Document:

EX-10.20

 Exhibit 10.20 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 
 MASTER SERVICES AGREEMENT 

This Master Services Agreement (the “Agreement”) is entered into as of April 9, 2014 (the
“Effective Date”) by and between Intersect ENT, Inc., having a place of business at 1555 Adams Drive, Menlo Park, CA 94025 (“Company”) and Polymer Solutions Corporation having its principal place of
business at 2903-C Commerce Street Blacksburg, Virginia (“Contractor”). Company and Contractor may be referred to herein individually as a “Party” and collectively as the “Parties. 

1. DEFINITIONS. As used in this Agreement: 

1.1 “Applicable Laws” means all relevant federal, state and local laws, statutes, rules, and regulations that are applicable
to a Party’s activities hereunder. 
 1.2 “Company Contact” means the Company contact person for a particular
Statement of Work as identified in the Statement of Work. 
 1.3 “Confidentiality Agreement” means that certain
[Confidential Disclosure Agreement] by and between the Parties dated April 2, 2014. 
 1.4 “Deliverables” means
the items to be provided or actually provided by Contractor to Company under this Agreement, including items specifically designated or characterized as deliverables in a Statement of Work. 

1.5 “FDA” means the United States Food and Drug Administration or any successor entity thereto. 

1.6 “Intellectual Property” or “IP” means ideas, concepts, discoveries, inventions, developments, know-how, trade
secrets, techniques, methodologies, modifications, innovations, improvements, writings, documentation, electronic code, data and rights (whether or not protectable under state, federal or foreign patent, trademark, copyright or similar laws) or the
like, whether or not written or otherwise fixed in any form or medium, regardless of the media on which contained and whether or not patentable or copyrightable. 

1.7 “Materials” means those materials supplied by Company for use in connection with the Services. 

1.8 “Services” means the services specifically set forth in the Analytical Test Request form also referred to as Statement of
work. Both used interchangeably within the scope or this agreement. 

  
 1. 

 1.9 “Specifications” means any procedures, process parameters, analytical tests
and other attributes and written specifications for the Services and Deliverables included in a Statement of Work. 
 2. SERVICES 

2.1 Statements of Work. Company shall submit to Contractor written analytical test requests substantially in the form of Exhibit
A that specify the Services to be performed and any Deliverables to be provided by the Contractor under such work orders, as well as the terms and conditions (including Specifications (if applicable), delivery and performance schedules, and
fees) under which Contractors will perform such Services. Upon acceptance of a work order by Contractor (in writing or by performance as set forth below), such work order shall become a “Statement of Work.” If Contractor begins to
perform services under a work order, Contractor shall be deemed to have accepted such work order in the form submitted by Company. Contractor is not authorized to perform any services on behalf of Company, other than pursuant to a Statement of Work
established as set forth above. Company hereby consents to Contractor’s use of certain Intellectual Property of Company or its licensors, as specified in a Statement of Work, solely as necessary to perform the Services under that Statement of
Work. Such consent shall automatically terminate upon the completion of the applicable Statement of Work and is limited by the terms of this Agreement. In the event of any conflict between this Agreement and a Statement of Work, this Agreement shall
control unless the Statement of Work expressly refers to the Parties’ intent to alter the terms of this Agreement with respect to that Statement of Work. For clarity, Company shall have the right at all times to retain third parties other than
Contractor to provide services similar or identical to the Services provided under this Agreement. 
 2.2 Performance of
Services. Contractor shall perform the Services in accordance with the terms of this Agreement, the applicable Statement of Work, and all Applicable Laws. Contractor shall provide, at its own expense, a place of work (unless the Statement of
Work requires the Contractor to perform the Services on Company’s premises), and all equipment, tools, and other materials necessary to complete the Statement of Work. 

2.3 Change Proposals. Upon the receipt of a proposal from Company to change the terms of a Statement of
Work (a “Change Proposal’’), Contractor shall promptly provide: (a) any information requested in such proposal; and (b) its written acceptance or rejection of the proposal. Contractor may not reject any Change
Proposal that does not materially shorten the delivery or performance schedule or materially alter the Services or Deliverables, and may not unreasonably reject any other Change Proposal. If Contractor begins to adhere to a Change Proposal or does
not reject the Change Proposal in writing within two (2) days after its receipt thereof: Contractor shall be deemed to have accepted such Change Proposal. The submission or reasonable rejection of a Change Proposal shall not constitute a breach
of this Agreement. A Change Proposal may, but need not, include an increase in fees payable under the Statement of Work. 

2.4 Project Manager. Contractor shall appoint one of its employees as the “Project Manager” for each Statement of
Work. The Project Manager shall be responsible for all aspects of the Services under such Statement of Work through completion of such Services. Such  

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 2. 

 
Project Manager shall regularly report progress on such Statement of Work to the Company Contact for such Statement of Work, and coordinate with such Company Contact for the performance of the
Services. Unless otherwise agreed, all communications between Company and Contractor regarding the conduct of the Services pursuant to a Statement of Work shall be addressed between such Project Manager and Company Contact. The Project Manager shall
use their best efforts to respond to any communication from Company within two (2) business days of receipt of such communication. 

2.5 Timelines. Contractor shall use all reasonable efforts to comply with any timelines, milestones, schedules or target dates for
completing the Services or any portion thereof as set forth in such Statement of Work. If at any time Contractor anticipates a delay in meeting such timelines for a given Statement of Work, Contractor shall promptly notify Company in writing of such
anticipated delay and the estimated duration of such delay. 
 2.6 Records. Contractor shall
create and maintain written records of the data and other information generated or recorded in the performance of the Services (the “Project Records”) and other information related to the performance of the Services in a
timely, accurate, complete, and legible manner. Contractor shall maintain the Project Records in compliance with the terms and conditions of this Agreement, all applicable Statements of Work, and Applicable Laws. Contractor shall maintain the
Project Records in a professional manner so as to permit Company to review the Project Records in full without disclosing to Company any third party confidential or proprietary information in any review that Company may perform hereunder. Contractor
shall not destroy any Project Records without Company’s written consent. Contractor shall make the Project Records available for Company’s inspection and copying during regular business hours and upon reasonable advance notice. During the
course of conducting the Services, Contractor shall, at Company’s request and expense, provide Company with copies of the Project Records. Promptly upon expiration or termination of a Statement of Work, Contractor shall transfer to Company all
Project Records related to such Statement of Work or, at Company’s request, shall maintain the Project Records for a period not to exceed seven (7) year. Notwithstanding any of the foregoing, Contractor shall be permitted to retain all
Project Records to the extent necessary to comply with its obligations under Applicable Laws. 
 2.7 Additional
Agreements. Contractor shall ensure that each of its employees who will have access to any Confidential Information or perform any Services has entered into a binding written agreement that protects Company’s rights and interests to at
least the same degree as Sections 2.10, 2.11, 5, 6 and 7 of this Agreement. 
 2.8 Employees. Subject to Section 2.8.
Contractor shall conduct the Services solely through its employees and not through any consultants, temporary workers, agents or the like. In addition, Company reserves the right to refuse or limit Contractor’s use of any employee or to require
Contractor to remove any employee already engaged in the performance of the Services. Company’s exercise of such right shall in no way be construed as relieving Contractor from its obligations under this Agreement. 

2.9 Materials. To the extent specified in a particular Statement of Work, Company shall provide Contractor with sufficient amounts of
the Materials for the Contractor to perform  

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 3. 

 
the Services. Title to the Materials shall remain with Company. Contractor shall use the Materials solely to perform the Services under such Statement of Work and for no other purpose, and in
compliance with Company’s instructions and Applicable Laws. Contractor shall not sell, transfer, disclose or otherwise provide access to the Materials to any person or entity without the prior written consent of Company, and Contractor shall
not reverse engineer or otherwise attempt to determine the structure, composition or individual components of the Materials. Upon completion of the applicable Services or earlier upon Company’s request, Contractor shall, according to
Company’s instructions, return the Materials to Company or destroy the Materials and certify such destruction in writing. 
 2.10
Reports. Upon completion of all Services under a Statement of Work, or at such other times as set forth in the applicable Statement of Work, Contractor shall provide Company with a written report summarizing all Project Records and Services
completed to date for such Statement of Work, in both electronic and hard copy. All such reports shall be deemed Confidential Information of Company. 

3. INDEPENDENT CONTRACTOR RELATIONSHIP. Contractor’s relation to Company under this Agreement is that of an independent contractor. Nothing in
this Agreement is intended or should be construed to create a partnership, joint venture, or employer-employee relationship between Company and any of Contractor’s employees or agents. Contractor is not the agent of Company and is not
authorized, and must not represent to any third party that it is authorized, to make any commitment or otherwise act on behalf of Company. Without limiting the generality of the foregoing: 

3.1 Benefits and Contributions. Neither Contractor nor any of its employees or agents is entitled to or eligible for any benefits that
Company may make available to its employees, such as group insurance, profit-sharing, or retirement benefits. Because Contractor is an independent contractor, Company will not withhold or make payments for social security, make unemployment
insurance or disability insurance contributions, or obtain workers’ compensation insurance on behalf of Contractor or any of its employees or agents. 

3.2 Taxes. Contractor is solely responsible for filing all tax returns and submitting all payments as required by any federal, state,
local, or foreign tax authority arising from the payment of fees to Contractor under this Agreement, and agrees to do so in a timely manner. If applicable, Company will report the fees paid to Contractor under this Agreement by filing Form 1099-MISC
with the Internal Revenue Service as required by law. 
 4. COMPENSATION 

4.1 Fees. Subject to the terms and conditions of this Agreement, Company shall pay Contractor the fees specified in each Statement of
Work (“Fees”) as Contractor’s sole and complete compensation for all Services, Deliverables, and Intellectual Property rights provided by Contractor under this Agreement. No other fees shall be owed by
Company under this Agreement. Contractor shall provide Company with written, itemized invoices in accordance with the payment schedule set forth in the applicable Statement of Work, with each such invoice specifying the Services performed for which
payment is being requested. In no event shall the  

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 4. 

 
total amount invoiced under a particular Statement of Work exceed the budget set forth in such Statement of Work, unless as amended by an executed Change Proposal. Contractor shall not submit for
payment any invoice for services not previously authorized by Company pursuant to an executed Statement of Work or Change Proposal. In no event shall Company be liable for fees and/or expenses incurred by Contractor in connection with any services
or other work performed by Contractor without Company’s previous written authorization. 
 4.2 Payments. Unless otherwise
expressly provided in the applicable Statement of Work payment to Contractor of undisputed Fees and Expenses shall be due thirty (30) days following Company’s receipt of the invoice for such fees submitted by Contractor pursuant to
Section 4.1 above. Payments shall be addressed to: 
 Polymer Solutions Incorporated 

P.O. Box 726 Christiansburg, VA 24068 

Attention: Rylee@polymersoluitions.com 

Contractor Tax Identification Number: 54-1400931 

4.3 Acceptance of Services. Company shall have the right to accept or reject the Service and/or Deliverable, or any portion thereof, in
writing within five (5) business days from receipt thereof. Such acceptance or rejection shall be consistent with the criteria set forth in the Statement of Work, if any. If Company does not reject in writing within five (5) business days,
the Service and/or Deliverable shall be considered accepted by Company. Company shall clearly state in writing the reasons for any rejection. Within five (5) business days of any notice of rejection, Contractor shall present a corrective plan
of action to Company. Upon approval by Company of the corrective plan, Contractor, at no additional expense to Company, shall then make the corrections and, where applicable, Contractor shall resubmit the corrected Service or Deliverable to
Company. 
 4.4 Disputed Amounts. For disputed invoices or the disputed portion of an invoice, Company shall use reasonable
efforts to provide to Contractor, in writing, within ten (10) business days, a description of the disputed amounts. Company and Contractor shall negotiate in a timely, good faith manner to resolve billing queries. 

5. AUDITS 
 5.1
Audit. Contractor shall maintain accurate and complete records and accounts relating to Services provided hereunder, and, in accordance with generally-accepted accounting principals, complete and accurate records of expenses
incurred sufficient to document the Fees and Expenses invoiced to Company for at least three (3) years following the date of the invoice (“Records and Accounts”). Upon request by Company provided with reasonable prior
notice, Contractor shall allow Company or Company’s authorized representatives to visit Contractor’s facilities during normal business hours to observe and verity Contractor’s compliance with this Agreement, review the Records and
Accounts, inspect those facilities of Contractor which are being utilized in the Services, and/or to make copies of relevant records. Records and Accounts shall be maintained for a period of seven (7) years after the creation of the applicable
Record or Account. In order to assure the quality of Contractor’s performance of the Services hereunder,  

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 5. 

 
Company will be entitled to perform such audits no more than two (2) times in any twelve (12) month period; provided, however, Company may also visit Contractor’s offices with
reasonable frequency during normal business hours to discuss the progress of the Services. In the event said audits exceed two (2) times in any twelve (12) month period, Company shall reimburse Contractor for costs and expenses actually
incurred by Contractor in connection with the additional audits, provided, however, that if Company discovers that Contractor has been overcharging Company as a result of such audit, Contractor will refund the amount of any overcharging that is not
disputed in good faith by Contractor. In addition, if the amount of any such undisputed overcharge exceeds [*] of the amounts actually due during the period being audited, Contractor shall reimburse Company for the costs of any said additional
audit. All Records and Accounts shall be deemed Confidential Information under the Confidentiality Agreement. 
 5.2 Monitoring.
Contractor shall cooperate with any requests by Company to monitor the Services in order to verify that the Services are being performed in accordance with this Agreement and in a timely and satisfactory manner. Contractor shall use its best efforts
to facilitate any such monitoring, including providing access to Contractor’s employees, agents, equipment, and facilities. 

5.3 Regulatory Inspections. Contractor shall promptly notify Company of any regulatory inspections relating to the Services by a duly
authorized representative (“Inspector”) of any government agency or other regulatory entity, including, without limitation, the FDA, of which it becomes aware. Contractor shall provide Company with the following
data as soon as practicable: (a) the purpose of the inspection, (b) the name and credential number of the inspector, and (c) a copy of the form(s) issued by the Inspector, if any. Unless otherwise required by law, Contractor shall not
permit any inspections relating to the Services or Company’s Confidential Information until further instructions are received from Company. Unless otherwise required by law, Contractor shall not provide any copies of the Statement of Work or
other Confidential Information of Company to the Inspector and shall forward any requests for such materials by an Inspector to Company. Company shall have the primary responsibility for preparing any responses relating to the Materials that may be
required by the government agency or regulatory entity, and Contractor shall have the primary responsibility for preparing any responses relating to the method of performing the Services and Contractor’s operations and procedures;
provided, however, that Contractor shall provide any proposed correspondence with government agencies related to the Services to Company for review and approval before submission. Contractor shall take all reasonable actions
requested by Company to cure deficiencies as noted during any such inspection. 
 6. INTELLECTUAL PROPERTY 

6.1 Company Intellectual Property. Subject to the rights granted in Section 2.1, Company shall retain all right, title and
interest in and to all Intellectual Property and know-how owned or known by Company prior to the Effective Date or made or acquired by Company during the Term. 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 6. 

 6.2 Contractor Intellectual Property. Subject to the licenses set forth in
Section 6.4, Contractor shall retain all right, title and interest in and to all Intellectual Property owned by Contractor prior to the Effective Date or made by Contractor during the Term independently of this Agreement. All such Intellectual
Property, and all Intellectual Property otherwise controlled by Contractor as of the Effective Date, or independently of this Agreement during the Term, shall be the “Contractor Background IP.” As used in this Section 6.2,
“control” means, with respect to any Intellectual Property, that Contractor owns or has a license to such Intellectual Property and has the ability to grant to Company access, a license, or a sublicense (as applicable) to such Intellectual
Property on the terms and conditions set forth herein without violating the terms of any agreement or other arrangement with any third party existing at the time Contractor would be first required hereunder to grant to Company such access, license,
or sublicense. 
 6.3 Project Intellectual Property. 

6.3.1 Ownership. Company shall own all right, title and interest in and to the Deliverables and all intellectual property rights and
know-how therein, as well as all Intellectual Property or know-how made or developed solely or jointly by Contractor in the course of performing the Services or otherwise under this Agreement (collectively, the “Project IP”).

 6.3.2 Disclosure and Assignment. Contractor shall notify Company in writing of any and all Project IP promptly after its
conception, development or reduction to practice. Contractor hereby assigns and transfers to Company all of its right, title and interest in and to the Project IP and agrees to take, and to cause its employees, agents, and consultants to take, all
further acts reasonably required to evidence such assignment and transfer to Company, at Company’s reasonable expense. Contractor hereby appoints Company as its attorney-in-fact to sign such documents as Company deems necessary for Company to
obtain ownership and to apply for, secure, and maintain patent or other proprietary protection of such Project IP if Company is unable, after reasonable inquiry, to obtain Contractor’s (or its employee’s or agent’s) signature on such
a document. Company shall have the sole right and discretion, al its expense, to prepare, file, prosecute and maintain any patent applications and patents claiming the Project IP. 

6.4 License Grants to Company. 

6.4.1 Contractor hereby grants to Company a non-exclusive, perpetual, irrevocable, worldwide, royalty-free, sublicenseable (through
multiple tiers) license under all Contractor Background IP pertaining to or embodied within the Deliverables: (a) to fully exploit any product or service based on, embodying, incorporating, or derived from the Deliverables; and (b) to
exercise any and all other present or future rights in the Deliverables for any and all purposes. 
 6.4.2 Contractor acknowledges
that Contractor may incorporate into the Deliverables, or disclose to Company in the process of transferring the Deliverables to Company, certain know-how of Contractor within the Contractor Background IP (the “Contractor
Know-How”). To the extent that such Contractor Know-How is retained in the unaided memory of any personnel of Company, Contractor agrees that Company may use such retained information in its development, manufacture, or
commercialization of any pharmaceutical products of Company; provided, however, that [*]. 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 7. 

 6.5 Technology Transfer. Contractor agrees to provide reasonable technical assistance and
make its technical personnel reasonably available to Company, as necessary for Company to implement any processes developed by Contractor during its conduct of the Services or conduct development and commercialization of any Deliverable provided by
Contractor. Company shall compensate Contractor for its reasonable out-of-pocket and personnel costs for providing such technical assistance. 

7. CONFIDENTIALITY 
 7.1 Confidential
Information. All information that is disclosed or provided by Company to Contractor pursuant to this Agreement or pursuant to the Confidentiality Agreement shall be “Confidential Information” of Company. Confidential Information
may be disclosed by Company in oral, written or other tangible form or otherwise learned by Contractor under this Agreement, and may including but not limited to Company’s research, development, preclinical and clinical programs, data and
results; pharmaceutical or biologic candidates and products; inventions, works of authorship, trade secrets, processes, conceptions, formulas, patents, patent applications, and licenses; business, product, marketing, sales, scientific and technical
strategies, programs and results, including costs and prices; suppliers, manufacturers, customers, market data, personnel, and consultants; and other confidential or proprietary matters related to the Services. In addition, all Project IP, Project
Records and reports delivered under Section 2.10 shall be deemed Confidential Information. Except to the extent expressly authorized by this Agreement or by Company in writing, during the Term and for seven (7) years thereafter, Contractor
shall maintain in strict trust and confidence and shall not disclose to any third party or use for any purpose other than as provided for in this Agreement any Confidential Information. Contractor may use the Confidential Information only to the
extent required to perform the Services and for no other purpose. Contractor shall not use the Confidential Information for any purpose or in any manner that would constitute a violation of Applicable Laws. 

7.2 Exceptions. The obligations of confidentiality and nonuse set forth in Section 7.1 shall not apply to any specific portion of
information that Contractor can demonstrate by competent written proof: (a) is in the public domain or comes into the public domain through no fault of Contractor; (b) is furnished to Contractor by a third party rightfully in possession of
such information not subject to a duty of confidentiality with respect thereto, as shown by Contractor’s written records contemporaneous with such third party disclosure; (c) is already known by Contractor at the time of receiving such
Confidential Information and as evidenced by the Contractor’s prior written records; or (d) is independently developed by Contractor without access to the Confidential Information, as demonstrated by Contractor’s independent written
records contemporaneous with such development. 
 7.3 Authorized Disclosure. Notwithstanding the foregoing in this
Section 7, Contractor may disclose certain Confidential Information to the extent such disclosure is required by law or regulation, or pursuant to a valid order of a court or other governmental body having jurisdiction, provided
that the Contractor provides Company with reasonable prior  

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 8. 

 
written notice of such disclosure and reasonable assistance in obtaining a protective order or confidential treatment preventing or limiting the disclosure and/or requiring that the Confidential
Information so disclosed be used only for the purposes for which the law or regulation required, or for which the order was issued. 

7.4 Publication; Use of Names. Under no circumstances may either Party use the name of the other Party or any of its personnel in any
publication or any form of advertising without such other Party’s prior written consent. For the avoidance of doubt, Contractor shall not disclose, present, disseminate or produce any publication that contains information regarding the
Services, Deliverables or any Confidential Information of Company without Company’s prior written consent. 
 7.5 Third Party
Confidential Information. Contractor shall not disclose to Company any confidential or proprietary information that belongs to any third party unless Contractor first obtains the consent of such third party and enters into a separate
confidentiality agreement with Company covering that disclosure. Contractor shall not represent to Company as being unrestricted any designs, plans, models, samples, or other writings or products that Contractor knows are covered by valid patent,
copyright, or other form of intellectual property protection belonging to a third party. 
 7.6 Return of Confidential
Information. Upon termination or expiration of the Agreement, or upon written request of Company, Contractor shall promptly return or destroy all documents, notes and other tangible materials representing Company’s Confidential information
and all copies thereof; provided, however, that Contractor may retain a single archival copy of the Confidential Information for the sole purpose of facilitating compliance with the surviving provisions of this Agreement. 

7.7 Injunctive Relief. The Parties expressly acknowledge and agree that any breach or threatened breach of this Section 7 by
Contractor may cause immediate and irreparable harm to Company that may not be adequately compensated by damages. Each Party therefore agrees that in the event of such breach or threatened breach by Contractor, and in addition to any remedies
available at law, Company shall have the right to secure equitable and injunctive relief, without bond, in connection with such a breach or threatened breach. 

8. REPRESENTATIONS AND WARRANTIES 

8.1 Due Authorization. Each Party represents and warrants that (a) it has the full power and authority to enter into this
Agreement, (b) this Agreement has been duly authorized, and (c) this Agreement is binding upon it. 
 8.2 No
Inconsistent Obligations or Constraints upon Contractor. Contractor represents and warrants that (a) it is qualified and permitted to enter into this Agreement; (b) the terms of the Agreement are not inconsistent with its other
contractual arrangements; (c) it has the right to grant all licenses granted to Company in this Agreement; (d) Company may freely use, practice, reproduce, distribute, make and sell all advice, data, information, inventions, works of
authorship or know-how that Contractor conveys or provides to Company hereunder, in the form  

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 9. 

 
of a Deliverable or otherwise, without restriction and without infringing or misappropriating any third party Intellectual Property or other rights; and (e) it shall perform the Services in
accordance with the highest standards of care and diligence practiced by recognized firms in providing services of a similar nature. 

8.3 No Pending Litigation. Contractor represents and warrants that it is not currently involved in any litigation, and is unaware of
any pending litigation proceedings, relating to Contractor’s performance of services for any third party. 
 8.4 No Debarred
Person. Contractor represents and warrants that it will not employ, contract with, or retain any person directly or indirectly to perform the Services under this Agreement if such person is under investigation by the FDA for debarment or is
presently debarred by the FDA pursuant to the Generic Drug Enforcement Act of 1992, as amended (21 U.S.C. § 301, et seq.). In addition, Contractor represents and warrants that it has not engaged in any conduct or activity
that could lead to any such debarment actions. If during the Term, Contractor or any person employed or retained by it to perform the Services (i) comes under investigation by the FDA for a debarment action, (ii) is debarred, or
(iii) engages in any conduct or activity that could lead to debarment, Contractor shall immediately notify Company of same. 

8.5 No Infringement. Contractor represents and warrants that it will not, in the course of conducting the Services, infringe or
misappropriate, and that neither the Deliverables nor any element thereof will infringe or misappropriate, any intellectual property right of any third party. 

8.6 Deliverables. Contractor warrants that the Services performed and the Deliverables will fully conform to the Specifications,
requirements, and other terms in the applicable Statement of Work and this Agreement. In the event of a breach of this warranty, without limiting any other rights or remedies Company may have, Contractor will promptly
re-perform the nonconforming Services at no additional charge to Company. If the breach has not been fully cured within thirty (30) days after Contractor received notice thereof (or such longer period of
time as Company may, in its discretion, give Contractor to cure the breach, by written notice to Contractor), Contractor will refund all fees previously paid to Contractor under the applicable Statement of Work, which will automatically terminate
upon the expiration of such thirty (30)-day period. 
 8.7 Warranty Disclaimer. EXCEPT AS EXPLICITLY SET FORTH IN THIS SECTION
8, EACH PARTY HEREBY DISCLAIMS ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, THE WARRANTIES OF MERCHANTABIUTY AND FITNESS FOR A PARTICULAR PURPOSE. 

9. INSURANCE. Contractor, at its sole cost and expense, shall secure and maintain in full force and effect throughout the performance of the
Services and for five (5) years thereafter, (i) Workers’ Compensation insurance with coverage in accordance with statutory limits, and (ii) Commercial General Liability insurance, including blanket contractual liability with
limits of not less than [*]. Certificates evidencing such insurance shall be made available for examination upon request by Company. 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 10. 

 10. INDEMNIFICATION; LIMITATION OF LIABILITY 

10.1 By Contractor. Contractor shall indemnify, defend and hold harmless Company and its affiliates and their respective directors,
officers, employees, and agents (the “Company Indemnitees”) from and against any and all costs, expenses, liabilities, damages, losses and harm (including reasonable legal expenses and attorneys’ fees)
arising out of or resulting from any third party suits, claims, actions, or demands (collectively, “Claims”) to the extent resulting from or caused by: (a) Contractor’s performance of the Services;
(b) the infringement or misappropriation by any Deliverable of any third party Intellectual Property (except to the extent caused solely by the Materials); (c) the negligence, recklessness or willful misconduct of Contractor or its
officers, directors, employees, or agents; or (d) Contractor’s breach of its obligations, warranties, or representations under this Agreement, except in each case to the extent that a Claim arises out of or results from the negligence,
recklessness or willful misconduct of any Company Indemnitee or Company’s breach of its obligations, warranties, or representations under this Agreement. 

10.2 By Company. Company shall indemnify, defend and hold harmless Contractor and its directors, officers,
employees, and agents (the “Contractor Indemnitees”) from and against any and all Claims to the extent resulting from or caused by: (a) the negligence, recklessness or willful misconduct of any Company Indemnitee; or
(b) Company’s breach of its obligations, warranties or representations under this Agreement, except in each case to the extent that a Claim arises out of or results from the negligence, recklessness or willful misconduct of any Contractor
Indemnitee or Contractor’s breach of its obligations, warranties, or representations under this Agreement. 
 10.3
Indemnification Conditions and Procedures. Each Party’s agreement to indemnify, defend and hold harmless the other Party is conditioned on the indemnified Party: (i) providing written notice to the indemnifying Party of any claim or
demand for which is it seeking indemnification hereunder promptly after the indemnified Party has knowledge of such claim; (ii) permitting the indemnifying party to assume full responsibility to investigate, prepare for and defend against any
such claim or demand, except that the indemnified Party may cooperate in the defense at its expense using its own counsel; (iii) assisting the indemnifying Party, at the indemnifying Party’s reasonable expense, in the investigation of,
preparing for and defense of any such claim or demand; and (iv) not compromising or settling such claim or demand without the indemnifying Patty’s written consent. 

10.4 Limitation of Liability. EXCEPT FOR DAMAGES AVAILABLE FOR BREACHES OF CONFIDENTIALITY OBLIGATIONS UNDER SECTION 7 AND THE
INDEMNIFICATION RIGHTS AND OBLIGATIONS UNDER SECTION 10, NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY FOR ANY SPECIAL, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR INDIRECT DAMAGES ARISING FROM OR RELATING TO ANY BREACII OF THIS AGREEMENT, REGARDLESS
OF ANY NOTICE OF THE POSSIBILITY OF SUCH DAMAGES. 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 11. 

 11. TERM AND TERMINATION 

11.1 Term. The term of this Agreement (the “Term”) shall commence on the Effective Date and
continue thereafter until terminated in accordance with this Section 11. 
 11.2 Termination by Company. Company may terminate
this Agreement or any Statement of Work at any time with or without cause for its convenience, effective upon thirty (30) days notice to Contractor. In addition, Company may terminate this Agreement or any Statement of Work immediately upon
written notice to Contractor if Contractor breaches this Agreement or the Statement of Work, as the case may be, and does not fully cure the breach to Company’s satisfaction within thirty (30) days after Company gives notice of the breach
to Contractor. 
 11.3 Effects of Termination 

11.3.1 Survival. Sections 1, 2.10, 3, 5.1, 6, 7, 9, 10 (solely to the extent the Claims can be attributed to action or omission during
the Term), 11.3 and 12 shall survive any termination or expiration of this Agreement. Termination or expiration of this Agreement shall not affect either Party’s liability for any breach of this Agreement it may have committed before such
expiration or termination. 
 11.3.2 Return of Company Property. Upon termination of this Agreement, Contractor shall return or
destroy the Materials, and return to Company the Confidential information, as set forth in Sections 2.10 and 7.6. In addition, Contractor shall deliver to Company, or destroy at Company’s request, the Deliverables (in whatever stage of
development or completion). 
 11.3.3 Compensation. Upon termination of this Agreement or a Statement of Work by Company without
cause for its convenience, unless the applicable Statement of Work expressly provides otherwise, Company will pay Contractor fees on a proportional basis as set forth in the applicable Statement of Work for Services that are in progress as of the
effective date of such termination and reimburse Contractor for related Expenses incurred by Contractor before the effective date of such termination. 

12. GENERAL PROVISIONS 
 12.1
Governing Law; Venue. This Agreement is governed by the laws of the State of California without reference to any conflict of laws principles that would require the application of the laws of any other jurisdiction. The United Nations Convention
on Contracts for the International Sale of Goods does not apply to this Agreement. Contractor irrevocably consents to the personal jurisdiction of the state and federal courts located in San Mateo County, California for any suit or action arising
from or related to this Agreement, and waives any right Contractor may have to object to the venue of such courts. Contractor further agrees that these courts will have exclusive jurisdiction over any such suit or action initiated by Contractor
against Company. 
 12.2 Severability. If any provision of this Agreement is, for any reason, held to be invalid or
unenforceable, the other provisions of this Agreement will be unimpaired and the invalid or unenforceable provision will be deemed modified so that it is valid and enforceable to the maximum extent permitted by law. 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 12. 

 12.3 No Assignment. This Agreement and Contractor’s rights and
obligations under this Agreement may not be assigned, delegated, or otherwise transferred, in whole or in part, by operation of law or otherwise, by Contractor without Company’s express prior written consent; provided, however, that
Contractor may assign its rights or delegate its obligations under this Agreement without such consent to (i) its affiliate or subsidiary or (ii) its successor in interest in connection with any merger, consolidation, or sale of all or
substantially all of the assets of Contractor. Company may assign this Agreement or any of its rights under this Agreement to any third party without Contractor’s consent. In the case of any permitted assignment or transfer of or under this
Agreement, this Agreement shall be binding upon, and inure to the benefit of, the successors, executors, heirs, representatives, administrators and assigns of the Parties hereto. Any attempted assignment, delegation, or transfer in violation of the
foregoing will be null and void. 
 12.4 Notices. Each Party must deliver all notices, consents, and approvals required or
permitted under this Agreement in writing to the other Party at the address specified below, by personal delivery, by certified or registered mail (postage prepaid and return receipt requested), by a nationally-recognized overnight carrier, or by
facsimile transmission with electronic confirmation of transmission. Notice will be effective upon receipt or refusal of delivery. Each Party may change its address for receipt of notice by giving notice of such change to the other Party.

  

			
	If to Company:	 	 Intersect ENT, Inc.
 l555 Adams Drive

Menlo Park, CA 94025
 Attention: Xiaoyi Hu

Email: xhu@intersectent.com

		
	If to Contractor:	 	 Polymer Solutions, Inc.
 2903-C Commerce
Street
 Blacksburg, Virginia 24060
 George Cheynet

George.cheynet@polymersolutions.com

 12.5 Remedies. The rights and remedies provided to each Party in this Agreement are cumulative and in
addition to any other rights and remedies available to such Party at law or in equity. 
 12.6 No Insider Trading. Contractor
acknowledges that Company is a publicly traded company and that, in the course of performance under this Agreement, Contactor may learn of material, non-public information regarding Company. Contractor understands that federal and state securities
laws prohibit employees of Contractor from purchasing or selling Company securities while in possession of any such information and from disclosing such information to others. 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 13. 

 12.7 Construction. Section headings are included in this Agreement merely for convenience
of reference; they are not to be considered part of this Agreement or used in the interpretation of this Agreement. No rule of strict construction will be applied in the interpretation or construction of this Agreement. 

12.8 Waiver. All waivers must be in writing and signed by the Party to be charged. Any waiver or failure to enforce any provision of
this Agreement on one occasion will not be deemed a waiver of any other provision or of such provision on any other occasion. 

12.9 Time Is of the Essence. Time is of the essence in the performance of the Services and Contractor’s other obligations under
this Agreement. 
 12.10 Entire Agreement; Amendments. This Agreement, including the Statements of Work hereunder, is the
final, complete, and exclusive agreement of the Parties with respect to the subject matter hereof and supersedes and merges all prior or contemporaneous communications and understandings between the Parties. No modification of or amendment to this
Agreement will be effective unless in writing and signed by the Party to be charged. 
 12.11 Counterparts. This Agreement may
be executed in two or more counterparts, each of which shall be deemed an original and all of which shall constitute together the same instrument. 

Signature Page to Follow 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 14. 

 IN WITNESS WHEREOF, the Parties have executed this Master Services Agreement as of the Effective
Date. 
  

									
	INTERSECT ENT, INC.	 		 	POLYMER SOLUTIONS, INC.
		 		 	(“CONTRACTOR”)
					
	Signed:	 	 /s/ R. K.
	 		 	Signed:	 	 /s/ George Cheynet

	Name:	 	Richard Kaufman	 		 	Name:	 	George Cheynet
	Title:	 	Chief Operating Officer	 		 	Title:	 	Director of Sales

 Signature Page to Master Services Agreement 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 EXHIBIT A 

ANALYTICAL TESTING SERVICES 
 Standard
pricing for common tests performed for Intersect ENT are shown below. Prices for less common tests are not listed due to the number of test methods available, but will be those listed on the Polymer Solutions Incorporated Internal Price List. 

 

			
	 Standard Prices for Common Tests

	[*]	  	
	 •    [*]
	  	[*]
	 •    [*]
	  	[*]
	[*]	  	[*]
	[*]	  	[*]

 Turnaround times are based on the date of receipt of payment information and samples. This will be based on project complexity
and are as follows: 
  

	 	•	 	[*] Testing:            [*] 

  

	 	•	 	[*] Testing:            [*] 

  

	 	•	 	Turnaround time for product development testing will target [*]; however, more complex testing and validation projects will depend on the scope of the project. 

Points of Contact 
 For Company: 

Xiaoyi Hu 
 1555 Adams Drive 

Menlo Park Ca 94025 
 650-641-2111

 xhu@intersectent.com 
 For
Contractor: 
 George Cheynet 

2903-C Commerce Street 
 Blacks
burg, Virginia 24060 
 540-961-4300 

George.cheynet@polymersolutions.com 
 Discount
Schedule: 
 Contractor will invoice Company only for the Services actually rendered and the expenses actually incurred. Payments shall be due thirty
(30) days following Company’s receipt of invoice. 
  

			
	 Quarterly Purchases
	  	 Discount for following Quarter

	 >$[*]
	  	[*]%
	 >$[*]
	  	[*]%
	 >$[*]
	  	[*]%
	 >$[*]
	  	[*]%

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 EXHIBIT A “CONTINUED” ANALYTICAL 

TESTING SERVICES “CONTINUED” 

Discounts would be applied to standard pricing in the following quarter. The first quarter of this agreement would be initiated on [*] at a discounted rate of
[*]%. Implementation of the discount for new quarters would occur on the following dates: 

	 	•	 	[*] 

 Term 
 The
term of this Statement of Work will begin on April 9, 2014 and shall terminate on April 2, 2016. 
 ALL ITEMS ARE PROVIDED “AS IS”, AND
COMPANY EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES, WHETHER IMPLIED, EXPRESS, OR STATUTORY, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, NONINFRINGEMENT, ACCURACY AND QUIET ENJOYMENT. 

 

									
	Intersect Ent, Inc.	 		 	Polymer Solutions (“Contractor”)
					
	Signed:	 	 /s/ R. K.
	 		 	Signed:	 	 /s/ George Cheynet

	Name:	 	Richard Kaufman	 		 	Name:	 	George Cheynet
	Title:	 	Chief Operating Officer	 		 	Title:	 	Director of Sales
	Dated:	 	4/11/14	 		 	Dated:	 	4/09/2014

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-2EX-4.2

 Exhibit 4.2 
  

 
 TOBIRA THERAPEUTICS, INC. 

AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 
  

 
  
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 Section 1 REGISTRATION RIGHTS; RESTRICTIONS ON TRANSFERABILITY
	  	 	1	  
	 1.1
	 	Certain Definitions	  	 	2	  
	 1.2
	 	Restrictions	  	 	3	  
	 1.3
	 	Restrictive Legend	  	 	3	  
	 1.4
	 	Notice of Proposed Transfers	  	 	4	  
	 1.5
	 	Requested Registration	  	 	5	  
	 1.6
	 	Company Registration	  	 	6	  
	 1.7
	 	Registration on Form S-3	  	 	8	  
	 1.8
	 	Corporate Transaction	  	 	9	  
	 1.9
	 	Expenses of Registration	  	 	9	  
	 1.10
	 	Registration Procedures	  	 	9	  
	 1.11
	 	Indemnification	  	 	11	  
	 1.12
	 	Information by Holder	  	 	13	  
	 1.13
	 	Rule 144 Reporting	  	 	13	  
	 1.14
	 	Transfer of Registration Rights	  	 	13	  
	 1.15
	 	Limitations on Subsequent Registration Rights	  	 	14	  
	 1.16
	 	Market Stand-off Agreement	  	 	14	  
	 1.17
	 	Termination of Rights	  	 	15	  
		
	Section 2 RIGHT OF FIRST OFFER	  	 	15	  
	 2.1
	 	Right of First Offer	  	 	15	  
	 2.2
	 	Definition of New Securities	  	 	15	  
	 2.3
	 	Notice of Right	  	 	16	  
	 2.4
	 	Exercise of Right	  	 	16	  
	 2.5
	 	Lapse and Reinstatement of Right	  	 	16	  
	 2.6
	 	Transfer of Right of First Offer	  	 	17	  
	 2.7
	 	Rights of Affiliated Investors	  	 	17	  
	 2.8
	 	Termination of Right of First Offer	  	 	17	  
		
	Section 3 AFFIRMATIVE COVENANTS OF THE COMPANY	  	 	17	  
	 3.1
	 	Financial Information	  	 	17	  
	 3.2
	 	Inspection	  	 	18	  
	 3.3
	 	Confidentiality	  	 	18	  
	 3.4
	 	Patent, Copyright and Nondisclosure Agreements	  	 	19	  
	 3.5
	 	Stock Vesting	  	 	19	  
	 3.6
	 	Qualified Small Business	  	 	19	  
	 3.7
	 	Insurance	  	 	19	  
	 3.8
	 	Annual Budget	  	 	20	  
	 3.9
	 	Observer Rights	  	 	20	  
	 3.10
	 	Termination of Covenants	  	 	21	  

  
 i 

							
	 Section 4 TRANSFERS OF SECURITIES BY INVESTORS
	  	 	21	  
	 4.1
	 	Notices	  	 	21	  
	 4.2
	 	Acceptance of Offer	  	 	21	  
	 4.3
	 	Allocation of Securities and Payment	  	 	22	  
	 4.4
	 	Failure to Exercise	  	 	22	  
	 4.5
	 	Assignment	  	 	22	  
	 4.6
	 	Permitted Transfers	  	 	22	  
	 4.7
	 	Termination	  	 	22	  
		
	Section 5 MISCELLANEOUS	  	 	23	  
	 5.1
	 	Successors and Assigns	  	 	23	  
	 5.2
	 	Third Parties	  	 	23	  
	 5.3
	 	Governing Law	  	 	23	  
	 5.4
	 	Counterparts	  	 	23	  
	 5.5
	 	Notices	  	 	23	  
	 5.6
	 	Severability	  	 	23	  
	 5.7
	 	Amendment and Waiver	  	 	23	  
	 5.8
	 	Rights of Holders	  	 	24	  
	 5.9
	 	Delays or Omissions	  	 	24	  
	 5.10
	 	Attorneys’ Fees	  	 	24	  
	 5.11
	 	Headings	  	 	24	  
	 5.12
	 	Entire Agreement	  	 	24	  
	 5.13
	 	Further Assurances	  	 	24	  
	 5.14
	 	Aggregation of Stock	  	 	24	  
	 5.15
	 	Termination of Prior Agreement	  	 	24	  

  
 ii 

 INVESTORS’ RIGHTS AGREEMENT 

THIS AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (the “Agreement”) is entered into as of August 24, 2010 by
Tobira Therapeutics, Inc., a Delaware corporation (the “Company”), the investors listed on Exhibit A (each individually, an “Investor” and collectively, the “Investors”) and Domain
Associates, L.L.C., James E. Sapirstein and Eckard Weber, M.D., (each individually, a “Stockholder” and collectively, the “Stockholders”). 

RECITALS 
 WHEREAS,
certain of the Investors (the “Existing Investors”) hold shares of the Company’s Series A Preferred Stock, par value $0.0001 per share (the “Series A Preferred Stock”), and/or shares of Common Stock
issued upon conversion thereof and possess registration rights, information rights, rights of first offer and other rights pursuant to an Investors’ Rights Agreement dated as of August 1, 2007 by and among the Company, certain holders of
Common Stock, par value $0.0001 per share (the “Common Stock”), and such Existing Investors (the “Prior Agreement”); 

WHEREAS, the Prior Agreement may be amended, and any provision therein waived, with the consent of the Company, and the holders of a
majority of the outstanding Registrable Securities (as such term is defined in the Prior Agreement);  
 WHEREAS, the Existing
Investors and the Stockholders, as holders of a majority of the outstanding Registrable Securities, desire to terminate the Prior Agreement and to accept the rights created pursuant hereto in lieu of the rights granted to them under the Prior
Agreement; and 
 WHEREAS, certain Investors are parties to the Series B Preferred Stock Purchase Agreement of even date
herewith by and among the Company and certain of the Investors (the “Series B Agreement”), which provides that as a condition to the closing of the sale of the Series B Preferred Stock, par value $0.0001 per share (the
“Series B Preferred Stock” and collectively with the Series A Preferred Stock, the “Preferred Stock”), this Agreement must be executed and delivered by such Investors, Existing Investors and Stockholders
holding a majority of the outstanding Registrable Securities (as such term is defined in the Prior Agreement) of the Company, and the Company. 

AGREEMENT 
 NOW,
THEREFORE, in consideration of the mutual promises and covenants set forth herein, the Company, the Existing Investors and the Stockholders hereby agree that the Prior Agreement shall be superseded and replaced in its entirety by this Agreement,
and the parties hereto further agree as follows: 

 SECTION 1 

REGISTRATION RIGHTS; 

RESTRICTIONS ON TRANSFERABILITY 

1.1 Certain Definitions. As used in this Agreement, the following terms shall have the following respective meanings: 

“Affiliate” shall mean with respect to any Person, any Person which directly or indirectly through one or more
intermediaries, controls, is controlled by or is under common control with such Person. 
 “Commission” shall mean the
Securities and Exchange Commission or any other federal agency at the time administering the Securities Act. 
 “Conversion
Shares” shall mean the Common Stock issued or issuable upon conversion of the Shares. 
 “Convertible Securities”
shall mean any evidence of indebtedness, shares or other securities convertible into or exchangeable for Common Stock. 

“Holder” shall mean any Investor owning or having the right to acquire Registrable Securities or any assignee thereof in
accordance with Section 1.14 hereof; provided, however, that with respect to Section 1.6 hereof and other provisions of this Agreement applicable to a registration pursuant to such section, in addition to the foregoing
definition, “Holder” shall also mean the Stockholders. 
 “Initiating Holders” shall mean the Investor or
transferees of the Investor under Section 1.14 hereof who in the aggregate are Holders of not less than fifty percent (50%) of the outstanding Registrable Securities. 

“Major Holder” shall mean the Investor or transferees of the Investor under Section 1.14 hereof who in the
aggregate are Holders of not less than five hundred thousand (500,000) Shares or Conversion Shares. 
 “Options” shall
mean rights, options or warrants to subscribe for, purchase or otherwise acquire either Common Stock or Convertible Securities. 

“Person” shall mean an individual, a corporation, a partnership, a trust or unincorporated organization or any other entity
or organization. 
 “Preferred Stock” shall mean the Series A Preferred Stock and Series B Preferred Stock of the Company.

 The terms “register,” “registered” and “registration” refer to a registration effected
by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such registration statement. 

“Qualified Public Offering” means an underwritten public offering of the Company’s Common Stock pursuant to a
registration statement under the Securities Act with aggregate proceeds of at least thirty million dollars ($30,000,000.00) and a price per share of at least $1.6473 (as adjusted for stock splits, combinations, recapitalizations and the like). 

  
 - 2 - 

 “Registrable Securities” means (a) the Conversion Shares, (b) all
shares of Common Stock owned by the Investors, (c) any Common Stock issued (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 Common Stock described in clauses (a) or (b) hereof; provided, however, that with respect to Section 1.6 hereof and other provisions of this Agreement applicable to a registration pursuant to such
section, in addition to the foregoing definition, “Registrable Securities” shall also mean all shares of Common Stock owned by the Stockholders. 

“Registration Expenses” shall mean all reasonable expenses incurred by the Company in complying with Sections 1.5, 1.6 and
1.7 hereof, including, without limitation, all registration, qualification and filing fees, printing expenses, escrow fees, fees and disbursements of counsel for the Company, blue sky fees and expenses, the expense of any special audits incident
to or required by any such registration (but excluding the compensation of regular employees of the Company which shall be paid in any event by the Company) and all reasonable fees and disbursements of one special counsel for all of the Holders who
elect to include their Registrable Securities in any such registration. 
 “Restricted Securities” shall mean the
securities of the Company required to bear the legend set forth in Section 1.3 hereof. 
 “Securities Act”
shall mean the Securities Act of 1933, as amended, or any similar or successor federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time. 

“Selling Expenses” shall mean all underwriting discounts, selling commissions and stock transfer taxes applicable to the
securities registered by the Holders. 
 “Shares” shall mean shares of Series A Preferred Stock and Series B Preferred
Stock of the Company. 
 1.2 Restrictions. The Shares and the Conversion Shares shall not be sold, assigned, transferred or pledged
except upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with the provisions of the Securities Act. The Investor shall cause any proposed purchaser, assignee, transferee or pledgee of the Shares and
the Conversion Shares to agree to take and hold such securities subject to the provisions and upon the conditions specified in this Agreement. 

1.3 Restrictive Legend. Each certificate representing (a) the Shares, (b) the Conversion Shares, and (c) any other
securities issued in respect of the securities referenced in clauses (a) and (b) upon any stock split, stock dividend, recapitalization, merger, consolidation or similar event, shall (unless otherwise permitted by the provisions of
Section 1.4 below) be stamped or otherwise imprinted with a legend in substantially the following form (in addition to any legend required under applicable state securities laws): 

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF

  
 - 3 - 

 
1933. THE SHARES MAY NOT BE SOLD, TRANSFERRED OR PLEDGED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT
SUCH REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT TO RULE 144 OF SUCH ACT.” 
 “THE SHARES REPRESENTED BY THIS CERTIFICATE
MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AGREEMENTS BETWEEN THE COMPANY AND THE ORIGINAL STOCKHOLDER, COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE COMPANY.” 

Each Holder consents to the Company making a notation on its records and giving instructions to any transfer agent of the Restricted
Securities in order to implement the restrictions on transfer established in this Section 1. 
 1.4 Notice of Proposed
Transfers. The holder of each certificate representing Restricted Securities, by acceptance thereof, agrees to comply in all respects with the provisions of this Section 1. Prior to any proposed sale, assignment, transfer or pledge
of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed transfer, the holder thereof shall give written notice to the Company of such holder’s intention to effect such
transfer, sale, assignment or pledge. Each such notice shall describe the manner and circumstances of the proposed transfer, sale, assignment or pledge in sufficient detail, and shall be accompanied at such holder’s expense by either
(a) an unqualified written opinion of legal counsel who shall, and whose legal opinion shall be, reasonably satisfactory to the Company, addressed to the Company, to the effect that the proposed transfer of the Restricted Securities may be
effected without registration under the Securities Act, or (b) a “no action” letter from the Commission to the effect that the transfer of such securities without registration shall not result in a recommendation by the staff of the
Commission that action be taken with respect thereto, or (c) any other evidence reasonably satisfactory to counsel to the Company, whereupon the holder of such Restricted Securities shall be entitled to transfer such Restricted Securities in
accordance with the terms of the notice delivered by the holder to the Company. The Company shall not require such a legal opinion or “no action” letter (x) in any transaction in compliance with Rule 144, (y) in any transaction
in which an Investor which is a corporation distributes Restricted Securities solely to its majority owned subsidiaries or affiliates for no consideration, or (z) in any transaction in which an Investor which is a partnership distributes
Restricted Securities solely to its partners, limited partners, retired partners, members or retired members for no consideration; provided that each transferee agrees in writing to be subject to the terms of this Section 1. Each
certificate evidencing the Restricted Securities transferred as above provided shall bear, except if such transfer is made pursuant to Rule 144, the appropriate restrictive legends set forth in this Section 1, except that such
certificate shall not bear such restrictive legend if, in the opinion of counsel for such holder and the Company, such legend is not required in order to establish compliance with any provisions of the Securities Act or this Agreement. 

  
 - 4 - 

 1.5 Requested Registration. 

(a) In case the Company shall receive from Initiating Holders a written request that the Company effect any registration, qualification or
compliance with respect to the Registrable Securities, the Company shall: 
 (i) promptly give written notice of the proposed registration,
qualification or compliance to all other Holders; and 
 (ii) as soon as practicable and in any event within one hundred twenty
(120) days after receipt of such written request, use commercially reasonable efforts to effect such registration, qualification or compliance (including, without limitation, the execution of an undertaking to file post-effective amendments,
appropriate qualification under applicable blue sky or other state securities laws and appropriate compliance with applicable regulations issued under the Securities Act and any other governmental requirements or regulations) as may be so requested
and as would permit or facilitate the sale and distribution of all or such portion of such Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any Holder or Holders joining in
such request as are specified in a written request received by the Company within twenty (20) days after receipt of the written notice from the Company; provided, however, that the Company shall not be obligated to take any action to effect any
such registration, qualification or compliance pursuant to this Section 1.5: 
 (A) In any particular jurisdiction in which the
Company would be required to execute a general consent to service of process in effecting such registration, qualification or compliance unless the Company is already subject to service in such jurisdiction and except as may be required by the
Securities Act; 
 (B) Prior to the earlier of (1) four (4) years after the date of this agreement or (2) six
(6) months after the effective date of the Company’s initial public offering; 
 (C) After the Company has effected two
(2) such registrations pursuant to this subparagraph 1.5(a), such registration has been declared or ordered effective and the securities offered pursuant to each such registration have been sold; 

(D) During the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of filing of,
and ending on a date one hundred eighty (180) days after the effective date of, a registration initiated by the Company; provided that the Company is actively employed in good faith in all commercially reasonable efforts to cause such
registration statement to become effective and provided further that the rights of the Initiating Holders to include Registrable Securities for registration in the Company’s registration shall be governed by Section 1.6 hereof; or

 (E) If such registration, qualification or compliance involves securities with an aggregate value less than Five Million Dollars
($5,000,000). 
 Subject to the foregoing clauses (A) through (E), the Company shall file a registration statement covering the
Registrable Securities so requested to be registered as soon as practicable 

  
 - 5 - 

 
after receipt of the request or requests of the Initiating Holders; provided, however, that if (i) in the good faith judgment of the board of directors of the Company (the
“Board”), such registration would be seriously detrimental to the Company and the Board concludes, as a result, that it is essential to defer the filing of such registration statement at such time, and (ii) the Company shall
furnish to such Holders a certificate signed by the President of the Company stating that in the good faith judgment of the Board, it would be seriously detrimental to the Company for such registration statement to be filed in the near future and
that it is, therefore, essential to defer the filing of such registration statement, then the Company shall have the right to defer such filing for up to two (2) periods of not more than sixty (60) days each after receipt of the request of
the Initiating Holders, and provided further, that the Company shall not defer its obligation in this manner more than once in any twelve (12) month period. 

(b) Underwriting. In the event that a registration pursuant to Section 1.5 is for a registered public offering involving an
underwriting, the Company shall so advise the Holders as part of the notice given pursuant to Section 1.5(a)(i). The right of any Holder to registration pursuant to Section 1.5 shall be conditioned upon such Holder’s
participation in the underwriting arrangements required by this Section 1.5 and the inclusion of such Holder’s Registrable Securities in the underwriting, to the extent requested and provided herein. 

The Company shall (together with all Holders proposing to distribute their securities through such underwriting) enter into an underwriting
agreement in customary form with the managing underwriter selected for such underwriting by at least a majority in interest of the Initiating Holders (which managing underwriter shall be reasonably acceptable to the Company). Notwithstanding any
other provision of this Section 1.5, if the managing underwriter advises the Initiating Holders in writing that marketing factors require a limitation of the number of shares to be underwritten, then the Company shall so advise all
Holders of Registrable Securities and the number of shares of Registrable Securities that may be included in the registration and underwriting shall be allocated among all Holders thereof in proportion, as nearly as practicable, to the respective
amounts of Registrable Securities held by such Holders at the time of filing the registration statement. No Registrable Securities excluded from the underwriting by reason of the underwriter’s marketing limitation shall be included in such
registration. 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. 

If any Holder of Registrable Securities disapproves of the terms of the underwriting, such person may elect to withdraw therefrom by written
notice to the Company, the managing underwriter and the Initiating Holders. The Registrable Securities or other securities so withdrawn shall also be withdrawn from registration, and such Registrable Securities shall not be transferred in a public
distribution prior to ninety (90) days (one hundred eighty (180) days in the case of the Company’s initial public offering) after the date of the final prospectus used in such public offering. 

1.6 Company Registration. 

(a) Notice of Registration. If at any time or from time to time, the Company shall determine to register any of its securities, either
for its own account or the account of a 

  
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security holder or holders exercising their respective demand registration rights other than (i) a registration relating solely to employee benefit plans, or (ii) a registration
relating solely to a merger, acquisition or exchange, or (iii) a registration relating to convertible debt transaction, the Company shall: 

(i) promptly give to each Holder written notice thereof; and 

(ii) include in such registration (and any related qualification under blue sky laws or other compliance), and in any underwriting involved
therein, all the Registrable Securities specified in a written request or requests made within twenty (20) days after receipt of such written notice from the Company by any Holder, but only to the extent that such inclusion shall not diminish
the number of securities included by the Company or by Holders of the Company’s securities who have demanded such registration and further subject to the underwriter’s right to limit the number of securities included in the registration as
set forth in Section 1.6(b) below. 
 (b) Underwriting. If the registration of which the Company gives notice is for
a registered public offering involving an underwriting, the Company shall so advise the Holders as a part of the written notice given pursuant to Section 1.6(a)(i). In such event, the right of any Holder to registration pursuant to
Section 1.6 shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of 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 and the other Holders distributing their securities through such underwriting) enter into an underwriting agreement in customary form with the managing underwriter selected for
such underwriting by the Company (or by the Holders who have demanded such registration, as the case may be, which underwriter shall be reasonably acceptable to the Company). Notwithstanding any other provision of this Section 1.6, if
the managing underwriter determines in its sole discretion that marketing factors require a limitation of the number of shares to be underwritten, the managing underwriter may limit the number of Registrable Securities to be included in the
registration and underwriting, on a pro rata basis based on the total number of securities (including, without limitation, Registrable Securities owned by each participating Holder) entitled to be included in such registration; but in no event shall
the amount of securities of the participating Holders included in the offering be reduced below twenty-five percent (25%) of the total amount of securities included in such offering and no such reduction in the amount of securities of the
participating Holders proposed to be included in such offering shall be effected until the securities of other stockholders proposed to be included in such offering first are reduced and excluded from such offering, unless such offering is the
initial public offering of the Company’s securities, in which case the participating Holders may be entirely excluded if the managing underwriter makes the determination described above and no other stockholder’s securities are included.
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 or other holder to the nearest one hundred (100) shares. If any Holder or
other holder disapproves of the terms of any such underwriting, he or she may elect to withdraw therefrom by written notice to the Company and the managing underwriter. Any securities excluded or withdrawn from such underwriting shall be withdrawn
from such registration, and shall not be transferred in a public distribution prior to ninety (90) days (one hundred eighty (180) days in the case of the Company’s initial public offering) after the date of the final prospectus
included in the registration statement relating thereto. 

  
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 (c) Right to Terminate Registration. The Company shall have the right to terminate or
withdraw any registration initiated by it under this Section 1.6 prior to the effectiveness of such registration, whether or not any Holder has elected to include securities in such registration. 

1.7 Registration on Form S-3. 

(a) If any Holder or Holders of at least five million (5,000,000) shares of Registrable Securities requests that the Company file a
registration statement on Form S-3 (or any successor form to Form S-3) for a public offering of shares of the Registrable Securities, the reasonably anticipated aggregate price to the public of which, net of underwriting discounts and commissions,
would exceed One Million Dollars ($1,000,000), and the Company is a registrant entitled to use Form S-3 to register the Registrable Securities for such an offering, the Company shall use commercially reasonable efforts to cause such Registrable
Securities to be registered for the offering on such form. The Company shall (i) promptly give written notice of the proposed registration to all other Holders, and (ii) as soon as practicable, but in no event later than sixty
(60) days following the request, use commercially reasonable efforts to effect such registration (including, without limitation, the execution of an undertaking to file post-effective amendments, appropriate qualification under applicable blue
sky or other state securities laws and appropriate compliance with applicable regulations issued under the Securities Act and any other governmental requirements or regulations) as may be so requested and as would permit or facilitate the sale and
distribution of all or such portion of such Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any Holder or Holders joining in such request as are specified in a written
request received by the Company within twenty (20) days after receipt of written notice from the Company. The substantive provisions of Section 1.5(b) shall be applicable to each registration initiated under this
Section 1.7. 
 (b) Notwithstanding the foregoing, the Company shall not be obligated to take any action pursuant to this
Section 1.7: (i) in any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting such registration, qualification or compliance unless the Company is already
subject to service in such jurisdiction and except as may be required by the Securities Act; (ii) in a given twelve month period, after the Company has effected two (2) such registrations pursuant to subparagraph 1.7(a); or
(iii) if the Company shall furnish to such Holders a certificate signed by the President of the Company stating that, in the good faith judgment of the Board, it would be seriously detrimental to the Company or its stockholders for registration
statements to be filed in the near future, then the Company’s obligation to use commercially reasonable efforts to file a registration statement shall be deferred for up to two periods of sixty (60) days each, such sixty (60) day
periods not to exceed one hundred twenty (120) days from the receipt of the request to file such registration by such Holder or Holders. The Company shall not defer its obligation in this manner more than once in any twelve-month period. 

  
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 1.8 Corporate Transaction. In the event of a Corporate Transaction, the Company shall use
reasonable efforts to cause the registration rights described under this Section 1 to be assumed or equivalent registration rights to be substituted by a successor corporation or a parent or subsidiary of such successor corporation in
writing. “Corporate Transaction” means a sale of all or substantially all of the Company’s assets or a merger, consolidation or other capital reorganization or business combination transaction of the Company with or into
another corporation, entity or person or a sale of capital stock such that the stockholders immediately prior to such sale possess less than fifty percent (50%) of the voting power immediately after such sale; provided however, that
(a) the provisions of this Section 1.8 may be waived by the holders of at least a majority of the then outstanding Registrable Securities and (b) the provisions of this Section 1.8 shall not apply in the event of
any Corporate Transaction if all Holders are entitled to receive in exchange for their Registrable Securities consideration consisting solely of (i) cash or (ii) securities of the acquiring corporation which may be immediately sold to the
public without registration under the Securities Act. 
 1.9 Expenses of Registration. All Registration Expenses incurred in
connection with registrations pursuant to Sections 1.5, 1.6 and 1.7 including, without limitation, the reasonable fees and disbursements of one counsel for the selling Holders shall be borne by the Company, provided that the Company
shall not be required to pay the Registration Expenses of any registration proceeding begun pursuant to Section 1.5, the request of which has been subsequently withdrawn by the Initiating Holders. In such case, (i) the Holders of
Registrable Securities to have been registered shall bear all such Registration Expenses pro rata on the basis of the number of shares to have been registered and (ii) the Company shall be deemed not to have effected a registration pursuant to
subparagraph 1.5(a) of this Agreement. Notwithstanding the foregoing, however, if at the time of the withdrawal, the Holders 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, of which the Company had knowledge at the time of the request, then the Holders shall not be required to pay any of such Registration Expenses, all of which shall be borne by the Company. In such
case, the Company shall be deemed not to have effected a registration pursuant to subparagraph 1.5(a) of this Agreement. Unless otherwise stated, all Selling Expenses relating to securities registered on behalf of the Holders shall
be borne by the Holders of the registered securities included in such registration pro rata on the basis of the number of shares so registered. 

1.10 Registration Procedures. In the case of each registration, qualification or compliance effected by the Company pursuant to this
Section 1, the Company shall keep each Holder advised in writing as to the initiation of each registration, qualification and compliance and as to the completion thereof. The Company shall: 

(a) Prepare and file with the Commission a registration statement with respect to the Registrable Securities and use commercially reasonable
efforts to cause such registration statement to become and remain effective for at least one hundred twenty (120) days or until the distribution described 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 that the Holder refrains from selling any securities included in such registration at the request of the Company or an underwriter of the Common
Stock (or any other securities) of the Company and (ii) in the case of any registration on Form S-3 which is intended to be offered on 

  
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a continuous or delayed basis, such one hundred twenty (120) day period shall be extended, if necessary, to keep the registration statement effective until all such Registrable Securities
are sold, provided that Rule 415, or any successor rule under the Securities Act, permits an offering on a continuous or delayed basis, and provided further that applicable rules under the Securities Act governing the obligation to file a
post-effective amendment permit, in lieu of filing a post-effective amendment which includes (A) any prospectus required by Section 10(a)(3) of the Securities Act or (B) reflects facts or events representing a material or fundamental
change in the information set forth in the registration statement, the incorporation by reference of information required to be included in (a) and (b) above to be contained in periodic reports filed pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) in the registration statement; 
 (b)
Furnish to the Holders participating in such registration and to the underwriters of the securities being registered such reasonable number of copies of the registration statement and amendments and supplements thereto, preliminary prospectus, final
prospectus and such other documents as such underwriters may reasonably request in order to facilitate the public offering of such securities; 

(c) Cause all such Registrable Securities registered hereunder to be listed on each securities exchange on which similar securities issued by
the Company are then listed; 
 (d) Notify each Holder of Registrable Securities covered by such registration statement at any time when a
prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of material
fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; 

(e) Provide transfer agent and registrar for all Registrable Securities registered pursuant to such registration statement and a CUSIP number
for all such Registrable Securities, in each case not later than effective date of such registration; 
 (f) Prepare and file amendments of
or supplements to the registration statement or prospectus necessary to comply with the Securities Act with respect to disposition of the Registrable Securities covered by such registration statement; 

(g) Use all 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 Holders, provided that the Company shall not be required in connection therewith or as a condition thereto 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 qualified to do business or subject to service of process in that jurisdiction; 

(h) Use its best efforts to furnish, at the request of any Holder requesting registration of Registrable Securities pursuant to this
Section 1.10, on the date that such Registrable Securities are delivered to the underwriters for sale in connection with a registration pursuant to this Section 1.10, if such securities are being sold through underwriters,
(i) an 

  
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opinion, dated such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public
offering, addressed to the underwriters and (ii) a letter dated such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to
underwriters in an underwritten public offering, addressed to the underwriters; 
 (i) Make generally available to its security holders, and
to deliver to each Holder participating in the registration statement, an earnings statement of the Company that shall satisfy the provisions of Section 11(a) of the Securities Act covering a period of 12 months beginning after the effective
date of such registration statement as soon as reasonably practicable after the termination of such 12-month period; and 
 (j) 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 managing underwriter of such offering. Each Holder and other security holder participating in such
underwriting shall also enter into and perform its obligations under such an agreement. 
 1.11 Indemnification. 

(a) The Company shall indemnify each Holder, each of its officers and directors and partners, and each person controlling such Holder within
the meaning of Section 15 of the Securities Act, with respect to which registration, qualification or compliance has been effected pursuant to this Section 1, and each underwriter, if any, and each person who controls any
underwriter within the meaning of Section 15 of the Securities Act, against all expenses, claims, losses, damages or liabilities (or actions in respect thereof), including any of the foregoing incurred in settlement of any litigation, commenced
or threatened, arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any registration statement, prospectus, offering circular or other document, or any amendment or supplement thereto,
incident to any such registration, qualification or compliance, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
in which they were made, not misleading, or any violation by the Company of any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities laws applicable to the Company in connection with any such
registration, qualification or compliance, and the Company shall reimburse each such Holder, each of its officers and directors, and each person controlling such Holder, each such underwriter and each person who controls any such underwriter, for
any legal and any other expenses reasonably incurred in connection with investigating, preparing or defending any such claim, loss, damage, liability or action, as such expenses are incurred, provided that the Company shall not be liable in any such
case to the extent that any such claim, loss, damage, liability or expense arises out of or is based on any untrue statement or omission or alleged untrue statement or omission, made in reliance upon and in conformity with written information
furnished to the Company by an instrument duly executed by such Holder, controlling person or underwriter and stated to be specifically for use therein. 

  
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 (b) Each Holder shall, if Registrable Securities held by such Holder are included in the
securities as to which such registration, qualification or compliance is being effected, indemnify the Company, each of its directors and officers, each underwriter, if any, of the Company’s securities covered by such a registration statement,
each person who controls the Company or such underwriter within the meaning of Section 15 of the Securities Act, and each other such Holder, each of its officers and directors and each person controlling such Holder within the meaning of
Section 15 of the Securities Act, against all claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any such
registration statement, prospectus, offering circular or other document, or any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
in which they were made, not misleading, and shall reimburse the Company, such Holders, such directors, officers, persons, underwriters or control persons for any legal or any other expenses reasonably incurred in connection with investigating or
defending any such claim, loss, damage, liability or action, as such expenses are incurred, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in
such registration statement, prospectus, offering circular or other document in reliance upon and in conformity with written information furnished to the Company by an instrument duly executed by such Holder and stated to be specifically for use
therein; provided however that in no event shall any indemnity under this Section 1.11(b) exceed the net proceeds from the offering received by such Holder unless such liability arises out of or is based upon the willful misconduct
by such Holder. 
 (c) If the indemnification provided for in this Section 1.11 is held by a court of competent jurisdiction to
be unavailable to a party entitled to indemnification under this Section 1.11 (the “Indemnified Party”) with respect to any loss, liability, claim, damage or expense referred to herein, then the party required to provide
indemnification (the “Indemnifying Party”), in lieu of indemnifying such Indemnified Party hereunder, instead shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, liability, claim,
damage or expense in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and of the Indemnified Party on the other in connection with the statements or omissions that resulted in such loss,
liability, claim, damage or expense, as well as 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
alleged untrue statement of a material fact or the omission to state 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. 
 (d) Each Indemnified Party shall give notice to the Indemnifying Party
promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom, provided that counsel
for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be approved by the Indemnified Party (whose approval shall not unreasonably be withheld), and the Indemnified Party may participate in such defense at such
party’s expense; provided, however, that an Indemnified Party (together with all other Indemnified Parties which may be represented without conflict by one counsel) shall have the right to retain its own separate counsel with the reasonable
fees and expenses to be paid by the Indemnifying Party if the Indemnified Party reasonably determines that 

  
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representation of such Indemnified Party would be appropriate due to actual or potential differing interests between such Indemnified Party and any other party represented by such counsel in such
proceeding. The failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Section 1 unless the failure to give such notice is materially prejudicial to an
Indemnifying Party’s ability to defend such action. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement
which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect of such claim or litigation. 

1.12 Information by Holder. The Holder or Holders of Registrable Securities included in any registration shall furnish to the Company
such information regarding such Holder or Holders, the Registrable Securities held by them and the distribution proposed by such Holder or Holders as the Company may reasonably request in writing and as shall be required in connection with any
registration, qualification or compliance referred to in this Section 1. 
 1.13 Rule 144 Reporting. With a view to
making available the benefits of certain rules and regulations of the Commission which may at any time permit the sale of the Restricted Securities to the public without registration, after such time as a public market exists for the Common Stock of
the Company, the Company agrees to use commercially reasonable efforts to: 
 (a) Make and keep public information available, as those terms
are understood and defined in Rule 144 under the Securities Act, at all times after the effective date that the Company becomes subject to the reporting requirements of the Exchange Act; 

(b) File with the Commission 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 it has become subject to such reporting requirements); and 
 (c) So long as an Investor owns any Restricted
Securities, to furnish to the Investor forthwith upon request a written statement by the Company as to its compliance with the reporting requirements of said Rule 144 (at any time after ninety (90) days after the effective date of the first
registration statement filed by the Company for an offering of its securities to the general public) and of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), a copy of the most recent
annual or quarterly report of the Company, and such other reports and documents of the Company and other information in the possession of or reasonably obtainable by the Company as an Investor may reasonably request in availing itself of any rule or
regulation of the Commission allowing an Investor to sell any such securities without registration. 
 1.14 Transfer of Registration
Rights. The rights to cause the Company to register securities granted Investors under Sections 1.5, 1.6 and 1.7 may only be assigned to (a) a partner or retired partner of an Investor that is a partnership, (b) a spouse,
sibling, lineal descendant or ancestor of an Investor that is an individual, (c) an Affiliate of an Investor, (d) a transferee or assignee that is a Holder of Registrable Securities prior to the transfer or acquires at least ten percent
(10%) of an original Holder’s Registrable Securities as of the date hereof or (e) a 

  
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constituent member of any Investor that is a limited liability company; provided in each case that prompt written notice of such assignment is given to the Company and such assignee agrees to in
writing be bound by the provisions of this Agreement. 
 1.15 Limitations on Subsequent Registration Rights. From and after the date
of this Agreement, the Company shall not, without the approval of the Company’s Board of Directors, including at least a majority of the directors elected by the holders of the Company’s Preferred Stock, enter into any agreement with any
holder or prospective holder of any securities of the Company that would allow such holder or prospective holder (a) to include any of such securities in any registration filed under Sections 1.5, 1.6 and 1.7 hereof, unless under
the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of such securities shall not reduce the amount of the Registrable Securities of the Holders
that are included or (b) to demand registration of their securities. In addition, 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 outstanding
shares of Preferred Stock voting as a single class, enter into any agreement with any holder or prospective holder of any securities of the Company that would provide such holder with rights to register such securities that are superior to those
granted to the Holders hereunder. 
 1.16 Market Stand-off Agreement. Each Holder agrees in connection with the initial public
offering of the Company’s securities (other than a registration of securities in a Rule 145 transaction or with respect to an employee benefit plan) that, upon request of the Company or the underwriters managing any underwritten offering of the
Company’s securities, not to sell, make any short sale of, loan, grant any option for the purchase of, pledge, hypothecate, limit such Holder’s market risk regarding or otherwise directly or indirectly dispose of any Registrable Securities
(other than those included in the registration) or other capital stock of the Company or securities exchangeable or convertible into capital stock of the Company without the prior written consent of the Company or such underwriters, as the case may
be, for such period of time (not to exceed one hundred eighty (180) days from the date of the final prospectus used in such registration) as may be requested by the Company or such managing underwriters, and to enter into a lock-up agreement in
customary form with such underwriters providing for restrictions approved by the Board, provided that all officers and directors of the Company and holders of at least one percent (1%) of the Company’s outstanding voting securities are
bound by and have entered into similar agreements. The certificates for the (a) Shares, (b) Conversion Shares, (c) any New Securities and (d) any other securities issued in respect of the securities referenced in clauses (a),
(b) and (c) upon any stock split, stock dividend, recapitalization, merger, consolidation or similar event shall contain, for so long as such market stand-off provision remains in place, a legend in substantially the following form: 

“THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER INCLUDING A MARKET STAND-OFF AGREEMENT
BETWEEN THE COMPANY AND THE ORIGINAL STOCKHOLDER THAT PROHIBITS SALE OR TRANSFER OF SUCH SHARES FOR A PERIOD OF UP TO 180 DAYS FOLLOWING THE DATE OF THE FINAL PROSPECTUS FOR THE INITIAL PUBLIC OFFERING OF THE ISSUER’S

  
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COMMON STOCK. THIS AGREEMENT IS BINDING UPON TRANSFEREES. A COPY OF THE AGREEMENT IS ON FILE WITH THE SECRETARY OF THE ISSUER.” 

1.17 Termination of Rights. The rights of any particular Holder or permitted transferee thereof to cause the Company to register
securities under Sections 1.5, 1.6 and 1.7 shall terminate with respect to such Holder on the earlier of (a) seven years after the closing of a Qualified Public Offering or (b) date when such Holder can sell all of its
Registrable Securities pursuant to Rule 144 of the Securities Act within a three month period. 
 SECTION 2 

RIGHT OF FIRST OFFER 
 2.1
Right of First Offer. Subject to the terms and conditions contained in this Section 2, the Company hereby grants to each Investor holding at least five hundred thousand (500,000) shares of Preferred Stock (each an
“RFO Holder”) the right of first offer (the “Right of First Offer”) to purchase its Pro Rata Portion (as defined below) of any New Securities (as defined in Section 2.2) which the Company may, from time
to time, propose to sell and issue. Each RFO Holder’s “Pro Rata Portion” for purposes of this Section 2 is equal to (x) the sum of the number of shares of the Company’s Common Stock then held by such RFO
Holder and the number of shares of the Company’s Common Stock issuable upon conversion of the Preferred Stock then held by such RFO Holder divided by (y) the sum of the total number of shares of the Company’s Common Stock then
outstanding, the number of shares of the Company’s Common Stock issuable upon conversion of the then outstanding Convertible Securities and the number of shares of Common Stock issuable upon exercise of Options (or conversion of Convertible
Securities issuable upon exercise of Options, as applicable). Notwithstanding the foregoing, in the event that the Company offers New Securities pursuant to Section 1.3 of the Series B Agreement and to the extent that less than all of such New
Securities are purchased by one or more investors who are not then stockholders of the Company, only such RFO Holders as are then holding shares of Series A Preferred Stock (each a “Series A RFO Holder”) shall have a Right of First
Offer to purchase its Pro Rata Portion of such unpurchased New Securities, in which event each Series A RFO Holder’s Pro Rata Portion is equal to (x) the number of Shares of Series A Preferred Stock held by such Series A RFO Holder,
divided by (y) the total number of shares of Series A Preferred Stock held by all Series A RFO Holders. 
 2.2 Definition of New
Securities. Except as set forth below, “New Securities” shall mean any shares of capital stock of the Company, including Common Stock and Preferred Stock, whether authorized or not, and rights, options or warrants to purchase
said shares of Common Stock or Preferred Stock, and securities of any type whatsoever that are, or may become, convertible into said shares of Common Stock or Preferred Stock. Notwithstanding the foregoing, “New Securities” does not
include issuances set forth in Articles V.4(e)(i)(A)(1) – (8) of the Company’s Second Amended and Restated Certificate of Incorporation, as may be amended from time to time (the “Restated Certificate”). For the
purposes of clarity, securities issued pursuant to Sections 1.3 and 1.4 of the Series B Agreement shall be considered to be “New Securities” for all purposes under this Agreement. 

  
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 2.3 Notice of Right. In the event the Company proposes to undertake an issuance of New
Securities, it shall give each RFO Holder written notice of its intention, describing the type of New Securities and the price and terms upon which the Company proposes to issue the same. The RFO Holders shall have fifteen (15) days from the
date of receipt of any such notice to agree to purchase shares of such New Securities (up to the amount referred to in Section 2.1), for the price and upon the terms specified in the notice, by giving written notice to the Company and
stating therein the quantity of New Securities to be purchased. If any RFO Holders do not indicate an interest in purchasing any such RFO Holder’s full Pro Rata Portion of such New Securities by the end of the 15-day period, the Company shall
give notice of any remaining available New Securities (the “Overallotment Notice”) to each of the other RFO Holders who has elected to purchase its full Pro Rata Portion (the “Electing Holders”). Such Overallotment
Notice may be made by telephone if confirmed in writing within two (2) days. The Electing Holders shall then have a right of overallotment such that they shall have ten (10) days from the date such Overallotment Notice was given to
indicate an interest to increase the number of shares of New Securities they may purchase pursuant to this Section 2, in an aggregate amount of up to the number of remaining available shares of New Securities which, if necessary, shall
be apportioned pro rata on the basis of the proportion that the number of shares of Preferred Stock and Common Stock then held by each such Electing Holder who elects to increase the number of shares of New Securities it proposes to purchase bears
to the number of shares of Preferred Stock and Common Stock then held by all such Electing Holders who elect to increase the number of shares of New Securities they propose to purchase. 

2.4 Exercise of Right. If any RFO Holder exercises its Right of First Offer hereunder, the closing of the purchase of the New
Securities with respect to which such right has been exercised shall take place as soon as practicable after the RFO Holder gives notice of such interest. 

2.5 Lapse and Reinstatement of Right. In the event a RFO Holder fails to exercise the Right of First Offer provided in this
Section 2 in the manner provided above and the New Securities being offered by the Company in connection with such Right of First are being offered in conjunction with a bona fide financing with the primary intent to raise equity, the
shares of Preferred Stock held by such RFO Holder shall, except as to any Permitted Failure (as defined in Section 1.4 of the Series B Agreement) for which Permitted Failure the automatic conversion pursuant to Article V.4(k) of the Restated
Certificate shall not apply) automatically convert, immediately prior to the closing of such issuance in which such holder does not purchase at least its Pro Rata Portion (or such RFO Holder’s pro rata share of such lesser number of shares as
may be agreed upon in writing prior to such issuance by the Company and the Investors holding at least a majority of the Preferred Stock held by the Investors, such majority calculated excluding such RFO Holder) into shares of the Common Stock of
the Company in accordance with Article V.4(k) of the Restated Certificate. The Company shall have ninety (90) days thereafter to sell or enter into an agreement (pursuant to which the sale of New Securities covered thereby shall be closed, if
at all, within sixty (60) days from the date of said agreement) to sell the New Securities not elected to be purchased by such RFO Holder at the price and upon the terms no more favorable to the purchasers of such securities than specified in
the Company’s notice. In the event the Company has not sold the New Securities or entered into an agreement to sell the New Securities within said ninety (90) day period (or sold and issued New Securities in accordance with the foregoing
within sixty (60) days from the date of said agreement), the Company shall not thereafter issue or sell any New Securities without first offering such securities to the RFO Holder in the manner provided above. 

  
 - 16 - 

 2.6 Transfer of Right of First Offer. The Right of First Offer granted under
Section 2 of this Agreement may be assigned to a transferee or assignee reasonably acceptable to the Company in connection with any transfer of shares of the Company capital stock held by a RFO Holder; provided that (a) such
transfer may otherwise be effected in accordance with applicable securities laws; (b) written notice of such assignment is given to the Company; (c) the transferee executes a written agreement to be bound by the terms of this Agreement.
Notwithstanding the above, a RFO Holder that is a venture capital fund may assign or transfer such rights to an affiliated venture capital fund so long as the transferee executes a written agreement to be bound by the terms of this Agreement. 

2.7 Rights of Affiliated Investors. For purposes of this Section 2, Investors who are Affiliates of one or more other
Investors shall, at the election of an Investor and one or more such Affiliates, be treated as a group (an “Investor Group”). Members of an Investor Group shall have the right to reallocate the rights granted by this
Section 2 among themselves as they determine. 
 2.8 Termination of Right of First Offer. The Right of First Offer
granted under this Section 2 of this Agreement shall not apply to, and terminate and be of no further force or effect immediately prior to (a) a Qualified Public Offering or (b) a Corporate Transaction. 

SECTION 3  

AFFIRMATIVE COVENANTS OF THE COMPANY 

The Company hereby covenants and agrees as follows: 

3.1 Financial Information. The Company shall furnish to each Major Holder or transferee thereof under Section 1.14 the
following reports: 
 (a) As soon as practicable after the end of each fiscal year, and in any event within one hundred fifty
(150) days thereafter, consolidated balance sheets of the Company and its subsidiaries, if any, as of the end of such fiscal year, and consolidated statements of income and cash flows of the Company and its subsidiaries, if any, for such year,
prepared in accordance with generally accepted accounting principles applied on a consistent basis and setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and audited by independent
public accountants of national standing selected by the Company and approved by the Board; 
 (b) As soon as practicable after the end of
each quarter, and in any event within forty-five (45) days thereafter (other than the last calendar month of each fiscal year), unaudited consolidated balance sheets of the Company and its subsidiaries, if any, as of the end of the quarter, and
unaudited consolidated statements of income and cash flows of the Company and its subsidiaries, if any, for such quarter, prepared in accordance with generally accepted accounting principles applied on a consistent basis and setting forth in each
case in comparative form the figures for the same quarter one year earlier; provided that footnotes and schedule disclosure appearing in audited financial statements shall not be required, all in reasonable detail and signed by the principal
financial or accounting officer of the Company; 

  
 - 17 - 

 (c) As soon as practicable after the end of each month, and in any event within thirty
(30) days thereafter (other than the last calendar month of each fiscal year), unaudited consolidated balance sheets of the Company and its subsidiaries, if any, as of the end of the month, and unaudited consolidated statements of income and
cash flows of the Company and its subsidiaries, if any, for such month, prepared in accordance with generally accepted accounting principles applied on a consistent basis and setting forth in each case in comparative form the figures for the same
month one year earlier; provided that footnotes and schedule disclosure appearing in audited financial statements shall not be required, all in reasonable detail and signed by the principal financial or accounting officer of the Company; 

(d) As soon as practicable, but in any event no later than thirty (30) days prior to the beginning of each fiscal year, a budget for the
next fiscal year, prepared on a monthly basis, and, as soon as prepared, any other updated or revised budgets for such fiscal year prepared by the Company. 

3.2 Inspection. The Company shall permit each Major Holder, at such Major Holder’s expense, to visit and inspect the
Company’s properties, to examine its books of account and records and to discuss the Company’s affairs, finances and accounts with its officers, all at such reasonable times as may be requested by the Major Holder. 

3.3 Confidentiality. Each Major Holder agrees and shall cause any representative of such Major Holder to hold in confidence and trust
and not use or disclose any information provided to or learned by it in connection with its rights under this Section 3 that is identified in writing as confidential (the “Confidential Information”), except that such
Major Holder may disclose such information to any partner, member, subsidiary or parent of such Major Holder for the purpose of evaluating its investment in the Company as long as (a) such partner, member, subsidiary or parent is advised of the
confidentiality provisions of this Section 3.3 and (b) such Major Holder uses commercially reasonable efforts to ensure that such partner, member, subsidiary or parent holds such information in confidence and trust and shall not use
or disclose any information provided to or learned by it except as required by law. Notwithstanding the above, this Section 3.3 shall not apply to any information which any such Major Holder can prove: 

(a) was in the public domain at the time it was disclosed or has entered the public domain through no fault of such Major Holder; 

(b) was known to such Major Holder, without restriction, at the time of disclosure, as demonstrated by files in existence at the time of
disclosure; 
 (c) is disclosed with the prior written approval of the Company; 

(d) was independently developed by such Major Holder without any use of the Confidential Information and by employees of such Major Holder who
have not had access to the Confidential Information, as demonstrated by files created at the time of such independent development; 

  
 - 18 - 

 (e) becomes known to such Major Holder, without restriction, from a source other than the Company
without breach of this Section 3.3 by such Major Holder and otherwise not in violation of the Company’s rights; 
 (f) is
disclosed generally to third parties by the Company without restrictions similar to those contained in this Section 3.3; or 

(g) is disclosed pursuant to the order or requirement of a court, administrative agency, or other governmental body; provided, however, that
such Major Holder shall provide prompt notice of such court order or requirement to the Company to enable the Company to seek a protective order or otherwise prevent or restrict such disclosure. 

3.4 Patent, Copyright and Nondisclosure Agreements. The Company agrees to require each employee of the Company to execute a Patent,
Copyright and Nondisclosure Agreement and each consultant and advisor of the Company to execute an agreement that provides for confidential treatment of the Company’s proprietary information, substantially in a form reasonably acceptable to the
Board, as a condition of employment or continued employment or engagement, as the case may be, unless otherwise approved by the Board. 

3.5 Stock Vesting. Unless otherwise approved by the Board, the Company agrees that all Common Stock issued to employees, consultants,
advisors, directors and officers in the future shall be subject to a repurchase option which provides that upon termination of the employment of such individual, with or without cause, the Company has the option to repurchase at cost any unvested
shares held by the individual which repurchase option shall lapse twenty-five percent (25%) at the first anniversary date of the issuance of such shares and the remainder on an equal monthly basis over the following three (3) year period
following such first anniversary. In addition, unless otherwise approved by the Board, the Company agrees that each option to purchase Common Stock issued to employees, consultants, advisors, directors and officers in the future, including those
issued pursuant to the Stock Plan, shall vest in accordance with the following schedule: twenty-five percent (25%) of the total number of shares subject to such option shall vest at the first anniversary date of the grant thereof and the
remainder on an equal monthly basis over the following three (3) year period following such first anniversary. Notwithstanding the above, this Section 3.6 shall not apply to Eckard Weber, M. D. 

3.6 Qualified Small Business. The Company covenants that so long as any of the shares of Preferred Stock, or the Common Stock into
which such shares are converted, are held by a Holder (in whose hands such shares of Common Stock are eligible to qualify as “qualified small business stock” as defined in Section 1202(c) of the of the Internal Revenue Code of
1986, as amended (the “Code”) (“Qualified Small Business Stock”), it shall (i) comply with any applicable filing or reporting requirements imposed by the Code on issuers of Qualified Small Business Stock and
(ii) execute and deliver to the Holders, from time to time, such forms, documents, schedules and other instruments as may be reasonably requested thereby to cause the Series A Preferred Stock or the Common Stock into which such shares are
converted, to qualify as Qualified Small Business Stock. 

  
 - 19 - 

 3.7 Insurance. The Company shall within six (6) months of the date hereof obtain from
financially sound and reputable insurers directors’ and officers’ liability insurance (the “D & O Policy”) in an amount approved by the Board. The Company shall cause to be maintained the D & O Policy except
as otherwise decided in accordance with policies approved by at least a majority of the Series A Directors (as defined in the Company’s Amended and Restated Certificate of Incorporation). 

3.8 Annual Budget. The Company shall (a) provide to the Board a copy of the proposed Annual Budget for review at least sixty
(60) days prior to the beginning of each fiscal year, and (b) the Company shall obtain the approval of at least a majority of the Board of the Annual Budget for such fiscal year at least thirty (30) days prior to the commencement of
such fiscal year. 
 3.9 Observer Rights. 

(a) As long as Domain Partners VII, L.P. or its Affiliates (collectively, “Domain”) owns not less than 400,000 shares
(appropriately adjusted for any stock split, dividend, combination or other recapitalization) of Preferred Stock (or an equivalent amount of Common Stock issued upon conversion thereof), the Company shall invite a representative of Domain, initially
Brian Halak, to attend all meetings of its 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;
provided, however, that such representative shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to 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 access to such information or attendance at such meeting could adversely affect the attorney client privilege between the Company and its counsel or would result
in disclosure of trade secrets to such representative or if Domain or its representative is or is affiliated with a direct competitor of the Company. 

(b) As long as Frazier Healthcare V, L.P. or its Affiliates (collectively, “Frazier”) owns not less than 400,000 shares
(appropriately adjusted for any stock split, dividend, combination or other recapitalization) of Preferred Stock (or an equivalent amount of Common Stock issued upon conversion thereof), the Company shall invite a representative of Frazier,
initially Shelley Chu, to attend all meetings of its 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; provided, however, that such representative shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to 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 access to such information or attendance at such meeting could adversely affect the attorney client privilege between the Company and its counsel or would
result in disclosure of trade secrets to such representative or if Frazier or its representative is or is affiliated with a direct competitor of the Company. 

(c) As long as Canaan VII, L.P. or its Affiliates (collectively, “Canaan”) owns not less than 400,000 shares (appropriately
adjusted for any stock split, dividend, combination or other recapitalization) of Preferred Stock (or an equivalent amount of Common Stock issued upon conversion thereof), the Company shall invite a representative of Canaan, initially Brent

  
 - 20 - 

 
Ahrens, to attend all meetings of its 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; provided, however, that such representative shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to 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 access to such information or attendance at such meeting could adversely affect the attorney client privilege between
the Company and its counsel or would result in disclosure of trade secrets to such representative or if Canaan or its representative is or is affiliated with a direct competitor of the Company. 

(d) Any representative designated pursuant to this Section 3.9, above shall be required to enter into a confidentiality agreement
containing substantially similar terms as those set forth in Section 3.3 hereof with the Company prior to the exercise of the rights contained in this Section 3.9. 

3.10 Termination of Covenants. The covenants set forth in this Section 3 shall terminate on, and be of no further force or
effect at such time as the Company (a) consummates the initial public offering of the Company or (b) becomes subject to the reporting provisions of the Exchange Act. 

SECTION 4 

TRANSFERS OF SECURITIES BY INVESTORS 

4.1 Notices. If any Investor (which definition shall also include Domain Associates, L.L.C. for the purposes of this Section 4)
(the “Transferor”) proposes to sell, assign, hypothecate or otherwise transfer (a “Transfer”) any securities of the Company owned by such Investor from and after the date of this Agreement, other than pursuant to
the provisions of Section 4.6 of this Agreement, the Transferor shall first give each of the other Investors the right to purchase such securities by delivering to them a written offer which shall state the price and other terms and
conditions of the proposed Transfer (the “Offer”). If the Transferor proposes to Transfer the securities for consideration other than solely cash and/or promissory notes, the offer to the Investors shall, to the extent of such
consideration, permit each Investor to pay in lieu thereof, cash equal to the fair market value of such consideration, and the offer shall state the estimate of such fair market value as determined in good faith by the Board. The Transferor shall
fix the period of the offer which shall be a minimum of twenty (20) days or such longer period as is necessary to determine the fair market value of the consideration referred to in the preceding sentence. 

4.2 Acceptance of Offer. An Investor may accept an Offer (“Purchasing Investor”) only by giving written notice to the
Transferor within fifteen (15) days of delivery of the Offer that such Purchasing Investor has accepted the offer to purchase some or all of the securities offered (the “Accepted Securities”); provided, however, that the
maximum number or amount of securities a Purchasing Investor shall be entitled to purchase shall be equal to that number or amount of securities to be transferred multiplied by a fraction, the numerator of which shall be the number of Conversion
Shares held (or deemed to be held) by such Purchasing Investor and 

  
 - 21 - 

 
the denominator of which shall be the aggregate number of Conversion Shares held (or deemed to be held) by all Investors, excluding the Transferor’s Conversion Shares. Notwithstanding the
foregoing, any Purchasing Investor may, at the time it accepts the offer, subscribe to purchase any or all securities offered which may be available as a result of the rejection, or partial rejection, of the offer by other Investors, which
securities shall be allocated on a pro rata basis among those Purchasing Investors subscribing to purchase them. 
 4.3 Allocation of
Securities and Payment. Promptly following the expiration of an offer, the Transferor shall allocate the securities subscribed for among the Purchasing Investors accepting or partially accepting the offer, as set forth in
Section 4.2, and shall by written notice (the “Acceptance Notice”) advise all Purchasing Investors of the number or amount of securities allocated to each of the Purchasing Investors. Within ten (10) days following
receipt of the Acceptance Notice, each of the Purchasing Investors shall deliver to the Transferor payment in full for the Accepted Shares purchased by it against delivery by the Transferor to each Purchasing Investor of a certificate or
certificates evidencing the Accepted Securities purchased by it. 
 4.4 Failure to Exercise. To the extent an Offer pursuant to
Section 4.1 is not accepted by the other Investors, the Transferor may, for a period of ninety (90) days thereafter, transfer the unaccepted securities, or any of them, upon terms no more favorable than specified in such offer, to
any Person or Persons; provided that such Person or Persons agrees in writing with the Company and the Investors, prior to and as a condition precedent to such Transfer, to be bound by all of the provisions of this Agreement. 

4.5 Assignment. The right of first refusal set forth in this Section 4 may not be assigned or transferred, except that each
Investor shall have the right to assign its rights to purchase such securities under this Section 4 to any partner, member, retired partner or member or Affiliate of such Investor; provided such partner, member, retired partner or member
or Affiliate agrees in writing with the Company and the Investors, prior to and as a condition precedent to such assignment, to be bound by all of the provisions of this Agreement. 

4.6 Permitted Transfers. Notwithstanding anything to the contrary contained herein, an Investor may transfer its securities, without
first offering such securities of the Company to any other Investor, to (a) a partner or retired partner of an Investor that is a partnership, (b) a spouse, sibling, lineal descendant or ancestor of an Investor that is an individual,
(c) an Affiliate of an Investor, (d) a transferee or assignee that is a Holder of Registrable Securities prior to the transfer or acquires at least ten percent (10%) of an original Holder’s Registrable Securities as of the date
hereof or (e) a constituent member of any Investor that is a limited liability company; provided in each case that prompt written notice of such transfer is given to the Company and such transferee agrees to in writing be bound by the
provisions of this Agreement. 
 4.7 Termination. The right of first refusal granted under this Section 4 shall expire
upon the effective date of the initial public offering of the Company and shall not be applicable to any shares sold pursuant thereto. 

  
 - 22 - 

 SECTION 5 

MISCELLANEOUS 
 5.1
Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors, assigns, heirs, executors and administrators and permitted
transferees of the parties hereto. 
 5.2 Third Parties. Nothing in this Agreement, express or implied, is intended to confer upon
any party, other than the parties hereto, and their respective successors and assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein. 

5.3 Governing Law. This Agreement shall be governed by and construed under the laws of the State of California as applied to agreements
entered into and performed in the State of California solely by residents thereof without reference to principles of conflicts of laws or choice of laws. 

5.4 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. 
 5.5 Notices. All notices, demands or other communications hereunder
shall be in writing and shall be deemed given when delivered personally, mailed by certified mail, return receipt requested, sent by overnight courier service or telecopied, telegraphed or telexed (transmission confirmed), or otherwise actually
delivered to the parties at the addresses provided to the Company (which the Company agrees to disclose to the other parties upon request) or such other address as a party may request by notifying the other in writing. 

5.6 Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, portions of such
provisions, or such provisions in their entirety, to the extent necessary, shall be severed from this Agreement, and the balance of this Agreement shall be enforceable in accordance with its terms. 

5.7 Amendment and Waiver. Any provision of this Agreement may be amended or waived (either generally or in a particular instance and
either retroactively or prospectively) with the written consent of the Company and the Holders of at least a majority of the Registrable Securities. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each Holder
of Registrable Securities and the Company but in no event shall any amendment or waiver adversely affect the obligations or rights of any Holder in a manner different than the other Holders, except upon the written consent of such adversely affected
Holder. In addition, the Company may waive performance of any obligation owing to it, as to some or all of the Holders of Registrable Securities, or agree to accept alternatives to such performance, without obtaining the consent of any Holder of
Registrable Securities so long as such waiver or acceptance of alternative performance affects all Holders equally. 

  
 - 23 - 

 5.8 Rights of Holders. Each Holder of Registrable Securities shall have the right to
exercise or refrain from exercising any right or rights that such Holder may have by reason of this Agreement, including, without limitation, the right to consent to the waiver or modification of any obligation under this Agreement, and such Holder
shall not incur any liability to any other holder of any securities of the Company as a result of exercising or refraining from exercising any such right or rights. 

5.9 Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party to this Agreement, upon any
breach or default of the other party, shall impair any such right, power or remedy of such non-breaching party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in 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. Any waiver, permit, consent or approval of any kind or character on the part of
any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be made in writing and shall be effective only to the extent specifically set forth in such
writing. 
 5.10 Attorneys’ Fees. If any action at law or in equity is necessary to enforce or interpret the terms of this
Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled. 

5.11 Headings. The headings and captions used in this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement. All references in this Agreement to sections, paragraphs, exhibits and schedules shall, unless otherwise provided, refer to sections and paragraphs hereof and exhibits and schedules attached hereto,
all of which are incorporated herein by this reference. 
 5.12 Entire Agreement. This Agreement constitutes the entire understanding
and agreement of the parties with respect to the subject matter hereof and supersedes all prior negotiations, correspondence, agreements, understandings, duties or obligations among the parties with respect to the subject matter hereof. 

5.13 Further Assurances. From and after the date of this Agreement, upon the request of a party, the other parties shall execute and
deliver such instruments, documents or other writings as may be reasonably necessary or desirable to confirm and carry out and to effectuate fully the intent and purposes of this Agreement. 

5.14 Aggregation of Stock. All shares of the Preferred Stock held or acquired by affiliated entities or persons shall be aggregated
together for the purpose of determining the availability of any rights under this Agreement. 
 5.15 Termination of Prior Agreement.
Upon the effectiveness of this Agreement, the Prior Agreement shall terminate and be of no further force and effect, and shall be superseded and replaced in its entirety by this Agreement. 

  
 - 24 - 

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

			
	COMPANY:
	
	TOBIRA THERAPEUTICS, INC.
		
	By:	 	/s/ James E. Sapirstein
		 	 James E. Sapirstein,
 President and Chief
Executive Officer

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

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

			
	STOCKHOLDERS:
	
	Domain Associates, L.L.C.
		
	By:	 	        /s/ Kathleen K. Schoemaker
		 	Kathleen K. Schoemaker,
		 	Managing Member

  

			
		
		 	/s/ James E. Sapirstein
		 	James E. Sapirstein

  

			
	ECKARD WEBER, M.D., TRUSTEE OF THE ECKARD WEBER LIVING TRUST UTA DATED NOVEMBER 20, 2007
		
	By:	 	/s/ Eckard Weber
	Name:	 	Eckard Weber
	Title:	 	Trustee

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

 

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

			
	 INVESTORS:
  

DOMAIN PARTNERS VII, L.P.

	By:	 	  One Palmer Square Associates VII, L.L.C.
	Its:	 	  General Partner

 
					
			
		 	By:	 	        /s/ Kathleen K. Schoemaker
		 		 	Kathleen K. Schoemaker,
		 		 	Managing Member

  

			
	DP VII ASSOCIATES, L.P.
	By:	 	  One Palmer Square Associates VII, L.L.C.
	Its:	 	  General Partner

 
					
			
		 	By:	 	        /s/ Kathleen K. Schoemaker
		 		 	Kathleen K. Schoemaker,
		 		 	Managing Member

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

 

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

			
	 INVESTOR:
  

FRAZIER HEALTHCARE V, L.P.
  

By FHM V, LP, its general partner
 By FHM V, LLC, its general
partner

		
	By:	 	    /s/ Patrick Heron
		 	Patrick Heron, Manager

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

 

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

			
	 INVESTOR:
  

CANAAN VII L.P.
  

By:   Canaan Partners VII LLC

		
	By:	 	    /s/ Brenton K. Ahrens
	Name:	 	Brenton K. Ahrens
	Title:	 	Member/Manager

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

 

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

			
	 INVESTORS:
  

MONTREUX EQUITY PARTNERS IV, LP

		
	By:	 	Montreux Equity Management IV, LLC, its General Partner
		
	By:	 	/s/ Daniel K. Turner III
		 	Daniel K. Turner III, Managing Member

  

			
	MONTREUX IV ASSOCIATES, LLC
		
	By:	 	Montreux Equity Management IV, LLC, its General Partner
		
	By:	 	/s/ Daniel K. Turner III
		 	Daniel K. Turner III, Managing Member

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

 

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

			
	 INVESTORS:
  

NOVO A/S

		
	By:	 	/s/ Thomas Dyrberg
	Name:	 	    Thomas Dyrberg
	Title:	 	    Senior Partner

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

 

 EXHIBIT A 

SCHEDULE OF INVESTORS 
 Domain Partners VII, L.P.

 DP VII Associates, L.P. 
 Frazier Healthcare V, L.P. 

Canaan VII L.P. 
 Montreux Equity Partners IV, LP 

Montreux IV Associates, LLC 
 Novo A/S

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