series Seed: 100,000
		
	Sung, Anthony K. L.	  	Series Seed: 10,000
		
	Zhang, Yujie	  	Series Seed: 50,000

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