Document:

EX-4.1

 Exhibit 4.1 

AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT 

THIS AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”), is made as of July 30, 2021, by and among
PepGen 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”, and each of the
stockholders listed on Schedule B hereto, each of whom is referred to herein as a “Key Holder”. 

RECITALS 
 WHEREAS,
certain of the Investors (the “Existing Investors”) hold shares of Series A-1 Preferred Stock of the Company, par value $0.0001 per share (“Series
A-1 Preferred Stock”), shares of Series A-2 Preferred Stock of the Company, par value $0.0001 per share (“Series
A-2 Preferred Stock”) and/or shares of Common Stock issued upon conversion thereof and possess registration rights, information rights, rights of first offer, and other rights pursuant to that certain
Investors’ Rights Agreement, dated as of November 24, 2020, by and among the Company, the Existing Investors and certain Key Holders (the “Prior Agreement”); 

WHEREAS, the undersigned Key Holders and Existing Investors desire to amend and restate the Prior Agreement in its entirety and to
accept the rights and obligations created pursuant to this Agreement in lieu of the rights granted to them and/or obligations imposed on them under the Prior Agreement; and 

WHEREAS, certain of the Investors are parties to that certain Series B Preferred Stock Purchase Agreement of even date herewith by and
among the Company and such Investors (the “Purchase Agreement”), under which certain of the Company’s and such Investors’ obligations are conditioned upon the execution and delivery of this Agreement by (i) such
Investors, (ii) Key Holders under the Prior Agreement who hold at least a majority of the Common Stock and Preferred Stock (calculated on an as-converted to Common Stock basis) and are providing services
to the Company as officers, employees or consultants as of the date hereof, (iii) Existing Investors holding at least eighty percent (80%) of the Registrable Securities and (iv) the Company. 

NOW, THEREFORE, the Company and the undersigned Key Holders and Existing Investors (including RA Capital, OSI, the University and the
Founders (each as defined below) with respect to Section 3.3 under the Prior Agreement) hereby agree that the Prior Agreement is hereby amended and restated in its entirety by this Agreement, and the parties to this
Agreement further agree as follows: 
 1.    Definitions. For purposes of this Agreement: 

1.1    “Affiliate” means, with respect to any specified Person, any other Person who, directly or
indirectly, controls, is controlled by, or is under common control with such Person, including, without limitation, any general partner, managing member, officer, director or trustee of such Person, or any venture capital fund or other investment
fund now or hereafter existing that is controlled by one (1) or more general partners, managing members or investment adviser of, or shares the same management company or investment adviser with, such Person. 

  
 1 

 1.2    “Averill” means Averill Master Fund, Ltd. 

1.3    “Board of Directors” means the board of directors of the Company. 

1.4    “Common Stock” means shares of the Company’s Class A Common Stock, par value $0.0001 per
share. 
 1.5    “Competitor” means a Person engaged, directly or indirectly (including through any
partnership, limited liability company, corporation, joint venture or similar arrangement (whether now existing or formed hereafter)), in peptide-mediated drug and therapeutic delivery technologies or the treatment of neuro-muscular disorders
generally, but shall not include any financial investment firm or collective investment vehicle that, together with its Affiliates, holds less than twenty percent (20%) of the outstanding equity of any Competitor and does not, nor do any of its
Affiliates, have a right to designate any members of the board of directors of any Competitor. Notwithstanding anything herein to the contrary, none of RA Capital, OSI, the University, Deerfield or Averill shall be a “Competitor.” 

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

1.7    “Deerfield” means Deerfield Partners, L.P. together with Deerfield Private Design Fund V, L.P.

 1.8    “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. 

1.9    “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder. 
 1.10    “Excluded Registration” means (i) a registration
relating to the sale or grant of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, equity incentive 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. 

  
 2 

 1.11    “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. 

1.12    “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 forward incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

1.13    “Founders” means Matthew Wood, Caroline Godfrey, Giles Campion and
Michael Gait. 
 1.14    “GAAP” means generally accepted accounting principles in the United
States as in effect from time to time. 
 1.15    “Holder” means any holder of Registrable Securities
who is a party to this Agreement. 
 1.16    “Immediate Family Member” means a child, stepchild,
grandchild, parent, stepparent, grandparent, spouse, life partner or similar statutorily-recognized domestic partner, sibling, mother-in-law, father-in-law, son-in-law,
daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships of a natural person referred to herein. 

1.17    “Initiating Holders” means, collectively, Holders who properly initiate a registration request
under this Agreement. 
 1.18    “IPO” means the Company’s first underwritten public offering of
its Common Stock under the Securities Act. 
 1.19    “Key Employee” means any executive-level employee
(including division director and vice president-level positions) as well as any employee who, either alone or in concert with others, develops, invents, programs, or designs any Company Intellectual Property (as defined in the Purchase Agreement).

 1.20    “Major Investor” means (i) any Investor that, individually or together with such
Investor’s Affiliates, holds at least 250,000 shares of Registrable Securities (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Preferred Stock
effected after the date hereof) and (ii) the University, as long as the University owns not less than twenty-five percent (25%) of the shares of Preferred Stock held by the University on the date hereof (or an equivalent amount of Common
Stock issued upon conversion thereof). 
 1.21    “New Securities” means, collectively, equity
securities of the Company, whether or not currently authorized, as well as rights, options, or warrants to purchase or acquire such equity securities, or securities of any type whatsoever that are, or may become, convertible or exchangeable into or
exercisable for such equity securities. 

  
 3 

 1.22    “OSI” means Oxford Sciences Innovation PLC, a
company incorporated in England and Wales with company number 09093331 whose registered office address is at 46 Woodstock Road, Oxford OX2 6HT United Kingdom. 

1.23    “Person” means any individual, corporation, partnership, trust, limited liability company,
association or other entity. 
 1.24    “Preferred Director” means any director of the Company that the
holders of record of a class, classes or series of Preferred Stock are entitled to elect, exclusively and as a separate class, pursuant to the Restated Certificate. 

1.25    “Preferred Stock” means, collectively, shares of the Company’s Series A-1 Preferred Stock, Series A-2 Preferred Stock and Series B Preferred Stock. 

1.26    “RA Capital” means, collectively with their respective Affiliates, RA Capital Healthcare Fund,
L.P., Blackwell Partners LLC—Series A, and RA Capital Nexus Fund II, L.P. 
 1.27    “Registrable
Securities” means (i) the Common Stock issuable or issued upon conversion of the Preferred Stock; (ii) any Common Stock, or any Common Stock issued or issuable (directly or indirectly) upon conversion and/or exercise of any other
securities of the Company, acquired by the Investors after the date hereof; and (iii) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other
distribution with respect to, or in exchange for or in replacement of, the shares referenced in clauses (i) and (ii) above; excluding in all cases (other than for purpose of Section 2.12), (x) 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 (y) excluding for purposes of Section 2 any shares for which registration
rights have terminated pursuant to Section 2.13 of this Agreement. 
 1.28    “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. 

1.29    “Requisite Preferred Directors” means a majority of the Preferred Directors, provided that if
there are only two Preferred Directors then serving on the Board of Directors, then two out of the following three members of the Board of Directors: (i) the two of the Preferred Directors and (ii) the Independent Chair (as defined in the
Voting Agreement, dated on or around the date hereof, as amended, by and among the Company and certain other stockholders of the Company (the “Voting Agreement”); provided that at any time
Ramin Farzaneh-Far is serving as the Independent Chair or there is no Independent Chair then serving on the Board of Directors, then clause (ii) shall be the Second Independent (as defined in the
Voting Agreement) in lieu of the Independent Chair. 
 1.30    “Restated Certificate” means the
Company’s Second Amended and Restated Certificate of Incorporation, as amended and/or restated from time to time. 

  
 4 

 1.31    “Restricted Securities” means the securities of
the Company required to be notated with the legend set forth in Section 2.12(b) hereof. 

1.32    “Rights Holder” means each Major Investor and each Key Holder. 

1.33    “SEC” means the Securities and Exchange Commission. 

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

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

1.36    “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder. 
 1.37    “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. 
 1.38    “Series B Preferred Stock” means shares of the
Company’s Series B Preferred Stock, par value $0.0001 per share. 
 1.39    “University” means The
Chancellor, Masters and Scholars of the University of Oxford. 
 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 a majority of the
Registrable Securities then outstanding that the Company file a Form S-1 registration statement with respect to at least forty percent (40%) of the Registrable Securities then outstanding (or a lesser
percent if the anticipated aggregate offering price, net of Selling Expenses, would exceed $15 million), then the Company shall: (x) within ten (10) days after the date such request is given, give notice thereof (the “Demand
Notice”) to all Holders other than the Initiating Holders; and (y) as soon as practicable, 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 Sections 2.1(c)
and 2.3. 

  
 5 

 (b)    Form S-3 Demand.
If at any time when it is eligible to use a Form S-3 registration statement, the Company receives a request from Holders of at least thirty percent (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, net of Selling Expenses, of at least
$5 million, then the Company shall (i) within ten (10) days after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within
forty-five (45) days after the date such request is given by the Initiating Holders, file a Form S-3 registration statement under the Securities Act covering all Registrable Securities requested to be
included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Sections
2.1(c) and 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 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 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 (2) 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 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 (2) 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 has been declared effective by the SEC, 

  
 6 

 
unless the Initiating Holders withdraw their request for such registration, elect not to pay the registration expenses therefor, and forfeit their right to one demand registration statement
pursuant to Section 2.6, in which case such withdrawn registration statement shall be counted as “effected” for purposes of this Section 2.1(d); provided, that if such withdrawal is during a period the
Company has deferred taking action pursuant to Section 2.1(c), then the Initiating Holders may withdraw their request for registration and such registration will not be counted as “effected” for purposes of this
Section 2.1(d). 
 2.2    Company Registration. If the Company proposes to register (including for
this purpose a registration effected by the Company for stockholders other than the Holders) any of its securities under the Securities Act in connection with the public offering of such securities solely for cash (other than in an Excluded
Registration, a registration relating to a demand pursuant to Section 2.1 or the IPO), 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 Board of Directors and shall be reasonably acceptable to a majority in interest of the Initiating Holders. In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration shall be
conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through
such underwriting shall (together with the Company as provided in Section 2.4(e)) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting; provided, however, that no
Holder (or any of their assignees) shall be required to make any representations, warranties or indemnities, or provide any information or documentation, except as such representations, warranties, indemnitees, information or documentation relate to
such Holder’s ownership of shares and authority to enter into the underwriting agreement and to such Holder’s intended method of distribution, and the liability of such Holder shall be several and not joint, and limited to an amount equal
to the net proceeds from the offering received by such Holder. 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

  
 7 

 
owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling Holders; provided, however, that the number of Registrable Securities held by the
Holders to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting. To facilitate the allocation of shares in accordance with the above provisions, the Company or the
underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. 

(b)    In connection with any offering involving an underwriting of shares of the Company’s capital stock pursuant to
Section 2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders seeking to sell Registrable Securities in such offering accept the terms of the
underwriting as agreed upon between the Company and its underwriters, and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total number of
securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is
compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion
determine will not jeopardize the success of the offering. If the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included
in such offering shall be allocated among the selling Holders in proportion (as nearly as practicable to) the number of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to by all such
selling Holders. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. Notwithstanding the
foregoing, in no event shall (i) the number of Registrable Securities included in the offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from the offering, or
(ii) the number of Registrable Securities included in the offering be reduced below twenty percent (20%) 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 by all Persons included in such “selling Holder,” as defined in this sentence. 

(c)    For purposes of Section 2.1, a registration shall not be counted as “effected” if, as a
result of an exercise of the underwriter’s cutback provisions in Section 2.3(a), fewer than fifty percent (50%) of the total number of Registrable Securities that Holders have requested to be included in such registration
statement are actually included. 

  
 8 

 2.4    Obligations of the Company. Whenever required under this
Section 2 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

(a)    prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its
commercially reasonable efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period
of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that (i) such one hundred twenty (120) day period shall be
extended for a period of time equal to the period the Holder refrains, at the request of an underwriter of Common Stock (or other securities) of the Company, from selling any securities included in such registration, and (ii) in the case of any
registration of Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such one hundred twenty (120) day
period shall be extended for up to ninety (90) days, if necessary, to keep the registration statement effective until all such Registrable Securities are sold; 

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

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

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

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

  
 9 

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

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

(j)    after such registration statement becomes effective, notify each selling Holder of any request by the SEC that the
Company amend or supplement such registration statement or prospectus. 
 In addition, the Company shall ensure that, at all times after any
registration statement covering a public offering of securities of the Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Company’s directors may implement a trading program under
Rule 10b5-1 of the Exchange Act. 
 2.5    Furnish Information. It shall
be a condition precedent to the obligations of the Company to take any action pursuant to this Section 2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information
regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration of such Holder’s Registrable Securities; provided, however, that the failure
of any Holder to provide such information shall not result in any liability or consequence for such Holder other than the inability to participate in the applicable registration. 

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, not to exceed $50,000, of one counsel for the selling Holders selected by Holders of a majority of the Registrable Securities to be registered (“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 Sections 2.1(a) or 2.1(b), as the case may be; provided further that if, at the time of such
withdrawal, the Holders shall have learned of a material adverse change in the condition, business, or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness
after learning of such information then the 

  
 10 

 
Holders shall not be required to pay any of such expenses and shall not forfeit their right to one registration pursuant to Sections 2.1(a) or 2.1(b). All Selling Expenses
relating to Registrable Securities registered pursuant to this Section 2 (other than fees and disbursements of counsel to any Holder, other than the Selling Holder Counsel, which shall be borne solely by the Holder engaging such counsel)
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 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 except to the extent such information has been corrected in a subsequent writing prior to or concurrently with the sale of Registrable Securities to the
Person asserting the claim. 
 (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 has not been corrected in a subsequent writing prior to or concurrently with the sale of Registrable Securities to the Person asserting the claim; 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 

  
 11 

 
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 Section 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, only to the extent that such failure materially prejudices the indemnifying
party’s ability to defend such action. The failure to give notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 2.8. 

(d)    To provide for just and equitable contribution to joint liability under the Securities Act in any case in which
either: (i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Section 2.8 but it is judicially determined (by the entry of a final judgment or decree by a court of competent
jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this 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 

  
 12 

 
(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; provided, however, that any matter
expressly provided for or addressed by the foregoing provisions that is not expressly provided for or addressed by the underwriting agreement shall be controlled by the foregoing provisions. 

(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 or any provision(s) of this Agreement. 
 2.9    Reports Under Exchange Act. With a
view to making available to the Holders the benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration
on Form S-3, the Company shall: 
 (a)    make and keep available adequate current public information, as those terms are
understood and defined in SEC Rule 144, at all times after the effective date of the registration statement filed by the Company for the IPO; 

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

(c)    furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request
(i) to the extent accurate, a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the registration statement filed by
the Company for the IPO), the Securities Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after the Company so qualifies); (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). 

  
 13 

 2.10    Limitations on Subsequent Registration Rights. From and
after the date of this Agreement, the Company shall not, without the prior written consent of the Holders of at least 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 (i) provide to such holder or prospective holder the right to include securities in any registration on other than either a pro rata basis with respect to the Registrable Securities or on a subordinate basis
after all Holders have had the opportunity to include in the registration and offering all shares of Registrable Securities that they wish to so include; or (ii) allow such holder or prospective holder to initiate a demand for registration of
any securities held by such holder or prospective holder; provided that this limitation shall not apply to Registrable Securities acquired by any additional Investor that becomes a party to this Agreement in accordance with
Section 6.9. 
 2.11    “Market Stand-off’ Agreement. Each Holder hereby agrees that, upon
the request of the managing underwriter for the IPO, it will not, without the prior written consent of such 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 such managing underwriter (such period not to exceed one hundred eighty (180) days, or such other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other
distribution of research reports and (2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in applicable FINRA rules, or any successor provisions or amendments thereto), (i) lend; offer; pledge; sell;
contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any
securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock held immediately before the effective date of the registration statement for such offering or (ii) enter into any swap or other arrangement that
transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other
securities, in cash, or otherwise. The foregoing provisions of this Section 2.11 shall apply only to the IPO, shall not apply to (a) the sale of any shares of Common Stock (x) purchased by the Holder in connection with the IPO,
whether or not pursuant to an underwriting agreement, a private placement that is concurrent with the IPO, or otherwise, or (y) acquired in the open market at any time after the IPO; (b) the sale of any shares to an underwriter pursuant
to an underwriting agreement; or (c) the transfer of any shares to any trust for the direct or indirect benefit of the Holder or the immediate family of the Holder, provided that the trustee of the trust agrees to be bound in
writing by the restrictions set forth herein, and provided further that any such transfer shall not involve a disposition for value, and shall be applicable to the Holders only if all officers and directors are subject to the same
restrictions and the Company uses commercially reasonable efforts to obtain a similar agreement from all stockholders individually owning more than one percent (1%) of the Company’s outstanding Common Stock (after giving effect to
conversion into Common Stock of all outstanding Preferred Stock). The underwriters in connection with such registration are intended third-party beneficiaries of this 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. Any discretionary waiver or termination of the restrictions of any or all of such agreements and similar agreements by the Company or the underwriters shall apply pro rata to all Company stockholders that are subject to such agreements,
based on the number of shares subject to such agreements and similar agreements. 

  
 14 

 2.12    Restrictions on Transfer. 

(a)    The Preferred Stock and the Registrable Securities, shall not be sold, pledged, or otherwise transferred, and the
Company shall not recognize and shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure
compliance with the provisions of the Securities Act. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Preferred Stock and the Registrable Securities held by such Holder to agree to take and hold such securities
subject to the provisions and upon the conditions specified in this Agreement. Notwithstanding the foregoing, the Company shall not require any transferee of shares pursuant to an effective registration statement or, following the IPO, SEC Rule 144,
in each case, to be bound by the terms of this Agreement. 
 (b)    Each certificate, instrument, or book entry
representing (i) the Preferred Stock, (ii) the Registrable Securities, and (iii) any other securities issued in respect of the securities referenced in clauses (i) and (ii), upon any stock
split, stock dividend, recapitalization, merger, consolidation, or similar event, shall (unless otherwise permitted by the provisions of Section 2.12(c)) be notated with a legend substantially in the following form: 

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

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

(c)    The holder of such Restricted Securities, by acceptance of ownership thereof, agrees to comply in all respects with
the provisions of this Section 2. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed transaction or following the
IPO, the transfer is made pursuant to SEC Rule 144, the Holder thereof shall give notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer, provided that no such notice shall be required if the intended sale,
pledge or transfer complies with SEC Rule 144. 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, 

  
 15 

 
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 notice,
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 with respect to transfers under the foregoing clause (y), each transferee agrees in writing to be subject to the terms of this Section 2.12. Each certificate, instrument, or book entry
representing the Restricted Securities transferred as above provided shall be notated with, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in Section 2.12(b), except that such
certificate instrument, or book entry shall not be notated with such restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with any provisions of the Securities
Act. Upon the request of any Holder, the Company shall remove the Securities Act portion of the legend set forth above from the certificate or certificates for such Restricted Securities; provided, that such Restricted Securities are eligible (as
reasonably determined by the Company) for sale pursuant to Rule 144 (or any similar rule or rules then in effect) under the Securities Act. 

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

(a)    the closing of a Deemed Liquidation Event, as such term is defined in the Restated Certificate, in which the
consideration received by the Investors in such Deemed Liquidation Event is in the form of cash and/or publicly traded securities, or if the Investors receive registration rights from the acquiring company or other successor to the Company
reasonably comparable to those set forth in this Section 2; 
 (b)    with respect to a Holder that then
holds less than one percent (1%) of the Company’s outstanding shares of capital stock, such time after consummation of the IPO as a SEC Rule 144 or another similar exemption under the Securities Act is available for the sale of all of such
Holder’s shares without limitation, during a three (3)-month period without registration; or 

(c)    the third (3rd) anniversary of the IPO (or such later
date that is one hundred eighty (180) days following the expiration of all deferrals of the Company’s obligations pursuant to Section 2 that remain in effect as of the third (3rd) anniversary of the consummation of the IPO). 

  
 16 

 3.    Information and Observer Rights. 

3.1    Delivery of Financial Statements. The Company shall deliver to (i) each Major Investor and
(ii) the Founder Observer, provided that the Board of Directors has not reasonably determined that such Major Investor or Founder Observer is a Competitor of the Company: 

(a)    as soon as practicable, but in any event within one hundred twenty (120) 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(e)) for such year, with an explanation of any material differences between such amounts and a schedule as to the sources
and applications of funds for such year, and (iii) a statement of stockholders’ equity as of the end of such year, all such financial statements audited and certified by independent public accountants of regionally recognized
standing selected by the Board of Directors; 
 (b)    as soon as practicable, but in any event within forty-five (45)
days after the end of each quarter of each fiscal year of the Company, unaudited statements of income and cash flows for such fiscal quarter, and an unaudited balance sheet and a statement of stockholders’ equity as of the end of such fiscal
quarter, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments; and (ii) not contain all notes thereto that may be required in
accordance with GAAP) , and an instrument executed by the chief financial officer and chief executive officer of the Company certifying that such financial statements were prepared in accordance with GAAP consistently applied with prior practice for
earlier periods (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) and
fairly present the financial condition of the company and its results of operation for the periods specified therein; 

(c)    as soon as practicable, but in any event within forty-five (45) days after the end of the first
three (3) quarter of each fiscal year of the Company, a statement showing the number of shares of each class and series of capital stock and securities convertible into or exercisable for shares of capital stock outstanding at the end of
the period, the Common Stock issuable upon conversion or exercise of any outstanding securities convertible or exercisable for Common Stock and the exchange ratio or exercise price applicable thereto, and the number of shares of issued stock options
and stock options not yet issued but reserved for issuance, if any, all in sufficient detail as to permit the Major Investors to calculate their respective percentage equity ownership in the Company; 

(d)    as soon as practicable, but in any event within thirty (30) days after the end of each month, an unaudited income
statement and statement of cash flow for such month, and an unaudited balance sheet as of the end of such month, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit
adjustments and (ii) not contain all notes thereto that may be required in accordance with GAAP); 

(e)    as soon as practicable, but in any event thirty (30) days before the end of each fiscal year, a budget and
business plan for the next fiscal year, prepared on a monthly basis, 

  
 17 

 
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 (such budget
and business plan that is approved by the Board of Directors, is collectively referred to herein as the “Budget”); and 

(f)    such other information relating to the financial condition, business, prospects, or corporate affairs of the
Company as any Major Investor or the Founder Observer may from time to time reasonably request; provided, however, that the Company shall not be obligated under this Section 3.1 to provide information (i) that
the Company reasonably determines in good faith to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in a form reasonably acceptable to the Company, including Section 3.5 hereof);
or (ii) the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel. 
 If, for
any period, the Company has any subsidiary whose accounts are consolidated with those of the Company, then in respect of such period the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating
financial statements of the Company and all such consolidated subsidiaries. 
 Notwithstanding anything else in this
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 commercially reasonable efforts to cause such registration statement to become effective. 

3.2    Inspection. The Company shall permit each Major Investor and the Founder Observer (provided that the
Board of Directors has not reasonably determined that such Major Investor or Founder Observer is a Competitor of the Company), at such Major Investor’s expense or at the expense of the Founders, as applicable, 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
or Founder Observer; 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 a form reasonably acceptable to the Company, including Section 3.5 hereof) or the disclosure of which would adversely affect the attorney-client
privilege between the Company and its counsel. 
 3.3    Observer Rights. 

(a)    As long as RA Capital owns not less than twenty-five percent (25%) of the shares of Preferred Stock it owns on
the date hereof (or an equivalent amount of Common Stock issued upon conversion thereof), the Company shall invite a representative of RA Capital to attend all meetings of the Board of Directors in a nonvoting observer capacity and, in this respect,
shall give such representative copies of all notices, minutes, consents, and other materials that it 

  
 18 

 
provides to its directors at the same time and in the same manner as provided to such directors; provided, however, that such representative shall agree to hold in confidence all
information so provided; and provided further, that the Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if (1) access to such information or attendance
at such meeting could, upon consultation with counsel, adversely affect the attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a conflict of interest or (2) such representative is a Competitor
of the Company, provided that, for purposes of clause (2), a representative shall not be deemed to be a Competitor solely because such representative is either a member or observer of the board of directors of a company that is a Competitor.

 (b)    As long as OSI owns not less than twenty-five percent (25%) of the shares of Preferred Stock it owns on the
date hereof (or an equivalent amount of Common Stock issued upon conversion thereof), the Company shall invite a representative of OSI to attend all meetings of the Board of Directors in a nonvoting observer capacity and, in this respect, shall give
such representative copies of all notices, minutes, consents, and other materials that it provides to its directors at the same time and in the same manner as provided to such directors; provided, however, that such representative
shall agree to hold in confidence all information so provided; and provided further, that the Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if (1) access
to such information or attendance at such meeting could, upon consultation with counsel, adversely affect the attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a conflict of interest, or (2) if
such representative is a Competitor of the Company, provided that, for purposes of clause (2), a representative shall not be deemed to be a Competitor solely because such representative is either a member or observer of the board of directors
of a company that is a Competitor. 
 (c)    As long as the Founders collectively own not less than twenty-five
percent (25%) of the shares of capital stock of the Company held by the Founders on the date hereof, the Company shall invite a representative of the Founders (the “Founder Observer”) to attend all meetings of the Board
of Directors in a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices, minutes, consents, and other materials that it provides to its directors at the same time and in the same manner as provided to
such directors; provided, however, that such representative shall agree to hold in confidence all information so provided (with the exception that the Founder Observer shall be permitted to discuss such information in a summary fashion
with the Founders); and provided further, that the Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if access to such information or attendance at such
meeting could adversely affect the attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a conflict of interest, or if such Founders or its representative is a Competitor of the Company. 

3.4    Termination of Information and Observer Rights. The covenants set forth in Section 3.1,
Section 3.2, and Section 3.3 shall terminate and be of no further force or effect (i) immediately before the consummation of a Qualified IPO (as defined in the Restated Certificate), (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 the closing of a Deemed Liquidation 

  
 19 

 
Event, as such term is defined in the Restated Certificate, whichever event occurs first; provided, that, with respect to clause (iii), the covenants set forth in this Section 3.1
shall only terminate if the consideration received by the Investors in such Deemed Liquidation Event is in the form of cash and/or publicly traded securities or if the Investors receive financial information from the acquiring company or other
successor to the Company comparable to those set forth in Section 3.1. 
 3.5    Confidentiality.
Each Investor, Founder and Key Holder agrees that such Investor, Founder and Key Holder will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor, manage or make decisions with respect to its investment in
the Company and/or in connection with evaluating investment opportunities in the ordinary course of business) any confidential information obtained from the Company pursuant to the terms of this Agreement (including notice of the Company’s
intention to file a registration statement), unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Section 3.5 by such Investor, Founder or Key Holder),(b)
is or has been independently developed or conceived by such Investor, Founder or Key Holder without use of the Company’s confidential information, or (c) is or has been made known or disclosed to such Investor, Founder or Key Holder 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, Founder or Key Holder may disclose confidential information (i) to its and its Affiliates’
respective attorneys, accountants, consultants, and other professionals to the extent reasonably necessary to obtain their services in connection with monitoring, managing and making decisions with respect to its investment in the Company; (ii) to
any prospective purchaser of any securities from such Investor, Founder or Key Holder, if such prospective purchaser agrees to be bound by the provisions of this Section 3.5; (iii) to any existing or prospective Affiliate, partner, member,
stockholder, or wholly owned subsidiary of such Investor in the ordinary course of business, provided that such Investor informs such Person that such information is confidential and directs such Person to maintain the confidentiality of such
information; or (iv) as may otherwise be required by law, regulation, rule, court order or subpoena, provided that such Investor, Founder or Key Holder promptly notifies the Company of such disclosure and takes reasonable steps to
minimize the extent of any such required disclosure. 
 4.    Rights to Future Stock Issuances. 

4.1    Right of First Offer. 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 Rights Holder. A Rights Holder who is an Investor shall be entitled to apportion the right of first offer hereby
granted to it in such proportions as it deems appropriate, among (i) itself and (ii) its Affiliates; provided that each such Affiliate (x) is not a Competitor, unless such party’s purchase of New Securities is
otherwise unanimously consented to by the Board of Directors, (y) agrees to enter into this Agreement and each of the Amended and Restated Voting Agreement and the Amended and Restated Right of First Refusal and Co-Sale Agreement, each of
even date herewith among the Company, the Investors and the other parties named therein, as an “Investor” under each such agreement (provided that any Competitor shall not be entitled to any rights as a Major Investor or
Rights Holder, as applicable under Sections 3.1, 3.2 and 4.1 hereof), and (z) agrees to purchase at least such number of New Securities as are allocable hereunder to the Rights Holder holding the fewest number of shares
of Common Stock, Preferred Stock and any other Derivative Securities. 

  
 20 

 (a)    The Company shall give notice (the “Offer
Notice”) to each Rights Holder, stating (i) its bona fide intention to offer such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms, if any, upon which it proposes to
offer such New Securities. 
 (b)    By notification to the Company within twenty (20) days after the Offer Notice
is given, each Rights Holder may elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the Common Stock then held by such
Rights Holder (including all shares of Common Stock then issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held by such Rights Holder) bears to the total
Common Stock of the Company then outstanding (assuming full conversion and/or exercise, as applicable, of all Preferred Stock and any other Derivative Securities then outstanding); provided, however, that the maximum dollar amount of New Securities
that may be purchased by a Key Holder in connection with such offering shall not exceed $250,000 without the consent of the Board of Directors, including the Requisite Preferred Directors. At the expiration of such twenty (20) day
period, the Company shall promptly notify each Rights Holder that elects to purchase or acquire all the shares available to it (each, a “Fully Exercising Rights Holder”) of any other Rights Holder’s failure to do likewise.
During the ten (10) day period commencing after the Company has given such notice, each Fully Exercising Rights Holder 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 Rights Holders were entitled to subscribe but that were not subscribed for by the Rights Holders which is equal to the proportion that the Common Stock issued and held, or issuable (directly
or indirectly) upon conversion and/or exercise, as applicable, of Preferred Stock and any other Derivative Securities then held, by such Fully Exercising Rights Holder 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 Rights Holders who wish to purchase such unsubscribed shares. The closing of any sale pursuant to this
Section 4.1(b) shall occur within the later of ninety (90) days of the date that the Offer Notice is given and the date of initial sale of New Securities pursuant to 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
such agreement is not consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to the Major Investors in
accordance with this 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); (ii) shares of Common Stock issued in the IPO; and (iii) the issuance of shares of Preferred Stock pursuant to the Purchase
Agreement. 

  
 21 

 (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 Rights Holders within thirty (30) days after the issuance of New Securities. Such notice shall describe the type, price and terms
of the New Securities. Each Rights Holder 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 Rights Holder, maintain such Rights
Holder’s percentage ownership position, calculated as set forth in Section 4.1(b) before giving effect to the issuance of such New Securities. 

4.2    Termination. The covenants set forth in Section 4.1 shall terminate and be of no further force or
effect (i) immediately before the consummation of a Qualified IPO (as defined in the Restated Certificate), or (ii) upon the closing of a Deemed Liquidation Event (as defined in the Restated Certificate) in which the consideration
received by the Investors in such Deemed Liquidation Event is in the form of cash and/or publicly traded securities, or if the Investors receive participation rights from the acquiring company or other successor to the Company reasonably comparable
to those set forth in this Section 4. 
 5.    Additional Covenants. 

5.1    Insurance. The Company shall maintain its director and officer liability insurance in an amount and on terms
and conditions satisfactory to the Board of Directors, including each Preferred Director, and will use commercially reasonable efforts to cause such policy to be maintained until such time as the Board of Directors determines that such insurance
should be discontinued. Notwithstanding any other provision of this Section 5.1 to the contrary, for so long as a Preferred Director is serving on the Board of Directors, the Company shall not cease to maintain a Directors and Officers
liability insurance policy in an amount of at least $2,000,000 unless approved by each such Preferred Director. 

5.2    Employee Agreements. Unless otherwise approved by the Board of Directors, including the Requisite Preferred
Directors , the Company will cause (i) each Person now or hereafter employed by it or by any subsidiary (or engaged by the Company or any subsidiary as a consultant/independent contractor) with access to confidential information and/or trade
secrets to enter into a nondisclosure, proprietary rights assignment and non-solicitation agreement. In addition, the Company shall not amend, modify, terminate, waive, or otherwise alter, in whole or in part,
any of the above-referenced agreements or any restricted stock agreement between the Company and any Key Employee, without the consent of the Board of Directors, including the Requisite Preferred Directors. 

5.3    Employee Stock. Unless otherwise approved by the Board of Directors, including the Requisite Preferred
Directors, all future employees of the Company who purchase, receive options to purchase, or receive awards of shares of the Company’s capital stock after the date hereof shall be required to execute restricted stock or option agreements, as
applicable, providing for (i) vesting of shares over a four (4) year period, with the first twenty-five percent (25%) of such shares vesting following twelve (12) months of continued employment or service,
and the remaining shares vesting in equal monthly installments over the following thirty-six (36) months, and (ii) a market stand-off provision substantially similar to that in Section 2.11. Without the prior
approval by the Board of Directors, including the Requisite Preferred Directors, the Company shall not amend, modify, terminate, waive or otherwise alter, in whole or in part, any stock purchase, 

  
 22 

 
stock restriction or option agreement with any existing or future employee or service provider if such amendment would cause it to be inconsistent with this Section 5.3. In addition,
unless otherwise approved by the Board of Directors, including the Requisite Preferred Directors, the Company (x) shall not offer or allow any acceleration of vesting, and (y) shall retain (and not waive) 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    Matters Requiring Preferred Director Approval. During such time or times as the holders of Preferred Stock
are entitled to elect a Preferred Director and such seat is filled, the Company hereby covenants and agrees with each of the Investors that it shall not, without approval of the Board of Directors, which approval must include the Requisite Preferred
Directors: 
 (a)    make, or permit any subsidiary to make, any loan or advance to, or own any stock or other securities
of, any subsidiary or other corporation, partnership, or other entity unless it is wholly owned by the Company; 

(b)    make, or permit any subsidiary to make, any loan or advance to any Person, including, without limitation, any
employee or director of the Company or any subsidiary, except advances and similar expenditures in the ordinary course of business or under the terms of an employee stock or option plan approved by the Board of Directors; 

(c)    guarantee, directly or indirectly, or permit any subsidiary to guarantee, directly or indirectly, any indebtedness
except for trade accounts of the Company or any subsidiary arising in the ordinary course of business; 

(d)    implement or change any cash investment policy or make any investment inconsistent with any investment policy
approved by the Board of Directors; 
 (e)    incur any aggregate indebtedness in excess of $250,000 that is not already
included in the Budget (as defined in Section 3.1(e)), other than trade credit incurred in the ordinary course of business; 

(f)    hire, terminate, or change the compensation of the executive officers, including approving any option grants or
stock awards to executive officers; 
 (g)    change the principal business of the Company, enter new lines of business,
or exit the current line of business; or 
 (h)    take any actions set forth in Article IV, Section B.3.3. of the
Restated Certificate. 
 5.5    Board Matters. Unless otherwise determined by the vote of a majority of the
directors then in office (including the Requisite Preferred Directors), the Board of Directors shall meet at least quarterly in accordance with an agreed-upon schedule. The Company shall reimburse the
non-employee directors and board observers for all reasonable out-of-pocket travel expenses incurred (consistent with the
Company’s travel policy) in connection with attending meetings of the Board of Directors. The Company shall cause to be established, as soon as practicable after 

  
 23 

 
such request, and will maintain, an audit and compensation committee, each of which shall consist solely of non-management directors. Each non-employee director shall be entitled in such person’s discretion to be a member of all committees of the Board of Directors. 

5.6    Successor Indemnification. If the Company or any of its successors or assignees consolidates with or merges
into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, the Company shall use commercially reasonable efforts 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, or elsewhere, as the case may be. 
 5.7    Indemnification Matters. The Company hereby acknowledges
that one (1) or more of the Preferred Directors nominated to serve on the Board of Directors by one (1) or more Investors may have certain rights to indemnification, advancement of expenses and/or insurance provided by
one (1) or more of the Investors and certain of their Affiliates (collectively, the “Investor Indemnitors”). The Company hereby agrees (a) that it is the indemnitor of first resort (i.e., its
obligations to any such Preferred Director are primary and any obligation of the Investor Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Preferred Director are secondary),
(b) that it shall be required to advance the full amount of expenses incurred by such Preferred Director and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement by or on behalf
of any such Preferred Director to the extent legally permitted and as required by the Restated Certificate or Bylaws of the Company (or any agreement between the Company and such Preferred Director), without regard to any rights such Preferred
Director may have against the Investor Indemnitors, and, (c) that it irrevocably waives, relinquishes and releases the Investor Indemnitors from any and all claims against the Investor Indemnitors for contribution, subrogation or any
other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Investor Indemnitors on behalf of any such Preferred Director with respect to any claim for which such Preferred Director has sought
indemnification from the Company shall affect the foregoing and the Investor Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Preferred Director
against the Company. The Preferred Directors and the Investor Indemnitors are intended third-party beneficiaries of this Section 5.7 and shall have the right, power and authority to enforce the provisions of this Section 5.7
as though they were a party to this Agreement. 
 5.8    Right to Conduct Activities. The Company hereby agrees
and acknowledges that each Investor that is a professional investment organization or that is engaged in the business of making investments in one or more other portfolio companies (together with their Affiliates, the “VC Fund
Investors”), may as such (a) make or hold investments in, or trade in public securities of companies that are or may become engaged in activities that are competitive with the Company’s business, as it is currently conducted or as
it may be conducted in the future and (b) review the business plans and related proprietary information of many enterprises, some of which may compete directly or indirectly with the Company’s business (as currently conducted or as
currently propose to be conducted). Nothing in this Agreement shall preclude or in any way restrict the Investors from evaluating or purchasing securities, including publicly traded securities, of a particular enterprise, or investing or
participating in any particular enterprise whether or not 

  
 24 

 
such enterprise has products or services which compete with those of the Company, and the Company hereby agrees that, to the extent permitted under applicable law, no VC Fund Investor shall be
liable to the Company for any claim arising out of, or based upon, (i) the investment by any such VC Fund Investor in any entity competitive with the Company, or (ii) actions taken by any partner, officer, employee or other
representative of any such VC Fund Investor to assist any such competitive company, whether or not such action was taken as a member of the board of directors of such competitive company or otherwise, and whether or not such action has a detrimental
effect on the Company; provided, however, that the foregoing shall not relieve (x) any of the Investors from liability associated with the unauthorized disclosure of the Company’s confidential information obtained
pursuant to this Agreement, or (y) any director or officer of the Company from any liability associated with his or her fiduciary duties to the Company. Subject to clauses (x) and (y) above, nothing in this
Agreement shall preclude, create an obligation or duty, or in any way restrict the VC Fund Investors from evaluating or purchasing securities, including publicly traded securities, of a particular enterprise, whether or not such enterprise has
products or services which compete with those of the Company. 
 5.9    Side Letters. The Company agrees and
covenants that it will promptly notify (and provide a copy to) RA Capital and OSI if it enters into any separate agreements or side letters with any other shareholder of the Company or, to the knowledge of the Company, an affiliate of any such
shareholder (other than the Transaction Agreements (as defined in the Purchase Agreement) and employment related agreements in the ordinary course). 

5.10    FCPA. The Company covenants that it shall not (and shall not permit any of its subsidiaries or Affiliates or 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 to, directly or indirectly, to any third
party, including any Non-U.S. Official (as such term is defined in the U.S. Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”)), 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 covenants that it shall (and shall cause each of its subsidiaries and Affiliates to) cease all of its or their respective activities, as well as remediate
any actions taken by the Company, its subsidiaries or Affiliates, or any of their respective directors, officers, managers, employees, independent contractors, representatives or agents in violation of the FCPA, the U.K. Bribery Act, or any other
applicable anti-bribery or anti-corruption law. The Company further covenants that it shall (and shall cause each of its subsidiaries and Affiliates to) maintain systems of internal controls (including, but not limited to, accounting systems,
purchasing systems and billing systems) to ensure compliance with the FCPA, the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law. Upon request, the Company agrees to provide responsive information and/or certifications
concerning its compliance with applicable anti-corruption laws. The Company shall promptly notify each Investor if the Company becomes aware of any Enforcement Action (as defined in the Purchase Agreement). The Company shall, and shall cause any
direct or indirect subsidiary or entity controlled by it, whether now in existence or formed in the future, to comply with the FCPA. The Company shall use its best efforts to cause any direct or indirect subsidiary, whether now in existence or
formed in the future, to comply in all material respects with all applicable laws. 
 5.11    Cybersecurity. The
Company shall, within one hundred eighty (180) days following the Initial Closing (as defined in the Purchase Agreement), use commercially reasonable 

  
 25 

 
efforts to (a) identify and restrict access (including through physical and/or technical controls) to the Company’s confidential business information and trade secrets and any
information about identified or identifiable natural persons maintained by or on behalf of the Company (collectively, “Protected Data”) to those individuals who have a need to access it and (b) implement reasonable
physical, technical and administrative safeguards (“Cybersecurity Solutions”) designed to protect the confidentiality, integrity and availability of its technology and systems (including servers, laptops, desktops, cloud,
containers, virtual environments and data centers) and all Protected Data. The Company shall use commercially reasonable efforts to ensure that the Cybersecurity Solutions (x) are
up-to-date and include industry-standard protections (e.g., antivirus, endpoint detection and response and threat hunting), (y) to the extent determined
necessary by the Company or the Board of Directors, are backed by a breach prevention warranty from the vendor certifying the effectiveness of such solutions, and (z) require the vendors to notify the Company of any security incidents posing a
risk to the Company’s information (regardless of whether information was actually compromised). The Company shall evaluate on a periodic basis at least annually whether such safeguards should be updated to maintain a level of security
appropriate to the risk posed to Company systems and Protected Data. The Company shall educate its employees about the proper use and storage of Protected Data, including periodic training as determined reasonably necessary by the Company or the
Board of Directors. 
 5.12    Sponsored Research Agreement. As soon as is reasonably practicable following the
Initial Closing, the Company shall use commercially reasonable efforts to enter into a sponsored research agreement with the University pertaining to the Company’s platform development, which agreement shall be on mutually agreeable terms to
each of the Company and the University and shall be executed before the consummation of the next bona fide equity financing of the Company. 

5.13    Prohibited use of the “Oxford” Name. Neither the Company nor its Affiliates shall change its name
to, or trade under any name which includes, the word “Oxford” without the prior written consent of the University. 

5.14    Prohibited Activities. For so long as the University holds shares of the Company’s capital stock,
without the prior written consent of the University, the Company shall not change the business of the Company in a manner that would reasonably be expected to have a material detrimental impact on the reputation of the University, including without
limitation engaging in (i) the production of, and trade in, tobacco, (ii) internet gambling, online casinos or pornography, (iii) any activity related to modifying the genetic heritage of human beings which could make
such changes heritable or have the aim of human cloning for reproductive purposes, or (iv) the development of weapons, armaments or ammunition. 

5.15    Tax Matters. The Company and KAVRA 16 LLC (“Viking”) agree that: 

(a)    It is the Company’s and Viking’s intention that (i) the Series B Preferred Stock shall be treated as
stock that is not “preferred stock” within the meaning of Section 305 of the Internal Revenue Code of 1986, as amended (the “Code”) and the Treasury Regulations issued thereunder, and (ii) Viking
shall not be required to include in income as a dividend for U.S. federal income tax purposes any income or gain in respect of the Series B Preferred Stock on account of the accrual of dividends thereon (including any deemed dividends or as a result
of any discount) 

  
 26 

 
unless and until such dividends are declared and paid in cash. The Company and Viking agree to take no positions or actions inconsistent with such treatment (including on any Internal Revenue
Service Form 1099), unless otherwise required by a change in applicable law after the Initial Closing, as defined in the Purchase Agreement. 

(b)    The Company shall use commercially reasonable efforts to cooperate with Viking to structure any redemption of the
Series B Preferred Stock permitted under the terms of the Restated Certificate to be treated as a payment in exchange for stock pursuant to Section 302 of the Code. 

(c)    Promptly following (and in any event within ten (10) days after receipt of) written request by an Investor,
the Company shall provide such Investor with a written statement informing such Investor whether such Investor’s interest in the Company constitutes a United States real property interest. The Company’s determination shall
comply with the requirements of Treasury Regulation Section 1.897-2(h)(1) or any successor regulation, and the Company shall provide timely notice to the Internal Revenue Service, in accordance with and to the extent required by Treasury
Regulation Section 1.897-2(h)(2) or any successor regulation, that such statement has been made. The Company’s obligation to furnish such written statement shall continue notwithstanding the fact that a class of the Company’s
stock may be regularly traded on an established securities market or the fact that there is no Preferred Stock then outstanding. 

5.16    Publicity. Within sixty (60) days following the Initial Closing, the Company may issue a press release
disclosing that RA Capital and OSI have invested in the Company provided that the final version of the press release is approved in advance in writing by RA Capital and OSI. No other press release, public statement, or announcement regarding an
Investor may be made without the prior written consent of such Investor except as necessary for the Company to comply with required law or regulation. 

5.17    Termination of Covenants. The covenants set forth in this Section 5, except for
Sections 5.6, 5.7, 5.14, and 5.16, shall terminate and be of no further force or effect (i) immediately before the consummation of a Qualified IPO (as defined in the Restated Certificate) or
(ii) upon a Deemed Liquidation Event, whichever event occurs first. 
 6.    Miscellaneous. 

6.1    Successors and Assigns. The rights under this Agreement may be assigned (but only with all related
obligations) by a Holder or Rights Holder, as applicable, to a transferee that (a) is an Affiliate of a Holder or Rights Holder; (b) is a Holder or Right Holder’s Immediate Family Member or trust for the benefit of an
individual Holder or one (1) or more of such Holder or Right Holder’s Immediate Family Members; or (c) after such transfer, holds at least 250,000 shares of the Company’s capital stock (subject to appropriate adjustment
for stock splits, stock dividends, combinations, and other recapitalizations); provided, however, that (i) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address
of such transferee and the securities with respect to which such rights are being transferred; and (ii) 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 securities held by a transferee, the holdings of a transferee 

  
 27 

 
(1) that is an Affiliate or stockholder of a Holder or Rights Holder; (2) who is a Holder or Right’s Holder’s Immediate Family Member; or (3) that is a
trust for the benefit of an individual Holder, Rights Holder or such Holder or Rights Holder’s Immediate Family Member shall be aggregated together and with those of the transferring Holder or Rights Holder, as applicable; provided
further that all transferees who would not qualify individually for assignment of rights shall, as a condition to the applicable transfer, establish a single attorney-in-fact for the purpose of exercising any rights, receiving notices, or
taking any action under this Agreement. The terms and conditions of this Agreement inure to the benefit of and are binding upon the respective successors and permitted assignees of the parties. Nothing in this Agreement, express or implied, is
intended to confer upon any party other than the parties hereto or their respective successors and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein. 

6.2    Governing Law. This Agreement shall be governed by the internal law of the State of Delaware, without regard
to conflict of law principles that would result in the application of any law other than the law of the State of Delaware. 

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

6.4    Titles and Subtitles. The titles and subtitles used in this Agreement are for convenience only and are not
to be considered in construing or interpreting this Agreement. 
 6.5    Notices. 

(a)    (a) Except, with respect to any Investor, as modified by any side letter agreement between such Investor and
the Company, all notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or (i) personal delivery to the party to be notified;
(ii) when sent, if sent by electronic mail during the recipient’s normal business hours, and if not sent during normal business hours, then on the recipient’s next business day; (iii) five (5) days after
having been sent by registered or certified mail, return receipt requested, postage prepaid; or (iv) one (1) business day after the business day of deposit with an internationally recognized overnight courier (e.g., FedEx and
DHL), 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 or Schedule B (as applicable)
hereto, or (as to the Company) to the principal office of the Company and to the attention of the Chief Executive Officer, or in any case to such email address or address as subsequently modified by written notice given in accordance with this
Section 6.5. If notice is given to the Company, a copy (which copy shall not constitute notice) shall also be sent to Goodwin Procter LLP, 100 Northern Avenue, Boston, MA 02210, U.S.A. Attn: Richard A. Hoffman,
rhoffman@goodwinlaw.com; and if notice is given to Investors, a copy (which copy shall not constitute notice) shall also be given to Wilson Sonsini Goodrich & Rosati P.C., 28 State Street, 37th Floor, Boston, MA 02109, U.S.A. Attn: Jennifer Fang, jfang@wsgr.com. 

  
 28 

 (b)    Consent to Electronic Notice. Except, with respect to any
Investor, as modified by any side letter agreement between such Investor and the Company, each Investor and Key Holder consents to the delivery of any stockholder notice pursuant to the Delaware General Corporation Law (the “DGCL”),
as amended or superseded from time to time, by electronic transmission pursuant to Section 232 of the DGCL (or any successor thereto) at the electronic mail address set forth below such Investor’s or Key Holder’s name on the Schedules
hereto, as updated from time to time by notice to the Company, or as on the books of the Company. To the extent that any notice given by means of electronic transmission is returned or undeliverable for any reason, the foregoing consent shall be
deemed to have been revoked until a new or corrected electronic mail address has been provided, and such attempted electronic notice shall be ineffective and deemed to not have been given. Each Investor and Key Holder agrees to promptly notify the
Company of any change in such stockholder’s electronic mail address, and that failure to do so shall not affect the foregoing. 

6.6    Amendments and Waivers. Any term of this Agreement may be amended, modified or terminated and the observance
of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of (i) the Company, (ii) the holders of a majority of the shares of
the Company’s Common Stock and Preferred Stock (calculated on an as-converted to Common Stock basis) then held by the Key Holders who are then providing services to the Company as officers, employees or
consultants, and (iii) the holders of at least a majority of the Registrable Securities then outstanding; provided that the Company may in its sole discretion waive compliance with Section 2.12(c) (and the
Company’s failure to object promptly in writing after notification of a proposed assignment allegedly in violation of Section 2.12(c) shall be deemed to be a waiver); and provided further that any provision hereof may
be waived by any waiving party on such party’s own behalf, without the consent of any other party. Notwithstanding the foregoing, (a) this Agreement may not be amended, modified or terminated and the observance of any term hereof
may not be waived with respect to any party without the written consent of such party, unless such amendment, modification, termination, or waiver applies to the express rights and obligations herein of all parties (or class of party) in the same
fashion and not objectively intended to disadvantage any Major Investor(s) relative to all other Major Investors (it being agreed that a waiver of the provisions of Section 4 with respect to a particular transaction shall be deemed to
apply to the express rights and obligations herein of all Rights Holders in the same fashion if such waiver does so by its terms, notwithstanding the fact that certain Rights Holders may nonetheless, by agreement with the Company, purchase
securities in such transaction), provided, however, that (1) in the event any Major Investor (including its Affiliates) purchases any New Securities in any issuance of New Securities by the Company following an amendment, modification or
wavier of Section 4 or the definition of “Additional Shares of Common Stock” under the Restated Certificate (a “Participating Investor”), then each other Major Investor that did not consent to such amendment,
modification or wavier shall be given the opportunity to participate in such offering and to purchase the same proportion (up to 100%) of such Major Investor’s pro rata share of the New Securities being offered by the Company in the relevant
transaction as is being purchased by the Participating Investor purchasing the largest proportion of such Participating Investor’s pro rata share and (2) if the provisions of Section 4 are waived without the consent of
OSI and/or RA Capital (such non-consenting investor or investors, the “Non-Consenting Investor”) each Non-Consenting Investor shall have the opportunity to purchase (with the benefit of
Section 6.8) the lesser of (i) its pro rata portion of the New Securities as determined in accordance with Section 4.1 

  
 29 

 
and (ii) such additional New Securities such that the fully-diluted ownership of such Non-Consenting Investor equals 20% after such issuance of New Securities to the Non-Consenting Investor
pursuant to this provision (for the avoidance of doubt, the term “fully diluted ownership” as used in this Section 6.6 shall be calculated by adding the number of outstanding shares of capital stock, plus the number of shares
of capital stock subject to issuance under outstanding options or warrants or other convertible securities, plus the number of shares of Company Common Stock reserved for issuance (excluding shares of capital stock subject to issuance under
outstanding options) pursuant to the Company’s stock option, equity incentive or similar agreement); and (b) Sections 1.21, 3.1, 3.2, Section 4 and any other section of this Agreement applicable
to the Major Investors (including this clause (b) of this Section 6.6) may be amended, modified, terminated or waived (solely with respect to the Major Investors) with only the written consent of the Company and the holders
of at least a majority of the Registrable Securities then outstanding and held by the Major Investors, except, in each case, for such terminations as are expressly provided in Sections 2.13, 3.4, 4.2 and 5.17.
Notwithstanding the foregoing, (t) Sections 1.5, 1.20, 3.1, 3.3(a), 5.6, 5.7, 5.8, and 5.11 and this subclause (t) may not be amended, modified or terminated
without the written consent of RA Capital, (u) Sections 1.5, 1.20, 3.1, 3.3(b), 5.6, 5.7 and 5.8 and this subclause (u) may not be amended, modified or terminated without
the written consent of OSI, (v) Sections 1.5, 1.20, 5.13, 5.14 and this subclause (v) may not be amended, modified or terminated without the written consent of the University,
(w) Section 1.5 and this subclause (w) may not be amended, modified or terminated without the written consent of Deerfield, (x) Section 1.5 and this subclause (x) may not be amended,
modified or terminated without the written consent of Averill, (y) Sections 5.15(a) and (b) and this subclause (y) may not be amended, modified or terminated without the written consent of
Viking and (z) Section 3.3(c) and this subclause (z) may not be amended, modified or terminated without the written consent of the holders of a majority of the shares of the Company’s capital stock then held
by the Founders then providing services to the Company as an employee or independent contractor, except, in each case of subclause (t) through (z), for such terminations as are expressly provided in Sections 2.13, 3.4,
4.2 and 5.17. Further, the consent of the Key Holders shall not be required for any amendment, modification, termination or waiver if such amendment, modification, termination, or waiver either (A) is not directly
applicable to the rights of the Key Holders hereunder; or (B) does not adversely affect the express rights and obligations herein of the Key Holders in a manner that is different than the effect on the express rights and obligations
herein of the other parties hereto. Notwithstanding the foregoing, Schedule A hereto may be amended by the Company from time to time to add transferees of any Registrable Securities in compliance with the terms of this Agreement without
the consent of the other parties; Schedule A hereto may also be amended by the Company after the date of this Agreement without the consent of the other parties to add information regarding any additional Investor who becomes a party to
this Agreement in accordance with Section 6.9; and Schedule B hereto may be amended by the Company after the date of this Agreement to add any additional Key Holder who becomes a party to this Agreement in accordance with the
terms hereof. Any amendment, modification, 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 (1) 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 (1) or more of the provisions contained in this Agreement is for any
reason held to be invalid, illegal or unenforceable in any respect, such 

  
 30 

 
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;
Apportionment. All shares held or acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliated Persons may apportion such rights as among themselves in
any manner they deem appropriate. 
 6.9    Additional Investors. Notwithstanding anything to the contrary
contained herein, if the Company issues additional shares of Preferred Stock after the date hereof, any purchaser of such shares of Preferred Stock may become a party to this Agreement by executing and delivering an additional counterpart signature
page to this Agreement, and thereafter shall be deemed an “Investor” for all purposes hereunder. No action or consent by the Investors shall be required for such joinder to this Agreement by such additional Investor, so long as such
additional Investor has agreed in writing to be bound by all of the obligations as an “Investor” hereunder. 

6.10    Entire Agreement. Upon the effectiveness of this Agreement, the Prior Agreement shall be deemed amended and
restated to read in its entirety as set forth in this Agreement. This Agreement (including any Schedules hereto) , the Restated Certificate and the other Transaction Agreements (as defined in the Purchase Agreement), constitute the full and entire
understanding and agreement among the parties with respect to the subject matter hereof, except, with respect to any Investor, as modified by any side letter agreement between such Investor and the Company, and any other written or oral agreement
relating to the subject matter hereof existing between the parties is expressly canceled. 
 6.11    Dispute
Resolution. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of Delaware and to the jurisdiction of the United States District Court for the District 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 state courts of
Delaware or the United States District Court for the District 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. 
 WAIVER OF JURY TRIAL: EACH PARTY
HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION AGREEMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO
BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING
NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY 

  
 31 

 
DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS
WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 

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

6.13    Limitation on Liability. The total liability, in the aggregate, of each Investor for any and all claims,
losses, costs or damages, including attorneys’ and accountants’ fees and expenses and costs of any nature whatsoever or claims or expenses resulting from or in any way related to this Agreement or from any cause or causes (collectively,
“Claims”) shall be several and not joint with the other Investors and shall not exceed the total consideration payable to the Company by such Investor for the Shares (as defined in the Purchase Agreement) under the Purchase
Agreement, except in the case of such Purchaser’s indemnification obligations pursuant to this Agreement. No Affiliate, officer, director, employee or agent of any Investor shall have any liability for any Claim whatsoever. It is intended that
this limitation apply to any and all liability or cause of action however alleged or arising, unless otherwise prohibited by law. 

[Signature Pages Follow] 

  
 32 

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

			
	COMPANY:
	
	PEPGEN INC.
		
	By:	 	 /s/ James McArthur, Ph.D.

			
	Name:	 	James McArthur, Ph.D.
	Title:	 	Chief Executive Officer

  
 SIGNATURE
PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENTEX-10.1

 Exhibit 10.1 

PEPGEN INC. 

2020 STOCK PLAN 

ADOPTED ON NOVEMBER 23, 2020 

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 SECTION 1.    ESTABLISHMENT AND PURPOSE.
	  	 	1	 
		
	 SECTION 2.    ADMINISTRATION.
	  	 	1	 
			
	 (a)
	  	Committees of the Board of Directors	  	 	1	 
	 (b)
	  	Authority of the Board of Directors	  	 	1	 
		
	 SECTION 3.    ELIGIBILITY.
	  	 	1	 
			
	 (a)
	  	General Rule	  	 	1	 
	 (b)
	  	Ten-Percent Stockholders	  	 	1	 
		
	 SECTION 4.    STOCK SUBJECT TO PLAN.
	  	 	2	 
			
	 (a)
	  	Basic Limitation	  	 	2	 
	 (b)
	  	Additional Shares	  	 	2	 
		
	 SECTION 5.    TERMS AND CONDITIONS OF AWARDS OR SALES.
	  	 	2	 
			
	 (a)
	  	Stock Grant or Purchase Agreement	  	 	2	 
	 (b)
	  	Duration of Offers and Nontransferability of Rights	  	 	2	 
	 (c)
	  	Purchase Price	  	 	2	 
		
	 SECTION 6.    TERMS AND CONDITIONS OF OPTIONS.
	  	 	3	 
			
	 (a)
	  	Stock Option Agreement	  	 	3	 
	 (b)
	  	Number of Shares	  	 	3	 
	 (c)
	  	Exercise Price	  	 	3	 
	 (d)
	  	Vesting and Exercisability	  	 	3	 
	 (e)
	  	Basic Term	  	 	3	 
	 (f)
	  	Termination of Service (Except by Death)	  	 	4	 
	 (g)
	  	Leaves of Absence	  	 	4	 
	 (h)
	  	Death of Optionee	  	 	4	 
	 (i)
	  	Restrictions on Transfer of Options	  	 	5	 
	 (j)
	  	No Rights as a Stockholder	  	 	5	 
	 (k)
	  	Modification, Extension and Assumption of Options	  	 	5	 
	 (l)
	  	Company’s Right to Cancel Certain Options	  	 	5	 
		
	 SECTION 7.    TERMS AND CONDITIONS OF RESTRICTED STOCK
UNITS
	  	 	5	 
			
	 (a)
	  	Restricted Stock Unit Agreement	  	 	6	 
	 (b)
	  	Payment for Restricted Stock Units	  	 	6	 
	 (c)
	  	Vesting Conditions	  	 	6	 
	 (d)
	  	Forfeiture	  	 	6	 
	 (e)
	  	Voting and Dividend Rights	  	 	6	 
	 (f)
	  	Form and Time of Settlement of Restricted Stock Units	  	 	6	 
	 (g)
	  	Death of Recipient	  	 	6	 
	 (h)
	  	Creditors’ Rights	  	 	6	 
	 (i)
	  	Modification, Extension and Assumption of Restricted Stock Units	  	 	7	 
	 (j)
	  	Restrictions on Transfer of Restricted Stock Units	  	 	7	 

  
 i 

							
	 	  	 	  	Page	 
	 SECTION 8.    PAYMENT FOR SHARES.
	  	 	7	 
			
	 (a)
	  	General Rule	  	 	7	 
	 (b)
	  	Services Rendered	  	 	7	 
	 (c)
	  	Promissory Note	  	 	7	 
	 (d)
	  	Surrender of Stock	  	 	7	 
	 (e)
	  	Cashless Exercise	  	 	7	 
	 (f)
	  	Net Exercise	  	 	7	 
	 (g)
	  	Other Forms of Payment	  	 	8	 
		
	 SECTION 9.    ADJUSTMENT OF SHARES.
	  	 	8	 
			
	 (a)
	  	General	  	 	8	 
	 (b)
	  	Corporate Transactions	  	 	8	 
	 (c)
	  	Dissolution or Liquidation	  	 	10	 
	 (d)
	  	Reservation of Rights	  	 	10	 
		
	 SECTION 10.  MISCELLANEOUS PROVISIONS.
	  	 	10	 
			
	 (a)
	  	Securities Law Requirements	  	 	10	 
	 (b)
	  	No Retention Rights	  	 	10	 
	 (c)
	  	Treatment as Compensation	  	 	10	 
	 (d)
	  	Governing Law	  	 	10	 
	 (e)
	  	Conditions and Restrictions on Shares	  	 	10	 
	 (f)
	  	Tax Matters	  	 	11	 
		
	 SECTION 11.  DURATION AND AMENDMENTS; STOCKHOLDER APPROVAL.
	  	 	12	 
			
	 (a)
	  	Term of the Plan	  	 	12	 
	 (b)
	  	Right to Amend or Terminate the Plan	  	 	12	 
	 (c)
	  	Effect of Amendment or Termination	  	 	12	 
	 (d)
	  	Stockholder Approval	  	 	12	 
		
	 SECTION 12. DEFINITIONS.
	  	 	12	 

  

  
 ii 

 PEPGEN INC. 2020 STOCK
PLAN 
 SECTION 1. ESTABLISHMENT AND PURPOSE. 

The purpose of this Plan is to attract, incentivize and retain Employees, Outside Directors and Consultants through the grant of Awards. The
Plan provides for the direct award or sale of Shares, the grant of Options to purchase Shares and the grant of Restricted Stock Units to acquire Shares. Options granted under the Plan may be ISOs intended to qualify under Code Section 422 or
NSOs which are not intended to so qualify. 
 Capitalized terms are defined in Section 12. 

SECTION 2. ADMINISTRATION. 

(a)    Committees of the Board of Directors. The Plan may be administered by one or
more Committees. Each Committee shall consist, as required by applicable law, of one or more members of the Board of Directors who have been appointed by the Board of Directors. Each Committee shall have such authority and be responsible for such
functions as the Board of Directors has assigned to it. If no Committee has been appointed, the entire Board of Directors shall administer the Plan. Any reference to the Board of Directors in the Plan or an Award Agreement shall be construed as a
reference to the Committee (if any) to whom the Board of Directors has assigned a particular function. 

(b)    Authority of the Board of Directors. Subject to the provisions of the Plan,
the Board of Directors shall have full authority and discretion to take any actions it deems necessary or advisable for the administration of the Plan. Notwithstanding anything to the contrary in the Plan, with respect to the terms and conditions of
awards granted to Participants outside the United States, the Board of Directors may vary from the provisions of the Plan to the extent it determines it necessary and appropriate to do so; provided that it may not vary from those Plan terms
requiring stockholder approval pursuant to Section 11(d) below. All decisions, interpretations and other actions of the Board of Directors shall be final and binding on all Participants and all persons deriving their rights from a Participant.

 SECTION 3. ELIGIBILITY. 

(a)    General Rule. Employees, Outside Directors and Consultants shall be eligible
for the grant of Awards under the Plan. However, only Employees shall be eligible for the grant of ISOs. 

(b)    Ten-Percent Stockholders. A person
who owns more than 10% of the total combined voting power of all classes of outstanding stock of the Company, its Parent or any of its Subsidiaries shall not be eligible for the grant of an ISO unless (i) the Exercise Price is at least 110% of
the Fair Market Value of a Share on the Date of Grant and (ii) such ISO by its terms is not exercisable after the expiration of five years from the Date of Grant. For purposes of this Subsection (b), in determining stock ownership, the
attribution rules of Code Section 424(d) shall be applied. 

 SECTION 4. STOCK SUBJECT TO PLAN. 

(a)    Basic Limitation. Not more than 39,239 Shares may be issued under the Plan,
subject to Subsection (b) below and Section 9(a).1 All of these Shares may be issued upon the exercise of ISOs. The Company, during the term of the Plan, shall at all times reserve and
keep available sufficient Shares to satisfy the requirements of the Plan. Shares offered under the Plan may be authorized but unissued Shares or treasury Shares. 

(b)    Additional Shares. In the event that Shares previously issued under the
Plan are forfeited to or repurchased by the Company due to failure to vest, such Shares shall be added to the number of Shares then available for issuance under the Plan. In the event that Shares that otherwise would have been issuable under the
Plan are withheld by the Company in payment of the Purchase Price, Exercise Price or withholding taxes, such Shares shall remain available for issuance under the Plan. In the event that an outstanding Option, Restricted Stock Unit or other right for
any reason expires or is canceled, the Shares allocable to the unexercised or unsettled portion of such Option, Restricted Stock Unit or other right shall remain available for issuance under the Plan. To the extent an Award is settled in cash, the
cash settlement shall not reduce the number of Shares remaining available for issuance under the Plan. Notwithstanding the foregoing, in the case of ISOs, this Subsection (b) shall be subject to any limitations imposed under Section 422 of
the Code and the treasury regulations thereunder. 
 SECTION 5. TERMS AND CONDITIONS OF AWARDS OR SALES. 

(a)    Stock Grant or Purchase Agreement. Each award of Shares under the Plan shall
be evidenced by a Stock Grant Agreement between the Grantee and the Company. Each sale of Shares under the Plan (other than upon exercise of an Option) shall be evidenced by a Stock Purchase Agreement between the Purchaser and the Company. Such
award or sale shall be subject to all applicable terms and conditions of the Plan and may be subject to any other terms and conditions which are not inconsistent with the Plan and which the Board of Directors deems appropriate for inclusion in a
Stock Grant Agreement or Stock Purchase Agreement. The provisions of the various Stock Grant Agreements and Stock Purchase Agreements entered into under the Plan need not be identical. 

(b)    Duration of Offers and Nontransferability of Rights. Any right to purchase
Shares under the Plan (other than an Option) shall automatically expire if not exercised by the Purchaser within 30 days (or such other period as may be specified in the Award Agreement) after the grant of such right was communicated to the
Purchaser by the Company. Such right is not transferable and may be exercised only by the Purchaser to whom such right was granted. 
 
(c)    Purchase Price. The Board of Directors shall determine the Purchase Price of Shares to be offered under the Plan at its sole discretion. The Purchase Price shall be payable in a form described in Section 8.

  

	1 	 Please refer to Exhibit A for a schedule of the initial share reserve and any subsequent increases in the
reserve. 

  
 2 

 SECTION 6. TERMS AND CONDITIONS OF OPTIONS. 

(a)    Stock Option Agreement. Each grant of an Option under the Plan shall be
evidenced by a Stock Option Agreement between the Optionee and the Company. The Option shall be subject to all applicable terms and conditions of the Plan and may be subject to any other terms and conditions that are not inconsistent with the Plan
and that the Board of Directors deems appropriate for inclusion in a Stock Option Agreement. The provisions of the various Stock Option Agreements entered into under the Plan need not be identical. 

(b)    Number of Shares. Each Stock Option Agreement shall specify the number of
Shares that are subject to the Option and shall provide for the adjustment of such number in accordance with Section 9. The Stock Option Agreement shall also specify whether the Option is an ISO or an NSO. 

(c)    Exercise Price. 

(i)    General. Each Stock Option Agreement shall specify the Exercise Price, which shall be payable
in a form described in Section 8. Subject to the remaining provisions of this Subsection (c), the Exercise Price shall be determined by the Board of Directors in its sole discretion. 

(ii)    ISOs. The Exercise Price of an ISO shall not be less than 100% of the Fair Market Value of a
Share on the Date of Grant, and a higher percentage may be required by Section 3(b). This Subsection (c)(ii) shall not apply to an ISO granted pursuant to an assumption of, or substitution for, another incentive stock option in a manner that
complies with Code Section 424(a). 
 (iii)    NSOs. Except as specifically set forth in this
Subsection (c)(iii), the Exercise Price of an NSO shall not be less than 100% of the Fair Market Value of a Share on the Date of Grant. This Subsection (c)(iii) shall not apply to an NSO granted to a person who is not a U.S. taxpayer on the Date of
Grant or to an NSO that is intended either to be exempt from Code Section 409A as a “short-term deferral” or to comply with the requirements of Code Section 409A. In addition, this Subsection (c)(iii) shall not apply to an NSO
granted pursuant to an assumption of, or substitution for, another stock option in a manner that complies with Code Section 
409A. 
 (d)    Vesting and Exercisability. Each Stock Option Agreement shall
specify the date when all or any installment of the Option is to become vested and exercisable. No Option shall be exercisable unless the Optionee (i) has delivered an executed copy of the Stock Option Agreement to the Company or
(ii) otherwise agrees to be bound by the terms of the Stock Option Agreement. The Board of Directors shall determine the vesting and exercisability provisions of the Stock Option Agreement at its sole discretion. 

(e)    Basic Term. The Stock Option Agreement shall specify the term of the
Option. The term shall not exceed 10 years from the Date of Grant, and in the case of an ISO, a shorter term may be required by Section 3(b). Subject to the preceding sentence, the Board of Directors at its sole discretion shall determine when
an Option is to expire. 

  
 3 

 (f)    Termination of Service
(Except by Death). If an Optionee’s Service terminates for any reason other than the Optionee’s death, then the Optionee’s Options shall expire on the earliest of the following dates: 

(i)    The expiration date determined pursuant to Subsection (e) above; 

(ii)    The date three months after the termination of the Optionee’s Service for any reason other
than Disability, or such earlier or later date as the Board of Directors may determine (but in no event earlier than 30 days after the termination of the Optionee’s Service); or 

(iii)    The date six months after the termination of the Optionee’s Service by reason of Disability,
or such later date as the Board of Directors may determine. 
 The Optionee may exercise all or part of the Optionee’s Options at any time before the
expiration of such Options under the preceding sentence, but only to the extent that such Options had become exercisable before the Optionee’s Service terminated (or became exercisable as a result of the termination) and the underlying Shares
had vested before the Optionee’s Service terminated (or vested as a result of the termination). In the event that the Optionee dies after the termination of the Optionee’s Service but before the expiration of the Optionee’s Options,
all or part of such Options may be exercised (prior to expiration) by the executors or administrators of the Optionee’s estate or by any person who has acquired such Options directly from the Optionee by beneficiary designation, bequest or
inheritance, but only to the extent that such Options had become exercisable before the Optionee’s Service terminated (or became exercisable as a result of the termination) and the underlying Shares had vested before the Optionee’s Service
terminated (or vested as a result of the termination). In no event will an Option, or the Shares underlying an Option, become vested and/or exercisable after termination of the Optionee’s Service unless the Board of Directors takes affirmative
action or unless expressly provided in a written agreement between the Company and the Optionee. 

(g)    Leaves of Absence. For purposes of Subsection (f) above, Service shall
be deemed to continue while the Optionee is on a bona fide leave of absence approved by the Company in writing. 
 
(h)    Death of Optionee. If an Optionee dies while the Optionee is in Service, then the Optionee’s Options shall expire on the earlier of the following dates: 

(i)    The expiration date determined pursuant to Subsection (e) above; or 

(ii)    The date 12 months after the Optionee’s death, or such earlier or later date as the Board of
Directors may determine (but in no event earlier than six months after the Optionee’s death). 
 All or part of the Optionee’s Options may be
exercised at any time before the expiration of such Options under the preceding sentence by the executors or administrators of the Optionee’s estate 

  
 4 

 
or by any person who has acquired such Options directly from the Optionee by beneficiary designation, bequest or inheritance, but only to the extent that such Options had become exercisable
before the Optionee’s death (or became exercisable as a result of the death) and the underlying Shares had vested before the Optionee’s death (or vested as a result of the Optionee’s death). In no event will an Option, or the Shares
underlying an Option, become vested and/or exercisable after the Optionee’s death unless the Board of Directors takes affirmative action or unless expressly provided in a written agreement between the Company and the Optionee. 

(i)    Restrictions on Transfer of Options. An Option shall be transferable by the
Optionee only by (i) a beneficiary designation, (ii) a will or (iii) the laws of descent and distribution, except as provided in the next sentence. If the Board of Directors so provides, in a Stock Option Agreement or otherwise, an
NSO may be transferable to the extent permitted by Rule 701 under the Securities Act. An ISO may be exercised during the lifetime of the Optionee only by the Optionee or by the Optionee’s guardian or legal representative. 

(j)    No Rights as a Stockholder. An Optionee, or a transferee of an Optionee,
shall have no rights as a stockholder with respect to any Shares covered by the Optionee’s Option until such person submits a notice of exercise, pays the Exercise Price and satisfies all applicable withholding taxes pursuant to the terms of
such Option. 
 (k)    Modification, Extension and Assumption of Options. Within
the limitations of the Plan, the Board of Directors may modify, reprice, extend or assume outstanding Options or may accept the cancellation of outstanding options (whether granted by the Company or another issuer) in return for the grant of new
Options or a different type of award for the same or a different number of Shares and at the same or a different Exercise Price (if applicable). The foregoing notwithstanding, no modification of an Option shall, without the consent of the Optionee,
impair the Optionee’s rights or increase the Optionee’s obligations under such Option; provided, however, that a modification of an Option that is otherwise favorable to the Optionee (for example, providing the Optionee with additional
time to exercise the Option after termination of employment or providing for additional forms of payment) but causes the Option to lose its tax-favored status (for example, as an ISO) shall not require the
consent of the Optionee. 
 (l)    Company’s Right to Cancel
Certain Options. Any other provision of the Plan or a Stock Option Agreement notwithstanding, the Company shall have the right at any time to cancel an Option that was not granted in compliance with Rule 701 under the Securities Act. Prior to
canceling such Option, the Company shall give the Optionee not less than 30 days’ notice in writing. If the Company elects to cancel such Option, it shall deliver to the Optionee consideration with an aggregate value equal to the excess of
(i) the Fair Market Value of the Shares subject to such Option as of the time of the cancellation over (ii) the Exercise Price of such Option. The consideration may be delivered in the form of cash or cash equivalents, in the form of
Shares, or a combination of both. If the consideration would be a negative amount, such Option may be cancelled without the delivery of any consideration. 

SECTION 7. TERMS AND CONDITIONS OF RESTRICTED STOCK UNITS 

  
 5 

 (a)    Restricted Stock Unit
Agreement. Each grant of Restricted Stock Units under the Plan shall be evidenced by a Restricted Stock Unit Agreement between the recipient and the Company. Such Restricted Stock Units shall be subject to all applicable terms and conditions of
the Plan and may be subject to any other terms and conditions that are not inconsistent with the Plan and which the Board of Directors deems appropriate for inclusion in a Restricted Stock Unit Agreement. The provisions of the various Restricted
Stock Unit Agreements entered into under the Plan need not be identical. 

(b)    Payment for Restricted Stock Units. No cash consideration shall be required
of the recipient in connection with the grant of Restricted Stock Units. 

(c)    Vesting Conditions. Each Restricted Stock Unit Agreement shall specify the
vesting requirements applicable to the Restricted Stock Units subject thereto, which the Board of Directors shall determine in its sole discretion. 

(d)    Forfeiture. Unless a Restricted Stock Unit Agreement provides otherwise,
upon termination of the recipient’s Service and upon such other times specified in the Restricted Stock Unit Agreement, any unvested Restricted Stock Units shall be forfeited to the Company. 

(e)    Voting and Dividend Rights. The holders of Restricted Stock Units shall
have no voting rights. Prior to settlement or forfeiture, any Restricted Stock Unit granted under the Plan may, at the discretion of the Board of Directors, carry with it a right to dividend equivalents. Such right entitles the holder to be credited
with an amount equal to all cash dividends paid on one Share while the Restricted Stock Unit is outstanding. Dividend equivalents may be converted into additional Restricted Stock Units. Settlement of dividend equivalents may be made in the form of
cash, in the form of Shares, or in a combination of both. Prior to distribution, any dividend equivalents that are not paid shall be subject to the same conditions and restrictions as the Restricted Stock Units to which they attach. 

(f)    Form and Time of Settlement of Restricted Stock Units. Settlement of vested
Restricted Stock Units may be made in the form of (i) cash, (ii) Shares or (iii) any combination of both, as determined by the Board of Directors. The actual number of Restricted Stock Units eligible for settlement may be larger or smaller
than the number included in the original award, based on predetermined performance factors. Vested Restricted Stock Units shall be settled in such manner and at such time(s) as specified in the Restricted Stock Unit Agreement. Until Restricted Stock
Units are settled, the number of Shares represented by such Restricted Stock Units shall be subject to adjustment pursuant to Section 9. 

(g)    Death of Recipient. Any Restricted Stock Units that become distributable
after the Participant’s death shall be distributed to the Participant’s estate or to any person who has acquired such Restricted Stock Units directly from the recipient by beneficiary designation, bequest or inheritance. 

(h)    Creditors’ Rights. A holder of Restricted Stock Units
shall have no rights other than those of a general creditor of the Company. Restricted Stock Units represent an unfunded and unsecured obligation of the Company, subject to the terms and conditions of the applicable Restricted Stock Unit Agreement.

  
 6 

 (i)    Modification, Extension and
Assumption of Restricted Stock Units. 
 Within the limitations of the Plan, the Board of Directors may modify, extend or assume outstanding restricted
stock units (whether granted by the Company or a different issuer). The foregoing notwithstanding, no modification of a Restricted Stock Unit shall, without the consent of the Participant, impair the Participant’s rights or increase the
Participant’s obligations under such Restricted Stock Unit. 

(j)    Restrictions on Transfer of Restricted Stock Units. A Restricted Stock Unit
shall be transferable by the Participant only by (i) a beneficiary designation, (ii) a will or (iii) the laws of descent and distribution, except as provided in the next sentence. In addition, if the Board of Directors so provides, in
a Restricted Stock Unit Agreement or otherwise, a Restricted Stock Unit shall also be transferable to the extent permitted by Rule 701 under the Securities Act. 

SECTION 8. PAYMENT FOR SHARES. 

(a)    General Rule. The entire Purchase Price or Exercise Price of Shares issued
under the Plan shall be payable in cash or cash equivalents at the time when such Shares are purchased, except as otherwise provided in this Section 8. In addition, the Board of Directors in its sole discretion may also permit payment through
any of the methods described in (b) through (g) below. 
 (b)    Services
Rendered. Shares may be awarded under the Plan in consideration of services rendered to the Company, a Parent or a Subsidiary prior to the award. 

(c)    Promissory Note. All or a portion of the Purchase Price or Exercise Price
(as the case may be) of Shares issued under the Plan may be paid with a promissory note. The Shares shall be pledged as security for payment of the principal amount of the promissory note and interest thereon. The interest rate payable under the
terms of the promissory note shall not be less than the minimum rate (if any) required to avoid the imputation of additional interest under the Code. Subject to the foregoing, the Board of Directors in its sole discretion shall specify the term,
interest rate, recourse, amortization requirements (if any) and other provisions of such note. 

(d)    Surrender of Stock. All or any part of the Exercise Price may be paid by
surrendering, or attesting to the ownership of, Shares that are already owned by the Optionee. Such Shares shall be surrendered to the Company in good form for transfer and shall be valued at their Fair Market Value as of the date when the Option is
exercised. 
 (e)    Cashless Exercise. All or part of the Exercise Price and
any withholding taxes may be paid pursuant to a cashless exercise arrangement (whether through a securities broker or otherwise) established by the Company whereby Shares subject to an Option are sold and all or part of the sale proceeds are
delivered to the Company. 
 (f)    Net Exercise. An Option may permit exercise
through a “net exercise” arrangement pursuant to which the Company will reduce the number of Shares issued upon exercise by the largest whole number of Shares having an aggregate Fair Market Value (determined by the Board of Directors as
of the exercise date) that does not exceed the aggregate Exercise Price or the sum of the aggregate Exercise Price and any withholding taxes (with the 

  
 7 

 
Company accepting from the Optionee payment of cash or cash equivalents to satisfy any remaining balance of the aggregate Exercise Price and, if applicable, any additional withholding taxes not
satisfied through such reduction in Shares); provided that to the extent Shares subject to an Option are withheld in this manner, the number of Shares subject to the Option following the net exercise will be reduced by the sum of the number
of Shares withheld and the number of Shares delivered to the Optionee as a result of the exercise. 

(g)    Other Forms of Payment. To the extent that an Award Agreement so provides,
the Purchase Price or Exercise Price of Shares issued under the Plan may be paid in any other form permitted by the Delaware General Corporation Law, as amended. 

SECTION 9. ADJUSTMENT OF SHARES. 

(a)    General. In the event of a subdivision of the outstanding Stock, a
declaration of a dividend payable in Shares, a combination or consolidation of the outstanding Stock into a lesser number of Shares, a reclassification, or any other increase or decrease in the number of issued shares of Stock effected without
receipt of consideration by the Company, proportionate adjustments shall automatically be made, as applicable, in each of (i) the number and kind of Shares available under Section 4, (ii) the number and kind of Shares covered by each
outstanding Option, Award of Restricted Stock Units and any outstanding and unexercised right to purchase Shares that has not yet expired pursuant to Section 5(b), (iii) the Exercise Price under each outstanding Option and the Purchase Price
applicable to any unexercised stock purchase right described in clause (ii) above, and (iv) any repurchase price that applies to Shares granted under the Plan pursuant to the terms of a Company repurchase right under the applicable Award
Agreement. In the event of a declaration of an extraordinary dividend payable in a form other than Shares in an amount that has a material effect on the Fair Market Value of the Stock, a recapitalization, a
spin-off, or a similar occurrence, the Board of Directors at its sole discretion may make appropriate adjustments in one or more of the items listed in clauses (i) through (iv) above; provided, however,
that the Board of Directors shall in any event make such adjustments as may be required by Section 25102(o) of the California Corporations Code to the extent the Company is relying on the exemption afforded thereunder with respect to an Award.
No fractional Shares shall be issued under the Plan as a result of an adjustment under this Section 9(a), although the Board of Directors in its sole discretion may make a cash payment in lieu of fractional Shares. 

(b)    Corporate Transactions. In the event that the Company is a party to a
merger or consolidation, or in the event of a sale of all or substantially all of the Company’s stock or assets, all Shares acquired under the Plan and all Awards outstanding on the effective date of the transaction shall be treated in the
manner described in the definitive transaction agreement (or, in the event the transaction does not entail a definitive agreement to which the Company is party, in the manner determined by the Board of Directors in its capacity as administrator of
the Plan, with such determination having final and binding effect on all parties), which agreement or determination need not treat all Awards (or all portions of an Award) in an identical manner. The treatment specified in the transaction agreement
or as determined by the Board of Directors may include (without limitation) one or more of the following with respect to each outstanding Award: 

(i)    The Company, the surviving corporation or a parent thereof may continue or assume the Award or
substitute a comparable award for the Award 

  
 8 

 
(including, but not limited to, an award to acquire the same consideration paid to the holders of Shares in the transaction). For avoidance of doubt, a comparable award need not be the same type
of award as the Award for which it is substituted, and, in the case of an Option, need not have the same tax-status (e.g., an NSO may be substituted for an ISO). 

(ii)    The cancellation of the Award and a payment to the Participant with respect to each Share subject
to the portion of the Award that is vested as of the transaction date equal to the excess of (A) the value, as determined by the Board of Directors in its absolute discretion, of the property (including cash) received by the holder of a share
of Stock as a result of the transaction, over (if applicable) (B) the per-Share Exercise Price of the Award (such excess, the “Spread”). Such payment shall be made in the form of cash,
cash equivalents, or securities of the surviving corporation or its parent having a value equal to the Spread. In addition, any escrow, indemnification, holdback, earn-out or similar provisions in the
transaction agreement may apply to such payment to the same extent and in the same manner as such provisions apply to the holders of Stock. Receipt of the payment described in this Subsection (b)(ii) may be conditioned upon the Participant
acknowledging such escrow, indemnification, holdback, earn-out or other provisions on a form prescribed by the Company. If the Spread applicable to an Award is zero or a negative number, then the Award may be cancelled without making a payment to
the Participant. 
 (iii)    Even if the Spread applicable to an Option is a positive number, the Option
may be cancelled without the payment of any consideration; provided that the Optionee shall be notified of such treatment and given an opportunity to exercise the Option (to the extent the Option is vested or becomes vested as of the effective date
of the transaction) during a period of not less than five (5) business days preceding the effective date of the transaction, unless (A) a shorter period is required to permit a timely closing of the transaction and (B) such shorter
period still offers the Optionee a reasonable opportunity to exercise the Option. 
 (iv)    In the case
of an Option: (A) suspension of the Optionee’s right to exercise the Option during a limited period of time preceding the closing of the transaction if such suspension is administratively necessary to facilitate the closing of the
transaction and/or (B) termination of any right the Optionee has to exercise the Option prior to vesting in the Shares subject to the Option (i.e., “early exercise”), such that following the closing of the transaction the Option may
only be exercised to the extent it is vested. 
 For the avoidance of doubt, the Board of Directors has discretion to accelerate, in whole or part, the
vesting and exercisability of an Award in connection with a corporate transaction covered by this Section 9(b). 

  
 9 

 (c)    Dissolution or
Liquidation. To the extent not previously exercised or settled, Options, Restricted Stock Units and other rights to purchase Shares shall terminate immediately prior to the liquidation or dissolution of the Company. 

(d)    Reservation of Rights. Except as provided in Section 7(e) or this
Section 9, a Participant shall have no rights by reason of (i) any subdivision or consolidation of shares of stock of any class, (ii) the payment of any dividend or (iii) any other increase or decrease in the number of shares of
stock of any class. Any issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number or Exercise
Price of Shares subject to an Award. The grant of an Award pursuant to the Plan shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structure, to
merge or consolidate or to dissolve, liquidate, sell or transfer all or any part of its business or assets. 
 SECTION
10. MISCELLANEOUS PROVISIONS. 
 (a)    Securities Law Requirements. Shares
shall not be issued under the Plan unless, in the opinion of counsel acceptable to the Board of Directors, the issuance and delivery of such Shares complies with (or is exempt from) all applicable requirements of law, including (without limitation)
the Securities Act, the rules and regulations promulgated thereunder, state securities laws and regulations, and the regulations of any stock exchange or other securities market on which the Company’s securities may then be traded. The Company
shall not be liable for a failure to issue Shares as a result of such requirements. Without limiting the foregoing, the Company may suspend the exercise of some or all outstanding Options for a period of up to 60 days in order to facilitate
compliance with Securities Act Rule 701(e). 
 (b)    No Retention Rights.
Nothing in the Plan or in any right or Award granted under the Plan shall confer upon the Participant any right to continue in Service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company
(or any Parent or Subsidiary employing or retaining the Participant) or of the Participant, which rights are hereby expressly reserved by each, to terminate his or her Service at any time and for any reason, with or without cause. 

(c)    Treatment as Compensation. Any compensation that an individual earns or is
deemed to earn under this Plan shall not be considered a part of his or her compensation for purposes of calculating contributions, accruals or benefits under any other plan or program that is maintained or funded by the Company, a Parent or a
Subsidiary. 
 (d)    Governing Law. The Plan and all awards, sales and grants
under the Plan shall be governed by, and construed in accordance with, the laws of the State of Delaware (except its choice-of-law provisions), as such laws are applied
to contracts entered into and performed in such State. 
 (e)    Conditions and
Restrictions on Shares. Shares issued under the Plan shall be subject to such forfeiture conditions, rights of repurchase, rights of first refusal, other transfer restrictions and such other terms and conditions as the Board of Directors may
determine. Such 

  
 10 

 
conditions and restrictions shall be set forth in the applicable Award Agreement and shall apply in addition to any restrictions that may apply to holders of Shares generally. In addition, Shares
issued under the Plan shall be subject to conditions and restrictions imposed either by applicable law or by Company policy, as adopted from time to time, designed to ensure compliance with applicable law or laws with which the Company determines in
its sole discretion to comply including in order to maintain any statutory, regulatory or tax advantage, which (for avoidance of doubt) need not be set forth in the applicable Award Agreement. 

(f)    Tax Matters. 

(i)    As a condition to the award, grant, issuance, vesting, purchase, exercise, settlement or transfer of
any Award, or Shares issued pursuant to any Award, granted under this Plan, the Participant shall make such arrangements as the Board of Directors may require or permit for the satisfaction of any federal, state, local or foreign withholding tax
obligations that may arise in connection with such event. 
 (ii)    Unless otherwise expressly set forth
in an Award Agreement, it is intended that Awards shall be exempt from Code Section 409A, and any ambiguity in the terms of an Award Agreement and the Plan shall be interpreted consistently with this intent. To the extent an Award is not exempt
from Code Section 409A (any such award, a “409A Award”), any ambiguity in the terms of such Award and the Plan shall be interpreted in a manner that to the maximum extent permissible supports the Award’s compliance with
the requirements of that statute. Notwithstanding anything to the contrary permitted under the Plan, in no event shall a modification of an Award not already subject to Code Section 409A, or any subsequent action taken with respect to such
Award, be given effect if such modification or action would cause the Award to become subject to Code Section 409A unless the parties explicitly acknowledge and consent to the modification or action as one having that effect. A 409A Award shall
be subject to such additional rules and requirements as specified by the Board of Directors from time to time in order for it to comply with the requirements of Code Section 409A. In this regard, if any amount under a 409A Award is payable upon
a “separation from service” to an individual who is considered a “specified employee” (as each term is defined under Code Section 409A), then no such payment shall be made prior to the date that is the earlier of
(i) six months and one day after the Participant’s separation from service or (ii) the Participant’s death, but only to the extent such delay is necessary to prevent such payment from being subject to Section 409A(a)(1). In
addition, if a transaction subject to Section 9(b) constitutes a payment event with respect to any 409A Award, then the transaction with respect to such award must also constitute a “change in control event” as defined in Treasury
Regulation Section 1.409A-3(i)(5) to the extent required by Code Section 409A. 

(iii)    Neither the Company nor any member of the Board of Directors shall have any liability to a
Participant in the event an Award held by the Participant fails to achieve its intended characterization under applicable tax law. 

  
 11 

 SECTION 11. DURATION AND AMENDMENTS; STOCKHOLDER APPROVAL. 

(a)    Term of the Plan. The Plan, as set forth herein, shall become effective on
the date of its adoption by the Board of Directors, subject to approval of the Company’s stockholders under Subsection (d) below. The Plan shall terminate automatically 10 years after the later of (i) the date when the Board of
Directors adopted the Plan or (ii) the date when the Board of Directors approved the most recent increase in the number of Shares reserved under Section 4 that was also approved by the Company’s stockholders. The Plan may be
terminated on any earlier date pursuant to Subsection (b) below. 

(b)    Right to Amend or Terminate the Plan. Subject to Subsection (d) below,
the Board of Directors may amend, suspend or terminate the Plan at any time and for any reason. 

(c)    Effect of Amendment or Termination. No Shares shall be issued or sold and
no Award granted under the Plan after the termination thereof, except upon exercise or settlement of an Award granted under the Plan prior to such termination. Except as expressly provided in Section 6(k) above, the termination of the Plan, or
any amendment thereof, shall not affect any Share previously issued or any Award previously granted under the Plan. 
 
(d)    Stockholder Approval. To the extent required by applicable law, the Plan will be subject to approval of the Company’s stockholders within 12 months of its adoption date. An amendment of the Plan will be
subject to the approval of the Company’s stockholders only to the extent required by applicable laws, regulations or rules. 
 
SECTION 12. DEFINITIONS. 
 (a)    “Award” means any award granted under the Plan, including as
an Option, an award of Restricted Stock Units or the grant or sale of Shares pursuant to Section 5 of the Plan. 

(b)    “Award Agreement” means a Restricted Stock Unit Agreement, Stock Grant Agreement, Stock Option
Agreement or Stock Purchase Agreement or such other agreement evidencing an Award under the Plan. 

(c)    “Board of Directors” means the Board of Directors of the Company, as constituted from time to
time. 
 (d)    “Code” means the Internal Revenue Code of 1986, as amended. 

(e)    “Committee” means a committee of the Board of Directors, as described in Section 2(a). 

(f)    “Company” means PepGen Inc., a Delaware corporation. 

(g)    “Consultant” means a person, excluding Employees and Outside Directors, who performs bona fide
services for the Company, a Parent2 or a Subsidiary as a consultant or advisor and who qualifies as a consultant or advisor under Rule 701(c)(1) of the Securities Act or under Instruction
A.1.(a)(1) of Form S-8 under the Securities Act. 
  

	2 	 Note that special considerations apply if the Company proposes to grant awards to consultant or advisor of a
Parent company. 

  
 12 

 (h)    “Date of Grant” means the date of grant
specified in the Award Agreement, which date shall be the later of (i) the date on which the Board of Directors resolved to grant the Award or (ii) the first day of the Participant’s Service. 

(i)    “Disability” means that the Optionee is unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment. 
 (j)    “Employee” means any
individual who is a common-law employee of the Company, a Parent3 or a Subsidiary. 

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

(l)    “Exercise Price” means the amount for which one Share may be purchased upon exercise of an Option,
as specified by the Board of Directors in the applicable Stock Option Agreement. 
 (m)    “Fair Market
Value” means the fair market value of a Share, as determined by the Board of Directors in good faith. Such determination shall be conclusive and binding on all persons. 

(n)    “Grantee” means a person to whom the Board of Directors has awarded Shares under the Plan. 

(o)    “ISO” means an Option that qualifies as an incentive stock option as described in Code
Section 422(b). Notwithstanding its designation as an ISO, an Option that does not qualify as an ISO under applicable law shall be treated for all purposes as an NSO. 

(p)    “NSO” means an Option that does not qualify as an incentive stock option as described in Code
Section 422(b) or 423(b). 
 (q)    “Option” means an ISO or NSO granted under the Plan and
entitling the holder to purchase Shares. 
 (r)    “Optionee” means a person who holds an Option. 

(s)    “Outside Director” means a member of the Board of Directors who is not an Employee. 

(t)    “Parent” means any corporation (other than the Company) in an unbroken chain of corporations
ending with the Company, if each of the corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation that attains the
status of a Parent on a date after the adoption of the Plan shall be considered a Parent commencing as of such date. 
  

	3 	 Note that special considerations apply if the Company proposes to grant awards to an Employee of a Parent
company. 

  
 13 

 (u)    “Participant” means the holder of an outstanding
Award. 
 (v)    “Plan” means this PepGen Inc. 2020 Stock Plan. 

(w)    “Purchase Price” means the consideration for which one Share may be acquired under the Plan (other
than upon exercise of an Option), as specified by the Board of Directors. 
 (x)    “Purchaser” means a
person to whom the Board of Directors has offered the right to purchase Shares under the Plan (other than upon exercise of an Option). 

(y)    “Restricted Stock Unit” means a bookkeeping entry representing the equivalent of one Share, as
awarded under the Plan. 
 (z)    “Restricted Stock Unit Agreement” means the agreement between the
Company and the recipient of a Restricted Stock Unit that contains the terms, conditions and restrictions pertaining to such Restricted Stock Unit. 

(aa)    “Securities Act” means the Securities Act of 1933, as amended. 

(bb)    “Service” means service as an Employee, Outside Director or Consultant. In case of any dispute as
to whether and when Service has terminated, the Board of Directors shall have sole discretion to determine whether such termination has occurred and the effective date of such termination. 

(cc)    “Share” means one share of Stock, as adjusted in accordance with Section 9 (if applicable).

 (dd)    “Stock” means the Class A Common Stock of the Company. 

(ee)    “Stock Grant Agreement” means the agreement between the Company and a Grantee who is awarded
Shares under the Plan that contains the terms, conditions and restrictions pertaining to the award of such Shares. 

(ff)    “Stock Option Agreement” means the agreement between the Company and an Optionee that contains
the terms, conditions and restrictions pertaining to the Optionee’s Option. 
 (gg)    “Stock Purchase
Agreement” means the agreement between the Company and a Purchaser who purchases Shares under the Plan that contains the terms, conditions and restrictions pertaining to the purchase of such Shares. 

(hh)    “Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations
beginning with the Company, if each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total 

  
 14 

 
combined voting power of all classes of stock in one of the other corporations in such chain. A corporation that attains the status of a Subsidiary on a date after the adoption of the Plan shall
be considered a Subsidiary commencing as of such date. 

  
 15 

 EXHIBIT A 

SCHEDULE OF SHARES RESERVED FOR ISSUANCE UNDER THE PLAN 
  

							
	 Date of Board
Approval
	  	 Date of Stockholder
Approval
	  	 Number of
Shares Added
	  	 Cumulative
Number of
Shares

	 November 23, 2020
	  	November 23, 2020	  	Not Applicable	  	39,239
	 November 24, 2020
	  	November 24, 2020	  	10-for-1 forward stock split	  	392,391
	 March 22, 2021
	  		  	462,685	  	855,076
	 July 30, 2021
	  		  	855,076	  	2,396,882

  
 A-1 

 PEPGEN INC. 2020 STOCK
PLAN 
 NOTICE OF STOCK OPTION GRANT
(EARLY EXERCISE) 
 The Optionee has been granted the following option to purchase shares of the Class A Common Stock
of PepGen Inc. (the “Company”): 
  

			
	Name of Optionee:	  	«Name»
		
	Total Number of Shares:	  	«TotalShares»
		
	Type of Option:	  	«ISO» Incentive Stock Option (ISO)
		
	 	  	«NSO» Nonstatutory Stock Option (NSO)
		
	Exercise Price per Share:	  	$«PricePerShare»
		
	Date of Grant:	  	«DateGrant»
		
	Date Exercisable:	  	This option may be exercised at any time after the Date of Grant for all or any part of the Shares subject to this option.
		
	Vesting Commencement Date:	  	«VestComDate»
		
	Vesting Schedule:	  	This option shall vest, and the Right of Repurchase shall lapse, with respect to the first «Percent»% of the Shares subject to this option when the Optionee completes «CliffPeriod» months of continuous
Service beginning with the Vesting Commencement Date set forth above. This option shall vest, and the Right of Repurchase shall lapse, with respect to an additional «Fraction»% of the Shares subject to this option when the Optionee
completes each month of continuous Service thereafter.
		
	Expiration Date:	  	«ExpDate». This option expires earlier if the Optionee’s Service terminates earlier, as provided in Section 6 of the Stock Option Agreement, or if the Company engages in certain corporate transactions, as
provided in Section 9 of the Plan.

 By signing below or otherwise accepting this option in a manner acceptable to the Company, the Optionee and the Company agree
that this option is granted under, and governed by the terms and conditions of, this Notice of Stock Option Grant, the 2020 Stock Plan and the Stock Option Agreement. Both of the latter documents are attached to, and made a part of, this Notice of
Stock Option Grant. Capitalized terms not otherwise defined herein or in the Stock Option Agreement shall have the meanings set forth in the Plan. Section 15 of the Stock Option Agreement includes important acknowledgements of
the Optionee. 
  

							
	OPTIONEE:	 		 	PEPGEN INC.
				
	  
	 		 	By:	 	  

		 		 	Title:	 	  

		 		 		 	

 THE OPTION GRANTED PURSUANT TO THE NOTICE OF STOCK OPTION GRANT AND THIS AGREEMENT AND THE SHARES
ISSUABLE UPON THE EXERCISE THEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL,
SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED. 
 PEPGEN
INC. 2020 STOCK PLAN: 
 STOCK OPTION
AGREEMENT (EARLY EXERCISE) 
 SECTION 1. GRANT OF OPTION. 

(a)    Option. On the terms and conditions set forth in the Notice of Stock Option Grant, this Agreement and
the Plan, the Company has granted to the Optionee on the Date of Grant the option to purchase at the Exercise Price the number of Shares set forth in the Notice of Stock Option Grant. The Exercise Price is agreed to be at least 100% of the Fair
Market Value per Share on the Date of Grant (110% of Fair Market Value if this option is designated as an ISO in the Notice of Stock Option Grant and Section 3(b) of the Plan applies). This option is intended to be an ISO or an NSO, as provided
in the Notice of Stock Option Grant. 
 (b)    $100,000 Limitation. Even if this option is designated as an ISO
in the Notice of Stock Option Grant, it shall be deemed to be an NSO to the extent (and only to the extent) required by the $100,000 annual limitation under Section 422(d) of the Code. 

(c)    Stock Plan and Defined Terms. This option is granted pursuant to the Plan, a copy of which the Optionee
acknowledges having received. The provisions of the Plan are incorporated into this Agreement by this reference. Except as otherwise defined in this Agreement (including without limitation Section 16 hereof), capitalized terms shall have the
meaning ascribed to such terms in the Plan. 
 SECTION 2. RIGHT TO EXERCISE. 

(a)    Exercisability. Subject to Subsection (b) below and the other conditions set forth in this Agreement,
all or part of this option may be exercised prior to its expiration at the time or times set forth in the Notice of Stock Option Grant. Shares purchased by exercising this option may be subject to the Right of Repurchase under Section 7. 

(b)    Stockholder Approval. Any other provision of this Agreement notwithstanding, no portion of this option shall
be exercisable at any time prior to the approval of the Plan by the Company’s stockholders. 

 SECTION 3. NO TRANSFER OR ASSIGNMENT OF OPTION. 

Except as otherwise provided in or pursuant to this Agreement or the Plan, this option and the rights and privileges conferred hereby shall not
be sold, pledged or otherwise transferred (whether by operation of law or otherwise) and shall not be subject to sale under execution, attachment, levy or similar process. 

SECTION 4. EXERCISE PROCEDURES. 

(a)    Notice of Exercise. The Optionee or the Optionee’s representative may exercise this option by:
(i) signing and delivering written notice (on a form prescribed by the Company) to the Company pursuant to Section 14(c) specifying the election to exercise this option, the number of Shares for which it is being exercised and the form of
payment, (ii) if requested by the Company, executing and delivering such stockholders agreements as apply to the holders of the Company’s preferred stock (including, without limitation, any right of first refusal and co-sale agreement and/or voting agreement of the Company) and (iii) delivering payment, in a form permissible under Section 5, for the full amount of the Purchase Price (together with any applicable
withholding taxes under Subsection (b)). In the event that this option is being exercised by the representative of the Optionee, the notice shall be accompanied by proof (satisfactory to the Company) of the representative’s right to exercise
this option. In the event of a partial exercise of this option, Shares shall be deemed to have been purchased in the order in which they vest in accordance with the Notice of Stock Option Grant. 

(b)    Withholding Taxes. In the event that the Company determines that it is required to withhold any tax
(including without limitation any income tax, social insurance contributions, payroll tax, payment on account or other tax-related items arising in connection with the Optionee’s participation in the Plan
and legally applicable to the Optionee (the “Tax-Related Items”)) as a result of the grant, vesting or exercise of this option, or as a result of the vesting or transfer of shares acquired
upon exercise of this option, the Optionee, as a condition of this option, shall make arrangements satisfactory to the Company to enable it to satisfy all Tax-Related Items. The Optionee acknowledges that the
responsibility for all Tax-Related Items is the Optionee’s and may exceed the amount actually withheld by the Company (or its affiliate or agent). 

(c)    Issuance of Shares. After satisfying all requirements for exercise of this option, the Company shall cause
to be issued one or more certificates evidencing, or electronic notation representing, the Shares for which this option has been exercised. Such Shares shall be registered (i) in the name of the person exercising this option, (ii) in the
names of such person and his or her spouse as community property or as joint tenants with the right of survivorship or (iii) with the Company’s consent, in the name of a revocable trust. Until the issuance of the Shares has been entered
into the books and records of the Company or a duly authorized transfer agent of the Company, no right to vote, receive dividends or any other right as a stockholder will exist with respect to such Shares. In the case of Restricted Shares, the
Company shall cause any certificates evidencing such Shares to be deposited in escrow under Section 7(c). In the case of other Shares, the Company shall cause any certificates evidencing such Shares to be delivered to or upon the order of the
person exercising this option. 

  
 2 

 SECTION 5. PAYMENT FOR STOCK. 

(a)    Cash. All or part of the Purchase Price may be paid in cash or cash equivalents or pursuant to a form of
electronic funds transfer acceptable to the Company. 
 (b)    Surrender of Stock. At the discretion of the Board
of Directors, all or any part of the Purchase Price may be paid by surrendering, or attesting to the ownership of, Shares that are already owned by the Optionee. Such Shares shall be surrendered to the Company in good form for transfer and shall be
valued at their Fair Market Value as of the date when this option is exercised. 
 (c)    Cashless Exercise. All
or part of the Purchase Price and any withholding taxes may be paid by the delivery (on a form prescribed by the Company) of an irrevocable direction to a securities broker approved by the Company to sell Shares and to deliver all or part of the
sales proceeds to the Company. However, payment pursuant to the preceding sentence shall be permitted only if (i) Stock then is publicly traded and (ii) such payment does not violate applicable law. At the discretion of the Board of
Directors, all or part of the Purchase Price and any withholding taxes may be paid pursuant to another cashless exercise arrangement established by the Company. 

SECTION 6. TERM AND EXPIRATION. 

(a)    Basic Term. This option shall in any event expire on the expiration date set forth in the Notice of Stock
Option Grant, which date is 10 years after the Date of Grant (five years after the Date of Grant if this option is designated as an ISO in the Notice of Stock Option Grant and Section 3(b) of the Plan applies). 

(b)    Termination of Service (Except by Death). If the Optionee’s Service terminates for any reason other
than death, then this option shall expire on the earliest of the following occasions: 

(i)      The expiration date determined pursuant to Subsection (a) above; 

(ii)     The date three months after the termination of the Optionee’s Service for any reason
other than Disability; or 
 (iii)    The date six months after the termination of the Optionee’s
Service by reason of Disability. 
 The Optionee may exercise all or part of this option at any time before its expiration under the preceding sentence, but
only to the extent that this option had become vested before the Optionee’s Service terminated or becomes vested as a result of such termination. In the event that the Optionee dies after termination of Service but before the expiration of this
option, all or part of this option may be exercised (prior to expiration) by the executors or administrators of the Optionee’s estate or by any person who has acquired this option directly from the Optionee by beneficiary designation, bequest
or inheritance, but only to the extent that this option had become vested before the Optionee’s Service terminated or becomes vested as a result of such termination. Once this option (or portion thereof) has terminated, the Optionee shall have
no further rights with respect to the option (or portion thereof) or to the underlying Shares. 

  
 3 

 (c)    Death of the Optionee. If the Optionee dies while in
Service, then this option shall expire on the earlier of the following dates: 
 (i)     The
expiration date determined pursuant to Subsection (a) above; or 
 (ii)    The date 12 months after
the Optionee’s death. 
 All or part of this option may be exercised at any time before its expiration under the preceding sentence by the executors or
administrators of the Optionee’s estate or by any person who has acquired this option directly from the Optionee by beneficiary designation, bequest or inheritance, but only to the extent that this option had become vested before the
Optionee’s death or becomes vested as a result of the Optionee’s death. Once this option (or portion thereof) has terminated, the Optionee shall have no further rights with respect to the option (or portion thereof) or to the underlying
Shares. 
 (d)    Additional Vesting After Termination of Service. The period of time beginning on the date that
the Optionee’s Service terminates or the date that the Optionee dies while in Service and ending on the earliest of the occasions determined pursuant to Subsections (b) or (c) above, as applicable, is referred to as the
“post-termination exercise period”. To the extent this option is not fully vested on the date the Optionee’s Service terminates or the date that the Optionee dies while in Service, the Board of Directors may, during the
post-termination exercise period, take action to cause this option to become vested (in whole or in part). In no event will this option become vested after termination of the Optionee’s Service or death unless the Board of Directors takes
affirmative action pursuant to the preceding sentence or unless expressly provided in a written agreement between the Company and the Optionee. In this regard, any provision of this Agreement or another agreement that provides for vesting upon an
event (including, without limitation, a change in control) will be deemed to require Service through the occurrence of such event unless the agreement clearly provides otherwise. 

(e)    Extension of Post-Termination Exercise Periods. Following the date on which the Company’s Stock is
first listed for trading on an established securities market, if during any part of the exercise period described in Subsections (b)(ii) or (iii) or Subsection (c)(ii) above the exercise of this option would be prohibited solely because the
issuance of Shares upon such exercise would violate the registration requirements under the Securities Act or a similar provision of other applicable law, then instead of terminating at the end of such prescribed period, the then-vested portion of
this option will instead remain outstanding and not expire until the earlier of (i) the expiration date determined pursuant to Section 6(a) above or (ii) the date on which the then-vested portion of this option has been exercisable
without violation of applicable law for the aggregate period (which need not be consecutive) after termination of the Optionee’s Service specified in the applicable Subsection above. 

(f)    Part-Time Employment and Leaves of Absence. If the Optionee commences working on a part-time basis, then the
Company may adjust the vesting schedule set 

  
 4 

 
forth in the Notice of Stock Option Grant. If the Optionee goes on a leave of absence, then, to the extent permitted by applicable law, the Company may adjust or suspend the vesting schedule set
forth in the Notice of Stock Option Grant. Except as provided in the preceding sentence, Service shall be deemed to continue for any purpose under this Agreement while the Optionee is on a bona fide leave of absence approved by the Company in
writing. Service shall be deemed to terminate when such leave ends, unless the Optionee immediately returns to active work when such leave ends. 

(g)    Notice Concerning ISO Treatment. Even if this option is designated as an ISO in the Notice of Stock Option
Grant, it ceases to qualify for favorable tax treatment as an ISO to the extent that it is exercised: 

(i)      More than three months after the date when the Optionee ceases to be an Employee for any
reason other than death or permanent and total disability (as defined in Section 22(e)(3) of the Code); 

(ii)     More than 12 months after the date when the Optionee ceases to be an Employee by reason of
permanent and total disability (as defined in Section 22(e)(3) of the Code); or 
 (iii)    More
than three months after the date when the Optionee has been on a leave of absence for three months, unless the Optionee’s reemployment rights following such leave were guaranteed by statute or by contract. 

SECTION 7. RIGHT OF REPURCHASE. 

(a)    Scope of Repurchase Right. Until they vest in accordance with the Notice of Stock Option Grant and
Subsection (b) below, the Shares acquired under this Agreement shall be Restricted Shares and shall be subject to the Company’s Right of Repurchase. The Company, however, may decline to exercise its Right of Repurchase or may exercise its
Right of Repurchase only with respect to a portion of the Restricted Shares. The Company may exercise its Right of Repurchase only during the Repurchase Period following the termination of the Optionee’s Service, but the Right of Repurchase may
be exercised automatically under Subsection (d) below. If the Right of Repurchase is exercised, the Company shall pay the Optionee an amount equal to the lower of (i) the Exercise Price of each Restricted Share being repurchased or
(ii) the Fair Market Value of such Restricted Share at the time the Right of Repurchase is exercised. 

(b)    Lapse of Repurchase Right. The Right of Repurchase shall lapse with respect to the Restricted Shares in
accordance with the vesting schedule set forth in the Notice of Stock Option Grant. 
 (c)    Escrow. Upon
issuance, any certificate(s) for Restricted Shares shall be deposited in escrow with the Company to be held in accordance with the provisions of this Agreement. Any additional or exchanged securities or other property described in
Subsection (f) below shall immediately be delivered to the Company to be held in escrow. All ordinary cash dividends on Restricted Shares (or on other securities held in escrow) shall be paid directly to the Optionee and shall not be held in
escrow. Restricted Shares, together with any other assets held in escrow under this Agreement, shall be (i) surrendered to the Company for repurchase upon exercise of the Right of 

  
 5 

 
Repurchase or the Right of First Refusal or (ii) if held in escrow, released to the Optionee upon his or her request to the extent that the Shares have ceased to be Restricted Shares (but
not more frequently than once every six months). In any event, all Shares that have ceased to be Restricted Shares, together with any other vested assets held in escrow under this Agreement, shall be released within 90 days after the earlier of
(i) the termination of the Optionee’s Service or (ii) the lapse of the Right of First Refusal. 

(d)    Exercise of Repurchase Right. The Company shall be deemed to have exercised its Right of Repurchase
automatically for all Restricted Shares as of the commencement of the Repurchase Period, unless the Company during the Repurchase Period notifies the holder of the Restricted Shares pursuant to Section 14(c) that it will not exercise its Right
of Repurchase for some or all of the Restricted Shares. The Company shall pay to the holder of the Restricted Shares the purchase price determined under Subsection (a) above for the Restricted Shares being repurchased. Payment shall be made in
cash or cash equivalents and/or by canceling indebtedness to the Company incurred by the Optionee in the purchase of the Restricted Shares. If the Restricted Shares being repurchased are represented by certificate(s), any such certificate(s) shall
be delivered to the Company. If the Restricted Shares being repurchased are not represented by certificate, the repurchase shall be effected by an appropriate book entry on the stock ledger for the Shares. 

(e)    Termination of Rights as Stockholder. If the Right of Repurchase is exercised in accordance with this
Section 7 and the Company makes available the consideration for the Restricted Shares being repurchased, then the person from whom the Restricted Shares are repurchased shall no longer have any rights as a holder of the Restricted Shares (other
than the right to receive payment of such consideration). Such Restricted Shares shall be deemed to have been repurchased pursuant to this Section 7, whether or not any certificate(s) for such Restricted Shares have been delivered to the
Company or the consideration for such Restricted Shares has been accepted. 
 (f)    Additional or Exchanged
Securities and Property. In the event of a merger or consolidation of the Company, a sale of all or substantially all of the Company’s stock or assets, any other corporate reorganization, a stock split, the declaration of a stock dividend,
the declaration of an extraordinary dividend payable in a form other than stock, a spin-off, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s
outstanding securities, any securities or other property (including cash or cash equivalents) that are by reason of such transaction exchanged for, or distributed with respect to, any Restricted Shares shall immediately be subject to the Right of
Repurchase. Appropriate adjustments to reflect the exchange or distribution of such securities or property shall be made to the number and/or class of the Restricted Shares. Appropriate adjustments shall also be made to the price per share to be
paid upon the exercise of the Right of Repurchase, provided that the aggregate purchase price payable for the Restricted Shares shall remain the same. In the event of any transaction described in Section 9(b) of the Plan or any other corporate
reorganization, the Right of Repurchase may be exercised by the Company’s successor. 
 (g)    Transfer of
Restricted Shares. The Optionee shall not transfer, assign, encumber or otherwise dispose of any Restricted Shares without the Company’s written consent, except as provided in the following sentence. The Optionee may transfer Restricted
Shares to one or more members of the Optionee’s Immediate Family or to a trust or other entity established by 

  
 6 

 
the Optionee solely for the benefit of the Optionee and/or one or more members of the Optionee’s Immediate Family, provided in either case that the Transferee agrees in writing on a form
prescribed by the Company to be bound by all provisions of this Agreement. If the Optionee transfers any Restricted Shares, then this Agreement shall apply to the Transferee to the same extent as to the Optionee. 

(h)    Assignment of Repurchase Right. The Board of Directors may freely assign the Company’s Right of
Repurchase, in whole or in part. Any person who accepts an assignment of the Right of Repurchase from the Company shall be entitled to and assume all of the Company’s rights and obligations under this Section 7. 

SECTION 8. RIGHT OF FIRST REFUSAL. 

(a)    Right of First Refusal. In the event that the Optionee proposes to sell, pledge or otherwise transfer to a
third party any Shares acquired under this Agreement, or any interest in such Shares, the Company shall have the Right of First Refusal with respect to all (and not less than all) of such Shares. If the Optionee desires to transfer Shares acquired
under this Agreement, the Optionee shall give a written Transfer Notice to the Company describing fully the proposed transfer, including the number of Shares proposed to be transferred, the proposed transfer price, the name and address of the
proposed Transferee and proof satisfactory to the Company that the proposed sale or transfer will not violate any applicable federal, State or foreign securities laws. The Transfer Notice shall be signed both by the Optionee and by the proposed
Transferee and must constitute a binding commitment of both parties to the transfer of the Shares. The Company shall have the right to purchase all, and not less than all, of the Shares on the terms of the proposal described in the Transfer Notice
(subject, however, to any change in such terms permitted under Subsection (b) below) by delivery of a notice of exercise of the Right of First Refusal within 30 days after the date when the Transfer Notice was received by the Company. 

(b)    Transfer of Shares. If the Company fails to exercise its Right of First Refusal within 30 days after
the date when it received the Transfer Notice, the Optionee may, not later than 90 days following receipt of the Transfer Notice by the Company, conclude a transfer of the Shares subject to the Transfer Notice on the terms and conditions no
less favorable to the Optionee than those described in the Transfer Notice, provided that any such sale is made in compliance with applicable federal, State and foreign securities laws and not in violation of any other contractual restrictions to
which the Optionee is bound. Any proposed transfer on terms and conditions less favorable than those described in the Transfer Notice, as well as any subsequent proposed transfer by the Optionee, shall again be subject to the Right of First Refusal
and shall require compliance with the procedure described in Subsection (a) above. If the Company exercises its Right of First Refusal, the parties shall consummate the sale of the Shares on the terms set forth in the Transfer Notice within
60 days after the date when the Company received the Transfer Notice (or within such longer period as may have been specified in the Transfer Notice); provided, however, that in the event the Transfer Notice provided that payment for the Shares
was to be made in a form other than cash or cash equivalents paid at the time of transfer, the Company shall have the option of paying for the Shares with cash or cash equivalents equal to the present value of the consideration described in the
Transfer Notice. 

  
 7 

 (c)    Additional or Exchanged Securities and Property. In the
event of a merger or consolidation of the Company, a sale of all or substantially all of the Company’s stock or assets, any other corporate reorganization, a stock split, the declaration of a stock dividend, the declaration of an extraordinary
dividend payable in a form other than stock, a spin-off, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s outstanding securities, any securities or
other property (including cash or cash equivalents) that are by reason of such transaction exchanged for, or distributed with respect to, any Shares subject to this Section 8 shall immediately be subject to the Right of First Refusal.
Appropriate adjustments to reflect the exchange or distribution of such securities or property shall be made to the number and/or class of the Shares subject to this Section 8. 

(d)    Termination of Right of First Refusal. Any other provision of this Section 8 notwithstanding, in the
event that the Stock is readily tradable on an established securities market when the Optionee desires to transfer Shares, the Company shall have no Right of First Refusal, and the Optionee shall have no obligation to comply with the procedures
prescribed by Subsections (a) and (b) above. 
 (e)    Permitted Transfers. This Section 8 shall
not apply to (i) a transfer by beneficiary designation, will or intestate succession or (ii) a transfer to one or more members of the Optionee’s Immediate Family or to a trust or other entity established by the Optionee solely for the
benefit of the Optionee and/or one or more members of the Optionee’s Immediate Family, provided in either case that the Transferee agrees in writing on a form prescribed by the Company to be bound by all provisions of this Agreement. If the
Optionee transfers any Shares acquired under this Agreement, either under this Subsection (e) or after the Company has failed to exercise the Right of First Refusal, then this Agreement shall apply to the Transferee to the same extent as to the
Optionee. 
 (f)    Termination of Rights as Stockholder. If the Company makes available, at the time and place
and in the amount and form provided in this Agreement, the consideration for the Shares to be purchased in accordance with this Section 8, then after such time the person from whom such Shares are to be purchased shall no longer have any rights
as a holder of such Shares (other than the right to receive payment of such consideration in accordance with this Agreement). Such Shares shall be deemed to have been purchased in accordance with the applicable provisions hereof, whether or not any
certificate(s) therefor have been delivered as required by this Agreement. 
 (g)    Assignment of Right of First
Refusal. The Board of Directors may freely assign the Company’s Right of First Refusal, in whole or in part. Any person who accepts an assignment of the Right of First Refusal from the Company shall be entitled to and assume all of the
Company’s rights and obligations under this Section 8. 
 SECTION 9. LEGALITY OF INITIAL ISSUANCE. 

No Shares shall be issued upon the exercise of this option unless and until the Company has determined that: 

  
 8 

 (a)    It and the Optionee have taken any actions
required to register the Shares under the Securities Act or to perfect an exemption from the registration requirements thereof; 

(b)    Any applicable listing requirement of any stock exchange or other securities market on which Stock
is listed has been satisfied; and 
 (c)    Any other applicable provision of federal, State or foreign
law has been satisfied. 
 SECTION 10. NO REGISTRATION RIGHTS. 

The Company may, but shall not be obligated to, register or qualify the sale of Shares under the Securities Act or any other applicable law.
The Company shall not be obligated to take any affirmative action in order to cause the sale of Shares under this Agreement to comply with any law. 

SECTION 11. RESTRICTIONS ON TRANSFER OF SHARES. 

(a)    General Restrictions. Unless the Stock is readily tradeable on an established securities market, the transfer
of any of the Shares acquired pursuant to this Agreement (or any interest therein) shall, at the Company’s request, be conditioned upon (i) effecting such transfer pursuant to a form of stock transfer agreement prescribed by the Company
and (ii) payment of a transfer fee not to exceed $5,000. 
 (b)    Securities Law Restrictions. Regardless
of whether the offer and sale of Shares under the Plan have been registered under the Securities Act or have been registered or qualified under the securities laws of any State or other relevant jurisdiction, the Company at its discretion may impose
restrictions upon the sale, pledge or other transfer of such Shares (including the placement of appropriate legends on the stock certificates (or electronic equivalent) or the imposition of stop-transfer instructions) and may refuse (or may be
required to refuse) to transfer Shares acquired hereunder (or Shares proposed to be transferred in a subsequent transfer) if, in the judgment of the Company, such restrictions, legends or refusal are necessary or appropriate to achieve compliance
with the Securities Act or other relevant securities or other laws, including without limitation under Regulation S of the Securities Act or pursuant to another available exemption from registration.

(c)    Market Stand-Off. In connection with any underwritten public
offering by the Company of its equity securities pursuant to an effective registration statement filed under the Securities Act, including the Company’s initial public offering, the Optionee or a Transferee shall not directly or indirectly
sell, make any short sale of, loan, hypothecate, pledge, offer, grant or sell any option or other contract for the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of or transfer, or agree to engage in any of
the foregoing transactions with respect to, any Shares acquired under this Agreement without the prior written consent of the Company or its managing underwriter. Such restriction (the “Market
Stand-Off”) shall be in effect for such period of time following the date of the final prospectus for the offering as may be requested by the Company or such underwriter. In no event, however, shall such
period 

  
 9 

 
exceed 180 days plus such additional period as may reasonably be requested by the Company or such underwriter to accommodate regulatory restrictions on (i) the publication or other
distribution of research reports or (ii) analyst recommendations and opinions, including (without limitation) the restrictions set forth in Rule 2711(f)(4) of the National Association of Securities Dealers and Rule 472(f)(4) of the
New York Stock Exchange, as amended, or any similar successor rules. The Market Stand-Off shall in any event terminate two years after the date of the Company’s initial public offering. In the event of
the declaration of a stock dividend, a spin-off, a stock split, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s outstanding securities without
receipt of consideration, any new, substituted or additional securities which are by reason of such transaction distributed with respect to any Shares subject to the Market Stand-Off, or into which such Shares
thereby become convertible, shall immediately be subject to the Market Stand-Off. In order to enforce the Market Stand-Off, the Company may impose stop-transfer
instructions with respect to the Shares acquired under this Agreement until the end of the applicable stand-off period. The Company’s underwriters shall be beneficiaries of the agreement set forth in this
Subsection (b). This Subsection (b) shall not apply to Shares registered in the public offering under the Securities Act. 

(d)    Investment Intent at Grant. The Optionee represents and agrees that the Shares to be acquired upon
exercising this option will be acquired for investment, and not with a view to the sale or distribution thereof. 

(e)    Investment Intent at Exercise. In the event that the sale of Shares under the Plan is not registered under
the Securities Act but an exemption is available that requires an investment representation or other representation, the Optionee shall represent and agree at the time of exercise that the Shares being acquired upon exercising this option are being
acquired for investment, and not with a view to the sale or distribution thereof, and shall make such other representations as are deemed necessary or appropriate by the Company and its counsel, including (if applicable because the Company is
relying on Regulation S under the Securities Act) that as of the date of exercise the Optionee is (i) not a U.S. Person; (ii) not acquiring the Shares on behalf, or for the account or benefit, of a U.S. Person; and (iii) is not
exercising the option in the United States. 
 (f)    Legends. Any certificates (or electronic equivalent)
evidencing Shares purchased under this Agreement shall bear the following legend: 
 “THE SHARES REPRESENTED HEREBY (AND ANY INTEREST
THEREIN) MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY MANNER DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS OF THE STOCK OPTION AGREEMENT PURSUANT TO WHICH SUCH SHARES WERE ACQUIRED. SUCH AGREEMENT GRANTS TO THE COMPANY CERTAIN
RIGHTS OF FIRST REFUSAL UPON AN ATTEMPTED TRANSFER OF THE SHARES AND CERTAIN REPURCHASE RIGHTS UPON TERMINATION OF SERVICE WITH THE COMPANY. IN ADDITION, THE SHARES ARE SUBJECT TO RESTRICTIONS ON TRANSFER AS SET FORTH IN SUCH STOCK OPTION AGREEMENT.
THE SECRETARY OF THE COMPANY WILL UPON WRITTEN REQUEST FURNISH A COPY OF SUCH STOCK OPTION AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE.” 

  
 10 

 Any certificates (or electronic equivalent) evidencing Shares purchased under this Agreement in an
unregistered transaction shall bear the following legend (and such other restrictive legends as are required or deemed advisable under the provisions of any applicable law): 

“THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) OR ANY
SECURITIES LAWS OF ANY U.S. STATE, AND MAY NOT BE SOLD, REOFFERED, PLEDGED, ASSIGNED, ENCUMBERED OR OTHERWISE TRANSFERRED OR DISPOSED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND
ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED. IN THE ABSENCE OF REGISTRATION OR THE AVAILABILITY (CONFIRMED BY OPINION OF COUNSEL) OF AN ALTERNATIVE EXEMPTION FROM REGISTRATION UNDER THE ACT (INCLUDING WITHOUT LIMITATION IN ACCORDANCE WITH
REGULATION S UNDER THE ACT), THESE SHARES MAY NOT BE SOLD, REOFFERED, PLEDGED, ASSIGNED, ENCUMBERED OR OTHERWISE TRANSFERRED OR DISPOSED OF. HEDGING TRANSACTIONS INVOLVING THESE SHARES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT.”

 (g)    Removal of Legends. If, in the opinion of the Company and its counsel, any legend placed on a stock
certificate representing Shares sold under this Agreement is no longer required, the holder of such certificate shall be entitled to exchange such certificate for a certificate representing the same number of Shares but without such legend. 

(h)    Administration. Any determination by the Company and its counsel in connection with any of the matters set
forth in this Section 11 shall be conclusive and binding on the Optionee and all other persons. 
 SECTION 12. DRAG ALONG RIGHT. 

(a)    Required Actions. If the Requisite Parties approve a Sale of the Company, then Optionee hereby agrees with
respect to all Shares which the Optionee own(s) or over which the Optionee otherwise exercises voting or dispositive authority: 

(i)    if such Sale of the Company requires stockholder approval under the Certificate, the Bylaws of the
Company or any law, rule or regulation applicable to the Company, to vote (in person, by proxy or by action by written consent, as applicable) such Shares in favor of such Sale of the Company (it being understood that, within five (5) days
after the delivery of a proxy or consent solicitation statement (or similar document requesting the consent or approval of stockholders) in respect of any Sale of the Company, the Stockholder shall duly execute and deliver a proxy or consent, as the
case may be, in favor of such Sale of the Company); 

  
 11 

 (ii)    if such transaction is a Stock Sale, to sell the
same proportion of shares of capital stock of the Company beneficially held by the Optionee as is being sold by the Selling Holders to the person to whom the Selling Holders propose to sell their Shares; 

(iii)    to refrain from exercising any dissenters’ rights or rights of appraisal under applicable law
at any time with respect to such Sale of the Company; 
 (iv)    if the consideration for such Shares
pursuant to the Sale of the Company includes any securities, accept in lieu thereof an amount of cash equal to the fair value (as determined in good faith by the Company) of such securities to the extent reasonably necessary (as determined in good
faith by the Company) to comply with applicable federal and state securities laws; 
 (v)    if the
Selling Holders appoint a stockholder representative (the “Stockholder Representative”) for matters affecting the stockholders of the Company under the applicable definitive transaction agreements, to consent to (i) the
appointment of such Stockholder Representative, (ii) the establishment of any applicable escrow, expense or similar fund in connection with any indemnification or similar obligations, and (iii) the payment of such Stockholder’s pro
rata portion (from the applicable escrow or expense fund or otherwise) of any and all reasonable fees and expenses to such Stockholder Representative in connection with such Stockholder Representative’s services and duties in connection with
such Sale of the Company and its related service as the representative of the Stockholders; 
 (vi)    to
agree to make representations and warranties and to agree to indemnity and other liability obligations in connection with the Sale of the Company on terms and conditions that, taken as a whole, are no less favorable to Optionee than to other holders
of Class A Common Stock of the Company; and 
 (vii)    to execute and deliver all related
documentation and take such other action in support of the Sale of the Company, as reasonably requested by the Company, including a written consent, release and/or joinder, and to not take any action inconsistent with the Sale of the Company. 

(b)    Exceptions. Notwithstanding the foregoing, an Optionee will not be required to comply with Subsection
(a) above in connection with any Sale of the Company unless (i) each holder of each class or series of the Company’s stock will receive the same form of consideration for their shares of such class or series as is received by other
holders in respect of their shares of such same class or series of stock and (ii) each holder of Class A Common Stock will receive the same amount of consideration per share of Class A Common Stock as is received by other holders in
respect of their shares of Class A Common Stock, subject, in each case, to any “rollover” or similar arrangements provided in the definitive documents relating to such Sale of 

  
 12 

 
the Company. If the consideration to be paid in exchange for the Shares pursuant to such Sale of the Company includes any securities and due receipt thereof by the Optionee would require under
applicable law (x) the registration or qualification of such securities or of any person as a broker or dealer or agent with respect to such securities; or (y) the provision to any Optionee of any information other than such information as
a prudent issuer would generally furnish in an offering made solely to “accredited investors” as defined in Regulation D promulgated under the Securities Act, the Company may cause to be paid to any such Optionee in lieu thereof, against
surrender of the Shares which would have otherwise been sold by such Optionee, an amount in cash equal to the fair value (as determined in good faith by the Company’s Board of Directors or the Requisite Parties, as applicable) of the securities
which such Optionee would otherwise receive as of the date of the issuance of such securities in exchange for the Shares. 
 SECTION 13. ADJUSTMENT OF
SHARES. 
 In the event of any transaction described in Section 9(a) of the Plan, the terms of this option (including, without
limitation, the number and kind of Shares subject to this option and the Exercise Price) shall be adjusted as set forth in Section 9(a) of the Plan. In the event that the Company is a party to a merger or consolidation or in the event of a sale
of all or substantially all of the Company’s stock or assets, this option shall be subject to the treatment provided by the Board of Directors in its sole discretion, as provided in Section 9(b) of the Plan. 

SECTION 14. MISCELLANEOUS PROVISIONS. 

(a)    Rights as a Stockholder. Neither the Optionee nor the Optionee’s representative shall have any rights as
a stockholder with respect to any Shares subject to this option until the Optionee or the Optionee’s representative becomes entitled to receive such Shares by filing a notice of exercise and paying the Purchase Price pursuant to Sections 4
and 5. 
 (b)    No Retention Rights. Nothing in this option or in the Plan shall confer upon the Optionee any
right to continue in Service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Parent or Subsidiary employing or retaining the Optionee) or of the Optionee, which rights are
hereby expressly reserved by each, to terminate his or her Service at any time and for any reason, with or without cause. 

(c)    Notice. Any notice required by the terms of this Agreement shall be given in writing. It shall be deemed
effective upon (i) personal delivery, (ii) deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid, (iii) deposit with Federal Express Corporation, with shipping charges prepaid or
(iv) deposit with any internationally recognized express mail courier service, with shipping charges prepaid. Notice shall be addressed to the Company at its principal executive office and to the Optionee at the address that he or she most
recently provided to the Company in accordance with this Subsection (c). In addition, to the extent required or permitted pursuant to rules established by the Company from time to time, notices may be delivered electronically. 

  
 13 

 (d)    Modifications and Waivers. No provision of this Agreement
shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by the Optionee and by an authorized officer of the Company (other than the Optionee); provided, however, that a modification
that is otherwise favorable to the Optionee (for example, providing the Optionee with additional time to exercise this option after termination of employment or providing for additional forms of payment) but causes this option to lose its tax-favored status (for example, as an ISO) shall not require the consent of the Optionee. No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other
party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

(e)    Entire Agreement. The Notice of Stock Option Grant, this Agreement and the Plan constitute the entire
contract between the parties hereto with regard to the subject matter hereof. They supersede any other agreements, representations or understandings (whether oral or written and whether express or implied) that relate to the subject matter hereof.

 (f)    Choice of Law. This Agreement shall be governed by, and construed in accordance with, the laws of the
State of Delaware, as such laws are applied to contracts entered into and performed in such State. 

(g)    Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to
be effective and valid under applicable law, but if any provision of this Agreement shall be held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this Agreement. 
 (h)    Binding Effect
on Transferees, Heirs, Successors and Assigns. This Agreement shall be binding upon Optionee’s permitted transferees, heirs, successors and assigns; provided that for any such transfer to be deemed effective, the transferee shall agree on a
form prescribed by the Company to be bound by the terms and conditions of this Agreement, including the restrictions on transfer in Section 11 and the drag along right in Section 12. The Company shall not record any transfer of Shares on
its books or issue a new certificate representing any such Shares unless and until such transferee shall have complied with the terms of this Subsection (h). 

SECTION 15. ACKNOWLEDGEMENTS OF THE OPTIONEE. 

In addition to the other terms, conditions and restrictions imposed on this option and the Shares issuable under this option pursuant to this
Agreement and the Plan, the Optionee expressly acknowledges being subject to Sections 7 (Right of Repurchase), 8 (Right of First Refusal), 9 (Legality of Initial Issuance), 11 (Restrictions on Transfer of Shares, including without limitation the
Market Stand-Off) and 12 (Drag Along Right), as well as the following provisions: 

(a)    Tax Consequences. The Optionee agrees that the Company does not have a duty to design or administer the Plan
or its other compensation programs in a manner that minimizes the Optionee’s tax liabilities. The Optionee shall not make any claim against the Company or its Board of Directors, officers or employees related to tax liabilities arising from
this 

  
 14 

 
option or the Optionee’s other compensation. In particular, any Optionee subject to U.S. taxation acknowledges that this option is exempt from Section 409A of the Code only if the
Exercise Price is at least equal to the Fair Market Value per Share on the Date of Grant. Since Shares are not traded on an established securities market, the determination of their Fair Market Value is made by the Board of Directors or by an
independent valuation firm retained by the Company. The Optionee acknowledges that there is no guarantee in either case that the Internal Revenue Service will agree with the valuation, and the Optionee shall not make any claim against the Company or
its Board of Directors, officers or employees in the event that the Internal Revenue Service asserts that the valuation was too low. In addition, if this option is designated as an ISO, the Optionee acknowledges that there is no guarantee that the
option in fact qualifies for incentive stock option treatment or that it will continue to qualify for incentive stock option treatment at the time of exercise. In this regard, the Optionee acknowledges that the Company may take actions that will
cause the option to cease to be eligible for incentive stock option treatment and that such actions do not require the Optionee’s consent. 

(b)    Electronic Delivery of Documents. The Optionee acknowledges and agrees that the Company may, in its sole
discretion, deliver all documents relating to the Company, the Plan or this option and all other documents that the Company is required to deliver to its security holders (including, without limitation, disclosures that may be required by the
Securities and Exchange Commission) by email or other means of electronic transmission (including by posting them on a website maintained by the Company or a third party under contract with the Company). The Optionee acknowledges that he or she may
incur costs in connection with any such delivery by means of electronic transmission, including the cost of accessing the internet and printing fees, and that an interruption of internet access may interfere with his or her ability to access the
documents. 
 (c)    No Notice of Expiration Date. The Optionee agrees that the Company and its officers,
employees, attorneys and agents do not have any obligation to notify him or her prior to the expiration of this option pursuant to Section 6, regardless of whether this option will expire at the end of its full term or on an earlier date
related to the termination of the Optionee’s Service. The Optionee further agrees that he or she has the sole responsibility for monitoring the expiration of this option and for exercising this option, if at all, before it expires. This
Subsection (c) shall supersede any contrary representation that may have been made, orally or in writing, by the Company or by an officer, employee, attorney or agent of the Company. 

(d)    Waiver of Statutory Information Rights. The Optionee acknowledges and agrees that, upon exercise of this
option and until the first sale of the Company’s Stock to the general public pursuant to a registration statement filed under the Securities Act, he or she shall waive, and shall be deemed to have waived, any rights the Optionee would otherwise
have under Section 220 of the Delaware General Corporation Law (or under similar rights pursuant to any other applicable law) to inspect for any purpose and to make copies and extracts from the Company’s stock ledger, a list of its
stockholders and its other books and records or the books and records of any subsidiary of the Company (the “Inspection Rights”). The Optionee acknowledges and understands that, but for the waiver made herein, the Optionee
would be entitled, upon compliance with the procedures set forth in Section 220 of the Delaware General Corporation Law, to Inspection Rights pursuant thereto, and further acknowledges and agrees that the waiver set forth herein is a knowing
and voluntary waiver of such rights, that the Optionee has received 

  
 15 

 
sufficient consideration for such waiver and that the Company would not be willing to provide the benefits to the Optionee hereunder without the benefit of such waiver from the Optionee. This
waiver applies only in the Optionee’s capacity as a stockholder and does not affect any other inspection rights the Optionee may have pursuant to any written agreement with the Company. 

(e)    Plan Discretionary. The Optionee understands and acknowledges that (i) the Plan is entirely
discretionary, (ii) the Company and the Optionee’s employer have reserved the right to amend, suspend or terminate the Plan at any time, (iii) the grant of an option does not in any way create any contractual or other right to
receive additional grants of options (or benefits in lieu of options) at any time or in any amount and (iv) all determinations with respect to any additional grants, including (without limitation) the times when options will be granted, the
number of Shares offered, the Exercise Price and the vesting schedule, will be at the sole discretion of the Company. 

(f)    Termination of Service. The Optionee understands and acknowledges that participation in the Plan ceases upon
termination of his or her Service for any reason, except as may explicitly be provided otherwise in the Plan or this Agreement. 

(g)    Extraordinary Compensation. The value of this option shall be an extraordinary item of compensation outside
the scope of the Optionee’s employment contract, if any, and shall not be considered a part of his or her normal or expected compensation for purposes of calculating severance, resignation, redundancy or end-of-service payments, bonuses, long-service awards, pension or retirement benefits or similar payments. 

(h)    Authorization to Disclose. The Optionee hereby authorizes and directs the Optionee’s employer to
disclose to the Company or any Subsidiary any information regarding the Optionee’s employment, the nature and amount of the Optionee’s compensation and the fact and conditions of the Optionee’s participation in the Plan, as the
Optionee’s employer deems necessary or appropriate to facilitate the administration of the Plan. 

(i)    Personal Data Authorization. The Optionee consents to the collection, use and transfer of personal data as
described in this Subsection (i). The Optionee understands and acknowledges that the Company, the Optionee’s employer and the Company’s other Subsidiaries hold certain personal information regarding the Optionee for the purpose of
managing and administering the Plan, including (without limitation) the Optionee’s name, home address, telephone number, date of birth, social insurance number, salary, nationality, job title, any Shares or directorships held in the Company and
details of all options or any other entitlements to Shares awarded, canceled, exercised, vested, unvested or outstanding in the Optionee’s favor (the “Data”). The Optionee further understands and acknowledges that the Company
and/or its Subsidiaries will transfer Data among themselves as necessary for the purpose of implementation, administration and management of the Optionee’s participation in the Plan and that the Company and/or any Subsidiary may each further
transfer Data to any third party assisting the Company in the implementation, administration and management of the Plan. The Optionee understands and acknowledges that the recipients of Data may be located in the United States or elsewhere. The
Optionee authorizes such recipients to receive, possess, use, retain and transfer Data, in electronic or other form, for the purpose of administering the Optionee’s participation in the Plan, including a transfer to any broker or other third
party with whom the Optionee elects to deposit Shares 

  
 16 

 
acquired under the Plan of such Data as may be required for the administration of the Plan and/or the subsequent holding of Shares on the Optionee’s behalf. The Optionee may, at any time,
view the Data, require any necessary modifications of Data or withdraw the consents set forth in this Subsection (i) by contacting the Company in writing. 

SECTION 16. DEFINITIONS. 

(a)    “Agreement” shall mean this Stock Option Agreement. 

(b)    “Board of Directors” shall mean the Board of Directors of the Company, as constituted from time to
time or, if a Committee has been appointed, such Committee. 
 (c)    “Certificate” shall mean the
Company’s amended and restated certificate of incorporation as in effect from time to time. 

(d)    “Company” shall mean PepGen Inc., a Delaware corporation. 

(e)    “Immediate Family” shall mean any 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 and shall include adoptive relationships. 

(f)    “Optionee” shall mean the person named in the Notice of Stock Option Grant. 

(g)    “Plan” shall mean the PepGen Inc. 2020 Stock Plan, as in effect on the Date of Grant. 

(h)    “Purchase Price” shall mean the Exercise Price multiplied by the number of Shares with respect to
which this option is being exercised. 
 (i)    “Repurchase Period” shall mean a period of 90
consecutive days commencing on the date when the Optionee’s Service terminates for any reason, including (without limitation) death or disability. 

(j)    “Requisite Parties” shall mean both the Board of Directors and the Selling Holders. 

(k)    “Restricted Share” shall mean a Share that is subject to the Right of Repurchase. 

(l)    “Right of First Refusal” shall mean the Company’s right of first refusal described in
Section 8. 
 (m)    “Right of Repurchase” shall mean the Company’s right of repurchase
described in Section 7. 
 (n)    “Sale of the Company” shall mean: (i) a transaction or
series of related transactions in which a person, or a group of related persons, acquires from stockholders of the 

  
 17 

 
Company shares representing more than fifty percent (50%) of the outstanding voting power of the Company (a “Stock Sale”), (ii) a sale of all or substantially all of the assets
of the Company or (iii) any other transaction that qualifies as a “Liquidation Event” as defined in the Certificate. 

(o)    “Selling Holders” shall mean the holders of a majority of the then-outstanding shares of
Class A Common Stock (voting together as a single class and on an as-converted basis). 

(p)    “Service” shall mean service as an Employee, Outside Director or Consultant. 

(q)    “Transferee” shall mean any person to whom the Optionee has directly or indirectly transferred any
Share acquired under this Agreement. 
 (r)    “Transfer Notice” shall mean the notice of a proposed
transfer of Shares described in Section 8. 
 (s)    “U.S. Person” shall mean a person described
in Rule 902(k) of Regulation S of the Securities Act (or any successor rule or provision), which generally defines a U.S. person as any natural person resident in the United States, any estate of which any executor or administrator is a U.S. Person,
or any trust of which of any trustee is a U.S. Person. 

  
 18 

 PEPGEN INC. 2020 STOCK
PLAN 
 NOTICE OF STOCK OPTION EXERCISE
(EARLY EXERCISE) 
 You must sign this Notice on Page 4 before submitting it to the Company.

 OPTIONEE INFORMATION: 
  

									
	Name:	 	  
	 		 	Social Security Number:	 	  

					
	Address:	 	  
	 		 	Employee Number:	 	  

					
		 	  
	 		 	Email Address:	 	  

 OPTION INFORMATION: 

 

			
	Date of Grant:                     , 20    	  	Type of Stock Option:
		
	Exercise Price per Share: $            	  	☐ Nonstatutory (NSO)
		
	 Total number of shares of Class A Common Stock of PepGen Inc.

(the “Company”) covered by the option:             
	  	☐ Incentive (ISO)

 EXERCISE INFORMATION: 

 

					
	 Number of shares of Class A Common Stock of the Company for which the option is being exercised now:
                    .
 (These shares are referred to
below as the “Purchased Shares.”)

	
	Total Exercise Price for the Purchased Shares: $            
	
	Form of payment enclosed [check all that apply]:
	
	 ☐   Check for
$            , payable to “PepGen Inc.”

	
	 ☐   Certificate(s) for
             shares of Class A Common Stock of the Company. These shares will be valued as of the date this notice is received by the Company. [Requires Company
consent.]

	
	 ☐   Attestation Form covering
             shares of Class A Common Stock of the Company. These shares will be valued as of the date this notice is received by the Company. [Requires Company
consent.]

	
	Name(s) in which the Purchased Shares should be registered [please review the attached explanation of the available forms of ownership, and then check one
box]*:

			
	
	 ☐   In my name only

		
	 ☐   In the names of my spouse and myself as
community
property
	  	My spouse’s name (if applicable):

			
	 ☐   In the names of my spouse and myself as community property with the
right of survivorship
	    	  

		
	 ☐   In the names of my spouse and myself as joint tenants with the
right of survivorship
	    	
		
	 ☐   In the name of an eligible revocable trust
[requires Stock
Transfer Agreement]
	    	 Full legal name of revocable trust:

 

		    	  

		    	  

 *While the Company will register the Purchased Shares in accordance with your instruction, this document does not control or
change the nature of the Purchased Shares as community property or separate property. You are advised to consult your own advisor to determine if additional steps or documentation are required in this regard. 

REPRESENTATIONS AND ACKNOWLEDGEMENTS OF THE OPTIONEE: 

 

	1.	 I represent and warrant to the Company that I am acquiring and will hold the Purchased Shares for investment
for my account only, and not with a view to, or for resale in connection with, any “distribution” of the Purchased Shares within the meaning of the Securities Act of 1933, as amended (the “Securities Act”). 

 

	2.	 I understand that my purchase of the Purchased Shares has not been registered under the Securities Act by
reason of a specific exemption therefrom and that the Purchased Shares must be held indefinitely, unless they are subsequently registered under the Securities Act or I obtain an opinion of counsel (in form and substance satisfactory to the Company
and its counsel) that registration is not required. 

  

	3.	 I acknowledge that the Company is under no obligation to register the Purchased Shares or any sale or transfer
thereof. 

  

	4.	 I am aware of Rule 144 under the Securities Act, which permits limited public resales of securities acquired in
a non-public offering, subject to the satisfaction of certain conditions. These conditions may include (without limitation) that certain current public information about the issuer be available, that the
resale occur only after a holding period required by Rule 144 has been satisfied, that the sale occur through an unsolicited “broker’s transaction” and that the amount of securities being sold during any three-month period not exceed
specified limitations. I understand that the conditions for resale set forth in Rule 144 have not been satisfied as of the date set forth below and that the Company is not required to take action to satisfy any conditions applicable to it.

  

	5.	 I will not sell, transfer or otherwise dispose of the Purchased Shares in violation of the Securities Act, the
Securities Exchange Act of 1934, or the rules promulgated thereunder, including Rule 144 under the Securities Act. 

  

	6.	 I acknowledge that I have received and had access to such information as I consider necessary or appropriate
for deciding whether to invest in the Purchased Shares and that I had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the issuance of the Purchased Shares. 

 

	7.	 I am aware that my investment in the Company is a speculative investment that has limited liquidity and is
subject to the risk of complete loss. I am able, without impairing my financial condition, to hold the Purchased Shares for an indefinite period and to suffer a complete loss of my investment in the Purchased Shares. 

  
 2 

	8.	 I acknowledge that the Purchased Shares remain subject to the Company’s right of first refusal, the
drag-along right and the market stand-off (sometimes referred to as the “lock-up”) and may remain subject to the Company’s right of repurchase, all in
accordance with the applicable Notice of Stock Option Grant and Stock Option Agreement. I acknowledge that any transfer of the Purchased Shares may be subject to a transfer fee and must be effected on the Company’s form of stock transfer
agreement, as further described in the Stock Option Agreement. 

  

	9.	 I acknowledge that I am acquiring the Purchased Shares subject to all other terms of the Notice of Stock Option
Grant and Stock Option Agreement. 

  

	10.	 I acknowledge that I have received a copy of the Company’s explanation of the forms of ownership available
for my Purchased Shares. I acknowledge that the Company has encouraged me to consult my own adviser to determine the form of ownership that is appropriate for me. In the event that I choose to transfer my Purchased Shares to a trust, I agree to sign
a Stock Transfer Agreement on a form prescribed by the Company. In the event that I choose to transfer my Purchased Shares to a trust that does not satisfy the requirements described in the attached explanation (i.e., a trust that is not an eligible
revocable trust), I also acknowledge that the transfer will be treated as a “disposition” for tax purposes. As a result, the favorable ISO tax treatment will be unavailable and other unfavorable tax consequences may occur.

  

	11.	 I acknowledge that I have received a copy of the Company’s explanation of the federal income tax
consequences of an option exercise and the tax election under section 83(b) of the Internal Revenue Code. In the event that I choose to make a section 83(b) election, I acknowledge that it is my responsibility—and not the Company’s
responsibility—to file the election in a timely manner, even if I ask the Company or its agents to make the filing on my behalf. I acknowledge that the Company has encouraged me to consult my own adviser to determine the tax consequences of
acquiring the Purchased Shares at this time. 

  

	12.	 I agree that the Company does not have a duty to design or administer the 2020 Stock Plan or its other
compensation programs in a manner that minimizes my tax liabilities. I will not make any claim against the Company or its Board of Directors, officers or employees related to tax liabilities arising from my options or my other compensation. In
particular, I acknowledge that my options are exempt from section 409A of the Internal Revenue Code only if the exercise price per share is at least equal to the fair market value per share of the Company’s Class A Common Stock at the time
the option was granted by the Company’s Board of Directors. Since shares of the Company’s Class A Common Stock are not traded on an established securities market, the determination of their fair market value was made by the
Company’s Board of Directors or by an independent valuation firm retained by the Company. I acknowledge that there is no guarantee in either case that the Internal Revenue Service will agree with the valuation, and I will not make any claim
against the Company or its Board of Directors, officers or employees in the event that the Internal Revenue Service asserts that the valuation was too low. 

  

	13.	 I agree to seek the consent of my spouse to the extent required by the Company to enforce the foregoing.

  

	14.	 I consent, with respect to all shares of capital stock of the Company held by me, to receive any notice given
by the Company under its certificate of incorporation or bylaws, as the same may be amended and/or restated from time to time, the General Corporation Law of the State of Delaware (the “General Corporation Law”) or otherwise, by electronic
transmission pursuant to Section 232 of the General Corporation Law at the email address set forth above. I further acknowledge and agree that the Company may rely upon any expressions of my consent to proposed corporate actions received from
the email address provided above. I hereby agree to notify the Company of any change to my email 

  
 3 

	 	
address set forth above, and further agree that the provision of such notice shall constitute my consent to receive notice and to provide my expression of consent as provided herein at such
address. In the event that the Company is unable to deliver notice to me at the e-mail address set forth above, I shall, within five (5) days after a request by the Company, provide the Company with a
valid e-mail address to which I consent to receive notice and to provide expressions of consent as provided herein. 

  

					
	SIGNATURE:	 		 	DATE: 
			
	  
	 		 	  

  
 4 

 EXPLANATION OF FORMS OF
STOCK OWNERSHIP 
 PURPOSE OF THIS EXPLANATION 

The purpose of this explanation is to provide you with a brief summary of the forms of legal ownership available for the shares that you are purchasing (the
“Purchased Shares”). For a number of reasons, this explanation is no substitute for personal legal advice: 
  

	 	•	 	 To make the explanation short and readable, only the highlights are covered. Some legal rules are not addressed,
even though they may be important in particular cases. 

  

	 	•	 	 While the summary attempts to deal with the most common situations, your own situation may well be different from
the norm. 

  

	 	•	 	 The law may change, and the Company is not responsible for updating this summary. 

 

	 	•	 	 The form in which you own your shares may have a substantial impact on the estate tax treatment that
applies to those shares when you die or the income tax treatment that applies when your survivors sell the shares after your death. 

FOR THESE REASONS, THE COMPANY STRONGLY
ENCOURAGES YOU TO CONSULT YOUR OWN ADVISER BEFORE EXERCISING YOUR OPTION
AND BEFORE MAKING A DECISION ABOUT THE FORM OF OWNERSHIP FOR YOUR
SHARES. 
 OVERVIEW 

The Notice of Stock Option Exercise offers five forms of taking title to the Purchased Shares: 

 

	 	•	 	 In your name only, 

  

	 	•	 	 In your name and the name of your spouse as community property, 

 

	 	•	 	 In your name and the name of your spouse as community property with the right of survivorship,

  

	 	•	 	 In your name and the name of your spouse as joint tenants with the right of survivorship, or

  

	 	•	 	 In the name of an eligible revocable trust. 

Title in the Purchased Shares depends upon (a) your marital status, (b) the marital property laws of your state of residence and (c) any
agreement with your spouse altering the existing marital property laws of your state of residence. If you are not married, you generally will take title in your name alone. If you are married, title depends upon the marital property laws of your
state of residence. In general, states are classified either as “community property” states or as “common-law property” states. (But individual state law may vary within these
classifications.) 

  
 5 

 COMMUNITY PROPERTY AND JOINT
TENANCY 
 Community property states include California, Texas, Washington, Arizona, Nevada, New Mexico, Idaho, Louisiana and Wisconsin.
In a community property state, property acquired during marriage by either spouse is presumed to be one-half owned by each spouse. All other property is classified as the separate property of the spouse who
acquires the property. While either spouse has equal management and control over the community property and may sell, spend or encumber all community property, neither spouse may gift community property or partition his/her one-half interest without the consent of the other spouse. Upon divorce, all community property is divided equally among the spouses and each spouse is entitled to retain all of his/her separate property. Upon the
death of a spouse, one-half of the community property (and all of the decedent spouse’s separate property) will pass to the decedent spouse’s heirs. The other
one-half of the community property remains the property of the surviving spouse. 
 Other states are common-law property states. In a common-law property state, each spouse is generally deemed to own whatever he/she earns or acquires. 

A married couple may elect to alter the marital property rules by mutually agreeing to take title to property in other forms. For example, a couple residing
in a community property state may generally enter into an agreement and transform what otherwise would be community property into the separate property of the spouse who earns or acquires the property. 

In addition, many community property and common-law property states allow married couples to take joint title in
property acquired during marriage. For example, California allows a married couple to take title in a joint tenancy with the right of survivorship. In a joint tenancy, each spouse owns a one-half interest in
the property as separate property. This means that each spouse may transfer or sell his/her one-half interest in the property while he/she is alive. However, unlike traditional separate property, a spouse
cannot transfer his/her one-half interest to heirs at death. Instead, the surviving spouse automatically receives the decedent spouse’s one-half interest and
becomes the full owner of the property. (This is called the “right of survivorship.”) Both spouses must consent to taking property in a joint tenancy in lieu of having the community property laws apply. 

California also allows a married couple to take title in the shares as community property with the right of survivorship. This means that the shares are
treated like community property while both spouses are alive. However, if one spouse dies, then the other spouse automatically receives the decedent spouse’s one-half interest and becomes the full owner
of the shares. In other words, the decedent spouse’s will or trust does not control the disposition of the shares. 
 If you have the Purchased
Shares issued in a form other than those described above, then the transfer will be treated as a “disposition” for tax purposes. This means that the effect, for tax purposes, will be the same as selling the Purchased Shares. Please refer
to the attached tax summary for additional information. 

  
 6 

 TRUSTS 

A transfer to a trust generally should not be treated as a “disposition” of the Purchased Shares for tax purposes if the trust satisfies each of the
following conditions: 
  

	 	•	 	 You are the sole grantor of the trust, 

 

	 	•	 	 You are the sole trustee, or you and your spouse are the sole
co-trustees, 

  

	 	•	 	 The trustee or trustees are not required to distribute the income of the trust to any person other than you
and/or your spouse while you are alive, and 

  

	 	•	 	 The trust permits you to revoke all or part of the trust and to have the trust’s assets returned to you,
without the consent of any other person (including your spouse). 

 If you have the Purchased Shares issued to a trust that does not meet
these requirements, then the transfer will be treated as a “disposition” for tax purposes. This means that the effect, for tax purposes, will be the same as selling the Purchased Shares. Please refer to the attached tax summary for
additional information. 
 If you have the Purchased Shares issued to any trust, you will be required to sign a Stock Transfer Agreement in your capacity as
trustee. Under the Stock Transfer Agreement, the Purchased Shares remain subject to the Company’s right of first refusal and may remain subject to the Company’s right of repurchase, all in accordance with the applicable Notice of Stock
Option Grant and Stock Option Agreement. 
 THE COMPANY WILL NOT CHECK
TO DETERMINE WHETHER THE FORM OF OWNERSHIP THAT YOU ELECT IN YOUR
NOTICE OF STOCK OPTION EXERCISE IS APPROPRIATE. YOU SHOULD CONSULT YOUR
OWN ADVISERS ON THIS SUBJECT. IF AN INAPPROPRIATE ELECTION IS MADE,
THE FORM OF OWNERSHIP MAY NOT WITHSTAND LEGAL SCRUTINY OR MAY HAVE
ADVERSE TAX CONSEQUENCES. 

  
 7 

 EXPLANATION OF FEDERAL INCOME
TAX CONSEQUENCES 
 AND SECTION 83(b) ELECTION 

(Current as of January 2020) 

PURPOSE OF THIS EXPLANATION 

The purpose of this explanation is to provide you with a brief summary of the tax consequences of exercising your option. For a number of reasons, this
explanation is no substitute for personal tax advice: 
  

	 	•	 	 To make the explanation short and readable, only the highlights are covered. Some tax rules are not addressed,
even though they may be important in particular cases. 

  

	 	•	 	 While the summary attempts to deal with the most common situations, your own tax situation may well be different
from the norm. 

  

	 	•	 	 State and foreign income taxes are not addressed at all, even though they could have a significant impact on your
tax planning. Likewise, federal gift and estate taxes and state inheritance taxes are not discussed. 

  

	 	•	 	 Tax planning involving incentive stock options is exceedingly complex, in part because of the possible
application of the alternative minimum tax. 

  

	 	•	 	 The explanation assumes that you are paying the exercise price of your option in cash (or in the form of a
full-recourse promissory note with an interest rate that meets IRS requirements). If you are paying the exercise price in the form of stock, you become subject to special rules that are not addressed here. 

 

	 	•	 	 This explanation assumes that your option is not subject to section 409A of the Internal Revenue Code.
However, the Company cannot be certain that section 409A is inapplicable to your option. (Please refer to the last segment of this summary for more information about section 409A.) 

 

	 	•	 	 The tax rules change often, and the Company is not responsible for updating this summary. (Please refer to the
date at the top of this page.) 

 FOR THESE REASONS, THE
COMPANY STRONGLY ENCOURAGES YOU TO CONSULT YOUR OWN TAX ADVISER BEFORE
EXERCISING YOUR OPTION AND BEFORE MAKING A DECISION ABOUT FILING OR
NOT FILING A SECTION 83(b) ELECTION. 

EXERCISE OF NSO TO PURCHASE VESTED SHARES 

The Notice of Stock Option Grant indicates whether your Purchased Shares are already vested. Vested shares are no longer subject to the Company’s right to
repurchase them, although they are still subject to the Company’s right of first refusal. If you know that your Purchased Shares are already vested, there is no need to file a section 83(b) election. 

  
 8 

 If you are exercising an NSO to purchase vested shares, you generally will be taxed at the time of exercise.
You will recognize ordinary income in an amount equal to the excess of (a) the fair market value of the Purchased Shares on the date of exercise over (b) the exercise price you are paying. If you are an employee or former employee of the
Company, this amount is subject to withholding for income and payroll taxes. Your tax basis in the Purchased Shares (to calculate capital gain when you sell the shares) is equal to the sum of the exercise price you paid for the Purchased Shares plus
any additional amount you recognized as income on the exercise date. 
 EXERCISE OF NSO TO
PURCHASE NON-VESTED SHARES 
 If you are exercising
an NSO to purchase non-vested shares, and if you do not file a timely election under section 83(b) of the Internal Revenue Code, then you will not be taxed at the time of exercise. Instead, you will be
taxed whenever an increment of Purchased Shares vests—in other words, when the Company no longer has the right to repurchase those shares. The Notice of Stock Option Grant indicates when this occurs, generally over a period of several years.
Whenever an increment of Purchased Shares vests, you will recognize ordinary income in an amount equal to the excess of (a) the fair market value of those Purchased Shares on the date of vesting over (b) the exercise price you are paying
for those Purchased Shares. If you are an employee or former employee of the Company, this amount will be subject to withholding for income and payroll taxes. Your tax basis in the Purchased Shares (to calculate capital gain when you sell the
shares) will be equal to the sum of the exercise price you paid for the Purchased Shares plus any additional amount you recognized as income on each vesting date. 

If you are exercising an NSO to purchase non-vested shares, and if you file a timely election under section 83(b)
of the Internal Revenue Code, then you will be taxed at the time of exercise. You will recognize ordinary income in an amount equal to the excess of (a) the fair market value of the Purchased Shares on the date of exercise over (b) the
exercise price you are paying. If you are an employee or former employee of the Company, this amount is subject to withholding for income and payroll taxes. Your tax basis in the Purchased Shares (to calculate capital gain when you sell the shares)
is equal to the sum of the exercise price you paid for the Purchased Shares plus any additional amount you recognized as income as a result of filing the section 83(b) election. Even if the fair market value of the Purchased Shares on the date of
exercise equals the exercise price (and thus no tax is payable), the section 83(b) election must be made in order to avoid having any subsequent appreciation taxed as ordinary income at the time of vesting. 

YOU MUST FILE A
SECTION 83(b) ELECTION WITH THE INTERNAL REVENUE
SERVICE WITHIN 30 DAYS AFTER THE NOTICE OF STOCK OPTION EXERCISE IS
SIGNED. The 30-day filing period cannot be extended. If you miss the deadline, you will be taxed as the Purchased Shares vest, based on the value of the
shares at that time. (See above.) The form for making the 83(b) election is attached. Additional copies of the form must be filed with the Company. 

  
 9 

 DISPOSITION OF NSO SHARES 

When you dispose of the Purchased Shares, you will recognize a capital gain equal to the excess of (a) the sale proceeds over (b) your tax basis in
the Purchased Shares. If the sale proceeds are less than your tax basis, you will recognize a capital loss. The capital gain or loss will be long-term if you held the Purchased Shares for more than 12 months. The holding period normally starts when
you exercise your NSO. In general, the maximum marginal federal income tax rate on long-term capital gains is 20% under current law, but lower long-term capital gain rates may apply to certain taxpayers. 

Effective January 1, 2013, as a result of the Health Care and Education Reconciliation Act of 2010, an additional Medicare contribution tax is imposed at
a rate of 3.8% on the “net investment income” of individuals with adjusted gross incomes in excess of $200,000 ($250,000 in the case of a joint return, and $125,000 in the case of a married taxpayer filing separately). “Net investment
income” includes income from interest, dividends, and capital gains, reduced by the deductions properly allocated to such income. 
 Depending on the
level of your adjusted gross income, the additional Medicare contribution tax may be imposed on any short-term and long-term capital gain income and can increase your marginal tax rate. 

LIMIT ON ISO TREATMENT 

The Notice of Stock Option Grant indicates whether your option is a nonstatutory stock option (NSO) or an incentive stock option (ISO). The favorable tax
treatment for ISOs is limited, regardless of what the Notice of Stock Option Grant indicates. Of the options that become exercisable in any calendar year, only options covering the first $100,000 of stock are eligible for ISO treatment. The excess
over $100,000 automatically receives NSO treatment. For this purpose, stock is valued at the time of grant. This means that the value is generally equal to the exercise price. 

For example, assume that you hold an option to buy 50,000 shares for $4 per share. Assume further that the entire option is exercisable immediately after the
date of grant. (It is irrelevant when the underlying stock vests.) Only the first 25,000 shares qualify for ISO treatment. (25,000 times $4 equals $100,000.) The remaining 25,000 shares will be treated as if they had been acquired by exercising an
NSO. This is true regardless of when the option is actually exercised; what matters is when it first could have been exercised. 

EXERCISE OF ISO AND ISO HOLDING PERIODS 

If you are exercising an ISO, you will not be taxed under the regular tax rules until you dispose of the Purchased Shares.1 (The alternative minimum tax rules are described below.) The tax treatment at the time of disposition depends on how long you hold the shares. You will satisfy the ISO holding periods if you hold the
Purchased Shares until the later of the following dates: 
  

	1 	 Generally, a “disposition” of shares purchased under an ISO encompasses any transfer of legal title,
such as a transfer by sale, exchange or gift. It generally does not include a transfer to your spouse, a transfer into joint ownership with right of survivorship (if you remain one of the joint owners), a pledge, a transfer by bequest or
inheritance, or certain tax-free exchanges permitted under the Internal Revenue Code. A transfer to a trust is a “disposition” unless the trust is an eligible revocable trust, as described in the
attached explanation. 

  
 10 

	 	•	 	 More than two years after the ISO was granted, and 

 

	 	•	 	 More than one year after the ISO is exercised. 

DISPOSITION OF ISO SHARES 

If you dispose of the Purchased Shares after satisfying both of the ISO holding periods, then you will recognize only a long-term capital gain at the
time of disposition. The amount of the capital gain is equal to the excess of (a) the sale proceeds over (b) the exercise price. In general, the maximum marginal federal income tax rate on long-term capital gains is 20% under current law,
but lower long-term capital gain rates may apply to certain taxpayers. 
 Effective January 1, 2013, as a result of the Health Care and Education
Reconciliation Act of 2010, an additional Medicare contribution tax is imposed at a rate of 3.8% on the “net investment income” of individuals with adjusted gross incomes in excess of $200,000 ($250,000 in the case of a joint return, and
$125,000 in the case of a married taxpayer filing separately). “Net investment income” includes income from interest, dividends, and capital gains, reduced by the deductions properly allocated to such income. 

If you dispose of the Purchased Shares before either or both of the ISO holding periods are met, then you will recognize ordinary income at the time of
disposition. The calculation of the ordinary income amount depends on whether the shares are vested at the time of exercise. 
  

	 	•	 	 Shares Vested. If the shares are vested at the time of exercise, the amount of ordinary income will be
equal to the excess of (a) the fair market value of the Purchased Shares on the date of exercise over (b) the exercise price. But if the disposition is an arm’s length sale to an unrelated party, the amount of ordinary income will not
exceed the total gain from the sale. Under current IRS rules, the ordinary income amount will not be subject to withholding for income or payroll taxes. Your tax basis in the Purchased Shares will be equal to the sum of the exercise price you paid
for the Purchased Shares plus any additional amount you recognized as ordinary income. Any gain in excess of your basis will be taxed as a capital gain—either long-term or short-term, depending on how long you held the Purchased Shares after
the date of exercise. 

  

	 	•	 	 Shares Not Vested. If the Purchased Shares are not vested at the time of exercise, then the amount of
ordinary income will be equal to the excess of (a) the fair market value of the Purchased Shares on the date of vesting over (b) the exercise price. But if the disposition is an arm’s length sale to an unrelated party, the
amount of ordinary income will not exceed the total gain from the sale. Under current IRS rules, the ordinary income amount will not be subject to withholding for income or payroll taxes. Your tax basis in the Purchased Shares will be equal to the
sum of the exercise price you paid for the Purchased Shares plus any additional amount you recognized as ordinary income. Any gain in excess of your basis will be taxed as 

  
 11 

	 	 
a capital gain—either long-term or short-term, depending on how long you held the Purchased Shares after the date of vesting. Please note that it makes no difference under the regular
tax rules whether or not you filed a section 83(b) election at the time you exercised your ISO. In either case, your regular taxable income is measured as of the time of vesting rather than the time of exercise. 

SUMMARY OF ALTERNATIVE MINIMUM TAX 

The alternative minimum tax (AMT) must be paid to the extent that it exceeds your regular federal income tax for the year. For 2020, the first $197,900
($98,950 for a married taxpayer filing a separate return) of your alternative minimum taxable income for the year over the allowable exemption amount (see below) is subject to alternative minimum taxation at the rate of 26%. The balance of your
alternative minimum taxable income is subject to alternative minimum taxation at the rate of 28%. The dollar thresholds dividing the 26% and 28% rates are indexed for inflation in future years.    Your alternative minimum tax
base is equal to your alternative minimum taxable income (AMTI) minus your exemption amount. 
  

	 	•	 	 Alternative Minimum Taxable Income. Your AMTI is equal to your regular taxable income, subject to certain
adjustments and increased by items of tax preference. Among the many adjustments made in computing AMTI are the following: 

  

	 	•	 	 State and local income and property taxes are not allowed as a deduction. 

 

	 	•	 	 Certain interest and other deductions are not allowed. 

 

	 	•	 	 When an ISO is exercised, the spread is added to income for AMT purposes. (See discussion below.)

  

	 	•	 	 Exemption Amount. Before AMT is calculated, AMTI is reduced by the exemption amount. Under current law,
the exemption amount is as follows: 

  

													
	 Year:
	  	Joint Returns:	 	  	Single Returns:	 	  	Separate Returns:	 
	 20202
	  	$	113,400	 	  	$	72,900	 	  	$	56,700	 

 The allowable exemption amount is reduced by $0.25 for each $1.00 by which alternative minimum taxable income
for the year exceeds the following amounts: 
  

													
	 Year:
	  	Joint Returns:	 	  	Single Returns:	 	  	Separate Returns:	 
	 20203
	  	$	1,036,800	 	  	$	518,400	 	  	$	518,400	 

  

	2 	 Amounts are indexed for inflation in future years. 

	3 	 Amounts are indexed for inflation in future years. 

  
 12 

 This means, for example, in 2020, the $113,400 exemption amount is phased out completely for
married individuals filing joint returns when their alternative minimum taxable income reaches $1,490,400 [($113,400 ÷ $0.25) + $1,036,800]. 

APPLICATION OF AMT WHEN ISO IS EXERCISED 

As noted above, when an ISO is exercised, the spread is included in AMTI at the time of exercise, unless the Purchased Shares are not yet vested at the time of
exercise. If the Purchased Shares are not yet vested, the value of the shares minus the exercise price is included in AMTI when the shares vest. However, if you make an election under section 83(b) within 30 days after exercise, then the spread
is included in AMTI at the time of exercise. YOU MUST FILE AN 83(b) ELECTION WITH THE INTERNAL
REVENUE SERVICE WITHIN 30 DAYS AFTER THE NOTICE OF STOCK OPTION EXERCISE
IS SIGNED. The 30-day filing period cannot be extended. 

A special rule applies if you dispose of the Purchased Shares in the same year in which you exercised the ISO. If the amount you realize on the sale is less
than the value of the stock at the time of exercise, then the amount includible in AMTI on account of the ISO exercise is limited to the gain realized on the sale.4 

To the extent that your AMT is attributable to the spread on exercising an ISO (and certain other items), you may be able to apply the AMT that you paid as a
credit against your income tax liability in future years. But the rules on calculating the available tax credits were amended frequently in recent years and have become extraordinarily complex. On this issue in particular, you must consult your own
tax adviser. 
 When Purchased Shares are sold, your basis for purposes of computing the capital gain or loss under the AMT system is increased by the
option spread that exists at the time of exercise. Again, an ISO is treated under the AMT system much like an NSO is treated under the regular tax system. But your basis in the ISO shares for purposes of computing gain or loss under the regular tax
system does not reflect any AMT that you pay on the spread at exercise. Therefore, if you pay AMT in the year of the ISO exercise and regular income tax in the year of selling the Purchased Shares, you could pay tax twice on the same gain
(except to the extent that you can use the AMT credit described above). 
 SECTION 409A OF THE
INTERNAL REVENUE CODE 
 The preceding summary assumes that section 409A of the Internal Revenue Code
does not apply to your option. In general, your option is exempt from section 409A if the exercise price per share is at least equal to the fair market value per share of the Company’s Class A Common Stock at the time the option was
granted by the Board of Directors. Since shares of Class A Common Stock are not traded on an established securities market, the determination of their fair market value generally is made by the Board of Directors or by an independent appraisal
firm retained by the Company. In either case, there is no guarantee that the Internal Revenue Service will agree with the valuation. 

 

	4 	 This is similar to the rule that applies under the regular tax system in the event of a disqualifying
disposition of ISO stock. The amount of ordinary income that must be recognized in that case generally does not exceed the amount of the gain realized in the disposition. 

  
 13 

 If your option were found to be subject to section 409A, then you would be required to recognize
ordinary income as early as the year in which the option (or portion thereof) vests. This amount would also be subject to a 20% federal tax in addition to the federal income tax at your usual marginal rate for ordinary income. Additional
state income taxes may apply in some states. 
 DISCLAIMER UNDER IRS CIRCULAR 230

 To ensure compliance with requirements imposed by U.S. tax authorities, we inform you that any U.S. tax advice contained in the
foregoing summary is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding United States federal, state or local tax penalties, or (ii) promoting, marketing or recommending to another party any matters
addressed herein (including any attachments). 

  
 14 

 SECTION 83(b) ELECTION 

The undersigned taxpayer hereby elects, pursuant to Sections 55 and 83(b) of the Internal Revenue Code of 1986, as amended, and pursuant to Treasury
Regulations Section 1.83-2, to include in gross income as compensation for services the excess (if any) of the fair market value of the shares described below over an amount paid for those shares. 

 

	 	A.	 The taxpayer who performed the services is: 

Name:     

Address:     

Social Security No.:      
  

	 	B.	 The property with respect to which the election is made is
             shares of the Class A common stock of PepGen Inc. 

  

	 	C.	 The property was transferred to the taxpayer on
                    ,         . 

 

	 	D.	 The taxable year for which the election is made is the calendar year
                    . 

  

	 	E.	 The property is subject to a repurchase right pursuant to which the issuer has the right to acquire the
property if for any reason taxpayer’s service with the issuer terminates. The issuer’s repurchase right lapses in a series of installments over a
                    -year period ending on
                    ,         . 

 

	 	F.	 The fair market value of such property at the time of transfer (determined without regard to any restriction
other than a restriction that by its terms will never lapse) is $             per share x              shares =
$            . 

  

	 	G.	 For the property transferred, the taxpayer paid
$             per share ×              shares = $            .

  

	 	H.	 The amount to include in gross income is
$            . [The amount in Item F less the amount in Item G] 

  

	 	I.	 This statement is executed on
                    ,         . 

 

					
	  
	 		 	  

	Signature of Spouse (if any)	 		 	Signature of Taxpayer

 Within 30 days after the date of transfer of the property, this election must be filed with the Internal Revenue Service
office where the taxpayer files his or her annual federal income tax return. The filing should be made by registered or certified mail, return receipt requested. The taxpayer must deliver a copy of the completed form to the Company. 

 PEPGEN INC. 2020 STOCK
PLAN 
 NOTICE OF STOCK OPTION GRANT
(INSTALLMENT EXERCISE) 
 The Optionee has been granted the following option to purchase shares of the Class A Common
Stock of PepGen Inc. (the “Company”): 
  

			
	Name of Optionee:	  	«Name»
		
	Total Number of Shares:	  	«TotalShares»
		
	Type of Option:	  	«ISO» Incentive Stock Option (ISO)
		
	 	  	«NSO» Nonstatutory Stock Option (NSO)
		
	Exercise Price per Share:	  	$«PricePerShare»
		
	Date of Grant:	  	«DateGrant»
		
	Vesting Schedule/Date Exercisable:	  	This option shall vest and become exercisable with respect to the first «Percent»% of the Shares subject to this option when the Optionee completes «CliffPeriod» months of continuous Service beginning with
the Vesting Commencement Date set forth below. This option shall vest and become exercisable with respect to an additional «Fraction»% of the Shares subject to this option when the Optionee completes each month of continuous Service
thereafter.
		
	Vesting Commencement Date:	  	«VestComDate»
		
	Expiration Date:	  	«ExpDate». This option expires earlier if the Optionee’s Service terminates earlier, as provided in Section 6 of the Stock Option Agreement, or if the Company engages in certain corporate transactions, as
provided in Section 9 of the Plan.

 By signing below or otherwise accepting this option in a manner acceptable to the Company, the Optionee and the Company agree
that this option is granted under, and governed by the terms and conditions of, this Notice of Stock Option Grant, the 2020 Stock Plan and the Stock Option Agreement. Both of the latter documents are attached to, and made a part of, this Notice of
Stock Option Grant. Capitalized terms not otherwise defined herein or in the Stock Option Agreement shall have the meanings set forth in the Plan. Section 14 of the Stock Option Agreement includes important acknowledgements of
the Optionee. 

							
	OPTIONEE:	 		 	PEPGEN INC.
				
	  
	 		 	By:	 	  

		 		 	Title:	 	  

 THE OPTION GRANTED PURSUANT TO THE NOTICE OF STOCK OPTION GRANT AND THIS AGREEMENT AND THE SHARES
ISSUABLE UPON THE EXERCISE THEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL,
SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED. 
 PEPGEN
INC. 2020 STOCK PLAN: 
 STOCK OPTION
AGREEMENT (INSTALLMENT EXERCISE) 
 SECTION 1. GRANT OF OPTION. 

(a)    Option. On the terms and conditions set forth in the Notice of Stock Option Grant, this Agreement and
the Plan, the Company has granted to the Optionee on the Date of Grant the option to purchase at the Exercise Price the number of Shares set forth in the Notice of Stock Option Grant. The Exercise Price is agreed to be at least 100% of the Fair
Market Value per Share on the Date of Grant (110% of Fair Market Value if this option is designated as an ISO in the Notice of Stock Option Grant and Section 3(b) of the Plan applies). This option is intended to be an ISO or an NSO, as provided
in the Notice of Stock Option Grant. 
 (b)    $100,000 Limitation. Even if this option is designated as an ISO
in the Notice of Stock Option Grant, it shall be deemed to be an NSO to the extent (and only to the extent) required by the $100,000 annual limitation under Section 422(d) of the Code. 

(c)    Stock Plan and Defined Terms. This option is granted pursuant to the Plan, a copy of which the Optionee
acknowledges having received. The provisions of the Plan are incorporated into this Agreement by this reference. Except as otherwise defined in this Agreement (including without limitation Section 15 hereof), capitalized terms shall have the
meaning ascribed to such terms in the Plan. 
 SECTION 2. RIGHT TO EXERCISE. 

(a)    Exercisability. Subject to Subsection (b) below and the other conditions set forth in this Agreement,
all or part of this option may be exercised prior to its expiration at the time or times set forth in the Notice of Stock Option Grant. 

(b)    Stockholder Approval. Any other provision of this Agreement notwithstanding, no portion of this option shall
be exercisable at any time prior to the approval of the Plan by the Company’s stockholders. 

 SECTION 3. NO TRANSFER OR ASSIGNMENT OF OPTION. 

Except as otherwise provided in or pursuant to this Agreement or the Plan, this option and the rights and privileges conferred hereby shall not
be sold, pledged or otherwise transferred (whether by operation of law or otherwise) and shall not be subject to sale under execution, attachment, levy or similar process. 

SECTION 4. EXERCISE PROCEDURES. 

(a)    Notice of Exercise. The Optionee or the Optionee’s representative may exercise this option by:
(i) signing and delivering written notice (on a form prescribed by the Company) to the Company pursuant to Section 13(c) specifying the election to exercise this option, the number of Shares for which it is being exercised and the form of
payment, (ii) if requested by the Company, executing and delivering such stockholders agreements as apply to the holders of the Company’s preferred stock (including, without limitation, any right of first refusal and co-sale agreement and/or voting agreement of the Company) and (iii) delivering payment, in a form permissible under Section 5, for the full amount of the Purchase Price (together with any applicable
withholding taxes under Subsection (b)). In the event that this option is being exercised by the representative of the Optionee, the notice shall be accompanied by proof (satisfactory to the Company) of the representative’s right to exercise
this option. 
 (b)    Withholding Taxes. In the event that the Company determines that it is required to
withhold any tax (including without limitation any income tax, social insurance contributions, payroll tax, payment on account or other tax-related items arising in connection with the Optionee’s
participation in the Plan and legally applicable to the Optionee (the “Tax-Related Items”)) as a result of the grant, vesting or exercise of this option, or as a result of the transfer of
shares acquired upon exercise of this option, the Optionee, as a condition of this option, shall make arrangements satisfactory to the Company to enable it to satisfy all Tax-Related Items. The Optionee
acknowledges that the responsibility for all Tax-Related Items is the Optionee’s and may exceed the amount actually withheld by the Company (or its affiliate or agent). 

(c)    Issuance of Shares. After satisfying all requirements for exercise of this option, the Company shall cause
to be issued one or more certificates evidencing, or electronic notation representing, the Shares for which this option has been exercised. Such Shares shall be registered (i) in the name of the person exercising this option, (ii) in the
names of such person and his or her spouse as community property or as joint tenants with the right of survivorship or (iii) with the Company’s consent, in the name of a revocable trust. Until the issuance of the Shares has been entered
into the books and records of the Company or a duly authorized transfer agent of the Company, no right to vote, receive dividends or any other right as a stockholder will exist with respect to such Shares. The Company shall cause any certificates
evidencing such Shares to be delivered to or upon the order of the person exercising this option. 
 SECTION 5. PAYMENT FOR STOCK. 

(a)    Cash. All or part of the Purchase Price may be paid in cash or cash equivalents or pursuant to a form of
electronic funds transfer acceptable to the Company. 

  
 2 

 (b)    Surrender of Stock. At the discretion of the Board of
Directors, all or any part of the Purchase Price may be paid by surrendering, or attesting to the ownership of, Shares that are already owned by the Optionee. Such Shares shall be surrendered to the Company in good form for transfer and shall be
valued at their Fair Market Value as of the date when this option is exercised. 
 (c)    Cashless Exercise. All
or part of the Purchase Price and any withholding taxes may be paid by the delivery (on a form prescribed by the Company) of an irrevocable direction to a securities broker approved by the Company to sell Shares and to deliver all or part of the
sales proceeds to the Company. However, payment pursuant to the preceding sentence shall be permitted only if (i) Stock then is publicly traded and (ii) such payment does not violate applicable law. At the discretion of the Board of
Directors, all or part of the Purchase Price and any withholding taxes may be paid pursuant to another cashless exercise arrangement established by the Company. 

SECTION 6. TERM AND EXPIRATION. 

(a)    Basic Term. This option shall in any event expire on the expiration date set forth in the Notice of Stock
Option Grant, which date is 10 years after the Date of Grant (five years after the Date of Grant if this option is designated as an ISO in the Notice of Stock Option Grant and Section 3(b) of the Plan applies). 

(b)    Termination of Service (Except by Death). If the Optionee’s Service terminates for any reason other
than death, then this option shall expire on the earliest of the following occasions: 

(i)      The expiration date determined pursuant to Subsection (a) above; 

(ii)     The date three months after the termination of the Optionee’s Service for any reason
other than Disability; or 
 (iii)    The date six months after the termination of the Optionee’s
Service by reason of Disability. 
 The Optionee may exercise all or part of this option at any time before its expiration under the preceding sentence, but
only to the extent that this option had become vested and exercisable before the Optionee’s Service terminated or becomes vested and exercisable as a result of such termination. In the event that the Optionee dies after termination of Service
but before the expiration of this option, all or part of this option may be exercised (prior to expiration) by the executors or administrators of the Optionee’s estate or by any person who has acquired this option directly from the Optionee by
beneficiary designation, bequest or inheritance, but only to the extent that this option had become vested and exercisable before the Optionee’s Service terminated or becomes vested and exercisable as a result of such termination. Once this
option (or portion thereof) has terminated, the Optionee shall have no further rights with respect to the option (or portion thereof) or to the underlying Shares. 

  
 3 

 (c)    Death of the Optionee. If the Optionee dies while in
Service, then this option shall expire on the earlier of the following dates: 
 (i)     The
expiration date determined pursuant to Subsection (a) above; or 
 (ii)    The date 12 months after
the Optionee’s death. 
 All or part of this option may be exercised at any time before its expiration under the preceding sentence by the executors or
administrators of the Optionee’s estate or by any person who has acquired this option directly from the Optionee by beneficiary designation, bequest or inheritance, but only to the extent that this option had become vested and exercisable
before the Optionee’s death or becomes vested and exercisable as a result of the Optionee’s death. Once this option (or portion thereof) has terminated, the Optionee shall have no further rights with respect to the option (or portion
thereof) or to the underlying Shares. 
 (d)    Additional Vesting After Termination of Service. The period of
time beginning on the date that the Optionee’s Service terminates or the date that the Optionee dies while in Service and ending on the earliest of the occasions determined pursuant to Subsections (b) or (c) above, as applicable, is
referred to as the “post-termination exercise period”. To the extent this option is not fully vested and exercisable on the date the Optionee’s Service terminates or the date that the Optionee dies while in Service, the Board
of Directors may, during the post-termination exercise period, take action to cause this option to become vested and exercisable (in whole or in part). In no event will this option become vested or exercisable after termination of the
Optionee’s Service or death unless the Board of Directors takes affirmative action pursuant to the preceding sentence or unless expressly provided in a written agreement between the Company and the Optionee. In this regard, any provision of
this Agreement or another agreement that provides for vesting upon an event (including, without limitation, a change in control) will be deemed to require Service through the occurrence of such event unless the agreement clearly provides otherwise.

 (e)    Extension of Post-Termination Exercise Periods. Following the date on which the Company’s Stock is
first listed for trading on an established securities market, if during any part of the exercise period described in Subsections (b)(ii) or (iii) or Subsection (c)(ii) above the exercise of this option would be prohibited solely because the
issuance of Shares upon such exercise would violate the registration requirements under the Securities Act or a similar provision of other applicable law, then instead of terminating at the end of such prescribed period, the then-vested portion of
this option will instead remain outstanding and not expire until the earlier of (i) the expiration date determined pursuant to Section 6(a) above or (ii) the date on which the then-vested portion of this option has been exercisable
without violation of applicable law for the aggregate period (which need not be consecutive) after termination of the Optionee’s Service specified in the applicable Subsection above. 

(f)    Part-Time Employment and Leaves of Absence. If the Optionee commences working on a part-time basis, then the
Company may adjust the vesting schedule set forth in the Notice of Stock Option Grant. If the Optionee goes on a leave of absence, then, to the extent permitted by applicable law, the Company may adjust or suspend the vesting schedule set

  
 4 

 
forth in the Notice of Stock Option Grant. Except as provided in the preceding sentence, Service shall be deemed to continue for any purpose under this Agreement while the Optionee is on a
bona fide leave of absence approved by the Company in writing. Service shall be deemed to terminate when such leave ends, unless the Optionee immediately returns to active work when such leave ends. 

(g)    Notice Concerning ISO Treatment. Even if this option is designated as an ISO in the Notice of Stock Option
Grant, it ceases to qualify for favorable tax treatment as an ISO to the extent that it is exercised: 

(i)      More than three months after the date when the Optionee ceases to be an Employee for any
reason other than death or permanent and total disability (as defined in Section 22(e)(3) of the Code); 

(ii)     More than 12 months after the date when the Optionee ceases to be an Employee by reason of
permanent and total disability (as defined in Section 22(e)(3) of the Code); or 
 (iii)    More
than three months after the date when the Optionee has been on a leave of absence for three months, unless the Optionee’s reemployment rights following such leave were guaranteed by statute or by contract. 

SECTION 7. RIGHT OF FIRST REFUSAL. 

(a)    Right of First Refusal. In the event that the Optionee proposes to sell, pledge or otherwise transfer to a
third party any Shares acquired under this Agreement, or any interest in such Shares, the Company shall have the Right of First Refusal with respect to all (and not less than all) of such Shares. If the Optionee desires to transfer Shares acquired
under this Agreement, the Optionee shall give a written Transfer Notice to the Company describing fully the proposed transfer, including the number of Shares proposed to be transferred, the proposed transfer price, the name and address of the
proposed Transferee and proof satisfactory to the Company that the proposed sale or transfer will not violate any applicable federal, State or foreign securities laws. The Transfer Notice shall be signed both by the Optionee and by the proposed
Transferee and must constitute a binding commitment of both parties to the transfer of the Shares. The Company shall have the right to purchase all, and not less than all, of the Shares on the terms of the proposal described in the Transfer Notice
(subject, however, to any change in such terms permitted under Subsection (b) below) by delivery of a notice of exercise of the Right of First Refusal within 30 days after the date when the Transfer Notice was received by the Company. 

(b)    Transfer of Shares. If the Company fails to exercise its Right of First Refusal within 30 days after
the date when it received the Transfer Notice, the Optionee may, not later than 90 days following receipt of the Transfer Notice by the Company, conclude a transfer of the Shares subject to the Transfer Notice on the terms and conditions no
less favorable to the Optionee than those described in the Transfer Notice, provided that any such sale is made in compliance with applicable federal, State and foreign securities laws and not in violation of any other contractual restrictions to
which the Optionee is bound. Any proposed transfer on terms and conditions less favorable than those described in the Transfer Notice, as well as any subsequent proposed transfer by the Optionee, shall again be subject to the Right of First Refusal
and shall 

  
 5 

 
require compliance with the procedure described in Subsection (a) above. If the Company exercises its Right of First Refusal, the parties shall consummate the sale of the Shares on the terms
set forth in the Transfer Notice within 60 days after the date when the Company received the Transfer Notice (or within such longer period as may have been specified in the Transfer Notice); provided, however, that in the event the Transfer
Notice provided that payment for the Shares was to be made in a form other than cash or cash equivalents paid at the time of transfer, the Company shall have the option of paying for the Shares with cash or cash equivalents equal to the present
value of the consideration described in the Transfer Notice. 
 (c)    Additional or Exchanged Securities and
Property. In the event of a merger or consolidation of the Company, a sale of all or substantially all of the Company’s stock or assets, any other corporate reorganization, a stock split, the declaration of a stock dividend, the declaration
of an extraordinary dividend payable in a form other than stock, a spin-off, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s outstanding securities,
any securities or other property (including cash or cash equivalents) that are by reason of such transaction exchanged for, or distributed with respect to, any Shares subject to this Section 7 shall immediately be subject to the Right of First
Refusal. Appropriate adjustments to reflect the exchange or distribution of such securities or property shall be made to the number and/or class of the Shares subject to this Section 7. 

(d)    Termination of Right of First Refusal. Any other provision of this Section 7 notwithstanding, in the
event that the Stock is readily tradable on an established securities market when the Optionee desires to transfer Shares, the Company shall have no Right of First Refusal, and the Optionee shall have no obligation to comply with the procedures
prescribed by Subsections (a) and (b) above. 
 (e)    Permitted Transfers. This Section 7 shall
not apply to (i) a transfer by beneficiary designation, will or intestate succession or (ii) a transfer to one or more members of the Optionee’s Immediate Family or to a trust or other entity established by the Optionee solely for the
benefit of the Optionee and/or one or more members of the Optionee’s Immediate Family, provided in either case that the Transferee agrees in writing on a form prescribed by the Company to be bound by all provisions of this Agreement. If the
Optionee transfers any Shares acquired under this Agreement, either under this Subsection (e) or after the Company has failed to exercise the Right of First Refusal, then this Agreement shall apply to the Transferee to the same extent as to the
Optionee. 
 (f)    Termination of Rights as Stockholder. If the Company makes available, at the time and place
and in the amount and form provided in this Agreement, the consideration for the Shares to be purchased in accordance with this Section 7, then after such time the person from whom such Shares are to be purchased shall no longer have any rights
as a holder of such Shares (other than the right to receive payment of such consideration in accordance with this Agreement). Such Shares shall be deemed to have been purchased in accordance with the applicable provisions hereof, whether or not any
certificate(s) therefor have been delivered as required by this Agreement. 
 (g)    Assignment of Right of First
Refusal. The Board of Directors may freely assign the Company’s Right of First Refusal, in whole or in part. Any person who accepts an assignment of the Right of First Refusal from the Company shall be entitled to and assume all of the
Company’s rights and obligations under this Section 7. 

  
 6 

 SECTION 8. LEGALITY OF INITIAL ISSUANCE. 

No Shares shall be issued upon the exercise of this option unless and until the Company has determined that: 

(a)    It and the Optionee have taken any actions required to register the Shares under the Securities Act
or to perfect an exemption from the registration requirements thereof; 
 (b)    Any applicable listing
requirement of any stock exchange or other securities market on which Stock is listed has been satisfied; and 

(c)    Any other applicable provision of federal, State or foreign law has been satisfied. 

SECTION 9. NO REGISTRATION RIGHTS. 
 The
Company may, but shall not be obligated to, register or qualify the sale of Shares under the Securities Act or any other applicable law. The Company shall not be obligated to take any affirmative action in order to cause the sale of Shares under
this Agreement to comply with any law. 
 SECTION 10. RESTRICTIONS ON TRANSFER OF SHARES. 

(a)    General Restrictions. Unless the Stock is readily tradeable on an established securities market, the transfer
of any of the Shares acquired pursuant to this Agreement (or any interest therein) shall, at the Company’s request, be conditioned upon (i) effecting such transfer pursuant to a form of stock transfer agreement prescribed by the Company
and (ii) payment of a transfer fee not to exceed $5,000. 
 (b)    Securities Law Restrictions. Regardless
of whether the offer and sale of Shares under the Plan have been registered under the Securities Act or have been registered or qualified under the securities laws of any State or other relevant jurisdiction, the Company at its discretion may impose
restrictions upon the sale, pledge or other transfer of such Shares (including the placement of appropriate legends on the stock certificates (or electronic equivalent) or the imposition of stop-transfer instructions) and may refuse (or may be
required to refuse) to transfer Shares acquired hereunder (or Shares proposed to be transferred in a subsequent transfer) if, in the judgment of the Company, such restrictions, legends or refusal are necessary or appropriate to achieve compliance
with the Securities Act or other relevant securities or other laws, including without limitation under Regulation S of the Securities Act or pursuant to another available exemption from registration.

(c)    Market Stand-Off. In connection with any underwritten public
offering by the Company of its equity securities pursuant to an effective registration statement filed under the Securities Act, including the Company’s initial public offering, the Optionee or a Transferee

  
 7 

 
shall not directly or indirectly sell, make any short sale of, loan, hypothecate, pledge, offer, grant or sell any option or other contract for the purchase of, purchase any option or other
contract for the sale of, or otherwise dispose of or transfer, or agree to engage in any of the foregoing transactions with respect to, any Shares acquired under this Agreement without the prior written consent of the Company or its managing
underwriter. Such restriction (the “Market Stand-Off”) shall be in effect for such period of time following the date of the final prospectus for the offering as may be requested by the Company
or such underwriter. In no event, however, shall such period exceed 180 days plus such additional period as may reasonably be requested by the Company or such underwriter to accommodate regulatory restrictions on (i) the publication or other
distribution of research reports or (ii) analyst recommendations and opinions, including (without limitation) the restrictions set forth in Rule 2711(f)(4) of the National Association of Securities Dealers and Rule 472(f)(4) of the
New York Stock Exchange, as amended, or any similar successor rules. The Market Stand-Off shall in any event terminate two years after the date of the Company’s initial public offering. In the event of
the declaration of a stock dividend, a spin-off, a stock split, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s outstanding securities without
receipt of consideration, any new, substituted or additional securities which are by reason of such transaction distributed with respect to any Shares subject to the Market Stand-Off, or into which such Shares
thereby become convertible, shall immediately be subject to the Market Stand-Off. In order to enforce the Market Stand-Off, the Company may impose stop-transfer
instructions with respect to the Shares acquired under this Agreement until the end of the applicable stand-off period. The Company’s underwriters shall be beneficiaries of the agreement set forth in this
Subsection (b). This Subsection (b) shall not apply to Shares registered in the public offering under the Securities Act. 

(d)    Investment Intent at Grant. The Optionee represents and agrees that the Shares to be acquired upon
exercising this option will be acquired for investment, and not with a view to the sale or distribution thereof. 

(e)    Investment Intent at Exercise. In the event that the sale of Shares under the Plan is not registered under
the Securities Act but an exemption is available that requires an investment representation or other representation, the Optionee shall represent and agree at the time of exercise that the Shares being acquired upon exercising this option are being
acquired for investment, and not with a view to the sale or distribution thereof, and shall make such other representations as are deemed necessary or appropriate by the Company and its counsel, including (if applicable because the Company is
relying on Regulation S under the Securities Act) that as of the date of exercise the Optionee is (i) not a U.S. Person; (ii) not acquiring the Shares on behalf, or for the account or benefit, of a U.S. Person; and (iii) is not
exercising the option in the United States. 
 (f)    Legends. Any certificates (or electronic equivalent)
evidencing Shares purchased under this Agreement shall bear the following legend: 
 “THE SHARES REPRESENTED HEREBY (AND ANY INTEREST
THEREIN) MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY MANNER DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS OF THE STOCK OPTION AGREEMENT PURSUANT TO WHICH SUCH SHARES WERE ACQUIRED. SUCH AGREEMENT GRANTS TO THE

  
 8 

 
COMPANY CERTAIN RIGHTS OF FIRST REFUSAL UPON AN ATTEMPTED TRANSFER OF THE SHARES. IN ADDITION, THE SHARES ARE SUBJECT TO RESTRICTIONS ON TRANSFER AS SET FORTH IN SUCH STOCK OPTION AGREEMENT. THE
SECRETARY OF THE COMPANY WILL UPON WRITTEN REQUEST FURNISH A COPY OF SUCH STOCK OPTION AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE.” 
 Any
certificates (or electronic equivalent) evidencing Shares purchased under this Agreement in an unregistered transaction shall bear the following legend (and such other restrictive legends as are required or deemed advisable under the provisions of
any applicable law): 
 “THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”) OR ANY SECURITIES LAWS OF ANY U.S. STATE, AND MAY NOT BE SOLD, REOFFERED, PLEDGED, ASSIGNED, ENCUMBERED OR OTHERWISE TRANSFERRED OR DISPOSED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL,
SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED. IN THE ABSENCE OF REGISTRATION OR THE AVAILABILITY (CONFIRMED BY OPINION OF COUNSEL) OF AN ALTERNATIVE EXEMPTION FROM REGISTRATION UNDER THE ACT (INCLUDING WITHOUT
LIMITATION IN ACCORDANCE WITH REGULATION S UNDER THE ACT), THESE SHARES MAY NOT BE SOLD, REOFFERED, PLEDGED, ASSIGNED, ENCUMBERED OR OTHERWISE TRANSFERRED OR DISPOSED OF. HEDGING TRANSACTIONS INVOLVING THESE SHARES MAY NOT BE CONDUCTED UNLESS IN
COMPLIANCE WITH THE ACT.” 
 (g)    Removal of Legends. If, in the opinion of the Company and its counsel,
any legend placed on a stock certificate representing Shares sold under this Agreement is no longer required, the holder of such certificate shall be entitled to exchange such certificate for a certificate representing the same number of Shares but
without such legend. 
 (h)    Administration. Any determination by the Company and its counsel in connection
with any of the matters set forth in this Section 10 shall be conclusive and binding on the Optionee and all other persons. 
 SECTION 11. DRAG
ALONG RIGHT. 
 (a)    Required Actions. If the Requisite Parties approve a Sale of the Company, then Optionee
hereby agrees with respect to all Shares which the Optionee own(s) or over which the Optionee otherwise exercises voting or dispositive authority: 

(i)    if such Sale of the Company requires stockholder approval under the Certificate, the Bylaws of the
Company or any law, rule or regulation 

  
 9 

 
applicable to the Company, to vote (in person, by proxy or by action by written consent, as applicable) such Shares in favor of such Sale of the Company (it being understood that, within five
(5) days after the delivery of a proxy or consent solicitation statement (or similar document requesting the consent or approval of stockholders) in respect of any Sale of the Company, the Stockholder shall duly execute and deliver a proxy or
consent, as the case may be, in favor of such Sale of the Company); 
 (ii)    if such transaction is a
Stock Sale, to sell the same proportion of shares of capital stock of the Company beneficially held by the Optionee as is being sold by the Selling Holders to the person to whom the Selling Holders propose to sell their Shares; 

(iii)    to refrain from exercising any dissenters’ rights or rights of appraisal under applicable law
at any time with respect to such Sale of the Company; 
 (iv)    if the consideration for such Shares
pursuant to the Sale of the Company includes any securities, accept in lieu thereof an amount of cash equal to the fair value (as determined in good faith by the Company) of such securities to the extent reasonably necessary (as determined in good
faith by the Company) to comply with applicable federal and state securities laws; 
 (v)    if the
Selling Holders appoint a stockholder representative (the “Stockholder Representative”) for matters affecting the stockholders of the Company under the applicable definitive transaction agreements, to consent to (i) the
appointment of such Stockholder Representative, (ii) the establishment of any applicable escrow, expense or similar fund in connection with any indemnification or similar obligations, and (iii) the payment of such Stockholder’s pro
rata portion (from the applicable escrow or expense fund or otherwise) of any and all reasonable fees and expenses to such Stockholder Representative in connection with such Stockholder Representative’s services and duties in connection with
such Sale of the Company and its related service as the representative of the Stockholders; 
 (vi)    to
agree to make representations and warranties and to agree to indemnity and other liability obligations in connection with the Sale of the Company on terms and conditions that, taken as a whole, are no less favorable to Optionee than to other holders
of Class A Common Stock of the Company; and 
 (vii)    to execute and deliver all related
documentation and take such other action in support of the Sale of the Company, as reasonably requested by the Company, including a written consent, release and/or joinder, and to not take any action inconsistent with the Sale of the Company. 

(b)    Exceptions. Notwithstanding the foregoing, an Optionee will not be required to comply with Subsection
(a) above in connection with any Sale of the Company unless (i) each holder of each class or series of the Company’s stock will receive the same form of 

  
 10 

 
consideration for their shares of such class or series as is received by other holders in respect of their shares of such same class or series of stock and (ii) each holder of Class A
Common Stock will receive the same amount of consideration per share of Class A Common Stock as is received by other holders in respect of their shares of Class A Common Stock, subject, in each case, to any “rollover” or similar
arrangements provided in the definitive documents relating to such Sale of the Company. If the consideration to be paid in exchange for the Shares pursuant to such Sale of the Company includes any securities and due receipt thereof by the Optionee
would require under applicable law (x) the registration or qualification of such securities or of any person as a broker or dealer or agent with respect to such securities; or (y) the provision to any Optionee of any information other than
such information as a prudent issuer would generally furnish in an offering made solely to “accredited investors” as defined in Regulation D promulgated under the Securities Act, the Company may cause to be paid to any such Optionee in
lieu thereof, against surrender of the Shares which would have otherwise been sold by such Optionee, an amount in cash equal to the fair value (as determined in good faith by the Company’s Board of Directors or the Requisite Parties, as
applicable) of the securities which such Optionee would otherwise receive as of the date of the issuance of such securities in exchange for the Shares. 

SECTION 12. ADJUSTMENT OF SHARES. 
 In the
event of any transaction described in Section 9(a) of the Plan, the terms of this option (including, without limitation, the number and kind of Shares subject to this option and the Exercise Price) shall be adjusted as set forth in
Section 9(a) of the Plan. In the event that the Company is a party to a merger or consolidation or in the event of a sale of all or substantially all of the Company’s stock or assets, this option shall be subject to the treatment provided
by the Board of Directors in its sole discretion, as provided in Section 9(b) of the Plan. 
 SECTION 13. MISCELLANEOUS PROVISIONS. 

(a)    Rights as a Stockholder. Neither the Optionee nor the Optionee’s representative shall have any rights as
a stockholder with respect to any Shares subject to this option until the Optionee or the Optionee’s representative becomes entitled to receive such Shares by filing a notice of exercise and paying the Purchase Price pursuant to Sections 4
and 5. 
 (b)    No Retention Rights. Nothing in this option or in the Plan shall confer upon the Optionee any
right to continue in Service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Parent or Subsidiary employing or retaining the Optionee) or of the Optionee, which rights are
hereby expressly reserved by each, to terminate his or her Service at any time and for any reason, with or without cause. 

(c)    Notice. Any notice required by the terms of this Agreement shall be given in writing. It shall be deemed
effective upon (i) personal delivery, (ii) deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid, (iii) deposit with Federal Express Corporation, with shipping charges prepaid or
(iv) deposit with any internationally recognized express mail courier service, with shipping charges prepaid. Notice shall be addressed to the Company at its principal executive office and to the Optionee at the address that he or she most
recently provided to the Company in accordance with this Subsection (c). In addition, to the extent required or permitted pursuant to rules established by the Company from time to time, notices may be delivered electronically. 

  
 11 

 (d)    Modifications and Waivers. No provision of this Agreement
shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by the Optionee and by an authorized officer of the Company (other than the Optionee); provided, however, that a modification
that is otherwise favorable to the Optionee (for example, providing the Optionee with additional time to exercise this option after termination of employment or providing for additional forms of payment) but causes this option to lose its tax-favored status (for example, as an ISO) shall not require the consent of the Optionee. No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other
party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

(e)    Entire Agreement. The Notice of Stock Option Grant, this Agreement and the Plan constitute the entire
contract between the parties hereto with regard to the subject matter hereof. They supersede any other agreements, representations or understandings (whether oral or written and whether express or implied) that relate to the subject matter hereof.

 (f)    Choice of Law. This Agreement shall be governed by, and construed in accordance with, the laws of the
State of Delaware, as such laws are applied to contracts entered into and performed in such State. 

(g)    Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to
be effective and valid under applicable law, but if any provision of this Agreement shall be held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this Agreement. 
 (h)    Binding Effect
on Transferees, Heirs, Successors and Assigns. This Agreement shall be binding upon Optionee’s permitted transferees, heirs, successors and assigns; provided that for any such transfer to be deemed effective, the transferee shall agree on a
form prescribed by the Company to be bound by the terms and conditions of this Agreement, including the restrictions on transfer in Section 10 and the drag along right in Section 11. The Company shall not record any transfer of Shares on
its books or issue a new certificate representing any such Shares unless and until such transferee shall have complied with the terms of this Subsection (h). 

SECTION 14. ACKNOWLEDGEMENTS OF THE OPTIONEE. 

In addition to the other terms, conditions and restrictions imposed on this option and the Shares issuable under this option pursuant to this
Agreement and the Plan, the Optionee expressly acknowledges being subject to Sections 7 (Right of First Refusal), 8 (Legality of Initial Issuance), 10 (Restrictions on Transfer of Shares, including without limitation the Market Stand-Off) and 11 (Drag Along Right), as well as the following provisions: 

  
 12 

 (a)    Tax Consequences. The Optionee agrees that the Company
does not have a duty to design or administer the Plan or its other compensation programs in a manner that minimizes the Optionee’s tax liabilities. The Optionee shall not make any claim against the Company or its Board of Directors, officers or
employees related to tax liabilities arising from this option or the Optionee’s other compensation. In particular, any Optionee subject to U.S. taxation acknowledges that this option is exempt from Section 409A of the Code only if the
Exercise Price is at least equal to the Fair Market Value per Share on the Date of Grant. Since Shares are not traded on an established securities market, the determination of their Fair Market Value is made by the Board of Directors or by an
independent valuation firm retained by the Company. The Optionee acknowledges that there is no guarantee in either case that the Internal Revenue Service will agree with the valuation, and the Optionee shall not make any claim against the Company or
its Board of Directors, officers or employees in the event that the Internal Revenue Service asserts that the valuation was too low. In addition, if this option is designated as an ISO, the Optionee acknowledges that there is no guarantee that the
option in fact qualifies for incentive stock option treatment or that it will continue to qualify for incentive stock option treatment at the time of exercise. In this regard, the Optionee acknowledges that the Company may take actions that will
cause the option to cease to be eligible for incentive stock option treatment and that such actions do not require the Optionee’s consent. 

(b)    Electronic Delivery of Documents. The Optionee acknowledges and agrees that the Company may, in its sole
discretion, deliver all documents relating to the Company, the Plan or this option and all other documents that the Company is required to deliver to its security holders (including, without limitation, disclosures that may be required by the
Securities and Exchange Commission) by email or other means of electronic transmission (including by posting them on a website maintained by the Company or a third party under contract with the Company). The Optionee acknowledges that he or she may
incur costs in connection with any such delivery by means of electronic transmission, including the cost of accessing the internet and printing fees, and that an interruption of internet access may interfere with his or her ability to access the
documents. 
 (c)    No Notice of Expiration Date. The Optionee agrees that the Company and its officers,
employees, attorneys and agents do not have any obligation to notify him or her prior to the expiration of this option pursuant to Section 6, regardless of whether this option will expire at the end of its full term or on an earlier date
related to the termination of the Optionee’s Service. The Optionee further agrees that he or she has the sole responsibility for monitoring the expiration of this option and for exercising this option, if at all, before it expires. This
Subsection (c) shall supersede any contrary representation that may have been made, orally or in writing, by the Company or by an officer, employee, attorney or agent of the Company. 

(d)    Waiver of Statutory Information Rights. The Optionee acknowledges and agrees that, upon exercise of this
option and until the first sale of the Company’s Stock to the general public pursuant to a registration statement filed under the Securities Act, he or she shall waive, and shall be deemed to have waived, any rights the Optionee would otherwise
have under Section 220 of the Delaware General Corporation Law (or under similar rights pursuant to any other applicable law) to inspect for any purpose and to make copies and extracts from the Company’s stock ledger, a list of its
stockholders and its other books and records or the books and records of any subsidiary of the Company (the “Inspection Rights”). The Optionee acknowledges 

  
 13 

 
and understands that, but for the waiver made herein, the Optionee would be entitled, upon compliance with the procedures set forth in Section 220 of the Delaware General Corporation Law, to
Inspection Rights pursuant thereto, and further acknowledges and agrees that the waiver set forth herein is a knowing and voluntary waiver of such rights, that the Optionee has received sufficient consideration for such waiver and that the Company
would not be willing to provide the benefits to the Optionee hereunder without the benefit of such waiver from the Optionee. This waiver applies only in the Optionee’s capacity as a stockholder and does not affect any other inspection rights
the Optionee may have pursuant to any written agreement with the Company.
 (e)    Plan Discretionary. The
Optionee understands and acknowledges that (i) the Plan is entirely discretionary, (ii) the Company and the Optionee’s employer have reserved the right to amend, suspend or terminate the Plan at any time, (iii) the grant
of an option does not in any way create any contractual or other right to receive additional grants of options (or benefits in lieu of options) at any time or in any amount and (iv) all determinations with respect to any additional grants,
including (without limitation) the times when options will be granted, the number of Shares offered, the Exercise Price and the vesting schedule, will be at the sole discretion of the Company. 

(f)    Termination of Service. The Optionee understands and acknowledges that participation in the Plan ceases upon
termination of his or her Service for any reason, except as may explicitly be provided otherwise in the Plan or this Agreement. 

(g)    Extraordinary Compensation. The value of this option shall be an extraordinary item of compensation outside
the scope of the Optionee’s employment contract, if any, and shall not be considered a part of his or her normal or expected compensation for purposes of calculating severance, resignation, redundancy or end-of-service payments, bonuses, long-service awards, pension or retirement benefits or similar payments. 

(h)    Authorization to Disclose. The Optionee hereby authorizes and directs the Optionee’s employer to
disclose to the Company or any Subsidiary any information regarding the Optionee’s employment, the nature and amount of the Optionee’s compensation and the fact and conditions of the Optionee’s participation in the Plan, as the
Optionee’s employer deems necessary or appropriate to facilitate the administration of the Plan. 

(i)    Personal Data Authorization. The Optionee consents to the collection, use and transfer of personal data as
described in this Subsection (i). The Optionee understands and acknowledges that the Company, the Optionee’s employer and the Company’s other Subsidiaries hold certain personal information regarding the Optionee for the purpose of
managing and administering the Plan, including (without limitation) the Optionee’s name, home address, telephone number, date of birth, social insurance number, salary, nationality, job title, any Shares or directorships held in the Company and
details of all options or any other entitlements to Shares awarded, canceled, exercised, vested, unvested or outstanding in the Optionee’s favor (the “Data”). The Optionee further understands and acknowledges that the Company
and/or its Subsidiaries will transfer Data among themselves as necessary for the purpose of implementation, administration and management of the Optionee’s participation in the Plan and that the Company and/or any Subsidiary may each further
transfer Data to any third party assisting the Company in the implementation, administration and management of the Plan. The Optionee understands and 

  
 14 

 
acknowledges that the recipients of Data may be located in the United States or elsewhere. The Optionee authorizes such recipients to receive, possess, use, retain and transfer Data, in
electronic or other form, for the purpose of administering the Optionee’s participation in the Plan, including a transfer to any broker or other third party with whom the Optionee elects to deposit Shares acquired under the Plan of such Data as
may be required for the administration of the Plan and/or the subsequent holding of Shares on the Optionee’s behalf. The Optionee may, at any time, view the Data, require any necessary modifications of Data or withdraw the consents set forth in
this Subsection (i) by contacting the Company in writing. 
 SECTION 15. DEFINITIONS. 

(a)    “Agreement” shall mean this Stock Option Agreement. 

(b)    “Board of Directors” shall mean the Board of Directors of the Company, as constituted from time to
time or, if a Committee has been appointed, such Committee. 
 (c)    “Certificate” shall mean the
Company’s amended and restated certificate of incorporation as in effect from time to time. 

(d)    “Company” shall mean PepGen Inc., a Delaware corporation. 

(e)    “Immediate Family” shall mean any 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 and shall include adoptive relationships. 

(f)    “Optionee” shall mean the person named in the Notice of Stock Option Grant. 

(g)    “Plan” shall mean the PepGen Inc. 2020 Stock Plan, as in effect on the Date of Grant. 

(h)    “Purchase Price” shall mean the Exercise Price multiplied by the number of Shares with respect to
which this option is being exercised. 
 (i)    “Requisite Parties” shall mean both the Board of
Directors and the Selling Holders. 
 (j)    “Right of First Refusal” shall mean the Company’s
right of first refusal described in Section 7. 
 (k)    “Sale of the Company” shall mean:
(i) a transaction or series of related transactions in which a person, or a group of related persons, acquires from stockholders of the Company shares representing more than fifty percent (50%) of the outstanding voting power of the Company (a
“Stock Sale”), (ii) a sale of all or substantially all of the assets of the Company or (iii) any other transaction that qualifies as a “Liquidation Event” as defined in the Certificate. 

  
 15 

 (l)    “Selling Holders” shall mean the holders of a
majority of the then-outstanding shares of Class A Common Stock (voting together as a single class and on an as-converted basis). 

(m)    “Service” shall mean service as an Employee, Outside Director or Consultant. 

(n)     “Transferee” shall mean any person to whom the Optionee has directly or indirectly transferred
any Share acquired under this Agreement. 
 (o)    “Transfer Notice” shall mean the notice of a
proposed transfer of Shares described in Section 7. 
 (p)    “U.S. Person” shall mean a person
described in Rule 902(k) of Regulation S of the Securities Act (or any successor rule or provision), which generally defines a U.S. person as any natural person resident in the United States, any estate of which any executor or administrator is a
U.S. Person, or any trust of which of any trustee is a U.S. Person. 

  
 16 

 PEPGEN INC. 2020 STOCK
PLAN 
 NOTICE OF STOCK OPTION EXERCISE
(INSTALLMENT EXERCISE) 
 You must sign this Notice on Page 4 before submitting it to the
Company. 
 OPTIONEE INFORMATION: 

 

			
	Name:	 	  

		
	Address:	 	  

		
		 	  

			
	Social Security Number:	 	  

		
	Employee Number:	 	  

			
		
	Email Address:	 	  

 
 

  
 OPTION
INFORMATION: 
  

			
	Date of Grant:                     , 20    	  	Type of Stock Option:
		
	Exercise Price per Share: $            	  	☐ Nonstatutory (NSO)
		
	 Total number of shares of Class A Common Stock of PepGen Inc.

(the “Company”) covered by the option:             
	  	☐ Incentive (ISO)

 EXERCISE INFORMATION: 

 

					
	 Number of shares of Class A Common Stock of the Company for which the option is being exercised now:
                    .
 (These shares
are referred to below as the “Purchased Shares.”)

	
	 Total Exercise Price for the Purchased Shares:
$            

	
	 Form of payment enclosed [check all that apply]:

	
	 ☐   Check for
$            , payable to “PepGen Inc.”

	
	 ☐   Certificate(s) for
             shares of Class A Common Stock of the Company. These shares will be valued as of the date this notice is received by the Company. [Requires Company
consent.]

	
	 ☐   Attestation Form covering
             shares of Class A Common Stock of the Company. These shares will be valued as of the date this notice is received by the Company. [Requires Company
consent.]

	
	 Name(s) in which the Purchased Shares should be registered [please review the attached explanation of
the available forms of ownership, and then check one box]*:

			
	
	 ☐   In my name
only

			
	 ☐   In the names of my spouse and myself as
community
property
	  	My spouse’s name (if applicable):
		
	 ☐   In the names of my spouse and myself as community property with the
right of survivorship
	  	  

		
	 ☐   In the names of my spouse and myself as joint tenants with the
right of survivorship
	  	
		
	 ☐   In the name of an eligible revocable trust
[requires Stock
Transfer Agreement]
	  	 Full legal name of revocable trust:

 

		  	  

		  	  

 

	*	 While the Company will register the Purchased Shares in accordance with your instruction, this document does
not control or change the nature of the Purchased Shares as community property or separate property. You are advised to consult your own advisor to determine if additional steps or documentation are required in this regard. 

REPRESENTATIONS AND ACKNOWLEDGEMENTS OF THE OPTIONEE: 

 

	1.	 I represent and warrant to the Company that I am acquiring and will hold the Purchased Shares for investment
for my account only, and not with a view to, or for resale in connection with, any “distribution” of the Purchased Shares within the meaning of the Securities Act of 1933, as amended (the “Securities Act”). 

 

	2.	 I understand that my purchase of the Purchased Shares has not been registered under the Securities Act by
reason of a specific exemption therefrom and that the Purchased Shares must be held indefinitely, unless they are subsequently registered under the Securities Act or I obtain an opinion of counsel (in form and substance satisfactory to the Company
and its counsel) that registration is not required. 

  

	3.	 I acknowledge that the Company is under no obligation to register the Purchased Shares or any sale or transfer
thereof. 

  

	4.	 I am aware of Rule 144 under the Securities Act, which permits limited public resales of securities acquired in
a non-public offering, subject to the satisfaction of certain conditions. These conditions may include (without limitation) that certain current public information about the issuer be available, that the
resale occur only after a holding period required by Rule 144 has been satisfied, that the sale occur through an unsolicited “broker’s transaction” and that the amount of securities being sold during any three-month period not exceed
specified limitations. I understand that the conditions for resale set forth in Rule 144 have not been satisfied as of the date set forth below, and that the Company is not required to take action to satisfy any conditions applicable to it.

  

	5.	 I will not sell, transfer or otherwise dispose of the Purchased Shares in violation of the Securities Act, the
Securities Exchange Act of 1934, or the rules promulgated thereunder, including Rule 144 under the Securities Act. 

  

	6.	 I acknowledge that I have received and had access to such information as I consider necessary or appropriate
for deciding whether to invest in the Purchased Shares and that I had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the issuance of the Purchased Shares. 

  
 2 

	7.	 I am aware that my investment in the Company is a speculative investment that has limited liquidity and is
subject to the risk of complete loss. I am able, without impairing my financial condition, to hold the Purchased Shares for an indefinite period and to suffer a complete loss of my investment in the Purchased Shares. 

 

	8.	 I acknowledge that the Purchased Shares remain subject to the Company’s right of first refusal, the
drag-along right and the market stand-off (sometimes referred to as the “lock-up”), all in accordance with the applicable Notice of Stock Option Grant and
Stock Option Agreement. I acknowledge that any transfer of the Purchased Shares may be subject to a transfer fee and must be effected on the Company’s form of stock transfer agreement, as further described in the Stock Option Agreement.

  

	9.	 I acknowledge that I am acquiring the Purchased Shares subject to all other terms of the Notice of Stock Option
Grant and Stock Option Agreement. 

  

	10.	 I acknowledge that I have received a copy of the Company’s explanation of the forms of ownership available
for my Purchased Shares. I acknowledge that the Company has encouraged me to consult my own adviser to determine the form of ownership that is appropriate for me. In the event that I choose to transfer my Purchased Shares to a trust, I agree to sign
a Stock Transfer Agreement on a form prescribed by the Company. In the event that I choose to transfer my Purchased Shares to a trust that does not satisfy the requirements described in the attached explanation (i.e., a trust that is not an eligible
revocable trust), I also acknowledge that the transfer will be treated as a “disposition” for tax purposes. As a result, the favorable ISO tax treatment will be unavailable and other unfavorable tax consequences may occur.

  

	11.	 I acknowledge that I have received a copy of the Company’s explanation of the federal income tax
consequences of an option exercise. I acknowledge that the Company has encouraged me to consult my own adviser to determine the tax consequences of acquiring the Purchased Shares at this time. 

 

	12.	 I agree that the Company does not have a duty to design or administer the 2020 Stock Plan or its other
compensation programs in a manner that minimizes my tax liabilities. I will not make any claim against the Company or its Board of Directors, officers or employees related to tax liabilities arising from my options or my other compensation. In
particular, I acknowledge that my options are exempt from section 409A of the Internal Revenue Code only if the exercise price per share is at least equal to the fair market value per share of the Company’s Class A Common Stock at the time
the option was granted by the Company’s Board of Directors. Since shares of the Company’s Class A Common Stock are not traded on an established securities market, the determination of their fair market value was made by the
Company’s Board of Directors or by an independent valuation firm retained by the Company. I acknowledge that there is no guarantee in either case that the Internal Revenue Service will agree with the valuation, and I will not make any claim
against the Company or its Board of Directors, officers or employees in the event that the Internal Revenue Service asserts that the valuation was too low. 

  

	13.	 I agree to seek the consent of my spouse to the extent required by the Company to enforce the foregoing.

  

	14.	 I consent, with respect to all shares of capital stock of the Company held by me, to receive any notice given
by the Company under its certificate of incorporation or bylaws, as the same may be amended and/or restated from time to time, the General Corporation Law of the State of Delaware (the “General Corporation Law”) or otherwise, by electronic
transmission pursuant to Section 232 of the General Corporation Law at the email address set forth above. I further acknowledge and agree that the Company may rely upon any expressions of my consent to proposed corporate actions received from
the email address provided above. I hereby agree to notify the Company of any change to my email address set forth above, and further agree that the provision of such notice shall constitute my consent to receive notice and to provide my expression
of consent as provided herein at such address. In the event that the Company is unable to deliver notice to me at the e-mail address set forth above, I shall, within five (5) days after a request by the
Company, provide the Company with a valid e-mail address to which I consent to receive notice and to provide expressions of consent as provided herein. 

  
 3 

					
	SIGNATURE:	 		 	DATE: 
			
	  
	 		 	  

  
 4 

 EXPLANATION OF FORMS OF
STOCK OWNERSHIP 
 PURPOSE OF THIS EXPLANATION 

The purpose of this explanation is to provide you with a brief summary of the forms of legal ownership available for the shares that you are purchasing (the
“Purchased Shares”). For a number of reasons, this explanation is no substitute for personal legal advice: 
  

	 	•	 	 To make the explanation short and readable, only the highlights are covered. Some legal rules are not addressed,
even though they may be important in particular cases. 

  

	 	•	 	 While the summary attempts to deal with the most common situations, your own situation may well be different from
the norm. 

  

	 	•	 	 The law may change, and the Company is not responsible for updating this summary. 

 

	 	•	 	 The form in which you own your shares may have a substantial impact on the estate tax treatment that
applies to those shares when you die or the income tax treatment that applies when your survivors sell the shares after your death. 

FOR THESE REASONS, THE COMPANY STRONGLY
ENCOURAGES YOU TO CONSULT YOUR OWN ADVISER BEFORE EXERCISING YOUR OPTION
AND BEFORE MAKING A DECISION ABOUT THE FORM OF OWNERSHIP FOR YOUR
SHARES. 
 OVERVIEW 

The Notice of Stock Option Exercise offers five forms of taking title to the Purchased Shares: 

 

	 	•	 	 In your name only, 

  

	 	•	 	 In your name and the name of your spouse as community property, 

 

	 	•	 	 In your name and the name of your spouse as community property with the right of survivorship,

  

	 	•	 	 In your name and the name of your spouse as joint tenants with the right of survivorship, or

  

	 	•	 	 In the name of an eligible revocable trust. 

Title in the Purchased Shares depends upon (a) your marital status, (b) the marital property laws of your state of residence and (c) any
agreement with your spouse altering the existing marital property laws of your state of residence. If you are not married, you generally will take title in your name alone. If you are married, title depends upon the marital property laws of your
state of residence. In general, states are classified either as “community property” states or as “common-law property” states. (But individual state law may vary within these
classifications.) 

  
 5 

 COMMUNITY PROPERTY AND JOINT
TENANCY 
 Community property states include California, Texas, Washington, Arizona, Nevada, New Mexico, Idaho, Louisiana and Wisconsin.
In a community property state, property acquired during marriage by either spouse is presumed to be one-half owned by each spouse. All other property is classified as the separate property of the spouse who
acquires the property. While either spouse has equal management and control over the community property and may sell, spend or encumber all community property, neither spouse may gift community property or partition his/her one-half interest without the consent of the other spouse. Upon divorce, all community property is divided equally among the spouses and each spouse is entitled to retain all of his/her separate property. Upon the
death of a spouse, one-half of the community property (and all of the decedent spouse’s separate property) will pass to the decedent spouse’s heirs. The other
one-half of the community property remains the property of the surviving spouse. 
 Other states are common-law property states. In a common-law property state, each spouse is generally deemed to own whatever he/she earns or acquires. 

A married couple may elect to alter the marital property rules by mutually agreeing to take title to property in other forms. For example, a couple residing
in a community property state may generally enter into an agreement and transform what otherwise would be community property into the separate property of the spouse who earns or acquires the property. 

In addition, many community property and common-law property states allow married couples to take joint title in
property acquired during marriage. For example, California allows a married couple to take title in a joint tenancy with the right of survivorship. In a joint tenancy, each spouse owns a one-half interest in
the property as separate property. This means that each spouse may transfer or sell his/her one-half interest in the property while he/she is alive. However, unlike traditional separate property, a spouse
cannot transfer his/her one-half interest to heirs at death. Instead, the surviving spouse automatically receives the decedent spouse’s one-half interest and
becomes the full owner of the property. (This is called the “right of survivorship.”) Both spouses must consent to taking property in a joint tenancy in lieu of having the community property laws apply. 

California also allows a married couple to take title in the shares as community property with the right of survivorship. This means that the shares are
treated like community property while both spouses are alive. However, if one spouse dies, then the other spouse automatically receives the decedent spouse’s one-half interest and becomes the full owner
of the shares. In other words, the decedent spouse’s will or trust does not control the disposition of the shares. 
 If you have the Purchased
Shares issued in a form other than those described above, then the transfer will be treated as a “disposition” for tax purposes. This means that the effect, for tax purposes, will be the same as selling the Purchased Shares. Please refer
to the attached tax summary for additional information. 

  
 6 

 TRUSTS 

A transfer to a trust generally should not be treated as a “disposition” of the Purchased Shares for tax purposes if the trust satisfies each of the
following conditions: 
  

	 	•	 	 You are the sole grantor of the trust, 

 

	 	•	 	 You are the sole trustee, or you and your spouse are the sole
co-trustees, 

  

	 	•	 	 The trustee or trustees are not required to distribute the income of the trust to any person other than you
and/or your spouse while you are alive, and 

  

	 	•	 	 The trust permits you to revoke all or part of the trust and to have the trust’s assets returned to you,
without the consent of any other person (including your spouse). 

 If you have the Purchased Shares issued to a trust that does not meet
these requirements, then the transfer will be treated as a “disposition” for tax purposes. This means that the effect, for tax purposes, will be the same as selling the Purchased Shares. Please refer to the attached tax summary for
additional information. 
 If you have the Purchased Shares issued to any trust, you will be required to sign a Stock Transfer Agreement in your capacity as
trustee. Under the Stock Transfer Agreement, the Purchased Shares remain subject to the Company’s right of first refusal in accordance with the applicable Notice of Stock Option Grant and Stock Option Agreement. 

THE COMPANY WILL NOT CHECK TO DETERMINE
WHETHER THE FORM OF OWNERSHIP THAT YOU ELECT IN YOUR NOTICE OF
STOCK OPTION EXERCISE IS APPROPRIATE. YOU SHOULD CONSULT YOUR OWN ADVISERS
ON THIS SUBJECT. IF AN INAPPROPRIATE ELECTION IS MADE, THE FORM OF
OWNERSHIP MAY NOT WITHSTAND LEGAL SCRUTINY OR MAY HAVE ADVERSE TAX
CONSEQUENCES. 

  
 7 

 EXPLANATION OF U.S. FEDERAL
INCOME TAX CONSEQUENCES 
 (Current as of January 2020) 

PURPOSE OF THIS EXPLANATION 

The purpose of this explanation is to provide you with a brief summary of the tax consequences of exercising your option. For a number of reasons, this
explanation is no substitute for personal tax advice: 
  

	 	•	 	 To make the explanation short and readable, only the highlights are covered. Some tax rules are not addressed,
even though they may be important in particular cases. 

  

	 	•	 	 While the summary attempts to deal with the most common situations, your own tax situation may well be different
from the norm. 

  

	 	•	 	 State and foreign income taxes are not addressed at all, even though they could have a significant impact on your
tax planning. Likewise, federal gift and estate taxes and state inheritance taxes are not discussed. 

  

	 	•	 	 Tax planning involving incentive stock options is exceedingly complex, in part because of the possible
application of the alternative minimum tax. 

  

	 	•	 	 This explanation assumes that your option is not subject to section 409A of the Internal Revenue Code.
However, the Company cannot be certain that section 409A is inapplicable to your option. (Please refer to the last segment of this summary for more information about section 409A.) 

 

	 	•	 	 The tax rules change often, and the Company is not responsible for updating this summary. (Please refer to the
date at the top of this page.) 

 FOR THESE REASONS, THE
COMPANY STRONGLY ENCOURAGES YOU TO CONSULT YOUR OWN TAX ADVISER BEFORE
EXERCISING YOUR OPTION. 
 EXERCISE OF NSO 

If you are exercising an NSO, you generally will be taxed at the time of exercise. You will recognize ordinary income in an amount equal to the excess of
(a) the fair market value of the Purchased Shares on the date of exercise over (b) the exercise price you are paying. If you are an employee or former employee of the Company, this amount is subject to withholding for income and payroll
taxes. Your tax basis in the Purchased Shares (to calculate capital gain when you sell the shares) is equal to the sum of the exercise price you paid for the Purchased Shares plus any additional amount you recognized as income on the exercise date.

  
 8 

 DISPOSITION OF NSO SHARES 

When you dispose of the Purchased Shares, you will recognize a capital gain equal to the excess of (a) the sale proceeds over (b) your tax basis in
the Purchased Shares. If the sale proceeds are less than your tax basis, you will recognize a capital loss. The capital gain or loss will be long-term if you held the Purchased Shares for more than 12 months. The holding period starts when you
exercise your NSO. In general, the maximum marginal federal income tax rate on long-term capital gains is 20% under current law, but lower long-term capital gain rates may apply to certain taxpayers. 

Effective January 1, 2013, as a result of the Health Care and Education Reconciliation Act of 2010, an additional Medicare contribution tax is imposed at
a rate of 3.8% on the “net investment income” of individuals with adjusted gross incomes in excess of $200,000 ($250,000 in the case of a joint return, and $125,000 in the case of a married taxpayer filing separately). “Net investment
income” includes income from interest, dividends, and capital gains, reduced by the deductions properly allocated to such income. 
 Depending on the
level of your adjusted gross income, the additional Medicare contribution tax may be imposed on any short-term and long-term capital gain income and can increase your marginal tax rate. 

LIMIT ON ISO TREATMENT 

The Notice of Stock Option Grant indicates whether your option is a nonstatutory stock option (NSO) or an incentive stock option (ISO). The favorable tax
treatment for ISOs is limited, regardless of what the Notice of Stock Option Grant indicates. Of the options that become exercisable in any calendar year, only options covering the first $100,000 of stock are eligible for ISO treatment. The excess
over $100,000 automatically receives NSO treatment. For this purpose, stock is valued at the time of grant. This means that the value is generally equal to the exercise price. 

For example, assume that you hold an option to buy 60,000 shares for $8 per share. Assume further that the entire option becomes exercisable in four equal
annual installments. Only the first 50,000 shares qualify for ISO treatment. (12,500 times $8 equals $100,000.) The remaining 10,000 shares will be treated as if they had been acquired by exercising an NSO. This is true regardless of when the option
is actually exercised; what matters is when it first could have been exercised. 
 EXERCISE OF ISO
AND ISO HOLDING PERIODS 
 If you are exercising an ISO, you will not be taxed under the regular tax
rules until you dispose of the Purchased Shares.1 (The alternative minimum tax rules are described below.) The tax treatment at the time of disposition depends on how long you hold the shares. You
will satisfy the ISO holding periods if you hold the Purchased Shares until the later of the following dates: 
  

	1 	 Generally, a “disposition” of shares purchased under an ISO encompasses any transfer of legal title,
such as a transfer by sale, exchange or gift. It generally does not include a transfer to your spouse, a transfer into joint ownership with right of survivorship (if you remain one of the joint owners), a pledge, a transfer by bequest or
inheritance, or certain tax-free exchanges permitted under the Internal Revenue Code. A transfer to a trust is a “disposition” unless the trust is an eligible revocable trust, as described in the
attached explanation. 

  
 9 

	 	•	 	 More than two years after the ISO was granted, and 

 

	 	•	 	 More than one year after the ISO is exercised. 

DISPOSITION OF ISO SHARES 

If you dispose of the Purchased Shares after satisfying both of the ISO holding periods, then you will recognize only a long-term capital gain at the
time of disposition. The amount of the capital gain is equal to the excess of (a) the sale proceeds over (b) the exercise price. In general, the maximum marginal federal income tax rate on long-term capital gains is 20% under current law,
but lower long-term capital gain rates may apply to certain taxpayers. 
 Effective January 1, 2013, as a result of the Health Care and Education
Reconciliation Act of 2010, an additional Medicare contribution tax is imposed at a rate of 3.8% on the “net investment income” of individuals with adjusted gross incomes in excess of $200,000 ($250,000 in the case of a joint return, and
$125,000 in the case of a married taxpayer filing separately). “Net investment income” includes income from interest, dividends, and capital gains, reduced by the deductions properly allocated to such income. 

If you dispose of the Purchased Shares before either or both of the ISO holding periods are met, then you will recognize ordinary income at the time of
disposition. The amount of ordinary income will be equal to the excess of (a) the fair market value of the Purchased Shares on the date of exercise over (b) the exercise price. But if the disposition is an arm’s length sale to an
unrelated party, the amount of ordinary income will not exceed the total gain from the sale. Under current IRS rules, the ordinary income amount will not be subject to withholding for income or payroll taxes. 

Your tax basis in the Purchased Shares will be equal to the sum of the exercise price you paid for the Purchased Shares plus any additional amount you
recognized as ordinary income. Any gain in excess of your basis will be taxed as a capital gain—either long-term or short-term, depending on how long you held the Purchased Shares after the date of exercise. 

SUMMARY OF ALTERNATIVE MINIMUM TAX 

The alternative minimum tax (AMT) must be paid to the extent that it exceeds your regular federal income tax for the year. For 2020, the first $197,900
($98,950 for a married taxpayer filing a separate return) of your alternative minimum taxable income for the year over the allowable exemption amount (see below) is subject to alternative minimum taxation at the rate of 26%. The balance of your
alternative minimum taxable income is subject to alternative minimum taxation at the rate of 28%. The dollar thresholds dividing the 26% and 28% rates are indexed for inflation in future years. Your alternative minimum tax base is equal to your
alternative minimum taxable income (AMTI) minus your exemption amount. 

  
 10 

	 	•	 	 Alternative Minimum Taxable Income. Your AMTI is equal to your regular taxable income, subject to certain
adjustments and increased by items of tax preference. Among the many adjustments made in computing AMTI are the following: 

  

	 	•	 	 State and local income and property taxes are not allowed as a deduction. 

 

	 	•	 	 Certain interest and other deductions are not allowed. 

 

	 	•	 	 When an ISO is exercised, the spread is added to income for AMT purposes. (See discussion below.)

  

	 	•	 	 Exemption Amount. Before AMT is calculated, AMTI is reduced by the exemption amount. Under current law,
the exemption amount is as follows: 

  

													
	 Year:
	  	Joint Returns:	 	  	Single Returns:	 	  	Separate Returns:	 
	 20202
	  	$	113,400	 	  	$	72,900	 	  	$	56,700	 

 The allowable exemption amount is reduced by $0.25 for each $1.00 by which alternative minimum taxable income
for the year exceeds the following amounts: 
  

													
	 Year:
	  	Joint Returns:	 	  	Single Returns:	 	  	Separate Returns:	 
	 20203
	  	$	1,036,800	 	  	$	518,400	 	  	$	518,400	 

 This means, for example, in 2020, the $113,400 exemption amount is phased out completely for married
individuals filing joint returns when their alternative minimum taxable income reaches $1,490,400 [($113,400 ÷ $0.25) + $1,036,800]. 

APPLICATION OF AMT WHEN ISO IS EXERCISED 

As noted above, when an ISO is exercised, the spread is included in AMTI at the time of exercise. 

A special rule applies if you dispose of the Purchased Shares in the same year in which you exercised the ISO. If the amount you realize on the sale is less
than the value of the stock at the time of exercise, then the amount includible in AMTI on account of the ISO exercise is limited to the gain realized on the sale.4 

To the extent that your AMT is attributable to the spread on exercising an ISO (and certain other items), you may be able to apply the AMT that you paid as a
credit against your income tax liability in future years. But the rules on calculating the available tax credits were amended frequently in recent years and have become extraordinarily complex. On this issue in particular, you must consult your own
tax adviser. 
  

	2 	 Amounts are indexed for inflation in future years. 

	3 	 Amounts are indexed for inflation in future years. 

	4 	 This is similar to the rule that applies under the regular tax system in the event of a disqualifying
disposition of ISO stock. The amount of ordinary income that must be recognized in that case generally does not exceed the amount of the gain realized in the disposition. 

  
 11 

 When Purchased Shares are sold, your basis for purposes of computing the capital gain or loss under the AMT
system is increased by the option spread that exists at the time of exercise. Again, an ISO is treated under the AMT system much like an NSO is treated under the regular tax system. But your basis in the ISO shares for purposes of computing gain or
loss under the regular tax system does not reflect any AMT that you pay on the spread at exercise. Therefore, if you pay AMT in the year of the ISO exercise and regular income tax in the year of selling the Purchased Shares, you could pay tax
twice on the same gain (except to the extent that you can use the AMT credit described above). 
 SECTION 409A OF
THE INTERNAL REVENUE CODE 
 The preceding summary assumes that section 409A of the
Internal Revenue Code does not apply to your option. In general, your option is exempt from section 409A if the exercise price per share is at least equal to the fair market value per share of the Company’s Class A Common Stock at the
time the option was granted by the Board of Directors. Since shares of Class A Common Stock are not traded on an established securities market, the determination of their fair market value generally is made by the Board of Directors or by an
independent appraisal firm retained by the Company. In either case, there is no guarantee that the Internal Revenue Service will agree with the valuation. 

If your option were found to be subject to section 409A, then you would be required to recognize ordinary income as early as the year in which the option
(or portion thereof) vests. This amount would also be subject to a 20% federal tax in addition to the federal income tax at your usual marginal rate for ordinary income. Additional state income taxes may apply in some states. 

DISCLAIMER UNDER IRS CIRCULAR 230 

To ensure compliance with requirements imposed by U.S. tax authorities, we inform you that any U.S. tax advice contained in the foregoing
summary is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding United States federal, state or local tax penalties, or (ii) promoting, marketing or recommending to another party any matters addressed
herein (including any attachments). 

  
 12 

 PEPGEN INC. 2020 STOCK
PLAN: 
 SUMMARY OF STOCK GRANT (FOR
SERVICES) 
 The Transferee is acquiring shares of the Class A Common Stock of PepGen Inc. (the “Company”) on the
following terms: 
  

			
	 Name of Transferee:
	  	«Name»
		
	 Total Number of Transferred Shares:
	  	«TotalShares»
		
	 Date of Transfer:
	  	«DateTransfer»
		
	 Vesting Commencement Date:
	  	«VestComDate»
		
	 Vesting Schedule:
	  	«Percent»% of the Transferred Shares shall vest, and the Forfeiture Condition shall lapse with respect to such shares, when the Transferee completes «CliffPeriod» months of continuous Service beginning
with the Vesting Commencement Date set forth above. An additional «Fraction»% of the Transferred Shares shall vest, and the Forfeiture Condition shall lapse with respect to such shares, when the Transferee completes each month of
continuous Service thereafter.

 By signing below or otherwise accepting this award in a manner acceptable to the Company, the Transferee and the Company agree
that the acquisition of the Transferred Shares is governed by the terms and conditions of this Summary of Stock Grant, the 2020 Stock Plan and the Stock Grant Agreement. Both of these latter documents are attached to, and made a part of, this
Summary of Stock Grant. Capitalized terms not otherwise defined herein or in the Stock Grant Agreement shall have the meanings set forth in the Plan. 
 By
signing below, the Transferee consents, with respect to all shares of capital stock of the Company held by the Transferee, to receive any notice given by the Company under its certificate of incorporation or bylaws, as the same may be amended and/or
restated from time to time, the General Corporation Law of the State of Delaware (the “General Corporation Law”) or otherwise, by electronic transmission pursuant to Section 232 of the General Corporation Law at the email
address set forth below. The Transferee further acknowledges and agrees that the Company may rely upon any expressions of the Transferee’s consent to proposed corporate actions received from the email address provided below. The Transferee
hereby agrees to notify the Company of any change to his or her email address set forth below, and further agrees that the provision of such notice shall constitute the Transferee’s consent to receive notice and to provide the Transferee’s
expression of consent as provided herein at such address. In the event that the Company is unable to deliver notice to the Transferee at the e-mail address set forth below, the Transferee shall, within five
(5) days after a request by the Company, provide the Company with a valid e-mail address to which the Transferee consents to receive notice and to provide expressions of consent as provided herein. 

 

	
	TRANSFEREE:
	
	  

	Email Address:
	
	  

	Mailing Address:
	
	  

			
	PEPGEN INC.

			
		
	By:	 	  

			
		
	Title:	 	  

 
 

 PEPGEN INC. 2020 STOCK
PLAN: 
 STOCK GRANT AGREEMENT (FOR
SERVICES) 
 SECTION 1. ACQUISITION OF SHARES. 

(a)    Transfer. On the terms and conditions set forth in the Summary of Stock Grant, this Agreement and the Plan,
the Company agrees to transfer to the Transferee the number of Shares set forth in the Summary of Stock Grant. The transfer shall occur at the offices of the Company on the date of transfer set forth in the Summary of Stock Grant or at such other
place and time as the parties may agree. 
 (b)    Consideration. The Transferee and the Company agree
that the Transferred Shares are being issued to the Transferee as consideration for a portion of the services performed by the Transferee for the Company. The value of such portion is agreed to be not less than 100% of the Fair Market Value of the
Transferred Shares. 
 (c)    Stock Plan and Defined Terms. The transfer of the Transferred Shares is subject to
the Plan, a copy of which the Transferee acknowledges having received. The provisions of the Plan are incorporated into this Agreement by this reference. Except as otherwise defined in this Agreement (including without limitation Section 12
hereof), capitalized terms shall have the meaning ascribed to such terms in the Plan. 
 SECTION 2. FORFEITURE CONDITION. 

(a)    Scope of Forfeiture Condition. Until they vest in accordance with Subsection (b) below, the Transferred
Shares shall be subject to forfeiture to the Company and shall be referred to as “Restricted Shares.” The Transferee shall not transfer, assign, encumber or otherwise dispose of any Restricted Shares without the Company’s
written consent, except as provided in the following sentence. The Transferee may transfer Restricted Shares to one or more members of the Transferee’s Immediate Family or to a trust or other entity established by the Transferee solely for the
benefit of the Transferee and/or one or more members of the Transferee’s Immediate Family, provided in either case that the Transferee agrees in writing on a form prescribed by the Company to be bound by all provisions of this Agreement. If the
Transferee transfers any Restricted Shares, then this Agreement shall apply to the Subsequent Transferee to the same extent as to the Transferee. 

(b)    Vesting. The Transferred Shares shall vest, and the Forfeiture Condition shall lapse with respect to the
Transferred Shares, in accordance with the vesting schedule set forth in the Summary of Stock Grant. 

(c)    Execution of Forfeiture. The Forfeiture Condition shall be applicable only if the Transferee’s Service
terminates for any reason, with or without cause, including (without limitation) death or disability, before all Transferred Shares have become vested. In the event that the Transferee’s Service terminates for any reason, any certificate(s)
representing any remaining 

 
Restricted Shares shall be delivered to the Company. If the Restricted Shares are not represented by certificate, the forfeiture shall be effected by an appropriate book entry on the stock ledger
for the Shares. The Company shall make no payment for Transferred Shares that are forfeited. 
 (d)    Additional or
Exchanged Securities and Property. In the event of a merger or consolidation of the Company, a sale of all or substantially all of the Company’s stock or assets, any other corporate reorganization, the declaration of a stock dividend, the
declaration of an extraordinary dividend payable in a form other than stock, a spin-off, a stock split, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the
Company’s outstanding securities, any securities or other property (including cash or cash equivalents) that are by reason of such transaction exchanged for, or distributed with respect to, any Restricted Shares or into which such Restricted
Shares thereby become convertible shall immediately be subject to the Forfeiture Condition. Appropriate adjustments to reflect the exchange or distribution of such securities or property shall be made to the number and/or class of the Restricted
Shares. 
 (e)    Termination of Rights as Stockholder. If Transferred Shares are forfeited in accordance with
this Section 2, then the person who is to forfeit such Transferred Shares shall no longer have any rights as a holder of such Transferred Shares. Such Transferred Shares shall be deemed to have been forfeited in accordance with the applicable
provisions hereof, whether or not any certificate(s) therefor have been delivered as required by this Agreement. 

(f)    Escrow. Upon issuance, any certificates for Restricted Shares shall be deposited in escrow with the Company
to be held in accordance with the provisions of this Agreement. Any new, substituted or additional securities or other property described in Subsection (d) above shall immediately be delivered to the Company to be held in escrow, but only to
the extent the Transferred Shares are at the time Restricted Shares. All regular cash dividends on Restricted Shares (or other securities at the time held in escrow) shall be paid directly to the Transferee and shall not be held in escrow.
Restricted Shares, together with any other assets or securities held in escrow hereunder, shall be (i) surrendered to the Company for forfeiture and cancellation in the event that the Forfeiture Condition or Right of First Refusal applies or
(ii) released to the Transferee upon the Transferee’s request to the extent the Transferred Shares are no longer Restricted Shares (but not more frequently than once every six months). In any event, all Transferred Shares that have vested
(and any other vested assets and securities attributable thereto) shall be released within 60 days after the earlier of (i) the termination of the Transferee’s Service or (ii) the lapse of the Right of First Refusal. 

(g)    Part-Time Employment and Leaves of Absence. If the Transferee commences working on a part-time basis, then
the Company may adjust the vesting schedule set forth in the Summary of Stock Grant. If the Transferee goes on a leave of absence, then, to the extent permitted by applicable law, the Company may adjust or suspend the vesting schedule set forth in
the Summary of Stock Grant. Except as provided in the preceding sentence, Service shall be deemed to continue while the Transferee is on a bona fide leave of absence approved by the Company in writing. Service shall be deemed to terminate
when such leave ends, unless the Transferee immediately returns to active work when such leave ends. 

  
 2 

 SECTION 3. RIGHT OF FIRST REFUSAL. 

(a)    Right of First Refusal. In the event that the Transferee proposes to sell, pledge or otherwise transfer to a
third party any Transferred Shares, or any interest in Transferred Shares, the Company shall have the Right of First Refusal with respect to all (and not less than all) of such Transferred Shares. If the Transferee desires to transfer Transferred
Shares, the Transferee shall give a written Transfer Notice to the Company describing fully the proposed transfer, including the number of Transferred Shares proposed to be transferred, the proposed transfer price, the name and address of the
proposed Subsequent Transferee and proof satisfactory to the Company that the proposed sale or transfer will not violate any applicable federal, State or foreign securities laws. The Transfer Notice shall be signed both by the Transferee and by the
proposed Subsequent Transferee and must constitute a binding commitment of both parties to the transfer of the Transferred Shares. The Company shall have the right to purchase all, and not less than all, of the Transferred Shares on the terms of the
proposal described in the Transfer Notice (subject, however, to any change in such terms permitted under Subsection (b) below) by delivery of a notice of exercise of the Right of First Refusal within 30 days after the date when the Transfer
Notice was received by the Company. 
 (b)    Transfer of Shares. If the Company fails to exercise its Right of
First Refusal within 30 days after receiving the Transfer Notice, the Transferee may, not later than 90 days after the Company received the Transfer Notice, conclude a transfer of the Transferred Shares subject to the Transfer Notice on
the terms and conditions no less favorable to the Transferee than those described in the Transfer Notice, provided that any such sale is made in compliance with applicable federal, State and foreign securities laws and not in violation of any other
contractual restrictions to which the Transferee is bound. Any proposed transfer on terms and conditions less favorable than those described in the Transfer Notice, as well as any subsequent proposed transfer by the Transferee, shall again be
subject to the Right of First Refusal and shall require compliance with the procedure described in Subsection (a) above. If the Company exercises its Right of First Refusal, the parties shall consummate the sale of the Transferred Shares on the
terms set forth in the Transfer Notice within 60 days after the Company received the Transfer Notice (or within such longer period as may have been specified in the Transfer Notice); provided, however, that in the event the Transfer Notice
provided that payment for the Transferred Shares was to be made in a form other than cash or cash equivalents paid at the time of transfer, the Company shall have the option of paying for the Transferred Shares with cash or cash equivalents equal to
the present value of the consideration described in the Transfer Notice. 
 (c)    Additional or Exchanged Securities
and Property. In the event of a merger or consolidation of the Company, a sale of all or substantially all of the Company’s stock or assets, any other corporate reorganization, a stock split, the declaration of a stock dividend, the
declaration of an extraordinary dividend payable in a form other than stock, a spin-off, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s outstanding
securities, any securities or other property (including cash or cash equivalents) that are by reason of such transaction exchanged for, or distributed with respect to, any Transferred Shares subject to this Section 3 shall immediately be
subject to the Right of First Refusal. Appropriate adjustments to reflect the exchange or distribution of such securities or property shall be made to the number and/or class of the Transferred Shares subject to this Section 3. 

  
 3 

 (d)    Termination of Right of First Refusal. Any other provision
of this Section 3 notwithstanding, in the event that the Stock is readily tradable on an established securities market when the Transferee desires to transfer Transferred Shares, the Company shall have no Right of First Refusal, and the
Transferee shall have no obligation to comply with the procedures prescribed by Subsections (a) and (b) above. 

(e)    Permitted Transfers. This Section 3 shall not apply to (i) a transfer by beneficiary designation,
will or intestate succession or (ii) a transfer to one or more members of the Transferee’s Immediate Family or to a trust or other entity established by the Transferee solely for the benefit of the Transferee and/or one or more members of
the Transferee’s Immediate Family, provided in either case that the Transferee agrees in writing on a form prescribed by the Company to be bound by all provisions of this Agreement. If the Transferee transfers any Transferred Shares, either
under this Subsection (e) or after the Company has failed to exercise the Right of First Refusal, then this Agreement shall apply to the Subsequent Transferee to the same extent as to the Transferee. 

(f)    Termination of Rights as Stockholder. If the Company makes available, at the time and place and in the
amount and form provided in this Agreement, the consideration for the Shares to be purchased in accordance with this Section 3, then after such time the person from whom such Shares are to be purchased shall no longer have any rights as a
holder of such Shares (other than the right to receive payment of such consideration in accordance with this Agreement). Such Shares shall be deemed to have been purchased in accordance with the applicable provisions hereof, whether or not any
certificate(s) therefor have been delivered as required by this Agreement. 
 (g)    Assignment of Right of First
Refusal. The Board of Directors may freely assign the Company’s Right of First Refusal, in whole or in part. Any person who accepts an assignment of the Right of First Refusal from the Company shall be entitled to and assume all of the
Company’s rights and obligations under this Section 3. 
 SECTION 4. OTHER RESTRICTIONS ON TRANSFER. 

(a)    Transferee Representations. In connection with the issuance and acquisition of Shares under this Agreement,
the Transferee hereby represents and warrants to the Company as follows: 
 (i)    The Transferee is
acquiring and will hold the Transferred Shares for investment for his or her account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act. 

(ii)    The Transferee understands that the Transferred Shares have not been registered under the
Securities Act by reason of a specific exemption therefrom and that the Transferred Shares must be held indefinitely, unless their sale or other transfer is subsequently registered under the Securities Act or the Transferee obtains an opinion of
counsel, in form and substance satisfactory to the 

  
 4 

 
Company and its counsel, that such registration is not required. The Transferee further acknowledges and understands that the Company is under no obligation to register the Transferred Shares.

 (iii)    The Transferee is aware of Rule 144 under the Securities Act, which permits limited
public resales of securities acquired in a non-public offering, subject to the satisfaction of certain conditions. These conditions may include (without limitation) that certain current public information
about the issuer be available, that the resale occur only after a holding period required by Rule 144 has been satisfied, that the sale occur through an unsolicited “broker’s transaction,” and that the amount of securities being
sold during any three-month period not exceed specified limitations. The Transferee acknowledges and understands that the conditions for resale set forth in Rule 144 have not been satisfied as of the Date
of Transfer and that the Company is not required to take action to satisfy any such conditions. 

(iv)    The Transferee will not sell, transfer or otherwise dispose of the Transferred Shares in violation
of the Securities Act, the Securities Exchange Act of 1934, or the rules promulgated thereunder, including Rule 144 under the Securities Act. The Transferee agrees that he or she will not dispose of the Transferred Shares unless and until he or
she has complied with all requirements of this Agreement applicable to the disposition of Transferred Shares and he or she has provided the Company with written assurances, in substance and form satisfactory to the Company, that (A) the
proposed disposition does not require registration of the Transferred Shares under the Securities Act or all appropriate action necessary for compliance with the registration requirements of the Securities Act or with any exemption from registration
available under the Securities Act (including Rule 144) has been taken and (B) the proposed disposition will not result in the contravention of any transfer restrictions applicable to the Transferred Shares under applicable state law. 

(v)    The Transferee has received and has had access to such information as he or she considers necessary
or appropriate for deciding whether to invest in the Transferred Shares, and the Transferee has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the issuance of the Transferred Shares.

 (vi)    The Transferee is aware that his or her investment in the Company is a speculative investment
that has limited liquidity and is subject to the risk of complete loss. The Transferee is able, without impairing his or her financial condition, to hold the Transferred Shares for an indefinite period and to suffer a complete loss of his or her
investment in the Transferred Shares. 
 (b)    General Restrictions. Unless the Stock is readily tradeable on an
established securities market, the transfer of any Shares acquired pursuant to this Agreement (or any interest therein) shall, at the Company’s request, be conditioned upon (i) effecting such transfer pursuant to a form of stock transfer
agreement prescribed by the Company and (ii) payment of a transfer fee not to exceed $5,000. 

  
 5 

 (c)    Securities Law Restrictions. Regardless of whether the
offer and sale of Shares under the Plan have been registered under the Securities Act or have been registered or qualified under the securities laws of any State or other relevant jurisdiction, the Company at its discretion may impose restrictions
upon the sale, pledge or other transfer of the Transferred Shares (including the placement of appropriate legends on the stock certificates (or electronic equivalent) or the imposition of stop-transfer
instructions) and may refuse (or may be required to refuse) to transfer Shares acquired hereunder (or Shares proposed to be transferred in a subsequent transfer) if, in the judgment of the Company, such restrictions, legends or refusal are necessary
or appropriate to achieve compliance with the Securities Act or other relevant securities or other laws, including without limitation under Regulation S of the Securities Act or pursuant to another available exemption from registration. 

(d)    Market Stand-Off. In connection with any underwritten public
offering by the Company of its equity securities pursuant to an effective registration statement filed under the Securities Act, including the Company’s initial public offering, the Transferee or a Subsequent Transferee shall not directly or
indirectly sell, make any short sale of, loan, hypothecate, pledge, offer, grant or sell any option or other contract for the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of or transfer, or agree to engage
in any of the foregoing transactions with respect to, any Transferred Shares without the prior written consent of the Company or its managing underwriter. Such restriction (the “Market Stand-Off”)
shall be in effect for such period of time following the date of the final prospectus for the offering as may be requested by the Company or such underwriter. In no event, however, shall such period exceed 180 days plus such additional period as may
reasonably be requested by the Company or such underwriter to accommodate regulatory restrictions on (i) the publication or other distribution of research reports or (ii) analyst recommendations and opinions, including (without limitation)
the restrictions set forth in Rule 2711(f)(4) of the National Association of Securities Dealers and Rule 472(f)(4) of the New York Stock Exchange, as amended, or any similar successor rules. The Market
Stand-Off shall in any event terminate two years after the date of the Company’s initial public offering. In the event of the declaration of a stock dividend, a
spin-off, a stock split, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s outstanding securities without receipt of consideration, any new,
substituted or additional securities which are by reason of such transaction distributed with respect to any Shares subject to the Market Stand-Off, or into which such Shares thereby become convertible, shall
immediately be subject to the Market Stand-Off. In order to enforce the Market Stand-Off, the Company may impose stop-transfer instructions with respect to the
Transferred Shares until the end of the applicable stand-off period. The Company’s underwriters shall be beneficiaries of the agreement set forth in this Subsection (d). This Subsection (d)
shall not apply to Shares registered in the public offering under the Securities Act. 
 (e)    Rights of the
Company. The Company shall not be required to (i) transfer on its books any Transferred Shares that have been sold or transferred in contravention of this Agreement or (ii) treat as the owner of Transferred Shares, or otherwise to
accord voting, dividend or liquidation rights to, any Subsequent Transferee to whom Transferred Shares have been transferred in contravention of this Agreement. 

  
 6 

 SECTION 5. SUCCESSORS AND ASSIGNS. 

Except as otherwise expressly provided to the contrary, the provisions of this Agreement shall inure to the benefit of, and be binding upon,
the Company and its successors and assigns and be binding upon the Transferee and the Transferee’s legal representatives, heirs, legatees, distributees, assigns and transferees by operation of law, whether or not any such person has become a
party to this Agreement or has agreed in writing to join herein and to be bound by the terms, conditions and restrictions hereof. 
 SECTION 6. NO
RETENTION RIGHTS. 
 Nothing in this Agreement or in the Plan shall confer upon the Transferee any right to continue providing services
to the Company for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Parent or Subsidiary employing or retaining the Transferee) or of the Transferee, which rights are hereby
expressly reserved by each, to terminate his or her Service at any time and for any reason, with or without cause. 
 SECTION 7. TAX ELECTION. 

The acquisition of the Transferred Shares may result in adverse tax consequences that may be avoided or mitigated by filing an election under
Code Section 83(b). Such election may be filed only within 30 days after the date of transfer set forth in the Summary of Stock Grant. The form for making the Code Section 83(b) election is attached to this Agreement as an Exhibit. The
Transferee should consult with his or her tax advisor to determine the tax consequences of acquiring the Transferred Shares and the advantages and disadvantages of filing the Code Section 83(b) election. The Transferee
acknowledges that it is his or her sole responsibility, and not the Company’s, to file a timely election under Code Section 83(b), even if the Transferee requests the Company or its representatives to make this filing on his
or her behalf. 
 SECTION 8. LEGENDS. 

Any certificates (or electronic equivalent) evidencing Transferred Shares shall bear the following legends: 

“THE SHARES REPRESENTED HEREBY (AND ANY INTEREST THEREIN) MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY
MANNER DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS OF THE STOCK GRANT AGREEMENT PURSUANT TO WHICH SUCH SHARES WERE ACQUIRED. SUCH AGREEMENT GRANTS TO THE COMPANY CERTAIN RIGHTS OF FIRST REFUSAL UPON AN ATTEMPTED TRANSFER OF THE SHARES AND
IMPOSES CERTAIN 

  
 7 

 
FORFEITURE CONDITIONS UPON TERMINATION OF SERVICE WITH THE COMPANY. IN ADDITION, THE SHARES ARE SUBJECT TO RESTRICTIONS ON TRANSFER AS SET FORTH IN SUCH STOCK GRANT AGREEMENT. THE SECRETARY OF
THE COMPANY WILL UPON WRITTEN REQUEST FURNISH A COPY OF SUCH STOCK GRANT AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE.” 
 Any certificates (or
electronic equivalent) evidencing the Transferred Shares acquired under this Agreement in an unregistered transaction shall bear the following legend (and such other restrictive legends as are required or deemed advisable under the provisions of any
applicable law): 
 “THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “ACT”) OR ANY SECURITIES LAWS OF ANY U.S. STATE, AND MAY NOT BE SOLD, REOFFERED, PLEDGED, ASSIGNED, ENCUMBERED OR OTHERWISE TRANSFERRED OR DISPOSED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF
COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED. IN THE ABSENCE OF REGISTRATION OR THE AVAILABILITY (CONFIRMED BY OPINION OF COUNSEL) OF AN ALTERNATIVE EXEMPTION FROM REGISTRATION UNDER THE ACT (INCLUDING
WITHOUT LIMITATION IN ACCORDANCE WITH REGULATION S UNDER THE ACT), THESE SHARES MAY NOT BE SOLD, REOFFERED, PLEDGED, ASSIGNED, ENCUMBERED OR OTHERWISE TRANSFERRED OR DISPOSED OF. HEDGING TRANSACTIONS INVOLVING THESE SHARES MAY NOT BE CONDUCTED
UNLESS IN COMPLIANCE WITH THE ACT.” 
 If required by the authorities of any State in connection with the issuance of the Transferred Shares, the
legend or legends required by such State authorities shall also be endorsed on all such certificates. 
 SECTION 9. DRAG ALONG RIGHT. 

(a)    Required Actions. If the Requisite Parties approve a Sale of the Company, then Transferee hereby agrees with
respect to all Shares which the Transferee own(s) or over which the Transferee otherwise exercises voting or dispositive authority: 

(i)    if such Sale of the Company requires stockholder approval under the Certificate, the Bylaws of the
Company or any law, rule or regulation applicable to the Company, to vote (in person, by proxy or by action by written consent, as applicable) such Shares in favor of such Sale of the Company (it being understood that, within five (5) days
after the delivery of a proxy or consent solicitation statement (or similar document requesting the consent or approval of stockholders) in respect of any Sale of the Company, the Stockholder shall duly execute and deliver a proxy or consent, as the
case may be, in favor of such Sale of the Company); 

  
 8 

 (ii)    if such transaction is a Stock Sale, to sell the
same proportion of shares of capital stock of the Company beneficially held by the Transferee as is being sold by the Selling Holders to the person to whom the Selling Holders propose to sell their Shares; 

(iii)    to refrain from exercising any dissenters’ rights or rights of appraisal under applicable law
at any time with respect to such Sale of the Company; 
 (iv)    if the consideration for such Shares
pursuant to the Sale of the Company includes any securities, accept in lieu thereof an amount of cash equal to the fair value (as determined in good faith by the Company) of such securities to the extent reasonably necessary (as determined in good
faith by the Company) to comply with applicable federal and state securities laws; 
 (v)    if the
Selling Holders appoint a stockholder representative (the “Stockholder Representative”) for matters affecting the stockholders of the Company under the applicable definitive transaction agreements, to consent to (i) the
appointment of such Stockholder Representative, (ii) the establishment of any applicable escrow, expense or similar fund in connection with any indemnification or similar obligations, and (iii) the payment of such Stockholder’s pro
rata portion (from the applicable escrow or expense fund or otherwise) of any and all reasonable fees and expenses to such Stockholder Representative in connection with such Stockholder Representative’s services and duties in connection with
such Sale of the Company and its related service as the representative of the Stockholders; 
 (vi)    to
agree to make representations and warranties and to agree to indemnity and other liability obligations in connection with the Sale of the Company on terms and conditions that, taken as a whole, are no less favorable to Transferee than to other
holders of Class A Common Stock of the Company; and 
 (vii)    to execute and deliver all related
documentation and take such other action in support of the Sale of the Company, as reasonably requested by the Company, including a written consent, release and/or joinder, and to not take any action inconsistent with the Sale of the Company. 

(b)    Exceptions. Notwithstanding the foregoing, a Transferee will not be required to comply with Subsection
(a) above in connection with any Sale of the Company unless (i) each holder of each class or series of the Company’s stock will receive the same form of consideration for their shares of such class or series as is received by other
holders in respect of their shares of such same class or series of stock and (ii) each holder of Class A Common Stock will receive the same amount of consideration per share of Class A Common Stock as is received by other holders in
respect of their shares of Class A Common Stock, subject, in each case, to any “rollover” or similar arrangements provided in the definitive documents relating to such Sale of 

  
 9 

 
the Company. If the consideration to be paid in exchange for the Shares pursuant to such Sale of the Company includes any securities and due receipt thereof by the Transferee would require under
applicable law (x) the registration or qualification of such securities or of any person as a broker or dealer or agent with respect to such securities; or (y) the provision to any Transferee of any information other than such information
as a prudent issuer would generally furnish in an offering made solely to “accredited investors” as defined in Regulation D promulgated under the Securities Act, the Company may cause to be paid to any such Transferee in lieu thereof,
against surrender of the Shares which would have otherwise been sold by such Transferee, an amount in cash equal to the fair value (as determined in good faith by the Company’s Board of Directors or the Requisite Parties, as applicable) of the
securities which such Transferee would otherwise receive as of the date of the issuance of such securities in exchange for the Shares. 
 SECTION 10.
MISCELLANEOUS PROVISIONS. 
 (a)    Choice of Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of Delaware (except its choice-of-law provisions), as such laws are applied to contracts entered into and performed in such State.

 (b)    Notice. Any notice required by the terms of this Agreement shall be given in writing. It shall be
deemed effective upon (i) personal delivery, (ii) deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid, (iii) deposit with Federal Express Corporation, with shipping charges
prepaid or (iv) deposit with any internationally recognized express mail courier service, with shipping charges prepaid. Notice shall be addressed to the Company at its principal executive office and to the Transferee at the address that he or
she most recently provided to the Company in accordance with this Subsection (b). In addition, to the extent required or permitted pursuant to rules established by the Company from time to time, notices may be delivered electronically. 

(c)    Entire Agreement. The Summary of Stock Grant, this Agreement and the Plan constitute the entire contract
between the parties hereto with regard to the subject matter hereof. They supersede any other agreements, representations or understandings (whether oral or written and whether express or implied) that relate to the subject matter hereof. 

(d)    Modifications and Waivers. No provision of this Agreement shall be modified, waived or discharged unless the
modification, waiver or discharge is agreed to in writing and signed by the Transferee and an authorized officer of the Company (other than the Transferee). No waiver by either party of any breach of, or of compliance with, any condition or
provision of this Agreement by the other party shall be considered a waiver of any other condition or provision of or of the same condition or provision at another time. 

(e)    Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to
be effective and valid under applicable law, but if any provision of this Agreement shall be held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this Agreement. 

  
 10 

 (f)    Binding Effect on Transferees, Heirs, Successors and
Assigns. This Agreement shall be binding upon Transferee’s permitted transferees, heirs, successors and assigns; provided that for any such transfer to be deemed effective, the transferee shall agree on a form prescribed by the Company to
be bound by the terms and conditions of this Agreement, including the forfeiture condition in Section 2, the right of first refusal in Section 3, the restrictions on transfer in Section 4 and the drag along right in Section 9.
The Company shall not record any transfer of Shares on its books or issue a new certificate representing any such Shares unless and until such transferee shall have complied with the terms of this Subsection (f). 

SECTION 11. ACKNOWLEDGEMENTS OF THE TRANSFEREE. 

In addition to the other terms, conditions and restrictions imposed on the Shares acquired pursuant to this Agreement, the Transferee expressly
acknowledges being subject to Sections 2 (Forfeiture Condition), 3 (Right of First Refusal), 4 (Other Restrictions on Transfer, including without limitation the Market Stand-Off) and 9 (Drag Along Right), as
well as the following provisions: 
 (a)    Electronic Delivery of Documents. The Transferee acknowledges and
agrees that the Company may, in its sole discretion, deliver all documents relating to the Company, the Plan or this award and all other documents that the Company is required to deliver to its security holders (including, without limitation,
disclosures that may be required by the Securities and Exchange Commission) by email or other means of electronic transmission (including by posting them on a website maintained by the Company or a third party under contract with the Company). The
Transferee acknowledges that he or she may incur costs in connection with any such delivery by means of electronic transmission, including the cost of accessing the internet and printing fees, and that an interruption of internet access may
interfere with his or her ability to access the documents. 
 (b)    Tax Consequences and Withholding. The
Transferee agrees that the Company does not have a duty to design or administer the Plan or its other compensation programs in a manner that minimizes the Transferee’s tax liabilities. The Transferee shall not make any claim against the Company
or its Board of Directors, officers or employees related to tax liabilities arising from this award or the Transferee’s other compensation. In the event that the Company determines that it is required to withhold any tax (including without
limitation any income tax, social insurance contributions, payroll tax, payment on account or other tax-related items arising in connection with the Transferee’s participation in the Plan and legally
applicable to the Transferee (the “Tax-Related Items”)) as a result of the grant or vesting of the Transferred Shares, the Transferee, as a condition of this award, shall make arrangements
satisfactory to the Company to enable it to satisfy all Tax-Related Items. The Transferee acknowledges that the responsibility for all Tax-Related Items is the
Transferee’s and may exceed the amount actually withheld by the Company (or its affiliate or agent). 

(c)    Waiver of Statutory Information Rights. The Transferee acknowledges and agrees that, until the first sale of
the Company’s Stock to the general public pursuant to a registration statement filed under the Securities Act, he or she shall waive, and shall be deemed to have waived, any rights the Transferee would otherwise have under Section 220 of
the Delaware General Corporation Law (or under similar rights pursuant to any other applicable law) to inspect 

  
 11 

 
for any purpose and to make copies and extracts from the Company’s stock ledger, a list of its stockholders and its other books and records or the books and records of any subsidiary of the
Company (the “Inspection Rights”). The Transferee acknowledges and understands that, but for the waiver made herein, the Transferee would be entitled, upon compliance with the procedures set forth in Section 220 of the
Delaware General Corporation Law, to Inspection Rights pursuant thereto, and further acknowledges and agrees that the waiver set forth herein is a knowing and voluntary waiver of such rights, that the Transferee has received sufficient consideration
for such waiver and that the Company would not be willing to provide the benefits to the Transferee hereunder without the benefit of such waiver from the Transferee. This waiver applies only in the Transferee’s capacity as a stockholder and
does not affect any other inspection rights the Transferee may have pursuant to any written agreement with the Company.

(d)    Plan Discretionary. The Transferee understands and acknowledges that (i) the Plan is entirely
discretionary, (ii) the Company and the Transferee’s employer have reserved the right to amend, suspend or terminate the Plan at any time, (iii) the transfer of the Transferred Shares does not in any way create any contractual
or other right to receive additional awards under the Plan at any time or in any amount and (iv) all determinations with respect to any additional awards, including (without limitation) the times when awards will be granted, the number of
Shares offered and the vesting schedule, will be at the sole discretion of the Company. 
 (e)    Termination of
Service. The Transferee understands and acknowledges that participation in the Plan ceases upon termination of his or her Service for any reason, except as may explicitly be provided otherwise in the Plan or this Agreement. 

(f)    Extraordinary Compensation. The value of the Transferred Shares shall be an extraordinary item of
compensation outside the scope of the Transferee’s employment contract, if any, and shall not be considered a part of his or her normal or expected compensation for purposes of calculating severance, resignation, redundancy or end-of-service payments, bonuses, long-service awards, pension or retirement benefits or similar payments. 

(g)    Authorization to Disclose. The Transferee hereby authorizes and directs the Transferee’s employer to
disclose to the Company or any Subsidiary any information regarding the Transferee’s employment, the nature and amount of the Transferee’s compensation and the fact and conditions of the Transferee’s participation in the Plan, as the
Transferee’s employer deems necessary or appropriate to facilitate the administration of the Plan. 

(h)    Personal Data Authorization. The Transferee consents to the collection, use and transfer of personal data as
described in this Subsection (h). The Transferee understands and acknowledges that the Company, the Transferee’s employer and the Company’s other Subsidiaries hold certain personal information regarding the Transferee for the purpose
of managing and administering the Plan, including (without limitation) the Transferee’s name, home address, telephone number, date of birth, social insurance number, salary, nationality, job title, any Shares or directorships held in the
Company and details of all options or any other entitlements to Shares awarded, canceled, exercised, vested, unvested or outstanding in the Transferee’s favor (the “Data”). The Transferee further understands and acknowledges
that the Company and/or its Subsidiaries will transfer Data among themselves as necessary for the purpose of implementation, administration and management of the Transferee’s participation in the Plan and that the Company

  
 12 

 
and/or any Subsidiary may each further transfer Data to any third party assisting the Company in the implementation, administration and management of the Plan. The Transferee understands and
acknowledges that the recipients of Data may be located in the United States or elsewhere. The Transferee authorizes such recipients to receive, possess, use, retain and transfer Data, in electronic or other form, for the purpose of administering
the Transferee’s participation in the Plan, including a transfer to any broker or other third party with whom the Transferee elects to deposit Shares acquired under the Plan of such Data as may be required for the administration of the Plan
and/or the subsequent holding of Shares on the Transferee’s behalf. The Transferee may, at any time, view the Data, require any necessary modifications of Data or withdraw the consents set forth in this Subsection (h) by contacting the
Company in writing. 
 SECTION 12. DEFINITIONS. 

(a)    “Agreement” shall mean this Stock Grant Agreement. 

(b)    “Board of Directors” shall mean the Board of Directors of the Company, as constituted from time to
time or, if a Committee has been appointed, such Committee. 
 (c)    “Certificate” shall mean the
Company’s amended and restated certificate of incorporation, as in effect from time to time. 

(d)    “Company” shall mean PepGen Inc., a Delaware corporation. 

(e)    “Forfeiture Condition” shall mean the forfeiture condition described in Section 2. 

(f)    “Immediate Family” shall mean any 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 and shall include adoptive relationships. 

(g)    “Plan” shall mean the PepGen Inc. 2020 Stock Plan, as amended. 

(h)    “Requisite Parties” shall mean both the Board of Directors and the Selling Holders. 

(i)    “Restricted Share” shall mean a Transferred Share that is subject to the Forfeiture Condition.

 (j)    “Right of First Refusal” shall mean the Company’s right of first refusal described in
Section 3. 
 (k)    “Sale of the Company” shall mean: (i) a transaction or series of related
transactions in which a person, or a group of related persons, acquires from stockholders of the Company shares representing more than fifty percent (50%) of the outstanding voting power of the Company (a “Stock Sale”), (ii) a sale
of all or substantially all of the assets of the Company or (iii) any other transaction that qualifies as a “Liquidation Event” as defined in the Certificate. 

  
 13 

 (l)    “Selling Holders” shall mean the holders of a
majority of the then-outstanding shares of Class A Common Stock (voting together as a single class and on an as-converted basis). 

(m)    “Service” shall mean service as an Employee, Outside Director or Consultant. 

(n)    “Subsequent Transferee” shall mean any person to whom the Transferee has directly or indirectly
transferred any Transferred Shares. 
 (o)    “Transferee” shall mean the individual named in the
Summary of Stock Grant. 
 (p)    “Transfer Notice” shall mean the notice of a proposed transfer of
Transferred Shares described in Section 3. 
 (q)    “Transferred Shares” shall mean the Shares
acquired by the Transferee pursuant to this Agreement. 

  
 14 

 EXHIBIT I 

SECTION 83(b) ELECTION 

The undersigned taxpayer hereby elects, pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, and pursuant to Treasury Regulations Section 1.83-2, to include in gross income as compensation for services the fair market value of the shares described below. 
  

	 	(1)	 The taxpayer who performed the services is: 

 

			
	Name:	  	  

			
		
	Address:	  	  

	
	
	  

			
		
	Social Security No.:	  	  

  

	 	(2)	 The property with respect to which the election is made is
                 shares of the Class A common stock of PepGen Inc. 

  

	 	(3)	 The property was transferred to the taxpayer on
                    ,             . 

 

	 	(4)	 The taxable year for which the election is made is the calendar year
            . 

  

	 	(5)	 The property is subject to forfeiture if for any reason taxpayer’s service with the issuer terminates. The
forfeiture condition lapses in a series of installments over a             -year period ending on
                    ,             . 

 

	 	(6)	 The fair market value of such property at the time of transfer (determined without regard to any restriction
other than a restriction that by its terms will never lapse) is $             per share x              shares =
$                    . 

  

	 	(7)	 No amount was paid for such property. 

 

	 	(8)	 The amount to include in gross income is
$            . [The amount in Line 6.] 

  

	 	(9)	 A copy of this statement was furnished to PepGen Inc., for whom taxpayer rendered the services underlying the
transfer of such property. 

  

	 	(10)	 This statement is executed on
                    ,             . 

 

					
	  
	 		  	  

	Spouse (if any)	 		  	Taxpayer

 Within 30 days after the date of transfer of the property, this election must be filed with the Internal Revenue Service
office where the taxpayer files his or her annual federal income tax return. The filing should be made by registered or certified mail, return receipt requested. The taxpayer must deliver a copy of the completed form to the Company.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00343-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00343-of-00352.parquet"}]]