Document:

EX-10.4

 Exhibit 10.4 

Execution Copy 

SHARE SUBSCRIPTION AGREEMENT 

with regard to 
 PHARVARIS B.V.

  
  

for the terms and conditions of the subscription of the 

Series C Shares in the Company 
  

 
  

 

 Execution Copy 

 

 TABLE OF CONTENTS 
  

							
	INTRODUCTION	  	 	4	 
		
	RECITALS	  	 	5	 
			
	 1
	  	DEFINITIONS AND INTERPRETATION	  	 	6	 
			
	 1.1
	  	Definitions and interpretation	  	 	6	 
	 1.2
	  	Schedules and Annexes	  	 	7	 
			
	 2
	  	SHARE SUBSCRIPTION	  	 	7	 
			
	 2.1
	  	Share subscription	  	 	7	 
	 2.2
	  	Waiver of Transfer Restrictions	  	 	9	 
	 2.3
	  	Payment of Subscription Price	  	 	9	 
	 2.4
	  	Use of the Subscription Proceeds	  	 	9	 
			
	 3
	  	CLOSING	  	 	10	 
			
	 3.1
	  	Conditions to the Closing	  	 	10	 
	 3.2
	  	Fulfillment or Waiver of the Closing Conditions	  	 	10	 
	 3.3
	  	Place of the Closing	  	 	10	 
	 3.4
	  	Closing Obligations	  	 	10	 
			
	 4
	  	REPRESENTATIONS AND WARRANTIES	  	 	12	 
			
	 4.1
	  	Parties’ representations and warranties	  	 	12	 
	 4.2
	  	Representations and Warranties by the Company	  	 	14	 
	 4.3
	  	Investment decision	  	 	16	 
			
	 5
	  	CONFIDENTIALITY AND ANNOUNCEMENTS	  	 	16	 
			
	 6
	  	MISCELLANEOUS	  	 	17	 
			
	 6.1
	  	Further action	  	 	17	 
	 6.2
	  	Invalidity	  	 	17	 
	 6.3
	  	Amendment	  	 	17	 
	 6.4
	  	Costs	  	 	17	 
	 6.6
	  	Entire agreement	  	 	18	 
	 6.7
	  	No implied waiver	  	 	18	 
	 6.8
	  	No rescission	  	 	18	 
	 6.9
	  	Counterparts	  	 	18	 
	 6.10
	  	Notices	  	 	19	 
	 6.11
	  	Assignment or encumbrance	  	 	19	 
	 6.12
	  	Notary	  	 	19	 
	 6.13
	  	Governing Law	  	 	19	 
	 6.14
	  	Disputes	  	 	20	 

							
			
	 Schedule 1.
	  	DEFINITIONS AND INTERPRETATION	  	 	35	 

 Execution Copy 

 

							
	 Schedule 2.
	  	CAPITALIZATION OF THE COMPANY	  	 	43	 
			
	 Schedule 3.
	  	DEED OF ISSUE	  	 	44	 
			
	 Schedule 4.
	  	SHAREHOLDERS AGREEMENT	  	 	45	 
			
	 Schedule 5.
	  	OPERATING BUDGET	  	 	46	 
			
	 Schedule 6.
	  	ARTICLES OF ASSOCIATION	  	 	47	 
			
	 Schedule 7.
	  	REPRESENTATIONS AND WARRANTIES	  	 	48	 
			
	 Schedule 8.
	  	DATA ROOM INDEX	  	 	61	 
			
	 Schedule 9.
	  	NOTICES	  	 	62	 
			
	 Schedule 10.
	  	OPINION OF DUTCH COUNSEL	  	 	65	 
			
	 Schedule 11.
	  	NOTARY LETTER	  	 	66	 
			
	 Schedule 12.
	  	DISCLOSURE LETTER	  	 	67	 
			
	 Schedule 13.
	  	IPO ALLOCATION LETTERS	  	 	68	 

 Execution Copy 

 

 SHARE SUBSCRIPTION AGREEMENT 

INTRODUCTION 
 This share subscription agreement (the
“Agreement”) is entered into on 3 November 2020 among: 
  

	1.	 Pharvaris B.V., a private company with limited liability (besloten
vennootschap met beperkte aansprakelijkheid), having its corporate seat in Leiden, The Netherlands (address: J.H. Oortweg 21, 2333 CH Leiden, the Netherlands, trade register number: 64239411) (the
“Company”); 

  

	2.	 Foresite Capital Fund IV, L.P., a limited partnership under the laws of the state of
Delaware, the United States of America, having its registered office at 600 Montgomery Street, Suite 4500, San Francisco, CA 94111 (file number 6382791) (“Foresite-1”) and Foresite
Capital Fund V, L.P., a limited partnership under the laws of the state of Delaware, the United States of America, having its registered office at 600 Montgomery Street, Suite 4500, San Francisco, CA 94111 (file number 7666811) (“Foresite-2” and, together with Foresite-1, “Foresite”); 

  

	3.	 Bain Capital Life Sciences Fund, L.P., an exempted limited partnership formed and registered under the
laws of the Cayman Islands, having its registered office at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands and registered with the Cayman Islands Registrar of Exempted Limited Partnerships
(registration number 87418) (“Bain Capital”); 

  

	4.	 BCIP Life Sciences Associates, LP, a limited partnership formed under the laws of the state of Delaware,
the United States of America, having its registered office at Suite 302, 4001 Kennett Pike, Wilmington, Delaware, 19807 and registered with the Secretary of State of the State of Delaware (registration number 6201990)
(“BCIP”, and together with Bain Capital, “Bain”); 

  

	5.	 venBio Global Strategic Fund III, L.P., a Cayman Limited Partnership under the laws of the Cayman
Islands (registration number Cert #WC-95981), having its registered office at 1700 Owens Street Suite 595 San Francisco, CA 94158 (“venBio”); 

 

	6.	 Venrock Healthcare Capital Partners III, L.P., a limited partnership formed under the laws of the
State of Delaware in the United States of America, having its registered office at 3340 Hillview Avenue, Palo Alto, CA 94304 and registered with the Delaware Secretary of State, Division of Corporations (file number 6828508) (“Venrock-1”), VHCP Co-Investment Holdings III, LLC, a limited liability company formed under the laws of the state of Delaware, the United States of America,
having its registered office at 3340 Hillview Avenue, Palo Alto, CA 94304 and registered with the Delaware Secretary of State, Division of Corporations (file number 6828501) (“Venrock-2”) and
Venrock Healthcare Capital Partners Eg, L.P., a limited partnership formed under the laws of the State of Delaware in the United States of America, having its registered office at 3340 Hillview Avenue, Palo Alto,
CA 94304 and registered with the Delaware Secretary of State, Division of Corporations (file number 7852507) (“Venrock-3” and, together with
Venrock-1 and Venrock-2, “Venrock”); 

  
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	7.	 Viking Global Opportunities Illiquid Investments Sub-Master LP,
a limited partnership under the laws of the Cayman Islands, having its registered address at Maples Corporate Services Limited PO Box 309 Ugland House, Grand Cayman KY1-1104 Cayman Islands, and registered with
the Cayman Islands Registrar of Exempted Limited Partnerships (registration number 693988) (“Viking”); 

  

	8.	 General Atlantic PH B.V., a private company with limited liability (besloten vennootschap met
beperkte aansprakelijkheid), having its corporate seat in Amsterdam (address: Raamplein 1, 1016XK Amsterdam, the Netherlands, trade register number: 78698154) (“GA”); and 

 

	9.	 Cormorant Private Healthcare Fund III, LP, a limited partnership under laws of Delaware, having its
registered office at the Corporation Trust Company, 1209 Orange Street, Wilmington, New Castle County, DE 19801, and registered with the State of Delaware Division of Corporation under number 7995704
(“Cormorant-1”), Cormorant Global Healthcare Master Fund, LP, a limited partnership under the laws of Cayman Islands, having its registered address at PO Box 309, Ugland House, Grand
Cayman, KY1-1104, Cayman Islands and registered with Cayman Islands Monetary Authority under number MC-71235
(“Cormorant-2”) and CRMA SVP, L.P., a limited partnership under the laws of Cayman Islands, having its registered address at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands and registered with Cayman Islands Monetary Authority under number MC-83458 (“Cormorant-3”
and, together with Cormorant-1 and Cormorant-2, “Cormorant”), 

the parties under number 2 through 9 are collectively referred to as the “Subscribers” and each individually as a
“Subscriber”; the parties under 1 through 9 collectively referred to as the “Parties” and each individually as a “Party”; and the parties under number 7 through 9 are collectively referred to
as the “New Subscribers” and each individually as a “New Subscriber”. 
 RECITALS 

 

	A.	 The Company is the sole shareholder of Pharvaris Holdings B.V. (the “Dutch Holdco”),
which in turn is the sole shareholder of Pharvaris GmbH (the “Swiss Subsidiary”), of Pharvaris Netherlands B.V. (the “Dutch Subsidiary”) and of Pharvaris, Inc. (the “US Subsidiary”) (the Company,
the Dutch Holdco, the Dutch Subsidiary, the Swiss Subsidiary and the US Subsidiary, together the “Group”, and each individually a “Group Company”). 

 

	B.	 The Group is involved in the development and commercialization of a treatment of hereditary angioedema through
orally available bradykinin B2 receptor antagonists (the “Business”). 

  

	C.	 In order to further develop the Business, the Company wishes to attract additional equity financing and the
Subscribers are willing to provide such financing. 

  
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	D.	 The capitalization of the Company directly prior to the Investment is as set out in Part A of Schedule 2
(Capitalization of the Company). 

  

	E.	 The present Articles of the Company have been laid down in the Company’s deed of incorporation dated
30 September 2015, as amended by a deed of amendment dated 1 August 2019. 

  

	F.	 On 8 October 2020, the Company, Viking and GA entered into a term sheet with respect to the terms of a
proposed investment whereby the Subscribers shall subscribe to and receive convertible preferred Series C Shares (“Series C Shares”) each with a nominal value of EUR 0.01 in the share capital of the Company. 

 

	G.	 At the Closing (as defined below), Series C Shares shall be issued to the Subscribers and the capitalization of
the Company shall be as set out in Part B of Schedule 2 assuming the Company receives USD 80 million in aggregate gross proceeds (Capitalization of the Company). 

 

	H.	 At the Closing, the Parties and Company’s other shareholders shall enter into the second amended and
restated shareholders agreement regarding the terms and conditions of the shareholdings in the Company, which is attached to this Agreement as Schedule 4 (Shareholders Agreement) (the “Shareholders Agreement”).

  

	I.	 Each of the Parties has, prior to the Closing, obtained any and all necessary approvals and permits for the
transactions contemplated hereby. 

  

	J.	 Each of the New Subscribers has conducted due diligence with respect to the Company and the Business.

  

	K.	 Ultimately one (1) day prior to the Closing Date, the Parties will enter into a notary letter managing the
funds flow at the Closing (Notary Letter) (the “Notary Letter”), a form of which attached to this Agreement as Schedule 11. 

  

	L.	 The Parties wish to lay down in this Agreement the terms and conditions for the subscription by the Subscribers
to the Subscriber Shares. 

 NOW HEREBY AGREE AS FOLLOWS 
  

	1	 DEFINITIONS AND INTERPRETATION 

 

	 	1.1	 Definitions and interpretation 

 

	1.1.1	 Capitalized terms and expressions used in this Agreement have the meanings ascribed thereto in Schedule
1 (Definitions and Interpretation). 

  
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	1.1.2	 The provisions set out in Schedule 1 (Definitions and Interpretation) shall apply
throughout this Agreement. 

  

	 	1.2	 Schedules and Annexes 

In this Agreement, each of the Schedules and Annexes forms part of this Agreement and have the same force and effect as if set out in the body
of this Agreement. Any reference to this Agreement shall include a reference to all Schedules and Annexes. 
  

	2	 SHARE SUBSCRIPTION 

 

	 	2.1	 Share subscription 

 

	2.1.1	 At Closing and subject to the terms and conditions of this Agreement and in accordance with the Deed of Issue,
as attached hereto as Schedule 3 (Deed of Issue): 

  

	 	a.	 Foresite-1 shall subscribe for, acquire and pay up 364,143 Series C
Shares, to be issued at the Investor Subscription Price Per Share, comprising a total issue price of USD 5,000,011.12 (five million and eleven United States Dollar and twelve United States Dollar cent); 

 

	 	b.	 Foresite-2 shall subscribe for, acquire and pay up 364,142 Series C
Shares, to be issued at the Investor Subscription Price Per Share, comprising a total issue price of USD 4,999,997.39 (four million nine hundred ninety-nine thousand nine hundred ninety-seven United States Dollar and thirty-nine United States
Dollar cent); 

  

	 	c.	 Bain Capital shall subscribe for, acquire and pay up 660,660 Series C Shares, to be issued at the Investor
Subscription Price Per Share, comprising a total issue price of USD 9,071,456.39 (nine million seventy-one thousand four hundred fifty-six United States Dollar and
thirty-nine United States Dollar cent); 

  

	 	d.	 BCIP shall subscribe for, acquire and pay up 67,625 Series C Shares, to be issued at the Investor Subscription
Price Per Share, comprising a total issue price of USD 928,552.11 (nine hundred twenty-eight thousand five hundred fifty-two United States Dollar and eleven United States Dollar cent);

  

	 	e.	 venBio shall subscribe for, acquire and pay up 728,285 Series C Shares, to be issued at the Investor
Subscription Price Per Share, comprising a total issue price of USD 10,000,008.51 (ten million and eight United States Dollar and fifty-one United States Dollar cent); 

  
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	 	f.	 Venrock-1 shall subscribe for, acquire and pay up 197,118 Series
C Shares, to be issued at the Investor Subscription Price Per Share, comprising a total issue price of USD 2,706,607.55 (two million seven hundred six thousand six hundred and seven United States Dollar and fifty-five United States Dollar
cent); 

  

	 	g.	 Venrock-2 shall subscribe for, acquire and pay up 19,707 Series
C Shares, to be issued at the Investor Subscription Price Per Share, comprising a total issue price of USD 270,594.85 (two hundred seventy thousand five hundred ninety-four United States Dollar and eighty-five United States Dollar cent);

  

	 	h.	 Venrock-3 shall subscribe for, acquire and pay up 220,146 Series
C Shares, to be issued at the Investor Subscription Price Per Share, comprising a total issue price of USD 3,022,802.71 (three million twenty two thousand eight hundred and two United States Dollar and
seventy-one United States Dollar cent); 

  

	 	i.	 Viking shall subscribe for, acquire and pay up 1,420,155 Series C Shares, to be issued at the Investor
Subscription Price Per Share, comprising a total issue price of USD 19,500,006.29 (nineteen million five hundred thousand and six United States Dollar and twenty-nine United States Dollar cent); 

 

	 	j.	 GA shall subscribe for, acquire and pay up 1,420,155 Series C Shares, to be issued at the Investor Subscription
Price Per Share, comprising a total issue price of USD 19,500,006.29 (nineteen million five hundred thousand and six United States Dollar and twenty-nine United States Dollar cent); 

 

	 	k.	 Cormorant-1 shall subscribe for, acquire and pay up 291,460 Series C
Shares, to be issued at the Investor Subscription Price Per Share, comprising a total issue price of USD 4,002,008.11 (four million two thousand and eight United States Dollar and eleven United States Dollar cent);

  

	 	l.	 Cormorant-2 shall subscribe for, acquire and pay up 67,840 Series C
Shares, to be issued at the Investor Subscription Price Per Share, comprising a total issue price of USD 931,504.26 (nine hundred thirty-one thousand five hundred and four United States Dollar and twenty-six United States Dollar cent); 

  

	 	m.	 Cormorant-3 shall subscribe for, acquire and pay up 4,843 Series C
Shares, to be issued at the Investor Subscription Price Per Share, comprising a total issue price of USD 66,498.75 (sixty-six thousand four hundred ninety-eight United States Dollar and seventy-five United
States Dollar cent); 

 the total price to be paid under (2.1.1) (a) through (m), the “Subscription
Price”, and the Series C Shares to be issued, the “Subscriber Shares”. 

  
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	2.1.2	 The number of Subscriber Shares for which each Subscriber has subscribed is set forth in Clause 2.1.1 along
with the applicable payment amount. Any contribution amounts in excess of the nominal value of the Subscriber Shares shall be administered in the books of the Company as non-stipulated share premium
(ongebonden agio). 

  

	 	2.2	 Waiver of Transfer Restrictions 

 

	2.2.1	 Each of the Parties (excluding the New Subscribers) hereby waives its
pre-emption rights, including but not limited to those set forth in Clause 7 (Pre-emptive rights) of the Shareholders Agreement or any other transfer restrictions
and its rights of first refusal and similar rights in relation to the issuance of the Series C Shares under and in accordance with this Agreement. 

  

	 	2.3	 Payment of Subscription Price 

 

	2.3.1	 On the Business Day prior to the Closing Date, each of the Subscribers shall severally and not jointly pay its
relevant part of the Subscription Price for its respective Subscriber Shares as set out in the Deed of Issue, in accordance with the Notary Letter, into the USD Notary Account and further in accordance with the payment request of the Company. The
Notary will hold the Subscription Price so received for and on behalf of the Subscribers until the Deed of Issue has been executed, which shall be no later than one Business Day following receipt of funds by all Subscribers, and immediately
thereafter for and on behalf of the Company and shall pay such amount on the Closing Date to the bank account of the Company designated by it. 

  

	2.3.2	 Each Subscriber shall, severally and not jointly, be liable for its relevant part of the Subscription Price for
its respective Subscriber Shares as set out in the Deed of Issue, and a failure by any Subscriber to satisfy a payment obligation will not result in any of the other Subscribers becoming liable for such payment obligation. 

 

	 	2.4	 Use of the Subscription Proceeds 

 

	2.4.1	 The proceeds from the Closing shall be used for general working capital purposes in accordance with the
Operating Budget, attached as Schedule 5 (Operating Budget) as established in accordance with the Shareholders Agreement from time and the Company’s business plan as presented to the Board from time to time, and subject to any
changes that may be approved by the Board following the Closing. 

  
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	3	 CLOSING 

  

	 	3.1	 Conditions to the Closing 

On or before the Closing Date, the Parties shall proceed with the Closing, subject to the following conditions: 

 

	 	a.	 each of the New Subscribers has finalized its financial and legal due diligence investigation with respect to
the Company and the Business; 

  

	 	b.	 the Closing Obligations referred to in Clause 3.4.2 (a) through (e) have been satisfied,

 the conditions under (a) and (b) hereinafter the “Closing Conditions”. 

 

	 	3.2	 Fulfillment or Waiver of the Closing Conditions 

 

	3.2.1	 The Parties shall use reasonable efforts to cause the Closing Conditions to be fulfilled as soon as possible
prior to the Closing Date. 

  

	3.2.2	 Notwithstanding Clause 6.4, the Closing Conditions may solely be waived by the Parties jointly in writing prior
to or on the Closing Date. 

  

	 	3.3	 Place of the Closing 

The Closing shall take place on the Closing Date at the offices of NautaDutilh N.V. at Beethovenstraat 400 (1082 PR) Amsterdam, the
Netherlands. 
  

	 	3.4	 Closing Obligations 

 

	3.4.1	 Subject only to the satisfaction or waiver of the Closing Conditions, the Closing Date, and the payment by each
Subscriber of the aggregate amounts set forth under Clause 2.1.1 to the USD Notary Account, shall be no later than one Business Day after the Subscription Price has been received by the Notary. The Parties hereby agree and acknowledge that failure
by any New Subscriber to pay the applicable amounts specified in Clause 2.1.1 with respect to the Subscriber Shares to the USD Notary Account upon satisfaction or waiver of the Closing Conditions shall constitute a material breach of this Agreement,
and the Company shall be entitled to seek all rights and remedies available to it under law or equity. The Parties acknowledge and agree that monetary damages may not be an adequate remedy for breach of this Clause 3.4.1 and that the Company may
seek to enforce specifically the obligations under this Clause 3.4.1 (without prejudice to any other remedies available to it at law or equity).

  

	3.4.2	 At the Closing: 

  

	 	a.	 the Company shall have delivered the
up-to-date shareholders’ register of the Company to the Notary; 

  
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	 	b.	 the Company shall have delivered an executed management rights letter satisfactory to Viking and GA;

  

	 	c.	 the Parties shall have delivered to the Notary powers of attorney duly executed by them, and to the extent
required by the Notary, legalized and apostilled and accompanied by an authority statement, in each case authorizing their respective representatives or the Notary to attend to and execute the Deed of Issue; 

 

	 	d.	 the Company shall have delivered executed IPO Allocation Letters to GA and Viking in the form attached to this
Agreement as Schedule 13 (IPO Allocation Letters); 

  

	 	e.	 the Company’s shareholders shall have provided to the Notary an executed written resolution of the General
Meeting of the Company: 

  

	 	i.	 to approve the Investment and that the Company enters into the Shareholders Agreement and all documents
referred to therein or ancillary thereto; 

  

	 	ii.	 to issue the Series C Shares; 

 

	 	iii.	 to amend and restate the Articles in accordance with the deed of amendment of the Articles attached as
Schedule 6 (Articles of Association); 

  

	 	iv.	 to waive any pre-emptive rights or rights of first refusal of the
shareholders of the Company in connection with the issuance of the Series C Shares; and 

  

	 	v.	 to amend the Company’s 2016 Equity Incentive Plan, as amended and restated from time to time, to, among
other things, increase the number of unallocated incentive awards with 1,000,000 following the Closing on a post money basis, so that the total unallocated portion immediately following the Closing shall represent 5.02% of the Company’s fully
diluted capitalization. 

 the “Shareholders Resolution”; 

 

	 	f.	 the Parties shall have executed the Shareholders Agreement (attached as Schedule 4 (Shareholders
Agreement)); 

 and subject to the Notary having received all documents required by him, at the Closing Date: 

 

	 	g.	 the Parties shall instruct the Notary to proceed with the Closing in accordance with the Notary Letter;

  
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	 	h.	 the Notary shall execute the deed of amendment of the Articles of Association of the Company so that the
Articles of Association will be in the form as set out in Schedule 6 (Articles of Association); 

  

	 	i.	 the Series C Shares shall be issued to the Subscribers through the execution of the Deed of Issue by the
Notary; 

  

	 	j.	 the Company shall register the issue of the Series C Shares in its shareholders’ register;

  

	 	k.	 the Parties shall take such action and sign such documents as shall be required to effectuate the Closing; and

  

	 	l.	 the Subscribers shall receive from NautaDutilh N.V., Netherlands counsel for the Company, an opinion, dated as
of the Closing Date, in substantially the form attached as Schedule 10 (Opinion of Dutch Counsel) hereto. 

  

	3.4.3	 The total Subscription Price for the Series C Shares deposited at the USD Notary Account shall be disbursed in
accordance with the Company’s instruction under the Notary Letter. 

  

	3.4.4	 The Company covenants and agrees to maintain the D&O Insurance in accordance with the Shareholders
Agreement. 

  

	4	 REPRESENTATIONS AND WARRANTIES 

 

	 	4.1	 Parties’ representations and warranties 

 

	4.1.1	 Without prejudice to any other representations and warranties contained in this Agreement, each Party hereby
represents and warrants, severally and not jointly, on behalf of such Party only to the other Parties as follows: 

  

	 	a.	 except if such a Party is a natural person and not a legal entity or (limited) partnership, it is duly
organized, and validly existing under the laws of its incorporation or formation, and has all requisite corporate power and authority to own its property and to carry on its business as it is now being conducted; 

 

	 	b.	 it has full power and authority (corporate or otherwise) to enter into, execute, deliver and carry out the
terms of this Agreement and to incur the obligations provided for herein, all of which have been duly authorized by all proper and necessary corporate action and are not in violation of its articles of association or other governing documents, as
far as applicable; and 

  
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	 	c.	 this Agreement constitutes its legal and binding obligation, enforceable in accordance with its terms, except
as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally or by other principles of general applicability. 

 

	4.1.2	 Without prejudice to any other representations and warranties contained in this Agreement, each Subscriber
hereby represents and warrants, severally and not jointly, on behalf of such Subscriber to the Company as follows: 

  

	 	a.	 this Agreement is made with the Subscribers in reliance upon the Subscriber’s representation to the
Company, which by the Subscriber’s execution of this Agreement, the Subscriber hereby confirms, that the Series C Shares to be acquired by the Subscriber will be acquired for investment for the Subscriber’s own account, not as a nominee or
agent, and not with a view to the resale or distribution of any part thereof, and that the Subscriber has no present intention of selling, granting any participation in, or otherwise distributing the same. By executing this Agreement, the Subscriber
further represents that the Subscriber does not presently have any contract, undertaking, agreement or arrangement with any Person to sell, transfer or grant participations to such Person or to any third Person, with respect to any of the Series C
Shares. 

  

	 	b.	 the Subscriber has had an opportunity to discuss the Company’s business, management, financial affairs and
the terms and conditions of the offering of the Series C Shares with the Company’s management and has had an opportunity to review the Company’s facilities. The foregoing, however, does not limit or modify the representations and
warranties of the Company in this Agreement or the right of the Subscribers to rely thereon. 

  

	 	c.	 the Subscriber understands that the Series C Shares have not been, and will not be, registered under the
Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Subscriber’s representations
as expressed herein. The Subscriber understands that the Series C Shares are “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant to these laws, the Subscriber must hold the Series C
Shares indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available. The Subscriber acknowledges that the
Company has no obligation to register or qualify the Series C Shares, or the Ordinary Shares into which it may be converted, for resale except as set forth in the Shareholders’ Agreement. The Subscriber further acknowledges that if an exemption
from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Shares, and on requirements relating to the Company which are
outside of the Subscriber’s control, and which the Company is under no obligation and may not be able to satisfy. 

  
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	 	d.	 the Subscriber understands that no public market now exists for the Series C Shares, and that the Company has
made no assurances that a public market will ever exist for the Series C Shares. 

  

	 	e.	 the Subscriber hereby represents that it has satisfied itself as to the full observance of the laws of its
jurisdiction in connection with any invitation to subscribe for the Shares or any use of this Agreement, including (i) the legal requirements within its jurisdiction for the purchase of the Series C Shares, (ii) any foreign exchange
restrictions applicable to such purchase, (iii) any governmental or other consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale,
or transfer of the Series C Shares. The Subscriber’s subscription and payment for and continued beneficial ownership of the Series C Shares will not violate any applicable securities or other laws of the Subscriber’s jurisdiction.

  

	 	f.	 the Subscriber is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the
Securities Act. 

  

	 	g.	 neither the Subscriber, nor any of its officers, directors, employees, agents, stockholders or partners has
either directly or indirectly, including, through a broker or finder (a) engaged in any general solicitation, or (b) published any advertisement in connection with the offer and sale of the Series C Shares. 

 

	 	h.	 the Subscribers Representatives are not aware of any material Warranty Breach provided, however,
that the foregoing shall not limit or otherwise affect Subscribers’ remedies with respect to any Warranty Breach of any Fundamental Warranties or Tax Warranties and shall not qualify or otherwise limit the Section 4.2.4 or 4.2.5.

  

	 	4.2	 Representations and Warranties by the Company 

 

	4.2.1	 Without prejudice to the representations and warranties contained in this Agreement, the Company represents and
warrants to the Subscribers that the warranties set out in Clause 4.1 and Schedule 7 (Representations and Warranties) are true and accurate on the date of this Agreement and at the Closing Date, provided that no circumstances, facts or
events shall constitute a breach of such Representations and Warranties (a “Warranty Breach”) to the extent that they have been specifically fully and fairly disclosed in all material respects in the Disclosure Letter. Any
information that is Made Available in the Data Room shall not qualify the representations and warranties contained in Schedule 7, unless such information is set forth in the Disclosure Letter consistent with the foregoing 

  
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	4.2.2	 In case of a Warranty Breach, the Company shall reimburse and hold the Subscribers harmless for all Damages.
The Subscribers’ damage shall be deemed to include the damages suffered by the Company pro rata to the indirect percentage of Series C Shares held by and per Subscriber, subject, however to the following provisions: 

 

	 	a.	 In each case of a Warranty Breach, the Company shall be granted the possibility to remedy the inaccuracy and/or
incorrectness of the applicable Warranties within a reasonable period of time which shall not exceed 20 (twenty) calendar days after having been given notice of such Warranty Breach in such a way that the Company realizes the situation which would
have existed, had the Warranties been true and accurate. 

  

	 	b.	 The aggregate maximum liability of the Company for Warranty Breaches (i) shall not exceed the total amount
actually invested by the Subscribers at the Closing, and (ii) no liability shall arise unless the Damages resulting from all Warranty Breaches exceed an amount of USD 240,000 (two hundred and forty thousand United States Dollars), in which case
the Company shall be liable for the entire amount and not only the excess. 

  

	 	c.	 The Subscribers shall not be entitled to any compensation for a Warranty Breach unless notice (the
“Claim Notification”) in writing of such claim has been received by the Company containing a description of the facts and circumstances that gave rise to the claim, as well as an estimate of the amount of the claim, all to the
extent known to the Subscribers. 

  

	 	d.	 The Subscribers undertake to inform the Company as soon as reasonably possible after becoming aware of facts
and circumstances that could give rise to a claim for either a Warranty Breach. Any failure or delay on the part of the Subscribers to notify the Company shall not prejudice the right of the Subscribers to make a claim, but the Damages payable shall
be reduced to the extent Damages have arisen solely and directly as a consequence of such delay. 

  

	 	e.	 Other than with respect to Fundamental Warranties or Tax Warranties, the Subscribers shall not be entitled to
claim any Damages after 24 (twenty four) months have lapsed after the Closing Date, with respect to Warranty Breaches; it being understood, however, that a claim by the Subscribers in relation to any Damages relating to the Fundamental Warranties or
Tax Warranties may be made within 60 (sixty) days after the expiration of the applicable statute of limitation. 

  

	 	f.	 Title 1 of Book 7 of the Dutch Civil Code shall not be applicable to the acquisition of the Shares by the
Subscribers pursuant to this Agreement. 

  

	4.2.3	 The Parties acknowledge and confirm that (i) the Subscribers have decided to enter into this Agreement
solely in reliance on the Representations and Warranties in the terms stated herein. Each Subscriber acknowledges and confirms that the Representations and Warranties are the 

  
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only representations, warranties or other assurances of any kind given by or on behalf of the Company on which the Subscribers may rely (and has relied upon) in entering into this Agreement and
the transactions contemplated herein and shall not have the right to invoke any warranties contained in or implied by Dutch law. In particular, each Subscriber acknowledges and agrees that the Company does not make any representation or warranty as
to the accuracy of forecasts, estimates, projections, statements of intent or any opinion provided to the Subscribers. 

  

	4.2.4	 Nothing in this Agreement shall limit the liability of the Company in the event of fraud (bedrog) or
willful misconduct (opzet) on the part of the Company’s employees. 

  

	4.2.5	 Notwithstanding anything in this Agreement to the contrary, the rights of any Subscriber to recover any Damages
or seek any other remedy with respect to a Warranty Breach of the Fundamental Warranties or Tax Warranties hereunder will not be affected by any investigation conducted with respect to, or any knowledge acquired (or capable of being acquired) at any
time, (whether before or after the execution and delivery of this Agreement or the Closing Date), with respect to the accuracy or inaccuracy of or compliance with, any such representation, warranty, covenant or agreement made by the Company or any
other matter, other than, for the avoidance of doubt, expressly set forth in the Disclosure Letter with specific reference to the Fundamental Warranties or Tax Warranties. The waiver of any condition based on the accuracy of any such representation
or warranty, or on the performance of or compliance with any such covenant or agreement, will not affect the right to recover Damages, or seek any other remedy based on any such representation, warranty, covenant or agreement. No Subscriber shall be
required to show reliance on any representation, warranty, certificate or other agreement in order for such Subscriber to be entitled to recover Damages or seek any other remedy hereunder. 

 

	 	4.3	 Investment decision 

 

	4.3.1	 Each Subscriber acknowledges and confirms that (i) it may not rely on any investigation that another
Subscriber, any of its Affiliates or any person acting on its behalf, may have conducted or made available in any form, and none of such persons has made any representation to the Subscribers, express or implied, with respect to the Company and/or
the transactions contemplated by this Agreement and any related documents and (ii) it has independently made the decision to enter into this Agreement and consummate the transactions contemplated by this Agreement and any related documents and
has not relied in any manner whatsoever on any other Subscribers, in each case except as set forth in the Representations and Warranties under this Agreement. 

 

	5	 CONFIDENTIALITY AND ANNOUNCEMENTS 

 

	5.1	 Each of the Parties agrees that the any information relating to the Company or its Business or assets set forth
in this Agreement and the existence or the contents of this Agreement shall be subject to the Clause 11 of the Shareholders Agreement (including for the avoidance of doubt any permitted disclosures as included in that Clause 11).

  
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	6	 MISCELLANEOUS 

 

	 	6.1	 Further action 

If at any time after the Closing, any further action is necessary or desirable in order to implement this Agreement, each Party shall at its
own cost execute and deliver any further documents and take all such necessary action as may reasonably be requested from each of such party. 
  

	 	6.2	 Invalidity 

In the event that a provision of this Agreement is null and void or unenforceable (either in whole or in part), the remainder of this Agreement
shall continue to be effective to the extent that, given this Agreements substance and purpose, such remainder is not inextricably related to the null and void or unenforceable provision. The Parties shall make every effort to reach agreement on a
new clause which differs as little as possible from the null and void or unenforceable provision, taking into account the substance and purpose of this Agreement. 
  

	 	6.3	 Amendment 

Any amendment to this Agreement shall only have force and effect if approved by the Board and approved in writing by the Series C Investor
Majority, which must include either (i) Viking or its permitted transferees or (ii) GA or its permitted transferees. Notwithstanding the foregoing, this Agreement (including any amounts to be invested by the Parties) may not be amended,
modified or terminated and the observance of any term hereof may not be waived with respect to any Party so as to adversely affect such Party in a manner different or disproportionate to other Parties, without the written consent of such Party. 

 

	 	6.4	 Costs 

The Subscribers shall bear their own fees and expenses incurred in connection with their due diligence and any of the transactions contemplated
by this Agreement and the Shareholders Agreement and related transaction documentation (including legal expenses). The Company shall bear its own legal and other expenses, in particular for the preparation of the corporate documents to implement the
transactions set out in this Agreement on the Closing Date. 

  
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	 	6.5	 Consequences of termination 

 

	6.5.1	 If the Closing shall not have occurred by 10 November, 2020, unless otherwise agreed to by the Parties,
notwithstanding any amendment to the Closing Date pursuant to Clause 6.3 (Amendment) or otherwise, this Agreement may be terminated by the Company, in its sole discretion, and be of no further force and effect. 

 

	6.5.2	 In the event that this Agreement is terminated, this Agreement shall have no further effect with the exception
of the provisions set forth in Clause 5 (Confidentiality and announcements) and Clause 6 (Miscellaneous) which provisions shall survive any termination of this Agreement indefinitely. 

 

	6.5.3	 Termination of this Agreement shall be without prejudice to the liability of any Party as a result of such
Party failing to fulfil any of its obligations under this Agreement. 

  

	 	6.6	 Entire agreement 

This Agreement contains the entire agreement between the Parties with respect to the subject matter covered hereby and supersedes all earlier
agreements and understandings, whether oral, written or otherwise, between the Parties. 
  

	 	6.7	 No implied waiver 

 

	6.7.1	 Nothing shall be construed as a waiver under this Agreement unless a document to that effect has been signed by
the Parties or notice to that effect has been given. 

  

	6.7.2	 The failure of a Party to exercise any right under this Agreement (which shall include the granting by a Party
to either (any) of the other Parties of an extension of time in which to perform its obligations under any provision hereof) shall not be deemed to constitute a waiver of the right to exercise any such right in the future. 

 

	 	6.8	 No rescission 

The Parties hereby waive their rights under articles 6:228 and 6:265 to 6:272 inclusive of the Dutch Civil Code to rescind (ontbinden)
and/or annul (vernietigen) or demand in legal proceedings the rescission (ontbinding), and/or annulment (vernietiging) in whole or in part, of this Agreement and their rights under article 6:230 of the Dutch Civil Code to
request in legal proceedings the amendment of this Agreement. 
  

	 	6.9	 Counterparts 

This Agreement may be executed in any number of counterparts. This has the same effect as if the signatures on the counterparts were on a
single copy of this Agreement. 

  
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	 	6.10	 Notices 

  

	6.10.1	 Any notice or other communication under or in connection with this Agreement shall be in writing and may be
sent by courier or by registered mail or email and shall be effective when received, and in any event no later than: 

  

	 	a.	 when sent by courier service 3 (three) days after dispatch; 

 

	 	b.	 when sent by registered mail 3 (three) days after dispatch; 

 

	 	c.	 when sent by email, on the date of transmission, if transmitted before 5.00 p.m. (local time at the place of
destination) on any Business Day and in any other case on the Business Day following the date of transmission. 

  

	6.10.2	 For the purposes hereof, the addresses of the Parties shall be as specified in Schedule 9
(Notices) or at such other address as the Party to be given notice may have notified to the other Parties from time to time in accordance with this Clause as its address for receiving notices. For avoidance of doubt, in case multiple email
addresses are provided in Schedule 9 (Notices), then the notice is effective only if sent to all listed email addresses. 

  

	6.10.3	 The provisions of this Clause shall not apply in relation to the service of documents for the purpose of
litigation. 

  

	 	6.11	 Assignment or encumbrance 

No Party may assign this Agreement (contractsoverneming) or assign or encumber any of its rights thereunder without the prior written
consent of the other Parties. 
  

	 	6.12	 Notary 

The Parties are aware of the fact that the Notary works with NautaDutilh N.V., the firm that is advising the Company. With reference to the
Code of Conduct (Verordening beroeps- en gedragsregels) established by the Royal Notarial Professional Organisation (Koninklijke Notariële
Beroepsorganisatie), the Parties herewith explicitly agree that Company is assisted by NautaDutilh N.V. in relation to this Agreement and any agreements that may be concluded, or disputes that may arise, in connection therewith. 

 

	 	6.13	 Governing Law 

This Agreement shall be governed by and construed in accordance with the laws of the Netherlands. 

  
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	 	6.14	 Disputes 

Any dispute in connection with this Agreement or any Agreement resulting therefrom shall be submitted to the exclusive jurisdiction of the
competent court in Amsterdam. 
 This Agreement has been entered into on the date stated at the beginning of this Agreement. 

Signature pages follow 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

 

	
	COMPANY:
	
	PHARVARIS B.V.
	
	 By: /s/ B.
Modig                                    

	 Name: B. Modig

	 Title: CEO

	
	 Address: Pharvaris B.V.

                J.H. Oortweg 21

                2333 CH Leiden

                The Netherlands

                Attn: B.
Modig

 SIGNATURE PAGE TO PHARVARIS B.V. 

SHARE SUBSCRIPTION AGREEMENT 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

 

	
	INVESTORS:
	
	FORESITE CAPITAL FUND IV, L.P.
	
	By: Foresite Capital Management IV, LLC, its General Partner
	
	By: /s/ Dennis D. Ryan                            
	Name: Dennis D. Ryan
	Title: Chief Financial Officer
	
	 Address: Foresite Capital Fund IV, L.P.

                600 Montgomery Street

                Suite 4500

                San Francisco, CA 94111

                The United States

                Attn: Michael Rome

 SIGNATURE PAGE TO PHARVARIS B.V. 

SHARE SUBSCRIPTION AGREEMENT 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

 

	
	INVESTORS:
	
	FORESITE CAPITAL FUND V, L.P.
	
	By: Foresite Capital Management IV, LLC, its General Partner
	
	 By: /s/ Dennis D.
Ryan                                

	 Name: Dennis D. Ryan

	 Title: Chief Financial Officer

	
	 Address: Foresite Capital Fund IV, L.P.

                600 Montgomery
Street
                 Suite
4500
                 San
Francisco, CA 94111

                The United States

                Attn: Michael
Rome

 SIGNATURE PAGE TO PHARVARIS B.V. 

SHARE SUBSCRIPTION AGREEMENT 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

 

	
	INVESTORS:
	
	BAIN CAPITAL LIFE SCIENCES FUND, L.P.
	
	By: Bain Capital Life Sciences Partners, L.P., its General Partner
	
	 By: Bain Capital Life Sciences

Investors, LLC, its General Partner

	
	 By: /s/ Jeffrey
Schwartz                            

	 Name: Jeffrey Schwartz

	 Title: Managing Director

	
	 Address: Bain Capital Life Sciences Fund, L.P.

                200 Clarendon Street
Boston,
                 MA
02116
                 The United
States
                 Attn: Ricky
Sun

 SIGNATURE PAGE TO PHARVARIS B.V. 

SHARE SUBSCRIPTION AGREEMENT 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

 

	
	INVESTORS:
	
	BCIP LIFE SCIENCES ASSOCIATES, L.P.
	
	By: Boylston Coinvestors, LLC, its General Partner
	
	By: /s/ Jeffrey
Schwartz                                    
	Name: Jeffrey Schwartz
	Title: Authorized Signatory
	
	Address: BCIP Life Sciences Associates, LP 200 Clarendon Street Boston, MA 02116 The United States Attn: Ricky Sun

 SIGNATURE PAGE TO PHARVARIS B.V. 

SHARE SUBSCRIPTION AGREEMENT 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

 

	
	INVESTORS:
	
	VENBIO GLOBAL STRATEGIC FUND III, L.P.
	By: venBio Global Strategic GP III, L.P., its General Partner
	
	By: venBio Global Strategic GP III, Ltd, its General Partner
	
	By: /s/ Richard
Gaster                                        
    
	Name: Richard Gaster
	Title: Partner
	
	Address: venBio Global Strategic Fund III, L.P. 1700 Owens Street Suite 595
San Francisco, CA 94158, United States of America Attn: Richard Gaster

 SIGNATURE PAGE TO PHARVARIS B.V. 

SHARE SUBSCRIPTION AGREEMENT 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

 

	
	INVESTORS:
	
	VENROCK HEALTHCARE CAPITAL PARTNERS III, L.P.
	
	By: VHCP Management III, LLC, its General Partner
	
	By: /s/ David L.
Stepp                                        
    
	Name: David L. Stepp
	Title: Authorized Signatory
	
	Address: Venrock Healthcare Capital Partners III, L.P. 3340 Hillview Avenue Palo Alto, CA 94304 Attn: Sherman Souther

 SIGNATURE PAGE TO PHARVARIS B.V. 

SHARE SUBSCRIPTION AGREEMENT 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

 

	
	INVESTORS:
	
	VHCP CO-INVESTMENT HOLDINGS III, LLC
	
	By: VHCP Management III, LLC, its manager
	
	By: /s/ David L.
Stepp                                        
        
	Name: David L. Stepp
	Title: Authorized Signatory
	
	Address: VHCP Co-Investment Holdings III, LLC 3340 Hillview Avenue Palo Alto, CA 94304 Attn: Sherman Souther

 SIGNATURE PAGE TO PHARVARIS B.V. 

SHARE SUBSCRIPTION AGREEMENT 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

 

	
	INVESTORS:
	
	VENROCK HEALTHCARE CAPITAL PARTNERS EG, L.P.
	
	By: VHCP Management EG, LLC, its General Partner
	
	By: /s/ David
Stepp                                        
        
	Name: David L. Stepp
	Title: Authorized Signatory
	
	Address: Venrock Healthcare Capital Partners Eg, L.P. 3340 Hillview Avenue Palo Alto, CA 94304 Attn: Sherman Souther

 SIGNATURE PAGE TO PHARVARIS B.V. 

SHARE SUBSCRIPTION AGREEMENT 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

 

	
	INVESTORS:
	
	VIKING GLOBAL OPPORTUNITIES ILLIQUID INVESTMENTS SUB-MASTER LP
	
	By: Viking Global Opportunities Portfolio GP LLC, its General Partner
	
	By: /s/ Matthew
Bloom                                        
    
	Name: Matthew Bloom
	Title: Authorized Signatory
	
	Address: Viking Global Investors LP 55 Railroad Ave. Greenwich, CT 06830 Attn: Haley Garrett

 SIGNATURE PAGE TO PHARVARIS B.V. 

SHARE SUBSCRIPTION AGREEMENT 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

 

	
	INVESTORS:
	
	GENERAL ATLANTIC PH B.V.
	
	By: /s/ I.M. van der
Hoorn                                        

	Name: I.M. van der Hoorn
	Title: Director A
	
	By: /s/ W.H.
Kamphuijs                                        
    
	Name: W.H. Kamphuijs
	Title: Director B
	
	Address: General Atlantic Services Raamplein 1, 1016XK Amsterdam the Netherlands Attn: Ingrid van der Hoorn

 SIGNATURE PAGE TO PHARVARIS B.V. 

SHARE SUBSCRIPTION AGREEMENT 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

 

	
	INVESTORS:
	
	CORMORANT GLOBAL HEALTHCARE MASTER FUND, L.P.
	
	By: /s/ Bihua
Chen                                         
           
	Name: Bihua Chen
	Title: Managing Member of the GP
	
	Address: Cormorant Global Healthcare
Master Fund, L.P. 200 Clarendon Street 52nd Floor Boston, MA 02116 Attn: Neb Obradovic

 SIGNATURE PAGE TO PHARVARIS B.V. 

SHARE SUBSCRIPTION AGREEMENT 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

 

	
	INVESTORS:
	
	CORMORANT PRIVATE HEALTHCARE FUND III, L.P.
	
	By: /s/ Bihua
Chen                                         
           
	Name: Bihua Chen
	Title: Managing Member of the GP
	
	Address: Cormorant Private Healthcare Fund III, L.P. 200 Clarendon Street 52nd Floor Boston, MA 02116 Attn: Neb Obradovic

 SIGNATURE PAGE TO PHARVARIS B.V. 

SHARE SUBSCRIPTION AGREEMENT 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

 

	
	INVESTORS:
	
	CRMA SPV, L.P.
	
	By: /s/ Bihua
Chen                                         
           
	Name: Bihua Chen
	Title: Managing Member of the Investment Manager
	
	Address: CRMA SPV, L.P. 200 Clarendon Street 52nd Floor Boston, MA 02116 Attn: Neb Obradovic

 SIGNATURE PAGE TO PHARVARIS B.V. 

SHARE SUBSCRIPTION AGREEMENT 

  
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	Schedule	 1. DEFINITIONS AND INTERPRETATION 

 

	Part 1	 Definitions 

The following capitalized terms and expressions in this Agreement have the following meanings: 

 

			
		
	 “Accounts”
	  	means the consolidated balance sheet of the Company as at the 31 December 2019 and the consolidated profit and loss account of the Company for the 12 (twelve) month period ended on the Accounts Date and both in respect of
the Group, together with the explanatory notes thereto
		
	 “Accounts Date”
	  	means 31 December 2019
		
	 “Affiliate”
	  	means any subsidiary and any other person directly or indirectly controlling, controlled by, or under direct or indirect common control with, such person
		
	 “Agreement”
	  	means this share subscription agreement, as defined in the introduction to this Agreement
		
	 “Anti-Corruption Laws”
	  	means the United States Foreign Corrupt Practices Act of 1977, as amended, (15 U.S.C. §§ 78dd-1, et seq.) (the FCPA), the United Kingdom Bribery Act of 2010, applicable laws passed
pursuant to the Organization of Economic Cooperation and Development Convention on Combating Bribery of Foreign Public Officials in International Business Transactions or, and any similar anti-corruption or anti-bribery laws of any other
jurisdiction where the Company operates
		
	 “Articles”
	  	means the articles of association of the Company
		
	 “Board of Directors”
	  	means the one-tier board of the Company
		
	 “Business Day”
	  	means a day on which banks and foreign exchange markets are generally open in the United States and the Netherlands for formal business
		
	 “Business”
	  	has the meaning set out in Recital A
		
	 “Claim Notification”
	  	has the meaning set out in Clause 4.2.2
		
	 “Clause”
	  	means a clause of this Agreement

  
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	 “Closing Date”
	  	means the earlier of (i) 3 November 2020, or if parties do not close on 3 November 2020, than the Closing Date shall be 4 November 2020 or 5 November 2020, or (ii) such other date agreed between the Parties
in writing
		
	 “Closing”
	  	means the execution of the Deed of Issue
		
	 “Closing Conditions”
	  	has the meaning set out in Clause 3.1
		
	 “Company”
	  	has the meaning set out in the introduction to this Agreement
		
	 “Company’s Officers”
	  	means Berndt Modig, Jochen Knolle, Anne Lesage, Morgan Conn, Peng Yu and Anna Nijdam
		
	 “Code”
	  	means the Internal Revenue Code of 1986, as amended.
		
	 “Contract”
	  	has the meaning ascribed thereto in section 15(a) of Schedule 7 (Representations and Warranties)
		
	 “Damages”
	  	has the meaning set out in article 6:96 et seq. of the Dutch Civil Code (vermogensschade), provided, however, that “Damages” shall (i) subject to item, (ii) below, exclude indirect, consequential damages,
punitive and multipliers and (ii) include any diminution in the value of the Series C Shares.
		
	 “Data Room”
	  	the online data site run by Datasite of which the index is attached hereto as Schedule 8 (Data Room Index)
		
	 “Deed of Issue”
	  	means the notarial deed of issue (notariele akte van uitgifte) to be executed by the Notary at the Closing Date, pursuant to which the Subscribers will acquire the Series C Shares as provided for in this Agreement, attached
hereto as Schedule 3 (Deed of Issue)
		
	 “Directors”
	  	means the Executive and Non-Executive Directors of the Company
		
	 “Disclosure Letter”
	  	means the disclosure letter attached hereto as Schedule 12 (Disclosure Letter)
		
	 “Dutch Civil Code”
	  	means the Dutch civil code (Burgerlijk Wetboek)
		
	 “Dutch Holdco”
	  	has the meaning ascribed thereto in Recital A
		
	 “Dutch Subsidiary”
	  	has the meaning ascribed thereto in Recital A

  
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	 “EUR” or “Euro”
	  	means the basic unit of currency among participating European Union countries
		
	 “Executive Director”
	  	has the meaning set out in the Shareholders’ Agreement
		
	 “Existing Shareholders”
	  	has the meaning ascribed thereto in section 2(d) of Schedule 7 (Representations and Warranties)
		
	 “Family Member”
	  	shall mean, with respect to any person, such persons’ spouse, including any life partner or similar statutorily-recognized domestic partner, child (natural or adopted), or any other direct lineal descendant of such person (or
his or her spouse, including any life partner or similar statutorily-recognized domestic partner) (all of the foregoing collectively referred to as “family members”)
		
	 “Fundamental Warranties”
	  	all of the representations and warranties in Clause 4.1.1, and sections 1, 2, 3 and 4 of Schedule 7 (Representations and Warranties)
		
	 “Governmental Entity”
	  	means any United States federal, state or local, or other non-U.S. governmental, or supra-national or public international organization (e.g., the World Bank, the Red Cross, etc.), or any
regulatory or administrative authority, agency, legislative body or committee, division, instrumentality or commission, educational agency, political party, royal family, government-owned or controlled enterprise, organization, or body, or judicial
or arbitral body thereof.
		
	 “Governmental Official”
	  	means (a) an officer, agent or employee of a Governmental Entity or (b) a candidate for government or political office.
		
	 “Group Company”
	  	has the meaning ascribed thereto in Recital A
		
	 “Group”
	  	has the meaning ascribed thereto in Recital A
		
	 “Intellectual Property Rights”
	  	means all patents, patent applications, registered and unregistered trademarks, trademark applications, registered and unregistered service marks, service mark applications, tradenames, copyrights, trade secrets, domain names,
information and proprietary rights and processes, similar or other intellectual property rights, subject matter of any of the foregoing, tangible embodiments of any of the foregoing, licenses in, to and under any of the foregoing, and any and all
such cases that are owned or used by the Company in the conduct of the Company’s Business as now conducted and as presently proposed to be conducted

  
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	 “Investor Subscription Price Per Share”
	  	means USD 13.7308771472486 per Series C Share
		
	“Issued Shares”	  	has the meaning ascribed thereto in section 2(a) of Schedule 7 (Representations and Warranties)
		
	“Made Available”	  	means the information posted to the Data Room and available for the Subscriber and their counsel to review, up to and including October 30, 2020
		
	 “Net Cash Analysis”
	  	has the meaning ascribed thereto in section 10(b) of Schedule 7 (Representations and Warranties)
		
	 “Non-Executive Director”
	  	has the meaning set out in the Shareholders’ Agreement
		
	 “Notary”
	  	means any civil law notary working at NautaDutilh N.V. or any of their deputies
		
	 “Operating Budget”
	  	means the business plan of the Company as presented to the Board from time to time and the Operating Budget set forth in Schedule 5 (Operating Budget).
		
	 “Ordinary Shares”
	  	means ordinary shares in the share capital of the Company
		
	 “Parties”
	  	has the meaning set out in the introduction to this Agreement
		
	 “Party”
	  	has the meaning set out in the introduction to this Agreement
		
	 “Permits”
	  	has the meaning ascribed thereto in section 16(a) of Schedule 7 (Representations and Warranties)
		
	 “Persons”
	  	means any individual, firm, company, corporation, limited liability company, trust, unincorporated organisation, entity or division, government, governmental authority, tax authority, state or agency of a state or any joint venture,
association or partnership (whether or not having separate legal personality)
		
	 “Related Parties”
	  	has the meaning ascribed thereto in section 15(c) of Schedule 7 (Representations and Warranties)

  
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	 “Related Person”
	  	means in relation to any Person, a Person who or which is a Director or shareholder of that Person, or (if applicable) his or her spouse, registered partner or relatives in blood or by marriage in the direct line and in the
collateral line in the first degree
		
	 “Representations and Warranties”
	  	means the representations and warranties as set out in Schedule 7 (Representations and Warranties)
		
	 “Schedule”
	  	means any schedule to this Agreement
		
	 “Securities Act”
	  	means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
		
	 “Series C Investor Majority”
	  	means the majority of the issued and outstanding Series C Shares held by the Subscribers and their permitted transferees.
		
	 “Series C Shares”
	  	has the meaning set out in Recital F
		
	 “Shareholders Agreement”
	  	has the meaning set out in Recital H
		
	 “Shareholders Resolution”
	  	has the meaning set out in Clause 3.4.2
		
	 “Shares”
	  	means the issued shares in the capital of the Company
		
	 “Subscribers”
	  	has the meaning set out in the introduction to this Agreement
		
	 “Subscriber Representatives”
	  	means the employees of the investment manager of the respective Subscriber that have actively participated in the investment
		
	 “Subscriber Shares”
	  	means the Series C Shares subscribed for and issued pursuant to this Agreement
		
	 “Subscription Price”
	  	has the meaning set out in Clause 2.1.1
		
	 “Swiss Subsidiary”
	  	has the meaning ascribed thereto in Recital A
		
	 “Tax Authority”
	  	means a governmental authority competent to impose any liability in respect of Tax or responsible for the administration and/or collection of Tax

  
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	“Tax” or “Taxation”	  	means any form of taxation of any country or jurisdiction, whether arising by way of a primary liability or by way of a secondary liability, whether direct or indirect, and any levy, duty, charge, contribution (including but not
limited to any social security contribution or employee social security scheme), withholding or impost, and any liability for repayment of unlawful state aid in relation to Tax imposed, assessed and/or collected (including all interest and penalties
relating thereto)
		
	“Tax Warranties”	  	all of the representations and warranties in section 21 of Schedule 7 (Representations and Warranties)
		
	“US Subsidiary”	  	has the meaning ascribed thereto in Recital A
		
	“USD”	  	means United States dollars
		
	“USD Notary Account”	  	means the bank account in the name of Kwaliteitsrekening Notarissen Amsterdam NautaDutilh N.V., with ABN AMRO Bank N.V., IBAN: NL56ABNA0415769779, BIC code ABNANL2A
		
	“Warranty Breach”	  	has the meaning set out in Clause 4.2.1

  
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	Part 2	 Provisions 

For the purpose of this Agreement: 
  

	 	a.	 Gender and number Words denoting the singular shall include the plural and vice versa, unless
specifically defined otherwise. Words denoting one gender shall include another gender. 

  

	 	b.	 Reference to include The words “include”, “included” or “including”
are used to indicate that the matters listed are not a complete enumeration of all matters covered and will be construed as meaning “including without limitation” except to the extent specifically provided otherwise in this Agreement.

  

	 	c.	 Headings The headings are for convenience or reference only and are not to affect the construction of
this Agreement or to be taken into consideration in the interpretation of this Agreement. 

  

	 	d.	 Clauses, Recitals, Schedules, etc. Unless otherwise stated, Clause, Recital, Schedule or Annex means a
clause (including all subclauses), a recital in or to this Agreement or a Schedule or an Annex respectively. 

  

	 	e.	 Awareness The expression “so far as the Company is aware”, “to the best knowledge of the
Company” or any similar expression shall be deemed to refer to the knowledge of the Company’s Officers after due enquiry on the Closing Date. 

  

	 	f.	 Days Unless the context clearly indicates a contrary intention, when any number of days is prescribed in
this Agreement, it must be calculated exclusively of the first and inclusively of the last day unless the last day falls on a day other than a Business Day, in which case the last day will be the next succeeding day which is a Business Day.

  

	 	g.	 Drafting party No provision of this Agreement shall be interpreted adversely against a Party
solely because that Party was responsible for drafting that particular provision. It is acknowledged that representatives of each Party have participated in the drafting and negotiation of this Agreement. 

 

	 	h.	 Language If there is a discrepancy between an English language word and a Dutch language word used to
clarify it and then to the extent of the conflict only, the meaning of the Dutch language word shall prevail. 

  

	 	i.	 Dutch concepts References to any Dutch legal concept in any jurisdiction other than the Netherlands
shall be deemed to include the concept which in that jurisdiction most closely approximates the Dutch legal concept. 

  
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	 	j.	 Documents A reference to any document referred to in this Agreement is a reference to that document as
amended, varied or supplemented (other than in breach or the provisions of this Agreement) from time to time. 

  

	 	k.	 Subsidiary A company is a subsidiary of another company, its holding company, if that other company:

  

	 	i.	 holds a majority of the voting rights in it; 

 

	 	ii.	 has the right, either alone or pursuant to an agreement with other shareholders or members, to appoint or
remove a majority of its management board or its supervisory board (if any); 

  

	 	iii.	 is a shareholder or member of it and controls alone or together with other Persons, pursuant to an agreement
with other shareholders or members, a majority of the voting rights in it; or 

  

	 	iv.	 is a subsidiary of a company which is itself a subsidiary of that other company. 

 

	 	l.	 Ordinary course of business An action taken by a Person will be deemed to have been taken in the
“ordinary course of business” only if: such action is consistent with the past practices of such Person and is taken in the ordinary course of the normal
day-to-day operations of such Person; and such action is similar in nature and magnitude to actions customarily taken, without any authorisation by the supervisory board
or other governing board or body exercising similar authority (where applicable) of such Person. 

  

	 	m.	 Arm’s length Where any provision is qualified or phrased by reference to an “arm’s
length” basis or principle, such qualification or reference shall mean the conditions which would be obtained between comparable, independent Persons in comparable transactions (taking into account the assets used, the responsibilities and
risks assumed and the division of benefits between the parties) and comparable circumstances (taking into account the times and places of performance and the parties’ business strategies), thereby providing the closest approximation of the
workings of the open market. 

  
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	Schedule 2.	     CAPITALIZATION OF THE COMPANY 

  
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	Schedule 3.	     DEED OF ISSUE 

  
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	Schedule 4.	     SHAREHOLDERS AGREEMENT 

  
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	Schedule 5.	     OPERATING BUDGET 

  
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	Schedule 6.	     ARTICLES OF ASSOCIATION 

  
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	Schedule 7.	     REPRESENTATIONS AND WARRANTIES 

 

	1.	 Organisation 

(a) Each of the Company, Dutch Holdco and the Dutch Subsidiary is a private limited liability company (besloten vennootschap met
beperkte aansprakeliikheid) duly incorporated and validly existing under the laws of the Netherlands and has as such the corporate power to own assets and enter into obligations in its own name and to transact any business within the objects
clause as set forth in their respective articles of association. 
 (b) The Swiss Subsidiary is a corporation duly incorporated and
validly existing under the laws of Switzerland and has as such the corporate power to own assets and enter into obligations in its own name. 

(c) The US Subsidiary is a corporation duly incorporated and validly existing under the laws of the State of Delaware and has as such
the corporate power to own assets and enter into obligations in its own name. 
 (d) The Disclosure Letter set forth in Schedule
12 (Disclosure Letter) contains a complete and correct copy of the shareholders’ register of the Company and of each Company Subsidiary, which correctly sets forth the ownership of all outstanding shares of the Company and of each
Company Subsidiary, existing prior to the issuance of Subscriber Shares contemplated by the Agreement. 
 (e) No action, request or
proposal has been taken or made and no resolution, decision, order or petition to dissolve, liquidate, merge (fuseren), demerge (splitsen) or other reorganization of any Group Company has been issued, adopted or applied for by any
Group Company, the Existing Shareholders (as defined below) or, to the knowledge of the Company, by a third party. No petition for the bankruptcy (faillissement) or suspension of payments (surséance van betaling) or similar
procedure in any other jurisdiction has been filed by or announced in writing to any Group Company, no receiver (curator of bewindvoerder) has been appointed for any Group Company, or any of its assets and no attachment (beslag) has
been made of any of the assets of any Group Company. No Group Company has been a party to any merger (fusie) or demerger (splitsing) procedure. 

(f) The Company, Dutch Holdco and Dutch Subsidiary is duly registered with the Commercial Register and the information contained in the
extract regarding the Company, Dutch Holdco and Dutch Subsidiary included in the Disclosure Letter is complete and correct. 
  

	2.	 Capitalization 

(a) The issued share capital of each Group Company (the “Issued Shares”) is correctly reflected in Section 3.3 to
the Disclosure Letter, including, with respect to outstanding Ordinary Shares and stock options, vesting schedule and repurchase/exercise price, and with regard to the Company assumes the issuance of the Subscriber Shares. 

(b) No depositary receipts with meeting rights have been issued for any of the Issued Shares. The Issued Shares are legally and
beneficially owned by the persons set forth in the shareholders register of each Group Company, free from any liens, charges, pledges, rights of usufruct (vruchtgebruik), attachments (beslagen), other limited rights (beperkte
rechten), encumbrances, or defects in title. 

  
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 (c) All of the Issued Shares are validly issued by the Group Company and fully paid-up. 
 (d) Other than the persons set forth in the shareholders register of each Group Company
(the “Existing Shareholders”), no persons exist that have right to receive dividends or distributions of any kind from the relevant Group Company. No one, with the exception of the Existing Shareholders, has any right to
distribution arising out of the profit, reserves and/or liquidation balance of the relevant Group Company. 
 (e) Except for equity
awards as set forth in Section 3.4 to the Disclosure Letter and save as contemplated by the Agreement and by the Shareholders Agreement, there are no outstanding subscriptions, options, calls, contracts, commitments, understandings,
restrictions, arrangements, rights or warrants, including any right of conversion or exchange under any outstanding security, instrument or other agreement obligating any Group Company to issue, deliver or sell, or cause to be issued, delivered or
sold, or otherwise to become outstanding, additional shares of the capital stock of any Group Company or obligating it to grant, extend or enter into any such agreement or commitment, and there are no resolutions of the general meeting of any Group
Company providing for the issuance of shares in its capital or the grant of options or other rights to acquire shares in its capital that have not been implemented, other than the Shareholders Resolution. 

(f) There are no voting trusts, proxies or other agreements or understandings with respect to the voting of any shares of any Group
Company, except for those contemplated by the first amended and restated shareholders agreement dated 1 August 2019 and the Shareholders Agreement. 

(g) Since its incorporation no dividend(s) and/or interim dividend(s) or any other kinds of distribution has been declared or paid by
any Group Company. 
 (h) The issuance of the Subscriber Shares in accordance with the Agreement does not constitute an infringement
of the Articles of any Group Company and any other constitutional document of any Group Company. 
 (i) Other than this Agreement,
the first amended and restated shareholders agreement dated 1 August 2019 and the Shareholders Agreement, there are no agreements, arrangements or obligations (including but not limited to any arrangements with respect to the voting rights
attached to the existing shares in the capital of the Company) which affect or impair or which may affect or impair any rights attached to the existing shares in the Company. 

(j) Each “nonqualified deferred compensation plan” (as such term is defined under Section 409A(d)(1) of the Internal
Revenue Code of 1986, as amended (the “Code”) and the guidance thereunder) under which the Company makes, is obligated to make or promises to make, payments (each, a “409A Plan”) complies in all material respects, in both form
and operation, with the requirements of Section 409A of the Code and the guidance thereunder. To the knowledge of the Company, no payment to be made under any 409A Plan is, or will be, subject to the penalties of Section 409A(a)(1) of the
Code. 
 (k) None of the Company’s stock purchase agreements or stock option documents contains a provision for acceleration of
vesting (or lapse of a repurchase right) or other changes in the vesting provisions or other terms of such agreement or understanding upon the occurrence of any event or combination of events, including, without limitation, in the case where the
2016 Equity Incentive Plan is not assumed in an acquisition, other than as disclosed in section 3.5 of the Disclosure Letter. 

  
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 (l) All outstanding Ordinary Shares held by a Key Holder (as defined in the
Shareholders Agreement) are subject to (i) a right of first refusal in favor of the Company upon any proposed transfer (other than in case of Permitted Transfers (as defined in the Shareholders Agreement)); and (ii) a lock-up or market standoff agreement of not less than one hundred eighty (180) days following the Company’s initial public offering pursuant to a registration statement filed with the Securities and
Exchange Commission under the Securities Act. 
 (m) Section 3.6 to the Disclosure Letter sets forth the Investor Subscription Price
Per Share for the Series A and Series B Shares as such term is used in the Shareholders’ Agreement. 
  

	3.	 Authorisation; Non-Contravention; Approvals; Effects of execution

 (a) The execution of the Agreement by the Company does not violate, conflict with any provision of, or
constitute a default under, or result in the termination of, or accelerate the performance required by, or result in a right of termination or acceleration under, or result in the creation of any lien, security interest, charge or encumbrance upon
any of the properties or assets of the Company under any of the terms, conditions or provisions of (i) the Articles or (ii) any present statute, law, governmental regulation or other binding regulation in the Netherlands or in another
jurisdiction to which the Company is subject. 
 (b) Except for filings with and registrations in the commercial register and except
for notices to the tax authorities, no declaration, filing or registration with, or notice to, or authorization, consent or approval of, any court, governmental or regulatory body or authority or any other person is necessary in connection with
(i) the execution of any document in relation to the Agreement by the Company or (ii) the consummation by the Company of any of the transactions contemplated thereby. 

(c) The Agreement constitutes a legal, valid and binding obligation of the Company enforceable against the Company (as the case may be)
in accordance with the terms thereof. 
 (d) The execution of the Agreement and the performance of the transactions and obligations
contemplated thereby do not constitute a default under and will not result in a breach of any contract, encumbrance, order, judgment or any provision of the Articles of the Company. 

(e) All approvals required for the execution of the Agreement by the Company and the Existing Shareholders and the performance of the
obligations hereunder by the Company have been obtained by the Company and the Existing Shareholders and are irrevocable and unconditional. 

(f) The person executing the Agreement on behalf of the Company has the necessary authority to do so. 

 

	4.	 Subsidiaries 

The Company has no (direct or indirect) ownership interests in any company, partnership, joint venture, trust or other entity, other than Dutch
Holdco, the Dutch Subsidiary, the Swiss Subsidiary and the US Subsidiary (“Company’s Subsidiaries”). The Company directly holds 100% of the interest in the Company’s Subsidiaries. None of the Company’s
Subsidiaries has granted any rights to any person to subscribe for shares in its capital. There have not been and are not any material breaches by any Company’s Subsidiary of its constitutional documents. 

  
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	5.	 Directors/proxy holders 

With the exception of the persons registered at the Commercial Register and as disclosed in Section 3.7 to the Disclosure Letter, there
are no persons who have been appointed as director or proxy holder of the Company, the Dutch Holdco and the Dutch Subsidiary. 
  

	6.	 Books; Reports 

All books, records, minutes and written resolutions of the general meetings and management board meetings of any of the Group Companies
(i) are in the possession of the Group Companies, (ii) have in all material respects been properly and accurately kept and completed to the date hereof in accordance with all applicable laws or binding regulations, (iii) give and
reflect a true and fair view of all matters discussed therein. All filings and publications required under applicable laws or binding regulations of any jurisdictions in which each Group Company carries on business have been properly and timely
made, other than as disclosed in the Disclosure Letter. 
  

	7.	 Litigation 

(a) There are no claims, suits, actions or proceedings pending (the word “pending” when here and hereafter used in the
context of claims shall have the meaning: brought before a court or other competent authority or body), or announced to any Group Company in writing or, to the best knowledge of the Company, threatened to be filed against, any Group Company or any
officer, director, employee or consultant arising out of their relationship with any Group Company, or before any court, governmental department, commission, agency, instrumentality or authority, or any arbitrator. 

(b) No Group Company is subject to any judgement, decree, injunction, rule or order of any court, governmental department, commission,
agency, authority, or any arbitrator, which prohibits or restricts or, to the best knowledge of the Company, threatens to prohibit or restrict, the consummation of the transactions contemplated hereby. 

(c) There is no action, suit, proceeding or investigation by any Group Company pending or which any Group Company intends to initiate.

  

	8.	 Compliance with Laws 

(a) Each Group Company has in all material respects complied with, and is currently complying with, all laws, regulations and orders
applicable to it or its business. No conduct of any of the Group Companies’ business violates any provisions of any applicable laws, orders, regulations or requirements of any governmental agency having jurisdiction thereof. 

(b) With regard to each Group Company, no investigation or review by any governmental or regulatory body or authority is pending or
announced, or, to the best knowledge of the Company, threatened, nor has any governmental or regulatory body or authority indicated to any Group Company an intention to conduct the same. 

(c) The transactions contemplated by the Agreement do not require any notification to any governmental authority, except for customary
(and non-material) filings with and registrations in the commercial register and except for customary (and non-material) notices to the tax authorities. 

  
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 (d) No Group Company, nor any of their controlled Affiliates nor any of the their
respective directors, officers, employees, to the knowledge of the Company agents or other Persons acting on their behalf have, directly or indirectly, made, offered, promised or authorized any payment or gift of any money or anything of value to or
for the benefit of any Person, including a Governmental Official, for the purpose of (i) influencing any official act or decision of such Person or Governmental Official, (ii) inducing such Person or Governmental Official to use his, her
or its influence to affect any act or decision, including of a Governmental Entity, (iii) inducing any Person or such Governmental Official to do or omit to do any act in violation of the lawful duty of such Person or Governmental Official, or
(iv) securing any improper advantage, in the case of (i) – (iv) above in order to assist any Group Company or controlled Affiliate in obtaining or retaining business for or with, or directing business to, any Person. No Group Company, nor
any of their controlled Affiliates, nor any of their respective directors, officers, employees, to the knowledge of the Company, agents or other Persons acting on their behalf, have made or authorized any bribe, rebate, payoff, influence payment,
kickback or other unlawful payment of funds or received or retained any funds in violation of any law, rule or regulation. No officer, director, employee or holder of any financial interest in any Group Company or any of their controlled Affiliates
is currently a Governmental Official. No Group Company, nor any of their controlled Affiliates, nor, any of their respective officers, directors or employees are the subject of any pending, or to the Company’s knowledge, threatened, allegation,
voluntary disclosure, charges, claims, settlements, investigation, prosecution, civil or criminal enforcement action or other enforcement action related to the Anti-Corruption Laws. There are no actions, conditions or circumstances pertaining to the
activities of any Group Company’s or any of their controlled Affiliates’ activities or any of their respective directors, officers, employees, or to the knowledge of the Company, agents or other Persons acting on their behalf that could
reasonably be expected to give rise to any future claims, charges, investigations, violations, settlements, civil or criminal actions, lawsuits, or other court actions under any Anti-Corruption Laws. No Group Company, nor any of their controlled
Affiliates have ever received an allegation, whistleblower complaint, or conducted any investigation regarding compliance or noncompliance with the Anti-Corruption Laws. Each Group Company and their controlled Affiliates have established and
maintain risk-based procedures and reasonable internal controls (including, but not limited to, accounting systems, purchasing systems and billing systems) to ensure the Group Companies and their controlled Affiliates (including any of their
officers, directors, employees, agents or other Person associated with or acting on their behalf) do not violate the Anti-Corruption Laws. Each Group Company and their controlled Affiliates keep books, records and accounts which, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the assets of the Group Company or controlled Affiliate and maintain a system of internal accounting controls sufficient to provide reasonable assurances that:
(w) transactions are executed in accordance with management’s general or specific authorization; (x) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting
principles or any other criteria applicable to such statements, and to maintain accountability for assets; (y) access to assets is permitted only in accordance with management’s general or specific authorization; and (z) the recorded
accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. 
  

	9.	 FDA and General Regulatory Compliance 

(a) The Group Companies are and have been in compliance with all applicable laws and regulations implemented by the U.S. Food and Drug
Administration (“FDA”) or any similar federal, state, or foreign governmental entity, regulatory authority, Notified Body, institutional review board or comparable authority, including the Federal Food, Drug, and Cosmetic Act and all other
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event reporting with respect to any of the products or current business of such Group Company. All products, drug substances, and active pharmaceutical ingredients are manufactured or produced in
compliance with applicable good manufacturing practices. All facilities, including contract manufacturing organizations, that are engaged in manufacturing, processing, packaging, or storing operate in compliance with all applicable laws and
regulations, including good manufacturing practices, and all such facilities have all the required licenses, permits, certifications, and authorizations for its operations, which are in good standing, and none of these facilities has received any
notice from any governmental entity, regulatory authority, or Notified Body identifying any material non-compliance or deficiencies. All non-clinical and clinical
studies and testing conducted by or on behalf of any Group Company are being conducted in accordance with all applicable laws and regulations. Group Companies have not received any notices or correspondence from the FDA or any other governmental
entity, regulatory authority, Notified Body, or any institutional review board or comparable authority, requiring the termination or suspension of any studies, tests, preclinical development or clinical trials conducted by or on behalf of any Group
Company, or any recall or withdrawal of any Group Company product, or any required corrective actions. 
 (b) Each Group Company
possesses all necessary permits, licenses, registrations, certificates, authorizations, orders and approvals (or collectively, “Regulatory Permits”) from the appropriate federal, state or foreign regulatory authorities or governmental
entities necessary to conduct its business as now conducted, including all such Regulatory Permits issued by the FDA, such as an approved Investigational New Drug Application (IND), or any other federal, state or foreign agencies or bodies engaged
in the regulation of drugs, pharmaceuticals, or biohazardous materials. No Group Company has received any notice of proceedings relating to the suspension, modification, revocation or cancellation of any such Regulatory Permits. Neither any Group
Company nor, to any Group Company’s knowledge, any officer, employee or agent of any Group Company has been convicted of any crime or engaged in any conduct that has previously caused or would reasonably be expected to result in
disqualification, debarment, suspension, exclusion, enforcement action, or any other adverse action or proceeding by a regulatory authority or governmental entity under any law or regulation. 

 

	10.	 Financial Statements / Finance 

(a) The Accounts give in all material respects a true and fair view of the financial position of the Group at the Accounts Date and of
the results of the Group for the 12 (twelve) month period ended on the Accounts Date. Except as set forth in the Accounts the Group has no material liabilities or obligations, contingent or otherwise, other than (i) liabilities incurred in
the ordinary course of business subsequent to the Accounts Date; (ii) obligations under Contracts incurred in the ordinary course of business; and (iii) liabilities and obligations of a type or nature not required to be reflected in the
Accounts, which, in all such cases, individually and in the aggregate are not material to the Company’s Business or financial condition. 

(b) The net cash analysis of the Group as of and for the six months ended 30 September 2020 (the “Net Cash
Analysis”) give a true and fair view of net cash available as of 30 September 2020. 
 (c) Since the date of the Net
Cash Analysis, there has not been any circumstance nor a change or event of whatever nature that has or is likely to have a material adverse effect on the Group or which will or is likely to result in any material adverse consequence or damage for
the Group. 
 (d) Since the date of the Net Cash Analysis, the Group has not entered into any transaction outside the ordinary course
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 (e) The Company and the Existing Shareholders represent and warrant that no finders or
similar fees shall be payable by any Group Company in connection with the transactions contemplated by the Agreement. 
  

	11.	 Title To and Condition Of Assets 

(a) Each Group Company has all requisite power, capacity and authority to own and operate its assets and properties and to carry on its
business and activities as heretofore conducted. 
 (b) Each Group Company has good title to, or a valid leasehold interest in, the
assets and properties used by it and that are material to its business (whether or not located on its premises), as reflected in the Management Accounts or acquired after the date thereof, except for properties and assets that have been disposed of
or otherwise terminated in the ordinary course of business, free and clear of all mortgages, liens, pledges, charges or encumbrances of any nature, except for the bank accounts of any Group Company, to which standard/ordinary bank conditions apply.

 (c) All leases under which any Group Company leases real or personal property are listed in Section 3.10 to the Disclosure
Letter and are valid and effective in accordance with their respective terms, and there is not, under any of such leases, any existing material default or event which, with notice or lapse of time or both, would become a material default. 

(d) There are no assets used in the business of a Group Company that it does not own, lease or have an enforceable right to use. 

(e) No Group Company owns any real property. 

(f) No circumstance has arisen in relation to any asset held by a Group Company under a lease or similar agreement whereby the rental
payable has been increased, except for normal increases and increases pursuant to inflation. 
 (g) There are no existing agreements
with, options or rights of or commitments to any person to acquire any of the assets of any Group Company or any interest therein, other than in the ordinary course of business or as disclosed in the Disclosure Letter. 

 

	12.	 Inventory 

No Group Company keeps any inventories other than as disclosed in the Disclosure Letter.. 

 

	13.	 Borrowings 

No Group Company has entered into any loans, overdraft or other financial facilities. No Group Company has granted any security rights in
favour of any company, any bank or any other person, other than those relating to the bank accounts of any Group Company, to which standard/ordinary bank conditions apply. No Group Company has loaned any amounts to persons (other than Group
Companies pursuant to intercompany Contracts). Section 3.12 to the Disclosure Letter sets forth a summary of all intercompany obligations as of the date of this Agreement between the Group Companies. 

  
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	14.	 Intellectual Property Rights 

(a) No Group Company owns any patents, patent applications, tradenames, registered copyrights, domain names or marks except those which
are set forth in Section 3.13 to the Disclosure Letter. 
 (b) Each employee and former employee and consultant and former
consultant has assigned to a Group Company all Intellectual Property Rights he, she or it owns that are related to the Group’s business as now conducted and as presently proposed to be conducted and all Intellectual Property Rights that he, she
or it solely or jointly conceived, reduced to practice, developed or made during the period of his, her or its employment or consulting relationship with any Group Company that (a) relate, at the time of conception, reduction to practice,
development, or making of such Intellectual Property Right, to the Group’s business as then conducted or as then proposed to be conducted, (b) were developed on any amount of any Group Company’s time or with the use of any of any
Group Company’s equipment, supplies, facilities or information or (c) resulted from the performance of services for any Group Company. 

(c) There are no outstanding options, licenses or agreements of any kind relating to the Intellectual Property Rights granted by any
Group Company or entered into by a Group Company, to which a Group Company is bound other than set forth in Section 3.14 to the Disclosure Letter. 

(d) Since its incorporation, no Group Company has received any communications in writing alleging that it has violated or infringed or,
by conducting its business, would violate or infringe any of the patents or other Intellectual Property Rights (including trade secrets and licenses) of any other Person, and the Company does not know of such violations or infringements by any Group
Company. 
 (e) Each Group Company is fully authorized to make use of and/or exploit the relevant licensed Intellectual Property
Rights in connection with the Group’s business as now conducted and as presently proposed to be conducted. 
 (f) To the
Company’s knowledge, the Group Companies own or possess or believe they can acquire on commercially reasonable terms sufficient legal rights to all Intellectual Property Rights without any conflict with, or infringement of, the rights of
others, including prior employees or consultants, with which any of them may be affiliated now or may have been affiliated in the past. To the Company’s knowledge, no product proposed to be marketed or sold by the Group Companies violates or
will violate any license or infringes or will infringe any intellectual property rights of any other party. 
 (g) For purposes of
this Section 14 (Intellectual Property Rights), the Group Companies shall be deemed to have knowledge of a patent right if any Group Company has actual knowledge of the patent right or would be found to be on notice of such patent right
as determined by reference to United States patent laws. 
 (h) Section 3.13 of the Disclosure Letter lists all patents and patent
applications owned by or licensed to any Group Company. 
  

	15.	 Contracts, Obligations and Commitments 

(a) Except as set forth in Section 3.15 to the Disclosure Letter, there are no agreements, understandings, instruments, contracts
or proposed transactions to which a Group Company is a party or by which it is bound that involve (i) obligations (contingent or otherwise) of, or payments to, a Group Company in excess of $200,000, (ii) the license of any patent,
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proprietary right to or from any Group Company, (iii) the grant of rights to manufacture, produce, assemble, license, market, or sell its products to any other Person that limit the Group
Companies’ exclusive right to develop, manufacture, assemble, distribute, market or sell its products, or (iv) indemnification by the Group Companies with respect to infringements of proprietary rights. Each contract disclosed in any
section of the Disclosure Letter is referred to herein as a “Contract”. 
 (b) The Contracts have not been pledged
or assigned in any respect, are legally valid, binding and enforceable in accordance with their respective terms and are in full force and effect, and there are no defaults under the Contracts. No Group Company has received written notice of any
default, off-set, counterclaim or defence under any Contract. To the best of the Company’s knowledge there is no condition or event that has occurred which with the passage of time or the giving of notice
or both would constitute a default or breach by a Group Company of the terms of any Contract. There does not exist, any security interest, mortgage, pledge, restriction, charge, lien, encumbrance or claim of others on any interest of a Group Company
created under any Contract, except for customary security granted in the ordinary course of business. None of the Contracts is subject to termination from and after the Completion Date and prior to the expiration of its stated term by any party to
such Contract, except as stated in each such Contract. 
 (c) There have been no transactions, agreements or understandings by a
Group Company with any officer, employee, director, shareholder or any Affiliate or Family Member of any such party (“Related Parties”) other than disclosed in Section 3.16 to the Disclosure Letter and no Related Party has any
cause of action or other claim whatsoever or owes any material amount to, or is owed any material amount by, a Group Company other than disclosed in the Disclosure Letter. 

(d) No Group Company is a party to any agency, distribution, marketing or purchasing agreement or arrangement or any (other)
restrictive trading arrangement pursuant to which any part of its business is carried on or which in any way restricts its freedom to carry on (part of) its business in any part of the world, other than disclosed in the Disclosure Letter. 

(e) Except as set forth in Section 3.17 to the Disclosure Letter, there are no side letters or other agreements currently in
effect of proposed between any Group Company and any of the Group Company’s current or prospective investors. 
  

	16.	 Permits 

(a) All necessary licenses, consents, approvals, permissions, permits and authorisations (public and private) (collectively,
“Permits”) have been obtained by each Group Company to enable it to lawfully carry on its business effectively in the places and in the manner in which such business is now carried on and all such Permits are valid and in full force
and effect and the Company knows of no reason, and is not aware of any facts or circumstances which (with or without the giving of notice or lapse of time) would be likely to give rise to any reason, why any of such Permits would be suspended,
cancelled, revoked or not renewed. 
 (b) To the best knowledge of the Company, no Group Company needs any Permits, other than the
Permits that it already obtained, to carry out the Operating Budget. 
 (c) None of the Permits may be terminated or otherwise
affected upon as a result of the issuance of Shares to the Subscribers in accordance with the Agreement. 

  
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 (d) No Group Company breaches, infringes or violates any Permit. No Group Company has
received a notice from any governmental authority or other person that it is breaching, infringing or violating any Permit. 
 (e)
The transactions contemplated by the Agreement do not require any notification in respect of any Permit. 
  

	17.	 Competition 

No Group Company has committed or omitted to do any act or thing which could give rise to any financial penalty by any competition authority
nor is any Group Company party to any agreement, practice or arrangement which in whole or in part is invalid under any other anti-trust, anti-monopoly or anti-cartel legislation or regulations, including but not limited to the Dutch Competition Act
(Mededingingswet). 
  

	18.	 Insurance 

No Group Company has insurance policies except its current directors and officers insurance and as set out in Section 3.18 of the
Disclosure Schedule. 
  

	19.	 Guarantees 

None of the Group Companies is a guarantor or otherwise liable for any liability or obligation (including indebtedness) of any other person or
legal entity. 
  

	20.	 Employees 

(a) No Group Company has officers, employees, directors or consultants other than set forth in Section 3.19 of the Disclosure
Letter. 
 (b) The Group Companies have for the last 3 (three) years been in all material respects in compliance with the Applicable
Law regarding employment and employment practices. 
 (c) No Group Company maintains or sponsors, or participates or contributes in,
an employee benefit plan which is subject to the Employee Retirement Income Security Act of 1974, as amended. 
 (d) To the
Company’s knowledge, no Group Company employee, contractor or consultant intends to terminate employment with a Group Company or is otherwise likely to become unavailable to continue as an employee, nor does any Group Company have a present
intention to terminate the employment of any of the foregoing. 
 (e) No Group Company has made any representations regarding equity
incentives to any officer, employee, director or consultant that are inconsistent with the share amounts and terms set forth in the minutes of meetings of the Board of Directors. 

  
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	21.	 Taxation 

(a) Each Group Company has filed all taxation returns and made all taxation payments that should have been filed and paid. All taxation
returns were true, correct and complete in all material respects. 
 (b) No final reminders for the filing of returns of any Group
Company have been received with respect to tax periods for which no final assessment has been received on or before the Completion Date. 

(c) No Group Company has concluded any agreement, ruling or compromise with any competent Tax Authority except as listed in
Section 3.20 of the Disclosure Letter. 
 (d) No disputes exist with the Tax Authority regarding the taxation position of any
Group Company, or any of its properties assets or income or regarding the taxation returns filed by it. 
 (e) No audits or
investigations by the Tax Authority are presently being made regarding the taxation position of any Group Company or any of its properties, assets or income regarding the taxation returns filed by it. 

(f) No requests for international exchange of information are pending regarding Taxation relating to any Group Company or its business
relations. 
 (g) No objection procedure (bezwaarschriftprocedure) or similar procedure under foreign law or court proceedings
are presently pending with the Tax Authority or the competent court or courts. 
 (h) Each Group Company has always duly and timely
paid Taxation except as disclosed in Section 3.22 to the Disclosure Letter. 
 (i) Neither any Group Company, nor one or more of
its managing directors (bestuurders) in their capacity as director, has ever been the subject of a criminal investigation relating to or involving Taxation. 

(j) Neither any Group Company, nor one or more of its managing directors (bestuurders) in their capacity as director, has ever
been found guilty of fraud relating to or involving Taxation. 
 (k) No collection procedures have been initiated against any Group
Company or any of its properties, assets or income for account of any taxation. No Group Company has received any reminders (aanmaningen) or warrants (dwangbevelen) or other similar reminders or warrants under foreign law, relating to
the payment of Taxation except as disclosed in Section 3.23 to the Disclosure Letter. 
 (l) No Group Company has acted as
liquidator (vereffenaar) of any entity in the sense of the Netherlands General Tax Act (lichaam in de zin van de Algemene Wet inzake rijksbelastingen). 

(m) The Company has never been classified as a “passive foreign investment company” within the meaning of Section 1297
of the Code and, based on the Company’s current projected income, assets and activities, does not expect to be so classified for its current taxable year during which the Closing occurs or for any future years. 

  
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 (n) Dutch Holdco, Dutch Subsidiary, US Subsidiary and Swiss Subsidiary is and has
always been deemed exclusively tax resident of the jurisdiction of its incorporation and is not and has not been subject to Tax in any jurisdiction other than its place of incorporation by virtue of having a permanent establishment, a permanent
representative, other place of business or any other taxable presence in that jurisdiction. 
 (o) All submissions to any
Governmental Authority in connection with any request or application for granting cost reductions and reimbursements in respect of the research and development activities of any Group Company relating to the oral bradykinin B2 receptor including,
without limitation, for the application of the Dutch R&D wage tax scheme (Regeling S&O-afdrachtvermindering) for each relevant period were true and accurate in all material respects as of the date of submission and the
Company obtained an R&D declaration (S&O verklaring) from the relevant Governmental Authority for each relevant period and has complied with all terms and conditions of its R&D declarations and the R&D wage tax scheme.
There are no facts that would reasonably be expected to result in any suspension, revocation or cancellation of the relevant R&D declarations obtained by the Company. 

(p) The Company is treated as a corporation for purposes of the Code. 

(q) Transactions entered into among the Group Companies and their affiliates comply, and, solely in relation to the sublicense
agreement to be entered into by Pharvaris Netherlands B.V. and Pharvaris GmbH will comply, with all transfer pricing laws of all relevant jurisdictions in force at the date of this Agreement. 

(r) The establishment of Pharvaris GmbH and the sublicense agreement to be entered into between Pharvaris Netherlands BV and Pharvaris
Gmbh have not given rise and will not give rise to a taxable disposition of the intellectual property rights owned by Pharvaris Netherlands BV or any other Dutch Pharvaris entity for purposes of Dutch tax. 

 

	22.	 Environmental Warranties 

(a) In all material respects, all current and previous activities of the Group Companies have been conducted in compliance with all
environmental laws, currently and previously applicable. 
 (b) No Group Company has received in writing any claim, notice, action or
communication from any governmental or regulatory authority, nor is such claim pending or is such notice, action or communication, to the best knowledge of the Company, being prepared, claiming any violation of any of the relevant environmental
laws. 
  

	23.	 Disclosure 

The Company has made available to the Subscribers all the information reasonably available to the Company and that the Company reasonably
believes to be important for the Subscribers for deciding whether to acquire the Subscriber Shares. No representation or warranty of the Company contained in this Agreement, as qualified by the information fairly disclosed in the Disclosure Letter,
and no certificate furnished or to be furnished to Subscribers at the Closing contains any untrue statement of a material fact or, to the Company’s knowledge, omits to state a material fact necessary in order to make the statements contained
herein or therein not misleading in light of the circumstances under which they were made. It is understood that this representation is qualified by the fact that the Company has not delivered to the Subscribers, and has not been requested to
deliver, a private placement or similar memorandum or any written disclosure of the types of information customarily furnished to purchasers of securities. 

  
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	24.	 U.S. and E.U. Trade and Economic Sanctions 

The Group has compiled with all applicable U.S. and E.U. trade and economic sanctions laws and regulations. Without limiting the
foregoing, the Group has not done any business or provided any products, technology or services, directly or indirectly, to any person in Iran, Syria, Cuba, North Korea or the Crimea region of the Ukraine or covered by any U.S. or E.U. list of
sanctioned persons, including but not limited to the U.S. Department of Treasury’s List of Specially Designated Nationals and Blocked Persons. The Group also does not have any employees, officers, directors, contractors or agents who are
nationals or citizens of Iran, Syria, Cuba, North Korea or the Crimea region of the Ukraine nor covered by any U.S. or E.U. list of sanctioned persons, including but not limited to the U.S. Department of Treasury’s List of Specially Designated
Nationals and Blocked Persons. 
  

	25.	 Privacy and Data Protection. 

In connection with the collection, storage, use, disclosure, or other processing of any information constituting “personal
information,” “personal data,” “protected health information,” or “personally identifiable information” as defined in applicable laws and regulations (collectively “Personal Data”) by or for any
Group Company, each Group Company and its applicable personnel and service providers are in compliance, and have at all times been in compliance in all material respects, with (i) all applicable laws and regulations, (ii) applicable
policies, notices, and statements regarding privacy, data protection, or data security, and (iii) the requirements of any contract or any binding codes of conduct or industry standards. Each Group Company maintains and has maintained reasonable
and appropriate physical, technical, and administrative security measures and policies to protect all Personal Data owned, stored, used, maintained, controlled, or otherwise processed by or on behalf of each Group Company from and against unlawful,
accidental or unauthorized access, destruction, loss, use, modification and/or disclosure. Each Group Company is in compliance, and has been in compliance in all material respects, with all laws and regulations, relating to data loss, theft and
breach of security notification obligations. Except as has not been and would not reasonably be expected to be material to the Group Companies, there has been no occurrence of unlawful, accidental or unauthorized destruction, loss, use, modification
or disclosure of or access to Personal Data or confidential information or trade secrets owned, stored, used, maintained, controlled, or processed by or for any Group Company. 

 

	26.	 Defense Production Act 

The U.S. Subsidiary is not a ‘TID US Business’ as defined in the Defense Production Act of 1950, as amended, including all
implementing regulations. 

  
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	Schedule 8.	     DATA ROOM INDEX 

  
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	Schedule 9.	     NOTICES 

 

			
	Pharvaris B.V.
	Attn:	  	B. Modig
	Email address:	  	berndt.modig@pharvaris.com
	Address:	  	 J.H. Oortweg 21
 2333 CH Leiden

The Netherlands

	With copies, which shall not constitute notice, to:	  	  
 Kirkland & Ellis LLP

Attn. Sophia Hudson
 601 Lexington Avenue

New York, NY 10022
 Email address:
sophia.hudson@kirkland.com
  
 NautaDutilh N.V.

Attn. Ruud Smits
 Beethovenstraat 400 (1082 PR)

Amsterdam, the Netherlands
 Email address:
Ruud.Smits@nautadutilh.com

  

			
	Foresite Capital Fund IV, L.P.
	Attn:	  	Michael Rome
	Email address:	  	michael@foresitecapital.com
	Address:	  	 600 Montgomery Street, Suite 4500
 San
Francisco, CA 94111
 The United States

  

			
	Bain Capital Life Sciences Fund, L.P.
	Attn:	  	Ricky Sun
	Email address:	  	rsun@baincapital.com
	Address:	  	 200 Clarendon Street Boston, MA 02116
 The
United States

  

			
	BCIP Life Sciences Associates, LP
	Attn:	  	Ricky Sun
	Email address:	  	rsun@baincapital.com
	Address:	  	 200 Clarendon Street Boston, MA 02116
 The
United States

  
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	venBio Global Strategic Fund III, L.P.
	Attn:	  	Richard Gaster
	Email address:	  	richard@venbio.com
	Address:	  	1700 Owens Street Suite 595 San Francisco, CA 94158,
United States of America

  

			
	Viking Global Opportunities Illiquid Investments Sub-Master LP
	Attn:	  	Haley Garrett
	Email address:	  	legalnotices@vikingglobal.com
	Address:	  	c/o Viking Global Investors LP, 55 Railroad Ave., Greenwich, CT 06830
	With copy to:	  	  
 Wilson Sonsini, Professional Corporation

701 5th Ave #5100, Seattle, WA 98104
 Attn. John Brust

Email address: jbrust@wsgr.com
  

De Brauw Blackstone Westbroek
 Att: Bernard Spoor and
Heleen Koggink
 Claude Debussylaan 80
 1082 MD Amsterdam

The Netherlands
 bernard.spoor@debrauw.com and
heleen.koggink@debrauw.com

  

			
	General Atlantic PH B.V.
	Attn:	  	Ingrid van der Hoorn
	Email address:	  	ivanderhoorn@generalatlantic.com
	Address:	  	Raamplein 1, 1016XK Amsterdam, the Netherlands

  

			
	With copy to:	  	 General Atlantic Services Company, L.P.

Park Avenue Plaza
 55 East 52nd Street, 33rd Floor

New York, NY 10055
 Attn.: Gordon Cruess

Email address: gcruess@generalatlantic.com
  

Wilson Sonsini, Professional Corporation
 701 5th Ave
#5100, Seattle, WA 98104
 Attn. John Brust
 Email address:
jbrust@wsgr.com

  
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		  	 De Brauw Blackstone Westbroek
 Att:
Bernard Spoor and Heleen Koggink
 Claude Debussylaan 80
 1082
MD Amsterdam
 The Netherlands
 bernard.spoor@debrauw.com and
heleen.koggink@debrauw.com

  

			
	Venrock Healthcare Capital Partners III, L.P.
	Attn:	  	Sherman Souther
	Email address:	  	 ssouther@venrock.com

	Address:	  	 3340 Hillview Avenue
 Palo Alto, CA
94304

  

			
	VHCP Co-Investment Holdings III, LLC
	Attn:	  	Sherman Souther
	Email address:	  	ssouther@venrock.com
	Address:	  	 3340 Hillview Avenue
 Palo Alto, CA
94304

  

			
	Venrock Healthcare Capital Partners Eg, L.P.
	Attn:	  	Sherman Souther
	Email address:	  	ssouther@venrock.com
	Address:	  	 3340 Hillview Avenue
 Palo Alto, CA
94304

  

			
	Cormorant Private Healthcare Fund III, LP
	Attn:	  	Neb Obradovic
	Email address:	  	neb@cormorant-asset.com
	Address:	  	 200 Clarendon Street 52nd Floor
 Boston, MA
02116

  

			
	Cormorant Global Healthcare Master Fund, LP
	Attn:	  	Neb Obradovic
	Email address:	  	neb@cormorant-asset.com
	Address:	  	 200 Clarendon Street 52nd Floor
 Boston, MA
02116

  

			
	CRMA SPV, LP
	Attn:	  	Neb Obradovic
	Email address:	  	neb@cormorant-asset.com
	Address:	  	 200 Clarendon Street 52nd Floor
 Boston, MA
02116

  
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	Schedule 10.	   OPINION OF DUTCH COUNSEL 

  
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	Schedule 11.	   NOTARY LETTER 

  
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	Schedule 12.	   DISCLOSURE LETTER 

  
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	Schedule 13.	   IPO ALLOCATION LETTERS 

  
 68EX-10.5

 Exhibit 10.5 
  

					
		 	

	  	
			
		 	 1

Execution Copy
	  	

 SECOND AMENDED AND RESTATED 

SHAREHOLDERS AGREEMENT 

dated 5 November 2020 

with regard to the shareholding in 

PHARVARIS B.V. 
  

 
 for the terms and
conditions of the participation of the 
 Shareholders in the Company 

 
  

 
 

 

  
 

 
  
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	 TABLE OF CONTENTS
	  			
		
	 DEFINITIONS AND INTERPRETATION
	  	 	7	 
			
	 1.1
	  	Definitions and interpretation	  	 	7	
	 1.2
	  	Schedules and Annexes	  	 	8	
		
	CONSTITUTIONAL DOCUMENTS AND SHARE CAPITAL	  	 	8	 
			
	 2.1
	  	Articles of Association	  	 	8	
	 2.2
	  	Capitalisation	  	 	8	
		
	BOARD	  	 	9	 
			
	 3.1
	  	The Board	  	 	9	
	 3.2
	  	Meetings	  	 	11	
	 3.3
	  	Decision-making	  	 	12	
	 3.4
	  	Representation	  	 	12	
	 3.5
	  	Conflict of Interest	  	 	13	
	 3.6
	  	Board Observer	  	 	13	
	 3.7
	  	Expenses	  	 	14	
	 3.8
	  	D&O Insurance	  	 	14	
	 3.9
	  	Implementation at Subsidiaries	  	 	15	
		
	GENERAL MEETING	  	 	15	 
			
	 4.1
	  	Voting Agreement	  	 	15	
	 4.2
	  	Annual Meeting	  	 	16	
	 4.3
	  	Meeting formalities	  	 	17	
	 4.4
	  	Implementation at Subsidiaries	  	 	18	
		
	INFORMATION AND INSPECTION RIGHTS	  	 	19	 
			
	 5.1
	  	General	  	 	19	
		
	TRANSFER OF SHARES	  	 	22	 
			
	 6.1
	  	General	  	 	22	
	 6.2
	  	Permitted Transfers	  	 	22	
	 6.3
	  	Right of first refusal	  	 	24	
	 6.4
	  	Drag along right	  	 	27	
	 6.5
	  	Right of Co-Sale	  	 	30	
	 6.6
	  	Effect of failure to comply	  	 	32	

  
 

 
  
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	PRE-EMPTIVE RIGHTS	  	 	33	 
		
	PREFERRED DIVIDEND, LIQUIDATION PREFERENCE, CONVERSION AND REDEMPTION	  	 	35	 
			
	 8.1
	  	Deemed Liquidation Event	  	 	35	
	 8.3
	  	Conversion	  	 	38	
		
	ANTI-DILUTION PROTECTION	  	 	40	 
		
	EMPLOYEE INCENTIVE SCHEME	  	 	42	 
		
	CONFIDENTIALITY AND ANNOUNCEMENTS	  	 	42	 
		
	DURATION	  	 	43	 
		
	DATA PROTECTION	  	 	44	 
		
	TAX	  	 	44	 
		
	REGISTRATION RIGHTS	  	 	47	 
		
	MISCELLANEOUS	  	 	59	 
			
	 16.1
	  	Compliance	  	 	59	
	 16.2
	  	Further action	  	 	60	
	 16.3
	  	Invalidity	  	 	60	
	 16.4
	  	Amendment	  	 	60	
	 16.5
	  	Additional Investors	  	 	62	
	 16.6
	  	Entire agreement	  	 	62	
	 16.7
	  	No implied waiver	  	 	62	
	 16.8
	  	No rescission	  	 	62	
	 16.10
	  	Notices	  	 	62	
	 16.11
	  	Assignment or encumbrance	  	 	63	
	 16.12
	  	Notary	  	 	63	
	 16.13
	  	Governing Law	  	 	63	
	 16.14
	  	Disputes	  	 	64	
	 16.15
	  	Restrictive Covenants	  	 	64	

  

							
	 SCHEDULE 1.
	  	DEFINITIONS AND INTERPRETATION	  	 	89	 
			
	 SCHEDULE 2.
	  	CAPITALISATION OF THE COMPANY	  	 	106	 
			
	 SCHEDULE 3.
	  	BOARD RESERVED MATTERS	  	 	107	 
			
	 SCHEDULE 4.
	  	GENERAL MEETING RESERVED MATTERS	  	 	109	 
			
	 SCHEDULE 5.
	  	DEED OF ADHERENCE	  	 	111	 
			
	 SCHEDULE 6. 
	  	NOTICES	  	 	113	 

  
 

 
  
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 SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

THE UNDERSIGNED 
 This second amended and restated
shareholders agreement (the “Agreement”) is entered into on 5 November 2020 among: 
  

	1.	 Pharvaris B.V., a private company with limited liability (besloten vennootschap met beperkte
aansprakelijkheid), having its corporate seat in Leiden, the Netherlands (address: J.H. Oortweg 21, 2333 CH Leiden, the Netherlands, trade register number: 64239411) (the “Company”); 

 

	2.	 Viking Global Opportunities Illiquid Investments Sub-Master LP,
a limited partnership under the laws of the Cayman Islands, having its registered address at Maples Corporate Services Limited PO Box 309 Ugland House, Grand Cayman KY1-1104 Cayman Islands, and registered with
the Cayman Islands Registrar of Exempted Limited Partnerships (registration number 693988) (“Viking”); 

  

	3.	 General Atlantic PH B.V., a private company with limited liability (besloten vennootschap met
beperkte aansprakelijkheid), having its corporate seat in Amsterdam (address: Raamplein 1, 1016XK Amsterdam, the Netherlands, trade register number: 78698154) (“GA”); 

 

	4.	 Cormorant Private Healthcare Fund III, LP, a limited partnership under laws of Delaware, having its
registered office at the Corporation Trust Company, 1209 Orange Street, Wilmington, New Castle County, DE 19801, and registered with the State of Delaware Division of Corporation under number 7995704
(“Cormorant-1”), Cormorant Global Healthcare Master Fund, LP, a limited partnership under the laws of Cayman Islands, having its registered address at PO Box 309, Ugland House, Grand
Cayman, KY1-1104, Cayman Islands and registered with Cayman Islands Monetary Authority under number MC-71235
(“Cormorant-2”) and CRMA SVP, L.P., a limited partnership under the laws of Cayman Islands, having its registered address at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands and registered with Cayman Islands Monetary Authority under number MC-83458 (“Cormorant-3”
and, together with Cormorant-1 and Cormorant-2, “Cormorant”); 

 

	5.	 Foresite Capital Fund IV, L.P., a limited partnership under the laws of the state of Delaware, the
United States of America, having its registered office at 600 Montgomery Street, Suite 4500, San Francisco, CA 94111 (file number 6382791) (“Foresite-1”) and Foresite Capital Fund V,
L.P., a limited partnership under the laws of the state of Delaware, the United States of America, having its registered office at 600 Montgomery Street, Suite 4500, San Francisco, CA 94111 (file number 7666811) (“Foresite-2” and, together with Foresite-1, “Foresite”); 

  

	6.	 Bain Capital Life Sciences Fund, L.P., an exempted limited partnership formed and registered under the
laws of the Cayman Islands, having its registered office at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands and registered with the Cayman Islands Registrar of Exempted Limited Partnerships
(registration number 87418) (“Bain Capital”); 

  
 

 
  
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	7.	 BCIP Life Sciences Associates, LP, a limited partnership formed under the laws of the state of Delaware,
the United States of America, having its registered office at Suite 302, 4001 Kennett Pike, Wilmington, Delaware, 19807 and registered with the Secretary of State of the State of Delaware (registration number 6201990)
(“BCIP”, and together with Bain Capital, “Bain”) 

  

	8.	 venBio Global Strategic Fund III, L.P., a Cayman Limited Partnership under the laws of the Cayman
Islands (registration number Cert #WC-95981), having its registered office at 1700 Owens Street Suite 595 San Francisco, CA 94158 (“venBio”); 

 

	9.	 LSP V Cooperatieve U.A., a co-operative
(coöperatie met uitgesloten aansprakelijkheid) organized and existing under the laws of the Netherlands, with its seat in Amsterdam, the Netherlands with address at Johannes Vermeerplein 9, 1071 DV Amsterdam, the
Netherlands, registered with the Trade Register of the Chamber of Commerce under file number 61888575 (“LSP V”); 

  

	10.	 KURMA BIOFUND II, a private equity fund formed and existing under the laws of France, duly managed and
represented by its management company Kurma Partners S.A., a limited company, with registered office at 24 Rue Royale, 75008, Paris (France), incorporated under the laws of France and registered with the Trade and Companies Registry of Paris,
under number 510 043 136, acting on behalf of and representing (“Kurma”); 

  

	11.	 (i) Idinvest Patrimoine n°4 IR, (ii) Objectif Innovation Patrimoine
n°8, (iii) Idinvest Patrimoine n°5, (iv) Idinvest Patrimoine 2015, (v) Objectif Innovation Patrimoine n°9 (vi) Idinvest Patrimoine n°6, (vii)
Idinvest Partimoine 2019, and (viii) Objectif Innovation 2019; all of the foregoing being private equity funds formed and existing under the laws of France, duly managed and represented by its management company Idinvest
Partners S.A., a limited company, with registered office at 117 Avenue des Champs Elysees, 75008, Paris (France), incorporated under the laws of France and registered with the Trade and Companies Registry of Paris, under number 414 735 175,
(which shall for the purpose of this Agreement be considered as one Party, and hereinafter collectively referred to as “Idinvest”); 

  

	12.	 Venrock Healthcare Capital Partners III, L.P., a limited partnership formed under the laws of the State
of Delaware in the United States of America, having its registered office at 3340 Hillview Avenue, Palo Alto, CA 94304 and registered with the Delaware Secretary of State, Division of Corporations (file number 6828508) (“Venrock-1”), VHCP Co-Investment Holdings III, LLC, a limited liability company formed under the laws of the state of Delaware, the United States of America,
having its registered office at 3340 Hillview Avenue, Palo Alto, CA 94304 and registered with the Delaware Secretary of State, Division of Corporations (file 

  
 

 
  
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	 	number 6828501) (“Venrock-2”) and Venrock Healthcare Capital Partners Eg, L.P., a limited partnership formed under the laws of the State of Delaware
in the United States of America, having its registered office at 3340 Hillview Avenue, Palo Alto, CA 94304 and registered with the Delaware Secretary of State, Division of Corporations (file number 7852507)
(“Venrock-3” and, together with Venrock-1 and Venrock-2, “Venrock”); 

 

	13.	 Berndt Modig, residing at Hirsernstrasse 6, CH-6052 Hergiswil
NW, Switzerland, holder of the Swedish passport with number 91275034 (“Berndt Modig”); 

  

	14.	 Schoodic Management B.V., a private limited liability company organized and existing under the laws of
the Netherlands, having its corporate seat in Leiden, The Netherlands, with address at J.H. Oortweg 21, 2333 CH Leiden, The Netherlands, registered with the trade register of the Dutch Chamber of Commerce under number 62815024 (“Schoodic
BV”); 

  

	15.	 Joachim Knolle, residing at Wetteraustrasse 25, D-60389
Frankfurt am Main, Germany, born in Bad Lauterberg Im Harz, Germany, on the ninth day of June, nineteen hundred and forty-nine, married, holder of the German passport with number C5HTKFTPW (“Joachim Knolle”); 

 

	16.	 Jens Eckart Kaspar Schneider-Mergener, residing at Weg zum Zwiebelfeld 1, 16798 Fiirstenberg, Germany,
born in Bielefeld, Germany, on the tenth day of June, nineteen hundred and fifty-six, married, holder of the German passport with number C3R3YGK91 (“Jens
Schneider-M.”); 

  

	17.	 Johannes Gerardus Christiaan Petrus Schikan, residing at Herengracht 14C, 1015 BK Amsterdam, The
Netherlands, born in Heerlen, The Netherlands, on the eleventh day of September, nineteen hundred and fifty-eight, married, holder of the Dutch passport with number NRL98CLO9 (“Hans Schikan”); 

 

	18.	 Luc Madeleine Albert Dochez, residing at Klein Vilvoordestraat 8, 3078 Meerbeek, Belgium, born in
Hasselt, Belgium, on the eight day of November, nineteen hundred and seventy-four, married, holder of the Belgian passport with number EJ276939 (“Luc Dochez”); and 

 

	19.	 GrayMatters Consulting B.V.B.A., a private limited liability company organized and existing under the
laws of Belgium, having its corporate seat at Nachtegalendreef 27, 2980 Zoersel, Belgium, with company number 0849 131 961 (“GrayMatters BVBA”); 

the parties under numbers 2 through 12 collectively referred to as the “Investors” and each individual as an
“Investor”; the parties under numbers 13 through 19 collectively referred to as the “Founders” and each individually as a “Founder”; the parties under numbers 2 through 19 collectively
referred to as the “Shareholders” and each individually as a “Shareholder”; and the parties under numbers 1 through 19 collectively referred to as the “Parties” and each individually as a
“Party.” 

  
 

 
  
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 WHEREAS 
  

	A.	 The Company is involved in the development and commercialization of a treatment of hereditary angioedema
through orally available bradykinin B2 receptor antagonists (the “Business”). 

  

	B.	 On the 31st day of March, 2016, the relevant Parties
executed an agreement with regard to, among other things, the issue of convertible preferred shares A in the Company’s capital (the “Series A Shares”). 

 

	C.	 On the 25th day of July 2019, the Series B Holders and the
Company executed a share subscription agreement with regard to, among other things, the issue of convertible preferred shares B in the Company’s capital (the “Series B Shares”), which agreement was amended by an amendment
agreement dated 29 July 2020 (the “Prior SSA”). 

  

	D.	 On the 3rd day of November 2020, the Series C Holders and
the Company executed a share subscription agreement, with regard to the issue of convertible preferred shares C in the Company’s capital (the “Subscription Agreement”, and the “Series C Shares”).

  

	E.	 Pursuant to the Subscription Agreement, the Parties have, among other things, agreed to execute on the date of
the Closing Date a notarial deed effectuating the issue of Series C Shares (in addition to the already issued Series A Shares, Series B Shares, and ordinary shares in the Company’s capital (the “Ordinary Shares”)) as a result
of which the Shareholders will own 100% of the issued share capital of the Company. 

  

	F.	 The Company, the Series A Holders, the Series B Holders and the Founders are parties to the first amended and
restated shareholders agreement, dated August 1, 2019, which shall be amended and restated, in its entirety, by this Agreement. 

  

	G.	 The Parties wish to lay down in this agreement and the Articles the terms and conditions for their
participation in the Company. 

 NOW HEREBY AGREE AS FOLLOWS 

DEFINITIONS AND INTERPRETATION 
  

	1.1	 Definitions and interpretation 

 

	1.1.1	 Capitalised terms and expressions used in this Agreement have the meanings ascribed thereto in part 1 of
Schedule 1 (Definitions and Interpretation). 

  

	1.1.2	 The provisions set out in part 2 of Schedule 1 (Definitions and Interpretation) shall
apply throughout this Agreement. 

  
 

 
  
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	1.1.3	 Headings are inserted for convenience only and shall not affect the construction of this Agreement.

  

	1.2	 Schedules and Annexes 

Each of the Schedules and Annexes forms part of this Agreement and have the same force and effect as if set out in the body of this Agreement.
Any reference to this Agreement shall include a reference to all Schedules and Annexes. 
 CONSTITUTIONAL DOCUMENTS AND SHARE CAPITAL 

 

	2.1	 Articles of Association 

 

	2.1.1	 On or about the date of this Agreement, the Articles have been amended in accordance with the draft deed of
amendment of the Articles attached to the Subscription Agreement. 

  

	2.1.2	 The legal relationship (rechtsverhouding) between the Shareholders and the Company shall be governed by
the Articles, the terms of this Agreement and Applicable Law. In case of any conflict between any of the terms of the Articles and this Agreement, the terms of this Agreement shall prevail, subject to mandatory law. In such event, the Parties shall
reconcile at the first request of any Party the terms of the Articles with this Agreement, and the Parties agree that pending such reconciliation, they shall not act in a manner which is inconsistent with this Agreement. In addition, the Parties
shall take such other action (including such actions as required under the Articles), all to the extent permitted under mandatory law, as to give maximum effect to the provisions and purpose of this Agreement. 

 

	2.1.3	 A Person can hold Shares only if it is a Party to this Agreement. 

 

	2.2	 Capitalisation 

The capitalisation of the Company, immediately after the Closing as contemplated by the Subscription Agreement, is attached hereto as
Schedule 2 (Capitalisation of the Company). 
  

	2.3	 Existing Shareholders Agreement 

This Agreement shall amend and restate the existing first amended and restated shareholders agreement dated August 1, 2019 entered into
between the Company, the Series A Holders, the Series B Holders and the Founders (the “Prior Agreement”). The Company, the Series A Holders, the Series B Holders and the Founders hereby terminate the Prior Agreement. 

  
 

 
  
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	2.4	 Waiver 

Each of the Founders, Series A Holders and Series B Holders hereby waives its pre-emption rights or any
other transfer restrictions and its rights of first refusal and similar rights under the Articles and the Prior Agreement in relation to the issuances of the Series C Shares under and in accordance with the Subscription Agreement. 

BOARD 
  

	3.1	 The Board 

  

	3.1.1	 The Company shall have a one tier Board composed of at most eight (8) members, being at least one
(1) executive director and at most seven (7) non-executive directors (“Non-Executive Directors”), who are appointed pursuant to the following
provisions: 

  

	 	a.	 one (1) member of the Board shall be the chief executive officer of the Company, who shall be appointed by
the General Meeting and who is currently Berndt Modig (the “Executive Director”); 

  

	 	b.	 two (2) members of the Board shall be appointed, suspended and dismissed by the General Meeting of holders
of Ordinary Shares (excluding the Preferred Holders), upon nomination by the Founders (the “Founder Directors”); provided, that at any such time that the Executive Director is a Founder, then the Founders shall have
the right to nominate only one (1) Founder Director to be appointed as set forth in this Clause 3.1.1(b); the Founder Director is currently Hans Schikan, considering that the Executive Director is initially a Founder; 

 

	 	c.	 two (2) members of the Board, each being a Non-Executive Director,
shall be appointed, suspended and dismissed by the General Meeting of Series A Holders, who shall not appoint a person that already has a Board seat, as follows (as with respect to each such Series A Holder, so long as such holder holds any Series A
Shares), whereby: 

  

	 	i.	 one member is appointed, suspended and dismissed upon nomination by LSP and is currently Martijn Kleijwegt; and

  

	 	ii.	 one member is appointed, suspended and dismissed upon nomination by Kurma and is currently Remi Droller;

 the Non-Executive Directors under (i) and (ii) hereinafter jointly the
“Series A Directors” and individually a “Series A Director”, 

  
 

 
  
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	 	d.	 two (2) members of the Board, each being a Non-Executive Director,
shall be appointed, suspended and dismissed by the General Meeting of Series B Holders as set forth below, who shall not appoint a person that already has a Board seat (as with respect to each such Series B Holder, so long as such holder holds any
Series B Shares), whereby: 

  

	 	iii.	 one member is appointed, suspended and dismissed upon nomination by Foresite and is currently Michael Rome; and

  

	 	iv.	 one member is appointed, suspended and dismissed upon nomination by venBio and is currently Richard Gaster;

 the Non-Executive Directors under (i) and (ii) hereinafter jointly the
“Series B Directors” and individually a “Series B Director; 
  

	 	e.	 one (1) additional member of the Board, being a Non-Executive
Director unaffiliated with any of the Company’s management or any of the Major Holders, shall be appointed, suspended and dismissed by the General Meeting, who shall not appoint a person that already has a Board seat, such appointment to be
approved by a majority of the Board (the “Independent Director”). 

  

	3.1.2	 Each Party agrees and undertakes to vote their Shares or to extend or grant consents, as the case may be, and
to take all other action as may be necessary (including causing the Company to call a General Meeting and exercising its votes at such General Meeting as well as at meetings of the Board through its nominee directors) so as to give effect to Clause
3.1.1. 

  

	3.1.3	 If the right of a Party to nominate or appoint (as applicable) a Director under Clause 3.1.1 lapses, the
Director nominated or appointed (as applicable) by such Party shall immediately resign. 

  

	3.1.4	 In connection with an IPO by the Company, Foresite shall have the option to (a) cause any Series B
Director previously nominated by Foresite pursuant to Clause 3.1.1(d)(i) to resign and (b) nominate for appointment one (1) Non-Executive Director to the Board effective upon the completion of the
IPO. 

 Executive Committee 
  

	3.1.5	 The members of the executive committee of the Company may, unless the Board decides otherwise, attend all
meetings of the Board and shall receive the same information as the Directors, including invitations to the meetings of the Board, notices, minutes, consents and resolutions, as well as any other material that the Company provides to the Directors.
They may participate in discussions on matters brought to the Board; the members of the management team who are not a Director will however not be entitled to vote. Any members of the executive committee who are not a Directors must keep
confidential information obtained in connection with and relating to the meetings of the Board, as if he or she was a Director. 

  
 

 
  
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 Board sub-committees 

 

	3.1.6	 To the extent the Board creates sub-committees, such as a compensation
committee or an audit committee, each such sub-committee shall only consist of Non-Executive Directors of which at least one is a Series B Director, each of whom shall
be nominated by a majority of the Series B Directors. 

  

	3.2	 Meetings 

  

	3.2.1	 The Board shall meet at least once during each fiscal quarter, or more frequently as agreed by a vote of the
majority of Directors, and will ensure that all material decisions are taken at the level of the Board, but the chairman of the Board, the Executive Director of the Company or any two (2) Directors can request the convocation of an
extraordinary Board meeting if they deem such a meeting necessary. Any Director who is unable to attend a meeting in person shall have the right to attend the meeting by means of telephone or video conference or any other means of communication so
that all persons so participating and attending such meeting in person can hear and be heard by all others so participating and attending. Resolutions of the Board may also be adopted in writing, provided that each Director consents to such manner
of decision making. The meetings of the Board shall be held in English or such other language as may be agreed upon by all Directors unanimously (with translation if required). 

 

	3.2.2	 The Board may appoint a chairman from among the Directors. Board meetings will be convened by the chairman of
the Board giving at least seven (7) calendar days’ prior notice or such shorter period if, at the sole discretion of the chairman of the Board, the circumstances so require. At least five (5) Business Days in advance of a meeting, an
agenda shall be sent stating the items which shall be discussed at such meeting, accompanied by supporting documents relating to such items, if any. 

  

	3.2.3	 A Director may be represented at a Board meeting by a fellow Director holding a duly signed power of attorney
or email confirming the same. When a Director holding such power of attorney, or email confirming the same, attends any Board meeting, he or she shall provide the other Directors in attendance with copies of any such written power of attorney or
email confirming the same. 

  

	3.2.4	 The Board shall consider and approve an annual budget for the upcoming Financial Year within thirty
(30) calendar days preceding the end of each Financial Year. 

  
 

 
  
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	3.3	 Decision-making  

 

	3.3.1	 Decisions of the Board can only be validly taken in a meeting where at least four (4) Directors are
present or represented, including (i) the Executive Director (or, if the Executive Director is not a Founder, then one (1) Founder Director) and (ii) two (2) Preferred Directors (one of whom must be a Series B Director). If there is
no quorum at a Board meeting, a new Board meeting shall be convened promptly with the same agenda with a prior written notice to the Directors of not less than seven (7) calendar days. At such new Board meeting, no quorum will apply and, except
as otherwise provided for in this Agreement or the Articles, the Board decisions shall only require a simple majority of the votes cast by the Directors who are present or represented. Decisions as set out in Schedule 3 (Board Reserved
Matters) per which the affirmative voting requirement set out in Clause 3.3.4, will remain applicable. 

  

	3.3.2	 Unless waived by all Directors, not less than seven (7) days’ notice of all meetings of the Board
shall be given to each Director (or such shorter period if, at the sole discretion of the chairman of the Board, the circumstances so require) and shall be accompanied by an agenda of the business to be transacted at such meeting together with all
papers to be circulated or presented to the same. A copy of the minutes of the previous meeting shall be circulated to each Director and Board Observer simultaneously with the agenda of the next Board meeting in line with standing practice of the
Company, which is subject to change by the Board. 

  

	3.3.3	 Each Director shall have one (1) vote. Except for the decisions set out in Schedule 3 (Board
Reserved Matters), or as otherwise provided for in this Agreement or the Articles, decisions of the Board shall have been validly passed when an absolute majority of the votes cast in favour, unless this Agreement or the Articles require a
greater majority. If there is a tie of votes, the proposal is rejected. The chairman of the Board will not have a casting vote. 

  

	3.3.4	 The decisions set out in Schedule 3 (Board Reserved Matters) can only be adopted, and the
Company, Directors, officers or employees of the Company shall procure that the decisions set out in Schedule 3 (Board Reserved Matters) can only be adopted, by (a) absolute majority vote of the Board and (b) absolute
majority vote of the Preferred Directors, voting together as a single class. 

  

	3.3.5	 The Board may adopt resolutions without holding a meeting of the Board, provided that all directors are
familiar with the resolution to be passed and none of them objects to this decision-making process. 

  

	3.3.6	 If the Board so authorises or requests, other persons (auditors, consultants, advisers and employees) shall be
permitted to also attend meetings of the Board. 

  

	3.4	 Representation  

The Company will be represented by (i) the Board or (ii) the Executive Director. 

  
 

 
  
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	3.5	 Conflict of Interest 

A Director who has a Conflict of Interest shall immediately report this to the other Directors and the Shareholders. He or she will hold
him/herself available to provide all information relevant to the Conflict of Interest to the other Directors and the Shareholders, but he or she may not participate in the discussions and the decision making process with respect to the subject
matter to which the Conflict of Interest pertains. A decision of the Board on a Reserved Matter as stated in Clause 3.3.4 to which a Conflict of Interest pertains requires the prior approval of the Investor Majority. 

 

	3.6	 Board Observer 

Series C Observers 
  

	3.6.1	 As long as Viking, GA or any of their Affiliates continue to hold any Shares, the Company shall invite a
representative of each of Viking, GA or any of their Affiliates (each a “Series C Observer”) to attend all meetings of the Board or any sub-committee of the Board (excluding the executive
committee), in a nonvoting observer capacity and, in this respect, shall give such Series C Observer copies of all notices, minutes, consents, and other materials that it provides to its directors at the same time and in the same manner as provided
to such directors; provided, however, that such representatives shall agree to hold in confidence and trust and to act in a fiduciary manner (but, for the avoidance of doubt, such representative shall not be deemed a fiduciary) with
respect to all information so provided; and provided further, that, upon advice of counsel, the Company reserves the right to withhold any information and to exclude such representatives from any meeting or portion thereof if access to
such information or attendance at such meeting would adversely affect the attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a Conflict of Interest. 

Series B Observers 
  

	3.6.2	 As long as Foresite, Bain or venBio or any of their Controlled Affiliates continue to hold any Shares, the
Company shall invite a representative of each of Foresite, Bain and venBio or any of their Controlled Affiliates (each a “Series B Observer”) to attend all meetings of the Board and, with respect to meetings of committees of the
Board, only the Series B Observer for Bain shall be invited to attend provided, that in the event a Series B Director cannot attend any committee meeting, such Series B Director is entitled to have an additional Series B Observer attend such meeting
in a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices, minutes, consents, and other materials that it provides to its directors at the same time and in the same manner as provided to such
directors; provided, however, that such representatives shall agree to hold in confidence and trust and to act in a fiduciary manner (but, for the avoidance of doubt, such representative shall not be deemed a fiduciary) with respect to
all information so provided; and provided further, that, upon advice of counsel, the Company reserves the right to withhold any information and to exclude such representatives from any meeting or portion thereof if access to such
information or attendance at such meeting would adversely affect the attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a Conflict of Interest. 

  
 

 
  
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 Series A Observer 

 

	3.6.3	 The Company shall invite a representative appointed by the majority of the Series A Holders (the
“Series A Observer” and, together with the Series B Observers and Series C Observers, the “Observers”) to attend all meetings of the Board in a nonvoting observer capacity and, in this respect, shall give such
representative copies of all notices, minutes, consents, and other materials that it provides to its directors at the same time and in the same manner as provided to such directors; provided, however, that such representative shall
agree to hold in confidence 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 result in disclosure of trade secrets or a
Conflict of Interest, or if any Series A Holder or the Series A Observer is or becomes a Competitor of the Company. 

  

	3.6.4	 For the avoidance of doubt, each of Viking, GA, Foresite, Bain, venBio and the Series A Holders shall be
entitled to no more than one Board observer each at any time. 

  

	3.7	 Expenses 

The Company will pay all reasonable out-of-pocket expenses
incurred by the Directors and the Observers (to the extent permitted under Clauses 3.6.1 through Clause 3.6.3), including meetings of committees of the Board, or otherwise representing the Company in such capacities. The General Meeting shall
determine the remuneration of the Directors, provided that only the Executive Director and Independent Director shall receive remuneration in line with the policies as adopted by the Board, on the proposal of the compensation committee, from time to
time. 
  

	3.8	 D&O Insurance 

 

	3.8.1	 The Company shall take out D&O Insurance for its Directors. Subject to further approval of the Board and
the Investor Majority, and reflecting its economic development, the Company may increase or decrease such amount as may be deemed appropriate by the Board and the Investor Majority from time to time. 

 

	3.8.2	 In the event of a Deemed Liquidation Event in which the Company ceases to exist, the Company shall ensure that
the Company’s successor assumes the Company’s obligations with respect to indemnification of the Directors. 

  
 

 
  
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	3.9	 Implementation at Subsidiaries 

The Company and the Board shall procure that with respect to any subsidiary or other entity over which the Company has either negative or
affirmative Control, similar provisions regarding governance as those included in this Clause 3 will be implemented at the level of such entity to procure that the decision-making at such entities’ level will effectively and where legally
possible be treated as decision-making at the level of the Company in accordance with this Agreement. 
 GENERAL MEETING 

 

	4.1	 Voting Agreement 

 

	4.1.1	 The General Meeting shall have all powers that are not specifically assigned to the General Meeting of holders
of Ordinary Shares, the General Meeting of Preferred Holders, the General Meeting of Series A Holders, the General Meeting of Series B Holders, the General Meeting of Series C Holders or the Board. The General Meeting will be regulated in accordance
with Articles 21 up to and including 24 of the Articles. 

  

	4.1.2	 Each Shareholder being a legal entity shall give notice to the other Shareholders which natural person or
persons shall represent it for purposes of the meetings of the Shareholders, which natural persons shall initially be as follows: 

  

	 	a.	 Rohan Nirody, as natural person to represent Viking at the meetings of Shareholders; 

 

	 	b.	 Ingrid van der Hoorn, as natural person to represent GA at the meetings of Shareholders; 

 

	 	c.	 Bihau Chen, as natural person to represent Cormorant at the meetings of Shareholders; 

 

	 	d.	 Michael Rome, as natural person to represent Foresite at the meetings of Shareholders; 

 

	 	e.	 Jeffrey Schwartz, as natural person to represent Bain Capital at the meetings of Shareholders;

  

	 	f.	 Jeffrey Schwartz, as natural person to represent BCIP at the meetings of Shareholders; 

 

	 	g.	 Richard Gaster, as natural person to represent venBio at the meetings of Shareholders; 

 

	 	h.	 Martijn Kleijwegt, as natural person to represent LSP at the meetings of Shareholders; 

 

	 	i.	 Remi Droller, as natural person to represent Kurma at the meetings of Shareholders; 

  
 

 
  
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	 	j.	 Gaston Samele, as natural person to represent Idinvest at the meetings of Shareholders; 

 

	 	k.	 Sherman Souther, as natural person to represent Venrock at the meetings of Shareholders; 

 

	 	l.	 Berndt Modig, as natural person to represent Schoodic BV at the meetings of Shareholders; and

  

	 	m.	 Anne Lesage, as natural person to represent GrayMatters BVBA at the meetings of Shareholders.

 A Shareholder may change the natural person that is a representative of a Shareholder for purposes of the meetings of
the Shareholders from time to time. 
  

	4.1.3	 Each Shareholder agrees and commits itself to cast its votes in the General Meeting and to apply its voting
power in the Company in accordance with the provisions of this Agreement and the Articles. 

  

	4.1.4	 The Preferred Holders will vote together with the holders of Ordinary Shares and not as a separate class,
except as specifically provided in this Agreement, the Articles, or as otherwise required by law. Each fully paid up Share will have one (1) vote (based on nominal value) and will entitle the registered holder thereof to vote on all matters to
be decided by the General Meeting taking into account any amendment of the nominal value by means of any stock splits, reclassification of shares and similar events. 

 

	4.2	 Annual Meeting 

 

	4.2.1	 Within five (5) months after the end of the Financial Year, the annual General Meeting shall be held with
at least the following items on the agenda: 

  

	 	a.	 adoption of the Accounts or an extension for the preparation of the Accounts; 

 

	 	b.	 the profit appropriation; 

 

	 	c.	 discharge (kwijting verlenen) of the Directors for their performances as Directors; and

  

	 	d.	 all such other things required by law. 

  
 

 
  
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	4.3	 Meeting formalities 

 

	4.3.1	 Subject to Clauses 4.3.2 and 4.3.3 below: 

 

	 	a.	 General Meetings shall be held at the places set forth in the Articles. General Meetings may be held at any
other location, provided that legally valid resolutions at such General Meetings may only be adopted if all persons who have right to attend and address the General Meeting have consented to the General Meeting being held at such location and the
Board has been given the opportunity to advise on this. Any Shareholder (including any natural person that is a representative of a Shareholder for purposes of the meetings of the Shareholders) that wishes to join a meeting by telephone or video
shall be allowed to do so and shall be deemed to be present in person at such meeting for the purpose of any quorum. General Meetings shall be deemed to have been held at the location set out in the meeting convocation, regardless of the physical
location of the Shareholders joining the meeting by telephone or video. 

  

	 	b.	 Persons who have a right to address and attend the General Meetings shall be given notice of a General Meeting
by or on behalf of the Board by giving at least eight (8) calendar days prior written notice (not including the day of notice and the day of the General Meeting). Together with the notice of the meeting, an agenda shall be sent stating the
items which shall be discussed at such meeting, accompanied by supporting documents relating to such items, if any. 

  

	 	c.	 Unless specifically agreed differently in this Agreement or in the Articles, the General Meeting shall adopt
its resolutions by an absolute majority of the votes cast regardless of the number of Shares represented at the General Meeting. 

  

	 	d.	 Shareholders may pass resolutions, including matters listed in Schedule 4 (General Meeting Reserved
Matters) as referred to in Clause 4.3.2 below, or any other matters requiring a vote by the General Meeting or any class or series of Shareholders (including the Investor Majority) as set forth in this Agreement and in the Subscription Agreement
without holding a General Meeting, and all Shareholders otherwise entitled to vote at such General Meeting hereby irrevocably commit to consent – if and when asked – to this manner of decision making, provided that (i) these
resolutions are adopted in writing (including email and facsimile), (ii) all those otherwise entitled to attend the meeting approved the adoption of the resolutions without calling a meeting and (iii) the Directors are consulted in advance to
render advise about the resolutions to be adopted. 

  

	4.3.2	 As a separate obligation, severable from the obligations in Clause 4.3.1 and subject to Clause 4.3.3, the
Company agrees that save with affirmative consent from the Investor Majority (which Investor Majority shall include at least one Major Series B Holder and at least one Major Series C Holder), it shall not effect any of the matters referred to in
Schedule 4 (General Meeting Reserved Matters). For the avoidance of doubt, all matters referred to in Schedule 4 (General Meeting Reserved Matters) may be passed by written resolution without calling a General Meeting, in
accordance with Clause 4.3.1d). 

  
 

 
  
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	4.3.3	 As a separate obligation, severable from the obligations in Clause 4.3.1, the Company agrees that save with
affirmative consent from the Series C Investor Majority, which shall include the affirmative vote of at least one Major Series C Holder, it shall not effect any of the following (including, without limitation, pursuant to merger, consolidation or
otherwise): (i) increase or decrease the number of authorized shares of Series C Shares or issue Series C Shares other than pursuant to the terms of the Subscription Agreement, (ii) amend, alter, waive the rights of the Series C Shares in an
adverse manner, unless such amendment, alternation or waiver similarly affects all other series of Preferred Shares or (iii) effect any Deemed Liquidation Event unless the holders of Series C Shares receive at least 1x the Investor Subscription
Price Per Share for the Series C Shares at the closing of such transaction. 

  

	4.3.4	 As a separate obligation, severable from the obligations in Clause 4.3.1, the Company agrees that save with
affirmative consent from the Series B Investor Majority, which shall include the affirmative vote of at least one Major Series B Holder, it shall not effect any of the following (including, without limitation, pursuant to merger, consolidation or
otherwise): (i) increase or decrease the number of authorized shares of Series B Shares or issue Series B Shares other than pursuant to the terms of the subscription agreement in relation to the Series B Shares, (ii) amend, alter, waive the
rights of the Series B Shares in an adverse manner, unless such amendment, alternation or waiver similarly affects all other series of Preferred Shares or (iii) effect any Deemed Liquidation Event unless the holders of Series B Shares receive
at least 1x the Investor Subscription Price Per Share for the Series B Shares at the closing of such transaction. 

  

	4.3.5	 As a separate obligation, severable from the obligations in Clause 4.3.1, the Company agrees that save with
affirmative consent from the Series A Investor Majority, it shall not effect any of the following (including, without limitation, pursuant to merger, consolidation or otherwise): (i) increase or decrease the number of authorized shares of Series A
Shares or issue Series A Shares other than pursuant to the terms of the Subscription Agreement, or (ii) amend, alter, waive the rights of the Series A Shares in an adverse manner, unless such amendment, alternation or waiver similarly affects
all other series of Preferred Shares. 

  

	4.4	 Implementation at Subsidiaries 

The Company and the Board shall procure that with respect to any subsidiary or other entity over which the Company has either negative or
affirmative Control, similar provisions regarding governance as those included in this Clause 4 (General Meeting) will be implemented at the level of such entity to procure that the decision-making at such entities’ level will
effectively and where legally possible be treated as decision-making at the level of the Company in accordance with this Agreement. 

  
 

 
  
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 INFORMATION AND INSPECTION RIGHTS 

 

	5.1	 General 

  

	5.1.1	 The Company shall, upon reasonable notice, grant each Major Holder and its representatives reasonable access to
the Company’s facilities and personnel during normal business hours to inspect and audit the Company’s books and records; provided, however, that the Company shall not be obligated pursuant to this Clause 5.1.1 to provide
access to any information that it reasonably and in good faith considers to be a trade secret or the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel. 

 

	5.1.2	 The Company shall furnish each Major Holder (which, for purposes of Clauses 5.1.2(a) and (c), shall include
Venrock for so long as it holds Preferred Shares) with the following information (which may also be furnished in electronic format): 

  

	 	a.	 Accounts of the Company prepared under accounting standards reasonably determined by the Board, which are
audited or reviewed, as applicable, by a certified accountant and including such independent accountant’s report, within one hundred fifty (150) calendar days after the end of the Financial Year; 

 

	 	b.	 unaudited quarterly consolidated financial statements of the Company (in such form as may be reasonably
required by such Major Holder) within forty-five (45) calendar days of the end of each quarter of each Financial Year; 

  

	 	c.	 statements showing the number of shares of each class and series of share capital and securities convertible
into or exercisable for share capital outstanding at the end of the applicable period, the Ordinary Shares issuable upon conversion or exercise of any outstanding securities convertible or exercisable for Ordinary Shares and the exchange ratio or
exercise price applicable thereto, and the number of shares of issued stock options and stock options not yet issued but reserved for issuance, certified by the chief financial officer or chief executive officer of the Company as being true,
complete, and correct, within forty-five (45) days after the end of each quarter of each Financial Year; 

  

	 	d.	 a comprehensive operating budget forecasting the Company’s revenues, expenses, and cash position for the
upcoming Financial Year, within fifteen (15) days prior to the end of each Financial Year; 

  

	 	e.	 with respect to the consolidated financial statements called for in Clause 5.1.2(a), an instrument executed by
the chief financial officer and chief executive officer of the Company certifying that such financial statements were prepared in accordance with the applicable accounting standard as determined by the Board, consistently applied with prior practice
for earlier periods and fairly present the financial condition of the Company and its results of operation for the periods specified therein; and 

  
 

 
  
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	 	f.	 such other information relating to the capitalization, financial condition, business, prospects, or corporate
affairs of the Company as any Major Holder may from time to time reasonably request; provided, however, that the Company shall not be obligated to provide information (i) that the Company reasonably determines in good faith to be
a trade secret; or (ii) the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel. 

  

	5.1.3	 If the Company fails to prepare the documents mentioned in Clause 5.1.2(a) by the time specified in Clause
5.1.2(a), the Major Holders shall be authorised by the Major Holder Majority to appoint an auditor to prepare these documents. The costs and expenses incurred in relation to the preparation and negotiation of these documents shall be borne by the
Company. 

  

	5.1.4	 Notwithstanding anything else in Clause 5.1.2 above to the contrary, the Company may cease providing the
information set forth in Clause 5.1.2(d) or 5.1.2(f) during the period starting with the date sixty (60) days before the Company’s good-faith estimate of the date of filing of a registration statement if it reasonably concludes it
must do so to comply with the SEC rules applicable to such registration statement and related offering; provided that the Company’s covenants under Clause 5.1.2(d) or 5.1.2(f) shall be reinstated at such time as the Company is no longer
actively employing its commercially reasonable efforts to cause such registration statement to become effective. 

  

	5.1.5	 Notwithstanding Clauses 5.1.2 and 5.1.4, the Company shall immediately inform the Investors in case it or any
of its officers or directors is (accused or convicted of being) involved in illegal activities. The Company will immediately inform the Investors in case of any litigation matter (including bankruptcy and insolvency proceedings and formal
investigation by any regulatory or administrative body) relating to the Company, and will keep the Investors informed on a regular basis of any development in relation thereto and of the steps and actions that are being taken by and/or against the
Company. 

  

	5.1.6	 Notwithstanding any provision to the contrary in this Agreement, the Company shall not be obligated to provide
any information or materials, pursuant to this Clause 5.1 or otherwise, to any Shareholder (including any transferees of Shares permitted under this Agreement) that is a Competitor, and any such Shareholder shall not have any right to designate
Directors or Observers to the Board in connection with Clause 3 (Board) or otherwise. The Parties acknowledge that LSP, Kurma, Foresite, Bain, Viking, GA, Cormorant, Venrock and venBio shall not be deemed to be a Competitor for the purposes
of this Agreement. For the avoidance of doubt, this Clause 5.1.6 shall include any Shareholder who receives Shares pursuant to any provision of this Agreement or the Articles. Any attempted assignation or assumption of such rights shall be void
ab initio.

  
 

 
  
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	5.1.7	 The investment of LSP in the Company is partially funded by (i) European Investment Fund
(“EIF”) through the EIF-ERP facility and the LfA-EIF facility and (ii) Kreditanstalt für Wiederaufbau (“KFW”) through the ERP
Venture Capital Fondsfinanziering facility. In connection therewith, the Company acknowledges and agrees that each of EIF, KFW, LfA, the German Ministry of Economic Affairs (Bundesministerium für Wirtschaft and
Technologie), the German Federal Court of Auditors (Bundesrechnungshof) and any third party authorized by these parties shall have the unlimited right to visit and inspect the Company’s and its subsidiaries’ (if relevant)
premises, to examine and audit the Company’s and its subsidiaries’ books of account and its corporate and financial records, and to discuss the Company’s and its subsidiaries affairs, business, finances, and accounts with the
management of the Company and its subsidiaries, during normal business hours following reasonable notice and as often as may be reasonably requested, and to monitor the structure of LSP’s investment in the Company and the management thereof.
For the avoidance of doubt, no decision-making authority shall be granted to EIF and KFW. Any out-of-pocket costs incurred by the Company and its subsidiaries (if
relevant) in relation to the above shall be borne and paid by LSP, provided that the Company shall bear such costs itself to the extent that EIF and/or KFW concludes during such visit that the Company is acting in breach of any material laws or
binding regulations applicable to it. 

  

	5.1.8	 The Company understands that each Investor, together with its Affiliates, as well as any Director directly or
indirectly appointed by an Investor (as the case may be), invests in, forms, operates, mentors and monitors emerging growth and other companies (collectively, the “Recipient’s Business”), and receives confidential
information from many sources (including these companies) about, opportunities that may involve similar, identical or competing technologies, products, processes, methodologies, services, target disease states, strategic partners or investors. The
Company agrees that neither this Agreement (including any agreement or deed entered into in connection with this Agreement) nor the receipt of any confidential information hereunder shall (i) obligate the Investor, including any of its
Affiliates, or any Director directly or indirectly appointed by that Investor to receive any confidential information from, invest in or enter into any agreement or arrangement with the Company, (ii) limit or prevent in any way the Investor,
including any of its Affiliates, from engaging in Recipient’s Business, regardless of whether it is similar or identical to, or competitive with, any current or proposed business of the Company, (iii) subject the Investor (including any of
its Affiliates), any such entity or any of its or their respective officers, directors, managers, equity holders, personnel, consultants and advisors, from any liability in connection with engaging in Recipient’s Business (including any
liability for indirect, exemplary, special, incidental or consequential damages or lost profits or for any other amount), (iv) restrict the disclosure by any individual (whether or not on behalf of the Recipient) of information retained in her or
his unaided memory, subject to the provisions set forth in Clause 11 (Confidentiality and Announcements) of this Agreement. The Company hereby confirms and agrees that any and all prior or future activities of a Director or Investor that
constitute the Recipient’s Business shall not be deemed to constitute a conflict of interest for the provision of any rights or remedies of the Company hereunder or under any other agreement, and hereby waives any conflicts of interests to the
maximum extent permitted by applicable law or regulation. 

  
 

 
  
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 TRANSFER OF SHARES 
  

	6.1	 General  

 

	6.1.1	 A Transfer of any Ordinary Shares shall only be permitted taking into account the restrictions as laid down in
this Agreement and the Articles. 

  

	6.1.2	 A Transfer of (i) any Preferred Shares or (ii) any Ordinary Shares that are not held by a Key Holder
shall not be restricted under this Agreement and the Articles, and, accordingly, any Preferred Shares or such Ordinary Shares, as the case may be, are freely Transferable and any such Transfer shall not be subject to compliance with Clause 6.3
(Right of first refusal) and Clause 6.5 (Right of Co-Sale) and the Company shall facilitate such Transfer including causing the Board to approve such Transfer if necessary under law or the
Articles. 

  

	6.1.3	 If a Shareholder Transfers any of its Shares to a third party, including pursuant to any Permitted Transfer set
forth under Clause 6.2.1 (Permitted Transfer), such Transfer is only allowed provided that such third party enters into a deed of adherence to this Agreement with the other Parties in the form attached hereto as Schedule 5 (Deed of
Adherence). 

  

	6.1.4	 If a Shareholder is entitled to Transfer its Ordinary Shares in accordance with this Agreement, the other
Shareholders shall, subject to restrictions by Applicable Law, procure that the Director(s) as nominated or appointed by such Shareholder shall vote when necessary in favour of such Transfer at the meeting of the Board approving such Transfer.

  

	6.1.5	 Except as set forth in and after due application of this Clause 6 (Transfer of Shares), no Shareholder
shall have a right to Transfer its Ordinary Shares to another Person, except with the prior approval of the Board including a majority of the Preferred Directors (one of whom must be a Series B Director). 

 

	6.2	 Permitted Transfers 

 

	6.2.1	 Nothwithstanding Clause 6.1.5, and subject to the requirement set forth in Clause 6.1.3, a Shareholder wishing
to Transfer its Ordinary Shares may at all times Transfer its Ordinary Shares to: 

  

	 	a.	 in case of a Founder: a personal or family holding entity, including any trusts which is wholly owned or
controlled, in a form reasonably acceptable to the Board including a majority of the Preferred Directors (one of whom must be a Series B Director); 

  
 

 
  
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	 	b.	 in case of an Investor, an (A) Affiliate or (B) other investment vehicle under its management and
control or under common management and control; provided that such transferee complies with “KYC/AML” obligations; provided, further, that a Shareholder may not Transfer its Ordinary Shares to a portfolio company or a designated holding
company for a specific portfolio company; 

  

	 	c.	 the Company pursuant to a repurchase at a price no greater than that originally paid by such Shareholder and
pursuant to an agreement containing vesting and/or repurchase provisions approved by the Board including a majority of the Preferred Directors (one of whom must be a Series B Director); 

 

	 	d.	 if a Shareholder is a wholly owned personal holding company, all Ordinary Shares held by such Shareholder or
all shares in such Shareholder may be Transferred to the relevant indirect shareholder or another, successive, wholly owned personal holding company; 

  

	 	e.	 a pledgee pursuant to a pledge that creates a mere security interest in the pledged Ordinary Shares;

  

	 	f.	 in case of a natural person: any person or entity made for bona fide estate planning purposes, either during
his or her lifetime or on death by will or intestacy to his or her spouse, child (natural or adopted) or any other direct lineal descendant of such Shareholder (or his or her spouse), or any other person approved by the unanimous consent of the
Board, or any custodian or trustee of any trust, partnership or limited liability company for the benefit of, or the ownership interests of which are owned wholly by such Shareholder or any such family members; provided, that the Shareholder
shall deliver prior written notice to the Preferred Holders of such gift or transfer and such Ordinary Shares shall at all times remain subject to the terms and restrictions set forth in this Agreement; and 

 

	 	g.	 the Company in accordance with the terms and conditions of this Agreement, 

(each of the Transfers under a. through g. being a “Permitted Transfer”), provided that (i) the Shareholder that wishes
to Transfer its Ordinary Shares shall notify the other Shareholders and the Board in writing of such Permitted Transfer and (ii) the transferee meets all requirements set forth in the Articles and this Agreement. 

 

	6.2.2	 Any Permitted Transfer shall not be subject to Clause 6.3 (Right of first refusal), Clause 6.4 (Drag
along right) or Clause 6.5 (Right of Co-Sale). 

  

	6.2.3	 Notwithstanding any other provision of this Agreement to the contrary, no Shareholder may make any Transfer of
Ordinary Shares (other than a Transfer that is a Permitted Transfer or is made in connection with the transferring Shareholder’s exercise of its rights under Clause 6.5): 

  
 

 
  
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	 	(i) to any transferee who would be, or is likely to be, a United States person (as defined in Section 957(c) of the U.S. Tax Code) that holds, directly, indirectly or constructively (within the meaning of
Section 958 of the U.S. Tax Code), more than 9.9% of the total combined voting power or value of the Company’s issued share capital or of any of the Company’s Subsidiaries’ issued share capital after the proposed Transfer (or any
transferee that would, or is likely to, have any such direct, indirect, or constructive owner); or (ii) if such Transfer would, or is likely to, cause the Company or any of the Company’s Subsidiaries to be treated as a “controlled
foreign corporation” within the meaning of Section 957(a) of the U.S. Tax Code (“CFC”); provided, that if the Company receives written advice from a nationally recognized U.S. tax advisor, which advice is satisfactory to a
majority of the Board that the proposed Transfer would not be to a transferee prohibited by Clause (i) above or would not be a Transfer described in Clause (ii) above, as applicable, then the relevant limitation shall not apply.

  

	6.2.4	 Where a Shareholder has transferred Ordinary Shares in accordance with Clause 6.2.1 to any entity (including a
personal holding company or STAK) under the control of such Shareholder, or Ordinary Shares are held at the date of this Agreement by any entity under the Control of any person, and such entity ceases to be under the Control of such Shareholder or
person, the Ordinary Shares held by such entity shall be retransferred immediately to such Shareholder or person and the Shareholder concerned shall cause such transfer to be promptly effected, and the Company shall cooperate with such transfer.

  

	6.3	 Right of first refusal  

 

	6.3.1	 A Key Holder shall not Transfer any Ordinary Shares under the Articles before having complied with the
provisions of this Clause 6.3 (Right of first refusal), unless in the case of a Permitted Transfer in accordance with Clause 6.2 (Permitted Transfers) or a “drag along” event in accordance with Clause 6.4 (Drag along).

  

	6.3.2	 Subject to Clause 6.2.1 and 6.2.2, each Key Holder wishing to Transfer any Ordinary Shares
(“Company Transfer Shares”) to a bona fide proposed transferee (the “Prospective Transferee”) who has made a written offer in cash (or in kind as per Clause 6.3.2(e)) hereby unconditionally and irrevocably
grants to the Company a Right of First Refusal to purchase all or any portion of Shares that such Key Holder may propose to transfer in a Proposed Key Holder Transfer, at the same price and on the same terms and conditions as those offered to the
Prospective Transferee. 

  

	 	a.	 Each Key Holder proposing to make a Proposed Key Holder Transfer must deliver a Proposed Transfer Notice to the
Company not later than forty-five (45) days prior to the consummation of such Proposed Key Holder Transfer. Such Proposed Transfer Notice shall contain (i) the material terms and conditions (including name of the proposed purchaser, number
of Shares offered, price and form of consideration) of the Proposed Key Holder Transfer, (ii) the identity of the Prospective Transferee, and (iii) the 

  
 

 
  
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	 	intended date of the Proposed Key Holder Transfer. To exercise its Right of First Refusal under this Clause 6.3.2, the Company must deliver a Company Notice to the selling Key Holder within twenty-one (21) days after delivery of the Proposed Transfer Notice specifying the number of Company Transfer Shares to be purchased by the Company. 

 

	 	b.	 Subject to Clause 6.2.1 and Clause 6.2.2, each Key Holder hereby unconditionally and irrevocably grants to the
Major Holders a Secondary Refusal Right to purchase all or any portion of the Company Transfer Shares not purchased by the Company or the Major Holders, if any, pursuant to the Right of First Refusal, as provided in Clause 6.3.2(a) (the
“Transfer Shares”). If the Company or the Major Holders, if any, do not provide the Company Notice or such other notice required under Clause 6.3.2(a) exercising their Right of First Refusal with respect to all Transfer Shares
subject to a Proposed Key Holder Transfer, the Company must deliver a Secondary Notice to the selling Key Holder and to each Major Holder to that effect no later than fifteen (15) days after the selling Key Holder delivers the Proposed Transfer
Notice to the Company. To exercise its Secondary Refusal Right, a Major Holder must deliver a Major Holder Notice to the selling Key Holder and the Company within fourteen (14) days after the Company’s deadline for its delivery of the
Secondary Notice as provided in the preceding sentence. If the Major Holders in the aggregate wish to purchase more than the number of Transfer Shares, the Transfer Shares shall be allocated among them in proportion to the number of Shares held by
them; provided, however, that a Major Holder cannot be allocated more Transfer Shares than such Major Holder wished to purchase in accordance with its Major Holder Notice. 

 

	 	c.	 If options to purchase have been exercised by the Company and the Major Holders pursuant to Clauses 6.3.2(a)
and (b) with respect to some but not all of the Transfer Shares by the end of the fourteen (14) day period specified in the second-to-last sentence of Clause
6.3.2(b) (the “Major Holder Notice Period”), then the Company shall, within seven (7) days after the expiration of the Major Holder Notice Period, send written notice (the “Company Undersubscription
Notice”) to those Major Holders who fully exercised their Secondary Refusal Right within the Major Holder Notice Period (the “Exercising Major Holders”). Each Exercising Major Holder shall, subject to the provisions
of this Clause 6.3.2(c), have an additional option to purchase all or any part of the balance of any such remaining unsubscribed Transfer Shares on the terms and conditions set forth in the Proposed Transfer Notice. To exercise such option, an
Exercising Major Holder must deliver a notice to the selling Key Holder and the Company within ten (10) days after the expiration of the Major Holder Notice Period. In the event there are two (2) or more such Exercising Major Holders that
choose to exercise the last-mentioned option for a total number of remaining shares in excess of the number available, the remaining shares available for purchase under this Clause 

  
 

 
  
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	 	6.3.2(c) shall be allocated to such Exercising Major Holders pro rata based on the number of Transfer Shares such Exercising Major Holders have elected to purchase pursuant to the Secondary Refusal Right (without giving
effect to any Transfer Shares that any such Exercising Major Holder has elected to purchase pursuant to the Company Undersubscription Notice). If the options to purchase the remaining shares are exercised in full by the Exercising Major Holders, the
Company shall immediately notify all of the Exercising Major Holders and the selling Key Holder of that fact. 

  

	 	d.	 Notwithstanding the foregoing, if the total number of Company Transfer Shares that the Company and the Major
Holders have agreed to purchase in the Company Notice and Major Holder Notices is less than the total number of Company Transfer Shares set out in the Proposed Transfer Notice and any Company Undersubscription Notice, then the Major Holders and the
Company shall be deemed to have forfeited any right to purchase, pursuant to their Right of First Refusal and Secondary Refusal Right, the Company Transfer Shares not purchased by the Company or the Major Holders pursuant to the Right of First
Refusal and Secondary Refusal Right, and the selling Key Holder shall be free to sell all, but not less than all, of such Company Transfer Shares to the Prospective Transferee for the same consideration set out in the Proposed Transfer Notice and
otherwise on terms and conditions substantially similar to (and in no event more favourable to either the Key Holder or Prospective Transferee than) the terms and conditions set forth in the Proposed Transfer Notice, it being understood and agreed
that (i) any such sale or transfer shall be subject to the other terms and restrictions of this Agreement, including, without limitation, the terms and restrictions set forth in Clause 6.5 (Right of
Co-Sale); and (ii) any future Proposed Key Holder Transfer shall remain subject to the terms and conditions of Clause 6.3.2. 

 

	 	e.	 If the consideration proposed to be paid for the Company Transfer Shares is in property, services or other non-cash consideration, the fair market value of the consideration shall be as determined in good faith by the Board and as set forth in the Company Notice. If the Company or any Major Holder cannot for any reason
pay for the Company Transfer Shares or the Transfer Shares, as applicable, in the same form of non-cash consideration, the Company or such Major Holder may pay the cash value equivalent thereof, as determined
in good faith by the Board and as set forth in the Company Notice. The closing of the purchase of Company Transfer Shares or Transfer Shares, as applicable, by the Company and the Major Holders shall take place, and all payments from the Company and
the Investors shall have been delivered to the selling Key Holder, by the later of (i) the date specified in the Proposed Transfer Notice as the intended date of the Proposed Key Holder Transfer; and
(ii) twenty-one (21) days after delivery of the Major Holder Notice or the Company Notice, as applicable. 

  
 

 
  
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 For the avoidance of doubt, the rights and obligations of the Parties under this Clause 6.3.2
shall terminate upon completion of an IPO. 
  

	6.4	 Drag along right  

 

	6.4.1	 In the event of a proposed sale of the Company of all or substantially all of its assets to a third party
(whether structured as a merger, reorganization, asset sale, stock sale or otherwise, including any Deemed Liquidation Event) that has been approved by the Investor Majority (which Investor Majority shall include the affirmative vote of at least one
Major Series B Holder and one Major Series C Holder, unless the holders of the Series C Shares and Series B Shares receive at least 1x the Investor Subscription Price Per Share at closing of such transaction) and a majority of the Board, then
subject to Clause 6.4.2, each Shareholder and the Company hereby agree: 

  

	 	a.	 if such transaction requires Shareholder approval, with respect to all Shares that such Shareholder owns or
over which such Shareholder otherwise exercises voting power, to vote (in person, by proxy or by action by written consent, as applicable) all Shares in favour of, and adopt, such sale or transaction and to vote in opposition to any and all other
proposals that could reasonably be expected to delay or impair the ability of the Company to consummate such sale or transaction; 

  

	 	b.	 if such transaction is a sale of the outstanding share capital of the Company, to sell the same proportion of
Shares of the Company beneficially held by such Shareholder as is being sold by the other Shareholders to the Person to whom the Shareholders propose to sell their Shares, and, except as permitted in Clause 6.4.2 below, on the same terms and
conditions as the other shareholders of the Company; 

  

	 	c.	 to execute and deliver all related documentation and take such other action in support of the sale or
transaction as shall reasonably be requested by the Company or the other Shareholders in order to carry out the terms and provision of this Clause 6.4.1, including, without limitation, executing and delivering instruments of conveyance and transfer,
and any purchase agreement, merger agreement, any associated indemnity agreement, or escrow agreement, any associated voting, support, or joinder agreement, consent, waiver, governmental filing and any similar or related documents;

  

	 	d.	 not to deposit, and to cause their Affiliates not to deposit, except as provided in this Agreement, any Shares
of the Company owned by such party or Affiliate in a voting trust or subject any Shares to any arrangement or agreement with respect to the voting of such Shares, unless specifically requested to do so by the acquirer in connection with the sale or
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	 	e.	 if the consideration to be paid in exchange for the Shares pursuant to this Clause 6.4.1 includes any
securities and due receipt thereof by any Shareholder would require under Applicable Law (x) the registration or qualification of such securities or of any person as a broker or dealer or agent with respect to such securities; or (y) the
provision to any Shareholder of any information other than such information as a prudent issuer would generally furnish in an offering made solely to “accredited investors” as defined in Regulation D promulgated under the Securities Act,
the Company may cause to be paid to any such Shareholder in lieu thereof, against surrender of the Shares which would have otherwise been sold by such Shareholder, an amount in cash equal to the fair value (as determined in good faith by the Board)
of the securities which such Shareholder would otherwise receive as of the date of the issuance of such securities in exchange for the Shares; 

  

	 	f.	 in the event that the Shareholders, in connection with such sale or transaction, appoint a shareholder
representative (the “Shareholder Representative”) with respect to matters affecting the Shareholders under the applicable definitive transaction agreements following consummation of such sale or transaction, (x) to consent to
(i) the appointment of such Shareholder Representative, (ii) the establishment of any applicable escrow, expense or similar fund in connection with any indemnification or similar obligations, and (iii) the payment of such
Shareholder’s pro rata portion (from the applicable escrow or expense fund or otherwise) of any and all reasonable fees and expenses to such Shareholder Representative in connection with such Shareholder Representative’s services and
duties in connection with such sale or transaction and its related service as the representative of the Shareholders, and (y) not to assert any claim or commence any suit against the Shareholder Representative or any other Shareholder with
respect to any action or inaction taken or failed to be taken by the Shareholder Representative, within the scope of the Shareholder Representative’s authority, in connection with its service as the Shareholder Representative, absent fraud, bad
faith, gross negligence or wilful misconduct; and 

  

	 	g.	 that the Investors shall not be required to give any representation, warranty, indemnity or covenant other than
representations as to their respective title, authority and capacity to sell the Shares held by them (provided that the liability of each Party in relation to such representations is several, with each Party only required to provide representations
in respect of the Shares that it is transferring). 

  

	6.4.2	 Notwithstanding anything to the contrary set forth herein, a Shareholder will not be required to comply with
Clause 6.4.1 above in connection with any proposed sale of the Company or all or substantially all of its assets to a third party (whether structured as a merger, reorganization, asset sale, stock sale or otherwise, including any Deemed Liquidation
Event) (the “Proposed Sale”), unless: 

  
 

 
  
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	 	(a)	 such Shareholder is not required to agree (unless such Shareholder is a Founder or employee of the Company) to
any covenant in connection with the Proposed Sale not to compete or not to solicit customers, employees or suppliers of any party to the Proposed Sale, subject to customary exceptions; 

 

	 	(b)	 such Shareholder and its Affiliates are not required to amend, extend or terminate any contractual or other
relationship with the Company, the acquirer or their respective Affiliates, except that the Shareholder may be required to agree to terminate the investment-related documents between or among such Shareholder, the Company and/or other Shareholders;

  

	 	(c)	 the Shareholder shall not be liable for the inaccuracy of any representation or warranty made by any other
person in connection with the Proposed Sale, other than the Company, and except to the extent that funds may be paid out of an escrow established to cover breach of representations, warranties and covenants of the Company as well as breach by any
Shareholder of any identical representations, warranties and covenants provided by all Shareholders; 

  

	 	(d)	 the liability for indemnification, if any, of such Shareholder in the Proposed Sale and for the inaccuracy of
any representations and warranties made by the Company in connection with such Proposed Sale, is several and not joint with any other person (except to the extent that funds may be paid out of an escrow established to cover breach of
representations, warranties and covenants of the Company as well as breach by any stockholder of any identical representations, warranties and covenants provided by all Shareholders), and is pro rata in proportion to the amount of consideration paid
to such Shareholder in connection with such Proposed Sale; 

  

	 	(e)	 liability shall be limited to such Shareholder’s applicable share (determined based on the respective
proceeds payable to each Shareholder in connection with such Proposed Sale) of a negotiated aggregate indemnification amount that applies equally to all Shareholders but that in no event exceeds the amount of consideration otherwise payable to such
Shareholder in connection with such Proposed Sale, except with respect to claims related to fraud by such Shareholder, the liability for which need not be limited as to such Shareholder; 

 

	 	(f)	 upon the consummation of the Proposed Sale (i) except with respect to customary rollover arrangements
pursuant to which certain Shareholders receive shares of a successor entity as consideration for the Proposed Sale (and, with respect to each holder of Preferred Shares, so long as each holder of Preferred Shares are given the opportunity to roll
their equity in such transaction), each holder of each class or series of Shares will receive the same form of consideration for their Shares of such class or series as is received by other holders in respect of their Shares of such same class or
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	 	Shares, and if any holders of any Shares of the Company are given a choice as to the form of consideration to be received as a result of the Proposed Sale, all holders of such Shares will be given the same option,
(ii) each holder of a series of Preferred Shares will receive the same amount of consideration per share of such series of Preferred Shares as is received by other holders in respect of their Shares of such same series, and if holders of any
Shares are given a choice as to the form of consideration to be received as a result of the Proposed Sale, all holders of such class or series of Shares will be given the same option, (iii) each holder of Ordinary Shares will receive the same
amount of consideration per Ordinary Share as is received by other holders in respect of their Ordinary Shares, and (iv) the aggregate consideration receivable by all holders of the Preferred Shares and Ordinary Shares shall be allocated among
the holders of Preferred Shares and Ordinary Shares on the basis of the relative liquidation preferences to which the holders of each respective series of Preferred Shares and the holders of Ordinary Shares are entitled in a Deemed Liquidation Event
(assuming for this purpose that the Proposed Sale is a Deemed Liquidation Event) in accordance with this Agreement. 

  

	 	(g)	 subject to Clause (f) above, requiring the same form of consideration to be available to the holders of
any single class or series of Shares, if any holders of any Shares of the Company are given an option as to the form and amount of consideration to be received as a result of the Proposed Sale, all holders of such Shares and the holders of the
Preferred Shares will be given the same option. 

  

	6.4.3	 No Shareholders shall be a party to a Deemed Liquidation Event structured as a stock sale unless (a) all
holders of Preferred Shares are allowed to participate in such transaction(s) and (b) the consideration received pursuant to such transaction is allocated among the parties thereto in the manner specified in this Agreement and the
Company’s Articles in effect immediately prior to the stock sale as a Deemed Liquidation Event. 

  

	6.5	 Right of Co-Sale 

 

	6.5.1	 Subject to Clause 6.5.8, in case of any Transfer Shares being Ordinary Shares in a Proposed Key Holder Transfer
that are not purchased pursuant to Clause 6.3 (Right of First Refusal) above and thereafter is to be sold to a Prospective Transferee, a Major Holder may elect to exercise its Right of Co-Sale and
participate on a pro rata basis in the Proposed Key Holder Transfer as set forth in Clause 6.5.2 below and, subject to Clause 6.5.4, otherwise on the same terms and conditions specified in the Proposed Transfer Notice. Each Major Holder who desires
to exercise its Right of Co-Sale (each, a “Participating Major Holder”) must give the selling Key Holder written notice to that effect within fifteen (15) days after the deadline for
delivery of the Secondary Notice described above, and upon giving such notice such Participating Major Holder shall be deemed to have effectively exercised the Right of Co-Sale. 

  
 

 
  
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	6.5.2	 Each Participating Major Holder may include in the Proposed Key Holder Transfer all or any part of such
Participating Major Holder’s Transfer Shares equal to the product obtained by multiplying (i) the aggregate number of Transfer Shares subject to the Proposed Key Holder Transfer (excluding Shares purchased by the Company or the
Participating Major Holders pursuant to the Right of First Refusal or the Secondary Refusal Right) by (ii) a fraction, the numerator of which is the number of Shares owned by such Participating Major Holder immediately before consummation of
the Proposed Key Holder Transfer (including any Shares that such Participating Major Holder has agreed to purchase pursuant to the Secondary Refusal Right) and the denominator of which is the total number of Ordinary Shares owned, in the aggregate,
by all Participating Major Holders immediately prior to the consummation of the Proposed Key Holder Transfer (including any shares that all Participating Major Holders have collectively agreed to purchase pursuant to the Secondary Refusal Right),
plus the number of Transfer Shares held by the selling Key Holder. To the extent one (1) or more of the Participating Major Holders exercise such right of participation in accordance with the terms and conditions set forth herein, the number of
Transfer Shares that the selling Key Holder may sell in the Proposed Key Holder Transfer shall be correspondingly reduced. 

  

	6.5.3	 The Participating Major Holders and the selling Key Holder agree that the terms and conditions of any Proposed
Key Holder Transfer in accordance with this Clause 6.5 will be memorialized in, and governed by, a written purchase and sale agreement with the Prospective Transferee (the “Purchase and Sale Agreement”) with customary terms and
provisions for such a transaction, and the Participating Major Holders and the selling Key Holder further covenant and agree to enter into such Purchase and Sale Agreement as a condition precedent to any sale or other transfer in accordance with
this Clause 6.5. 

  

	6.5.4	 Subject to Clause 6.4 (Drag along right), the aggregate consideration payable to the Participating Major
Holders and the selling Key Holder shall be allocated based on the number of Transfer Shares sold to the Prospective Transferee by each Participating Major Holder and the selling Key Holder as provided in Clause 6.5.2. 

 

	6.5.5	 Notwithstanding Clause 6.5.3 above, if any Prospective Transferee or Transferees refuse(s) to purchase
securities subject to the Right of Co-Sale from any Participating Major Holder or Major Holders or upon the failure to negotiate in good faith a Purchase and Sale Agreement reasonably satisfactory to the
Participating Major Holders, no Key Holder may sell any Transfer Shares to such Prospective Transferee or Transferees unless and until, simultaneously with such sale, such Key Holder purchases all securities subject to the Right of Co-Sale from such Participating Major Holder or Major Holders on the same terms and conditions (including the proposed purchase price) as set forth in the Proposed Transfer Notice and as provided in Clause 6.5.3.
Any such shares transferred to the selling Key Holder will be transferred to the Prospective Transferee against payment therefor in consummation of the sale of the Transfer Shares pursuant to the terms and conditions specified in the Proposed
Transfer Notice, and the 

  
 

 
  
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	 	selling Key Holder shall concurrently therewith remit or direct payment to each such Participating Major Holder the portion of the aggregate consideration to which each such Participating Major Holder is entitled by
reason of its participation in such sale as provided in this Clause 6.5.5. 

  

	6.5.6	 If any Proposed Key Holder Transfer is not consummated within sixty (60) days after receipt of the
Proposed Transfer Notice by the Company, the Key Holders proposing the Proposed Key Holder Transfer may not sell any Transfer Shares unless they first comply in full with each provision of Clauses 6.3 (Right of First Refusal), 6.4 (Drag
along right) and 6.5 (Right of Co-Sale). The exercise or election not to exercise any right by any Major Holder hereunder shall not adversely affect its right to participate in any other sales of
Transfer Shares subject to this Clause 6.5 (Right of Co-Sale). 

  

	6.5.7	 If some of the Shareholders have exercised their Right of Co-Sale in
accordance with Clause 6.5.1 and the proposed Transfer to the Prospective Transferee would result in a change of Control in the Company, the Participating Major Holders may only sell their Shares to the Prospective Transferee if this Prospective
Transferee also offers to purchase all of the other Shareholders’ Shares on the same terms and condition, taking into account the Liquidation Preference to which the holders of the Preferred Shares are entitled. 

 

	6.5.8	 For the avoidance of doubt, the provisions of this Clause 6.5 (Right of
Co-Sale) shall not apply to any Proposed Key Holder Transfer by any Major Holder. 

  

	6.6	 Effect of failure to comply 

 

	6.6.1	 Any Proposed Key Holder not made in compliance with the requirements of Clauses 6.1.4, 6.3 (Right of First
Refusal), 6.4 (Drag along right) and 6.5 (Right of Co-Sale) shall be null and void ab initio, shall not be recorded on the books of the Company or its transfer agent and shall not be
recognized by the Company. Each party hereto acknowledges and agrees that any breach of Clauses 6.3 (Right of First Refusal), 6.4 (Drag along right) and 6.5 (Right of Co-Sale) would result
in substantial harm to the other parties hereto for which monetary damages alone could not adequately compensate. Therefore, the parties hereto unconditionally and irrevocably agree that any non-breaching
party hereto shall be entitled to seek protective orders, injunctive relief and other remedies available at law or in equity (including, without limitation, seeking specific performance or the rescission of purchases, sales and other transfers of
Transfer Shares (for the purposes of this Clauses 6.6.1 and 6.6.2 including Preferred Shares) not made in strict compliance with this Agreement). 

  

	6.6.2	 If any Key Holder becomes obligated to sell any Transfer Shares to the Company or any Major Holder under this
Agreement and fails to deliver such Transfer Shares in accordance with the terms of this Agreement, the Company and/or such Major Holder or may, at its option, in addition to all other remedies it may have, send to such Key Holder the purchase price
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	 	Transfer Shares as is herein specified and transfer to the name of the Company or such Major Holder (or request that the Company effect such transfer in the name of a Major Holder) on the Company’s books any
certificates, instruments, or book entry representing the Transfer Shares to be sold. 

  

	6.6.3	 If any Key Holder purports to sell any Transfer Shares in contravention of the Right of Co-Sale (a “Prohibited Transfer”), each Participating Major Holder who desires to exercise its Right of Co-Sale under Clause 6.5 (Right of Co-Sale) may, in addition to such remedies as may be available by law, in equity or hereunder, require such Key Holder to purchase from such Participating Major Holder the type and number of Transfer Shares that
such Participating Major Holder would have been entitled to sell to the Prospective Transferee had the Prohibited Transfer been effected in compliance with the terms of Clause 6.5 (Right of Co-Sale).
The sale will be made on the same terms, including, without limitation, as provided in Clause 6.5.4, and subject to the same conditions as would have applied had the Key Holder not made the Prohibited Transfer, except that the sale (including,
without limitation, the delivery of the purchase price) must be made within ninety (90) days after the Participating Major Holder learns of the Prohibited Transfer, as opposed to the timeframe prescribed in Clause 6.5 (Right of Co-Sale). Such Key Holder shall also reimburse each Participating Major Holder or for any and all reasonable and documented
out-of-pocket fees and expenses, including reasonable legal fees and expenses, incurred pursuant to the exercise or the attempted exercise of the Participating Major
Holder’s rights under Clause 6.5 (Right of Co-Sale). 

 PRE-EMPTIVE RIGHTS 
  

	7.1.1	 Subject to the terms and conditions of this Clause 7 (Pre-emptive
rights) and applicable securities laws, if the Company proposes to offer or sell any New Securities, the Company shall first offer such New Securities to each Major Holder (each an “Eligible Major Holder”). An Eligible Major
Holder shall be entitled to apportion the right of first offer hereby granted to it in such proportions as it deems appropriate, among (i) itself, (ii) its Affiliates, (iii) its beneficial interest holders, such as limited partners,
members or any other Person having “beneficial ownership,” as such term is defined in Rule 13d-3 promulgated under the Exchange Act, of such Major Holder (“Major Holder Beneficial
Owner”) and (iv) any designee of an Eligible Major Holder approved by the Investor Majority; provided that each such Affiliate or Major Holder Beneficial Owner (x) is not a FOIA Party, unless such party’s
purchase of New Securities is otherwise consented to by the Board, and (y) agrees to enter into this Agreement as an “Investor”. 

  

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

  
 

 
  
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	7.1.3	 By notification to the Company within twenty-five (25) days after the ROFO Notice is given, each Eligible
Major Holder may elect to purchase or otherwise acquire, at the price and on the terms specified in the ROFO Notice, up to that portion of such New Securities which equals the proportion of the Shares then held by such Eligible Major Holder
(including all Ordinary Shares then issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of any Derivative Securities then held by such Eligible Major Holder) bears to the total Ordinary Shares of the Company then
outstanding (assuming full conversion and/or exercise, as applicable, of all Derivative Securities then outstanding). The closing of any sale pursuant to this Clause 7.1.3 shall occur within the later of ninety (90) days of the date that the
ROFO Notice is given and the date of initial sale of New Securities pursuant to Clause 7.1.4. 

  

	7.1.4	 If all New Securities referred to in the ROFO Notice are not elected to be purchased or acquired as provided in
Clause 7.1.3, the Company shall first reoffer to the remaining Eligible Major Holders any such New Securities not elected to be purchased or acquired in accordance with this Clause 7 (Pre-emptive
rights). If any New Securities remain following such reoffer, the Company may offer and sell the remaining unsubscribed portion of such New Securities to any Person or Persons at a price not less than, and upon terms no more favourable to the
offeree than, those specified in the ROFO Notice. 

  

	7.1.5	 No such pre-emptive right of the Shareholders shall apply to:

  

	 	a.	 issuance of any Shares or other securities pursuant to the ESOP or any other compensation or equity incentive
plans, as approved by the Board, including a majority of the Preferred Directors (one of whom must be a Series B Director); or 

  

	 	b.	 issuance of any Shares or other securities in connection with licensing, collaboration, strategic/corporate
partnering activities or acquisitions, as approved by the Board, including a majority of the Preferred Directors (one of whom must be a Series B Director); or 

 

	 	c.	 issuance of any Shares or other securities in connection with entry into credit facilities or credit
arrangements or incurrence of other indebtedness for borrowed money, as approved by the Board, including a majority of the Preferred Directors (one of whom must be a Series B Director); 

 

	 	d.	 a Deemed Liquidation Event; or 

 

	 	e.	 issuance of Shares in connection with any Public Offering of Shares, including an IPO and the issuance of
Shares in a private placement of Shares occurring contemporaneously with such Public Offering and at the same price per share as the Shares sold in the Public Offering pursuant to contractual obligations of the Company; or 

  
 

 
  
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	 	f.	 issuance of Shares upon exercise of warrants or rights granted to the underwriters in connection with a Public
Offering; or 

  

	 	g.	 issuance of Shares pursuant to Clause 9 (Anti-Dilution Protection); or 

 

	 	h.	 issuance of Shares pursuant to the damages payable by the Company in accordance with Clause 4.2.2 of the
Subscription Agreement; or 

  

	 	i.	 issuance of Series C Shares at the Closing (as defined in the Subscription Agreement); or

  

	 	j.	 issuance of Shares following conversion of Preferred Shares, 

each an “Exempted Issuance”. Each Shareholder shall, where necessary, vote in favour of an exclusion of pre-emptive rights for an Exempted Issuance. 
  

	7.1.6	 The pre-emptive rights set forth in Clauses 7.1.1 through 7.1.4 shall
terminate immediately prior to a Qualified IPO. 

 PREFERRED DIVIDEND, LIQUIDATION PREFERENCE, CONVERSION AND REDEMPTION 

 

	8.1	 Deemed Liquidation Event 

 

	8.1.1	 Subject to Clause 8.1.3 below, upon a Deemed Liquidation Event, any available proceeds (whether in cash, stock
or surplus assets) shall, irrespective of the liquidation provisions in the Articles, be distributed to the Shareholders in the following order: 

  

	 	a.	 first, each Series C Holder and Series B Holder on a pari passu basis shall receive an amount equal to
the number of Series C Shares or Series B Shares respectively, held by it multiplied by the Investor Subscription Price Per Share for such Series C Share or Series B Shares, plus any declared but unpaid Preferred Dividends as calculated in
accordance with Clause 8.2.1 (the “Series B and C Liquidation Preference”); 

  

	 	b.	 second, each Series A Holder shall receive an amount equal to the number of Series A Shares held by it
multiplied by the Investor Subscription Price Per Share for such Series A Shares, plus any declared but unpaid Preferred Dividends as calculated in accordance with Clause 8.2.1 (the “Series A Liquidation Preference” and, together
with the Series B and C Liquidation Preference, the “Liquidation Preference”); 

 If upon any such Deemed
Liquidation Event, the proceeds of the Company available for distribution to its Shareholders shall be insufficient to pay the Series C Holders and Series B Holders or, if the Series B and C Liquidation Preference has been paid in full, to pay the
Series 

  
 

 
  
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 A Holders the full amount to which they shall be entitled under this Clause 8.1.1(a) or (b), as
applicable, then the Series C Holders and Series B Holders (or the Series A Holders, if the Series B and C Liquidation Preference shall have been paid in full) shall share ratably in any distribution of the available proceeds for distribution in
proportion to the respective amounts which would otherwise be payable in respect of the applicable Shares held by them upon such distribution if all amounts payable on or with respect to such Shares were paid in full, 

 

	 	c.	 the remainder of the proceeds (the “Residual Amount”) shall be distributed among the holders
of the Preferred Shares and holders of Ordinary Shares, pro rata based on the number of Shares held by each such holder, treating for this purpose all such securities as if they had been converted to Ordinary Shares pursuant to Clause 8.2 and
applicable provisions of the Articles, immediately prior to such Deemed Liquidation Event; provided, that: 

  

	 	i.	 The Series C Holders and Series B Holders shall cease participating in the Residual Amount on a pro rata as-converted basis upon receipt by the Series C Holders and Series B Holders of an aggregate amount per Series C Share and Series B Share, respectively (inclusive of the Series B and C Liquidation Preference
received under Clause 8.1.1(a)) equal to the Investor Subscription Price Per Share for such Series C Shares or Series B Share multiplied by three (3); and 

  

	 	ii.	 The Series A Holders shall cease participating in the Residual Amount on a pro rata as-converted basis upon receipt by the Series A Holders of an aggregate amount per Series A Share (inclusive of the Series A Liquidation Preference received under Clause 8.1.1(b)) equal to the Investor Subscription
Price Per Share for a Series B-2 Preferred Share multiplied by three (3). 

  

	8.1.2	 In the event of a Deemed Liquidation Event, if any portion of the consideration payable to the Shareholders is
payable only upon satisfaction of contingencies (the “Additional Consideration”), the applicable definitive agreement for the Deemed Liquidation Event shall provide that (a) the portion of such consideration that is not
Additional Consideration (such portion, the “Initial Consideration”) shall be allocated among the Shareholders in accordance with Clause 8.1.1 as if the Initial Consideration were the only consideration payable in connection with
such Deemed Liquidation Event; and (b) any Additional Consideration which becomes payable to the Shareholders upon satisfaction of such contingencies shall be allocated among the Shareholders in accordance with Clause 8.1.1 after taking into
account the previous payment of the Initial Consideration as part of the same transaction. For the purposes of this Clause 8.1.2, consideration placed into escrow or retained as a holdback to be available for satisfaction of indemnification or
similar obligations in connection with such Deemed Liquidation Event shall be deemed to be Additional Consideration. 

  
 

 
  
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	8.1.3	 Upon a Deemed Liquidation Event, if the amount per Preferred Share of any series that would have been payable
had all Preferred Shares been converted into Ordinary Shares pursuant to Clause 8.3 immediately prior to such Deemed Liquidation Event (the “As-Converted Amount”) would be greater than the
amount per Preferred Share of such series payable pursuant to Clause 8.1.1, after taking into account the adjustments set forth in Clause 8.1.2, each Preferred Holder of such series shall receive the
As-Converted Amount for Preferred Shares of such series in lieu of any amounts under Clause 8.1.1. For the avoidance of doubt and notwithstanding anything contained elsewhere in this Agreement, upon a Deemed
Liquidation Event, each Preferred Holder shall receive either (i) the amounts per Preferred Share pursuant to Clause 8.1.1 or (ii) the As-Converted Amount, whichever is greater as with respect to
each such holder of series of Preferred, and not both. 

  

	8.2	 Each of the following events shall be considered a ”Deemed Liquidation Event” unless the
Investor Majority (which Investor Majority shall include the majority of the Series B Shares and the Series C Shares, voting together as a single class), elects otherwise by written notice sent to the Company at least 10 days prior to the effective
date of any such event: (i) a sale, lease, transfer or other disposition of all or substantially all of the Company’s assets (including the Company or its intellectual property rights, taken as a whole), (ii) the sale or transfer of all or
part of the shares in the Company resulting in a change of Control over the Company (it being understood that any sale or transfer of more than 50% of the then outstanding shares in the Company shall be deemed to result in a change of Control),
except for any such change of Control resulting from the sale of shares or securities of the Company for the primary purpose of raising capital for the Company or its Affiliates, (iii) a merger (juridische fusie) or demerger
(splitsing) acquisition or consolidation involving the Company or its subsidiaries from time to time with any other company resulting in the Company not being the surviving company and/or resulting in a change of Control over the Company as
described in subclause (ii) above, or (iv) the exclusive, irrevocable licensing of all or substantially all of the Company’s intellectual property to a third party. 

 

	8.2.1	 Dividends shall accrue on each Preferred Share on a non-cumulative, non-compounded basis at the rate per annum of 8% of the applicable Investor Subscription Price Per Share (subject to appropriate adjustment in the event of any dividend, share split, combination or other similar
recapitalization with respect to the Preferred Shares) (the “Preferred Dividend”). Preferred Dividends shall be payable only when, as, and if declared by the Board, and the Company shall be under no obligation to pay such Preferred
Dividends. The Company shall not declare, pay or set aside any dividends on shares of any other class or series of share capital of the Company (including dividends on Ordinary Shares payable in Ordinary Shares) unless (in addition to the obtaining
of any consents required in the Articles and as required under Applicable Law) the holders of the Preferred Shares then outstanding first receive, or simultaneously receive, a dividend on each outstanding Preferred Share in an amount equal to that
dividend per Preferred Share as would equal the product of (1) the dividend payable on (A) the Ordinary Shares or (B) 

  
 

 
  
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	 	each share of such other class or series of share capital of the Company determined, if applicable, as if all shares of such class or series had been converted into Ordinary Shares and (2) the number of Ordinary
Shares issuable upon conversion of a Preferred Share, in each case calculated on the record date for determination of holders entitled to receive such dividend. 

  

	8.2.2	 For the avoidance of doubt, the Company and each Shareholder acknowledges and agrees that the Company shall not
approve, declare or pay any dividends on any Ordinary Shares outstanding unless and until the full Liquidation Preference on all outstanding Preferred Shares shall have been paid first. 

 

	8.2.3	 The Parties acknowledge that the Company may only distribute profits to the Shareholders in accordance with
Article 2:216 of the Netherlands Civil Code and taking into account the preferential rights of the Preferred Shares. 

  

	8.3	 Conversion 

Optional Conversion 
  

	8.3.1	 The Parties agree that each Preferred Holder is entitled to convert the Series A Shares, Series B Shares and
Series C Shares, respectively, at any time, without payment of additional consideration, into Ordinary Shares at a conversion rate of 1:1 (such conversion a “Voluntary Conversion”), which conversion rate shall be adjusted so as to
reflect this ratio after any amendment of the nominal value by means of any stock splits, reclassification of shares and similar events. 

  

	8.3.2	 A Voluntary Conversion will upon written request by the relevant Preferred Holder be delivered at the
Company’s address, stating that such Party wishes to convert all or part of the Preferred Shares held by it into Ordinary Shares (the “Conversion Request”). Upon receipt of the Conversion Request, the Company will immediately
take all action to effectuate such Voluntary Conversion. To the extent necessary to achieve such Voluntary Conversion each of the Parties: 

  

	 	a.	 irrevocably agrees to take all action and resolutions required to effectuate such Voluntary Conversion and
shall procure that the Director(s) as nominated or appointed by such Party (as applicable) shall, subject to any restrictions of Applicable Law, vote in favour of such Voluntary Conversion at the meeting of the Board; and 

 

	 	b.	 where necessary, unconditionally and irrevocably grants a power of attorney to each (deputy) civil-law notary practicing in the Netherlands, to execute a deed of issuance of Shares or amendment to the Articles that may appear necessary to effectuate the Voluntary Conversion. 

  
 

 
  
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 Mandatory Conversion 

 

	8.3.3	 The outstanding Preferred Shares shall automatically convert into Ordinary Shares at the then effective
conversion rate as calculated in accordance with this Clause 8 and Clause 9 (Anti-Dilution Protection) in the event of: 

  

	 	a.	 (i) the Investor Majority, (ii) the Series B Majority, which shall include at least one Major Series
B Holder, and (iii) the Series C Majority, which shall include at least one Major Series C Holder, voting in favor of such mandatory conversion at the date and time, or the occurrence of an event, specified by such Investor Majority; or

  

	 	b.	 the earlier of the consummation of (i) a Qualified IPO, or (ii) a “combination” transaction
with a special purpose acquisition vehicle that has raised a blind pool of capital of at least USD 50 million through an initial public offering to which the combined company’s securities are (indirect) exchange listed and publicly traded.

  

	8.3.4	 Each Shareholder agrees and commits itself to cast its votes in the General Meeting in favour of any
resolutions required for or conducive to a Qualified IPO, including the amendment of the Company’s Articles, which includes the conversion into a public limited company (naamloze vennootschap) and to apply its voting power in the Company
in accordance with the provisions of this Agreement and the Articles to facilitate the Qualified IPO. 

  

	8.3.5	 All holders of record of Preferred Shares shall be sent written notice of the time of the mandatory conversion
and the place designated for mandatory conversion of all such Preferred Shares pursuant to Clause 8.3.3. Such notice need not be sent in advance of the occurrence of the time of the mandatory conversion. All rights with respect to the Preferred
Shares converted pursuant to Clause 8.3.3, including the rights, if any, to receive notices and vote (other than as a holder of Ordinary Shares), will terminate at the mandatory conversion, except only the rights of the holders thereof to receive
any cash in lieu of fractional shares in accordance with Clause 8.3.8 below. Such converted Preferred Shares shall be retired and cancelled and may not be reissued as shares of such series, and the Company may thereafter take such appropriate action
(without the need for shareholder action) as may be necessary to reduce the authorized number of Preferred Shares accordingly. 

  

	8.3.6	 In the case conversion takes place by a decision by the Investor Majority (which shall include (i) the
Series B Majority, which shall include at least one Major Series B Holder and (ii) the Series C Majority, which shall include at least one Major Series C Holder) in the context of an IPO that is not a Qualified IPO, the shareholders of the
Company, including the Investors, shall cooperate to take any necessary actions such that each Preferred Holder outstanding prior to the consummation of the IPO will receive, including through conversion of its Preferred Shares outstanding into
Ordinary Shares and the issuance by the Company of additional Ordinary Shares if so required, that number of Ordinary Shares at the dollar amount determined in accordance with Clause 8.1.1, assuming for purposes of this calculation that a Deemed
Liquidation Event has occurred at a valuation equal to the total pre-IPO valuation of the 

  
 

 
  
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	 	Company as determined and agreed in good faith between the Company and the joint book-running managers of the IPO. For the avoidance of doubt, no cash proceeds will be paid to the holders of outstanding Preferred Shares
from the IPO and no adjustment may be required based on the calculation performed per the above. 

 Fractional Shares

  

	8.3.7	 No fractional Ordinary Shares shall be issued upon conversion of the Preferred Shares. In lieu of any
fractional shares to which the holder would otherwise be entitled, the Company shall pay cash equal to such fraction multiplied by the fair market value of an Ordinary Share as determined in good faith by the Board (as approved by a majority of
Preferred Directors, voting together as a single class). Whether or not fractional shares would be issuable upon such conversion shall be determined on the basis of the total number of Preferred Shares the holder is at the time converting into
Ordinary Shares and the aggregate number of Ordinary Shares issuable upon such conversion. 

  

	8.3.8	 For the avoidance of doubt, no Preferred Dividends shall be paid, whether accrued or otherwise, in the event of
any conversion of Preferred Shares into Ordinary Shares pursuant to this Clause 8.3, except – to the extent applicable – in case of a conversion in connection with an IPO that is not a Qualified IPO. 

ANTI-DILUTION PROTECTION 
  

	9.1.1	 In the event of a Post-Completion Issue to any Person, at a price per such Post-Closing Share which is lower
than the applicable Investor Subscription Price Per Share (a “Down Round”) then the Company shall, unless and to the extent a Preferred Holder has specifically waived its rights under this Clause 9.1 in writing, promptly issue in
accordance with applicable requirements to each of the Preferred Holders, such number of new shares, based upon a broad-based weighted average anti-dilution adjustment, which reduces the subscription price of the relevant Series C Shares, Series B
Shares or Series A Shares, as applicable, to a weighted average price calculated in accordance with the following formulas (the “Anti-Dilution Shares”). 

 

	 	a.	 Weighted Average Price 

 

					
	  WAP   =    	 	P1 * Q1 + P2 * Q2	  	
	 	        Q1 + Q2        	  	

  

	 	WAP	 =     Weighted Average Price 

 

	 	P1	 =     the applicable Investor Subscription Price Per Share 

  
 

 
  
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	 	P2    =	 the subscription price in the Down Round 

 

	 	Q1   =	 the total number of Shares outstanding (excluding the unallocated Shares pursuant to the ESOP) prior to the
Down Round on an as converted and fully diluted basis 

  

	 	Q2   =	 the number of new shares issued in the Down Round 

 

	 	b.	 Number of Anti-Dilution Shares 

The number of Anti-Dilution Shares to be issued to the respective Preferred Holder shall be calculated as follows (rounding the product, N,
down to the nearest possible whole Share): 
 N = PS * P1 / WAP – PS 

N = number of Anti-Dilution Shares to be awarded 

PS = number of Series C Shares, Series B Shares or Series A Shares, as applicable, held by the Investor prior to the Down
Round 
  

	9.1.2	 The issue of the Anti-Dilution Shares shall occur by way of capitalisation of the Company’s relevant share
premium account or any other reserves, in accordance with Applicable Law. If the reserves of the Company are not sufficient to pay up the Anti-Dilution Shares to which the Preferred Holders are entitled then each of the relevant Preferred Holders
shall pay up the appropriate nominal amount in cash. For the avoidance of doubt, the anti-dilution protection set out in this Clause 9 (Anti-dilution Protection) shall not change the aggregate Liquidation Preference of the Series C
Shares, Series B Shares or Series A Shares, and appropriate modifications shall be made so that the aggregate Liquidation Preference of the Series C Shares, Series B Shares or Series A Shares, inclusive of any Anti-Dilution Shares, shall remain
unchanged. 

  

	9.1.3	 The anti-dilution protection set out in Clause 9.1.1 will not apply in case of an Exempted Issuance previously
approved by the Board, including at least two Preferred Directors (one of whom must be a Series B Director). 

  

	9.1.4	 In order to benefit from the anti-dilution protection set out in Clause 9.1.1, the Preferred Holders are
required to participate in any dilutive Post-Completion Issue to the extent of their pro rata equity interest in the Series C Shares, Series B Shares or Series A Shares, as applicable. In the event and to the extent that a Preferred Holder fails to
participate in accordance with the previous sentence, the Preferred Shares held by such shareholder will automatically and proportionally lose any anti-dilution protection provided under Clause 9.1.1. 

  
 

 
  
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	9.1.5	 Each of the Parties hereby irrevocably agrees to such issue of Shares as is consistent with this Clause 9.1 and
agrees to co-operate in all actions and resolutions required for the issue of such Anti-Dilution Shares, which any Investor may request the Company to issue in connection with the provisions of this Clause
9.1, and to waive any and all pre-emptive rights that such Party may have in relation to the Anti-Dilution Shares to be issued to such holder of Shares. In addition, the Parties shall effectuate an amendment
of the Articles to the extent that such amendment should be required in order to facilitate the issue of Anti-Dilution Shares. 

  

	9.1.6	 The Parties intend that any issuance of Shares pursuant to this Clause 9 shall be treated as a
“recapitalization” described in Section 368(a)(1)(E) of the Code in which no gain or loss is recognized for U.S. federal income tax purposes (or any applicable U.S. state or local tax purposes). The Company agrees to make any U.S. tax
reporting in a manner consistent with the foregoing intended treatment except to the extent otherwise required pursuant to a “determination” within the meaning of Section 1313(a) of the Code. 

EMPLOYEE INCENTIVE SCHEME 
  

	10.1.1	 The Company’s 2016 Equity Incentive Plan, as amended and restated from time to time, will be amended on or
about the date hereof to increase the number of unallocated incentive awards with 1,000,000, following the Closing, on a post money basis, so the total unallocated portion immediately following the Closing shall represent 5.02% of the Company’s
fully diluted capitalization. 

 CONFIDENTIALITY AND ANNOUNCEMENTS 

 

	11.1.1	 Each of the Parties agrees to keep secret and strictly confidential and not to use, disclose, or divulge to any
third party or to enable or cause any person to become aware of (except for the purposes of conducting the Company’s business for the benefit of the Company and to its advisors and/or consultants, in each case provided that any person to whom
such confidential information is disclosed by it complies with the restrictions set out in this Clause as if such person were a Party) any information relating to the Company or its business or assets or the existence or the contents of this
Agreement. 

  

	11.1.2	 Nothing in this Clause 11.1.1 prevents any announcement being made or any confidential information being
disclosed by any Party: 

  

	 	a.	 on or following the Closing Date, if the Parties have reasonably agreed on the contents of such announcement;

  

	 	b.	 to the extent required by law or any competent regulatory body or recognised stock exchange or under any
agreement with any Tax Authority existing at the date of this Agreement or to comply with any applicable accounting requirements (including for the avoidance of doubt any required disclosure to the U.S. Securities and Exchange Commission); any Party
so required to disclose any confidential information shall 

  
 

 
  
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	 	promptly notify the other Party, where practicable and to the extent lawful to do so, with reasonable amount of time, before disclosure occurs and shall consult with the other Party regarding the timing and content of
such disclosure and shall take such action which the other Party may reasonably request (including taking into account any comment that the other Party provides on such disclosure which shall be considered in good faith) or which may reasonably be
required to challenge the validity of such disclosure requirement; 

  

	 	c.	 to the extent that such information is public knowledge other than through unlawful disclosure by that Party;

  

	 	d.	 to the extend such information is or has been independently developed or conceived by such Investor without use
of the Company’s confidential information; 

  

	 	e.	 to the extent such information is or has been made known or disclosed to such Investor by a third party without
a breach of any obligation of confidentiality such third party may have to the Company; 

  

	 	f.	 to that Party’s investors, investor committees and/or any of its Affiliates (excluding portfolio
companies) on all information pertaining to the Company and the equity investment made or to be made in the Company in accordance with its reporting obligations (including, if applicable, under its fund investment documents or to the extent required
for legal, tax, audit or regulatory purposes), subject to a duty of confidentiality; 

  

	 	g.	 to that Party’s professional advisers or its financiers subject to a duty of confidentiality and only to
the extent necessary for any lawful purpose. 

 provided that and with the exception of Clause 11.1.2(a) and 11.1.2(b)
Viking’s or GA’s name (including any abbreviations thereof) will not be used in any public statement, marketing materials or other third party communications (other than in connection with the proposed financing) without prior written
approval of Viking or GA (as the case may be). 
 DURATION 
  

	12.1.1	 Subject to the other provisions of this Agreement, this Agreement shall continue in full force and effect for
an indefinite period of time and will terminate once the Shareholders and the Company agree in writing to terminate this Agreement, provided that this Agreement shall cease to have effect as regards a Shareholder who ceases to hold any Shares, save
for any of the provisions of this Agreement which are expressed to continue in force after termination or ceasing to be a Shareholder. In addition, this Agreement shall terminate (i) in the event an IPO is completed (except for Clause 15
(Registration Rights)), (ii) upon such time when the 

  
 

 
  
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	 	Company first becomes subject to the period reporting requirements of Section 13 or 15(d) of the Exchange Act (except for Clause 15 (Registration Rights)) or (iii) upon a Deemed Liquidation Event
resulting in one Person becoming the beneficial owner of all of the Shares or a liquidation of the Company, whichever event occurs first. 

DATA PROTECTION 
  

	13.1.1	 Each of the Shareholders hereby consent to the processing of their personal data (in case of a Shareholder that
is a registered investment company or a pooled investment fund only the name of the fund and the number of Shares such fund is holding) from time to time by the Company for the following purposes, subject to a duty of confidentiality of any person
or party which may receive such data, for the following purposes: 

  

	 	a.	 conducting of due diligence in connection with a potential investment, financing or Deemed Liquidation Event or
similar strategic transaction; 

  

	 	b.	 compliance with Applicable Law; and 

 

	 	c.	 the exchange of contact and shareholdings information amongst themselves. 

 

	13.1.2	 The Company may process that personal data either electronically or manually. The personal data that may be
processed by the Company for those purposes includes any information which may have a bearing on the prudence of investing in the Company. 

  

	13.1.3	 The Company shall process all personal data in accordance with applicable legislation on data protection.

 TAX 
  

	14.1	 Risk and account 

All taxes, duties, levies and social security premiums payable (ultimately) by a Shareholder in connection with such Shareholder’s
investment under this Agreement, including the grant or ownership of Shares, are for the sole risk and account of such Shareholder. 
  

	14.2	 U.S. federal income tax matters 

 

	14.2.1	 The Company shall (a) within one hundred twenty (120) days after the end of the Company’s
taxable year, examine whether the Company (or any of its Corporate Subsidiaries) was a “passive foreign investment company” within the meaning of Section 1297 of the U.S. Tax Code (a “PFIC”) with respect to such
taxable year; and (b) if the Company determines that the Company (or any of its Corporate Subsidiaries) is a PFIC for such taxable year, provide such information reasonably available to the Company to each Shareholder who is a United States

  
 

 
  
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	 	person, as defined in Section 957(c) of the U.S. Tax Code (any such Shareholder, a “U.S. Shareholder”) to permit such U.S. Shareholder to elect to treat the Company (or any of its Corporate
Subsidiaries) as a “Qualified Electing Fund” within the meaning of Section 1295 of the U.S. Tax Code (a “QEF Election”) or file a “Protective Statement” pursuant to U.S. Treasury Regulations Section 1.1295-3(c) for U.S. federal income tax purposes with respect to such U.S. Shareholder. If a determination is made by the Company that the Company is a PFIC for a particular taxable year, then for such
year and for each year thereafter that it is a PFIC, the Company shall provide each U.S. Shareholder no later than one hundred fifty (150) days after the end of such taxable year, a completed “PFIC Annual Information Statement” as
required by U.S. Treasury Regulations Section 1.1295-1(g) which shall be signed by the PFIC or an authorized representative of the PFIC and which shall set forth the following information: (i) the
first and last days of the taxable year of the PFIC; (ii) the U.S. Shareholders’ pro rata shares of the PFIC’s ordinary earnings and net capital gain for the taxable year indicated in clause (i) above; (iii) the amount of cash
and the fair market value of other property distributed or deemed distributed to the U.S. Shareholders during the taxable year of the PFIC to which the PFIC Annual Information Statement pertains; and (iv) a statement that the PFIC will permit
the U.S. Shareholders to inspect and copy the PFIC’s permanent books of account, records, and such other documents as may be maintained by the PFIC to establish that the PFIC’s ordinary earnings and net capital gain are computed in
accordance with U.S. federal income tax principles, and to verify these amounts and the Investors’ pro rata shares thereof. In addition to the information set forth above, if a determination is made by the Company that the Company is a PFIC for
a particular taxable year, the Company shall provide a U.S. Shareholder with such information requested by the U.S. Shareholder that is both reasonably required by the U.S. Shareholder to comply with any reporting or other requirements in connection
with such QEF Election and available to the Company. The Company shall provide, within one hundred fifty (150) days following the end of each taxable year of the Company, such information, records and documents available to the Company that is
reasonably requested by a U.S. Shareholder in order to assist such U.S. Shareholder or any Person who is a direct or indirect beneficial owner of such U.S. Shareholder with the preparation of its U.S. federal income tax returns, complying with
reporting obligations under the U.S. Tax Code and other obligations under the U.S. Tax Code, or obtaining any benefit pursuant to the U.S. Tax Code. 

  

	14.2.2	 The Company shall use its commercial reasonable efforts to avoid being a PFIC. 

 

	14.2.3	 Each Shareholder agrees to use commercially reasonable efforts to (i) work together in good faith to
assess, and as needed develop a plan to mitigate, the risk that the Company may be characterized as a CFC, (ii) confer with each other regarding the results of such risk assessment and planning, and (iii) as needed and if applicable,
endeavor to implement in good faith any mutually agreed plan to mitigate such risk of potential characterization of the Company as a CFC; provided that any such plan shall not adversely affect any Shareholder or the Company. 

  
 

 
  
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	14.2.4	 The Company take such actions, including making an election to be treated as a corporation or refraining from
making an election to be treated as a partnership, in order to ensure that at all times it is classified as corporation for U.S. federal income tax purposes. 

  

	14.2.5	 As soon as practicable, but in any event, within one hundred and twenty (120) days after the end of each
taxable year of the Company, the Company shall examine its CFC status and the CFC status of any of its Corporate Subsidiaries and immediately notify Investors that are U.S. Shareholders if it becomes aware of any change in the CFC status of the
Company or any Corporate Subsidiary for such taxable year. As soon as practicable, but in any event, within one hundred and twenty (120) days after the end of each taxable year of the Company, the Company shall provide to the Investors that are
United States Shareholders (within the meaning of Section 951(b) of the U.S. Tax Code), or that have Partners that are United States Shareholders of the Company (and have notified the Company of such status), with access to any information that
is available to the Company and reasonably requested by the Investor that is required to determine whether the Company is a CFC and to determine whether the Investor or any of the Investor’s Partners is required to report its pro rata portion
and information necessary to determine such pro rata portion of the Company’s “subpart F income” as defined in Section 952 of the Code (“Subpart F Income”) or “global intangible low-taxed income” as defined under Section 951A of the Code on its U.S. federal income tax return. If the Company determines that it is or reasonably may be a CFC for any taxable year, the Company shall
use commercially reasonable efforts to determine, no later than one hundred fifty (150) days following the end of such taxable year, and provide to each Investor that is a United States Shareholder (or that has notified the Company that one or
more of the Investor’s Partners is a United States Shareholder) a written report of, the amount of any Subpart F Income, any Section 956 Amount (as defined below) and earnings and profits (as determined for U.S. federal income tax
purposes) generated by the Company during such taxable year and the amount of each such Investor’s pro rata portion of such Subpart F Income and Section 956 Amount (collectively, the “CFC Allocation”). In the event of a
CFC Allocation attributable to any taxable year, the Company agrees, to the extent permitted by applicable law and subject to available cash, to make a dividend distribution (a “CFC Distribution”) to such Investor in such taxable
year. The Company will use commercially reasonable efforts to make such CFC Distribution no later than one hundred fifty (150) days after the end of the taxable year of the corporation to which such CFC Allocation relates, in an amount equal to
(1) 25% of such Investor’s pro rata share of the CFC Allocation less (2) the amount of any other distributions made to such Investor during the preceding taxable year. To the extent necessary to effectuate the CFC Distributions described
herein, the Company shall cause any company that is a direct or indirect subsidiary of the Company to timely make distributions to the Company. For purposes of this Clause 14.2.5, (i) the term “Investor’s Partners” shall mean each of
the Investor’s shareholders, partners, members or other equity holders and any direct or indirect equity owners of such entities, in each case, that is a U.S. person as defined in Section 957(c) of the U.S. Tax Code (ii) the
“Company” shall mean the Company and any of its Corporate Subsidiaries, if applicable, (iii) “Section 956 Amount” means 

  
 

 
  
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	 	any amount described in Section 951(a)(1)(B) of the U.S. Tax Code and the U.S. Treasury Regulations thereunder, and (iv) “United States Shareholder” means a Shareholder described in Section 951(b) of
the U.S. Tax Code. Each Investor agrees that it shall reasonably cooperate with the other Investors and the Company to provide, upon the request of any Investor or the Company, such information as the Investor shall have in its possession or
Control, as is necessary to establish whether such Investor and/or any of its direct or indirect beneficial owners is a United States Shareholder. 

  

	14.2.6	 To the extent that the Company becomes subject to U.S. tax reporting or compliance obligations under the U.S.
Tax Code, the Company agrees to engage, within ninety (90) days following the date the Company becomes aware of such obligation, a reputable U.S. tax advisory firm to assist with compliance with such reporting and other obligations.

  

	14.2.7	 For purposes of this Clause 14, a “Corporate Subsidiary” shall mean any subsidiary of the Company
(i) that is classified as a corporation for U.S. federal income tax purposes, and (ii) with respect to which the Company, directly or indirectly, owns over 50% of the vote and value of the subsidiary’s stock. 

REGISTRATION RIGHTS 
 Demand
Registration 
  

	15.1	 If at any time after the earlier of (i) five (5) years after the date of this Agreement or (ii) one
hundred eighty (180) days after the effective date of the registration statement for the IPO, the Company receives a request from Holders that the Company submit or file a Form F-1 or S-1 registration statement, as applicable, with respect to (1) at least forty percent (40%) of the Registrable Securities then outstanding or (2) an anticipated aggregate offering price, net of Selling
Expenses, exceeding $50.0 million, then the Company shall (x) within ten (10) days after the date such request is given, give notice thereof (the “Demand Notice”) to all Holders other than the Initiating Holders (each
such request shall be referred to herein as a “Demand Registration”); and (y) as soon as practicable, and in any event within sixty (60) days after the date such request is given by the Initiating Holders, initially file
or confidentially submit a Form F-1 or Form S-1 registration statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested
to be registered and any additional Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice
is given, and in each case, subject to the limitations of Clauses 15.3, 15.5 and 15.6. 

  

	15.2	 If at any time when it is eligible to use a Form F-3 or S-3 registration statement, the Company receives a request from (1) Holders of at least twenty percent (20%) of the Registrable Securities then outstanding or (3) Holders that the Company file a Form F-3 or S-3 registration statement 

  
 

 
  
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	 	with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least $25.0 million, then the Company shall (i) within ten
(10) days after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within forty-five (45) days after the date such request is given
by the Initiating Holders, file a Form F-3 or S-3 registration statement under the Securities Act (or file a post-effective amendment to an effective Form F-3 or S-3 registration statement under the Securities Act, as applicable and at the Company’s sole discretion) covering all Registrable Securities requested to be
included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Clauses 15.3,
15.5 and 15.6. The Company shall only be required to effectuate one Public Offering from any such Form F-3 or S-3 registration within any
six-month period. 

  

	15.3	 Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration
pursuant to Clause 15.2 a certificate signed by the chief executive officer of the Company or a wholly owned subsidiary of the Company stating that in the good faith judgment of the Board it would be materially detrimental to the Company and its
shareholders for such registration statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would (i) materially interfere with a
significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential;
or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing, and any time periods with respect to filing or
effectiveness thereof shall be tolled correspondingly, for a period of not more than one hundred twenty (120) days after the request of the Initiating Holders is given; provided, however, that the Company may not invoke this right
more than once in any twelve (12) month period; and provided further that the Company shall not register any securities for its own account or that of any other stockholder during such one hundred twenty (120) day period
other than an Excluded Registration. 

 Company Registration 

 

	15.4	 The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to
Clause 15.1 (i) during the period that is thirty (30) days before the Company’s good faith estimate of the date of the earlier of confidential submission or filing of, and ending on a date that is ninety (90) days after the effective
date of, a Company-initiated registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; (ii) after the Company has effected two Demand
Registrations; or (iii) if the Initiating Holders propose to dispose of shares of 

  
 

 
  
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	 	Registrable Securities that may be immediately registered on Form F-3 or S-3 pursuant to a request made pursuant to Clause 15.2. A
registration shall not be counted as “effected” for purposes of this Clause 15.4 until such time as the applicable registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such
registration, elect not to pay the registration expenses therefor, and forfeit their right to one registration pursuant to Clause 15.9, in which case such withdrawn registration statement shall be counted as “effected” for purposes of this
Clause 15.4; provided, that if such withdrawal is during a period the Company has deferred taking action pursuant to Clause 15.3, then the Initiating Holders may withdraw their request for registration and such registration will not be
counted as “effected” for purposes of this Clause 15.4. 

 Underwriting Requirements 

 

	15.5	 If, pursuant to Clause 15.1 or 15.2, the Initiating Holders intend to distribute the Registrable Securities
covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Clause 15.1 or 15.2, and the Company shall include such information in the Demand Notice. The underwriter(s) will be
selected by the Company and shall be reasonably acceptable to the Initiating Holders. In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration shall be conditioned upon such Holder’s
participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall (together with
the Company as provided in Clause 15.7c) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting; provided, however, that no Holder (or any of their assignees) shall be required to make any
representations, warranties, or indemnities except as they relate to such Holder’s ownership of shares and authority to enter into the underwriting agreement and to such Holder’s intended method of distribution, and the liability of such
Holder shall be several and not joint, and limited to an amount equal to the net proceeds from the offering received by such Holder. Notwithstanding any other provision of this Clause 15.5, if the managing underwriter(s) advise(s) the Initiating
Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that otherwise would be underwritten pursuant hereto, and
the number of Registrable Securities that may be included in the underwriting shall be allocated among such Holders of Registrable Securities, including the Initiating Holders, in proportion (as nearly as practicable) to the number of Registrable
Securities owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling Holders; provided, however, that the number of Registrable Securities held by the Holders to be included in such underwriting shall not be
reduced unless all other securities are first entirely excluded from the underwriting. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any
Holder to the nearest one hundred (100) shares. 

  
 

 
  
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	15.6	 In connection with any offering involving an underwriting of shares of the Company’s capital stock
pursuant to Clause 15.4, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as agreed upon between the Company and its
underwriters, and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total number of securities, including Registrable Securities, requested by
shareholders to be included in such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the success of the offering, then the Company
shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering. If the
underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated among the selling Holders in
proportion (as nearly as practicable to) the number of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to by all such selling Holders. To facilitate the allocation of shares in accordance
with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. Notwithstanding the foregoing, in no event shall (i) the number of Registrable
Securities included in the offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from the offering, or (ii) the number of Registrable Securities included in the offering be
reduced below thirty percent (30%) of the total number of securities included in such offering. For purposes of the provision in this Clause 15.6 concerning apportionment, for any selling Holder that is a partnership, limited liability company, or
corporation, the partners, members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired partners, members, and retired members and any trusts for
the benefit of any of the foregoing Persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate number of Registrable Securities
owned by all Persons included in such “selling Holder,” as defined in this sentence. 

 Obligations of the
Company 
  

	15.7	 Whenever required under this Clause 15 to effect the registration of any Registrable Securities, the Company
shall, as expeditiously as reasonably possible: 

  

	 	a.	 prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its
commercially reasonable efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period
of up to one hundred twenty (120) days or, if earlier, until the distribution 

  
 

 
  
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	 	contemplated in the registration statement has been completed; provided, however, that (i) such one hundred twenty (120) day period shall be extended for a period of time equal to the period the
Holder refrains, at the request of an underwriter of Ordinary Shares (or other securities) of the Company, from selling any securities included in such registration, and (ii) in the case of any registration of Registrable Securities on Form F-3 or S-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such one hundred twenty (120) day period
shall be extended for up to sixty (60) days, if necessary, to keep the registration statement effective until all such Registrable Securities are sold; 

  

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

 

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

 

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

 

	 	e.	 in the event of any underwritten Public Offering, enter into and perform its obligations under an underwriting
agreement, in usual and customary form, with the underwriter(s) of such offering; 

  

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

 

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

  
 

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

	 	

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

	 	

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

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

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

 Expenses 

 

	15.9	 All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or
qualifications pursuant to Clause 15.1 through 15.6, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for the Company; and the reasonable fees and disbursements, not to
exceed $100,000, of one counsel for the selling Holders (“Selling Holder Counsel”), shall be borne and paid by the Company; provided, however, that the Company shall not be required to pay for any expenses of any
registration proceeding begun pursuant to Clause 15.1 or 15.2 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all selling Holders shall
bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one

  
 

 
  
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	 	registration pursuant to Clause 15.1 or 15.2, as the case may be; provided further that if, at the time of such withdrawal, the Holders shall have learned of a material adverse change in the condition, business, or
prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness after learning of such information then the Holders shall not be required to pay any of such expenses and
shall not forfeit their right to one registration pursuant to Clause 15.1 or 15.2. All Selling Expenses relating to Registrable Securities registered pursuant to this Clause 15 shall be borne and paid by the Holders pro rata on the basis of the
number of Registrable Securities registered on their behalf. 

 Delay of Registration 

 

	15.10	 No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any
registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Clause 15. 

Indemnification 
  

	15.11	 If any Registrable Securities are included in a registration statement under this Clause 15:

  

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

  

	 	b.	 To the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold
harmless the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company within the meaning of the Securities Act, legal counsel and accountants for

  
 

 
  
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	 	the Company, any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or other Holder, against any
Damages, in each case only to the extent that such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such selling Holder expressly for use in
connection with such registration; and each such selling Holder will pay to the Company and each other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or
proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Clause 15.11(b) shall not apply to amounts paid in settlement of any such claim or proceeding if
such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; and provided further that in no event shall the aggregate amounts payable by any Holder by way of indemnity or contribution under
Clauses 15.11(b) and 15.11(d) exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or wilful misconduct by such Holder. 

 

	 	c.	 Promptly after receipt by an indemnified party under this Clause 15.11 of notice of the commencement of any
action (including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Clause 15.11, give the
indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party to which
notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be represented without
conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be
inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such action. The failure to give notice to the indemnifying party within a reasonable time of the
commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under this Clause 15.11, to the extent that such failure materially prejudices the indemnifying party’s ability to defend
such action. The failure to give notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Clause 15.11. 

  
 

 
  
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	 	d.	 To provide for just and equitable contribution to joint liability under the Securities Act in any case in which
either: (i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Clause 15.11 but it is judicially determined (by the entry of a final judgment or decree by a court of competent
jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this Clause 15.11 provides for indemnification in such case, or
(ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this Clause 15.11, then, and in each such case, such parties will contribute to the aggregate losses, claims,
damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party in connection with the
statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party
shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to information supplied by the indemnifying party or by the
indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case (x) no Holder will be required
to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement, and (y) no Person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and provided further that in no event shall a Holder’s liability pursuant to this
Clause 15.11(d), when combined with the amounts paid or payable by such Holder pursuant to Clause 15.11(d), exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of wilful
misconduct or fraud by such Holder. 

  

	 	e.	 Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained
in the underwriting agreement entered into in connection with the underwritten Public Offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

 

	 	f.	 Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten
Public Offering, the obligations of the Company and Holders under this Clause 15.11 shall survive the completion of any offering of Registrable Securities in a registration under this Clause 15, and otherwise shall survive the termination of this
Agreement. 

  
 

 
  
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 Reports Under Exchange Act 

 

	15.12	 With a view to making available to the Holders the benefits of SEC Rule 144 and any other rule or regulation of
the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form F-3 or S-3, the
Company shall: 

  

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

  

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

  

	 	c.	 furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request
(i) to the extent accurate, a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the registration statement filed by the
Company for the IPO), the Securities Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after the Company so qualifies); and (ii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any such
securities without registration (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form S-3 (at any time after the Company so qualifies to
use such form). 

 Limitations on Subsequent Registration Rights 

 

	15.13	 From and after the date of this Agreement, the Company shall not, without the prior written consent of the
Holders of a majority of the Registrable Securities then outstanding enter into any agreement with any holder or prospective holder of any securities of the Company that (a) would provide to such holder the right to include securities in any
registration on other than either a pro rata basis with respect to the Registrable Securities or on a subordinate basis after all of the Holders have had the opportunity to include in the registration and offering all Registrable Securities that
they wish to so include or (b) allow such holder or prospective holder to initiate a demand for registration of any securities held by such holder or prospective holder. 

  
 

 
  
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 Market Stand-off Agreement 

 

	15.14	 Each Holder hereby agrees that it will not, without the prior written consent of the managing underwriter(s),
during the period commencing on the date of the final prospectus relating to the registration by the Company or any successor of the Company of shares of its Ordinary Shares or any other equity securities under the Securities Act on a registration
statement on Form F-1 or S-1 or Form F-3 or S-3, and ending on the date specified by the
Company and the managing underwriter (such period not to exceed one hundred eighty (180) days: (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option,
right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Ordinary Shares held before the effective
date of the registration statement for such offering or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction
described in clause (i) or (ii) above is to be settled by delivery of Ordinary Shares or other securities, in cash, or otherwise. The foregoing provisions of this Clause 15.14 shall apply only to the IPO and shall be subject to such customary
carve-outs as the managing underwriter(s) shall agree to, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, or the transfer of any shares to any trust for the direct or indirect benefit of the Holder
or the immediate family of the Holder, provided that the trustee of the trust agrees to be bound in writing by the restrictions set forth herein, and provided further that any such transfer shall not involve a disposition for value, and shall be
applicable to the Holders only if all officers and directors are subject to the same restrictions and the Company uses commercially reasonable efforts to obtain a similar agreement from all shareholders individually owning more than one percent (1%)
of the Company’s outstanding Ordinary Shares. The underwriters in connection with such registration are intended third party beneficiaries of this Clause 15.14 and shall have the right, power and authority to enforce the provisions hereof as
though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent with this Clause 15.14 or that are necessary to give
further effect thereto. Any discretionary waiver or termination of the restrictions of any or all of such agreements by the company or the underwriters shall apply pro rata to all Company stockholders that are subject to such agreements, based on
the number of shares subject to such agreements, except that, notwithstanding the foregoing, the Company and the underwriters may, in their sole discretion, waive or terminate these restrictions with respect to up to one percent (1) of the
outstanding as converted Ordinary Shares. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to the Registrable Securities (and the securities of every other Person subject to the foregoing
restriction) until the end of such period. 

  
 

 
  
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 Restrictions on Transfer 

 

	15.15	 The Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company shall not
recognize and shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with the
provisions of the Securities Act. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Registrable Securities held by such Holder to agree to take and hold such securities subject to the provisions and upon the
conditions specified in this Clause 15. 

  

	15.16	 Each certificate, instrument, or book entry representing (i) the Registrable Securities and any other
securities issued in respect of the Registrable Securities upon any stock split, stock dividend, recapitalization, merger, consolidation, or similar event, shall (unless otherwise permitted by the provisions of Clause 15.17 be notated with a legend
substantially in the following form: 

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

THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER,
A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 
 The Holders consent to the Company making a notation in its records and
giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this Clause 15.16. 
  

	15.17	 The holder of such Restricted Securities, by acceptance of ownership thereof, agrees to comply in all respects
with the provisions of this Clause 15. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed transaction, the Holder thereof
shall give notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer. Each such notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if reasonably
requested by the Company, shall be accompanied at such Holder’s expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the
effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a “no action” letter from the SEC to the effect that the proposed sale, pledge, or transfer of such Restricted Securities without
registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably 

  
 

 
  
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	 	satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or transfer of the Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such
Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted Securities in accordance with the terms of the notice given by the Holder to the Company. The Company will not require such a legal opinion or “no action”
letter (x) in any transaction in compliance with SEC Rule 144; (y) in any transaction in which such Holder distributes Restricted Securities to an Affiliate of such Holder for no consideration; or (z) in any internal transaction in which
such Holder transfers Restricted Securities to an Affiliate of such Holder that is an entity or investment fund controlled by one or more general partners, managing members, management companies or investment advisors of, or that is managed or
controlled by an affiliated general partner, managing member, management company or investment adviser with, such Holder; provided that each transferee agrees in writing to be subject to the terms of this Clause 15. Each certificate, instrument, or
book entry representing the Restricted Securities transferred as above provided shall be notated with, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in Clause 15.16, except that such
certificate instrument, or book entry shall not be notated with such restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with any provisions of the Securities
Act. 

 Termination 
  

	15.18	 Notwithstanding the provisions of Clause 15, the right of any Holder to request registration or inclusion of
Registrable Securities in any registration pursuant to this Clause 15 shall terminate upon the earlier to occur of: 

  

	 	a.	 such time after consummation of the IPO as Rule 144 or another similar exemption under the Securities Act is
available for the sale of all of such Holder’s shares without limitation during a three-month period without registration; or 

  

	 	b.	 the fifth anniversary of an IPO. 

MISCELLANEOUS 
  

	16.1	 Compliance 

The Company shall use its reasonable efforts to comply, in all material respects with all laws and regulations, as applicable in all relevant
jurisdictions (including without limitation laws and regulations on procurement of works, goods and services and on environmental and social matters). 

  
 

 
  
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	16.2	 Further action 

If at any time after the Closing, any further action is necessary or desirable in order to implement this Agreement, each Party shall at its
own cost execute and deliver any further documents and take all such necessary action as may reasonably be requested from each of such party. 
  

	16.3	 Invalidity 

In the event that a provision of this Agreement is null and void or unenforceable (either in whole or in part), the remainder of this Agreement
shall continue to be effective to the extent that, given this Agreements substance and purpose, such remainder is not inextricably related to the null and void or unenforceable provision. The Parties shall make every effort to reach agreement on a
new clause which differs as little as possible from the null and void or unenforceable provision, taking into account the substance and purpose of this Agreement. 
  

	16.4	 Amendment 

Any term of this Agreement may be amended, modified or terminated and the observance of any term of this Agreement may be waived (either
generally or in a particular instance, and either retroactively or prospectively) only with the written and signed consent of (a) a majority of the Board, (b) the Investor Majority (which Investor Majority shall include at least one Major
Series B Holder and one Major Series C Holder) and (c) an absolute majority of the votes cast on the Shares in a General Meeting; provided that any provision hereof may be waived by any waiving party on such party’s own behalf,
without the consent of any other party. Notwithstanding the foregoing, (i) this Agreement may not be amended, modified or terminated and the observance of any term hereof may not be waived with respect to any Party (1) with respect to
specific rights provided to such Party by name or (2) so as to adversely affect such Party in a manner different or disproportionate to other Parties, without the written consent of such Party, (ii) any amendment, modification, termination
or waiver of Clause 3.6.1 and this subclause (ii) of this Clause 16.4 requires the written consent of Viking or GA respectively with respect to their Board observer rights under Clause 3.6.1, Foresite, Bain or venBio respectively with respect
to their Board observer rights under Clause 3.6.2 and the holders of the Series A Shares with respect to their Board observer rights under Clause 3.6.3, (iii) Clause 3.1.1(a) may not be amended, modified or waived without the consent of the holders
of a majority of the Ordinary Shares outstanding (excluding, for the purposes of this Clause 16.4, any Ordinary Shares issued or issuable upon conversion of any Preferred Shares (or otherwise converted from a Preferred Share into an Ordinary
Share)), (iv) Clause 3.1.1(a) may not be amended, modified or waived with respect to the Executive Director under Clause 3.1.1(a) without the consent of such officer, (v) Clause 3.1.1(b) may not be amended, modified or waived without the
consent of the holders of a majority of the Ordinary Shares outstanding (excluding, for the purposes of this Clause 16.4, any Ordinary Shares issued or issuable upon conversion of any Preferred Shares (or otherwise converted from a Preferred Share
into an Ordinary Share)) and the Founders, (vi) Clause 3.1.1(c)(i) may not be amended, modified or waived without the consent 

  
 

 
  
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 of LSP and Clause 3.1.1(c)(ii) may not be amended, modified or waived without the consent of
Kurma, (vi) Clause 3.1.1(d)(i) may not be amended, modified or waived without the consent of Foresite and Clause 3.1.1(d)(ii) may not be amended, modified or waived without the consent of the majority of the Major Series B Holders,
(vii) Clause 3.1.1(f) may not be amended, modified or waived without the consent of the holders of a majority of the Ordinary Shares outstanding (including the holders of the Preferred Shares, voting as a single class with holders of Ordinary
Shares); (viii) the Series C Investor Majority which shall include the affirmative vote of at least one Major Series C Holder shall be required to approve any amendment of this and this subclause (ii) of this Clause 16.4 and any other
amendment, modification, termination, or waiver Agreement that adversely affects the economic rights of the Series C Shares or the other the rights provided for the benefit of the Series C Shareholders as it relates to the Series C Shareholders
(such as (1) the liquidation preference of the Series C Shares (whether an absolute amount or percentage and regardless of whether the liquidation preference for other series of Preferred Shares are affected), (2) Investor Subscription Price
Per Share applicable to the Series C Shares, (3) price-based anti-dilution adjustment applicable to the Series C Shares (including expanding the definition of Exempted Issuance applicable to the Series C Shares), or (4) the definition of
Major Holder as it applies to the holders of Series C Share, Clause 4.3.3), and (ix) the Series B Investor Majority which shall include the affirmative vote of at least one Major Series B Holder shall be required to approve any amendment of
this and this subclause (ii) of this Clause 16.4 and any other amendment, modification, termination, or waiver Agreement that adversely affects the economic rights of the Series B Shares or the other the rights provided for the benefit of the
Series B Shareholders as it relates to the Series B Shareholders (such as (1) the liquidation preference of the Series B Shares (whether an absolute amount or percentage and regardless of whether the liquidation preference for other series of
Preferred Shares are affected), (2) Investor Subscription Price Per Share applicable to the Series B Shares, (3) price-based anti-dilution adjustment applicable to the Series B Shares (including expanding the definition of Exempted Issuance
applicable to the Series B Shares), or (4) the definition of Major Holder as it applies to the holders of Series B Share, Clause 4.3.4). 

Any amendment, modification, termination, or waiver effected in accordance with this Clause 16.4 shall be binding on all parties hereto,
regardless of whether any such party has consented thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver
of any such term, condition, or provision. Notwithstanding the foregoing, Schedule 6 (Notices) may be amended by the Company after the date of this Agreement without the consent of the other Parties to add information regarding any additional
Investor who becomes a party to this Agreement in accordance with Clause 16.5. 

  
 

 
  
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	16.5	 Additional Investors 

Notwithstanding anything to the contrary contained herein, if the Company issues additional Preferred Shares after the date hereof pursuant to
the Subscription Agreement, or otherwise to any additional investors, any purchaser of such Preferred Shares shall become a party to this Agreement as a condition to the purchase or transfer of such shares by executing and delivering an additional
counterpart signature page to this Agreement, and thereafter shall be deemed an “Investor”, a “Shareholder” and “Party” for all purposes hereunder. No action or consent by the Investors shall be
required for such joinder to this Agreement by such additional Investor, so long as such additional Investor has agreed in writing to be bound by all of the obligations as an “Investor”, a “Shareholder” and
“Party” hereunder. For the avoidance of doubt, the prohibitions set forth in Clause 6.1 shall apply to each additional Investor that becomes party to this Agreement under this Clause 16.5. 

 

	16.6	 Entire agreement 

This Agreement contains the entire agreement between the Parties with respect to the subject matter covered hereby and supersedes all earlier
agreements and understandings, whether oral, written or otherwise, between the Parties. 
  

	16.7	 No implied waiver 

 

	16.7.1	 Nothing shall be construed as a waiver under this Agreement unless a document to that effect has been signed by
the Parties or notice to that effect has been given. 

  

	16.7.2	 The failure of a Party to exercise any right under this Agreement (which shall include the granting by a Party
to either (any) of the other Parties of an extension of time in which to perform its obligations under any provision hereof) shall not be deemed to constitute a waiver of the right to exercise any such right in the future. 

 

	16.8	 No rescission  

The Parties hereby waive their rights under articles 6:228 and 6:265 to 6:272 inclusive of the Dutch Civil Code to rescind (ontbinden)
and/or annul (vernietigen) or demand in legal proceedings the rescission (ontbinding), and/or annulment (vernietiging) in whole or in part, of this Agreement and their rights under article 6:230 of the Dutch Civil Code to
request in legal proceedings the amendment of this Agreement. 
  

	16.9	 Counterparts 

This Agreement may be executed in any number of counterparts. This has the same effect as if the signatures on the counterparts were on a
single copy of this Agreement. 
  

	16.10	 Notices 

  
 

 
  
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	16.10.1	 Any notice or other communication under or in connection with this Agreement shall be in writing and may be
sent by courier or by registered mail and shall be effective when received, and in any event no later than: 

  

	 	a.	 when sent by courier service three (3) calendar days after dispatch; 

 

	 	b.	 when sent by registered mail three (3) calendar days after dispatch; 

 

	 	c.	 when sent by email, on the date of transmission, if transmitted before 5.00 p.m. (local time at the place of
destination) on any Business Day and in any other case on the Business Day following the date of transmission. For avoidance of doubt, in case multiple email addresses are provided in Schedule 6, then the notice is effective only if sent to all
listed email addresses. 

  

	16.10.2	 For the purposes hereof, the addresses of the Parties shall be as specified in Schedule 6
(Notices) or at such other address as the Party to be given notice may have notified to the other Parties from time to time in accordance with this Clause as its address for receiving notices. 

 

	16.10.3	 The provisions of this Clause shall not apply in relation to the service of documents for the purpose of
litigation. 

  

	16.11	 Assignment or encumbrance 

No Party may assign this Agreement (contractsoverneming) or assign or Encumber any of its rights thereunder without the prior written
consent of the other Parties. If a Party wishes to assign this Agreement to a Party to whom it Transfers all or a portion of its Shares pursuant to a Permitted Transfer in accordance with the terms of this Agreement and provided that such assignment
shall only take effect as of and subject to Transfer of these Shares, such consent is hereby provided by each of the other Parties. 
  

	16.12	 Notary 

The Parties are aware of the fact that the Notary works with NautaDutilh N.V., the firm that is advising the Company. With reference to the
Code of Conduct (Verordening beroeps- en gedragsregels) established by the Royal Notarial Professional Organisation (Koninklijke Notariële Beroepsorganisatie), the Parties herewith explicitly agree that Company is
assisted by NautaDutilh N.V. in relation to this Agreement and any agreements that may be concluded, or disputes that may arise, in connection therewith. 
  

	16.13	 Governing Law 

This Agreement shall be governed by and construed in accordance with the laws of the Netherlands. 

  
 

 
  
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	16.14	 Disputes 

The Parties agree that any dispute in connection with this Agreement or any Agreement resulting therefrom shall be submitted to the exclusive
jurisdiction of the competent court in Amsterdam. 
  

	16.15	 Restrictive Covenants 

Each of Schoodic BV, Berndt Modig, JCK Consult, Joachim Knolle, Jens Schneider-M, Hans Schikan, Luc
Dochez, GrayMatters BVBA and Anne Lesage undertakes that he/she/it, shall not, as long as he, she or it (indirectly) holds Shares and for a period of two (2) years thereafter other than pursuant to a disposal of such Shares following a Deemed
Liquidation Event, directly or indirectly: 
  

	 	(i)	 solicit any employee of the Company to cease work for the Company or to work for any other individual or entity
(other than general advertisements not specifically targeted at the relevant employee); 

  

	 	(ii)	 solicit or approach a client or customer of the Company with a view to enticing away from the Company such
customer or client; or 

  

	 	(iii)	 compete with the Business and/or participate in the field of the Business (other than for the Company),
(directly or indirectly, as owner, stockholder, director, officer, manager, employee, agent, consultant, representative or otherwise), in any business, firm or corporation that competes with the Business (with the exception of non-managerial and non-controlling shareholdings of less than 1% in listed companies); 

 

	 	  	 unless waived in writing by the Company including the approval of the Board. 

For the purpose of this Clause 16.15, compete means to undertake (or be interested in any business) in competition with the Business of the
Company (whether alone or jointly with others or whether as principal, agent, shareholder, director, advisor or otherwise and whether for its own benefit or that of others). Furthermore, the board position of Hans Schikan in Sobi (which company
has commercial rights to Pharming’s Ruconest) explicitly does not fall under the abovementioned non-compete. 

The Non-Executive Directors cannot be appointed or nominated by the Investors as board members (or a
similar position) in a company that is a Competitor to the Company. 
 This Agreement has been entered into on the date stated at the beginning of this
Agreement. 
 Signature pages follow 

  
 

 
  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

 

			
	COMPANY:
	
	PHARVARIS B.V.
		
	By:	 	/s/ B.A.E. Modig

 
			
	Name:	 	B.A.E. Modig
	Title:	 	CEO
		
	Address:	 	Pharvaris B.V.
		 	J.H. Oortweg 21
		 	2333 CH Leiden
		 	The Netherlands
		 	Attn: B.A.E. Modig

 SIGNATURE PAGE TO PHARVARIS B.V. 

SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

  
 

 
  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

 

			
	INVESTORS:
	
	VIKING GLOBAL OPPORTUNITIES ILLIQUID INVESTMENTS SUB-MASTER LP
	
	By: Viking Global Opportunities Portfolio GP LLC, its General Partner
		
	By:	 	/s/ Matthew Bloom

 
			
	Name:	 	Matthew Bloom
	Title:	 	Authorized Signatory
		
	Address:	 	 Viking Global Investors LP
 55 Railroad
Ave.
 Greenwich, CT 06830
 Attn: Haley Garrett

 SIGNATURE PAGE TO PHARVARIS B.V. 

SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

  
 

 
  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

 

			
	INVESTORS:
	
	GENERAL ATLANTIC PH B.V.
		
	By:	 	/s/ I.M. van der Hoorn

 
			
	Name:	 	I.M. van der Hoorn
	Title:	 	Director A

 
			
		
	By:	 	/s/ W.H. Kamphuijs

 
			
	Name:	 	W.H. Kamphuijs
	Title:	 	Director B
		
	Address:	 	 General Atlantic Services
 Raamplein 1,

1016XK Amsterdam
 the Netherlands

Attn: Ingrid van der Hoorn

 SIGNATURE PAGE TO PHARVARIS B.V. 

SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

  
 

 
  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

 

			
	INVESTORS:
	
	CORMORANT PRIVATE HEALTHCARE FUND III, L.P.
		
	By:	 	/s/ Bihua Chen

 
			
	Name:	 	Bihua Chen
	Title:	 	Managing Member of the GP
		
	Address:	 	 Cormorant Global Healthcare
Master Fund, LP

200 Clarendon Street
 52nd Floor

Boston, MA 02116
 Attn: Neb Obradovic

 SIGNATURE PAGE TO PHARVARIS B.V. 

SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

  
 

 
  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

 

			
	INVESTORS:
	
	CORMORANT GLOBAL HEALTHCARE MASTER FUND, L.P.
		
	By:	 	/s/ Bihua Chen

 
			
	Name:	 	Bihua Chen
	Title:	 	Managing Member of the GP
		
	Address:	 	 Cormorant Private Healthcare Fund III, LP

200 Clarendon Street
 52nd Floor

Boston, MA 02116
 Attn: Neb Obradovic

 SIGNATURE PAGE TO PHARVARIS B.V. 

SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

  
 

 
  
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	INVESTORS:
	
	CRMA SPV, L.P.
		
	By:	 	/s/ Bihua Chen

 
			
	Name:	 	Bihua Chen
	Title:	 	Managing Member of the
Investment Manager
		
	Address:	 	 CRMA SPV, L.P.
 200 Clarendon Street

52nd Floor
 Boston, MA 02116

Attn: Neb Obradovic

 SIGNATURE PAGE TO PHARVARIS B.V. 

SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

  
 

 
  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

 

			
	INVESTORS:
	
	FORESITE CAPITAL FUND IV, L.P.
	
	By: Foresite Capital Management IV, LLC, its General Partner
		
	By:	 	/s/ Dennis D. Ryan

 
			
	Name:	 	Dennis D. Ryan
	Title:	 	Chief Financial Officer
		
	Address:	 	 Foresite Capital Fund IV, L.P.
 600
Montgomery Street
 Suite 4500
 San Francisco, CA 94111

The United States
 Attn: Michael Rome

 SIGNATURE PAGE TO PHARVARIS B.V. 

SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

  
 

 
  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

 

			
	INVESTORS:
	
	FORESITE CAPITAL FUND V, L.P.
	
	By: Foresite Capital Management V, LLC, its General Partner
		
	By:	 	/s/ Dennis D. Ryan

 
			
	Name:	 	Dennis D. Ryan
	Title:	 	Chief Financial Officer
		
	Address:	 	 Foresite Capital Fund IV, L.P.
 600
Montgomery Street
 Suite 4500
 San Francisco, CA 94111

The United States
 Attn: Michael Rome

 SIGNATURE PAGE TO PHARVARIS B.V. 

SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

  
 

 
  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

 

			
	INVESTORS:
	
	BAIN CAPITAL LIFE SCIENCES FUND, L.P.
	
	By: Bain Capital Life Sciences Partners, L.P., its General Partner
	
	By: Bain Capital Life Sciences Investors, LLC, its General partner
		
	By:	 	/s/ Jeffrey Schwartz

 
			
	Name:	 	Jeffrey Schwartz
	Title:	 	Managing Director
		
	Address:	 	 Bain Capital Life Sciences Fund, L.P.
 200
Clarendon Street Boston, MA 02116
 The United States
 Attn:
Ricky Sun

 SIGNATURE PAGE TO PHARVARIS B.V. 

SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

  
 

 
  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

 

			
	INVESTORS:
	
	 BCIP LIFE SCIENCES

ASSOCIATES, L.P.

	
	 By: Boylston Coinvestors, LLC, its

General Partner

		
	By:	 	/s/ Jeffrey Schwartz

 
			
	Name:	 	Jeffrey Schwartz
	Title:	 	Authorized Signatory
		
	Address:	 	 BCIP Life Sciences Associates,
 LP

200 Clarendon Street Boston,
 MA 02116 The United States

Attn: Ricky Sun

 SIGNATURE PAGE TO PHARVARIS B.V. 

SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

  
 

 
  
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	INVESTORS:
	
	 VENBIO GLOBAL STRATEGIC FUND

III, L.P.

	
	 By: venBio Global Strategic GP III,

L.P., its General Partner

	
	 By: venBio Global Strategic GP III,

Ltd, its General Partner

		
	By:	 	/s/ Richard Gaster

 
			
	Name:	 	Richard Gaster
	Title:	 	Partner
		
	Address:	 	 venBio Global Strategic Fund III, L.P.
 1700
Owens Street Suite 595 San Francisco, CA 94158,
 United States of America

Attn: Richard Gaster

 SIGNATURE PAGE TO PHARVARIS B.V. 

SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

  
 

 
  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

 

			
	INVESTORS:
	
	LSP V COÖPERATIEVE U.A.
	
	By: LSP V Management B.V.
		
	By:	 	/s/ Martijn Kleijtweg

 
			
	Name:	 	Martijn Kleijtweg
	Title:	 	Director

 
			
		
	By:	 	/s/ René Kuijten

 
			
	Name:	 	René Kuijten
	Title:	 	Director B
		
	Address:	 	 LSP V Cooperatieve U.A.
 Johannes
Vermeerplein 9 (1071 DV)
 Amsterdam,
 the Netherlands

Attn: Bas Vaessen

 SIGNATURE PAGE TO PHARVARIS B.V. 

SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

  
 

 
  
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	INVESTORS:
	
	KURMA BIOFUND II
	
	By: KURMA PARTNERS S.A.
		
	By:	 	/s/ Rémi Droller

 
			
	Name:	 	Rémi Droller
	Title:	 	Managing Partner
		
	Address:	 	 KURMA BIOFUND II
 24 Rue Royale,

75008, Paris
 France

Attn: Remi Droller

 SIGNATURE PAGE TO PHARVARIS B.V. 

SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

  
 

 
  
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	INVESTORS:
	
	 IDINVEST PATRIMOINE N°4 IR

OBJECTIF INNOVATION PATRIMOINE N°8
  

IDINVEST PATRIMOINE N°5
 IDINVEST PATRIMOINE
2015
 OBJECTIF INNOVATION PATRIMOINE N°9
  

IDINVEST PATRIMOINE N°6
 IDINVEST PATRIMOINE
2019
 OBJECTIF INNOVATION 2019

	
	By: Idinvest Partners S.A., its General Partner
		
	By:	 	/s/ Benoist Grossmann

 
			
	Name:	 	Benoist Grossmann
	Title:	 	Managing Partner
		
	Address:	 	 117 Avenue des Champs-Elysées
 75008,
Paris
 France
 Attn: Gaston Samele

 SIGNATURE PAGE TO PHARVARIS B.V. 

SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

  
 

 
  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

 

			
	INVESTORS:
	
	VENROCK HEALTHCARE CAPITAL PARTNERS III, L.P.
	
	By: VHCP Management III, LLC, its General Partner
		
	By:	 	/s/ David L. Stepp

 
			
	Name:	 	David L. Stepp
	Title:	 	Authorized Signatory
		
	Address:	 	 Venrock Healthcare Capital Partners III, L.P.

3340 Hillview Avenue
 Palo Alto, CA 94304

Attn: Sherman Souther

 SIGNATURE PAGE TO PHARVARIS B.V. 

SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

  
 

 
  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

 

			
	INVESTORS:
	
	VHCP CO-INVESTMENT HOLDINGS III, LLC
	
	By: VHCP Management III, LLC, its manager
		
	By:	 	/s/ David L. Stepp

 
			
	Name:	 	David L. Stepp
	Title:	 	Authorized Signatory
		
	Address:	 	 VHCP Co-Investment Holdings III, LLC

3340 Hillview Avenue
 Palo Alto, CA 94304

Attn : Sherman Souther

 SIGNATURE PAGE TO PHARVARIS B.V. 

SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

  
 

 
  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

 

			
	INVESTORS:
	
	VENROCK HEALTHCARE CAPITAL PARTNERS EG, L.P.
	
	By: VHCP Management EG, LLC, its General Partner
		
	By:	 	/s/ David Stepp

 
			
	Name:	 	David L. Stepp
	Title:	 	Authorized Signatory
		
	Address:	 	 Venrock Healthcare Capital Partners Eg, L.P.

3340 Hillview Avenue
 Palo Alto, CA 94304

Attn: Sherman Souther

 SIGNATURE PAGE TO PHARVARIS B.V. 

SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

  
 

 
  
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	FOUNDER:
	
	SCHOODIC MANAGEMENT B.V.
		
	By:	 	/s/ B.A.E Molding

 
			
	Name:	 	B.A.E Molding
	Title:	 	Director
		
	Address:	 	 Schoodic Management B.V.
 J.H. Oortweg 21

2333 CH Leiden
 the Netherlands

Attn: Berndt Modig

 SIGNATURE PAGE TO PHARVARIS B.V. 

SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

  
 

 
  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

 

			
	FOUNDER:
	
	BERNDT MODIG

 
			
		
	By:	 	/s/ B.A.E. Modig
		
	Address:	 	 Hirsernstrasse 6, CH-6052

Hergiswil NW, Switzerland

 SIGNATURE PAGE TO PHARVARIS B.V. 

SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

  
 

 
  
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	FOUNDER:
	
	JOACHIM KNOLLE
		
	By:	 	/s/ Joachim Knolle

 
			
		
	Address:	 	 Wetteraustrasse 25
 D-60389 Frankfurt am Main
 Germany

 SIGNATURE PAGE TO PHARVARIS B.V. 

SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

  
 

 
  
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	FOUNDER:
	
	JENS ECKART KASPAR
SCHNEIDER-MERGENER
		
	By:	 	/s/ J.E.K. Schneider-Mergener

 
			
		
	Address:	 	 Weg zum Zwiebelfeld 1
 D-16798 Fürstenberg
 Germany

 SIGNATURE PAGE TO PHARVARIS B.V. 

SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

  
 

 
  
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	FOUNDER:
	
	JOHANNES GERARDUS CHRISTIAAN PETRUS SCHIKAN
		
	By:	 	/s/ J.G.C.P. Schikan

 
			
		
	Address:	 	 Herengracht 14C
 1015 BK Amsterdam

the Netherlands

 SIGNATURE PAGE TO PHARVARIS B.V. 

SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

  
 

 
  
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	FOUNDER:
	
	LUC MADELEINE ALBERT DOCHEZ
		
	By:	 	/s/ L.M.A. Dochez

 
			
		
	Address:	 	 Klein Vilvoordestraat 8
 3078 Meerbeek

Belgium

 SIGNATURE PAGE TO PHARVARIS B.V. 

SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

  
 

 
  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

 

			
	FOUNDER:
	
	GRAYMATTERS CONSULTING B.V.B.A.
		
	By:	 	/s/ Anne Lesage

 
			
	Name:	 	Anne Lesage
	Title:	 	Director
		
	Address:	 	 GrayMatters Consulting B.V.B.A.

Nachtegalendreef 27

B-2980 Zoersel

Belgium

 SIGNATURE PAGE TO PHARVARIS B.V. 

SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

  
 

 
  
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	Schedule 1.	     DEFINITIONS AND INTERPRETATION 

Part 1     Definitions 
 The following
capitalised terms and expressions in this Agreement shall have the following meanings: 
  

			
		
	“Accounts”	  	means the consolidated audited accounts of the Company
		
	“Additional Consideration”	  	has the meaning set out in Clause 8.1.2
		
	“Affiliate”	  	means any subsidiary and any other person directly or indirectly Controlling, Controlled by, or under direct or indirect common Control with, such person, including, without limitation, any general partner, managing member, managing
partner, officer or director of such Person, such Person’s principal or any venture capital fund, private equity fund, or registered investment company now or hereafter existing that is controlled by one or more general partners or, managing
members or investment advisors of, or shares the same management company or investment advisor with, such Person or such Person’s principal
		
	“Agreement”	  	means this shareholders agreement, as defined in the introduction to this Agreement
		
	“Annex”	  	means any annex to this Agreement
		
	“Anti-Dilution Shares”	  	has the meaning set out in Clause 9.1.1
		
	“Applicable Law”	  	means, in relation to any Person, any and all laws, common law, statutes, secondary legislation, directives, regulations, resolutions, statutory guidance and codes of practice, civil, criminal or administrative law, notices,
judgments, decrees, orders or rulings from any authority, in each case having the force of law, including any anti-bribery laws, anti-corruption laws, anti-money laundering laws and export control laws, in each case, as applicable to such
Person

  
 

 
  
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	“Articles”	  	means the articles of association of the Company, as amended from time to time
		
	“As-Converted Amount”	  	has the meaning set out in Clause 8.1.3
		
	“Board”	  	means the board (bestuur) of the Company
		
	“Business Day”	  	means a day on which banks and foreign exchange markets are generally open in the Netherlands for formal business
		
	“Business”	  	has the meaning set out in Recital A
		
	“CFC”	  	has the meaning set out in Clause 6.2.3
		
	“Closing”	  	has the meaning set out in the Subscription Agreement
		
	“Closing Date”	  	has the meaning set out in the Subscription Agreement
		
	“Company”	  	has the meaning set out in the introduction to this Agreement
		
	“Company Notice”	  	means written notice from the Company notifying the selling Key Holders and each Major Holder that the Company intends to exercise its Right of First Refusal as to some or all of the Transfer Shares with respect to any Proposed Key
Holder Transfer
		
	“Company Transfer Shares”	  	has the meaning set out in Clause 6.3.2
		
	“Company Undersubscription Notice”	  	has the meaning set out in Clause 6.3.2c
		
	“Competitor”	  	means any Shareholder or Party who directly or indirectly, including through any Affiliates, competes, or is reasonably likely to compete, with the Company or any of its Affiliates, as determined by the Board in good faith

  
 

 
  
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	“Conflict of Interest”	  	means a direct or indirect personal conflict of interest within the meaning of article 2:239 paragraph 6 Dutch Civil Code (direct of indirect persoonlijk tegenstrijdig belang)
		
	“Control”	  	means the ability, by contract or otherwise, (i) to exercise, directly or indirectly, more than fifty (50) per cent of the voting rights represented by all shares in a Person; and/or; (ii) to direct the casting of
more than fifty (50) per cent of the votes exercisable at general meetings of a Person on all, or substantially all matters; and/or (iii) to appoint or remove the members of the board (bestuur) of a Person, having a majority of the
voting rights at meetings of the management board on all, or substantially all, matters; and Controlled, Controlled by, Controlling and under Common Control with shall be construed accordingly
		
	“Conversion Request”	  	has the meaning set out in Clause 8.3.2
		
	“D&O Insurance”	  	means director & officer insurance for the Directors in an amount per claim and per policy period as determined by the Board
		
	“Damages”	  	means any loss, damage, claim or liability (joint or several) to which a party hereto may become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or
any action in respect thereof) arises out of or is based upon: (i) any untrue statement or alleged untrue statement of a material fact contained in any registration statement of the Company, including any preliminary prospectus or final
prospectus contained therein or any amendments or supplements thereto; (ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or
(iii) any violation or alleged violation by the indemnifying party (or any of its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the
Exchange Act, or any state securities law

  
 

 
  
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	“Deemed Liquidation Event”	  	has the meaning set out in Clause 8.2
		
	“Demand Notice”	  	has the meaning set out in Clause 15.1
		
	“Demand Registration”	  	has the meaning set out in Clause 15.1
		
	“Derivative Securities”	  	means any securities or rights convertible into, or exercisable or exchangeable for (in each case, directly or indirectly), Ordinary Shares, including options and warrants
		
	“Directors”	  	means the Executive Directors and the Non-Executive Directors, and each a Director
		
	“Down Round”	  	has the meaning set out in Clause 9.1.1
		
	“Dutch Civil Code”	  	means the Dutch civil code (Burgerlijk Wetboek)
		
	“EIF”	  	has the meaning set out in Clause 5.1.7
		
	“Eligible Major Holder”	  	has the meaning set out in Clause 7.1.1
		
	“Encumbrance”	  	means any rights of pledge, mortgage or usufruct, liens or attachments, option rights, rights of retention, rights of first refusal or pre-emption or similar rights and Encumber means
the creation of any Encumbrance
		
	“ESOP”	  	means the Company’s 2016 Equity Incentive Plan, as amended and restated from time to time, including pursuant to the Shareholders Resolution (as defined in the Subscription Agreement)

  
 

 
  
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	“EUR” or “Euro”	  	means the basic unit of currency among participating European Union countries
		
	“Exchange Act”	  	means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder
		
	“Excluded Registration”	  	means (i) a registration relating to the sale or grant of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, equity incentive or similar plan; (ii) a registration relating to
an SEC Rule 145 transaction; (iii) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or
(iv) a registration in which the only Ordinary Shares being registered is Ordinary Shares issuable upon conversion of debt securities that are also being registered
		
	“Excluded Transfer”	  	means (a) any sale of Shares pursuant to Clause 6.4, (b) repurchases of Shares from a current or former employee, officer, director, consultant or other person who performed services for the Company in connection with the net
settlement of equity awards or the cessation of such employment or service at the lower of the original purchase price (if applicable) or the then-current fair market value thereof, or (c) any sale of shares through the underwriters in
connection with an IPO
		
	“Exercising Major Holders”	  	has the meaning set out in Clause 6.3.2c
		
	“Executive Director”	  	has the meaning set out in Clause 3.1.1
		
	“Exempted Issuance”	  	has the meaning set out in Clause 7.1.5
		
	“Exercising Major Holders”	  	has the meaning set out in Clause 6.3.2c

  
 

 
  
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	“Financial Year”	  	means the financial year (boekjaar) of the Company as set forth in the Articles
		
	“FOIA Party”	  	means a Person that, in the reasonable determination of the Board, may be subject to, and thereby required to disclose non-public information furnished by or relating to the Company under, the
Freedom of Information Act, 5 U.S.C. 552 (“FOIA”), any state public records access law, any state or other jurisdiction’s laws similar in intent or effect to FOIA, or any other similar statutory or regulatory
requirement
		
	“Form F-1” or “Form S-1”	  	means such form under the Securities Act as in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC
		
	“Form F-3” or “Form S-3”	  	means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently adopted by the SEC that permits forward incorporation of substantial information by reference to
other documents filed by the Company with the SEC
		
	“Founder Director”	  	has the meaning set out in Clause 3.1.1
		
	“Founders”	  	has the meaning set out in the introduction to this Agreement
		
	“General Meeting”	  	means the general meeting of Shareholders (algemene vergadering van aandeelhouders) of the Company
		
	“Holder”	  	means any holder of Registrable Securities who is a party to this Agreement
		
	“Immediate Family Member”	  	means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including, adoptive relationships, of a natural person
referred to herein

  
 

 
  
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	“Independent Directors	  	has the meaning set out in Clause 3.1.1e
		
	“Initiating Holders”	  	means, collectively, Holders who properly initiate a registration request under Clause 15 (Registration Rights)
		
	“Investor Majority”	  	means the majority of the issued and outstanding Preferred Shares
		
	 “Investor Subscription
 Price Per
Share”
	  	means the original purchase price per Preferred Share pursuant to the applicable subscription agreement
		
	“Investor”	  	has the meaning set out in the introduction to this Agreement
		
	“Initial Consideration”	  	has the meaning set out in Clause 8.1.2
		
	“IPO”	  	means the underwritten initial public offering (including a Qualified IPO) of all or any portion of the Shares of any kind, any legal successor of the Company under universal title, on (a) The Nasdaq Stock Market LLC or
(b) another underwritten initial public offering on a regulated market or multilateral trading facility as referred to in Section 1:1 of the Financial Supervision Act (Wet op het financieel toezicht) or on a system comparable to a
regulated market or multilateral trading facility in a State that is not a Member State of the European Union, including any national securities exchange registered under the Exchange Act, of all or a portion of the shares in the capital of the
Company, or any legal successor of the Company under universal title approved by the Board in accordance with the terms and conditions set out in this Agreement and the Articles
		
	“Key Holder”	  	means any holder of Ordinary Shares, excluding any holder of Ordinary Shares that acquired the Ordinary Shares as a consequence of a conversion of Preferred Shares into Ordinary Shares
		
	“KFW”	  	has the meaning set out in Clause 5.1.7

  
 

 
  
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	“Liquidation Preference”	  	has the meaning set out in Clause 8.1.1b
		
	“Major Holder”	  	means a beneficial owner of at least 500,000 (five hundred thousand) Preferred Shares, provided that (i) Bain Capital and BCIP will jointly be deemed a “Major Holder” as long as Bain is the beneficial owner of
at least 500,000 (five hundred thousand) Preferred Shares, (ii) Venrock-1 and Venrock-2 will jointly be deemed a “Major Holder” as long as Venrock
is the beneficial owner of at least 500,000 (five hundred thousand) Preferred Shares, or (iii) Affiliates of an Investor or other investment vehicle under such Investor’s management and control or under common management and control
will jointly be deemed a “Major Holder” as long as they jointly are the beneficial holder of at least 500,000 (five hundred thousand) Preferred Shares
		
	“Major Series B Holder”	  	means each of (i) Foresite-1, (ii) Bain, and (iii) venBio so long as any such Party or its permitted transferee continues to hold Series B Shares
		
	“Major Series C Holder”	  	means GA or Viking so long as any such Party or its permitted transferee continues to hold Series C Shares
		
	“Major Holder Beneficial Owner”	  	has the meaning set out in Clause 7.1.1
		
	“Major Holder Majority”	  	means the majority of the Preferred Shares held by the Major Holders
		
	“Major Holder Notice”	  	means written notice from any Major Holder notifying the Company and the selling Key Holder(s) that such Major Holder intends to exercise its Secondary Refusal Right as to a portion of the Transfer Shares with respect to any
Proposed Key Holder Transfer
		
	“Major Holder Notice Period”	  	has the meaning set out in Clause 6.3.2c
		
	“New Securities”	  	means, collectively, equity securities of the Company, whether or not currently authorized, as well as rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become,
convertible or exchangeable into or exercisable for such equity securities

  
 

 
  
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	“Non-Executive Director”	  	has the meaning set out in Clause 3.1.1
		
	“Notary”	  	means any civil law notary working at NautaDutilh or any of their deputies
		
	“Observer”	  	has the meaning set out in Clause 3.6.3
		
	“Operating Budget”	  	has the meaning set out in the Subscription Agreement
		
	“Ordinary Shares”	  	has the meaning set out in Recital E
		
	 “Participating Major

Holder”
	  	has the meaning set out in Clause 6.5.1
		
	“Party”	  	has the meaning set out in the introduction to this Agreement
		
	“Permitted Transfer”	  	has the meaning set out in Clause 6.2.1
		
	“Persons”	  	means any individual, firm, company, corporation, limited liability company, trust, unincorporated organisation, entity or division, government, governmental authority, tax authority, state or agency of a state or any joint venture,
association or partnership (whether or not having separate legal personality)
		
	“PFIC”	  	has the meaning set out in Clause 14.2.1
		
	“Post-Completion Issue”	  	means any issuance of Shares by the Company following the First Closing Date, except any Exempted Issuance.
		
	“Preferred Directors”	  	means the Series A Directors and the Series B Directors

  
 

 
  
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	“Preferred Dividend”	  	has the meaning set out in Clause 8.2.1
		
	“Preferred Holders”	  	means the holders of the Preferred Shares
		
	“Preferred Shares”	  	means the issued and outstanding Series A Shares, Series B Shares and Series C Shares
		
	“Prior Agreement”	  	has the meaning set out in Clause 2.3
		
	“Prior SSA”	  	has the meaning set out in Recital C
		
	“Prohibited Transfer”	  	has the meaning set out in Clause 6.6.3
		
	 “Proposed Key Holder

Transfer”
	  	means any assignment, sale, offer to sell, pledge, mortgage, hypothecation, encumbrance, disposition of or any other like transfer or encumbering of any Transfer Share (or any interest therein) proposed by any of the Key
Holders
		
	“Proposed Sale”	  	has the meaning set out in Clause 6.4.2
		
	 “Proposed Key Holder

Transfer”
	  	means any assignment, sale, offer to sell, pledge, mortgage, hypothecation, encumbrance, disposition of or any other like transfer or encumbering of any Transfer Share (or any interest therein) proposed by any of the Key
Holders
		
	 “Proposed Transfer

Notice”
	  	means written notice from a Key Holder setting forth the terms and conditions of a Proposed Key Holder Transfer
		
	“Prospective Transferee”	  	has the meaning set out in Clause 6.3.2
		
	“Public Offering”	  	means an underwritten public offering of Registrable Securities of the Company pursuant to an effective registration statement under the Securities Act, other than pursuant to a registration statement on Form S-4, Form F-4 or Form S-8 or any similar or successor form

  
 

 
  
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	 “Purchase and Sale

Agreement”
	  	has the meaning set out in Clause 6.5.3
		
	“QEF Election”	  	has the meaning set out in Clause 14.2.1
		
	“Qualified IPO”	  	means a firm commitment underwritten IPO of Ordinary Shares with gross proceeds to the Company of not less than USD 50,000,000 (before deduction of underwriters commissions and expenses)
		
	“Recipient’s Business”	  	has the meaning set out Clause 5.1.8
		
	“Registrable Securities”	  	means (i) the Ordinary Shares issued or issuable (directly or indirectly) upon conversion and/or exercise of (A) Preferred Shares (or otherwise converted from a Preferred Share into an Ordinary Share) and (B) any
other securities of the Company held by any Preferred Holder; (ii) all Ordinary Shares issued or issuable (directly or indirectly) upon conversion and/or exercise of (A) Preferred Shares (or otherwise converted from a Preferred Share into
an Ordinary Share) and (B) any other securities of the Company acquired by the Preferred Holders after the date hereof; and (iii) any Ordinary Shares issued as (or issuable upon the conversion or exercise of any warrant, right, or other
security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares referenced in clauses (i) and (ii) above; excluding in all cases, however, any Registrable Securities sold by a
Person in a transaction in which the applicable rights under this Agreement are not assigned pursuant to Clause , and excluding any shares for which registration rights have terminated pursuant to Clause 15.18.
		
	 “Registrable Securities
 then
outstanding”
	  	means the number of shares determined by adding the number of outstanding Ordinary Shares that are Registrable Securities and the number of Ordinary Shares issuable (directly or indirectly) pursuant to then exercisable and/or
convertible securities that are Registrable Securities
		
	“Restricted Securities”	  	means the securities of the Company required to be notated with the legend set forth in Clause 15.16 hereof

  
 

 
  
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	“Residual Amount”	  	has the meaning set out in Clause 8.1.1c
		
	“Right of Co-Sale”	  	means the right, but not an obligation, of an Investor to participate in a Proposed Key Holder Transfer on the terms and conditions specified in the Proposed Transfer Notice
		
	“Right of First Refusal”	  	means the right, but not an obligation, of the Company, or its permitted transferees or assigns, to purchase some or all of the Transfer Shares with respect to a Proposed Key Holder Transfer, on the terms and conditions specified in
the Proposed Transfer Notice.
		
	“ROFO Notice”	  	has the meaning set out in Clause 7.1.2
		
	“Schedule”	  	means any schedule to this Agreement
		
	“SEC”	  	means the U.S. Securities and Exchange Commission
		
	“SEC Rule 144”	  	means Rule 145 promulgated by the SEC under the Securities Act.
		
	“SEC Rule 145”	  	means Rule 145 promulgated by the SEC under the Securities Act.
		
	“Secondary Notice”	  	means written notice from the Company notifying the Major Holders and the selling Key Holder that the Company does not intend to exercise its Right of First Refusal as to all or a portion of the Transfer Shares with respect to a
Proposed Key Holder Transfer, on the terms and conditions specified in the Proposed Transfer Notice
		
	“Secondary Refusal Right”	  	means the right, but not an obligation, of each Major Holder (other than the Key Holder) to purchase up to its pro rata portion (based upon the total number of Shares then held by all Major Holders (other than the Key Holder)) of
any Transfer Shares not purchased pursuant to the Right of First Refusal, on the terms and conditions specified in the Proposed Transfer Notice
		
	“Securities Act”	  	means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder

  
 

 
  
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	“Selling Expenses”	  	means all underwriting discounts, selling commissions, and stock transfer taxes applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the
Selling Holder Counsel borne and paid by the Company as provided in Clause 15.9
		
	“Selling Holder Counsel”	  	has the meaning set out in Clause 15.9
		
	“Series A Director”	  	has the meaning set out in Clause 3.1.1
		
	“Series A Holder”	  	means each holder of Series A Shares
		
	 “Series A Liquidation

Preference”
	  	has the meaning set out in Clause 8.1.1b
		
	“Series A Observer”	  	has the meaning set out in Clause 3.6.3
		
	“Series A Shares”	  	has the meaning set out in Recital B
		
	 “Series B and C
 Liquidation
Preference”
	  	has the meaning set out in Clause 8.1.1a
		
	“Series B Director”	  	has the meaning set out in Clause 3.1.1
		
	“Series B Holder”	  	means each holder of Series B Shares
		
	 “Series B Investor

Majority”
	  	means the majority of the issued and outstanding Series B Shares
		
	“Series B Observer”	  	has the meaning set out in Clause 3.6.2
		
	“Series B Shares”	  	has the meaning set out in Recital C

  
 

 
  
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	 “Series B-2 Preferred

Share”
	  	has the meaning set out in the Prior SSA
		
	“Series C Holder”	  	means each holder of Series C Shares
		
	“Series C Observer”	  	has the meaning set out in Clause 3.6.1
		
	 “Series C Investor

Majority”
	  	means the majority of the issued and outstanding Series C Shares
		
	“Series C Shares”	  	has the meaning set out in Recital D
		
	“Shareholder”	  	has the meaning set out in the introduction to this Agreement and any other Person that has acquired Shares after the Closing Date in accordance with and has become a Party to this Agreement
		
	 “Shareholder

Representative”
	  	has the meaning set out in Clause 6.4.1f
		
	“Shares”	  	means at any time the Ordinary Shares, the Series A Shares, the Series B Shares and the Series C Shares
		
	 “Subscription

Agreement”
	  	has the meaning set out in Recital D
		
	“Tax Authority”	  	means a governmental authority competent to impose any liability in respect of Tax or responsible for the administration and/or collection of Tax
		
	“Transfer”	  	means in relation to any Share to directly or indirectly (i) (a) sell, assign, transfer or otherwise dispose of it; (b) create or permit to subsist any Encumbrance over it; (c) direct that another Person should
receive it, or assign any right to it; (d) enter into any agreement in respect of the votes or any other rights attached to it; or (e) agree, whether or not subject to any condition precedent or subsequent, to do any of the foregoing and
Transferred shall be construed accordingly

  
 

 
  
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	“Transfer Shares”	  	means the Shares owned by a Key Holder, or issued to a Key Holder after the date hereof (including, without limitation, in connection with any share split, share dividend, recapitalization, reorganization, or the like)
		
	“U.S. Shareholder”	  	has the meaning set out in Clause 14.2.1
		
	“U.S. Tax Code”	  	means the U.S. Internal Revenue Code of 1986, as amended
		
	 “U.S. Tax Cuts and Jobs

Act”
	  	means Public law no. 115-97, an Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018
		
	“Voluntary Conversion”	  	has the meaning set out in Clause 8.3.1

 Part 2    Provisions 

For the purpose of this Agreement: 
  

	 	a.	 Gender and number Words denoting the singular shall include the plural and vice versa, unless
specifically defined otherwise. Words denoting one gender shall include another gender. 

  

	 	b.	 Reference to include The words “include”, “included” or “including” are
used to indicate that the matters listed are not a complete enumeration of all matters covered and will be construed as meaning “including without limitation” except to the extent specifically provided otherwise in this Agreement.

  

	 	c.	 Headings The headings are for convenience or reference only and are not to affect the construction of
this Agreement or to be taken into consideration in the interpretation of this Agreement. 

  
 

 
  
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	 	d.	 Clauses, Recitals, Schedules, etc. Unless otherwise stated, Clause, Recital, Schedule or Annex means a
clause (including all subclauses), a recital in or to this Agreement or a Schedule or an Annex respectively. 

  

	 	e.	 Days Unless the context clearly indicates a contrary intention, when any number of days is prescribed in
this Agreement, it must be calculated exclusively of the first and inclusively of the last day unless the last day falls on a day other than a Business Day, in which case the last day will be the next succeeding day which is a Business Day.

  

	 	f.	 Drafting party No provision of this Agreement shall be interpreted adversely against a Party solely
because that Party was responsible for drafting that particular provision. It is acknowledged that representatives of each Party have participated in the drafting and negotiation of this Agreement. 

 

	 	g.	 Language If there is a discrepancy between an English language word and a Dutch language word used to
clarify it and then to the extent of the conflict only, the meaning of the Dutch language word shall prevail. 

  

	 	h.	 Dutch concepts References to any Dutch legal concept in any jurisdiction other than the Netherlands
shall be deemed to include the concept which in that jurisdiction most closely approximates the Dutch legal concept. 

  

	 	i.	 Documents A reference to any document referred to in this Agreement is a reference to that document as
amended, varied or supplemented (other than in breach or the provisions of this Agreement) from time to time. 

  

	 	j.	 Subsidiary A company is a subsidiary of another company, its holding company, if that other company:

  

	 	i.	 holds a majority of the voting rights in it; 

 

	 	ii.	 has the right, either alone or pursuant to an agreement with other shareholders or members, to appoint or
remove a majority of its management board or its supervisory board (if any); 

  

	 	iii.	 is a shareholder or member of it and controls alone or together with other Persons, pursuant to an agreement
with other shareholders or members, a majority of the voting rights in it; or 

  

	 	iv.	 is a subsidiary of a company which is itself a subsidiary of that other company. 

  
 

 
  
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	 	k.	 Ordinary course of business An action taken by a Person will be deemed to have been taken in the
“ordinary course of business” only if: such action is consistent with the past practices of such Person and is taken in the ordinary course of the normal
day-to-day operations of such Person; and such action is similar in nature and magnitude to actions customarily taken, without any authorization by the supervisory board
(if any) or other governing board or body exercising similar authority (where applicable) of such Person. 

  

	 	l.	 Arm’s length Where any provision is qualified or phrased by reference to an “arm’s
length” basis or principle, such qualification or reference shall mean the conditions which would be obtained between comparable, independent Persons in comparable transactions (taking into account the assets used, the responsibilities and
risks assumed and the division of benefits between the parties) and comparable circumstances (taking into account the times and places of performance and the parties’ business strategies), thereby providing the closest approximation of the
workings of the open market. 

  

	 	m.	 Reasonable endeavours Where any obligation is qualified or phrased by reference to use reasonable
endeavours, best efforts or wording of a similar nature, it means the efforts that a person desirous of achieving a result would use in similar circumstances to ensure that such result is achieved as expeditious as possible and, regard shall be had,
among other factors, to: 

  

	 	i.	 the price, financial interest and other terms of the obligation; 

 

	 	ii.	 the degree of risk normally involved in achieving the expected result; and 

 

	 	iii.	 the ability of an unrelated person to influence the performance of the obligation. 

  
 

 
  
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	Schedule 2.	     CAPITALISATION OF THE COMPANY 

  
 

 
  
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	Schedule 3.	     BOARD RESERVED MATTERS 

The Company will not, without an absolute majority vote of the Board, including a majority of the Preferred Directors: 

 

	 	i.	 make any resolution that follows from the application of Clause 3.9; 

 

	 	ii.	 grant approval to a Shareholder to Transfer its Ordinary Shares as referred to in Clause 6.1.4;

  

	 	iii.	 adopt and amend the Operating Budget; 

 

	 	iv.	 relating to non-budgeted expenses (including investments and
divestments) in excess of EUR 500,000 per item; 

  

	 	v.	 grant options, bonuses, profit or similar rights to the Directors or other personnel under the ESOP or any
other stock option or incentive plan; 

  

	 	vi.	 establish pension plans and granting pension rights in excess of those arising from existing arrangements;

  

	 	vii.	 hire and determine terms of employment, or change any material existing terms of employment of key personnel,
senior company officers or any other personnel with a gross salary (including bonus but excluding options) in excess of EUR 250,000 per year; 

  

	 	viii.	 conduct any litigation on behalf of the Company other than in relation to the collection of debts and taking
measures which cannot be delayed, and making settlements other than in relation to the collection of debts or the termination of an employment contract for amount not exceeding EUR 250,000; 

 

	 	ix.	 enter into or grant or permit any guaranty or indemnity or otherwise commit the Company in respect of the
payment of money or the performance of any contract, engagement or obligation of any other person or body, other than in the ordinary course of business; 

  

	 	x.	 make any loan or advance or give any credit and/or granting any form of security rights or guarantees, other
than in the ordinary course of business; 

  

	 	xi.	 directly or indirectly enter into any agreements, contracts or arrangements which are not of an “at
arm’s length” nature and the entering into of any arrangement or agreement with a Shareholder, a Director or an affiliated entity of such Shareholder or Director; 

 

	 	xii.	 enter into or effect any assignment, license or other sale of patents or other intellectual property of the
Company; 

  
 

 
  
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	 	xiii.	 dispose of or acquire (otherwise than in accordance with the annual budget) any asset (including intellectual
property rights) having a book or market value in excess of EUR 500,000; 

  

	 	xiv.	 enter into strategic alliances and/or joint ventures (including the license, transfer or assignment of any
material intellectual property rights of the Company), which decision is also a General Meeting Reserved Matter as included in Schedule 4; 

  

	 	xv.	 enter into, terminate or continue any contracts or agreements set forth above; 

 

	 	xvi.	 enter into agreements with any Tax Authority; 

 

	 	xvii.	 amend and/or restate the ESOP; and 

 

	 	xviii.	 incur any debt from an external financing party, or issue any guarantees and/or security rights, in the
aggregate amount in excess of EUR 1,000,000, except in the ordinary course of business. 

  
 

 
  
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	Schedule 4.	     GENERAL MEETING RESERVED MATTERS 

The Company will not without the affirmative vote of the General Meeting (which Investor Majority shall include at least one Major Series B Holder and at
least one Major Series C Holder), which will need to include an affirmative vote of the Investor Majority, and Subject to Clause 4.3.3, 4.3.4 and 4.3.5, except where any such item is explicitly mandated by this Agreement: 

 

	 	i.	 issuance of Shares or other securities (including convertible bonds, options and warrants) or the authorization
or designation of any new class or series of Shares or other securities (other than the Series C Shares pursuant to the Subscription Agreement, Shares or other securities issued pursuant to the ESOP, and Shares or other securities to be issued in
connection with a Qualified IPO); 

  

	 	ii.	 the approval of a sale of the Company, Deemed Liquidation Event or an IPO (for the purposes of this clause
excluding a Qualified IPO); 

  

	 	iii.	 approval of any transaction whereby a Shareholder, Director or the person represented by him has a conflict of
interest; 

  

	 	iv.	 limitation or exclusion of pre-emptive rights in respect of an issuance
of Shares or other securities (including convertible bonds, options and warrants), other than an issue of Shares or other securities to be issued in connection with a Qualified IPO; 

 

	 	v.	 transfer or revocation of the authority to issue Shares or other securities (including convertible bonds,
options and warrants) to another corporate body; 

  

	 	vi.	 redeem or (re)purchase (inkoop) any shares in its own capital (other than at cost pursuant to employee,
management or consultant agreements), shares in the capital of any subsidiary, or depositary receipts (certificaten van aandelen) representing any such shares or the delegation of powers with respect to the approval of the purchase of the
Company’s own shares; 

  

	 	vii.	 the liquidation, dissolution or winding up of the Company or any subsidiary of Company (from time to
time); 

  

	 	viii.	 the declaration of or paying of any dividend and/or make any other distribution to Shareholders (including in
respect of the outstanding shares in the Company); 

  

	 	ix.	 the authorization or designation, whether by reclassification or otherwise, of any new class or series of
Shares or securities convertible into Shares having preference over or parity with any series of Preferred Shares as per Closing with respect to voting rights, dividends, conversion rights, redemption rights, liquidation preference or otherwise;

  

	 	x.	 any amendment to the Articles, which for the avoidance of doubt includes the amendments to any rights of the
Shareholders; 

  
 

 
  
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	 	xi.	 the repurchase, redemption or retirement of share capital (excluding any such repurchase, redemption or
retirement of Shares held by a service provider to the Company in connection with the resignation or retiring of such service provider at the lower of fair market value of such Shares or their original purchase price); 

 

	 	xii.	 make any material change to the nature of the Business or the jurisdiction where it is managed and controlled,
or make any material changes in the strategy, including entering into fields not provided for in the Operating Budget; 

  

	 	xiii.	 increase or decrease the size of the Board of Directors or change the number of votes a Director(s) may cast;

  

	 	xiv.	 incurrence of any indebtedness including any debt from an external financing party, or the issuance of any
guarantees and/or security rights, in the aggregate amount in excess of EUR 10,000,000 or permit any subsidiary to take any such action with respect to any debt security lien, security interest or other indebtedness for borrowed money;

  

	 	xv.	 deciding to enter into strategic alliances and/or joint ventures (where such strategic alliance and/or joint
venture involves the exclusive license of all or substantially all of the assets of the Company); 

  

	 	xvi.	 increase the number of shares reserved to be issued or for issuance under the ESOP or any other equity
incentive plan, create any new equity incentive plan, or issue equity to any service provider outside of an equity incentive plan. 

  

	 	xvii.	 enter into any agreement with an “affiliate” (as defined in Rule 405 the Securities Act), officer or
director of the Company or any family member of any of the foregoing, provided that so long as there is at least one independent director on the Board, the approval required by this clause (xvii) will instead be required to be made by a
majority of the board including such independent director; 

  

	 	xviii.	 create, or hold capital stock in, any subsidiary that is not wholly owned (either directly or through one
(1) or more other subsidiaries) by the Company, or permit any subsidiary to create, or authorize the creation of, or issue or obligate itself to issue, any shares of any class or series of capital stock, or sell, transfer or otherwise dispose
of any capital stock of any direct or indirect subsidiary of the Company, or permit any direct or indirect subsidiary to sell, lease, transfer, exclusively license or otherwise dispose (in a single transaction or series of related transactions) of
all or substantially all of the assets of such subsidiary, unless such subsidiary-related matter has received the prior approval of the Board, including the majority of the Preferred Directors; and 

 

	 	xix.	 any of the resolutions as included in this Schedule 4 (General Meeting Reserved Matters) that the Board
resolves in its capacity as shareholder of any of the subsidiaries of the Company. 

  
 

 
  
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	Schedule 5.	     DEED OF ADHERENCE 

DEED OF ADHERENCE 
 THIS DEED OF ADHERENCE is made on
[date] by [insert name purchaser/subscriber] (the New Party) (the Deed); 
 WHEREAS 

 

	A.	 On [...], the Parties (as defined in the Shareholders’ Agreement) entered into the second amended
and restated shareholders agreement in relation to Pharvaris B.V. (the Company, and the Shareholders’ Agreement). 

  

	B.	 Capitalised terms used herein have the meanings given to such terms in the Shareholders’ Agreement.

  

	C.	 The New Party has [purchased/subscribed for] or proposes to [subscribe for/purchase from [insert Shareholder
name] [number] Shares. 

  

	D.	 This Deed is made by the New Party in compliance with the Shareholders Agreement. 

THIS DEED WITNESSES AS FOLLOWS 
  

	1.	 The New Party confirms that it has been provided with a copy of the Shareholders Agreement.

  

	2.	 The New Party undertakes to be bound by the Shareholders Agreement in all respects as if the New Party was a
“Party” to the Shareholders Agreement and named in it as a “Shareholder” [and “Investor”] and to observe and perform all the provisions and obligations of the Shareholders Agreement applicable to or binding on a
Shareholder under the Shareholders Agreement insofar as they should be observed or performed on or after the date of this Deed. For all intents and purposes, the New Party shall, with immediate effect, be considered to be a “Party” to the
Shareholders Agreement and a “Shareholder” and [Investor] as defined therein. 

  

	3.	 This Deed is made for the benefit of 

 

	 	a.	 the “Parties” to the Shareholders Agreement; and 

 

	 	b.	 every other person who after the date of the Shareholders Agreement (and whether before or after the execution
of this Deed) assumes any rights or obligations under the Shareholders Agreement or who adheres to it. 

  

	4.	 The address and facsimile number of the New Party for the purposes of Clause 16.10 (Notices) of the
Shareholders Agreement is as follows: 

  

			
	Name New Party	  	[...]
		
	Attn:	  	[...]
		
	Email address:	  	[...]
		
	Address:	  	[...]
		
	With copy to:	  	[...]

  
 

 
  
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	5.	 This Deed is governed by and shall be construed in accordance with the laws of the Netherlands.

  

	6.	 The Parties agree that any dispute in connection with this Deed shall be submitted to the exclusive
jurisdiction of the competent court in [...]. 

 This Deed has been executed on [date]. 

For and on behalf of 
 [insert name purchaser/subscriber]

  

	
	
	   

	By: [...]
	Title: [...]

 For acceptance by the Company on behalf of the “Parties” to the Shareholders Agreement 

[...] 
  

	
	
	   

	By:
	Title:

  
 

 
  
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	Schedule 6.	     NOTICES 

 

			
	Pharvaris B.V.
	Attn:	  	B. Modig
	Email address:	  	berndt.modig@pharvaris.com
	Address:	  	 J.H. Oortweg 21
 2333 CH Leiden

The Netherlands

		
	With copies, which shall not
constitute notice, to:	  	 Kirkland & Ellis LLP
 Attn.
Sophia Hudson
 601 Lexington Avenue
 New York, NY 10022

Email address: sophia.hudson@kirkland.com
  

NautaDutilh N.V.
 Attn. Ruud Smits

Beethovenstraat 400 (1082 PR)
 Amsterdam, the Netherlands

Email address: Ruud.Smits@nautadutilh.com

	
	Viking Global Opportunities Illiquid Investments Sub-Master LP
	Attn:	  	Haley Garrett
	Email address:	  	legalnotices@vikingglobal.com
	Address:	  	c/o Viking Global Investors LP, 55 Railroad Ave., Greenwich, CT 06830
	With copy to:	  	 Wilson Sonsini, Professional Corporation

701 5th Ave #5100, Seattle, WA 98104
 Attn. John Brust

Email address: jbrust@wsgr.com
  

De Brauw Blackstone Westbroek
 Att: Bernard Spoor and
Heleen Koggink
 Claude Debussylaan 80
 1082 MD Amsterdam

The Netherlands
 bernard.spoor@debrauw.com
and
heleen.koggink@debrauw.com

  
 

 
  
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	General Atlantic PH B.V.
	Attn:	  	Ingrid van der Hoorn
	Email address:	  	ivanderhoorn@generalatlantic.com
	Address:	  	Raamplein 1, 1016XK Amsterdam, the Netherlands
	With copy to:	  	 General Atlantic Services Company, L.P.

Park Avenue Plaza 
55 East 52nd Street, 33rd Floor 
New York, NY 10055

Attn.: Gordon Cruess
 Email address:
gcruess@generalatlantic.com
  
 Wilson Sonsini, Professional
Corporation
 701 5th Ave #5100, Seattle, WA 98104
 Attn.
John Brust
 Email address: jbrust@wsgr.com
  

De Brauw Blackstone Westbroek
 Att: Bernard Spoor and
Heleen Koggink
 Claude Debussylaan 80
 1082 MD Amsterdam

The Netherlands
 bernard.spoor@debrauw.com
and
heleen.koggink@debrauw.com

	
	Cormorant Private Healthcare Fund III, LP
	Attn:	  	Neb Obradovic
	Email address:	  	neb@cormorant-asset.com
	Address:	  	 200 Clarendon Street 52nd Floor
 Boston, MA
02116

	
	Cormorant Global Healthcare Master Fund, LP
	Attn:	  	Neb Obradovic
	Email address:	  	neb@cormorant-asset.com
	Address:	  	 200 Clarendon Street 52nd Floor
 Boston, MA
02116

	
	CRMA SPV, LP
	Attn:	  	Neb Obradovic
	Email address:	  	neb@cormorant-asset.com
	Address:	  	 200 Clarendon Street 52nd Floor
 Boston, MA
02116

  

  
 

 
  
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	Foresite Capital Fund IV, L.P.
	Attn:	  	Michael Rome
	Email address:	  	 michael@foresitecapital.com

	Address:	  	 600 Montgomery Street, Suite 4500
 San
Francisco, CA 94111
 The United States

	
	Bain Capital Life Sciences Fund, L.P.
	Attn:	  	Ricky Sun
	Email address:	  	rsun@baincapital.com
	Address:	  	 200 Clarendon Street Boston, MA 02116
 The
United States

  
 

 
  
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	BCIP Life Sciences Associates, LP
	Attn:	  	Ricky Sun
	Email address:	  	rsun@baincapital.com
	Address:	  	 200 Clarendon Street Boston, MA 02116
 The
United States

	
	venBio Global Strategic Fund III, L.P.
	Attn:	  	Richard Gaster
	Email address:	  	richard@venbio.com
	Address:	  	1700 Owens Street Suite 595 San Francisco, CA 94158, United States of America
	
	LSP V Cooperatieve U.A.
	Attn:	  	Bas Vaessen
	Email address:	  	bvaessen@lspvc.com
	Address:	  	 Johannes Vermeerplein 9 (1071 DV)
 Amsterdam,
the Netherlands

	
	KURMA BIOFUND II
	Attn:	  	Remi Droller
	Email address:	  	remi.droller@kurmapartners.com
	Address:	  	 24 Rue Royale,
 75008, Paris

France

	
	Idinvest Patrimoine n°4 IR, Objectif Innovation Patrimoine n°8, Idinvest Patrimoine n°5, Idinvest Patrimoine 2015, Objectif Innovation Patrimoine n°9, Idinvest Patrimoine n°6, Idinvest Partimoine
2019, and Objectif Innovation 2019
	Attn:	  	Gaston Samele
	Email address:	  	gsamele@idinvest.com
	Address:	  	 117 Avenue des Champs-Elysées
 75008,
Paris
 France

	
	Venrock Healthcare Capital Partners III, L.P.
	Attn:	  	Sherman Souther
	Email address:	  	ssouther@venrock.com
	Address:	  	 3340 Hillview Avenue
 Palo Alto, CA
94304

  
 

 
  
 117 

 
  

			
	VHCP Co-Investment Holdings III, LLC
	Attn:	  	Sherman Souther
	Email address:	  	ssouther@venrock.com
	Address:	  	 3340 Hillview Avenue
 Palo Alto, CA
94304

	
	Venrock Healthcare Capital Partners Eg, L.P.
	Attn:	  	Sherman Souther
	Email address:	  	ssouther@venrock.com
	Address:	  	 3340 Hillview Avenue
 Palo Alto, CA
94304

	
	Schoodic Management B.V.
	Attn:	  	Berndt Modig
	Email address:	  	berndt.modig@pharvaris.com
	Address:	  	 J.H. Oortweg 21 (2333 CH)
 Leiden, the
Netherlands

	
	Berndt Modig
	Email address:	  	berndt.modig@pharvaris.com
	Address:	  	 Meerrustlaan 18 (2361CN)
 Warmond, the
Netherlands

	
	Joachim Knolle
	Email address:	  	jochen.knolle@pharvaris.com
	Address:	  	 Wetteraustrasse 25
 D-60389 Frankfurt am Main
 Germany

	
	Jens Eckart Kaspar Schneider Mergener
	Email address:	  	jsm@kusala-foundation.de
	Address:	  	 Weg zum Zwiebelfeld 1
 D-16798 Fürstenberg
 Germany

  
 

 
  
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	Johannes Gerardus Christiaan Petrus Schikan
	Email address:	  	hans.schikan@gmail.com
	Address:	  	 Herengracht 14C (1015 BK)
 Amsterdam. the
Netherlands

	
	Luc Madeleine Albert Dochez
	Email address:	  	l.dochez@primixbioventures.com
	Address:	  	 Klein Vilvoordestraat 8
 B-3078 Meerbeek
 Belgium

	
	GrayMatters Consulting B.V.B.A.
	Attn.	  	Anne Lesage
	Email address:	  	alesage7@gmail.com
	Address:	  	 Nachtegalendreef 27
 B-2980 Zoersel
 Belgium

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