Document:

EX-4.2

 Exhibit 4.2 

Dated as of March 5, 2020 

CANADIAN PACIFIC RAILWAY LIMITED 

as Guarantor and 

CANADIAN PACIFIC RAILWAY COMPANY 

as Issuer 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION 

as Trustee 
 FOURTH
SUPPLEMENTAL INDENTURE 
 to the 

TRUST INDENTURE 
 Dated
as of September 11, 2015 

 THIS FOURTH SUPPLEMENTAL INDENTURE (this “Fourth Supplemental Indenture”)
dated as of March 5, 2020 among CANADIAN PACIFIC RAILWAY LIMITED, a corporation incorporated under the Canada Business Corporations Act and having its head office in the City of Calgary, in the Province of Alberta (the
“Guarantor”), CANADIAN PACIFIC RAILWAY COMPANY, a corporation incorporated under the Canada Business Corporations Act and having its head office in the City of Calgary, in the Province of Alberta (the
“Issuer”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America, as trustee (the “Trustee”). 

RECITALS OF THE ISSUER 

WHEREAS, the Issuer and the Trustee entered into an indenture, dated as of September 11, 2015 (the “Original
Indenture”). Section 8.01(7) of the Original Indenture provides that the Issuer and the Trustee may, without the consent of any Holder, enter into a supplemental indenture to establish the form or terms of Securities of any series as
permitted by Section 2.01 and 3.01 thereof. 
 WHEREAS, pursuant to Sections 2.01 and 3.01 of the Original Indenture, the
Issuer desires to provide for the establishment of a series of Securities under the Original Indenture, and the form and terms thereof, as hereinafter set forth. 

WHEREAS, the Issuer has requested that the Trustee execute and deliver this Fourth Supplemental Indenture. The Issuer has delivered to
the Trustee an Opinion of Counsel and an Officers’ Certificate pursuant to Sections 1.02 and 8.03 of the Original Indenture to the effect, among other things, that all conditions precedent provided for in the Original Indenture to the
Trustee’s execution and delivery of this Fourth Supplemental Indenture have been complied with. All acts and things necessary have been done and performed to make this Fourth Supplemental Indenture enforceable in accordance with its terms, and
the execution and delivery of this Fourth Supplemental Indenture has been duly authorized in all respects. 
 WHEREAS the proper
officers of the Issuer have duly authorized the creation and issuance of a series of Securities to be designated as 2.050% Notes due 2030 (the “Notes”), to be initially limited (subject to the exceptions described herein and in the
Original Indenture) to the aggregate principal amount of U.S.$500,000,000; the further terms and conditions thereof being hereinafter set forth, all in accordance with a resolution of the directors of the Issuer; 

WHEREAS, the Guarantor desires to fully and unconditionally guarantee the Notes (the “Guarantee”) and the applicable
obligations of the Issuer under the Original Indenture, and to provide therefor, the Guarantor has duly authorized the execution and delivery of this Fourth Supplemental Indenture; 

 NOW, THEREFORE, THIS FOURTH SUPPLEMENTAL INDENTURE WITNESSETH: For and in
consideration of the premises and the purchase of the Notes by the holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all holders of the Notes, as follows: 

1. INTERPRETATIONS AND AMENDMENTS 
 1.1
Fourth Supplemental Indenture 
 As used herein “Fourth Supplemental Indenture”, “hereto”,
“herein”, “hereof”, “hereby”, “hereunder” and similar expressions refer to this Fourth Supplemental Indenture and not to any particular Article, Section or other portion hereof and
include any and every instrument supplemental or ancillary hereto or in implementation hereof, and further include the terms of the Notes set forth in the form of Note annexed as Schedule A hereto. 

1.2 Definitions in Fourth Supplemental Indenture 

All terms contained in this Fourth Supplemental Indenture which are defined in the Original Indenture and not defined herein shall, for all
purposes hereof, have the meanings given to such terms in the Original Indenture, unless the context otherwise specifies or requires; provided, however, that notwithstanding the foregoing, the terms “Issuer” and
“Trustee” shall have the respective meanings given to them in the Original Indenture. 
 1.3 Interpretation not Affected
by Headings 
 The division of this Fourth Supplemental Indenture into Articles and Sections, the provision of the table of contents
hereto and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Fourth Supplemental Indenture. 

2. NOTES 
 2.1 Form and Terms of Notes

 There shall be and there is hereby created for issuance under the Original Indenture, as supplemented by this Fourth Supplemental
Indenture a series of Securities which shall consist of an aggregate principal amount of U.S.$500,000,000 of Notes; provided, however, that if the Issuer shall, at any time after the date hereof, increase the principal amount of Notes which may be
issued and issue such increased principal amount (or any portion thereof), then any such additional Notes so issued shall have the same form and terms (other than the date of issuance and the date from which interest thereon shall begin to accrue
and, under certain circumstances, the first interest payment date), and shall carry the same right to receive accrued and unpaid interest, as the Notes theretofore issued; and provided, further, that, notwithstanding the foregoing, the Issuer shall
not be entitled to increase the principal amount of Notes which may be issued or issue any such increased principal amount if the Issuer has effected satisfaction and discharge of the Original Indenture pursuant to Section 4.01 of the Original
Indenture or defeasance or covenant defeasance pursuant to Article 12 of the Original Indenture. 
 The Notes will mature, and the
principal of the Notes and accrued and unpaid interest thereon will be due and payable, on March 5, 2030, or such earlier date as the principal of any of the Notes may become due and payable in accordance with the provisions of the Original
Indenture and this Fourth Supplemental Indenture. 

  
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 The Notes shall bear interest on the principal amount thereof from March 5, 2020 or
from the last date to which interest shall have been paid or duly made available for payment on the Notes, whichever is later, at the rate of 2.050% per annum, payable semi-annually in arrears on March 5 and September 5 (each, an
“Interest Payment Date”) in each year, commencing September 5, 2020 until the principal of and premium, if any, on the Notes is paid or duly made available for payment; and should the Issuer at any time default in the payment
of any principal of, or premium, if any, or interest on the Notes when due, the Issuer shall pay interest (such interest to be payable on demand), to the extent permitted by law, on the amount in default at the same rate applicable to the Notes on
which the Issuer defaulted. Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day months. The interest payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Original Indenture, be paid to the Persons in whose names the Notes (or one or more predecessor Notes) are registered at the close of business on
February 21 and August 21 (the “Regular Record Dates”), as the case may be, immediately prior to such Interest Payment Date, regardless of whether any such Regular Record Date is a Business Day. Any such interest on the
Notes not so punctually paid or duly provided for on any Interest Payment Date shall be payable as provided in the form of Note annexed hereto as Schedule A to this Fourth Supplemental Indenture. 

The Notes constitute unsecured obligations of the Issuer and rank pari passu with all of its other unsecured and unsubordinated debt
from time to time outstanding and pari passu with other notes issued pursuant to the Original Indenture. 
 For the purposes only of
the disclosure required by the Interest Act (Canada), and without affecting the amount of interest payable to any holder of a Note or the calculation of interest on any Note, if the rate of interest on any Note is calculated on the basis of a
year (the “deemed year”) which contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest shall be expressed as a yearly rate for the purposes of the Interest Act (Canada) by
multiplying such rate of interest by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year. 

All payments of principal of and premium, if any, and interest on the Notes will be made in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and private debts, and all references herein to “United States dollars”, “U.S.$” or “U.S. dollars” shall be deemed to refer to
such coin or currency of the United States of America. 
 The principal of and premium, if any, and interest on the Notes shall be payable,
and the Notes may be surrendered for exchange, registration, transfer or discharge from registration, at the Corporate Trust Office of the Trustee, and in such other places as the Issuer may from time to time designate in accordance with the
Original Indenture. The Trustee is hereby appointed as the initial Paying Agent, registrar and transfer agent for the Notes. 
 The Notes
shall be issued only as fully registered Notes, without coupons, in denominations of U.S.$2,000 and integral multiples of U.S.$1,000 thereafter. The Notes will initially be represented by one or more global Securities registered in the name of The
Depository Trust Company, as Depositary or its nominee, or a successor depositary or its nominee. 

  
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 The certificates representing the Notes shall bear the following legend: 

“UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS CERTIFICATE MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.” 

The Notes and the certificate of authentication of the Trustee endorsed thereon shall be in the form set out in Schedule A to this Fourth
Supplemental Indenture with such appropriate insertions, omissions, substitutions and variations as the Trustee may approve and shall be numbered in such manner as the Trustee may approve, such approvals of the Trustee concerning the Note to be
conclusively evidenced by its certification of the Note. 
 The Security Register referred to in Section 3.05 of the Original Indenture
shall, with respect to the Notes, be kept at the office or agency that the Issuer may from time to time designate for such purpose (which shall initially be the Corporate Trust Office of the Trustee), and at such other place or places as the Issuer
with the approval of the Trustee may hereafter designate. 
 The Notes shall be subject to redemption at the option of the Issuer as
provided in Article 3 (Optional Redemption of Notes) of this Fourth Supplemental Indenture and Article 10 of the Original Indenture and the Notes shall be subject to repurchase by the Issuer as provided in Article 4 (Change of
Control) of this Fourth Supplemental Indenture. The Issuer shall not otherwise be required to redeem, purchase or repay Notes pursuant to any mandatory redemption, sinking fund or analogous provision or at the option of the holders thereof. The
Notes will not be convertible into or exchangeable for securities of any Person. 
 The Issuer shall be required to pay Additional Amounts
as contemplated in Section 9.07 of the Original Indenture. 
 The Notes shall have the other terms and provisions set forth in the form
of Note attached hereto as Schedule A to this Fourth Supplemental Indenture with the same force and effect as if such terms and provisions were set forth in full herein. 

2.2 Issuance of Notes 
 The
Notes in the aggregate principal amount of U.S.$500,000,000 shall be executed on behalf of the Issuer by any two of the following officers: its Chairman of the Board, its President, any of its Vice Presidents, the Secretary, the Treasurer, or any of
its Assistant Treasurers and delivered by the Issuer to the Trustee on the date of issue for authentication and delivery pursuant to and in accordance with the provisions of Section 3.02 of the Original Indenture and, upon the requirements of
such provisions being complied with, such Notes shall be authenticated by or on behalf of the Trustee and delivered by it to or upon the Corporation Order of the Issuer without any further act or formality on the part of the Issuer. The Trustee
shall have no duty or responsibility with respect to the use or application of any of the Notes so certified and delivered or the proceeds thereof. 

  
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 3. OPTIONAL REDEMPTION OF NOTES 

3.1 Redemption of Notes 

Prior to December 5, 2029 (the date that is three months prior to the maturity date of the Notes), the Issuer may redeem the Notes, in
whole or in part, at the option of the Issuer (in the manner and in accordance with and subject to the terms and provisions set forth in Article 10 of the Original Indenture), at any time or from time to time, at a Redemption Price equal to the
greater of: 
  

	 	(a)	 100% of the principal amount of the Notes to be redeemed; and 

 

	 	(b)	 the sum of the present values of the remaining scheduled payments of principal and interest thereon that would
be due if the Notes matured on December 5, 2029 (the date that is three months prior to the maturity date of the Notes) (exclusive of any portion of the payments of interest accrued to the date of redemption) discounted to the Redemption Date
on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Yield, plus 20 basis points, 

plus, accrued and unpaid interest to, but excluding, the Redemption Date; provided that installments of interest on Notes which are due and payable on any
date falling on or prior to a Redemption Date will be payable to the registered holders of such Notes (or one or more predecessor Notes), registered as such as of the close of business on the relevant Regular Record Dates. 

On or after December 5, 2029 (the date that is three months prior to the maturity date of the Notes), the Notes will be redeemable, in
whole or in part, at the option of the Issuer (in the manner and in accordance with and subject to the terms and provisions set forth in Article 10 of the Original Indenture), at any time or from time to time, at a Redemption Price equal to
100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the date of redemption. 

The Issuer will provide notice to the Trustee prior to the Redemption Date of the calculation of the Redemption Price. 

Holders of Securities to be redeemed pursuant to Section 10.04 and Section 10.08 of the Original Indenture will receive notice of
redemption as set forth in Section 10.04 and Section 10.08 of the Original Indenture respectively, except that references to 30 days in Section 10.04 and Section 10.08 shall be deemed to be 10 days for the purposes of the
Securities. 

  
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 3.2 Certain Additional Definitions 

For the purposes of this Fourth Supplemental Indenture, the following expressions shall have the following meanings: 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by an
Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed (assuming, for this purpose, that such Notes matured on the Par Call Date) that would be utilized, at the time of
selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes. 

“Comparable Treasury Price” means (1) the average of the Reference Treasury Dealer Quotations for
such redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such
Reference Treasury Dealer Quotations. 
 “Independent Investment Banker” means one of the Reference
Treasury Dealers selected by the Issuer or, if such firm is unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing in the United States appointed by the Issuer. 

“Par Call Date” means, with respect to the Notes, December 5, 2029, the date that is three months prior to the
maturity date of the Notes. 
 “Reference Treasury Dealer Quotations” means, with respect to each
Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted
in writing to the Trustee by such Reference Treasury Dealer at 3:30 p.m. New York time on the third Business Day preceding such redemption date. 

“Reference Treasury Dealers” means each of (i) Barclays Capital Inc., Citigroup Global Markets
Inc., HSBC Securities (USA) Inc. and Morgan Stanley & Co. LLC and/or their affiliates which are primary U.S. government securities dealers in New York City (each, a “Primary Treasury Dealer”), and their
respective successors; and (ii) one other which is a primary U.S. Government securities dealer and its respective successors; provided, however, that if any of the foregoing ceases to be a Primary Treasury Dealer, the Issuer will substitute
therefor another Primary Treasury Dealer. 
 “Treasury Yield” means, with respect to any redemption
date, the rate per annum equal to the semi-annual equivalent yield to maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price for that redemption date. 
 In the event that the Independent Investment Banker fails to
provide the Trustee with the Reference Treasury Dealer Quotations, the Issuer will use commercially reasonable efforts to assist the Trustee in obtaining such quotations. 

  
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 4. CHANGE OF CONTROL 

4.1 Change of Control 

(a) Upon the occurrence of a Change of Control Triggering Event in respect of the Notes, unless all the Notes have been called for redemption
pursuant to this Section 3.1, each Holder of Notes shall have the right to require the Issuer to repurchase all or any part (equal to U.S.$2,000 or an integral multiple of U.S.$1,000 in excess thereof) of such Holder’s Notes at an offer
price in cash equal to the Change of Control Payment. 
 (b) Within 30 days following any Change of Control Triggering Event, the Issuer
shall send a notice to each Holder of Notes describing the transaction or transactions that constitute the Change of Control Triggering Event and specifying: 
  

	 	(i)	 that the Change of Control Offer is being made pursuant to this Section 4.1 and that all Notes tendered
will be accepted for payment; 

  

	 	(ii)	 the Change of Control Payment and the purchase date, which shall be a Business Day no earlier than 30 days and
no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”); 

  

	 	(iii)	 the CUSIP number for the Notes; 

 

	 	(iv)	 that any Note not tendered will continue to accrue interest; 

 

	 	(v)	 that, unless the Issuer defaults in the payment of the Change of Control Payment, all Notes accepted for
payment pursuant to the Change of Control Offer will cease to accrue interest after the Change of Control Payment Date; 

  

	 	(vi)	 that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to
surrender such Notes to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date; 

 

	 	(vii)	 that Holders will be entitled to withdraw their election referred to in clause (vi) if the Paying Agent
receives, not later than the close of business on the second Business Day preceding the Change of Control Payment Date, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes delivered for purchase,
and a statement that such Holder is withdrawing its election to have the Notes purchased; 

  
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	 	(viii)	 that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to
the unpurchased portion of the Notes surrendered, which unpurchased portion will be equal to U.S.$2,000 in principal amount or an integral multiple of U.S.$1,000 in excess thereof; and 

 

	 	(ix)	 if such notice is mailed prior to the date of the occurrence of the Change of Control Triggering Event, that
the Change of Control Offer is conditional on the Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date. 

(c) The Issuer shall cause the Change of Control Offer to remain open for at least 20 Business Days or such longer period as is required by
applicable law. The Issuer shall comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and any other securities laws and
regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change in Control Triggering Event. To the extent that the provisions of any securities laws or
regulations conflict with the provisions of this Section 4.1, the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.1 by virtue of such
conflict. 
 (d) On the Change of Control Payment Date, the Issuer will, to the extent lawful: 

 

	 	(i)	 accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer;

  

	 	(ii)	 deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or
portions of Notes properly tendered; and 

  

	 	(iii)	 deliver or cause to be delivered to the Trustee the Notes so accepted together with an Officers’
Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Issuer. 

 (e) The
Paying Agent will promptly mail to each Holder of Notes properly tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and send (or cause to be transferred by book entry) to each Holder a new note equal in
principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each new Note will be in a principal amount of U.S.$2,000 or an integral multiple of U.S.$1,000 in excess thereof. The Issuer will publicly announce
the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. 

  
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 (f) The Issuer shall not be required to make a Change of Control Offer upon a Change of
Control Triggering Event if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.1 applicable to a Change of Control Offer made by the Issuer
and purchases all Notes properly tendered and not withdrawn under such Change of Control Offer. 
 (g) The Issuer may make a Change of
Control Offer in advance of, but conditioned on, the occurrence of a Change of Control Triggering Event but otherwise in accordance with the provisions of this Section 4.1. 

(h) The Issuer shall be solely responsible for monitoring the occurrence of a Change of Control Triggering Event. 

4.2 Certain Additional Definitions 

For the purposes of this Fourth Supplemental Indenture, the following expressions shall have the following meanings: 

“Below Investment Grade Rating Event” means the Notes are rated below an Investment Grade Rating by at least two
out of three of the Rating Agencies (as defined below), if there are three or more Rating Agencies, or all of the Rating Agencies, if there are less than three Rating Agencies, (the “Required Threshold”) on any date from the
date of the public notice of an arrangement or transaction that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of the Change of Control, which 60-day period shall be extended if, by the end of the 60-day period, the rating of the Notes is under publicly announced consideration for a possible downgrade by such number
of Rating Agencies which, together with the Rating Agencies which have already lowered their ratings on the Notes, as aforesaid, would aggregate in number the Required Threshold, such extension to continue for so long as consideration for a possible
downgrade continues by such number of Rating Agencies which, together with the Rating Agencies which have already lowered their ratings on the Notes, as aforesaid, would aggregate in number the Required Threshold. 

“Change of Control” means the occurrence of any of the following: (1) the direct or indirect sale,
transfer, conveyance or other disposition (other than by way of merger or amalgamation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Issuer and its subsidiaries taken as a whole to any
person (as such term is used in Section 13(d) of the Exchange Act) other than the Issuer, the Guarantor or any of the Issuer’s or Guarantor’s subsidiaries; (2) the consummation of any transaction (including, without limitation,
any merger or amalgamation) the result of which is that any person (as such term is used in Section 13(d) of the Exchange Act) becomes the beneficial owner, directly or indirectly, of more than 50% of the then outstanding number of
Guarantor’s voting shares; or (3) the first day on which a majority of the members of Guarantor’s Board of Directors are not Continuing Directors. 

“Change of Control Offer” means an offer to repurchase Notes pursuant to Section 4.1 hereof. 

  
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 “Change of Control Payment” means, with respect to Notes tendered
for repurchase pursuant to a Change of Control Offer, an amount equal to 101% of the aggregate principal amount of such Notes plus accrued and unpaid interest thereon, if any, to the date of repurchase. 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Below Investment Grade
Rating Event. 
 “Continuing Directors” means, as of any date of determination, any member of the Board of Directors
of Guarantor who (i) was a member of such Board of Directors on the date of the issuance of the Notes; or (ii) was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who
were members of such Board of Directors at the time of such nomination or election (either by a specific vote or by approval of Guarantor’s proxy statement in which such member was named as a nominee for election as a director, without
objection to such nomination). 
 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or
the equivalent) by Moody’s, BBB– (or the equivalent) by S&P, or the equivalent investment grade credit rating from any other Rating Agency. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Rating Agencies” means any “nationally recognized statistical rating organization” within the
meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act then providing publicly available ratings of the Notes. 

“Required Threshold” has the meaning set forth in the definition of Below Investment Grade Rating Event. 

“S&P” means S&P Global Ratings, a division of S&P Global Inc. 

5. GUARANTEE 
 5.1 Agreement to
Guarantee 
 The Guarantor hereby fully and unconditionally guarantees to each Holder of Notes, the due and punctual payment of the
principal of, premium, if any, and interest on the Notes, the due and punctual payment of any sinking fund or analogous payments that may be payable with respect to such Notes and the due and punctual payment of any Additional Amounts that may be
payable with respect to such Notes, when and as the same shall become due and payable, whether on the Stated Maturity, by declaration of acceleration, call for redemption or otherwise, according to the terms hereof and of the Original Indenture, as
supplemented by the supplemental indentures heretofore executed by the Issuer and the Trustee including this Fourth Supplemental Indenture. In case of the failure of the Issuer punctually to make any such payment of principal, premium, if any, or
interest, or any such sinking fund or analogous payment that may be payable with respect to the Notes or any Additional Amounts that may be payable with respect to the Notes, the Guarantor hereby agrees to cause any such payment to be made
punctually when and as the same shall become due and payable, whether on the Stated Maturity or by declaration of acceleration, call for redemption or otherwise, and as if such payment were made by the Issuer. 

  
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 The Guarantor hereby agrees that its obligations hereunder shall be as if it were principal
debtor and not merely surety, and shall be absolute and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity or unenforceability of the Notes, the Original Indenture or this Fourth Supplemental Indenture, any
failure to enforce the provisions of the Notes, the Original Indenture or this Fourth Supplemental Indenture, or any waiver, modification or indulgence granted to the Issuer with respect thereto or hereto, by the Holder of the Notes or the Trustee
or any other circumstance which may otherwise constitute a legal or equitable discharge of a surety or guarantor; provided, however, that, notwithstanding the foregoing, no such waiver, modification or indulgence shall, without the consent of the
Guarantor, increase the principal amount of the Notes, or increase the interest rate thereon, or increase any premium payable upon redemption thereof, or alter the Stated Maturity thereof. The Guarantor hereby waives diligence, presentment, demand
of payment, filing of claims with a court in the event of merger or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest or notice with respect to the Notes or the indebtedness evidenced thereby, or with
respect to any sinking fund or analogous payment that may be payable with respect to the Notes or with respect to any Additional Amounts that may be payable with respect to the Notes and all demands whatsoever, and covenants that its obligations
under this Section 5.1 will not be discharged except by payment in full of the principal of, premium, if any, and interest on and any Additional Amounts that may be payable with respect to the Notes. 

The Guarantor shall be subrogated to all rights of each Holder of the Notes, the Trustee and any Paying Agent against the Issuer in respect of
any amounts paid to such Holder by the Guarantor pursuant to the provisions of this Section 5.1; provided, however, that the Guarantor shall not be entitled to enforce or to receive any payments arising out of or based upon such right of
subrogation until the principal of, premium, if any, and interest on all Notes of the same series issued under the Original Indenture, as supplemented by the supplemental indentures heretofore executed by the Issuer and the Trustee including this
Fourth Supplemental Indenture, and any sinking fund or analogous payments and Additional Amounts with respect to such Notes shall have been paid in full. 

Any term or provision of the Original Indenture, as supplemented by the supplemental indentures heretofore executed by the Issuer and the
Trustee, and this Fourth Supplemental Indenture to the contrary notwithstanding, the maximum aggregate amount of the Notes guaranteed hereunder by the Guarantor shall not exceed the maximum amount that can be hereby guaranteed by the Guarantor
without rendering the Guarantee, as it relates to the Guarantor, voidable under applicable law relating to fraudulent conveyance, fraudulent transfer, corporate benefit, financial assistance or similar laws affecting the rights of creditors
generally. 
 By executing this Fourth Supplemental Indenture, the Guarantor acknowledges and agrees that the obligations to compensate,
reimburse, and indemnify the Trustee under the Original Indenture, including, without limitation, Section 6.03 of the Original Indenture, shall apply to the Guarantor and that the Guarantor and the Issuer, jointly and severally, are obligated
to compensate, reimburse, and indemnify the Trustee in accordance with the terms of the Original Indenture, including, without limitation, Section 6.03 of the Original Indenture. 

  
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 5.2 Additional Amounts 

The obligations of the Issuer pursuant to Section 9.07 of the Original Indenture shall apply, mutatis mutandis, to the Guarantor. 

5.3 Execution and Delivery 

To evidence its Guarantee set forth in Section 5.1 hereof, the Guarantor hereby agrees that this Fourth Supplemental Indenture shall be
executed on behalf of the Guarantor by one or more authorized officers or persons holding an equivalent title. 
 The Guarantor hereby
agrees that its Guarantee set forth in Section 5.1 hereof shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes. 

5.4 Release of Guarantee 

The Guarantor will be released and relieved of its obligations under the Guarantee in respect of the Notes, and such Guarantee will be
terminated, upon receipt by the Trustee of a Corporation Order (without the consent of the Trustee) requesting such release, upon (i) satisfaction and discharge of the Original Indenture or (ii) defeasance or covenant defeasance with
respect to the Notes, in each case, under the terms of the Original Indenture. At the request and expense of the Issuer, the Trustee shall execute and deliver an appropriate instrument evidencing such release. 

6. GENERAL 
 6.1 Effectiveness 

This Fourth Supplemental Indenture will become effective upon its execution and delivery. 

6.2 Effect of Recitals 

The recitals contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be taken as the statements of
the Issuer, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Issuer of the Notes or the
proceeds thereof. The Trustee makes no representations as to the validity or sufficiency of this Fourth Supplemental Indenture or of the Notes except that the Trustee represents that it is duly authorized to execute and deliver this Fourth
Supplemental Indenture, authenticate the Notes and perform its obligations under the Original Indenture and hereunder, and that the statements made by it or to be made by it in a Statement of Eligibility and Qualification on Form T-1 supplied to the Issuer are true and accurate. 

  
 12 

 6.3 Ratification of Original Indenture 

The Original Indenture as supplemented by this Fourth Supplemental Indenture is in all respects ratified and confirmed, and this Fourth
Supplemental Indenture shall be deemed part of the Original Indenture in the manner and to the extent herein and therein provided. 
 6.4
Limitation on Liability 
 The Trustee shall act at the direction of the requisite Holders without liability. 

6.5 Jurisdiction; Agent for Process 

Each of the parties hereto hereby irrevocably consents to the jurisdiction of the courts of the State of New York and of any U.S. federal
court located in the Borough of Manhattan in the State of New York in connection with any action, suit or other proceeding arising out of or relating to this Fourth Supplemental Indenture or any action taken or omitted hereunder, and waives any
claim of forum non conveniens and any objections as to laying of venue. 
 By its execution and delivery of this Fourth Supplemental
Indenture, the Guarantor and the Issuer irrevocably designate and appoint C T Corporation System, 28 Liberty St., 42nd Floor, New York, New York 10005, U.S.A. as the Guarantor’s and
the Issuer’s authorized agent (the “Authorized Agent”) upon whom process may be served in any action, suit or proceeding arising out of or relating to this Fourth Supplemental Indenture, the Notes and the Guarantee but for that
purpose only, and agree that service of process upon said C T Corporation System, and written notice of such service to the Guarantor or the Issuer in the manner provided in Section 1.06 of the Original Indenture, shall be deemed in every
respect effective service of process upon the Guarantor or the Issuer, respectively, in any such action, suit or proceeding in any federal or state court in the Borough of Manhattan, The City of New York. 

Notwithstanding the foregoing, the Guarantor and the Issuer reserve the right to appoint another Person located or with an office in the
Borough of Manhattan, The City of New York, selected in the discretion of the Issuer or the Guarantor, as applicable, as a successor Authorized Agent, and upon acceptance of such consent to service of process by such a successor the designation
of the prior Authorized Agent shall terminate. The Guarantor or the Issuer, as applicable, shall give written notice to the Trustee and all Holders of the designation by them of a successor Authorized Agent. If for any reason an Authorized Agent
ceases to be able to act as an Authorized Agent or to have an address in the Borough of Manhattan, The City of New York, the Guarantor or the Issuer, as applicable, will designate a successor Authorized Agent in accordance with the preceding
sentence. The Guarantor or the Issuer, as applicable, further agrees to take any and all action, including the execution and filing of any and all such documents and instruments, as may be necessary to continue the designation and appointment of
said C T Corporation System, or of any successor Authorized Agent of the Guarantor or the Issuer, as applicable, in full force and effect so long as any of the Notes or Guarantees shall be outstanding. 

  
 13 

 6.6 Governing Law 

This Fourth Supplemental Indenture (including the Guarantee provided herein), the Original Indenture as supplemented hereby and the Notes shall
be governed by and construed in accordance with the laws of the State of New York. 
 6.7 Severability 

In case any provision in this Fourth Supplemental Indenture (including the Guarantee provided herein), the Original Indenture as supplemented
hereby or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

6.8 Acceptance of Trust 

The Trustee hereby accepts the trusts in this Fourth Supplemental Indenture declared and provided for and agrees to perform the same upon the
terms and conditions herein before set forth in trust for the various Persons who shall from time to time be Holders subject to all the terms and conditions herein set forth. 

6.9 Counterparts and Formal Date 

This Fourth Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original,
but all such counterparts shall together constitute but one and the same instrument and notwithstanding their date of execution shall be deemed to bear the date first above written. 

  
 14 

 IN WITNESS WHEREOF the parties hereto have executed this Fourth Supplemental Indenture on
the date first above written. 
  

					
	CANADIAN PACIFIC RAILWAY LIMITED,
	As Guarantor
		
	By:	 	 /s/ Nadeem Velani

		 	Name:	 	Nadeem Velani
		 	Title:	 	Executive Vice-President and Chief Financial Officer
		
	By:	 	 /s/ Chris De Bruyn

		 	Name:	 	Chris De Bruyn
		 	Title:	 	Director, Investor Relations & Treasury
	
	CANADIAN PACIFIC RAILWAY COMPANY,
	As Issuer
		
	By:	 	 /s/ Nadeem Velani

		 	Name:	 	Nadeem Velani
		 	Title:	 	Executive Vice-President and Chief Financial Officer
		
	By:	 	 /s/ Chris De Bruyn

		 	Name:	 	Chris De Bruyn
		 	Title:	 	Director, Investor Relations & Treasury

  
 [Signature page to
Fourth Supplemental Indenture] 

 
					
	WELLS FARGO BANK,
	NATIONAL ASSOCIATION,
	as Trustee
		
	By:	 	 /s/ Gregory S. Clarke

		 	Name:	 	Gregory S. Clarke
		 	Title:	 	Vice President

  
 [Signature page to
Fourth Supplemental Indenture] 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
			
	1.	 	INTERPRETATIONS AND AMENDMENTS	  	 	2	 
		 	1.1	  	Fourth Supplemental Indenture	  	 	2	 
		 	1.2	  	Definitions in Fourth Supplemental Indenture	  	 	2	 
		 	1.3	  	Interpretation not Affected by Headings	  	 	2	 
			
	2.	 	NOTES	  	 	2	 
		 	2.1	  	Form and Terms of Notes	  	 	2	 
		 	2.2	  	Issuance of Notes	  	 	4	 
			
	3.	 	OPTIONAL REDEMPTION OF NOTES	  	 	5	 
		 	3.1	  	Redemption of Notes	  	 	5	 
		 	3.2	  	Certain Additional Definitions	  	 	5	 
			
	4.	 	CHANGE OF CONTROL	  	 	6	 
		 	4.1	  	Change of Control	  	 	7	 
		 	4.2	  	Certain Additional Definitions	  	 	9	 
			
	5.	 	GUARANTEE	  	 	10	 
		 	5.1	  	Agreement to Guarantee	  	 	10	 
		 	5.2	  	Additional Amounts	  	 	12	 
		 	5.3	  	Execution and Delivery	  	 	12	 
		 	5.4	  	Release of Guarantee	  	 	12	 
			
	6.	 	GENERAL	  	 	12	 
		 	6.1	  	Effectiveness	  	 	12	 
		 	6.2	  	Effect of Recitals	  	 	12	 
		 	6.3	  	Ratification of Original Indenture	  	 	12	 
		 	6.4	  	Limitation on Liability	  	 	13	 
		 	6.5	  	Jurisdiction; Agent for Process	  	 	13	 
		 	6.6	  	Governing Law	  	 	13	 
		 	6.7	  	Severability	  	 	14	 
		 	6.8	  	Acceptance of Trust	  	 	14	 
		 	6.9	  	Counterparts and Formal Date	  	 	14	 

 Schedule A 

See attached 

 Unless this certificate is presented by an authorized
representative of The Depository Trust Company, a New York corporation (“DTC”), to the Corporation (as defined below) or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name
of Cede & Co. or such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES (AS DEFINED HEREIN) IN DEFINITIVE REGISTERED FORM, THIS CERTIFICATE MAY NOT
BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 

CANADIAN PACIFIC RAILWAY COMPANY 

2.050% Notes due 2030 
  

					
	No. 1	 		  	US$[●]
		 		  	CUSIP: 13648T AA5

 Canadian Pacific Railway Company, a corporation duly organized and existing under the laws of Canada (herein
called the “Corporation”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of
US$[●] ([●] UNITED STATES DOLLARS) on March 5, 2030, at the office or agency of the Corporation referred to below, and to pay interest thereon on September 5, 2020 and semi-annually thereafter, on March 5 and
September 5 in each year, from March 5, 2020, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, at the rate of 2.050% per annum, until the principal hereof is paid or duly provided for, and
(to the extent lawful) to pay on demand interest on any overdue interest at the rate borne by the Securities from the date on which such overdue interest becomes payable to the date payment of such interest has been made or duly provided for. The
interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security is registered at the close of business on the Regular Record Date for
such interest, which shall be February 21 or August 21 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to
be payable to the Holder on such Regular Record Date, and such defaulted interest, and (to the extent lawful) interest on such defaulted interest at the rate borne by the Securities, may be paid to the Person in whose name this Security is
registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the 

 
Trustee, notice whereof shall be given to Holders of Securities not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Securities may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. Reference is hereby made to the further provisions of
this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been duly executed by the Trustee by manual signature, this Security shall not be entitled
to any benefit under the Indenture, or be valid or obligatory for any purpose. 
 (signature page to follow) 

 IN WITNESS WHEREOF, the Corporation has caused this instrument to be duly executed under its
corporate seal. 
 Dated: 
  

			
	CANADIAN PACIFIC RAILWAY COMPANY
		
	By	 	  

		 	Name:
		 	Title:
		
	By	 	  

		 	Name:
		 	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities referred to in, and issued under, the within-mentioned Indenture. 

 

							
		 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION as Trustee
				
	Dated:                             	 		 	By:	 	  

		 		 		 	Authorized Signatory

 [Reverse of Security] 

This Security is one of a duly authorized issue of securities of the Corporation designated as its 2.050% Notes due 2030 (herein called the
“Securities”), limited (except as otherwise provided in the Indenture referred to below) in aggregate principal amount to US$[•], which may be issued under an indenture dated as of September 11, 2015, among the Corporation and
Wells Fargo Bank, National Association, as trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture, as defined below), as supplemented by the Fourth Supplemental Indenture, among the Corporation,
Canadian Pacific Railway Limited (the “Guarantor”) and the Trustee (as supplemented by the Fourth Supplemental Indenture, the “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights, limitations of rights, duties, obligations and immunities thereunder of the Corporation, Guarantor, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is a global Security representing US$[•] aggregate principal amount of the Securities. 

Payment of the principal of (and premium, if any, on) and interest on this Security will be made at the office or agency of the Corporation
maintained or caused to be maintained for that purpose in New York, New York or at such other office or agency of the Corporation as may be maintained or caused to be maintained for such purpose, in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of the principal (and premium, if any) and interest may be made at the option of the Corporation (i) by
check mailed to the address of the Person entitled thereto as such address shall appear on the Security Register or (ii) by wire transfer to an account maintained by the Person located in the United States entitled thereto as specified in the
Security Register; provided, that principal paid in relation to any Security, redeemed at the option of the Corporation or upon Maturity, shall be paid to the Holder of such Security only upon presentation and surrender of such Security to
such office or agency referred to above. 
 The Corporation will pay to the Holders such Additional Amounts as may be payable under
Section 9.07 of the Indenture. 
 Prior to December 5, 2029 (the date that is three months prior to the maturity date of the
Securities), the Corporation may redeem the Securities, in whole or in part, at the option of the Corporation, at any time or from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the Securities to
be redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest on the Securities to be redeemed that would be due if the Securities matured on December 5, 2029 (the date that is three months
prior to the maturity date of the Securities) (exclusive of any portion of the payments of interest accrued to the date of redemption) discounted to the redemption date on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Yield plus 20 basis points, plus, in the case of (1) and (2), accrued interest thereon to, but
excluding, the date of redemption, all as provided in the Indenture. 

 On or after December 5, 2029 (the date that is three months prior to the maturity date
of the Securities) the Corporation may redeem the Securities, in whole or in part, at a redemption price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the date of
redemption. 
 Holders of Securities to be redeemed will receive notice of redemption delivered at least 10 and not more than 60 days prior
to the date fixed for redemption. 
 “Treasury Yield” means, with respect to any redemption date, the rate per annum equal to the
semi-annual equivalent yield to maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury
Price for that redemption date. 
 “Comparable Treasury Issue” means the United States Treasury security or securities selected by
an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Securities to be redeemed (assuming, for this purpose, that the Securities matured on the Par Call Date) that would be utilized, at
the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Securities. 

“Comparable Treasury Price” means (1) the average of the Reference Treasury Dealer Quotations for such redemption date, after
excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer
Quotations. 
 “Independent Investment Banker” means one of the Reference Treasury Dealers selected by the Corporation or, if such
firm is unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing in the United States appointed by the Corporation. 

“Par Call Date” means December 5, 2029, the date that is three months prior to the maturity date of the Securities. 

“Reference Treasury Dealers” means each of (i) Barclays Capital Inc., Citigroup Global Markets Inc., HSBC Securities (USA)
Inc. and Morgan Stanley & Co. LLC and/or their affiliates which are primary U.S. government securities dealers in New York City (each, a “Primary Treasury Dealer”), and their respective successors; and (ii) one other
which is a primary U.S. Government securities dealer and its respective successors; provided, however, that if any of the foregoing ceases to be a Primary Treasury Dealer, the Corporation will substitute therefor another Primary Treasury Dealer.

 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury
Dealer at 3:30p.m. New York time on the third business day preceding such redemption date. 

 The Securities are also subject to redemption as a whole but not in part, at the option of
the Corporation, at any time, on not less than 10 nor more than 60 days’ prior written notice to each Holder of Securities to be redeemed at such Holder’s address appearing on the Security Register at a redemption price equal to 100% of
the principal amount, together with accrued and unpaid interest to but excluding the date fixed for redemption, in the event there is more than an insubstantial risk that the Corporation has become or would become obligated to pay, on the next date
on which any amount would be payable with respect to the Securities, any Additional Amounts as a result of any amendment or change in the laws (including any regulations promulgated thereunder) of Canada (or any political subdivision or taxing
authority thereof or therein), or any amendment to or change in any official position regarding the application or interpretation of such laws or regulations, which change or amendment is announced or becomes effective on or after March 3,
2020, all as provided in Section 10.08 of the Indenture. 
 The Securities are also subject to redemption pursuant to Article 3 of
the Fourth Supplemental Indenture. 
 In the case of any redemption of Securities, interest installments whose Stated Maturity is on or
prior to the Redemption Date will be payable to the Holders of such Securities of record at the close of business on the relevant Record Date referred to on the face hereof. Securities (or portions thereof) for whose redemption provision is made in
accordance with the Indenture shall cease to bear interest from and after the Redemption Date. 
 The Securities do not have the benefit of
sinking fund obligations. 
 In the event of redemption of this Security in part only, a new Security or Securities for the unredeemed
portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof. 
 If an Event of Default shall occur and be
continuing, the principal of all the Securities may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Corporation on this Security and
(b) certain restrictive covenants and the related Defaults and Events of Default, upon compliance by the Corporation with certain conditions set forth therein, which provisions apply to this Security. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Corporation and the rights of the Holders under the Indenture at any time by the Corporation and the Trustee with the consent of the Holders of not less than a majority in aggregate principal amount of all affected Securities at the time
Outstanding. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities at the time Outstanding, 

 
on behalf of the Holders of all the Securities affected thereby, to waive compliance by the Corporation with certain provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by or on behalf of the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Security. 
 No
reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Corporation, which is absolute and unconditional, to pay the principal of (and premium, if any, on) and interest on
this Security at the times, place, and rate, and in the coin or currency, herein prescribed. 
 As provided in the Indenture and subject to
certain limitations therein set forth, the transfer of this Security is registrable on the Security Register of the Corporation, upon surrender of this Security for registration of transfer at the office or agency of the Corporation maintained or
caused to be maintained for such purpose in New York, New York duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Corporation and the Security Registrar duly executed by, the Holder hereof or
his attorney duly authorized in writing, and thereupon one or more new Securities, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities are issuable only in registered form without coupons in denominations of US$2,000 and any integral multiple of $1,000 in excess
thereof. As provided in the Indenture and subject to certain limitations therein set forth, the Securities are exchangeable for a like aggregate principal amount of Securities of a different authorized denomination, as requested by the Holder
surrendering the same. 
 No service charge shall be made for any registration of transfer or exchange of Securities, but the Corporation
may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to the time
of due presentment of this Security for registration of transfer, the Corporation, the Trustee and any agent of the Corporation or the Trustees may treat the Person in whose name this Security is registered as the owner hereof for all purposes,
whether or not this Security be overdue, and neither the Corporation, the Trustee nor any agent shall be affected by notice to the contrary. 

Interest on this Security shall be computed on the basis of a 360-day year of twelve 30-day months. 
 For the purposes only of the disclosure required by the Interest Act (Canada),
and without affecting the amount of interest payable to any holder of a Security or the calculation of interest on any Security, if the rate of interest on any Security is calculated on the basis of a year which contains fewer days than the actual
number of days in the calendar year of calculation, such rate of interest shall be expressed as a yearly rate for the purposes of the Interest Act (Canada) by multiplying such rate of interest by the actual number of days in the calendar year
of calculation and dividing it by the number of days in the deemed year. 

 As provided for in the Indenture, the Corporation may, from time to time, without notice or
consent of the Holders, create and issue additional Securities so that such additional Securities shall be consolidated and form a single series with the Securities initially issued by the Corporation and shall have the same terms as to status,
redemption or otherwise as the Securities originally issued. 
 If at any time, (i) the Depositary notifies the Corporation that it is
unwilling or unable or no longer qualifies to continue as Depositary or if at any time the Depositary shall no longer be registered or in good standing under the Securities Exchange Act of 1934, as amended, or other applicable statute or regulation
and a successor depositary is not appointed by the Corporation within 90 days after the Corporation receives such notice or becomes aware of such condition, as the case may be, or (ii) the Corporation determines that the Securities shall no
longer be represented by a global Security or Securities, then in such event the Corporation will execute and the Trustee will authenticate and deliver Securities in definitive registered form, in authorized denominations, and in an aggregate
principal amount equal to the principal amount of this Security in exchange for this Security. Such Securities in definitive registered form shall be registered in such names and issued in such authorized denominations as the Depositary, pursuant to
instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Persons in whose names such Securities are so registered. 

The Indenture and this Security shall be governed by and construed in accordance with the laws of the State of New York. 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.EX-4.1

 Certain information in this document identified by brackets has been omitted because it is both not
material and would be competitively harmful if publicly disclosed. 
 Exhibit 4.1 

AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

THIS AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT is made as of September 6, 2019 by and among Zeno Pharma, LLC, a Delaware limited liability company (the
“Company”) and each of the investors listed on SCHEDULE A hereto, each of which is referred to in this Agreement as an “Investor.” 

RECITALS 

A. Certain of the Investors (the “Existing Investors”) hold Series A Preferred Units, Series B Preferred Units
and/or Class A Common Units issued upon conversion thereof and possess registration rights, information rights, rights of first offer, and other rights pursuant to an Investors’ Rights Agreement dated as of December 21, 2017 between
the Company and such Investors (the “Prior Agreement”). 
 B. The Existing Investors and the Company desire
to amend and restate the Prior Agreement in its entirety and to accept the rights created pursuant to this Agreement in lieu of the rights granted to the Existing Investors under the Prior Agreement. 

C. Certain of the Investors are parties to that certain Series C Preferred Unit Purchase Agreement of even date herewith between the
Company and certain of the Investors (the “Purchase Agreement”), under which certain of the Company’s and such Investors’ obligations are conditioned upon the execution and delivery of this Agreement. 

NOW, THEREFORE, the parties, intending to be legally bound, hereby agree as follows: 

1. Definitions. For purposes of this Agreement: 

1.1 “Affiliate” means, with respect to any specified Person, any other Person that directly or indirectly
controls, is under common control with, or is controlled by, such specified Person, including without limitation any general partner, managing member, officer, director or trustee of such Person, or any venture capital fund, registered investment
company, investment fund or separate account now or hereafter existing that is controlled by one or more general partners, managing members or investment adviser of, or shares the same management company or investment adviser with, such Person. As
used in this definition, “control,” including, its correlative meanings, “controlled by” and “under common control with,” shall mean possession of power to direct or cause the direction of management or policies
(whether through ownership of voting securities or partnership or other ownership interests, by contract or otherwise). 
 1.2
“Class A Common Units” means the Company’s Class A Common Units, as defined in the LLC Agreement. 

1.3 “Class B Common Units” means the Company’s Class B Common Units,
as defined in the LLC Agreement. 

 1.4 “Corporate Subsidiary(ies)” means any corporation the
majority of the capital stock of which, directly, or indirectly through or one or more Persons, (a) the Company has the right to acquire or (b) is owned or controlled by the Company. As used in this definition, “control,”
including, its correlative meanings, “controlled by” and “under common control with,” shall mean possession, directly or indirectly, of power to direct or cause the direction of management. 

1.5 “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 (a) 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; (b) 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 (c) any violation or alleged violation by the indemnifying party (or any of its agents or Affiliates) of the Securities
Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law. 

1.6 “Deemed Liquidation Event” shall have the meaning given to such term in the LLC Agreement. 

1.7 “Derivative Securities” means any securities or rights convertible into, or exercisable or exchangeable for
(in each case, directly or indirectly), Class A Common Units, including options and warrants. 
 1.8
“Eventide” means Mutual Fund Series Trust, On Behalf of Eventide Healthcare & Life Sciences Fund. 

1.9 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. 
 1.10 “Excluded Registration” means (a) a registration relating to the sale of
securities to employees of the Company or a subsidiary pursuant to an equity incentive plan or similar plan; (b) a registration relating to an SEC Rule 145 transaction; (c) 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 (d) a registration in which the only securities being registered are securities issuable upon conversion of
debt securities that are also being registered. 
 1.11 “Farallon” means Zone Healthcare Holdings, LLC
together with any of its Affiliates. 
 1.12 “Form S-1” means such
form under the Securities Act as in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC. 

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

  
 2. 

 1.14 “GAAP” means generally accepted accounting principles in
the United States, as in effect from time to time. 
 1.15 “Holder” means any Investor owning Registrable
Securities. 
 1.16 “Immediate Family Member” means a child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, or sister-in-law, including adoptive relationships, of a natural person
referred to herein. 
 1.17 “Initiating Holders” means, collectively, Holders who properly initiate a
registration request under this Agreement. 
 1.18 “Investment Fund” has the meaning set forth in
Section 3.4. 
 1.19 “IPO” means the Company’s first underwritten public
offering of its securities under the Securities Act; it being acknowledged that such public offering may only occur after the conversion of the Company to a corporation as contemplated by Article 8 of the LLC Agreement. 

1.20 “LLC Agreement” means that certain Second Amended and Restated Limited Liability Company Agreement, dated
as of the date hereof, by and among the Company and the other parties thereto, as amended and/or restated from time to time after the date hereof. 

1.21 “Major Investor” means any Investor that, individually or together with such Investor’s Affiliates,
holds at least 571,429 units of Registrable Securities (as adjusted for any unit split, distribution, combination, or other recapitalization or reclassification effected after the date hereof), and Mayo Clinic. 

1.22 “Matrix” shall mean Matrix Capital Management Master Fund, LP, together with its Affiliates. 

1.23 “Member” shall have the meaning given to such term in the LLC Agreement. 

1.24 “New Securities” means, collectively, units and any other equity securities of the Company or its
subsidiaries, whether or not currently authorized, as well as rights, options, or warrants to purchase such units or other equity securities, or securities of any type whatsoever that are, or may become, convertible or exchangeable into or
exercisable for such units or other equity securities. 
 1.25 “Perceptive” means Perceptive Life Sciences
Master Fund LTD. 
 1.26 “Person” means any individual, corporation, partnership, trust, limited liability
company, association or other entity. 

  
 3. 

 1.27 “Preferred Units” means, collectively, the
Company’s Series A Preferred Units, Series B Preferred Units and Series C Preferred Units. 
 1.28
“Redmile” means Redmile Biopharma Investments II, L.P. 
 1.29 “Registrable
Securities” means (a) the Class A Common Units issuable or issued upon conversion of the Preferred Units; (b) any Class A Common Units, or any Class A Common Units issued or issuable (directly or indirectly)
upon conversion and/or exercise of any other securities of the Company, acquired by the Investors after the date hereof; (c) any Class A Common Units 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 Class A Common Units referenced in clauses (a) and (b) above (including without limitation, any common equity
securities issued or issuable in connection with a combination of securities, recapitalization, merger, consolidation or reorganization of the Company as a corporation as set forth in Article 8 of the LLC Agreement or any other reorganization);
excluding in all cases, however, any Registrable Securities sold by a Person in a transaction in which the applicable rights under this Agreement are not assigned pursuant to Section 6.1, and excluding for purposes of
Section 2 any Class A Common Units for which registration rights have terminated pursuant to Section 2.13 of this Agreement. 

1.30 “Registrable Securities then outstanding” means the number of units determined by adding the number of
outstanding Class A Common Units that are Registrable Securities and the number of Class A Common Units issuable (directly or indirectly) pursuant to then exercisable and/or convertible securities that are Registrable Securities. 

1.31 “Restricted Securities” means the securities of the Company required to bear the legend set forth in
Section 2.12 hereof. 
 1.32 “SEC” means the Securities and Exchange Commission. 

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

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

1.35 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 1.36 “Selling Expenses” means all underwriting discounts, selling commissions, and stock
transfer taxes applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as provided in
Section 2.6. 
 1.37 “Series A Preferred Units” means the Company’s Series A
Preferred Units, as defined in the LLC Agreement. 

  
 4. 

 1.38 “Series B Preferred Units” means the Company’s
Series B Preferred Units, as defined in the LLC Agreement. 
 1.39 “Series C Preferred Units” means the
Company’s Series C Preferred Units, as defined in the LLC Agreement. 
 1.40 “Surveyor” shall mean
Citadel Multi-Strategy Equities Master Fund Ltd., together with its Affiliates. 
 1.41 “Viking” shall mean
Viking Global Opportunities Illiquid Investments Sub-Master LP, together with its Affiliates. 

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

2.1 Demand Registration. 

(a) Form S-1 Demand. If at any time following the date that is one hundred eighty
(180) days after the effective date of the registration statement for the IPO, the Company receives a request from Holders of at least a majority of the Registrable Securities then outstanding that the Company file a Form S-1 registration statement with respect to at least thirty percent (30%) of the Registrable Securities then outstanding (or a lesser percent if the anticipated aggregate offering price, net of Selling
Expenses, would exceed $10,000,000), then the Company shall (x) within ten (10) days after the date such request is given, give notice thereof (the “Demand Notice”) to all Holders other than the Initiating Holders;
and (y) as soon as practicable, and in any event within sixty (60) days after the date such request is given by the Initiating Holders, file a Form S-1 registration statement under the Securities Act
covering all Registrable Securities that the Initiating Holders requested to be registered and any additional Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder
to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Section 2.1(c) and Section 2.3. 

(b) Form S-3 Demand. If at any time when it is eligible to use a Form S-3 registration statement, the Company receives from any Holder or Holders of at least ten percent (10%) of the Registrable Securities then outstanding a request that the Company file a Form S-3 registration statement with respect to outstanding Registrable Securities of such Holder or Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least $1,000,000, then the
Company shall (i) within ten (10) days after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within forty-five
(45) days after the date such request is given by the Initiating Holders, file a Form S-3 registration statement under the Securities Act covering all Registrable Securities that the Initiating Holders
requested to be registered and any additional Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the
Demand Notice is given, and in each case, subject to the limitations of Section 2.1(c) and Section 2.3. 

  
 5. 

 (c) Notwithstanding the foregoing obligations, if the Company furnishes to Holders
requesting a registration pursuant to this Section 2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Company’s Board of Directors (the
“Board”) it would be materially detrimental to the Company and its Members for such registration statement to either become effective or remain effective for as long as such registration statement otherwise would be required
to remain effective, because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information
that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking
action with respect to such filing, and any time periods with respect to filing or effectiveness thereof shall be tolled correspondingly, for a period of not more than ninety (90) days after the request of the Initiating Holders is given for
any registration pursuant to Section 2.1(a) or 2.1(b); provided, however, that the Company may not invoke this right more than twice in any twelve (12) month period; and provided further that the
Company shall not register any securities for its own account or that of any other Member during such ninety-day period, other than an Excluded Registration. 

(d) The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to
Section 2.1(a): (i) during the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is one hundred eighty (180) days after the effective
date of, a Company-initiated registration, provided, that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; (ii) after the Company has effected two
(2) registrations pursuant to Section 2.1(a); or (iii) if the Initiating Holders propose to dispose of Registrable Securities that may be immediately registered on Form S-3
pursuant to a request made pursuant to Section 2.1(b). The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Section 2.1(b): (A) during the
period that is thirty (30) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is ninety (90) days after the effective date of, a Company-initiated registration, provided, that the
Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; or (B) if the Company has effected two (2) registrations pursuant to
Section 2.1(b) within the twelve (12) month period immediately preceding the date of such request. A registration shall not be counted as “effected” for purposes of this
Section 2.1(d) until such time as the applicable registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such registration, elect not to pay the registration
expenses therefor, and forfeit their right to one demand registration statement pursuant to Section 2.6, in which case such withdrawn registration statement shall be counted as “effected” for purposes of this
Section 2.1(d); provided, that if such withdrawal is during a period the Company has deferred taking action pursuant to Section 2.1(c), then the Initiating Holders may withdraw their request for
registration and such registration will not be counted as “effected” for purposes of this Section 2.1(d). 

2.2 Company Registration. If the Company proposes to register (including, for this purpose, a registration effected by the Company for
Members other than the Holders) any of its securities under the Securities Act in connection with the public offering of such securities solely for cash (other than in an Excluded Registration), the Company shall, at such time, promptly give each
Holder notice of such registration. Upon the request of each Holder given within twenty (20) days after such notice is given by the Company, the Company shall, subject to the provisions 

  
 6. 

 
of Section 2.3, cause to be registered all of the Registrable Securities that each such Holder has requested to be included in such registration. The Company shall have
the right to terminate or withdraw any registration initiated by it under this Section 2.2 before the effective date of such registration, whether or not any Holder has elected to include Registrable Securities in such
registration. The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by the Company in accordance with Section 2.6. 

2.3 Underwriting Requirements. 

(a) If, pursuant to Section 2.1, the Initiating Holders intend to distribute the Registrable Securities
covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Section 2.1, and the Company shall include such information in the Demand Notice. The
underwriter(s) will be selected by the Company and shall be reasonably acceptable to a majority in interest of the Initiating Holders. In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration
shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities
through such underwriting shall (together with the Company as provided in Section 2.4(e)) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting. Notwithstanding any
other provision of this Section 2.3, if the underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number of securities 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
securities in accordance with the above provisions, the Company or the underwriters may round the number of securities allocated to any Holder to the nearest one hundred (100) securities. 

(b) In connection with any offering involving an underwriting of the Company’s securities pursuant to
Section 2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as agreed upon between the Company and
its underwriters, 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
Members 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 

  
 7. 

 
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
securities in accordance with the above provisions, the Company or the underwriters may round the number of securities allocated to any Holder to the nearest one hundred (100) securities. Notwithstanding the foregoing, in no event shall
(i) the number of Registrable Securities included in the offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from the offering, or (ii) the number of Registrable
Securities included in the offering be reduced below twenty-five percent (25%) of the total number of securities included in such offering, unless such offering is the IPO, in which case the selling Holders may be excluded further if the
underwriters make the determination described above and no other Member’s securities are included in such offering. For purposes of the provision in this Section 2.3(b) concerning apportionment, for any selling Holder
that is a partnership, limited liability company, or corporation, the partners, members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired
partners, members, and retired members and any trusts for the benefit of any of the foregoing Persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be
based upon the aggregate number of Registrable Securities owned by all Persons included in such “selling Holder,” as defined in this sentence. 

(c) For purposes of Section 2.1, a registration shall not be counted as “effected” if, as a result
of an exercise of the underwriter’s cutback provisions in Section 2.3(a), fewer than fifty percent (50%) of the total number of Registrable Securities that Holders have requested to be included in such registration
statement are actually included. 
 2.4 Obligations of the Company. Whenever required under this
Section 2 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

(a) prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially
reasonable efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period of up to one
hundred twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that (i) such one hundred twenty (120) day period shall be extended for a period
of time equal to the period the Holder refrains, at the request of an underwriter of securities of the Company, from selling any securities included in such registration; 

(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; 

  
 8. 

 (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; 

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

  
 9. 

 2.6 Expenses of Registration. All expenses (other than Selling
Expenses) incurred in connection with registrations, filings, or qualifications pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements
of counsel for the Company; and the reasonable fees and disbursements, not to exceed $25,000 per registration, 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 Section 2.1 if the registration request is subsequently withdrawn at the request of
the Holders of a majority of the Registrable Securities to be registered (in which case all selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration),
unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one registration pursuant to Section 2.1(a) or Section 2.1(b), as the case may be; provided
further that if, at the time of such withdrawal, the Holders shall have learned of a material adverse change in the financial 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
Section 2.1(a) or Section 2.1(b). All Selling Expenses relating to Registrable Securities registered pursuant to this Section 2 shall be borne and paid by the Holders pro
rata on the basis of the number of Registrable Securities registered on their behalf. 
 2.7 Delay of Registration. No
Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this
Section 2. 
 2.8 Indemnification. If any Registrable Securities are included in a
registration statement under this Section 2: 
 (a) To the extent permitted by law, the Company will
indemnify and hold harmless each selling Holder, and the partners, members, officers, directors, and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities Act) for each
such Holder; and each Person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person, or other
aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the
indemnity agreement contained in this Section 2.8(a) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not
be unreasonably withheld, nor shall the Company be liable for any Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any
such Holder, underwriter, controlling Person, or other aforementioned Person expressly for use in connection with such registration. 

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

  
 10. 

 
registration statement, and any controlling Person of any such underwriter or other Holder, against any Damages, in each case only to the extent that such Damages arise out of or are based upon
actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such selling Holder expressly for use in connection with such registration; and each such selling Holder will pay to the Company and
each other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however,
that the indemnity agreement contained in this Section 2.8(b) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Holder, which consent
shall not be unreasonably withheld; and provided further that in no event shall the aggregate amounts payable by any Holder by way of indemnity or contribution under Sections 2.8(b) and 2.8(e) exceed the
proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder. 

(c) Promptly after receipt by an indemnified party under this Section 2.8 of notice of the commencement of
any action (including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this
Section 2.8, give the indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate
jointly with any other indemnifying party to which notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified
parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel
retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such action. The failure to give notice to the indemnifying
party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under this Section 2.8, to the extent that such failure materially
prejudices the indemnifying party’s ability to defend such action. 
 (d) Notwithstanding anything else herein to the contrary,
the foregoing indemnity agreements of the Company and the selling Holders are subject to the condition that, insofar as they relate to any Damages arising from any untrue statement or alleged untrue statement of a material fact contained in, or
omission or alleged omission of a material fact from, a preliminary prospectus (or necessary to make the statements therein not misleading) that has been corrected in the form of prospectus included in the registration statement at the time it
becomes effective, or any amendment or supplement thereto filed with the SEC pursuant to Rule 424(b) under the Securities Act (the “Final Prospectus”), such indemnity agreement shall not inure to the benefit of any Person if
a copy of the Final Prospectus was furnished to the indemnified party and such indemnified party failed to deliver, at or before the confirmation of the sale of the securities registered in such offering, a copy of the Final Prospectus to the Person
asserting the loss, liability, claim, or damage in any case in which such delivery was required by the Securities Act. 

  
 11. 

 (e) To provide for just and equitable contribution to joint liability under the
Securities Act in any case in which either (i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Section 2.8 but it is judicially determined (by the entry of a
final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this
Section 2.8 provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this
Section 2.8, then, and in each such case, such parties will contribute to the aggregate losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion as
is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party in connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to
reflect any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material
fact, or the omission or alleged omission of a material fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct
or prevent such statement or omission; provided, however, that, in any such case, (1) 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 (2) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of
such fraudulent misrepresentation; and provided further that in no event shall a Holder’s liability pursuant to this Section 2.8(e), when combined with the amounts paid or payable by such Holder pursuant to
Section 2.8(b), exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of willful misconduct or fraud by such Holder. 

(f) 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. 

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

  
 12. 

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

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

2.10 Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not,
without the prior written consent of the Holders of a majority of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company that would (a) allow such holder or
prospective holder to include such securities in any registration unless, under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of such
securities will not reduce the number of the Registrable Securities of the Holders that are included or (b) allow such holder or prospective holder to initiate a demand for registration of any securities held by such holder or prospective
holder; provided that this limitation shall not apply to any additional Investor who becomes a party to this Agreement in accordance with Section 6.9. 

2.11 “Market Stand off” Agreement. Each Holder hereby agrees that it will not, without the
prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the registration by the Company of its equity securities under the Securities Act on a registration statement on Form S-1
or Form 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 in the case of the IPO): (a) lend; offer; pledge; sell;
contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of common stock of the IPO
Corporation (as defined in the LLC Agreement), as converted from the Company’s units or any securities convertible into or exercisable or exchangeable (directly or indirectly) for the Company’s units held immediately before the
effective date of the registration statement for such offering or (b) 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 (a) or (b) above is to be settled by delivery of securities, in cash, or otherwise. The foregoing provisions of this Section 2.11 shall apply only to the IPO, shall not apply to
transactions relating to shares of common stock of the IPO Corporation or other securities acquired (y) in the IPO or (z) open market transactions from and after the IPO, shall not apply to the transfer of any shares or other securities
owned by a Holder in the Company to its 

  
 13. 

 
Affiliates or any of the Holder’s stockholders, members, partners or other equity holders; provided that the Affiliate, stockholder member, partner or other equity holder of the Holder
agrees to be bound in writing by the restrictions set forth herein, shall not apply to the sale of any securities to an underwriter pursuant to an underwriting agreement and shall be applicable to the Holders only if all officers and directors are
subject to the same restrictions and the Company obtains a similar agreement from all equityholders individually, and together with their Affiliates, owning one percent (1%) or more of the IPO Corporation’s common stock, as converted from the
Company’s units. The underwriters in connection with such registration are intended third-party beneficiaries of this Section 2.11 and shall have the right, power and authority to enforce the provisions hereof as
though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent with this Section 2.11 or
that are necessary to give further effect thereto. 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 equityholders that are subject to
such agreements, based on the number of shares subject to such agreements. 
 2.12 Restrictions on Transfer.

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

THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. SUCH UNITS
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 MEMBER, A
COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 

  
 14. 

 The Holders consent to the Company making a notation in its records and giving instructions to any transfer
agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this Section 2.12. 

(c) The holder of such Restricted Securities, by acceptance of ownership thereof, agrees to comply in all respects with the provisions
of this Section 2. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed transaction, the Holder
thereof shall give notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer. Each such notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if
reasonably requested by the Company, shall be accompanied at such Holder’s expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the
Company, to the effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a “no action” letter from the SEC to the effect that the proposed sale, pledge, or transfer of such Restricted
Securities without registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed
sale, pledge, or transfer of the Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted Securities in
accordance with the terms of the notice given by the Holder to the Company. The Company will not require such a legal opinion or “no action” letter (1) in any transaction in compliance with SEC Rule 144 or (2) in any transaction
in which such Holder transfers Restricted Securities to an Affiliate of such Holder; provided that each transferee agrees in writing to be subject to the terms of this Section 2.12. Notwithstanding the foregoing, the
Company shall be obligated to reissue promptly unlegended certificates or book entries at the request of any Holder thereof if the Company (or the IPO Corporation, as the case may be) has completed its IPO and the Holder shall have obtained an
opinion of counsel (which counsel may be counsel to the Company (or the IPO Corporation, as the case may be)) to the effect that the securities proposed to be disposed of may lawfully be so disposed of without registration, qualification and legend,
provided that the second legend listed above shall be removed only at such time as the Holder of such certificate is no longer subject to any restrictions hereunder. Each certificate, instrument, or book entry representing the Restricted Securities
transferred as above provided shall bear, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in Section 2.12(b), except that such certificate, instrument, or book entry
shall not bear such restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with any provisions of the Securities Act. 

2.13 Termination of Registration Rights. The right of any Holder to request registration or inclusion of Registrable
Securities in any registration pursuant to Section 2.1 or Section 2.2 shall terminate upon the earliest to occur of: (a) the closing of a Deemed Liquidation Event; (b) such time as Rule
144 or another similar exemption under the Securities Act is available for the sale of all of such Holder’s securities without limitation during a three-month period without registration; and (c) the fifth (5th) anniversary of the IPO. 

  
 15. 

 3. Information and Observer Rights. 

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

(a) as soon as practicable, but in any event within one hundred fifty (150) days after the end of each fiscal year of the Company,
(i) an audited balance sheet as of the end of such year, (ii) audited statements of income and of cash flows for such year and (iii) a statement of Members’ equity as of the end of such year, all such financial statements shall
be audited and certified by independent public accountants of regionally recognized standing selected by the Company; 
 (b) as soon
as practicable, but in any event within forty-five (45) days after the end of each of the first three (3) quarters of each fiscal year of the Company, unaudited statements of income and of cash flows for such fiscal quarter, and an
unaudited balance sheet and a statement of Members’ equity as of the end of such fiscal quarter, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal
year-end audit adjustments and (ii) not contain all notes thereto that may be required in accordance with GAAP);  

(c) upon written request of a Major Investor, an unaudited condensed income statement for the previous month, and an unaudited balance
sheet as of the end of such previous month, subject to adjustment for GAAP;  
 (d) as soon as practicable, but in any event
within (30) days after the beginning of each fiscal year, a budget and business plan for the next fiscal year, approved by the Board and prepared on a monthly basis, including balance sheets, income statements, and statements of cash flow for
such months and, promptly after prepared, any other budgets or revised budgets prepared by the Company; 
 (e) copies of all
materials that the Company provides to its directors or any of its bank lenders at substantially the same time that such materials are provided to the directors or bank lenders; provided, however, that such Major Investor representative shall
hold in confidence and trust all information so provided in accordance with the confidentiality provisions set forth in Section 3.6; and provided further, that the Company shall not be obligated under this
Section 3.1(e) to provide information (i) that the Company reasonably determines in good faith to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form
reasonably acceptable to the Company (it being understood that an agreement containing confidentiality provisions substantially similar to those set forth in Section 3.6 shall be deemed acceptable to the Company)) or
(ii) the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel; 
 (f)
if requested by a Major Investor, all correspondence with the U.S. Food and Drug Administration, final clinical study reports, serious adverse event reports and quarterly patient screening, enrollment and dropout updates; and 

(g) such other information relating to the financial condition, business, prospects, or affairs of the Company as any Major Investor
may from time to time reasonably request, including, without limitation, information relating to issues that may impact auditor independence rules applicable to such Major Investor and board materials; provided, however, that

  
 16. 

 
the Company shall not be obligated under this Section 3.1(g) to provide information (i) that the Company reasonably determines in good faith to be a trade secret or
confidential information (unless covered by an enforceable confidentiality agreement, in form reasonably acceptable to the Company (it being understood that an agreement containing confidentiality provisions substantially similar to those set forth
in Section 3.6 shall be deemed acceptable to the Company)) or (ii) the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel. 

If, for any period, the Company has any Corporate Subsidiary whose accounts are consolidated with those of the Company, then in respect of
such period the financial statement delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the Company and all such consolidated Corporate Subsidiaries. 

3.2 Inspection. The Company shall permit each Major Investor, or any of its authorized representatives, at such Major
Investor’s expense, to visit and inspect the Company’s properties; examine its corporate and financial records; and discuss the Company’s affairs, finances, and accounts with its officers, during normal business hours of the Company
as may be reasonably requested by the Major Investor; provided, however, that the Company shall not be obligated pursuant to this Section 3.2 to provide access to any information that it reasonably and in good faith
considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form reasonably acceptable to the Company (it being understood that an agreement containing confidentiality provisions
substantially similar to those set forth in Section 3.6 shall be deemed acceptable to the Company)) or the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel. 

3.3 Observer Rights. 

(a) As long as Viking owns at least 500,000 Preferred Units (as adjusted for any unit split, distribution, combination, or other
recapitalization or reclassification effected after the date hereof), the Company shall invite a representative of Viking 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 all information so provided in accordance with the confidentiality provisions set forth in Section 3.6 (it being understood that such representative may disclose any such proceedings and information to
Viking, which shall be subject to such confidentiality provisions); 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. Viking may assign the observer rights set forth in
this Section 3.3(a) to a transferee of Preferred Units if such transfer is made in accordance with Section 6.1; provided that no more than one Person shall be entitled to observer rights
pursuant to this Section 3.3(a). 

  
 17. 

 (b) As long as Surveyor owns at least 300,000 Preferred Units (as adjusted for any
unit split, distribution, combination, or other recapitalization or reclassification effected after the date hereof), the Company shall invite a representative of Surveyor 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 all information so provided in accordance with the confidentiality provisions set forth in Section 3.6 (it being understood that such representative may disclose
any such proceedings and information to Surveyor, which shall be subject to such confidentiality provisions); 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.
Surveyor may assign the observer rights set forth in this Section 3.3(b) to a transferee of Preferred Units if such transfer is made in accordance with Section 6.1; provided that no more
than one Person shall be entitled to observer rights pursuant to this Section 3.3(b). 
 3.4 Public
Company Information. The Company understands and acknowledges that in the regular course of Viking’s, Matrix’s, Perceptive’s, Redmile’s, Farallon’s, Surveyor’s, and Eventide’s (each, an “Investment
Fund”) businesses, such Persons may invest in companies that have issued securities that are publicly traded (each, a “Public Company”). Accordingly, the Company covenants and agrees that before providing
material non-public information about a Public Company (“Public Company Information”) to any Investment Fund or Viking’s observer representative, the Company will provide prior
written notice to Viking’s Chief Compliance Officer at legalnotices@vikingglobal.com, Matrix’s General Counsel at [***], Perceptive’s Managing Director, Michael Altman at 51 Astor Place, 10th Floor New York, NY 10003,
Redmile’s General Counsel at Redmile_legal@redmilegrp.com, Farallon’s compliance group at [***] and [***], Surveyor Compliance at SCComplianceAppvl@citadel.com and Eventide’s compliance group at compliance@eventidefunds.com,
respectively, describing such information in reasonable detail. The Company shall not disclose Public Company Information to any Investment Fund, Viking’s observer representative or Surveyor’s observer representative without written
authorization from the applicable compliance personnel listed above, provided, however, that, the Company will be permitted to disclose agreements entered into with Public Companies in the ordinary course of business, such as routine
customer, supplier, advertising and publishing agreements without such written authorization, if such agreements are not deemed to be Public Company Information. 

3.5 Termination of Information, Observer and Inspection Rights. The covenants set forth in
Section 3.1, Section 3.2 and Section 3.3 shall terminate and be of no further force or effect (a) immediately before the consummation of the IPO;
(b) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act; or (c) upon a Deemed Liquidation Event, whichever event occurs first. 

3.6 Confidentiality. Each Investor agrees that such Investor will keep confidential and will not disclose, divulge, or
use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this Agreement (including notice of the Company’s intention to file a registration
statement), unless such confidential information (a) is known or becomes known to the public in 

  
 18. 

 
general (other than as a result of a breach of this Section 3.6 by such Investor), (b) is or has been independently developed or conceived by the Investor without use of
the Company’s confidential information, or (c) is or has been made known or disclosed to the Investor by a third party without a breach of any obligation of confidentiality such third party may have to the Company; provided,
however, that an Investor may disclose confidential information (including, if applicable, any information received from such Investor’s appointed observer on the board of directors of the Company) (i) to its attorneys, accountants,
consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company, if such person is bound by an ethical duty to keep such information confidential or such person agrees
to be bound by the provisions of this Section 3.6; (ii) to any prospective purchaser of any Registrable Securities from such Investor, if such prospective purchaser agrees to be bound by the provisions of this
Section 3.6; (iii) to any current or prospective Affiliate, partner, member, stockholder, or wholly owned subsidiary of such Investor in the ordinary course of business, provided that such Investor informs such
Person that such information is confidential and directs such Person to maintain the confidentiality of such information; (iv) to the extent required in connection with any routine or periodic examination or similar process by any regulatory or
self-regulatory body or authority not specifically directed at the Company or the confidential information obtained from the Company pursuant to the terms of this Agreement, including, without limitation, quarterly or annual reports, or (v) as
may otherwise be required by law or requested or required by any judicial, regulatory, law enforcement, or governmental authority, provided that, in the case of this clause (v), the Investor promptly notifies the Company of such disclosure
and takes reasonable steps to minimize the extent of any such required disclosure, provided, however, that no such notice shall be required if (x) such notice is not legally permissible or (y) any judicial, regulatory, law
enforcement or governmental authority requests that such notice not be given. 
 4. Rights to Future Unit Issuances. 

4.1 Right of First Offer. Subject to the terms and conditions of this Section 4 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 Investor. Each Investor shall be entitled to apportion the right of first offer hereby granted to it in such
proportions as such Investor deems appropriate, among (a) itself, (b) its Affiliates and (c) the 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 Investor (“Investor Beneficial Owners”); provided that, each such Affiliate or Investor Beneficial Owner agrees
to enter into this Agreement and each of the Voting Agreement and Right of First Refusal and Co-Sale Agreement of even date herewith among the Company, the Investors and the other parties named therein, as an
“Investor” under each such agreement. 
 4.2 Offer Notice. Prior to offering or selling any New Securities, the
Company shall give notice (the “Offer Notice”) to each Investor, stating (a) its bona fide intention to offer such New Securities, (b) the number of such New Securities to be offered, and (c) the price and
terms, if any, upon which it proposes to offer such New Securities. 

  
 19. 

 4.3 Election to Purchase. By notification to the Company within twenty
(20) days after the Offer Notice is given, each Investor may elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the
Class A Common Units then held by such Investor (including all Class A Common Units then issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Units and any other Derivative Securities then held
by such Investor) bears to the total Class A Common Units and Class B Common Units of the Company then outstanding, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Units and any other
Derivative Securities then outstanding or any other Class B Common Units held in reserve in any of the Company’s equity incentive plans for future issuance. At the expiration of such twenty (20) day period, the Company shall promptly
notify each Investor that elects to purchase or acquire all the units available to it (each, a “Fully Exercising Investor”) of any other Investor’s failure to do likewise. During the ten (10) day period commencing
after the Company has given such notice, each Fully Exercising Investor may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of units specified above, up to that portion of the New Securities for which
Investors were entitled to subscribe but that were not subscribed for by the Investors which is equal to the proportion that the Class A Common Units issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as
applicable, of the Preferred Units and any other Derivative Securities then held, by such Fully Exercising Investor bears to the Class A Common Units issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as
applicable, of the Preferred Units and any other Derivative Securities then held, by all Fully Exercising Investors who wish to purchase such unsubscribed units. The closing of any sale pursuant to this Section 4 shall
occur within the later of ninety (90) days after the date that the Offer Notice is given and the date of initial sale of New Securities pursuant to this Section 4. 

4.4 Failure to Purchase. If all New Securities referred to in the Offer Notice are not elected to be purchased or acquired as
provided in this Section 4, the Company may, during the ninety (90) day period following the expiration of the period provided in Section 4.3, offer and sell the remaining unsubscribed portion
of such New Securities to any Person or Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for the sale of the New Securities
within such period, or if such agreement is not consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to the
Investors in accordance with this Section 4. 
 4.5 Exceptions to Right of First Offer. The right of
first offer in this Section 4 shall not be applicable to: (a) Exempted Securities (as defined in the LLC Agreement); or (b) securities issued in the IPO; or (c) subject to
Section 6.6(f), transactions whereby the Investors holding a majority of the Registrable Securities then outstanding waive the rights granted by this Section 4 with respect to such transactions.

 4.6 Termination. The covenants set forth in this Section 4 shall terminate and be of no
further force or effect (a) immediately before the consummation of the IPO; or (b) upon a Deemed Liquidation Event, whichever event occurs first. 

  
 20. 

 5. Additional Covenants. 

5.1 Insurance. The Company shall use its commercially reasonable efforts to maintain, from financially sound and reputable insurers,
“key person” insurance on Anthony Y. Sun, M.D. in an amount and on terms and conditions satisfactory to the Board, including the Preferred Director Majority (as defined in the LLC Agreement), until such time as the Board and the holders of
a majority of the Preferred Units then outstanding determine that such insurance should be discontinued. 
 5.2 Proprietary
Information and Inventions Agreements. Unless otherwise approved by the Board and the holders of a majority of the Preferred Units then outstanding, the Company will cause each former, current and future employee, consultant and officer of the
Company to enter into a Confidential Information Agreement (as defined in the Purchase Agreement). 
 5.3 Right to Conduct
Activities. The Company hereby agrees and acknowledges that each Investment Fund is a professional investment fund, and as such invests in numerous portfolio companies, some of which may be deemed competitive with the
Company’s business (as currently conducted or as currently propose to be conducted). The Company hereby agrees that, to the extent permitted under applicable law, no Investment Fund nor any Affiliates of any Investment Fund shall be liable
to the Company for any claim arising out of, or based upon, (i) the investment by such Investment Fund or any Affiliate of such Investment Fund in any entity competitive with the Company, or (ii) actions taken by any partner, officer, or
other representative of such Investment Fund or Affiliate of such Investment Fund to assist any such competitive company, whether or not such action was taken as a member of the board of directors of such competitive company or otherwise, and
whether or not such action has a detrimental effect on the Company; provided, however, that the foregoing shall not relieve (x) any Investment Fund from liability associated with the unauthorized use or disclosure of the Company’s
confidential information obtained pursuant to this Agreement, or (y) any director or officer of the Company from any liability associated with his or her fiduciary duties to the Company. 

5.4 Qualified Small Business Stock. The Company shall use commercially reasonable efforts to cause the shares it holds in any
Corporate Subsidiary, as well as any shares into which such shares are converted, within the meaning of Section 1202(f) of the Internal Revenue Code (the “Code”), to constitute “qualified small business stock”
as defined in Section 1202(c) of the Code; provided, however, that such requirement shall not be applicable if the Board determines, in its good-faith business judgment, that such qualification is inconsistent with the best interests of the
Company. 
 5.5 Indemnification Matters. The Company hereby acknowledges that one (1) or more of the directors nominated
to serve on the Board by the Investors (each an “Investor Director”) may have certain rights to indemnification, advancement of expenses and/or insurance provided by one or more of the Investors and certain of their
Affiliates (collectively, the “Investor Indemnitors”). The Company hereby agrees (a) that it is the indemnitor of first resort (i.e., its obligations to any such Investor Director are primary and any
obligation of the Investor Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Investor Director are secondary), (b) that it shall be required to advance the full amount of expenses
incurred by such Investor Director and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement by or on behalf of any 

  
 21. 

 
such Investor Director to the extent legally permitted and as required by the Company’s Certificate of Incorporation or Bylaws (or any agreement between the Company and such Investor
Director), without regard to any rights such Investor Director may have against the Investor Indemnitors, and, (c) that it irrevocably waives, relinquishes and releases the Investor Indemnitors from any and all claims against the Investor
Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Investor Indemnitors on behalf of any such Investor Director with respect to any
claim for which such Investor Director has sought indemnification from the Company shall affect the foregoing and the Investor Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of
the rights of recovery of such Investor Director against the Company. The Investor Directors and the Investor Indemnitors are intended third-party beneficiaries of this Section 5.5
and shall have the right, power and authority to enforce the provisions of this Section 5.5 as though they were a party to this Agreement. 

5.6 Termination of Covenants. The covenants set forth in this Section 5, except for
Section 5.5, shall terminate and be of no further force or effect (a) immediately before the consummation of the IPO, (b) when the Company first becomes subject to the periodic reporting requirements of
Section 12(g) or 15(d) of the Exchange Act, or (c) upon a Deemed Liquidation Event, whichever event occurs first. 
 6.
Miscellaneous. 
 6.1 Successors and Assigns. The rights under this Agreement may be assigned (but only with all
related obligations) by a Holder to a transferee of Registrable Securities that (a) is an Affiliate of a Holder; (b) is a Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such
Holder’s Immediate Family Members; or (c) after such transfer, holds at least 100,000 units of Registrable Securities (subject to appropriate adjustment for unit splits, distributions, combinations, and other recapitalizations);
provided, however, that (i) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to which such rights are being
transferred; and (ii) such transferee agrees in a written instrument delivered to the Company to be bound by and subject to the terms and conditions of this Agreement, including the provisions of Section 2.11. For the
purposes of determining the number of units of Registrable Securities held by a transferee, the holdings of a transferee (1) that is an Affiliate or stockholder of a Holder; (2) who is a Holder’s Immediate Family Member; or
(3) that is a trust for the benefit of an individual Holder or such Holder’s Immediate Family Member shall be aggregated together and with those of the transferring Holder; provided further that all transferees who would not qualify
individually for assignment of rights shall have a single attorney-in-fact for the purpose of exercising any rights, receiving notices, or taking any action under this
Agreement. The terms and conditions of this Agreement inure to the benefit of and are binding upon the respective successors and permitted assignees of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party
other than the parties hereto or their respective successors and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein. 

  
 22. 

 6.2 Governing Law. This Agreement and any controversy arising out of or
relating to this Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware, without regard to conflict of law principles that would result in the application of any law other than the laws of the
State of Delaware. 
 6.3 Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN
Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

6.4 Titles and Subtitles. The titles and subtitles used in this Agreement are for convenience only and are not to be
considered in construing or interpreting this Agreement. 
 6.5 Notices. All notices and other communications given or
made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or: (a) personal delivery to the party to be notified; (b) when sent, if sent by electronic mail during the
recipient’s normal business hours, and if not sent during normal business hours, then on the recipient’s next business day; (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage
prepaid; or (d) one (1) business day after the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written verification of receipt.
All communications shall be sent to the respective parties at their addresses as set forth on Schedule A hereto, or to the principal office of the Company and to the attention of the Chief Executive Officer, in the case of the Company,
or to such email address or address as subsequently modified by written notice given in accordance with this Section 6.5. If notice is given to the Company, it shall be sent to Zeno Pharma, LLC, 10835 Road to the Cure,
Suite 205, San Diego, CA 92121, Attention: Anthony Y. Sun, M.D.; and a copy (which shall not constitute notice) shall also be sent to Latham & Watkins LLP, 12670 High Bluff Drive, San Diego, CA 92130, Attention: Cheston J. Larson. 

6.6 Amendments and Waivers. Any term of this Agreement may be amended or modified and the observance of any term of this
Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of (i) the Company, (ii) the holders of a majority of the Registrable Securities then
outstanding and (iii) the holders of a majority of the Preferred Units then outstanding; provided, however that the Company may in its sole discretion waive compliance with Section 2.12(c) (and the
Company’s failure to object promptly in writing after notification of a proposed assignment allegedly in violation of Section 2.12(c) shall be deemed to be a waiver); and provided further that any provision
hereof may be waived by any waiving party on such party’s own behalf, without the consent of any other party. Notwithstanding the foregoing, (a) Section 3.3(a) and Section 3.5 (with
respect to Section 3.3(a) only) may only be amended with the prior written consent of Viking; (b) Section 3.4, Section 5.3 and Section 5.5
(with respect to Section 5.3 only) may only be amended with the prior written consent of each Investment Fund; (c) Section 4.5 may only be amended with the prior written consent of the holders
of at least a majority of the Registrable Securities then outstanding; (d) Section 1.40 (the definition of “Surveyor”), Section 3.3(b), Section 3.4 (with
respect to changes affecting Surveyor), Section 3.5 (with respect to Section 3.3(b) only), this clause (d) of this Section 6.6 and the proviso in clause (f) of
this Section 6.6 may only be amended, modified or waived with the prior written consent of Surveyor; (e) Sections 3.1 and 3.2 and any 

  
 23. 

 
other section of this Agreement applicable to the Major Investors (including this clause (e) of this Subsection 6.6) may not be amended, modified, terminated or waived without the written
consent of the holders of at least a majority of the Registrable Securities then outstanding and held by the Major Investors, and (f) this Agreement may not be amended, modified or terminated and the observance of any term hereof may not be
waived with respect to any Investor without the written consent of such Investor, unless such amendment, termination, or waiver applies to all Investors in the same fashion (it being agreed that a waiver of the provisions of
Section 4 with respect to a particular transaction shall be deemed to apply to all Investors in the same fashion if such waiver does so by its terms, notwithstanding the fact that certain Investors may nonetheless, by
agreement with the Company, purchase securities in such transaction; provided, however, that no Investor that consented to such waiver shall be permitted (and the Company shall not permit any such Investor) to purchase securities in such
transaction, unless Viking, Matrix, Perceptive, Redmile, Farallon, Surveyor and Eventide have been offered the right to participate in such transaction on the same terms on a pro rata basis). The Company shall give prompt notice of any amendment or
termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, termination, or waiver. Any amendment, termination, or waiver effected in accordance with this Section 6.6 shall
be binding on all parties hereto, regardless of whether any such party has consented thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a
further or continuing waiver of any such term, condition, or provision. 
 6.7 Severability. In case any one or more of
the provisions contained in this Agreement is for any reason held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid,
illegal, or unenforceable provision shall be reformed and construed so that it will be valid, legal, and enforceable to the maximum extent permitted by law. 

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

6.9 Additional Investors. Notwithstanding anything to the contrary contained herein, if the Company issues additional
Preferred Units after the date hereof, whether pursuant to the Purchase Agreement or otherwise, any purchaser of such Preferred Units may become a party to this Agreement by executing and delivering an additional counterpart signature page to this
Agreement, and thereafter shall be deemed an “Investor” for all purposes hereunder. No action or consent by the Investors shall be required for such joinder to this Agreement by such additional Investor, so long as such additional Investor
has agreed in writing to be bound by all of the obligations as an “Investor” hereunder. 
 6.10 Entire
Agreement. This Agreement (including any Schedules and Exhibits hereto) constitutes the full and entire understanding and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement
relating to the subject matter hereof existing between the parties is expressly canceled. Upon the effectiveness of this Agreement, the Prior Agreement shall be deemed amended and restated and be of no further force and effect and shall be
superseded and replaced in its entirety by this Agreement. The Existing 

  
 24. 

 
Investors, completely and irrevocably waive, on behalf of themselves and all Existing Investors, any and all application of the Prior Agreement, including without limitation, the right of first
offer, including any notice requirements, with respect to the issuance by the Company of Series C Preferred Units pursuant to the Purchase Agreement and any securities issuable upon the conversion thereof. 

6.11 Dispute Resolution. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state
courts of Delaware and to the jurisdiction of the United States District Court for the District of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit,
action or other proceeding arising out of or based upon this Agreement except in the state courts of Delaware or the United States District Court for the District of Delaware, and (c) hereby waive, and agree not to assert, by way of motion, as
a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or
proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court. 

6.12 WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT
MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS
SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND
THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 
 6.13 Delays
or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of
such nonbreaching or nondefaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be
deemed a waiver of any other breach or default theretofore or thereafter occurring. All remedies, whether under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative. 

  
 25. 

 6.14 Acknowledgment. The Company acknowledges that the Investors are in
the business of venture capital and other investing and therefore review the business plans and related proprietary information of many enterprises, including enterprises which may have products or services which compete directly or indirectly with
those of the Company. Nothing in this Agreement shall preclude or in any way restrict the Investors from investing or participating in any particular enterprise whether or not such enterprise has products or services which compete with those of the
Company. 
 6.15 Rights Upon Conversion. For the purposes of clarity, upon any conversion of the Company to a corporation as
contemplated by Article 8 of the LLC Agreement, the rights and obligations of the parties hereto shall survive such conversion, subject to the termination provisions of this Agreement, with all references herein to Class A Common Units,
Class B Common Units, Series A Preferred Units, Series B Preferred Units and Series C Preferred Units being deemed to refer to the class of stock or securities for which such units are converted, exchanged or replaced in the conversion, and
with references to any specific number of units being equitably adjusted to reflect the applicable conversion ratio used with respect to the conversion or exchange of such class or series of units in such conversion. 

[SIGNATURE PAGES FOLLOW] 

  
 26. 

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

			
	COMPANY:
	
	ZENO PHARMA, LLC
		
	By:	 	/s/ Anthony Y. Sun, M.D.
	Name: Anthony Y. Sun, M.D.
	Title: President and CEO

  
 SIGNATURE
PAGE – AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	MATRIX CAPITAL MANAGEMENT MASTER FUND, LP
		
	By:	 	/s/ David E. Goel
	Name: David E. Goel
	Title: Managing General Partner

  
 SIGNATURE
PAGE – AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 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

  
 SIGNATURE
PAGE – AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	REDMILE BIOPHARMA INVESTMENTS II, L.P.
	
	By: Redmile Biopharma Investments II (GP), LLC, its general partner
		
	By:	 	/s/ Josh Garcia
	Name: Josh Garcia
	Title: Authorized Person

  
 SIGNATURE
PAGE – AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	 INVESTORS:

	
	ZONE HEALTHCARE HOLDINGS, LLC
	
	By: Farallon Capital Management, L.L.C., its Manager
		
	By:	 	/s/ Philip Dreyfuss
	Name: Philip Dreyfuss
	Title: Managing Member

  
 SIGNATURE
PAGE – AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	CITADEL MULTI-STRATEGY EQUITIES MASTER FUND LTD.
	
	By: Citadel Advisors, LLC, its portfolio manager
		
	By:	 	/s/ Noah Goldberg
	Name: Noah Goldberg
	Title: Authorized Signatory

  
 SIGNATURE
PAGE – AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	MUTUAL FUND SERIES TRUST, ON BEHALF OF EVENTIDE HEALTHCARE & LIFE SCIENCES FUND
		
	By:	 	/s/ Erik Naviloff
	Name: Erik Naviloff
	Title: Officer

  
 SIGNATURE
PAGE – AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	PHARMARON (HONG KONG) INVESTMENTS LIMITED
		
	By:	 	/s/ Boliang Lou
	Name: Boliang Lou
	Title: Director

  
 SIGNATURE
PAGE – AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	MAYO CLINIC
		
	By:	 	/s/ Harry N. Hoffman
	Name:	 	Harry N. Hoffman
	Title:	 	Co-Chief Investment Officer

  
 SIGNATURE
PAGE – AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	JUSTIN LIU TRUST DATED JULY 29, 1998
		
	By:	 	/s/ Justin Liu
	Name:	 	Justin Liu
	Title:	 	Trustee

  
 SIGNATURE
PAGE – AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	THE EMILY F. LIU TRUST
		
	By:	 	/s/ Emily F. Liu
	Name:	 	Emily F. Liu
	Title:	 	Trustee

  
 SIGNATURE
PAGE – AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	ROBERT SEIDLER REVOCABLE TRUST,
ROBERT SEIDLER TRUSTEE
		
	By:	 	/s/ Robert Seidler
	Name:	 	Robert Seidler Revocable Trust
	Title:	 	Trustee

  
 SIGNATURE
PAGE – AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	MATTHEW SEIDLER REVOCABLE TRUST,
MATTHEW SEIDLER TRUSTEE
		
	By:	 	/s/ Matt Seidler
	Name:	 	Matt Seidler
	Title:	 	Trustee

  
 SIGNATURE
PAGE – AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	FRANK YANG
	
	/s/ Frank Yang

  
 SIGNATURE
PAGE – AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	UNGAR CHIH-ANN KUNG
	
	/s/ Ungar Chih-Ann Kung

  
 SIGNATURE
PAGE – AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	 ALEXANDRIA VENTURE INVESTMENTS, LLC,

a Delaware limited liability company

		
	By:	 	ALEXANDRIA REAL ESTATE EQUITIES, INC., a Maryland corporation, managing member
		
	By:	 	/s/ Aaron Jacobson
	Name:	 	Aaron Jacobson
	Title:	 	SVP – Venture Counsel

  
 SIGNATURE
PAGE – AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	PERCEPTIVE LIFE SCIENCES MASTER FUND LTD
		
	By:	 	/s/ James H. Mannix
	Name:	 	James H. Mannix
	Title:	 	Chief Operating Officer

  
 SIGNATURE
PAGE – AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	POSEIDON MEDICAL HK LIMITED
		
	By:	 	/s/ Hui Wang
	Name:	 	Hui Wang
	Title:	 	Managing Director

  

  
 SIGNATURE
PAGE – AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	WEISBROD FAMILY OFFICE, LLC
		
	By:	 	/s/ Stuart Weisbrod
	Name:	 	Stuart Weisbrod
	Title:	 	Managing Member

  
 SIGNATURE
PAGE – AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	CHRISTOPHER DEAN CLARK
	
	/s/ Christopher Dean Clark

  
 SIGNATURE
PAGE – AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	CHESTON J. LARSON
	
	/s/ Cheston J. Larson

  
 SIGNATURE
PAGE – AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	STEVEN T. CHINOWSKY
	
	/s/ Steven T. Chinowsky

  
 SIGNATURE
PAGE – AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	VP COMPANY INVESTMENTS 2016, LLC
		
	By:	 	/s/ Peter Handrinos
	Name: Peter Handrinos
	Title: Member of Management Committee

  
 SIGNATURE
PAGE – AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	 INVESTORS:

	
	 DAVID JOHNSON

		
		 	/s/ David Johnson

  
 SIGNATURE
PAGE – AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	VP COMPANY INVESTMENTS 2018, LLC
		
	By:	 	/s/ Peter Handrinos
	Name: Peter Handrinos
	Title: Member of Management Committee

 SCHEDULE A 

INVESTORS 
  

			
	 NAME
	  	 ADDRESS

	Matrix Capital Management Master Fund, LP	  	 1000 Winter Street
 Suite 4500

Waltham, MA 02451
 Attention: John Kaleba

		
	Viking Global Opportunities Illiquid Investments Sub-Master LP	  	 c/o Viking Global Investors LP
 55 Railroad
Avenue
 Greenwich, CT 06830
 Attention: General Counsel

Phone: [***]

E-mail:
legalnotices@vikingglobal.com

		
	Redmile Biopharma Investments II, L.P.	  	 c/o Redmile Group, LLC
 One Letterman Drive,
Suite D3-300
 The Presidio, San Francisco, CA 94129

Attention: General Counsel
 Phone: [***]

Email:
Redmile_legal@redmilegrp.com
  

With copy to:
  

Paul Hastings LLP
 1117 S. California Ave.

Palo Alto, CA 94304
 Attention: Todd Schwartz

Phone: [***]
 Email: [***]

		
	Zone Healthcare Holdings, LLC	  	 c/o Farallon Capital Management, L.L.C.
 One
Maritime Plaza, Suite 2100
 San Francisco, California 94111

Attention: Philip Dreyfuss and General Counsel
 Telephone:
[***]
 Facsimile: [***]
 Email: [***]

generalcounsel@faralloncapital.com
  

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

Richards Kibbe & Orbe LLP
 200 Liberty Street

New York, New York 10281
 Attention: Jahan Sharifi

Telephone: [***]
 Facsimile: [***]

Email: [***]

			
	Citadel Multi-Strategy Equities Master Fund Ltd.	  	 c/o Citadel Advisors LLC
 601 Lexington
Avenue
 New York, NY
 Attention: Noah Goldberg and Harry
Greenbaum
 Email: CitadelAgreementNotice@citadel.com;
[***]; [***]
  

With copy to:
  

Choate Hall & Stewart, LLP
 Two International Place

Boston, MA 02110

Attention: Brian Linehan and Tobin Sullivan

Email: [***];[***]

		
	Mutual Fund Series Trust, On Behalf of Eventide Healthcare & Life Sciences Fund	  	 c/o Eventide Funds
 One International Place,
Suite 4210
 Boston, MA 02110

		
	Justin Liu Trust dated July 29, 1998	  	 [***]
 Phone: [***]

Email: [***]

		
	The Emily F. Liu Trust	  	 [***]
 Phone: [***]

Email: [***]

		
	Robert Seidler Revocable Trust, Robert Seidler Trustee	  	 [***]
 Phone: [***]

Email: [***]

			
	Matthew Seidler Revocable Trust, Matthew Seidler Trustee	  	 [***]
 Phone: [***]

Email: [***]

		
	Frank Yang	  	 [***]
 Phone: [***]

Email: [***]

		
	Ungar Chih-Ann Kung	  	 [***]
 Phone: [***]or

[***]
 Email: [***]

		
	Alexandria Venture Investments, LLC	  	 c/o Alexandria Real Estate Equities, Inc.

385 E. Colorado Blvd., Suite 299
 Pasadena, CA 91101

Phone: [***]
 Email: investments@are.com

		
	Mayo Clinic	  	 200 First Street SW
 Rochester, Minnesota
55905-0001
 Attn: Treasury Services
 Phone: [***]

Email: [***]

		
	Pharmaron (Hong Kong) Investments Limited	  	 No. 6 Taihe Road
 BDA, Beijing,
100176
 China
 Attn: Gilbert Li

Phone: [***]
 Email: [***]

		
	Perceptive Life Sciences Master Fund LTD	  	 51 Astor Place, 10th Floor
 New York, NY
10003
 Attn: James H. Mannix

		
	Poseidon Medical HK Limited	  	 c/o HighLight Capital
 Wuxing Road No.45,
Xuhui district,
Shanghai, China
 Attn: Song Liu
 Phone:
[***]
 E-mail: [***]

		
	Weisbrod Family Office, LLC	  	 6939 Queenferry Circle
 Boca Raton, FL
33496
 Attn: Stuart Weisbrod, Managing Member
 Phone:
[***]

			
	Christopher Dean Clark	  	[***]
		
	Cheston J. Larson	  	[***]
		
	Steven T. Chinowsky	  	[***]
		
	VP Company Investments 2016, LLC	  	 555 W. Fifth Street, Suite 800
 Los Angeles,
CA 90013-1010
 Email: Investment.Administration@lw.com

		
	David Johnson	  	[***]
		
	VP Company Investments 2018, LLC	  	 555 W. Fifth Street, Suite 800
 Los Angeles,
CA 90013-1010
 Email: Investment.Administration@lw.com

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