Document:

EX-4.3

 Exhibit 4.3 

EXECUTION VERSION 

AIRBNB, INC. 

AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

THIS AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”) is made as of April 17, 2020, by
and among Airbnb, Inc., a Delaware corporation (the “Company”), each of the investors listed on Schedule A hereto, each of which is referred to in this Agreement as an “Investor”, each of the
stockholders listed on Schedule B hereto, each of whom is referred to as a “Founder”, and any New Purchaser (as defined in the Purchase Agreement) that becomes a party to this Agreement in accordance with
Section 6.9 hereof. 
 RECITALS 

WHEREAS, certain of the Investors have purchased from the Company shares of the Company’s Series Seed Preferred Stock (“Series
Seed Stock”), and in connection therewith, the Company and certain of the Investors also entered into an Investors’ Rights Agreement dated as of April 20, 2009 (the “Series Seed Agreement”). 

WHEREAS, certain of the Investors have purchased from the Company shares of the Company’s Series A Preferred Stock (“Series A
Stock”), and in connection therewith, the Company and such Investors also entered into an Amended and Restated Investors’ Rights Agreement dated as of April 30, 2010 (the “Series A Agreement”) which
superseded the Series Seed Agreement in its entirety. 
 WHEREAS, certain of the Investors have purchased from the Company shares of the
Company’s Series B Preferred Stock (“Series B Stock”) and Series B-1 Preferred Stock (the “Series B-1 Stock”), and
in connection therewith, the Company and such Investors also entered into an Amended and Restated Investors’ Rights Agreement dated as of July 22, 2011 (the “Series B Agreement”), which superseded the Series A
Agreement in its entirety. 
 WHEREAS, certain of the Investors have purchased from the Company shares of the Company’s Series C
Preferred Stock (“Series C Stock”), and in connection therewith, the Company and such Investors also entered into an Amended and Restated Investors’ Rights Agreement dated as of December 5, 2012 (the
“Series C Agreement”), which superseded the Series B Agreement in its entirety. 
 WHEREAS, certain of the Investors
have purchased from the Company shares of the Company’s Series D Preferred Stock (the “Series D Stock”), and in connection therewith, the Company and such Investors also entered into an Amended and Restated
Investors’ Rights Agreement dated as of April 16, 2014 (the “Series D Agreement”), which superseded the Series C Agreement in its entirety. 

WHEREAS, certain of the Investors have purchased from the Company shares of the Company’s Series E Preferred Stock (the
“Series E Stock”), and in connection therewith, the Company and such Investors also entered into an Amended and Restated Investors’ Rights Agreement dated as of July 14, 2015 (the “Series E
Agreement”), which superseded the Series D Agreement in its entirety. 

 WHEREAS, certain of the Investors have purchased from the Company shares of its Series F
Preferred Stock (the “Series F Stock” and, collectively with the Series Seed Stock, the Series A Stock, the Series B Stock, the Series B-1 Stock, the Series C Stock, the Series D Stock
and the Series E Stock, the “Preferred Stock”) pursuant to a Series F Preferred Stock Purchase Agreement dated as of July 28, 2016, by and among the Company and certain of the Investors (the “Purchase
Agreement”), and in connection therewith, the Company and such Investors also entered into an Amended and Restated Investors’ Rights Agreement dated as of July 28, 2016 (the “Prior Agreement”), which
superseded the Series E Agreement in its entirety. 
 WHEREAS, concurrently herewith, the Company is issuing to certain of the Investors
certain Warrants to Purchase Class A Common Stock (collectively, the “Warrants”) pursuant to a Letter Agreement dated as of April 6, 2020, by and among the Company and such Investors (the “Warrant Letter
Agreement”), in connection with that certain Second Lien Credit and Guaranty Agreement, dated as of April 6, 2020, by and among the Company, as Borrower, certain Subsidiaries of the Company, as Guarantors, the Lenders party thereto
from time to time and TOP IV TALENTS, LLC, as Administrative Agent and Collateral Agent (the “Second Lien Credit Agreement”). 

WHEREAS, as an inducement to the Investors and the Company to consummate certain transactions in connection with the Warrant Letter Agreement
and the Second Lien Credit Agreement, including the issuance of the Warrants, certain of the Investors, the Founders and the Company desire to amend and replace the Prior Agreement in its entirety by entering into this Agreement. 

AGREEMENT 
 NOW
THEREFORE, in consideration of the above recitals and the mutual covenants made herein, the parties hereby agree as follows: 

1.    Definitions. For purposes of this Agreement: 

1.1    “Advisory Clients” means a mutual fund, pension fund, pooled investment vehicle or
institutional client advised by an investment advisor registered under the Investment Advisers Act of 1940 or regulated under the U.K. Financial Conduct Authority. 

1.2    “Affiliate” means, with respect to any specified Person, or any other Person who or which,
directly or indirectly, controls, is controlled by, or is under common control with such Person, including without limitation any general partner, managing partner, officer or director of such Person or any venture capital fund or other private
investment fund now or hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management company with, such Person. Without limiting the generality of the foregoing, with respect to The
Founders Fund II, LP, The Founders Fund II Principals Fund, LP, The Founders Fund II Entrepreneurs Fund, LP, The Founders Fund III, LP, The Founders Fund III Principals Fund, LP, The Founders Fund III Entrepreneurs Fund, LP, The Founders Fund IV, LP
and The Founders Fund IV Principals Fund, LP (collectively, “FF”), the 

  
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term “Affiliate” shall include each entity included in the definition of FF, The Founders Fund, LP, The Founders Fund Management, LLC, The Founders Fund II Management, LLC, The Founders
Fund III Management, LLC, The Founders Fund IV Management, LLC and any partner thereof (or any retirement accounts held on behalf of any such partner). Additionally, the term “Affiliate” shall include the registered investment advisor (or sub-advisor) of an Investor. 
 1.3    “Common Stock” means
shares of the Class A Common Stock of the Company, par value $0.0001 per share (“Class A Common Stock”), and Class B Common Stock of the Company, par value $0.0001 per share. 

1.4    “Damages” means any loss, damage, 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, or liability (or any action in respect thereof) arises out of or is based upon (i) any untrue statement of a material
fact or omission to state a material fact in any registration statement of the Company, or any amendments or supplements thereto, necessary in order to make the statements therein, not misleading; (ii) any untrue statement of a material fact or
omission to state a material fact in any preliminary or final prospectus of the Company, or any amendments or supplements thereto, necessary in order to make the statements therein, in the light of the circumstances under which they were made, 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. 
 1.5    “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. 

1.6    “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder. 
 1.7    “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. 

1.8    “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. 

1.9    “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.

  
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 1.10    “GAAP” means generally accepted
accounting principles in the United States. 
 1.11    “Holder” means any holder of Registrable
Securities or Warrants who is a party to this Agreement. 
 1.12    “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. 

1.13    “Initiating Holders” means, collectively, Holders who properly initiate a registration
request under this Agreement in accordance with the provisions of Section 2. 

1.14    “IPO” means the Company’s first underwritten public offering of its Common Stock
under the Securities Act. 
 1.15    “Founder Registrable Securities” means (i) the
102,247,320 shares of Common Stock held by the Founders and their affiliated entities, (ii) the 6,894,438 shares of Common Stock subject to issuance upon exercise of options held by the Founders and their affiliated entities, 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 such shares. 

1.16    “Major Investor” means (a) any Investor that is an “accredited investor”
under the Securities Act and, individually or together with such Investor’s Affiliates, holds at least 5,400,000 shares of Registrable Securities, at least 1,200,000 shares of Series D Stock (or shares of Common Stock issued upon conversion
thereof) (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification effected after the date hereof), at least 1,000,000 shares of Series E Stock (or shares of Common Stock issued upon conversion
thereof) (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification effected after the date hereof), at least the number of shares of Common Stock and/or Series F Stock (or shares of Common Stock
issued upon conversion thereof) (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification effected after the date of this Agreement) that, pursuant to Section 1 of the Purchase Agreement, such
Investor, individually or together with such Investor’s Affiliates, has purchased for consideration equal to a Total Amount (as defined in the Purchase Agreement) with respect to such Investor, individually or together with such Investor’s
Affiliates, of at least $75,000,000, as such amount was delivered into the Escrow Account (as defined in the Purchase Agreement) in accordance with Section 1.2(a) of the Purchase Agreement, and notwithstanding any reduction of a
Purchaser’s Total Amount by the Company pursuant to Sections 1.1 and 1.2 of the Purchase Agreement; provided that in no event may shares held by an Affiliate of an Investor be aggregated among more than a single Investor, if such Affiliate is
an Affiliate of more than one Investor; provided that the foregoing proviso shall not restrict shares held by different funds managed or affiliated with TCMI, Inc. from being aggregated together, (b) SLP Constellation Aggregator, L.P., together
with its Affiliates that hold Warrants to purchase shares of Class A Common Stock or shares of Class A Common Stock issued pursuant to such Warrants, (“SLP”), 

  
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provided, however, that such Investor shall cease to be considered a Major Investor for purposes of this Agreement at such time that such Investor, no longer holds Warrants to
purchase shares of Class A Common Stock or shares of Class A Common Stock issued pursuant to such Warrant, in the aggregate, equal to at least 1,322,466 shares of Class A Common Stock (as adjusted for any stock sale, stock split,
stock dividend, combination or other recapitalization or reclassification effected after April 17, 2020) and (c) TAO Finance 1, LLC, together with its Affiliates that hold Warrants to purchase shares of Class A Common Stock or shares
of Class A Common Stock issued pursuant to such Warrants, (“SSP”), provided, however, that any such Investor shall cease to be considered a Major Investor for purposes of this Agreement at such time that
such Investor, no longer holds Warrants to purchase shares of Class A Common Stock or shares of Class A Common Stock issued pursuant to such Warrant, in the aggregate, equal to at least 1,322,466 shares of Class A Common Stock (as
adjusted for any stock sale, stock split, stock dividend, combination or other recapitalization or reclassification effected after April 17, 2020). 

1.17     “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 (in each case, directly or indirectly)
for such equity securities. 
 1.18    “Person” means any individual, corporation, partnership,
trust, limited liability company, association or other entity. 
 1.19    “Registrable
Securities” means (i) the Common Stock issuable or issued upon conversion of shares of the Preferred Stock held by the Investors; (ii) any Common Stock, or any Common Stock issued or issuable (directly or indirectly) upon
conversion and/or exercise of any other securities of the Company, acquired by the Investors after the date hereof; (iii) the Common Stock issuable or issued under the Warrants; provided, that for all purposes under Sections 2.1 and 2.2, solely
the Common Stock actually issued under the Warrants shall be deemed Registrable Securities (iv) the Founder Registrable Securities, provided however, that such Founder Registrable Securities shall not be deemed to be Registrable Securities and
the Founders shall not be deemed to be Holders for purposes of Sections 2.1, 2.10, 3.1, 3.2, 4 and 6.6; and (v) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant,
right or other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares referenced in clauses (i), (ii), (iii) and (iv) 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 Section 6.1, and excluding for purposes of Section 2 any
shares for which registration rights have terminated pursuant to Section 2.13 of this Agreement. 

1.1    “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.

 1.2    “Restated Certificate” means the Company’s Restated Certificate of Incorporation
(as may be amended from time to time). 

  
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 1.3    “Restricted Securities” means the
securities of the Company required to bear the legend set forth in Section 2.12(b) hereof. 

1.4    “SEC” means the Securities and Exchange Commission. 

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

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

1.7    “Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder. 
 1.8    “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 Section 2.6. 
 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) four
(4) years after the date of this Agreement or (ii) one hundred eighty (180) days after the effective date of the registration statement for the IPO, the Company receives a request from Holders of at least 30% of the Registrable
Securities then outstanding that the Company file a Form S-1 registration statement with respect to any Registrable Securities then outstanding (and the Registrable Securities subject to such request have an
anticipated aggregate offering price, net of Selling Expenses, of at least $100,000,000), then the Company shall (i) 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 (ii) 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
Section 2.1(c) and Section 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 one or more Holders of at
least 30% of the Registrable Securities then outstanding that the Company file a Form S-3 registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated
aggregate offering price of at least $50,000,000, 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 

  
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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 Section 2.1(c) and Section 2.3. 
 (c)
    Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant to this Section 2.1 a certificate signed by the Company’s chief executive
officer stating that in the good faith judgment of the Company’s Board of Directors it would be materially detrimental to the Company and its stockholders for such registration statement to either become effective or remain effective for as
long as such registration statement otherwise would be required to remain effective, because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the
Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or
Exchange Act, then the Company shall have the right to defer taking action with respect to such filing, and any time periods with respect to filing or effectiveness thereof shall be tolled correspondingly, for a period of not more than ninety
(90) days after the request of the Initiating Holders is given; provided, however, that the Company may not invoke this right more than once 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 ninety (90) 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
Section 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
registration statement filed in connection with 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 Section 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 Section 2.1(b). The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to
Section 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
registration statement filed in connection with 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 Section 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 Section 2.1(d) until such time as the applicable registration statement becomes effective in accordance with the rules and regulations of 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 or S-3 registration statement, as applicable, pursuant to
Section 2.6, in which case such withdrawn registration statement shall be counted as “effected” for purposes of this Section 2.1(d).  

  
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 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 Section 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 Section 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 Section 2.6. 

2.3    Underwriting Requirements. 

(a)    If, pursuant to Section 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 Section 2.1, and the Company shall include such information in the
Demand Notice. The underwriter(s) will be selected by the Company, subject only to the reasonable approval of the Initiating Holders. In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration
shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities
through such underwriting shall (together with the Company as provided in Section 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 Section 2.3, if the managing underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, then the Initiating
Holders shall so advise all Holders of Registrable Securities that otherwise would be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among such Holders of
Registrable Securities, including the Initiating Holders, in proportion (as nearly as practicable) to the number of Registrable Securities owned or held 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 owned or held by the Holders (excluding the Founders) to be included in such underwriting shall not be reduced unless all other securities, including those held by
the Founders, 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
100 shares. 
 (b)    In connection with any offering involving an underwriting of shares of the Company’s capital
stock pursuant to Section 2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as agreed upon between
the Company and its underwriters. 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 

  
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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 to (as nearly as practicable) the number of Registrable Securities owned or held 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 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, including the Founder Registrable Securities, (other than securities to be sold
by the Company) are first entirely excluded from the offering, or (ii) the number of Registrable Securities included in the offering be reduced below thirty percent (30%) of the total number of securities included in such offering, unless such
offering is the IPO, in which case the selling Holders may be excluded further if the underwriters make the determination described above and no other stockholder’s securities are included in such offering. For purposes of the provision in this
Section 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 or held by all Persons included in such “selling Holder,” as defined in this
sentence. 
 (c)    For purposes of Section 2.1, a registration under
Section 2.1 shall not be counted as “effected” if, as a result of an exercise of the underwriter’s cutback provisions in Section 2.3(a), more than fifty percent (50%) of the
total number of Registrable Securities that Holders have requested to be included in such registration statement are actually excluded. 

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
reasonable efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period of up to one
hundred twenty (120) days or, if earlier, until the distribution contemplated in the applicable prospectus or prospectus supplement contained 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 sixty (60) days, if necessary, to keep the registration statement effective until all such Registrable Securities are sold; 

  
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 (b)    prepare and file with the SEC such amendments and supplements to
such registration statement, and the prospectus used in connection 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 the applicable prospectus or
prospectus supplement contained in such registration statement; 
 (c)    furnish to the selling Holders a copy of the
preliminary prospectus (which copy may be in electronic form) and a copy of such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities; 

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

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

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

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

  
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 (j)    after such registration statement becomes effective, notify each
selling Holder of any request by the SEC that the Company amend or supplement such registration statement or prospectus. 

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 may be reasonably required by the Company to effect the registration of such Holder’s Registrable Securities. 

2.6    Expenses of Registration. All expenses (other than Selling Expenses) incurred in connection with
registrations, filings, or qualifications pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for the Company; and the
reasonable fees and disbursements of one counsel for the selling Holders not to exceed $50,000 (“Selling Holder Counsel”), shall be borne and paid by the Company; provided, however, that the Company shall not be
required to pay for any expenses of any registration proceeding begun pursuant to Section 2.1 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities
to be registered (in which case all selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless the Holders of a majority of the Registrable
Securities agree to forfeit their right to one registration pursuant to Section 2.1(a) or Section 2.1(b), as the case may be. All Selling Expenses relating to Registrable Securities registered pursuant to
this Section 2 shall be borne and paid by the Holders pro rata on the basis of the number of Registrable Securities registered on their behalf. 

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

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

  
 11 

 
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 Section 2.8(b) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is
effected without the consent of the Holder, which consent shall not be unreasonably withheld; and provided, further, that in no event shall the aggregate amounts payable by any Holder by way of indemnity or contribution under
Sections 2.8(b) and 2.8(d) exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder. 

(c)    Promptly after receipt by an indemnified party under this Section 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
Section 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 Section 2.8, to the extent that such failure
materially prejudices the indemnifying party’s ability to defend such action. 
 (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
Section 2.8 but it is judicially determined (by the entry of a final judgment or decree by a court of competent 

  
 12 

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

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

  
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 (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); (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company;
and (iii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration (at any time after the Company has become subject
to the reporting requirements under the Exchange Act) or pursuant to Form S-3 (at any time after the Company so qualifies to use such form). 

2.10    Limitations on Subsequent Registration Rights. From and after the date of this Agreement,
the Company shall not, without the prior written consent of the Holders of a majority of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company that would allow
such holder or prospective holder to include such securities in any registration if such agreement (i) would allow such holder or prospective holder to include a portion of its securities in any “piggyback” registration if such
inclusion could reduce the minimum number of Registrable Securities that selling Holders could be entitled to include in such registration under Sections 2.1(a) and 2.1(b) hereof or (ii) would allow such holder or prospective
holder to initiate a demand for registration of any of its securities at a time earlier than the Holders of Registrable Securities can demand registration under Section 2.1 hereof; provided, that this limitation shall not apply to
any New Purchasers who becomes a party hereto pursuant to Section 6.9 hereof. 

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 (the “Lock-Up Period”) (such period not to exceed one hundred eighty (180) days, (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 such offering (collectively, “Lock-Up
Securities”) 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 Lock-Up 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 Section 2.11 shall apply only to the
IPO and shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, 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 

  
 14 

 
effect to conversion into Common Stock of all outstanding Preferred Stock) are similarly bound. The underwriters in connection with such registration are intended
third-party beneficiaries of this Section 2.11 and shall have the right, power, and authority to enforce the provisions hereof as though they were a party hereto. Each Holder further
agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent with this Section 2.11 or that are necessary to give further effect thereto. If
any Holder is granted an early release or discretionary waiver from the restrictions set forth in this Section 2.11 by the Company or from restrictions in any agreement with the managing underwriter with respect to any Lock-Up Securities held by such Holder and its Affiliates having a fair market value in excess of $1,000,000 in the aggregate (whether in one or multiple releases or waivers), then all other Holders shall also be
granted an early release or discretionary waiver on the same terms and conditions from their respective obligations under this Section 2.11 or under any agreement with the managing underwriter with respect to the same
percentage of the total number of Lock-Up Securities held by such Holders as the percentage of the total number of Lock-Up Securities that are the subject of such
release. 
 2.12    Restrictions on Transfer. 

(a)    The Preferred Stock and the Registrable Securities shall not be sold, pledged, or otherwise transferred by any
Holder, 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 by any Holder, except upon the conditions specified in this Agreement, which conditions
are intended to ensure compliance by the Investors 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. Notwithstanding the foregoing, the Company shall not require any transferee of shares pursuant to an effective registration
statement or, following the market stand-off period following the IPO, SEC Rule 144, to be bound by the terms of this Section 2.12. Notwithstanding anything to the contrary set forth
in this Agreement, the parties hereto agree that all Registrable Securities and Founder Registrable Securities shall be bound by any and all restrictions on transfer set forth in the Company’s bylaws. Notwithstanding anything to the contrary
set forth in this Agreement or the other Transaction Agreements (as defined in the Purchase Agreement): 
 (i)     FF
and any Affiliate of FF may transfer any Preferred Stock or Registrable Securities to any Affiliate of FF so long as the following requirements are met: (w) such transfer is made for no consideration; (x) five days’ advance written
notice is provided to the Company; (y) a customary stock transfer agreement is provided promptly, and, in any event, within five days of receipt of the notice required by Section 2.12(a)(i)(x), in form reasonably
satisfactory to the Company and containing no substantive new obligations or requirements of the transferee to which the transferor is not already subject, executed by the transferee and the transferor; and (z) the transferee becomes a party to
each of the Transaction Agreements (other than the Purchase Agreement) and the Founder Voting Agreement (as defined in the Purchase Agreement). 

(ii)    TPG Aura Holdings, L.P. (“TPG”) and any Affiliate of TPG may transfer any Preferred Stock
or Registrable Securities to any Affiliate of TPG so long 

  
 15 

 
as the following requirements are met: (w) such transfer is made for no consideration; (x) five days’ advance written notice is provided to the Company; (y) a customary stock
transfer agreement is provided promptly, and, in any event, within five days of receipt of the notice required by Section 2.12(a)(ii)(x), in form reasonably satisfactory to the Company and containing no substantive new
obligations or requirements of the transferee to which the transferor is not already subject, executed by the transferee and the transferor; and (z) the transferee becomes a party to each of the Transaction Agreements (other than the Purchase
Agreement) and the Series D/E/F Founder Voting Agreement (as defined in the Purchase Agreement). 
 (iii)    Dragoneer
Travel, L.P. (“DT”) and any Affiliate of DT may transfer any Preferred Stock or Registrable Securities to any Affiliate of DT so long as the following requirements are met: (w) such transfer is made for no consideration;
(x) five days’ advance written notice is provided to the Company; (y) a customary stock transfer agreement is provided promptly, and, in any event, within five days of receipt of the notice required by
Section 2.12(a)(iii)(x), in form reasonably satisfactory to the Company and containing no substantive new obligations or requirements of the transferee to which the transferor is not already subject, executed by the
transferee and the transferor; and (z) the transferee becomes a party to each of the Transaction Agreements (other than the Purchase Agreement) and the Series D/E/F Founder Voting Agreement. 

(iv)    General Atlantic (AB), L.P. (“GA”) and any Affiliate of GA may transfer any Preferred
Stock or Registrable Securities to any Affiliate of GA so long as the following requirements are met: (w) such transfer is made for no consideration; (x) five days’ advance written notice is provided to the Company; (y) a
customary stock transfer agreement is provided promptly, and, in any event, within five days of receipt of the notice required by Section 2.12(a)(iv)(x), in form reasonably satisfactory to the Company and containing no
substantive new obligations or requirements of the transferee to which the transferor is not already subject, executed by the transferee and the transferor; and (z) the transferee becomes a party to each of the Transaction Agreements (other
than the Purchase Agreement) and the Series D/E/F Founder Voting Agreement. 
 (v)    Hillhouse AB Holdings Limited
(“HH”) and any Affiliate of HH may transfer any Preferred Stock or Registrable Securities to any Affiliate of HH so long as the following requirements are met: (w) such transfer is made for no consideration;
(x) five days’ advance written notice is provided to the Company; (y) a customary stock transfer agreement is provided promptly, and, in any event, within five days of receipt of the notice required by
Section 2.12(a)(v)(x), in form reasonably satisfactory to the Company and containing no substantive new obligations or requirements of the transferee to which the transferor is not already subject, executed by the
transferee and the transferor; and (z) the transferee becomes a party to each of the Transaction Agreements (other than the Purchase Agreement) and the Series D/E/F Founder Voting Agreement. 

(vi)    Tiger Global Private Investment Partners IX, L.P. (“Tiger”) and any Affiliate of Tiger
may transfer any Preferred Stock or Registrable Securities to any Affiliate of Tiger so long as the following requirements are met: (w) such transfer is made for no consideration; (x) five days’ advance written notice is provided to
the Company; (y) a customary 

  
 16 

 
stock transfer agreement is provided promptly, and, in any event, within five days of receipt of the notice required by Section 2.12(a)(vi)(x), in form reasonably
satisfactory to the Company and containing no substantive new obligations or requirements of the transferee to which the transferor is not already subject, executed by the transferee and the transferor; and (z) the transferee becomes a party to
each of the Transaction Agreements (other than the Purchase Agreement) and the Series D/E/F Founder Voting Agreement. 

(vii)    An Advisory Client may transfer any Preferred Stock or Registrable Securities owned by such Advisory Client to
another Advisory Client pursuant to a merger or reorganization of such Advisory Client so long as the following requirements are met: (x) written notice is provided to the Company promptly after such merger or reorganization; (y) a
customary stock transfer agreement is provided promptly, and, in any event, within five days of receipt of the notice required by Section 2.12(a)(vii)(x), in form reasonably satisfactory to the Company and containing no
substantive new obligations or requirements of the transferee to which the transferor is not already subject, executed by the transferee and the transferor; and (z) the transferee becomes a party to each of the Transaction Agreements (as
defined in the Purchase Agreement) (other than the Purchase Agreement), and the Series D/E/F Founder Voting Agreement. 

(viii)    TCV VIII, L.P., TCV VIII (A), L.P., TCV VIII (B), L.P. and TCV Member Fund, L.P. (collectively,
“TCV”) and any Affiliate of TCV may transfer any Preferred Stock or Registrable Securities to any Affiliate of TCV so long as the following requirements are met: (w) such transfer is made for no consideration;
(x) five days’ advance written notice is provided to the Company; (y) a customary stock transfer agreement is provided promptly, and, in any event, within five days of receipt of the notice required by
Section 2.12(a)(viii)(x), in form reasonably satisfactory to the Company and containing no substantive new obligations or requirements of the transferee to which the transferor is not already subject, executed by the
transferee and the transferor; and (z) the transferee becomes a party to each of the Transaction Agreements (other than the Purchase Agreement) and the Series D/E/F Founder Voting Agreement. 

(ix)    Google Capital 2015, LP (“Google Capital 2015”) and Google Capital 2016, LP
(“Google Capital 2016” and, together with Google Capital 2015, “Google Capital”) and any Affiliate of Google Capital so long as the following requirements are met: (w) such transfer is made for no
consideration; (x) five days’ advance written notice is provided to the Company; (y) a customary stock transfer agreement is provided promptly, and, in any event, within five days of receipt of the notice required by
Section 2.12(a)(ix)(x), in form reasonably satisfactory to the Company and containing no substantive new obligations or requirements of the transferee to which the transferor is not already subject, executed by the
transferee and the transferor; and (z) the transferee becomes a party to each of the Transaction Agreements (other than the Purchase Agreement) and the Series D/E/F Founder Voting Agreement. 

(x)    SLP and any Affiliate of SLP may transfer any Preferred Stock or Registrable Securities to any Affiliate of SLP so
long as the following requirements are met: (w) such transfer is made for no consideration; (x) five days’ advance written notice is provided to the Company; (y) a customary stock transfer agreement is provided promptly, and, in

  
 17 

 
any event, within five days of receipt of the notice required by Section 2.12(a)(x)(x), in form reasonably satisfactory to the Company and containing no substantive new
obligations or requirements of the transferee to which the transferor is not already subject, executed by the transferee and the transferor; and (z) the transferee becomes a party to each of this Agreement (as may be amended from time to time)
and the Amended and Restated Co-Sale and Right of First Refusal Agreement (as may be amended from time to time). 

(xi)    SSP and any Affiliate of SSP may transfer any Preferred Stock or Registrable Securities to any Affiliate of SSP
so long as the following requirements are met: (w) such transfer is made for no consideration; (x) five days’ advance written notice is provided to the Company; (y) a customary stock transfer agreement is provided promptly, and,
in any event, within five days of receipt of the notice required by Section 2.12(a)(x)(xi), in form reasonably satisfactory to the Company and containing no substantive new obligations or requirements of the transferee to
which the transferor is not already subject, executed by the transferee and the transferor; and (z) the transferee becomes a party to each of this Agreement (as may be amended from time to time) and the Amended and Restated Co-Sale and Right of First Refusal Agreement (as may be amended from time to time). 

(b)    Each certificate or instrument 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 Section 2.12(c)) be stamped or otherwise imprinted with a legend substantially in the following form: 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT
AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM REASONABLY SATISFACTORY TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933. 
 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 SECURITIES REPRESENTED HEREBY ARE SUBJECT TO CERTAIN RESTRICTIONS OF TRANSFER SET FORTH IN THE COMPANY’S BYLAWS, A COPY OF WHICH IS ON
FILE WITH THE SECRETARY OF THE COMPANY. 

  
 18 

 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 Section 2.12. 

(c)    Subject to compliance with the Company’s bylaws, the holder of each certificate representing Restricted
Securities, by acceptance thereof, agrees to comply in all respects with the provisions of this Section 2. Promptly before any proposed sale, pledge, or transfer of any Restricted Securities, or if the IPO has occurred,
promptly after any sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed transaction, the Holder thereof shall give notice to the Company of such
Holder’s intention to effect such sale, pledge, or transfer. Each such notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if reasonably requested by the Company, shall be
accompanied at such Holder’s expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the effect that the proposed
transaction may be effected without registration under the Securities Act; (ii) a “no action” letter from the SEC to the effect that the proposed sale, pledge, or transfer of such Restricted Securities without registration will not
result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or transfer of the
Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted Securities in accordance with the terms of the
notice given by the Holder to the Company. The Company will not require such a legal opinion or “no action” letter (x) in any transaction in compliance with SEC Rule 144 or (y) in any transaction in which such Holder distributes
Restricted Securities to an Affiliate of such Holder for no consideration; provided that each transferee agrees in writing to be subject to the terms of this Section 2.12. Each certificate or instrument evidencing the
Restricted Securities transferred as above provided shall bear, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in Section 2.12(b), except that such certificate shall not bear
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. 

(d)    Each party hereto who is also a party to the Founder Voting Agreement and/or the Series D/E/F Founder Voting
Agreement (as defined in the Purchase Agreement), as applicable, expressly agrees that the transfer restrictions set forth in the Founder Voting Agreement and/or the Series D/E/F Founder Voting Agreement, as applicable, shall apply to all securities
(including, but without limitation, all classes of common, preferred, voting and nonvoting capital stock) of the Company which any of them now owns or holds or hereafter acquires or holds by any means, including without limitation by purchase,
assignment, conversion of convertible securities or operation of law, or as a result of any stock dividend, stock split, reorganization, reclassification, whether voluntary or involuntary, or other similar transaction, including the Founder Voting
Agreement and/or the Series D/E/F Founder Voting Agreement. 

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

(a)    the first (1st) anniversary of the IPO, provided that all of such Holder’s Registrable Securities could be
sold in any three month period without restriction under SEC Rule 144 at such time; and 
 (b)    the fifth (5th)
anniversary of the IPO. 
 3.    Information Rights. 

3.1    Delivery of Financial Statements to Major Investors. The Company shall deliver, upon request, to
(x) each Major Investor and (y) solely with respect to the information set forth in clauses (a), (b), (c) and (e) below, each of Wellington, T. Rowe, Fidelity, Morgan Stanley (each as defined below) and Scottish Mortgage Investment
Trust PLC for so long as they advise Advisory Clients who hold Registrable Securities and KPCB Holdings, Inc. for so long as it holds 50% of the Registrable Securities purchased by it pursuant to the Purchase Agreement: 

(a)    as soon as practicable, but in any event within ninety (90) days after the end of each fiscal year of the
Company, (i) a balance sheet as of the end of such year; (ii) statements of income and of cash flows for such year, and a comparison between (x) the actual amounts as of and for such fiscal year and (y) the comparable amounts for
the prior year and as included in the Budget (as defined in Section 3.1(d)) for such year, with an explanation of any material differences between such amounts and a schedule as to the sources and applications of funds for
such year; and (iii) a statement of stockholders’ equity as of the end of such year, all such financial statements shall be audited and certified by independent public accountants of nationally recognized standing selected by the Company
unless otherwise approved by the Series Seed Director and the Series B Director (as such terms are defined in the Restated Certificate); 

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

(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 (collectively, the “Budget”), approved by the Board of Directors and prepared on a monthly basis, including balance sheets, income statements, and statements of cash flow for such months
and, promptly after prepared, any other budgets or revised budgets prepared by the Company; and 

  
 20 

 (e)    as soon as practicable, but in any event 15 days after the end
of each calendar year, a summary capitalization table reflecting each series of preferred stock and each class of common stock as of the end of such calendar year. 

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 Section 3.1 to the contrary, the Company may cease providing the information set forth in this
Section 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 Section 3.1 shall be reinstated at such time as the Company is no longer actively employing its reasonable efforts to
cause such registration statement to become effective. 
 3.2    Inspection; Management Access. The
Company shall permit each Major Investor, at such Major Investor’s expense, and on such Major Investor’s written request, to visit and inspect the Company’s properties; examine its books of account and records; and discuss the
Company’s affairs, finances, and accounts with its officers, during normal business hours of the Company as may be reasonably requested by the Major Investor; provided, however, that the Company shall not be obligated pursuant to
this Section 3.2 to provide access to any information that it reasonably and in good faith considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form
acceptable to the Company) or the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel. Additionally, no more than once per calendar quarter, the Company shall make members of its management
team, as selected by the Company in its sole discretion, available to the representatives of Fidelity Management & Research Company and its Affiliates (“Fidelity”), Morgan Stanley Investment Management Inc.
(“Morgan Stanley”), T. Rowe Price Associates, Inc. (“T. Rowe”), and Wellington Management Company LLP (“Wellington”) for so long as such entities are Major Investors, at the
Company’s headquarters during normal business hours and on a mutually agreeable date between the Company and such representatives, to answer questions asked by such registered investment advisors and to discuss the state of the Company’s
business generally. 
 3.3    Termination of Information Rights. The covenants set forth in
Section 3.1 and Section 3.2 shall terminate and be of no further force or effect upon the earliest to occur of: (i) immediately before the consummation of the IPO, (ii) when the Company
first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, (iii) upon a Deemed Liquidation Event, as such term is defined in the Restated Certificate or (iv) such date as the Company
receives written notice from a Major Investor that it no longer wishes to receive any of the information set forth in Section 3.1 hereof. 

  
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 3.4    Confidentiality. Each Investor agrees that such Investor
will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this
Section 3 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 Section 3.4 by such Investor), (b) is or has
been independently developed or conceived by the Investor without use of the Company’s confidential information, or (c) is or has been made known or disclosed to the Investor by a third party without a breach of any obligation of
confidentiality such third party may have to the Company; provided, however, that an Investor may disclose confidential information (i) to its attorneys, accountants, consultants, investment advisors and sub-advisors and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Registrable Securities
from such Investor, if such prospective purchaser, prior to receiving any confidential information, agrees to be bound by the provisions of this Section 3.4; (iii) to any direct or indirect retired, current or prospective
partner, member, stockholder, investor, equity holder or any existing Affiliate or wholly owned subsidiary of such Investor in the ordinary course of business, provided, that, such Person would not be reasonably considered a competitor
of the Company, that such Investor informs such Person that such information is confidential, that such Person is subject to a customary obligation to keep such information confidential that is no less favorable to the Company than the
confidentiality terms hereof, and that such Investor shall be responsible for any failure to comply with such terms by such Person; or (iv) as may otherwise be required by law, provided, that, the Investor promptly notifies the
Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure. Notwithstanding anything to the contrary contained in the foregoing, Investors who are Advisory Clients may include confidential
information relating to price and value in their reports to shareholders to the extent required and may disclose their holdings in the Company generally; provided, that, such Investors advise such shareholders that such confidential
information is confidential and not to be disclosed to third parties. 
 4.    Rights to Future Stock Issuances.

 4.1    Right of First Refusal. Subject to the terms and conditions of this
Section 4.1 and applicable securities laws, if the Company proposes to offer or sell any New Securities, the Company shall first offer such New Securities to each Major Investor. A Major Investor shall be entitled to
apportion the right of first refusal hereby granted to it among itself and its Affiliates in such proportions as it deems appropriate. 

(a)    The Company shall give notice (the “Offer Notice”) to each Major Investor, stating
(i) its bona fide intention to sell such New Securities, (ii) the number of such New Securities to be sold, (iii) the price and terms, if any, upon which it proposes to sell such New Securities, and (iv) the identity of the
Persons to whom the Company proposes to sell such New Securities. 
 (b)    By notification to the Company within
twenty (20) days after the Offer Notice is given, each Major Investor may elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities (such Major Investor’s
“Pro Rata Amount”) which equals the proportion that the Common 

  
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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 (including, for the
avoidance of doubt, any Warrants) then held, by such Major Investor bears to the total Common Stock of the Company then outstanding (assuming full conversion and/or exercise, as applicable, of all Preferred Stock and other Derivative Securities). A
Major Investor’s election may be conditioned on the consummation of the transaction described in the Offer Notice. At the expiration of such twenty (20) day period, the Company shall promptly notify each Major Investor that elects to
purchase or acquire all of its Pro Rata Amount (each, a “Fully Exercising Investor”) of any other Major Investor’s failure to do likewise. During the ten (10) day period commencing after the Company has given such
notice, each Fully Exercising Investor may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of shares specified above, up to that portion of the New Securities for which Major Investors were entitled to
subscribe but that were not subscribed for by the Major Investors that 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 Section 4.1(b) shall occur on the earlier 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 Section 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
Section 4.1(b), the Company may, during the ninety (90) day period following the expiration of the periods provided in Section 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 all such sales pursuant to such agreement are not consummated within one hundred twenty (120) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be
offered unless first reoffered to the Major Investors in accordance with this Section 4.1. 

(d)    The right of first offer in this Section 4.1 shall not be applicable to
(i) Exempted Securities (as defined in the Restated Certificate); and (ii) shares of Common Stock issued in the IPO. 

(e)    Notwithstanding any provision hereof to the contrary, in lieu of complying with the provisions of this
Section 4.1, the Company may elect to give notice to the Major Investors within thirty (30) days after the issuance of New Securities. Such notice shall describe the type, price, and terms of the New Securities, and
the identities of the Persons to whom the New Securities were sold. Each Major Investor shall have twenty (20) days from the date notice is given to elect to purchase up to the number of New Securities that would, if purchased by such Major
Investor, maintain such Major Investor’s percentage-ownership position, calculated as set forth in Section 4.1(b) before giving effect to the issuance of such New Securities. Any Major Investors electing to maintain
their respective percentage-ownership positions shall also have rights of oversubscription to purchase New Securities that were 

  
 23 

 
purchasable by other Major Investors pursuant to the foregoing sentence but were not so purchased, and such rights of oversubscription shall be apportioned in a manner consistent with the
apportionment among Fully Exercising Investors described in Section 4.1(b). The closing of such sale shall occur within sixty (60) days of the date notice is given to the Major Investors. 

4.2    Termination. The covenants set forth in Section 4.1 shall terminate and be of no
further force or effect upon the earlier to occur of: (i) immediately before the consummation of the IPO, or (ii) upon a Deemed Liquidation Event, as such term is defined in the Restated Certificate. 

5.    Additional Covenants. 

5.1    Insurance. The Company shall use its commercially reasonable efforts to promptly obtain Directors and
Officers liability insurance from a financially sound and reputable insurer in such amount and on such terms as determined by the Board of Directors and reasonably acceptable to Andreessen Horowitz Fund II, L.P. (and its affiliates)
(“AH”), and will use commercially reasonable efforts to cause such insurance policies to be maintained until such time as the Board of Directors and, for so long as a representative of AH serves as a director, AH determine
that such insurance should be discontinued. 
 5.2    Employee Agreements. The Company will cause each person now
or hereafter employed or engaged by it or by any subsidiary (or engaged by the Company or any subsidiary as a consultant/independent contractor) with access to confidential information and/or trade secrets, or performing services that consist of the
development of technology, to enter into a customary nondisclosure and proprietary rights assignment agreement. 

5.3    Employee Vesting. Unless otherwise approved by the Board of Directors, all employees and consultants of the
Company who purchase, receive options to purchase the Company’s capital stock, restricted stock units settleable in the Company’s capital or awards of shares of the Company’s capital stock after the date hereof shall be required to
execute option agreements, restricted stock unit agreements or restricted stock agreements, as applicable, providing for (a) 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 (or the date of grant in the case of a grant to an existing employee or consultant), and the remaining shares vesting in either (i) equal monthly installments or
(ii) equal quarterly installments over the following thirty-six (36) months, and (b) a market stand-off provision no less restrictive than set forth
herein. In addition, unless otherwise approved by the Board of Directors, the Company shall retain a “right of first refusal” on employee transfers until the Company’s IPO and shall have the right to repurchase unvested shares at cost
upon termination of employment of a holder of restricted stock. 
 5.4    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 of Directors as in effect immediately before such transaction, whether such obligations are
contained in the Company’s bylaws, the Restated Certificate, indemnity agreements, or elsewhere, as the case may be. 

  
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 5.5    FCPA. The Company represents that it shall not and shall
not permit any of its Subsidiaries or, to the extent it has control, any of its or their respective directors, officers, managers, employees, independent contractors, representatives or agents to, promise, authorize or make any payment to, or
otherwise contribute any item of value on behalf or for the benefit of the Company or any of its Subsidiaries to, directly or indirectly, to any third party, including any Non-U.S. Official, in each case, in
violation of the FCPA, the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law. The Company further represents that it shall, and shall cause each of its Subsidiaries to, cease all of its or their respective activities, as
well as remediate any actions taken by the Company or any of its Subsidiaries, or any of their respective directors, officers, managers, employees, independent contractors, representatives, or agents, that it knows have violated the FCPA, the U.K.
Bribery Act, or any other applicable anti-bribery or anti-corruption law. The Company further represents that it shall use reasonable commercial efforts to cause it and each of its Subsidiaries to maintain systems of internal controls (reasonable
for a private company that is at the stage of development of the Company) designed to enable the Company and each of its Subsidiaries to comply with the FCPA, the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law. 

5.6    Termination of Covenants. The covenants set forth in this Section 5, except for
Section 5.4 and Section 5.7, shall terminate and be of no further force or effect upon the earliest to occur of: (i) immediately before the consummation of the IPO, (ii) when the Company
first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon a Deemed Liquidation Event, as such term is defined in the Restated Certificate. 

5.7    Transactions with Green Dot. The Company shall not enter into any banking or nonbanking transaction with
Green Dot Corporation or any of its subsidiaries (Next Estate Communications and Bonneville Bancorp) without the prior written consent of Sequoia Capital; provided, that, such covenant shall terminate upon the earlier of such time
as (a) Sequoia Capital XII, Sequoia Technology Partners XII, Sequoia Capital XII Principals Fund, SC US GF V Holdings, Ltd., SCHF CIF, LP/CIF 2015-A Series SCHF (M) PV, LP, Sequoia Capital China GF
Holdco III-A, Ltd., Sequoia Capital Global Growth Fund, LP and Sequoia Capital Global Growth Principals Fund, LP own less than 5% of any class of voting securities (as determined under the Bank Holding Company
Act) of the Company and (b) Sequoia Capital investment entities cease to own any shares of capital stock of Green Dot Corporation. 

5.8    Use of Investor Names. Except as (a) required in connection with a registration statement under the
Securities Act or other filings required by the Exchange Act, (b) required by any other applicable securities laws or (c) compelled under applicable law or regulations, or (d) requested in connection with any proceeding by or before a
governmental or judicial authority, regulatory or administrative body (including by deposition, interrogatory, request for documents, subpoena, civil investigative demand, request for cooperation or similar process), the Company shall not use the
name or trademarks of any of Fidelity, Morgan Stanley, T. Rowe Price, Wellington, GA, HH (including “Hillhouse”, “Gaoling” and “高瓴”), Tiger, TCV or Technology Crossover Ventures, Google Capital, Google
Inc. or Alphabet, Inc. or any of their 

  
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respective Affiliates or any managing partner of the foregoing, or (if applicable) any Investors advised by any of them, in any publicly-available materials (including, without limitation, in any
press release relating to the sale of equity securities of the Company) without the prior written consent from such Person, as applicable. 

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, partner, member, limited partner, retired partner, retired member, or stockholder of a Holder or such Holder’s Affiliate; (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% of the shares of Registrable Securities;
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 Section 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, limited partner, retired partner, member, retired member, or stockholder of a Holder or
such Holder’s Affiliate; (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. 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, and construed in accordance with, the laws of the State
of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws. 

6.3    Counterparts; Facsimile. This Agreement may be executed in two or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement may also be executed and delivered by facsimile signature, including electronic signature, and in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

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, requests, and
other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or: (a) personal delivery to the party to be notified; (b) when sent, if sent by
facsimile during the recipient’s normal business hours, and if not sent during normal business hours, then on the recipient’s next business day; (c) when sent, if sent by electronic mail during

  
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the recipient’s normal business hours, and if not sent during normal business hours, then on the recipient’s next business day; (d) five (5) days after having been sent by
registered or certified mail, return receipt requested, postage prepaid; or (e) 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 address or facsimile number as subsequently modified by written notice given in accordance with this Section 6.5. If
notice is given to Greylock Partners or its Affiliates, a copy (which shall not constitute notice) shall also be sent to Goodwin Procter LLP, Attn: Anthony McCusker, 135 Commonwealth Drive, Menlo Park, CA 94025. If notice is given to AH, a copy
(which shall not constitute notice) shall also be sent to Goodwin Procter LLP, Attn: Anthony McCusker, 135 Commonwealth Drive, Menlo Park, CA 94025, and if notice is given to DST Global II, L.P. or DST Team Fund Limited, a copy (which shall not
constitute notice) shall also be sent to Goodwin Procter LLP, Attn: James A. Hutchinson and Josh Klatzkin, 901 New York Avenue, NW Washington DC 20001. If notice is given to FF or its Affiliates, a copy (which shall not constitute notice) shall also
be sent to Cooley LLP, 101 California St., 5th Floor, San Francisco, CA 94111, Attn: Peter H. Werner. If notice is given to TPG, DT or their respective Affiliates, a copy (which shall not constitute notice) shall also be sent to Ropes &
Gray LLP, 1211 Avenue of the Americas, New York, NY 10036, Attn: Carl Marcellino. If notice is given to any Advisory Client of T. Rowe, Morgan Stanley or Fidelity or their respective Affiliates (each, an “Investor Advisory
Client”), a copy (which shall not constitute notice) shall also be sent to Duane Morris, LLP, 1300 Post Oak Blvd, Suite 800, Houston, TX 77056, Attn: Keli Whitlock (***). If notice is given to GA or its Affiliates, a copy (which shall
not constitute notice) shall also be sent to Paul, Weiss, Rifkind, Wharton & Garrison LLP, 1285 Avenue of the Americas, New York, NY 10019-6064, Attn: Matthew Abbott (***) and Neil Goldman (***). If notice is given to HH or its Affiliates,
a copy (which shall not constitute notice) shall also be sent to Goodwin Procter 28F, One Exchange Square, 8 Connaught Place, Central, Hong Kong Attention: Yash Rana (***). If notice is given to Tiger or its Affiliates, a copy (which shall not
constitute notice) shall also be sent to Gunderson Dettmer, LLP, 220 W 42nd Street, 20th Floor, New York, NY 10036, Attn: Greg Volkmar (***). If notice is given to SLP or its Affiliates, a copy (which shall not constitute notice) shall also be sent
to Kirkland & Ellis LLP, 601 Lexington Avenue, New York, NY 10022, Attn: Sean Rodgers (***) and Laura Sullivan (***). If notice is given to SSP or its Affiliates, a copy (which shall not constitute notice) shall also be sent to
Kirkland & Ellis LLP, 601 Lexington Avenue, New York, NY 10022, Attn: Sean Rodgers (***) and Laura Sullivan (***). If notice is given to TCV or its Affiliates, a copy (which shall not constitute notice) shall also be sent to Weil,
Gotshal & Manges LLP, 100 Federal Street, Boston, Massachusetts 02110, Attn: Kevin J. Sullivan (***). If notice is given to the Company, it shall be sent to Attention: Chief Executive Officer, 888 Brannan Street, San Francisco, CA 94103 (***); and a copy (which shall not constitute notice) shall also be sent to Simpson Thacher & Bartlett LLP, Attn: Kevin Kennedy (***) and Atif Azher (***), 2475 Hanover Street, Palo Alto, CA
94304 and to Fenwick & West LLP, Attn: Samuel Angus and Michael Brown, 555 California St., 12th Floor, San 

  
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Francisco, CA 94104. If no facsimile number is listed on Schedule A for a party (or above in the case of the Company), notices and communications given or made by facsimile shall not be
deemed effectively given to such party. 
 6.6    Amendments and Waivers. Any amendment or addition to the terms
of, or rights or obligations provided under, this Agreement or the waiver of the observance of any terms, rights or obligations of this Agreement (either generally or in a particular instance, and either retroactively or prospectively) requires the
written consent of the Company and the holders of a majority of the Registrable Securities then outstanding; provided, that the Company may in its sole discretion waive compliance with Section 2.12(c); provided,
further, that any provision hereof may be waived by any waiving party on such party’s own behalf, without the consent of any other party, provided that the amendment and/or waiver of any provision hereof which adversely affects the
registration rights of the Founders under Section 2.2 hereof shall require the written consent of holder of at least a majority of the outstanding Founder Registrable Securities; provided, further, that if
such amendment and/or waiver would treat holders of Series B Stock in a materially adverse manner which is disproportionate to the treatment of the holders of Preferred Stock generally under this Agreement, then such amendment and/or waiver shall
require the written consent of the holders of at least a majority of the outstanding Series B Stock; provided, further, that if such amendment and/or waiver would treat holders of Series C Stock in a materially adverse manner which is
disproportionate to the treatment of the holders of Preferred Stock generally under this Agreement, then such amendment and/or waiver shall require the written consent of the holders of a majority of the outstanding Series C Stock; provided,
further, that if such amendment and/or waiver would treat holders of Series D Stock in a materially adverse manner which is disproportionate to the treatment of the holders of Preferred Stock generally under this Agreement, then such
amendment and/or waiver shall require the written consent of the holders of at least 66 2/3% of the outstanding Series D Stock; provided, further, that if such amendment and/or waiver would treat holders of Series E Stock in a
materially adverse manner which is disproportionate to the treatment of the holders of Preferred Stock generally under this Agreement, then such amendment and/or waiver shall require the written consent of the holders of a majority of the
outstanding Series E Stock; provided, further, that if such amendment and/or waiver would treat holders of Series F Stock in a materially adverse manner which is disproportionate to the treatment of the holders of Preferred Stock
generally under this Agreement, then such amendment and/or waiver shall require the written consent of the holders of a majority of the outstanding Series F Stock; provided, further, that if such amendment and/or waiver would treat the
holders of a Warrant or shares of Common Stock issued or issuable pursuant to the Warrants in a materially adverse manner which is disproportionate to the treatment of the holders of shares of Preferred Stock generally under this Agreement, then
such amendment and/or waiver shall require the written consent of the holders of a majority of the Warrants and shares of Common Stock issued or issuable pursuant to the Warrants (for the avoidance of doubt, no such change shall be deemed to
disproportionately affect the holders of shares of Common Stock issued or issuable pursuant to the Warrants if it modifies terms, rights, or obligations of the Preferred Stock that are inapplicable to the Common Stock by virtue of the different
terms, rights or obligations of such securities); provided, further, that any increase to the number of shares threshold set forth in the definition of “Major Investor” herein (Section 1.15) shall require the written
consent of the holders of at least seventy percent (70%) of the outstanding Series B Stock, the holders of a majority of the outstanding Series C Stock, the holders of at least 66 2/3% of the Series D Stock,

  
 28 

 
the holders of a majority of the outstanding Series E Stock, the holders of a majority of the outstanding Series F Stock and the holders of a majority of the shares of Common Stock issued or
issuable pursuant to the Warrants; and provided, further, that, notwithstanding anything herein to the contrary, so long as any of TPG or DT, together with its respective Affiliates, qualifies as a Major Investor, the rights of
Major Investors pursuant to this Agreement, including those set forth in Sections 3.1, 3.2 and 4.1 and this Section 6.6 may not be amended, qualified or waived without the written consent of each of TPG
or DT; provided, further, the respective rights of each of TPG, DT, GA, HH, SLP, SSP, Tiger, Google Capital and TCV set forth in Section 2.12(a) and this Section 6.6 may not be amended, qualified
or waived without the written consent of each of TPG, DT, GA, HH, SLP, SSP, Tiger, Google Capital and TCV, as applicable; provided, further, that, notwithstanding anything herein to the contrary, so long as Advisory Clients hold
Registrable Securities, none of (w) the definition of “Advisory Clients,” (x) the rights of Advisory Clients contained in Section 3.1 and 3.2, (y) the rights of Advisory Clients set forth in
Section 2.12(a) or (z) this Section 6.6 may be amended, qualified or waived without the consent of the Investor Advisory Clients holding at least a majority of the Registrable Securities then held by
Investor Advisory Clients. For clarity it is acknowledged and agreed that the amendment or restatement of this Agreement to provide for the joinder or addition of any new or additional party, as an “Investor” hereunder, and/or to subject
shares of a new or existing class or series of Company capital stock as “Registrable Securities”, shall not be deemed to treat the holders of Series B Stock, Series C Stock, Series D, Series E or Series F Stock in a materially adverse
manner which is disproportionate to the treatment of the holders of Preferred Stock generally under this Agreement. 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 Section 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 Series F Stock after the date hereof pursuant to the Purchase Agreement or Other Purchase Agreement (as defined in the Purchase Agreement), any purchaser of
such shares of Series F Stock may become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement, and thereafter shall be deemed an “Investor” for all purposes hereunder. No action
or consent by the Investors shall be required for such joinder to this Agreement by such additional Investor, so long as such additional Investor has agreed in writing to be bound by all of the obligations as an “Investor” hereunder. 

  
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 6.10    Entire Agreement. This Agreement (including any Schedules
and Exhibits hereto) constitutes the full and entire understanding and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties
is expressly canceled. 
 6.11    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. 

6.12    Dispute Resolution. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction
of the Delaware Court of Chancery (or, only if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any Federal court of the United States of America sitting in the State of Delaware) 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 Delaware Court of Chancery (or, only if the
Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any Federal court of the United States of America sitting in the State of Delaware), 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. 

6.13    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. 

6.14    Acknowledgement. The Company acknowledges that the Investors and their respective affiliates, members,
equity holders, director representatives, partners, employees, agents and other related persons are engaged in the business of investing in private and public companies in a wide range of industries, including the industry segment in which the
Company operates (the “Company Industry Segment”). Accordingly, the Company and the Investors acknowledge and agree that a Covered Person shall: 

(a)    have no duty to the Company to refrain from participating as a director, investor or otherwise with respect to any
company or other person or entity that is engaged in the Company Industry Segment or is otherwise competitive with the Company, and 

  
 30 

 (b)    in connection with making investment decisions, to the fullest
extent permitted by law, have no obligation of confidentiality or other duty to the Company to refrain from using any information, including, but not limited to, market trend and market data, which comes into such Covered
Person’s possession, whether as a director, investor or otherwise (the “Information Waiver”), provided that the Information Waiver shall not apply, and therefore such Covered Person shall be subject to
such obligations and duties as would otherwise apply to such Covered Person under applicable law, if the information at issue (i) constitutes material non-public information concerning the
Company, or (ii) is covered by a contractual or other legal obligation of confidentiality to which the Company is subject.

Notwithstanding anything in this Section 6.14 to the contrary, nothing herein shall be construed as a waiver of any
Covered Person’s duty of loyalty or obligation of confidentiality with respect to the disclosure of confidential information of the Company. 

For the purposes of this Section 6.14, “Covered Persons” shall have the meaning set forth in the Company’s
Certificate of Incorporation, as amended. 
 6.15     Prior Agreement Superseded; Waiver of Right of First
Refusal. Pursuant to Section 6.6 of the Prior Agreement, the undersigned parties who are parties to such Prior Agreement hereby amend and restate the Prior Agreement to read in its entirety as set forth in this Agreement, all with
the intent and effect that the Prior Agreement shall be terminated and entirely replaced and superseded by this Agreement. 
 [Remainder
of Page Intentionally Left Blank] 

  
 31 

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

					
	AIRBNB, INC.
		
	By:	 	 /s/ David
Stephenson                    

		 	Name:	 	David Stephenson
		 	Title:	 	Chief Financial 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. 
 INVESTOR 
  

			
	SLP CONSTELLATION AGGREGATOR, L.P.
	
	By: SLP V Aggregator GP, L.L.C.
	
	By: Silver Lake Technology Associates V, L.P.
	
	By: SLTA V (GP), L.L.C.
	
	By Silver Lake Group, L.L.C.
		
	By:	 	 /s/ Egor
Durban                    

	Name:	 	Egor Durban
	Title:	 	Co-CEO

  
 [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. 
 INVESTOR 
  

			
	TCS FINANCE (A), LLC
		
	By:	 	 /s/ Steven
Pluss                    

	Name:	 	Steven Pluss
	Title:	 	Vice President

  
 [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. 
 INVESTOR 
  

			
	REDWOOD IV FINANCE 1, LLC
		
	By:	 	 /s/ Steven
Pluss                    

	Name:	 	Steven Pluss
	Title:	 	Vice President

  
 [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. 
 INVESTOR 
  

			
	TAO FINANCE 1, LLC
		
	By:	 	 /s/ Steven
Pluss                    

	Name:	 	Steven Pluss
	Title:	 	Vice President

  
 [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 
  

			
	ANDREESSEN HOROWITZ FUND II, L.P.
	as nominee for
	Andreessen Horowitz Fund II, L.P.
	Andreessen Horowitz Fund II-A, L.P. and
	Andreessen Horowitz Fund II-B, L.P.
	
	By: AH Equity Partners II, L.L.C.
	Its general partner
		
	By:	 	 /s/ Scott
Kupor                    

	Name:	 	Scott Kupor
	Title:	 	COO
	
	AH ANNEX FUND, L.P.
	By: AH Equity Partners II, L.L.C.
	Its general partner
		
	By:	 	 /s/ Scott
Kupor                    

	Name:	 	Scott Kupor
	Title:	 	COO
	
	AH PARALLEL FUND, L.P.
	By: AH Equity Partners II, L.L.C.
	Its general partner
		
	By:	 	 /s/ Scott Kupor

	Name:	 	Scott Kupor
	Title:	 	COO

  
 [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 
  

			
	GREYLOCK XIII LIMITED PARTNERSHIP
	By: Greylock XIII GP LLC, its General Partner
		
	By:	 	 /s/ Donald A.
Sullivan                    

	Name:	 	Donald A. Sullivan
	Title:	 	Senior Managing Member
	
	GREYLOCK XIII-A LIMITED PARTNERSHIP
	By: Greylock XIII GP LLC, its General Partner
		
	By:	 	 /s/ Donald A. Sullivan

	Name:	 	Donald A. Sullivan
	Title:	 	Senior Managing Member
	
	GREYLOCK XIII PRINCIPALS LLC
	By: Greylock Management Corporation, Sole Member
		
	By:	 	 /s/ David A. Sullivan

	Name:	 	David A. Sullivan
	Title:	 	CFO

  
 [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 
  

			
	SEQUOIA CAPITAL XII
	SEQUOIA TECHNOLOGY PARTNERS XII
	SEQUOIA CAPITAL XII PRINCIPALS FUND
		
	By:	 	SC XII Management, LLC
		 	A Delaware Limited Liability Company
		 	General Partner of Each
		
	By:	 	 /s/ Alfred
Lin                    

	Name:	 	Alfred Lin
	Title:	 	Managing Member

			
	
	SC US GF V HOLDINGS, LTD.
	a Cayman Islands exempted company
		
	By:       	 	SEQUOIA CAPITAL U.S. GROWTH FUND V, L.P.
		 	SEQUOIA CAPITAL USGF PRINCIPALS FUND V, L.P.
		 	both Cayman Islands exempted limited partnerships, its Members
		
	By:	 	SCGF V MANAGEMENT, L.P.,
		 	a Cayman Islands exempted limited partnership, its General Partner
		
	By:	 	SC GF V TT, LTD.,
		 	a Cayman Islands exempted company, its General Partner

			
		
	By:	 	 /s/ Alfred
Lin                            

	Name:	 	Alfred Lin
	Title:	 	Authorized Signatory

  
 [SIGNATURE PAGE TO
AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT] 

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

			
	 SEQUOIA CAPITAL GLOBAL GROWTH FUND, LP

SEQUOIA CAPITAL GLOBAL GROWTH PRINCIPALS FUND, LP

			
		
	By:	 	SCGGF Management, LP
		 	A Cayman Island exempted limited partnership
		
	By:	 	SC US (TTGP), LTD.,
		 	A Cayman Islands exempted company, its General Partner
		
	By:	 	 /s/ Alfred
Lin                                

	Name:	 	Alfred Lin
	Title:	 	Authorized Signatory

			
	
	SEQUOIA CAPITAL CHINA GF HOLDCO III-A, LTD.

			
		
	By:	 	 /s/ Eva
Ip                                        

	Name:	 	Eva Ip
	Title:	 	Authorized Signatory
	
	SCGE FUND, L.P.
	By:	 	SCGE (LTGP), L.P.
		 	a Cayman Islands exempted limited partnership
		 	its General Partner
		
	By:	 	 /s/ Kimberly Summe

	Name:	 	Kimberly Summe
	Title:	 	Chief Operating Officer and 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 
  

			
	SEQUOIA CAPITAL GLOBAL GROWTH FUND II, L.P.
	a Cayman Islands exempted limited partnership

			
		
	By:	 	SC GLOBAL GROWTH II MANAGEMENT, L.P.
		 	a Cayman Islands exempted limited partnership General Partner
		
	By:	 	SC US (TTGP), LTD.,
		 	a Cayman Islands exempted company, its General Partner
		
	By:	 	 /s/ Alfred
Lin                            

	Name:	 	Alfred Lin
	Title:	 	Authorized Signatory

			
	
	SEQUOIA CAPITAL GLOBAL GROWTH II PRINCIPALS FUND, L.P.
	a Cayman Islands exempted limited partnership

			
		
	By:	 	SC GLOBAL GROWTH II MANAGEMENT, L.P.
		 	a Cayman Islands exempted limited partnership General Partner
		
	By:	 	SC US (TTGP), LTD.,
		 	a Cayman Islands exempted company, its General Partner
		
	By:	 	 /s/ Alfred
Lin                            

	Name:	 	Alfred Lin
	Title:	 	Authorized Signatory

  
 [SIGNATURE PAGE TO
AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT] 

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

			
	SEQUOIA CAPITAL U.S. GROWTH FUND VII, L.P.
	a Cayman Islands exempted limited partnership

			
		
	By:	 	SC U.S. GROWTH VII MANAGEMENT, L.P.
		 	a Cayman Islands exempted limited partnership General Partner
		
	By:	 	SC US (TTGP), LTD.,
		 	a Cayman Islands exempted company, its General Partner
		
	By:	 	 /s/ Alfred
Lin                            

	Name:	 	Alfred Lin
	Title:	 	Authorized Signatory

			
	
	SEQUOIA CAPITAL U.S. GROWTH VII PRINCIPALS FUND, L.P.
	a Cayman Islands exempted limited partnership

			
		
	By:	 	SC U.S. GROWTH VII MANAGEMENT, L.P.
		 	a Cayman Islands exempted limited partnership General Partner
		
	By:	 	SC US (TTGP), LTD.,
		 	a Cayman Islands exempted company, its General Partner
		
	By:	 	 /s/ Alfred
Lin                            

	Name:	 	Alfred Lin
	Title:	 	Authorized Signatory

  
 [SIGNATURE PAGE TO
AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT] 

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

			
	SCHF CIF, LP/CIF 2015-A SERIES
	SCHF (M) PV, LP
		
	By:	 	SCHF (GPE), LLC
	Its General Partner
		
	By:	 	 /s/ Irwin
Gross                                        

	Irwin Gross, Managing Member
	Date: 4/11/2020

  
 [SIGNATURE PAGE TO
AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT] 

 SCHEDULE A 

INVESTORS 
  

	
	Hemat Holdings Limited
	
	 CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC

 
 ***

	
	 PRIME RETAIL LIMITED
 INTEGRITIS INVESTMENTS
LIMITED
  
 ***

 
 2014 Eli J. Fonseca Trust

2014 Isabella H. Fonseca Trust
 2014 Sophia E. Fonseca Trust

 
 ***

	
	 HS Investments NA2 Limited
  

***

	
	
	 HS Investments NA3 Limited
  

***

	
	 GOOGLE CAPITAL 2015, LP
 GOOGLE CAPITAL 2016,
LP
 ***

	
	 TCV VIII, L.P.
 TCV VIII (A), L.P.

TCV VIII (B), L.P.
 TCV Member Fund, L.P.

***

	
	 GLADE BROOK PRIVATE INVESTORS IX LLC

***

	
	 Alliance Max (Cayman) Limited

***

	
	 Emerson Collective Investments, LLC

***

	
	
	 Crescent Holding GmbH
 ***

	
	 ICONIQ STRATEGIC PARTNERS II, L.P.
 ICONIQ
STRATEGIC PARTNERS II-B, L.P.
 ICONIQ STRATEGIC PARTNERS II CO-INVEST, L.P.

***
  

91313 Investment Holdings LLC
 ***

	
	 Dogfish Head Investments LLC
 ***

 
 2000 LTT Asset Corporation

***

	
	 National Philanthropic Trust

***

	
	 RAINBOW ZONE ENTERPRISE INC

***

	
	
	 Geodesic Capital Fund I, L.P.

***

	
	 ALTIMETER PARTNERS FUND, L.P.

***

	
	 Adam D’Angelo Revocable Trust
 ***

	
	 Marie Noorbergen
 ***

	
	 General Atlantic (AB), L.P.

***

	
	 HILLHOUSE AB HOLDINGS LIMITED

***

	
	
	 Tiger Global Private Investment Partners IX, L.P.

Tiger Global Investments, L.P.
 Tiger Global Long Opportunities
Master Fund, L.P.
 ***

	
	 Scottish Mortgage Investment Trust PLC

***

	
	 China Broadband Capital Partners III, L.P.

CBC III Co-Investment Fund, L.P.

***

	
	 GGV Capital V L.P.
 GGV Capital V
Entrepreneurs Fund L.P.
 GGV Capital Select L.P.

***

	
	 KPCB Holdings, Inc., as nominee

***

	
	 Glassford Investments Limited

***

	
	
	 Dahlia Investments Pte. Ltd.

***

	
	 Wellington Management Company LLP
 ***

Anchor Series Capital Appreciation Portfolio

ConocoPhillips Retirement Plan

Genuine Parts Company Pension Plan

Global Multi-Strategy Fund

Greatlink Global Technology Fund

Growth Portfolio
 Hadley
Harbor Master Investors (Cayman) L.P.
 Hartford Capital Appreciation HLS Fund

Hartford Global Capital Appreciation Fund

Ithan Creek Master Investors (Cayman) L.P.

Mid Cap Growth Portfolio

Pacific Resources Fund Limited

Science & Technology Fund

The Hartford Capital Appreciation Fund

The Hartford Global All-Asset Fund

Treasurer of the State of North Carolina Equity Investment Fund Pooled Trust

Vanguard U.S. Growth Fund

	
	 TPG AURA HOLDINGS, L.P.
 ***

	
	 DF Tour Investments, LLC
 ***

	
	 DRAGONEER TRAVEL, L.P.
 ***

	
	
	 MORGAN STANLEY INVESTMENT MANAGEMENT INC.

***
  

MORGAN STANLEY INSTITUTIONAL FUND, INC. – GROWTH PORTFOLIO
  

MORGAN STANLEY VARIABLE INVESTMENT SERIES – MULTI CAP GROWTH PORTFOLIO

 
 THE UNIVERSAL INSTITUTIONAL FUNDS, INC. – MID CAP GROWTH
PORTFOLIO
  
 THE UNIVERSAL INSTITUTIONAL FUNDS, INC. – GROWTH
PORTFOLIO
  
 MORGAN STANLEY MULTI CAP GROWTH TRUST

 
 MORGAN STANLEY INSTITUTIONAL FUND, INC. – OPPORTUNITY
PORTFOLIO
  
 ALLIANZ VARIABLE INSURANCE PRODUCTS TRUST – AZL
MORGAN STANLEY MID CAP GROWTH FUND
  
 MORGAN STANLEY INVESTMENT
MANAGEMENT GROWTH TRUST
  
 MET INVESTORS SERIES TRUST – MORGAN
STANLEY MID CAP GROWTH PORTFOLIO
  
 MORGAN STANLEY INSTITUTIONAL
FUND, INC. – GLOBAL DISCOVERY PORTFOLIO
  
 FIDELITY RUTLAND
SQUARE TRUST II - STRATEGIC ADVISERS GROWTH FUND
  
 VALIC COMPANY I
- MID CAP STRATEGIC GROWTH FUND
  
 MORGAN STANLEY INSTITUTIONAL
FUND, INC. – GLOBAL OPPORTUNITY PORTFOLIO

	
	 ANDREESSEN HOROWITZ FUND II, L.P.
 AH ANNEX
FUND, L.P.
 AH PARALLEL FUND, L.P.

	
	 DST GLOBAL II, L.P.
 DST TEAM FUND
LIMITED

	
	 GENERAL CATALYST GROUP IV, LP
 GC
ENTREPRENEURS FUND IV, LP

	
	 GREYLOCK XIII LIMITED PARTNERSHIP
 GREYLOCK XIII-A LIMITED PARTNERSHIP
 GREYLOCK XIII PRINCIPALS LLC

***

	
	 SEQUOIA CAPITAL XII 
 SEQUOIA TECHNOLOGY
PARTNERS XII
 SEQUOIA CAPITAL XII PRINCIPALS FUND
 SEQUOIA
CAPITAL GLOBAL GROWTH FUND, L.P.
 SEQUOIA CAPITAL GLOBAL GROWTH PRINCIPALS FUND, LP

SEQUOIA CAPITAL CHINA GF HOLDCO III-A, LTD.
  

***

	
	 SC US GF V HOLDINGS, LTD.
 ***

	
	 SCGE FUND, L.P.
 ***

	
	 SCHF CIF, L.P./CIF 2015-A Series

SCHF (M) PV, LP
 ***

	
	 YOUNIVERSITY VENTURES, LLC
 ***

	
	 SV ANGEL II-Q, L.P.

SV ANGEL III, L.P.
 ***

	
	
	A-GRADE INVESTMENTS, LLC
	
	 Jeremy Stoppelman, Ttee UTD 3/16/10

***

	
	 Explore Holdings LLC
 ***

	
	Pinky Swear Trust
	
	Allen & Co. LLC as nominee for itself and certain employees
	
	Crunch Fund I, LP
	
	Aviv Nevo
	
	 The Founders Fund II, LP
 The Founders Fund
II Entrepreneurs Fund, LP
 The Founders Fund II Principals Fund, LP

The Founders Fund III, LP
 The Founders Fund III Entrepreneurs
Fund, LP
 The Founders Fund III Principals Fund, LP
 The
Founders Fund IV, LP
 The Founders Fund IV Principals Fund, LP

	
	
	Awari Capital GmbH
	
	Hommels Holding GmbH
	
	 Axel Springer AG
 ***

	
	Conway Family Partnership, L.P.
	
	SVB CAPITAL PARTNERS II, L.P.
	
	 Elevation Investors II – Series F, LLC

***

	
	Rosensweig Family Revocable Trust U/A/D 03/12/2007
	
	 Pensco Trust Company FBO David O. Sacks Roth IRA

#20007614
 ***

	
	 Regeton LLC
 ***

	
	 First Republic Trust Company of Delaware LLC, Trustee for the

Sacks Family 2012 Generation-Skipping Trust DTD 12/28/2012

***

	
	 Paul Buchheit
 ***

	
	
	 MAG & CO FBO FIDELITY CONTRAFUND COMMINGLED POOL

MAG & CO FBO FIDELITY CONTRAFUND: FIDELITY CONTRAFUND

MAG & CO FBO FIDELITY CONTRAFUND: FIDELITY SERIES OPPORTUNISTIC INSIGHTS FUND

MAG & CO FBO FIDELITY CONTRAFUND: FIDELITY ADVISOR SERIES OPPORTUNISTIC INSIGHTS FUND

BROWN BROTHERS HARRIMAN & CO
 ***

	
	 Fidelity Canadian Growth Company Fund

Fidelity Special Situations Fund
 ***

	
	 T. ROWE PRICE ASSOCIATES, INC.
 ***

T. ROWE PRICE GROWTH STOCK FUND

JNL SERIES TRUST - JNL/T. ROWE PRICE ESTABLISH GROWTH FUND

SEASONS SERIES TRUST - STOCK PORTFOLIO

VOYA PARTNERS, INC. – VY T. ROWE PRICE GROWTH EQUITY PORTFOLIO (FORMERLY KNOWN AS ING PARTNERS, INC. - ING T. ROWE PRICE GROWTH EQUITY
PORTFOLIO)
 METROPOLITAN SERIES FUND, INC. - T. ROWE PRICE LARGE CAP GROWTH PORTFOLIO

THRIVENT SERIES FUND, INC. - THRIVENT PARTNER GROWTH STOCK PORTFOLIO

LINCOLN VARIABLE INSURANCE PRODUCTS TRUST - LVIP T. ROWE PRICE GROWTH STOCK FUND

OPTIMUM FUND TRUST - OPTIMUM LARGE CAP GROWTH FUND

PENN SERIES FUNDS, INC. - LARGE GROWTH STOCK FUND

CONAGRA FOODS, INC. MASTER TRUST AGREEMENT FOR DEFINED BENEFIT PLANS

T. ROWE PRICE GROWTH STOCK TRUST

SONY MASTER TRUST
 THE
EAST BAY MUNICIPAL UTILITY DISTRICT EMPLOYEES RETIREMENT SYSTEM

	
	 ADVANTUS CAPITAL MANAGEMENT, INC. -

MINNESOTA LIFE INSURANCE COMPANY

SAVINGS BOARD OF THE NFL PLAYER SECOND CAREER SAVINGS PLAN

PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY

AON SAVINGS PLAN – U.S. LARGE COMPANY GROWTH FUND

T. ROWE PRICE INSTITUTIONAL LARGE-CAP GROWTH FUND

PRINCIPAL FUND, INC. - PRINCIPAL LARGECAP GROWTH I FUND

PRINCIPAL VARIABLE CONTRACTS FUNDS, INC. - LARGECAP GROWTH 1 SERIES

OHIO OPERATING ENGINEERS PENSION FUND

UNION PACIFIC CORPORATION MASTER RETIREMENT TRUST

HARRIS CORPORATION MASTER TRUST

SEARS 401(K) SAVINGS PLAN

THE GRAND LODGE CONSOLIDATED FUND

XEROX CORPORATION TRUST TO FUNDS RETIREMENT PLANS

NEXTERA ENERGY INC. EMPLOYEE PENSION PLAN

MASTER TRUST FOR RETIREMENT SAVINGS PLANS OF NEXTERA ENERGY, INC. AND AFFILIATES

BAE MASTER TRUST PENSION INVESTMENT TRUST

THE PENSION PLANS OF LYONDELL CHEMICAL COMPANY AND ITS SUBSIDIARIES AND AFFILIATES

USG CORPORATION RETIREMENT PLAN

MONSANTO COMPANY DEFINED CONTRIBUTION AND EMPLOYEE STOCK OWNERSHIP TRUST

T. ROWE PRICE U.S. EQUITIES TRUST

MARRIOTT INTERNATIONAL, INC. POOLED INVESTMENT TRUST FOR PARTICIPANT DIRECTED ACCOUNTS

TUCSON SUPPLEMENTAL RETIREMENT SYSTEM

UNIVERSITY OF COLORADO HEALTH

DELTA AIR LINES, INC. DEFINED CONTRIBUTION PLANS MASTER TRUST

DELL, INC. 401(K) PLAN

BECHTEL TRUST & THRIFT PLAN

CALERES, INC. RETIREMENT PLAN (FORMERLY KNON AS BROWN SHOE COMPANY, INC. RETIREMENT PLAN)

BLUE CROSS AND BLUE SHIELD OF KANSAS CITY

CORNING INCORPORATED INVESTMENT MASTER TRUST

	
	 THE KP FUNDS - KP LARGE CAP EQUITY FUND

CITY OF WARWICK PENSION PLANS

TRP MEDIA & TELECOMMUNICATIONS FUND

TD ENTERTAINMENT & COMMUNICATIONS FD

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

THE BUNTING FAMILY III, LLC

SEASONS SERIES TRUST - MID-CAP GROWTH PORTFOLIO

THE BUNTING FAMILY VI SOCIALLY RESPONSIBLE LLC

LINCOLN VARIABLE INSURANCE PRODUCTS TRUST - LVIP T. ROWE PRICE STRUCTURED MID CAP GROWTH PORTFOLIO

VOYA PARTNERS, INC. – VY T. ROWE PRICE DIVERSIFIED MID CAP GROWTH PORTFOLIO (FORMERLY KNOWN AS ING PARTNERS, INC. - ING T. ROWE PRICE
DIVERSIFIED MID CAP GROWTH PORTFOLIO)
 T. ROWE PRICE TAX-EFFICIENT EQUITY FUND

JEFLION INVESTMENT COMPANY

JEFFREY LLC
 THE JEFFREY
COMPANY
 BUNTING US EQUITY PORTFOLIO TAX EXEMPT LLC (FORMERLY KNOWN AS DOROTHY W. BUNTING CHARITABLE TRUST)

T. ROWE PRICE TAX-EFFICIENT EQUITY FUND

THE MASTER TRUST ADOPTED BY THE HOME DEPOT FUTUREBUILDER AND THE HOME DEPOT FUTUREBUILDER FOR PUERTO RICO PLANS

OHIO PUBLIC EMPLOYEES DEFERRED COMPENSATION PROGRAM

CITY OF TALLAHASSEE
 VALIC
COMPANY I – SCIENCE & TECHNOLOGY FUND
 JOHN HANCOCK VARIABLE INSURANCE TRUST – SCIENCE & TECHNOLOGY
TRUST
 JOHN HANCOCK FUNDS II – SCIENCE & TECHNOLOGY FUND

	
	 Caterpillar, Inc. Master Pension Trust

Caterpillar, Inc. Group Insurance Master Trust
 Caterpillar
Investment Trust
  
 ***

	
	
	 Math+Magic LLC
 ***

	
	 Steamboat Park Investments LLC (formerly known as MMM Investments LLC)

***

	
	 TX Evolution LLC
 ***

	
	 Sherpa Ventures Fund, LP
 ***

	
	 RNT Associates International Pte Ltd

***

	
	 Le Peigné SA, a Belgian Société Anonyme

***

	
	 DAXN, Inc.
 ***

	
	 Culture Convenience Club Co., Ltd.

***

	
	
	 Times Internet
 ***

	
	 TJMT Holdings LLC
 ***

	
	 Rory Babich
 ***

	
	 Graham Free
 ***

	
	 Boulevard A2015 LLC
 ***

	
	 FirstMark Capital OF I, L.P.
 FirstMark
Capital A1, L.P.
 ***

	
	 Airbnb 2015 Series E LLC
 ***

	
	 SLP Constellation Aggregator, L.P.

***

	
	 TCS Finance (A), LLC
 Redwood IV Finance 1,
LLC
 TAO Finance 1, LLC
  

***

 SCHEDULE B 

FOUNDERS 
 Joe Gebbia, as Trustee of the
Gebbia Revocable Trust 
 Brian Chesky 
 Nathan Blecharczyk,
as Trustee of the Blecharczyk Revocable Trust 
 Guernica LLC 

Deborah Chesky, as Trustee of the Brian Chesky 2016 Grantor Retained Annuity Trust, and not individuallyEX-4.4

 Exhibit 4.4 

EXECUTION VERSION 
  

 
  

WARRANT TO PURCHASE CLASS A COMMON STOCK 

NONE OF THIS INSTRUMENT, THE SECURITIES REPRESENTED BY THIS INSTRUMENT OR THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE APPLICABLE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER THE
ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE ACT OR SUCH LAWS. 
 THIS INSTRUMENT, THE SECURITIES
REPRESENTED BY THIS INSTRUMENT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH HEREIN AND IN THE AGREEMENTS CONTEMPLATED HEREBY, INCLUDING THE TRANSFER RESTRICTIONS AGREEMENT, DATED AS OF
APRIL 17, 2020, BETWEEN THE ISSUER OF THESE SECURITIES AND THE INVESTORS REFERRED TO HEREIN, A COPY OF WHICH IS ON FILE WITH THE ISSUER. THIS INSTRUMENT, THE SECURITIES REPRESENTED BY THIS INSTRUMENT AND THE SECURITIES ISSUABLE UPON EXERCISE OF
THIS WARRANT MAY NOT BE SOLD OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THIS INSTRUMENT AND SUCH AGREEMENTS. ANY SALE OR OTHER TRANSFER NOT IN COMPLIANCE WITH THIS INSTRUMENT AND SUCH AGREEMENTS WILL BE VOID. THE ISSUER OF THESE SECURITIES
MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED SALE OR TRANSFER IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 

WARRANT No. 1 
 to
purchase 
 495,925 Shares of Class A Common Stock 

Airbnb, Inc. 
 a Delaware
Corporation 
 Issue Date: April 17, 2020 

1.    Definitions. Unless the context otherwise requires, when used herein the following terms shall have the
meanings indicated. 
 “Affiliate” has the meaning given to such term in the Investor Rights Agreement. 

“Appraisal Procedure” means a procedure whereby two independent appraisers, one chosen by the Corporation and one by the
Warrantholder (or if there is more than one Warrantholder, a majority in interest of Warrantholders), shall mutually agree upon the determinations then the subject of appraisal. Each party shall deliver a notice to the other appointing its appraiser
within 15 days after the Appraisal Procedure is invoked. If within 30 days after appointment of the two appraisers they are unable to agree upon the amount in question, a third independent appraiser shall be chosen within 10 days thereafter by the
mutual consent of such first two appraisers or, if such two first appraisers fail to agree upon the appointment of a third appraiser, such appointment shall be made by the American Arbitration Association, or any organization successor thereto, from
a panel of arbitrators having experience in appraisal of the subject matter to be appraised. The decision of the third appraiser so appointed and chosen shall be given within 30 days after the selection of such third appraiser. If three appraisers
shall 

 
be appointed and the determination of one appraiser is disparate from the middle determination by more than twice the amount by which the other determination is disparate from the middle
determination, then the determination of such appraiser shall be excluded, the remaining two determinations shall be averaged and such average shall be binding and conclusive upon the Corporation and the Warrantholder; otherwise, the average of all
three determinations shall be binding and conclusive upon the Corporation and the Warrantholder. Each of the Corporation, on the one hand, and the Warrantholder, on the other hand, shall bear their own costs and expenses in connection with any
Appraisal Procedure, including costs and expenses of their respectively appointed appraiser and counsel, if any; provided, that the costs of any third appraiser in connection with conducting any Appraisal Procedure shall be borne equally by
the Corporation and the Warrantholder. 
 “Board of Directors” means the board of directors of the Corporation, including
any duly authorized committee thereof. 
 “Business Day” means any day that is not a Saturday, a Sunday or a day on which
the banking institutions in the State of New York or the State of California are authorized or required by law or other governmental action to close. 

“Capital Stock” means (A) with respect to any Person that is a corporation or company, any and all shares, interests,
participations or other equivalents (however designated) of capital or capital stock of such Person and (B) with respect to any Person that is not a corporation or company, any and all partnership or other equity interests of such Person. 

“Class A Common Stock” means the Corporation’s Class A Common Stock, $0.0001 par value per
share. 
 “Class B Common Stock” means the Corporation’s Class B Common Stock, $0.0001 par
value per share. 
 “Common Stock” means shares of Class A Common Stock and Class B Common Stock. 

“Corporation” means Airbnb, Inc., a Delaware corporation. 

“Deemed Liquidation Event” has the meaning given to such term in the Restated Certificate. 

“Derivative Securities” has the meaning given to such term in the Investor Rights Agreement. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations
promulgated thereunder. 
 “Exercise Price” means $56.71. 

“Expiration Time” has the meaning set forth in Section 3. 

“Fair Market Value” means, with respect to any security or other property, the fair market value of such security or other
property as determined by the Board of Directors, acting in good faith. If the Warrantholder objects in writing to the Board of Director’s calculation of fair market value within 10 days of receipt of written notice thereof and the
Warrantholder and the Corporation are unable to agree on fair market value during the 10-day period following the delivery of the Warrantholder’s objection, the Appraisal Procedure may be invoked by
either party to determine Fair Market Value by delivering written notification thereof not later than the 30th day after delivery of the Warrantholder’s objection. 

 “Governmental Entities” means any Federal, state, foreign or other court or
administrative body or agency or any other regulatory or self-regulatory body. 
 “Investor Rights Agreement” means the
Amended and Restated Investors’ Rights Agreement of the Corporation, dated July 28, 2016, as amended, restated, supplemented or modified from time to time in accordance with its terms. 

“Major Investor” has the meaning given to such term in the Investor Rights Agreement. 

“Market Price” means, with respect to the Class A Common Stock, on any given day, the last sale price, regular way, or,
in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, of the shares of the Class A Common Stock on the New York Stock Exchange or the NASDAQ Stock Market, as applicable, on such day. If the
Class A Common Stock is not traded on the New York Stock Exchange on any date of determination, the Market Price of the Class A Common Stock on such date of determination means the closing sale price as reported in the composite
transactions for the principal U.S. national or regional securities exchange on which the Class A Common Stock is so listed or quoted, or, if no closing sale price is reported, the last previously-reported sale price on the principal U.S.
national or regional securities exchange on which the Class A Common Stock is so listed or quoted, or if the Class A Common Stock is not so listed or quoted on a U.S. national or regional securities exchange, the last quoted bid price for
the Class A Common Stock in the over-the-counter market as reported by Pink Sheets LLC or similar organization, or, if that bid price is not available, the Market
Price of the Class A Common Stock on that date shall mean the Fair Market Value per share as determined in good faith by the Board of Directors. For the purposes of determining the Market Price of the Class A Common Stock on the
“trading day” preceding, on or following the occurrence of an event, (i) that trading day shall be deemed to commence immediately after the regular scheduled closing time of trading on the New York Stock Exchange or the NASDAQ Stock
Market, as applicable, or, if trading is closed at an earlier time, such earlier time and (ii) that trading day shall end at the next regular scheduled closing time, or if trading is closed at an earlier time, such earlier time (for the
avoidance of doubt, and as an example, if the Market Price is to be determined as of the last trading day preceding a specified event and the closing time of trading on a particular day is 4:00 p.m. and the specified event occurs at 5:00 p.m. on
that day, the Market Price would be determined by reference to such 4:00 p.m. closing price). 
 “New Securities” has the
meaning given to such term in the the Investor Rights Agreement. 
 “Per Share Fair Market Value” has the meaning set forth
in Section 12(iii). 
 “Person” means any individual, corporation, partnership, trust, limited liability company,
association or other entity. 
 “Pro Rata Repurchases” means any purchase of shares of Common Stock by the Corporation or
any Affiliate thereof pursuant to (A) any tender offer or exchange offer subject to Section 13(e) or 14(e) of the Exchange Act or Regulation 14E promulgated thereunder or (B) any other offer, in the case of both (A) and (B),
available to substantially all holders of Common Stock, whether for cash, shares of Capital Stock of the Corporation, other securities of the Corporation, evidences of indebtedness of the Corporation or any other Person or any other property
(including, without limitation, shares of Capital Stock, other securities or evidences of indebtedness of a subsidiary), or any combination thereof, effected while this Warrant is outstanding. The “Effective Date” of a Pro Rata Repurchase
shall mean the date of acceptance of shares for purchase or exchange by the Corporation under any tender or exchange offer which is a Pro Rata Repurchase or the date of purchase with respect to any Pro Rata Purchase that is not a tender or exchange
offer. 

 “Regulatory Approvals” means, with respect to the Warrantholder, to the
extent applicable and required to permit the Warrantholder to exercise this Warrant for shares of Class A Common Stock and to own such Class A Common Stock without the Warrantholder being in violation of applicable law, rule or regulation,
the receipt of any necessary approvals and authorizations of, filings and registrations with, notifications to, or expiration or termination of any applicable waiting periods under, the Hart-Scott Rodino Antitrust Improvements Act of 1976, as
amended, and the rules and regulations thereunder. 
 “Restated Certificate” given to such term in the the Investor Rights
Agreement. 
 “ROFR and Co-Sale Agreement” means the Amended and Restated Right of
First Refusal and Co-Sale Agreement of the Corporation, dated July 28, 2016, as amended, restated, supplemented or modified from time to time in accordance with its terms. 

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

“Securities Act” means the Securities Act of 1933, as amended, or any successor statute, and the rules and regulations
promulgated thereunder. 
 “Shares” has the meaning set forth in Section 2. 

“Transfer Restrictions Agreement” means the Transfer Restrictions Agreement, dated as of the date hereof, by and between the
Corporation and the Warrantholder, as amended, restated, supplemented or modified from time to time in accordance with its terms. 

“Warrant” means this Warrant. 

“Warrantholder” has the meaning set forth in Section 2. 

2.    Number of Shares; Exercise Price. This certifies that, for value received, Redwood IV Finance 1, LLC or its
permitted assigns (the “Warrantholder”) is entitled, upon the terms and subject to the conditions hereinafter set forth herein, to acquire from the Corporation, in whole or in part, at any time after the date hereof, up to an
aggregate of 495,925 fully paid and nonassessable shares of Class A Common Stock at a purchase price per share of Class A Common Stock equal to the Exercise Price. The number of shares of Class A Common Stock (the
“Shares”) for which the Warrant is exercisable is subject to adjustment as provided herein, and all references to “Class A Common Stock” and “Shares” herein shall be deemed to include any such adjustment or
series of adjustments. Notwithstanding any other provision hereof, if an exercise of any portion of this Warrant is to be made in connection with a Deemed Liquidation Event or other transaction by the Corporation, such exercise may at the election
of the Warrantholder be conditioned upon the consummation of such transaction, in which case such exercise shall not be deemed to be effective until immediately prior to the consummation of such transaction. 

3.    Exercise of Warrant; Term. 

(i)    Subject to Section 2, to the extent permitted by applicable laws and regulations, the right to purchase the
Shares represented by this Warrant is exercisable, in whole or in part by the Warrantholder, at any time after the date hereof, but in no event later than 5:00 p.m., New York City time, April 17, 2030 (the “Expiration Time”),
by (A) the surrender of this Warrant and Notice of Exercise annexed hereto, duly completed and executed on behalf of the Warrantholder, at the principal executive office of the Corporation located at 888 Brannan Street Suite 4 San Francisco, CA
94103 (or such other office or agency of the Corporation in the United States as it may designate by notice in writing to the Warrantholder at the address of the Warrantholder appearing on the books of the Corporation), and (B) payment of the
Exercise Price in accordance with Section 3(ii). 

 (ii)    The payment of the Exercise Price may be made, at the election
of the Warrantholder, (A) by tendering in cash, by certified or cashier’s check payable to the order of the Corporation, or by wire transfer of immediately available funds to an account designated by the Corporation or (B) on a
“cashless basis,” by surrendering Shares for that number of shares of Class A Common Stock equal to the quotient obtained by dividing (x) the product of the number of Shares surrendered, multiplied by the difference
between the Exercise Price and the Market Price by (b) the Market Price; provided, that, if the difference between the Exercise Price and the Market Price is equal to zero or a negative number (i.e., the Exercise Price is greater
than the Market Price), then the Warrant holder shall not be entitled to receive any Shares pursuant to a “cashless” exercise in accordance with this Section 3(ii). 

(iii)    If the Warrantholder does not exercise this Warrant in its entirety, the Warrantholder will be entitled to
receive from the Corporation within a reasonable time, and in any event not exceeding three business days, a new warrant in substantially identical form for the purchase of that number of Shares equal to the difference between the number of Shares
subject to this Warrant and the number of Shares as to which this Warrant is so exercised. Notwithstanding anything in this Warrant to the contrary, the Warrantholder hereby acknowledges and agrees that its exercise of this Warrant for Shares is
subject to the condition that the Warrantholder will have first received any applicable Regulatory Approvals. 

4.    Issuance of Shares; Authorization; Listing. Certificates for Shares issued upon exercise of this Warrant will
be issued in such name or names, subject to compliance with Section 8, as the Warrantholder may designate and will be delivered to such named Person or Persons within a reasonable time, not to exceed three Business Days after the date on which
this Warrant has been duly exercised in accordance with the terms of this Warrant. The Corporation hereby represents and warrants that any Shares issued upon the exercise of this Warrant in accordance with the provisions of Section 3 will be
duly and validly authorized and issued, fully paid and nonassessable and free from all taxes, liens and charges (other than liens or charges created by the Warrantholder, income and franchise taxes incurred by the Warrantholder in connection with
the exercise of the Warrant or taxes incurred by the Warrantholder in respect of any transfer of Shares occurring contemporaneously therewith). The Corporation agrees that the Shares so issued will be deemed for all purposes to have been issued to
the Warrantholder as of the close of business on the date on which this Warrant and payment of the Exercise Price are delivered to the Corporation in accordance with the terms of this Warrant, notwithstanding that the stock transfer books of the
Corporation may then be closed or certificates representing such Shares may not be actually delivered on such date. The Corporation will at all times reserve and keep available, out of its authorized but unissued Class A Common Stock, solely
for the purpose of providing for the exercise of this Warrant, the aggregate number of shares of Class A Common Stock issuable upon exercise of this Warrant, and will not take or permit any action that would result in an increase in the number
of Shares issuable upon exercise of this Warrant without first properly authorizing and reserving any additional shares of Class A Common Stock necessary to comply with this Section 4. The Corporation will use its reasonable best efforts
to ensure that the Shares may be issued without violation of any applicable law or regulation or of any requirement of any securities exchange on which the Shares are listed or traded, and, to the extent such Shares are listed or traded, to cause
the Shares issuable upon exercise of this Warrant, as soon as reasonably practical after such exercise, to be listed on any such securities exchange. The Corporation and the Warrantholder will reasonably cooperate to take such other actions as are
necessary to obtain any Regulatory Approvals or other approvals or authorizations of any Governmental Entities applicable to Warrantholder’s exercise of its rights hereunder, including those applicable to the Corporation with respect to the
issuance of the Shares. Before taking any action which would cause an adjustment pursuant 

 
to Section 12 to reduce the Exercise Price below the then par value (if any) of the Class A Common Stock, the Corporation shall take any and all corporate action which may, in the
opinion of its counsel, be necessary in order that the Corporation may validly and legally issue fully paid and non-assessable shares of Class A Common Stock at the Exercise Price as so adjusted. 

5.    No Fractional Shares or Scrip. No fractional Shares or scrip representing fractional Shares shall be issued
upon any exercise of this Warrant. In lieu of any fractional Share to which the Warrantholder would otherwise be entitled, the Warrantholder shall be entitled to receive a cash payment equal to (i) the Market Price of one share of Class A
Common Stock on the last trading day preceding the date of exercise less the Exercise Price for one such share, multiplied by (ii) the relevant fraction. 

6.    No Rights as Stockholders; Transfer Books. This Warrant does not entitle the Warrantholder to any voting
rights or other rights as a stockholder of the Corporation prior to the date of exercise hereof. The Corporation will at no time close its transfer books in any manner which interferes with the timely exercise of this Warrant. 

7.    Charges, Taxes and Expenses. Issuance of certificates for Shares to the Warrantholder upon the exercise of
this Warrant shall be made without charge to the Warrantholder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificates, all of which taxes and expenses shall be paid by the Corporation. 

8.    Transfer/Assignment. 

(i)    Subject to compliance with clauses (ii) and (iii) of this Section 8, this Warrant and all rights hereunder
are transferable, in whole or in part, by the registered holder hereof in person or by duly authorized attorney. Following any transfer that is permissible in accordance with the Transfer Restrictions Agreement, the Warrantholder shall provide the
Corporation notice thereof and, if the Warrantholder requests, a new warrant shall be made and delivered by the Corporation, of the same tenor and date as this Warrant but registered in the name of one or more transferees, upon surrender of this
Warrant, duly endorsed, to the office or agency of the Corporation described in Section 3. All expenses (other than stock transfer taxes) and other charges payable in connection with the preparation, execution and delivery of the new warrants
pursuant to this Section 8 shall be paid by the Corporation. 
 (ii)    Notwithstanding anything herein to the
contrary, this Warrant and all rights hereunder, and any Shares issued upon exercise of this Warrant, are subject to the applicable restrictions on transfer and other provisions as set forth in the Transfer Restrictions Agreement, which the parties
are executing and delivering in connection with the issuance of this Warrant. 
 (iii)    If and for so long as required
by the Transfer Restrictions Agreement, this Warrant and any Shares issued upon exercise of this Warrant shall contain a legend in the form required by and as set forth in the Transfer Restrictions Agreement. 

9.    Exchange and Registry of Warrant. This Warrant is exchangeable, upon the surrender hereof by the
Warrantholder to the Corporation and without payment of any charge, for a new warrant or warrants of like tenor and representing the right to purchase the same aggregate number of Shares. The Corporation shall maintain a registry showing the name
and address of the Warrantholder as the registered holder of this Warrant. This Warrant may be surrendered for exchange or exercise, in accordance with its terms, at the office of the Corporation, and the Corporation shall be entitled to rely in all
respects, prior to written notice to the contrary, upon such registry. 

 10.    Loss, Theft, Destruction or Mutilation of Warrant. Upon
receipt by the Corporation of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and in the case of any such loss, theft or destruction, upon receipt of a bond, indemnity or security reasonably
satisfactory to the Corporation, or, in the case of any such mutilation, upon surrender and cancellation of this Warrant, the Corporation shall make and deliver, in lieu of such lost, stolen, destroyed or mutilated Warrant, a new Warrant of like
tenor and representing the right to purchase the same aggregate number of Shares as provided for in such lost, stolen, destroyed or mutilated Warrant. 

11.    Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the
expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding day that is a Business Day. 

12.    Adjustments and Other Rights. The Exercise Price and the number of Shares issuable upon exercise of this
Warrant shall be subject to adjustment from time to time as follows; provided, that if more than one subsection of this Section 12 is applicable to a single event and the application of more than one subsection would result in
duplication of the appropriate adjustment from such event, the Adjustment Notice (as defined below) shall so indicate and the Warrantholder shall elect by written notice to the Corporation which subsection of this Section 12 shall apply, with
the Corporation and the Warrantholder bound by the Warrantholder’s election: 
 (i)    Stock Splits,
Subdivisions, Reclassifications or Combinations. If the Corporation shall (i) declare and pay a dividend or make a distribution on its Common Stock in shares of Common Stock, (ii) subdivide or reclassify the outstanding shares of
Common Stock into a greater number of shares or (iii) combine or reclassify the outstanding shares of Common Stock into a smaller number of shares, the number of Shares issuable upon exercise of this Warrant at the time of the record date for
such dividend or distribution or the effective date of such subdivision, combination or reclassification shall be proportionately adjusted so that the Warrantholder, effective as of the close of business on such date, shall be entitled to receive,
upon exercise of this Warrant, the number of shares of Common Stock which such holder would have owned or been entitled to receive in respect of the shares of Common Stock subject to this Warrant after such date had this Warrant been exercised
immediately prior to such date. In such event, the Exercise Price in effect at the time of the record date for such dividend or distribution or the effective date of such subdivision, combination or reclassification shall be adjusted to the number
obtained by dividing (x) the product of (1) the number of Shares issuable upon the exercise of this Warrant before such adjustment and (2) the Exercise Price in effect immediately prior to the record or effective date, as the case may
be, for the dividend, distribution, subdivision, combination or reclassification giving rise to this adjustment by (y) the new number of Shares issuable upon exercise of the Warrant determined pursuant to the immediately preceding sentence.

 (ii)    Certain Issuances of Common Shares or Convertible Securities. If the Corporation shall issue shares of
Common Stock (or rights or warrants or other securities exercisable or convertible into or exchangeable (collectively, a “conversion”) for shares of Common Stock) (collectively, “convertible securities”) (other than
in a Permitted Transaction or a transaction to which subsection (i) of this Section 12 is applicable) at a price per share (or having a conversion or exercise price per share) that is less than the Exercise Price in effect immediately
prior to such issuance of such shares (or such convertible securities) (the “Pre-Issuance Exercise Price”) then, in such event, (A) the number of Shares issuable upon the exercise of this
Warrant immediately prior to the date of the agreement on pricing of such shares (or of such convertible securities) (the “Initial Number”) shall be increased to the number obtained by multiplying the Initial Number by a fraction
(I) the numerator of which shall be the sum of (x) the number of shares of Common Stock of the Corporation outstanding on such date and (y) the number of additional shares of Common Stock issued (or into which convertible securities
may be exercised or convert) and (II) the denominator of which shall be the sum of (1) the 

 
number of shares of Common Stock outstanding on such date and (2) the number of shares of Common Stock which the aggregate consideration receivable by the Corporation for the total number of
shares of Common Stock so issued (or into which convertible securities may be exercised or convert) would purchase at the Pre-Issuance Exercise Price; and (B) the Exercise Price payable upon exercise of
the Warrant shall be adjusted by multiplying such Pre-Issuance Exercise Price by a fraction, the numerator of which shall be the number of shares of Class A Common Stock issuable upon exercise of this
Warrant prior to such date and the denominator of which shall be the number of shares of Class A Common Stock issuable upon exercise of this Warrant immediately after the adjustment described in clause (A) above. For purposes of the
foregoing calculations, all shares of Common Stock issuable upon exercise of Options (as defined in the Restated Certificate) outstanding immediately prior to such issuance or upon conversion or exchange of Convertible Securities (as defined in the
Restated Certificate) (including the Preferred Stock (as defined in the Restated Certificate)) outstanding (assuming exercise of any outstanding Options (as defined in the Restated Certificate) therefor) immediately prior to such issuance shall be
treated as outstanding shares of Common Stock. 
 For purposes of the foregoing, (a) “Permitted Transactions” shall mean
issuances of Exempted Securities (as defined in the Restated Certificate); and (b) in the case of the issuance of shares of Common Stock or convertible securities without consideration, the consideration shall be deemed to be the par value per
share of Class A Common Stock. Any adjustment made pursuant to this Section 12(ii) shall become effective immediately upon the date of such issuance. 

Upon the expiration or termination of any unexercised, unconverted or unexchanged convertible security (or portion thereof) the issuance of
which resulted in an adjustment pursuant to this Section 12(ii), the number of Shares issuable upon exercise of this Warrant and the Exercise Price shall be recalculated assuming such convertible security (or portion thereof) had never been
issued and such adjustment so recalculated shall become effective immediately upon the date of such expiration or termination. 

(iii)    Other Distributions. In case the Corporation shall fix a record date for the making of a distribution to
all holders of shares of its Common Stock of securities, evidences of indebtedness, assets, cash, rights or warrants (excluding dividends or distributions referred to in Section 12(i)), in each such case, the Exercise Price in effect prior to
such record date shall be reduced immediately thereafter to the price determined by multiplying the Exercise Price in effect immediately prior to the reduction by the quotient of (x) the Market Price of the Common Stock on the last trading day
preceding the first date on which the Common Stock trades without the right to receive such distribution, minus the amount of cash or publicly traded securities or the Fair Market Value of any non-publicly
traded securities, evidences of indebtedness, assets, rights or warrants to be so distributed in respect of one share of Common Stock (the “Per Share Fair Market Value”) divided by (y) such Market Price on such date specified
in clause (x); such adjustment shall be made successively whenever such a record date is fixed. In such event, the number of Shares issuable upon the exercise of this Warrant shall be increased to the number obtained by dividing (x) the product
of (1) the number of Shares issuable upon the exercise of this Warrant before such adjustment, and (2) the Exercise Price in effect immediately prior to the distribution giving rise to this adjustment by (y) the new Exercise Price
determined in accordance with the immediately preceding sentence. In the event that such distribution is not so made, the Exercise Price and the number of Shares issuable upon exercise of this Warrant then in effect shall be readjusted, effective as
of the date when the Board of Directors determines not to distribute such shares, evidences of indebtedness, assets, rights, cash or warrants, as the case may be, to the Exercise Price that would then be in effect and the number of Shares that would
then be issuable upon exercise of this Warrant if such record date had not been fixed. 

 (iv)    Certain Repurchases of Common Stock. In case the
Corporation effects a Pro Rata Repurchase of Common Stock, then the Exercise Price shall be adjusted to the price determined by multiplying the Exercise Price in effect immediately prior to the effective date of such Pro Rata Repurchase by a
fraction of which the numerator shall be (i) the product of (x) the number of shares of Common Stock outstanding immediately before such Pro Rata Repurchase and (y) the Market Price of a share of Common Stock on the trading day
immediately preceding the first public announcement by the Corporation or any of its Affiliates of the intent to effect such Pro Rata Repurchase, minus (ii) the aggregate purchase price of the Pro Rata Repurchase, and of which the denominator
shall be the product of (i) the number of shares of Common Stock outstanding immediately prior to such Pro Rata Repurchase minus the number of shares of Common Stock so repurchased and (ii) the Market Price per share of Common Stock on the
trading day immediately preceding the first public announcement by the Corporation or any of its Affiliates of the intent to effect such Pro Rata Repurchase. In such event, the number of shares of Common Stock issuable upon the exercise of this
Warrant shall be adjusted to the number obtained by dividing (x) the product of (1) the number of Shares issuable upon the exercise of this Warrant before such adjustment, and (2) the Exercise Price in effect immediately prior to the
Pro Rata Repurchase giving rise to this adjustment by (y) the new Exercise Price determined in accordance with the immediately preceding sentence. 

(v)    Deemed Liquidation Event. In the event the Corporation is a party to any Deemed Liquidation Event, the
Corporation shall give the Warrantholder at least 10 days’ advance written notice (each, a “Transaction Notice”) of the anticipated date for such Deemed Liquidation Event. If the Corporation has delivered a Transaction Notice
and the Warrantholder has not elected to exercise this Warrant under Section 3 in connection with such Deemed Liquidation Event, or if the Expiration Time is set to occur prior the consummation of such Deemed Liquidation
Event, then upon the effective date of, and immediately prior to, the consummation of such Deemed Liquidation Event or immediately prior to such Expiration Time, as applicable, this Warrant shall be automatically deemed to be exercised in full on a
“cashless basis” pursuant to and in accordance with Section 3(ii) (provided, that the Market Price of one share of Class A Common Stock shall be deemed to be equal to the applicable aggregate consideration in respect of one share
of Class A Common Stock that is payable upon the closing of such Deemed Liquidation Event (based on the amount of any such consideration in the form of cash or publicly traded securities and the Fair Market Value of any such consideration in
the form of non-publicly traded securities or other property or assets)); provided, that if, at such time such applicable aggregate consideration in respect of one share of Class A Common Stock is
less than the Exercise Price, then this Warrant shall instead cease to be exercisable and shall terminate in full for no consideration. 

(vi)    Liquidation. In the event of any dissolution, liquidation or
winding-up, whether voluntary or involuntary, of the Corporation, or if any other dissolution of the Corporation by operation of law is effected, then each Warrantholder shall be entitled to receive any
applicable distributions with respect to its Warrant on an equal basis with the holders of Class A Common Stock, as if such Warrant had been exercised immediately prior to such event, less the aggregate applicable Exercise Price. Nothing in
this subsection (vi) shall have the effect of requiring a Warrantholder to make any actual payment to the Corporation. 

(vii)    Certain Events. If any event of the type contemplated by the provisions of this Section 12 but not
expressly provided for by such provisions occurs, including any event or action that is covered by Section 4.8 of Article Fourth (B) of the Restated Certificate, then the Corporation shall make an appropriate adjustment in the number of
Shares issuable upon exercise of this Warrant so as to protect the rights of the Warrantholder in a manner consistent with the provisions of this Section 12, including any such adjustments consistent with the provisions of Section 4.8 of
Article Fourth (B) of the Restated Certificate treating the Shares underlying this Warrant in a similar manner as the Preferred Stock as described therein; provided, that no such adjustment pursuant to this Section 12(vii) shall
decrease the number of Shares issuable pursuant to this Warrant. 

 (viii)    Rounding of Calculations; Minimum Adjustments. All
calculations under this Section 12 shall be made to the nearest one-tenth (1/10th) of a cent or to the nearest one-hundred thousandth (1/100,000th) of a share, as
the case may be. Any provision of this Section 12 to the contrary notwithstanding, no adjustment in the Exercise Price or the number of Shares into which this Warrant is exercisable shall be made if the amount of such adjustment would be less
than the greater of $0.01 or one-ten thousandth (1/10,000th) of a share of Class A Common Stock, but any such amount shall be carried forward and an adjustment with respect thereto shall be made at the
time of and together with any subsequent adjustment which, together with such amount and any other amount or amounts so carried forward, shall aggregate $0.01 or 1/10,000th of a share of Class A Common Stock, or more. 

(ix)    Timing of Issuance of Additional Class A Common Stock Upon Certain Adjustments. In any
case in which the provisions of this Section 12 shall require that an adjustment shall become effective immediately after a record date for an event, the Corporation may defer until the occurrence of such event (i) issuing to the
Warrantholder of this Warrant exercised after such record date and before the occurrence of such event the additional shares of Class A Common Stock issuable upon such exercise by reason of the adjustment required by such event over and above
the shares of Class A Common Stock issuable upon such exercise before giving effect to such adjustment and (ii) paying to such Warrantholder any amount of cash in lieu of a fractional share of Class A Common Stock; provided,
however, that the Corporation upon request shall deliver to such Warrantholder a due bill or other appropriate instrument evidencing such Warrantholder’s right to receive such additional shares, and such cash, upon the occurrence of the
event requiring such adjustment. 
 (x)    Statement Regarding Adjustments. Whenever the Exercise Price or the
number of Shares into which this Warrant is exercisable shall be adjusted as provided in Section 12, the Corporation shall forthwith file at the principal office of the Corporation a statement showing in reasonable detail the facts requiring
such adjustment and the Exercise Price that shall be in effect and the number of Shares or type of other securities or property into which this Warrant shall be exercisable after such adjustment, and the Corporation shall also cause a copy of such
statement to be provided to each Warrantholder in the manner described in Section 19. 
 (xi)    Notice of
Adjustment Event. In the event that the Corporation shall (x) propose to take any action of the type described in this Section 12 (but only if the action of the type described in this Section 12 would result in an adjustment in
the Exercise Price or the number of Shares into which this Warrant is exercisable or a change in the type of securities or property to be delivered upon exercise of this Warrant), the Corporation shall in any such case give prior written notice (an
“Adjustment Notice”) to the Warrantholder, in the manner set forth in Section 19, which notice shall specify the record date, if any, with respect to any such action, the approximate date on which such action is to take place,
and a description of such action in reasonable detail. Such notice shall also set forth the facts with respect thereto as shall be reasonably necessary to indicate the effect on the Exercise Price and the number, kind or class of shares or other
securities or property which shall be deliverable upon exercise of this Warrant. In the case of any such action which would require the fixing of a record date, such notice shall be given at least 10 days prior to the date so fixed (provided that,
with respect to any applicable stock split, subdivision, reclassification of combination described in Section 12(i), such notice shall be given on the date so fixed), and in case of all other action, such notice shall be given at least 10 days
prior to the taking of such proposed action. Failure to give such notice, or any defect therein, shall not affect the legality or validity of any such action. 

 (xii)    Proceedings Prior to Any Action Requiring Adjustment. As
a condition precedent to the taking of any action which would require an adjustment pursuant to this Section 12, the Corporation shall take any action which may be necessary, including obtaining regulatory, stock exchange or stockholder
approvals or exemptions, in order that the Corporation may thereafter validly and legally issue as fully paid and nonassessable all shares of Common Stock or other securities or property that the Warrantholder is entitled to receive upon exercise of
this Warrant pursuant to this Section 12. 
 (xiii)    Adjustment Rules. Any adjustments pursuant to this
Section 12 shall be made successively whenever an event referred to herein shall occur. If an adjustment in Exercise Price made hereunder would reduce the Exercise Price to an amount below par value of the Class A Common Stock, then such
adjustment in Exercise Price made hereunder shall reduce the Exercise Price to the par value of the Class A Common Stock. 

13.    Letter Agreement. In connection with the issuance of this Warrant, the Warrantholder and the Corporation
have executed and delivered a letter agreement, dated as of April 6, 2020 (as amended, restated, supplemented or modified from time to time, the “Letter Agreement”), pursuant to which, among other things, upon the issuance of
this Warrant, the Warrantholder and the Company shall execute and deliver amendments to the Investor Rights Agreement and ROFR and Co-Sale Agreement, providing that the Warrantholder shall be deemed to be, and
shall have the rights and obligations of, (i) a “Major Investor” for purposes of the Investor Rights Agreement and (ii) an “Investor” (as defined in the ROFR and Co-Sale
Agreement) for purposes of the ROFR and Co-Sale Agreement, in each case upon the terms and subject to the conditions set forth in such amendments, as applicable. 

14.    No Impairment. Except for any action that may be taken by the Company with the requisite consent of the
Major Investors, the Investors (as defined in the Investor Rights Agreement) and/or the Investors (as defined in the ROFR and Co-Sale Agreement), the Corporation shall not, by amendment of its Restated
Certificate, Bylaws or any of its other governance documents (including but not limited to the Investor Rights Agreement, the ROFR and Co-Sale Agreement and other agreement governing the rights and obligations
of shareholders of the Corporation), or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of
the terms to be observed or performed by it hereunder, but shall at all times in good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all such action as may reasonably be requested by the Warrantholder in
order to protect the exercise rights of the Warrantholder, consistent with the terms of this Warrant. 

15.    Governing Law. This Warrant will be governed by and construed in accordance with the laws of the
State of Delaware applicable to contracts made and to be performed entirely within such State. Each of the parties hereto agrees (a) to submit to the exclusive personal jurisdiction of the State or Federal courts in the State of
Delaware, (b) that exclusive jurisdiction and venue shall lie in the State or Federal courts in the State of Delaware, and (c) that notice may be served upon such party at the address and in the manner set forth
for such party in Section 19 hereof. To the extent permitted by applicable law, each of the parties hereto hereby unconditionally waives trial by jury in any legal action or proceeding relating to this Warrant.  

16.    Binding Effect. This Warrant shall be binding upon any successors or assigns of the Corporation. 

17.    Equitable Relief. Each party hereto acknowledges that a breach or threatened breach by it of any of its
obligations under this Warrant would give rise to irreparable harm to the other party for 

 
which monetary damages would not be an adequate remedy and hereby agrees that in the event of a breach or a threatened breach by such party of any such obligations, the other party shall, in
addition to any and all other rights and remedies that may be available to it in respect of such breach, be entitled to seek equitable relief, including a restraining order, an injunction, specific performance and any other relief that may be
available from a court of competent jurisdiction. 
 18.    Amendments. This Warrant may be modified or amended
and the observance of any term of this Warrant may be waived, in each case, only with the written consent of the Corporation and the Warrantholder. No failure or delay by either party in exercising any right, power or privilege hereunder shall
operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. 

19.    Notices. Any notice, request, instruction or other document to be given hereunder by any party to the other
will be in writing and will be deemed to have been duly given (a) on the date of delivery if delivered personally, or by facsimile, upon confirmation of receipt, or (b) on the second Business Day following the date of dispatch if delivered
by a recognized next day courier service. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice. 

If to the Corporation, to: 

Airbnb, Inc. 
 888 Brannan Street

 San Francisco, CA 94103 

Attention: General Counsel 

Email: *** 
 with a copy to
(which copy alone shall not constitute notice): 
 Simpson Thacher & Bartlett LLP 

2475 Hanover Street 
 Palo Alto,
CA 94304 
 Attention: Kevin Kennedy 

Email: *** 
 If to the
Warrantholder, to such holder’s name and address as shall appear on the Corporation’s register for the Warrants, which if and so long as the Warrantholder is Redwood IV Finance 1, LLC, shall be: 

Redwood IV Finance 1, LLC 
 ***

 With a copy to 

(which copy alone shall not constitute notice) 

Kirkland & Ellis LLP 

601 Lexington Avenue 
 New York,
New York 10022 
 Attn:     Sean Rodgers, P.C.; Laura Sullivan, P.C. 

Email: *** 

20.    Entire Agreement. This Warrant and the forms attached hereto, the Transfer Restrictions Agreement, the
Investor Rights Agreement, the ROFR and Co-Sale Agreement and the Letter Agreement, together with the schedules, exhibits, annexes, certificates and other documents referenced in each of the foregoing, contain
the entire agreement between the parties with respect to the subject matter hereof and supersede all prior and contemporaneous arrangements or undertakings with respect thereto. 

 [Form of Notice of Exercise] 

Date:                  

 

	TO:	 Airbnb, Inc. 

  

	RE:	 Election to Purchase Class A Common Stock 

The undersigned, pursuant to the provisions set forth in the attached Warrant, hereby elects to exercise the right, represented by this
Warrant, to purchase the number of shares of the Class A Common Stock set forth below covered by such Warrant. The undersigned, in accordance with Section 3 of the Warrant, hereby tenders payment of the aggregate Exercise Price for such
shares of Class A Common Stock. The undersigned requests that a certificate for such shares of Class A Common Stock issuable upon this exercise of this Warrant be registered in the name of
                    , whose address is
                    , and that such certificate be delivered to
                    . If said number of shares of Class A Common Stock is less than all of the Class A Common Stock purchasable under this
Warrant, a new warrant evidencing the remaining shares of Class A Common Stock covered by such Warrant, but not yet subscribed for and purchased, if any, should be issued in the name set forth below. 

Number of Shares of Class A Common Stock: 
 Aggregate
Exercise Price:      
  

			
	Holder:	 	
                     
                                         
          

		
	By:	 	
                     
                                         
          

	Name:	 	
                     
                                         
          

	Title:	 	
                     
                                         
          

 IN WITNESS WHEREOF, the Corporation has caused this Warrant to be duly executed by a duly
authorized officer. 
  

			
	Airbnb, Inc.
		
	By:	 	 /s/ David Stephenson

	Name:	 	David Stephenson
	Title:	 	Chief Financial Officer
	
	Attest:
		
	By:	 	 /s/ Garth Bossow

	Name:	 	Garth Bossow
	Title:	 	Assistant Secretary

  
 [Signature Page to
Warrant – Redwood IV Finance 1, LLC]

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