Document:

a51011072ex10_1.htm

Exhibit 10.1

 

SIXTH AMENDMENT TO CREDIT AGREEMENT

THIS SIXTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of December 23, 2014, is by and among CASH AMERICA INTERNATIONAL, INC., a Texas corporation (the “Borrower”), the Domestic Subsidiaries of the Borrower party hereto (collectively, the “Guarantors”), the Lenders (as defined below) party hereto and WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders (as defined below) (in such capacity, the “Administrative Agent”).  Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement.

W I T N E S S E T H

WHEREAS, the Borrower, the Guarantors, certain banks and financial institutions from time to time party thereto (the “Lenders”) and the Administrative Agent are parties to that certain Credit Agreement dated as of March 30, 2011 (as amended by that certain First Amendment to Credit Agreement dated as of November 29, 2011, that certain Second Amendment to Credit Agreement dated as of November 29, 2011, that certain Third Amendment to Credit Agreement dated as of May 10, 2013, that certain Fourth Amendment to Credit Agreement dated as of May 12, 2014, that certain Fifth Amendment to Credit Agreement dates as of July 22, 2014, and as further amended, modified, extended, restated, replaced, or supplemented from time to time, the “Credit Agreement”);

NOW, THEREFORE, in consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE I

AMENDMENTS TO CREDIT AGREEMENT

1.1           New Definition.  The following definition is hereby added to Section 1.1 of the Credit Agreement in the appropriate alphabetical order:

“Liquidity” shall mean the sum of (a) the unused amount under the Revolving Facility plus (b) the amount of unrestricted cash and Cash Equivalents of the Borrower and its Domestic Subsidiaries in excess of ten million dollars ($10,000,000).

“Specified Notice” shall have the meaning set forth in Section 7.1(d).

1.2           Amendment to Article V.  A new Section 5.17 is hereby added to the end of Article V to read as follows:

 

5.17        Minimum Liquidity.  At all times prior to the delivery of a Specified Notice, Liquidity will be not less than $250,000,000 less the aggregate amount of all Restricted Payments made after December 1, 2014 on the 2018 Senior Notes.

1.3           Amendment to 7.1(c).  Subclause (i) contained in Section 7.1(c) is hereby amended and restated in its entirety to read as follows:

 

(i)   Any Credit Party or any Subsidiary fails to perform or observe any term, covenant or agreement contained in any of Section 5.3(a) or (b), 5.5, 5.10, 5.12, 5.17, or Article VI hereof (but only to the extent that the failure to perform or observe the covenants in Section 6.1, 6.2 and/or 6.3 involves an aggregate amount in excess of $1,000,000); or

  

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1.4           Amendment to 7.1(d).  The following language is hereby added immediately following clause (i)(B) of Section 7.1(d) of the Credit Agreement:

; provided, that, notwithstanding the foregoing, at all times prior to the delivery of a notice from the Borrower to the Administrative Agent stating that the exception contained in this proviso is no longer required (a “Specified Notice”), the occurrence of any acceleration or demand for acceleration, repayment, redemption or repurchase of or any default or event of default under the 2018 Senior Notes or the related indenture (each an “Other Debt Action”) proximately caused by the Initial Enova Disposition shall not result in a Default or Event of Default pursuant to this clause (i);

1.5           Conditions to Extensions of Credit.

 

(a)   The obligation of each Lender to make any Extension of Credit will not be affected by the occurrence of any Other Debt Action proximately caused by the Initial Enova Disposition.

 

(b)   The Credit Parties and Lenders agree that the occurrence of any Other Debt Action proximately caused by the Initial Enova Disposition will not be deemed an event or circumstance that could reasonably be expected to give rise to or have a Material Adverse Effect.

ARTICLE II

CONDITIONS TO EFFECTIVENESS

2.1           Closing Conditions.  This Amendment shall become effective as of the day and year set forth above (the “Amendment Effective Date”) upon satisfaction of the following conditions (in each case, in form and substance reasonably acceptable to the Administrative Agent):

(a)           Executed Amendment.  The Administrative Agent shall have received a copy of this Amendment duly executed by each of the Borrower, the Required Lenders and the Administrative Agent, and acknowledged and agreed to by the Guarantors;

(b)           Default.  After giving effect to this Amendment, no Default or Event of Default shall exist; and

(c)           Miscellaneous.  All other documents and legal matters in connection with the transactions contemplated by this Amendment shall be reasonably satisfactory in form and substance to the Administrative Agent and its counsel.

ARTICLE III

MISCELLANEOUS

3.1           Amended Terms.  On and after the Amendment Effective Date, all references to the Credit Agreement in each of the Credit Documents shall hereafter mean the Credit Agreement as amended by this Amendment.  Except as specifically amended hereby or otherwise agreed, the Credit Agreement is hereby ratified and confirmed and shall remain in full force and effect according to its terms.

  

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3.2           Representations and Warranties of Credit Parties.  Each of the Credit Parties represents and warrants as follows:

(a)           It has taken all necessary action to authorize the execution, delivery and performance of this Amendment.

(b)           This Amendment has been duly executed and delivered by such Person and constitutes such Person’s legal, valid and binding obligation, enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).

(c)           No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or third party is required in connection with the execution, delivery or performance by such Person of this Amendment.

(d)           After giving effect to this Amendment, the representations and warranties set forth in Article III of the Credit Agreement are true and correct as of the date hereof (except for those which expressly relate to an earlier date).

(e)           After giving effect to this Amendment, no event has occurred and is continuing which constitutes a Default or an Event of Default.

(f)           Except as expressly set forth in this Amendment, the Obligations of the Credit Parties are not reduced or modified by this Amendment and are not subject to any offsets, defenses or counterclaims.

3.3           Reaffirmation of Credit Party Obligations.  Each Credit Party hereby ratifies the Credit Agreement and acknowledges and reaffirms (a) that it is bound by all terms of the Credit Agreement applicable to it and (b) that it is responsible for the observance and full performance of its respective Obligations of the Credit Parties.

3.4           Credit Document.  This Amendment shall constitute a Credit Document under the terms of the Credit Agreement.

3.5           Expenses.  The Borrower agrees to pay all reasonable costs and expenses of the Administrative Agent in connection with the preparation, execution and delivery of this Amendment, including without limitation the reasonable fees and expenses of the Administrative Agent’s legal counsel.

3.6           Further Assurances.  The Credit Parties agree to promptly take such action, upon the request of the Administrative Agent, as is reasonably necessary to carry out the intent of this Amendment.

3.7           Entirety.  This Amendment and the other Credit Documents embody the entire agreement among the parties hereto and supersede all prior agreements and understandings, oral or written, if any, relating to the subject matter hereof.

3.8           Counterparts.  This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument.  Delivery of an executed counterpart to this Amendment by telecopy or other electronic means shall be effective as an original.

  

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3.9           No Actions, Claims, Etc.  As of the date hereof, each of the Credit Parties hereby acknowledges and confirms that it has no knowledge of any actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in equity, against the Administrative Agent, the Lenders, or the Administrative Agent’s or the Lenders’ respective officers, employees, representatives, agents, counsel or directors arising from any action by such Persons, or failure of such Persons to act under the Credit Agreement on or prior to the date hereof.

3.10           GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

3.11           Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

3.12           Consent to Jurisdiction; Service of Process; Waiver of Jury Trial.  The jurisdiction, service of process and waiver of jury trial provisions set forth in Sections 9.13 and 9.16 of the Credit Agreement are hereby incorporated by reference, mutatis mutandis.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

 

  

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IN WITNESS WHEREOF the parties hereto have caused this Amendment to be duly executed on the date first above written.

 

 

	BORROWER:	CASH AMERICA INTERNATIONAL, INC.
	 	 	 	 
	 	By:	/s/ Austin D. Nettle
	 	Name:	Austin D. Nettle
	 	Title:	Vice President – Finance and Treasurer
	 	 	 	 
	 	 	 	 
	GUARANTORS:	CASH AMERICA MANAGEMENT L.P.
	 	CASH AMERICA PAWN L.P.
	 	 	 	 
	 	By:	Cash America Holding, Inc.,
	 	 	The General Partner of each of the foregoing entities
	 	 	 	 
	 	 	By:	/s/ Austin D. Nettle
	 	 	Name:	 
Austin D. Nettle

	 	 	Title:	 
Vice President and Treasurer

	 	 	 	 
	 	 	 	 
	 	OHIO NEIGHBORHOOD CREDIT SOLUTIONS, LLC
	 	 	 	 
	 	By:	Ohio Neighborhood Finance, Inc.,
	 	 	Its sole member
	 	 	 	 
	 	 	By:	/s/ Austin D. Nettle 
	 	 	Name:	Austin D. Nettle
	 	 	Title:	Vice President and Treasurer

 

  

  

  

 

	 	
BRONCO PAWN & GUN, INC.

	 	
CASH AMERICA ADVANCE, INC.

	 	
CASH AMERICA FINANCIAL SERVICES, INC.

	 	
CASH AMERICA FRANCHISING, INC.

	 	
CASH AMERICA GLOBAL FINANCING, INC.

	 	
CASH AMERICA GLOBAL SERVICES, INC.

	 	
CASH AMERICA HOLDING, INC.

	 	
CASH AMERICA, INC.

	 	
CASH AMERICA, INC. OF ALABAMA

	 	
CASH AMERICA, INC. OF ALASKA

	 	
CASH AMERICA, INC. OF COLORADO

	 	
CASH AMERICA, INC. OF ILLINOIS

	 	
CASH AMERICA, INC. OF INDIANA

	 	
CASH AMERICA, INC. OF KENTUCKY

	 	
CASH AMERICA, INC. OF LOUISIANA

	 	
CASH AMERICA OF MISSOURI, INC.

	 	
CASH AMERICA, INC. OF NEVADA

	 	
CASH AMERICA, INC. OF NORTH CAROLINA

	 	
CASH AMERICA, INC. OF OKLAHOMA

	 	
CASH AMERICA, INC. OF SOUTH CAROLINA

	 	
CASH AMERICA, INC. OF TENNESSEE

	 	
CASH AMERICA, INC. OF UTAH

	 	
CASH AMERICA, INC. OF VIRGINIA

	 	
CASH AMERICA INTERNET SALES, INC.

	 	
CASH AMERICA OF MEXICO, INC.

	 	
CASH AMERICA PAWN, INC. OF OHIO

	 	
CASHLAND FINANCIAL SERVICES, INC.

	 	
DOC HOLLIDAY’S PAWNBROKERS & JEWELLERS, INC.

	 	
EXPRESS CASH INTERNATIONAL CORPORATION

	 	
FLORIDA CASH AMERICA, INC.

	 	
GAMECOCK PAWN & GUN, INC.

	 	
GEORGIA CASH AMERICA, INC.

	 	
HORNET PAWN & GUN, INC.

	 	
LONGHORN PAWN AND GUN, INC.

	 	
MR. PAYROLL CORPORATION

	 	
OHIO NEIGHBORHOOD FINANCE, INC.

	 	
STRATEGIC RECEIVABLE MANAGEMENT SOLUTIONS, LLC

	 	
TIGER PAWN & GUN, INC.

	 	
UPTOWN CITY PAWNERS, INC.

	 	
VINCENT’S JEWELERS AND LOAN, INC.

 

 

	 	By: 	/s/ Austin D. Nettle 
	 	Name:	Austin D. Nettle
	 	Title:	Vice President – Finance and Treasurer

 

  

  

  

 

	 
ADMINISTRATIVE AGENT:

	 
WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 	as a Lender and as Administrative Agent
	 	 	 
	 	 	 
	 	By:	/s/ Jeff Bundy
	 	Name:	Jeffrey D. Bundy
	 	Title:	Vice President

 

  

  

  

 

	 
LENDERS:

	 
KEYBANK NATIONAL ASSOCIATION,

	 	as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Geoff Smith
	 	Name:	Geoff Smith
	 	Title:	Senior Vice President

 

  

  

  

 

	 
LENDERS:

	 
U.S. BANK NATIONAL ASSOCIATION,

	 	as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Patrick McGraw
	 	Name:	Patrick McGraw
	 	Title:	Senior Vice President

 

  

  

  

 

	 
LENDERS:

	 
AMEGY BANK NA, as a Lender

	 	 	 
	 	 	 
	 	By:	/s/ Claire Harrison
	 	Name:	Claire Harrison
	 	Title:	Vice President

 

  

  

  

 

	 
LENDERS:

	 
FIRST TENNESSEE BANK NATIONAL ASSOCIATION,

	 	as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ David J. Ward
	 	Name:	David J. Ward
	 	Title:	Senior Vice President

 

  

  

  

 

	 
LENDERS:

	 
BOKF, NA dba Bank of Texas, as a Lender

	 	 	 
	 	 	 
	 	By:	/s/ Mattson H. Uihlein
	 	Name:	Mattson H. Uihlein
	 	Title:	Banking OfficerEX-4.2

 Exhibit 4.2 

INVESTORS’ RIGHTS AGREEMENT 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	Page	 
			
	1.	 	Definitions	  	 	1	  
			
	2.	 	Registration Rights	  	 	4	  
		 	2.1	  	 Demand Registration
	  	 	4	  
		 	2.2	  	 Company Registration
	  	 	6	  
		 	2.3	  	 Underwriting Requirements
	  	 	6	  
		 	2.4	  	 Obligations of the Company
	  	 	8	  
		 	2.5	  	 Furnish Information
	  	 	9	  
		 	2.6	  	 Expenses of Registration
	  	 	9	  
		 	2.7	  	 Delay of Registration
	  	 	10	  
		 	2.8	  	 Indemnification
	  	 	10	  
		 	2.9	  	 Reports Under Exchange Act
	  	 	12	  
		 	2.10	  	 Limitations on Subsequent Registration Rights
	  	 	13	  
		 	2.11	  	 “Market Stand-off” Agreement
	  	 	13	  
		 	2.12	  	 Restrictions on Transfer
	  	 	14	  
		 	2.13	  	 Termination of Registration Rights
	  	 	15	  
			
	3.	 	Information and Observer Rights	  	 	16	  
		 	3.1	  	 Delivery of Financial Statements
	  	 	16	  
		 	3.2	  	 Inspection
	  	 	17	  
		 	3.3	  	 Observer Rights
	  	 	17	  
		 	3.4	  	 Termination of Information and Observer Rights
	  	 	17	  
		 	3.5	  	 Confidentiality
	  	 	18	  
			
	4.	 	Rights to Future Stock Issuances	  	 	18	  
		 	4.1	  	 Right of First Offer
	  	 	18	  
		 	4.2	  	 Termination
	  	 	20	  
			
	5.	 	Additional Covenants	  	 	20	  
		 	5.1	  	 Insurance
	  	 	20	  
		 	5.2	  	 Employee Agreements
	  	 	20	  
		 	5.3	  	 Employee Stock
	  	 	20	  
		 	5.4	  	 Board Matters
	  	 	20	  
		 	5.5	  	 Successor Indemnification
	  	 	21	  
		 	5.6	  	 Reservation of Common Stock
	  	 	21	  
		 	5.7	  	 Termination of Covenants
	  	 	21	  
			
	6.	 	Miscellaneous	  	 	21	  
		 	6.1	  	 Successors and Assigns
	  	 	21	  
		 	6.2	  	 Governing Law
	  	 	22	  
		 	6.3	  	 Counterparts
	  	 	22	  
		 	6.4	  	 Titles and Subtitles
	  	 	22	  

  
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		 	6.5	  	 Notices
	  	22
		 	6.6	  	 Amendments and Waivers
	  	22
		 	6.7	  	 Severability
	  	23
		 	6.8	  	 Aggregation of Stock
	  	23
		 	6.9	  	 Additional Investors
	  	23
		 	6.10	  	 Entire Agreement
	  	23
		 	6.11	  	 Dispute Resolution
	  	23
		 	6.12	  	 Delays or Omissions
	  	24
		 	6.13	  	 Acknowledgment
	  	24

  

					
	Schedule A	  	-	  	Schedule of Investors

  
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 INVESTORS’ RIGHTS AGREEMENT 

THIS INVESTORS’ RIGHTS AGREEMENT (this “Agreement”), is made as of the
23rd day of May, 2014, by and among Spark Therapeutics, Inc., a Delaware corporation (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 

WHEREAS, pursuant to the terms of the Amended and Restated Limited Liability Company Agreement of Spark Therapeutics, LLC (the
“LLC”), the predecessor entity to the Company, on or prior to the date hereof and prior to the effectiveness of this Agreement, the LLC converted from a limited liability company to a corporation, with the Company as the
successor-in-interest to the LLC (the “Corporate Conversion”); 
 WHEREAS, after giving effect to the Corporate
Conversion, the Company and the Investors entered into the Series B Preferred Stock Purchase Agreement of even date herewith (the “Purchase Agreement”); and 

WHEREAS, in order to induce the Company to enter into the Purchase Agreement and to induce the Investors to invest funds in the Company
pursuant to the Purchase Agreement, the Investors and the Company hereby agree that this Agreement shall govern the rights of the Investors to cause the Company to register shares of Common Stock issuable to the Investors, to receive certain
information from the Company, and to participate in future equity offerings by the Company, and shall govern certain other matters as set forth in this Agreement; 

NOW, THEREFORE, the parties hereby agree as follows: 

1. Definitions. For purposes of this Agreement: 

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

1.2 “Baker Brothers” means Baker Brothers Life Sciences, L.P. and its Affiliates. 

1.3 “Common Stock” means shares of the Company’s common stock, par value $0.001 per share. 

1.4 “Damages” means any loss, damage, claim or liability (joint or several) to which a party hereto may become subject under
the Securities Act (as defined below), the Exchange Act (as defined below), or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of or is based upon: (i) any untrue
statement or alleged untrue statement of a material fact contained in any registration statement of 

 
the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; (ii) an omission or alleged omission to state therein a
material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying party (or any of its agents or Affiliates) of the Securities Act, the
Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law. 

1.5 “Derivative Securities” means any securities or rights convertible into, or exercisable or exchangeable for (in each
case, directly or indirectly), Common Stock, including options and warrants. 
 1.6 “Exchange Act” means the
Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 1.7 “Excluded
Registration” means (i) a registration relating to the sale of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, or similar plan; (ii) a registration relating to an SEC Rule 145
transaction; (iii) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration
in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered. 

1.8 “Form S-1” means such form under the Securities Act as in effect on the date
hereof or any successor registration form under the Securities Act subsequently adopted by the SEC (as defined below). 
 1.9
“Form S-3” means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently adopted by the SEC that permits
incorporation of substantial information by reference to other documents filed by the Company with the SEC. 
 1.10 “GAAP”
means generally accepted accounting principles in the United States. 
 1.11 “Holder” means any holder of Registrable
Securities who is a party to this Agreement. 
 1.12 “Immediate Family Member” means a child, stepchild, grandchild,
parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including, adoptive relationships, of a natural person referred to herein. 

1.13 “Initiating Holders” means, collectively, Holders who properly initiate a registration request under this Agreement.

  
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 1.14 “IPO” means the Company’s first underwritten public offering of its
Common Stock under the Securities Act. 
 1.15 “New Securities” means, collectively, equity securities of the Company,
whether or not currently authorized, as well as rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or exchangeable into or exercisable for such equity
securities. 
 1.16 “Person” means any individual, corporation, partnership, trust, limited liability company, association
or other entity. 
 1.17 “Preferred Stock” means, collectively, shares of the Company’s Series A Preferred Stock, par
value $0.001 per share (“Series A Preferred Stock”), and Series B Preferred Stock, par value $0.001 per share (“Series B Preferred Stock”). 

1.18 “Pro Rata Share” means, in connection with the offer of New Securities as described in Subsection 4.1(e), an
amount equal to the product of (i) the number of New Securities actually purchased by Investors and (ii) the quotient of (x) the number of shares of Common Stock issued or issuable upon conversion of Preferred Stock then held by a
Waived Investor bears to the total Common Stock issued or issuable upon conversion of Preferred Stock then held by Investors that actually purchased New Securities. 

1.19 “Registrable Securities” means (i) the Common Stock issued or issuable upon conversion of the Preferred Stock,
(ii) any Common Stock acquired by an Investor in the Private Placement (as defined in the Purchase Agreement) and (iii) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that
is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares referenced in clauses (i) and (ii) above; excluding in all cases, however, any Registrable Securities sold by
a Person in a transaction in which the applicable rights under this Agreement are not assigned pursuant to Subsection 6.1, and excluding for purposes of Section 2 any shares for which registration rights have terminated pursuant
to Subsection 2.13 of this Agreement. A Holder of Registrable Securities need not convert such Registrable Securities into Common Stock prior to requesting registration hereunder but may make such request in contemplation of conversion of
such Registrable Securities into Common Stock prior to the effectiveness of such registration. 
 1.20 “Registrable Securities then
outstanding” means the number of shares determined by adding the number of shares of outstanding Common Stock that are Registrable Securities and the number of shares of Common Stock issuable (directly or indirectly) pursuant to then
exercisable and/or convertible securities that are Registrable Securities. 
 1.21 “Registration Rights Agreement” means
the Registration Rights Agreement, dated October 14, 2013, by and between the LLC and CHOP. 
 1.22 “Required Vote”
means the holders of either (i) a majority of the outstanding shares of Series B Preferred Stock, voting as a separate class, which majority 

  
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includes (A) shares of Series B Preferred Stock then-owned by Sofinnova and its Affiliates and (B) shares of Series B Preferred Stock then-owned by CHOP and its Affiliates; or
(ii) at least sixty-seven and one-half percent (67.5%) of the outstanding shares of Series B Preferred Stock, voting as a separate class. 

1.23 “Restated Certificate” means the Company’s Amended and Restated Certificate of Incorporation, as amended from time
to time. 
 1.24 “Restricted Securities” means the securities of the Company required to be notated with the legend set
forth in Subsection 2.12(b) hereof. 
 1.25 “SEC” means the Securities and Exchange Commission. 

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

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

1.28 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 1.29 “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 (as defined below) borne and paid by the Company as provided in Subsection 2.6. 

1.30 “Series A Directors” means means any director of the Company that the holders of record of the Series A Preferred Stock
are entitled to elect, voting as a separate series, pursuant to the Company’s Certificate of Incorporation. 
 1.31 “Series B
Directors” means any director of the Company that the holders of record of the Series B Preferred Stock are entitled to elect, voting as a separate series, pursuant to the Company’s Certificate of Incorporation. 

1.32 “Voting Agreement” means the Voting Agreement, dated May 23, 2014, by and among the Company and the stockholders
party thereto. 
 2. Registration Rights. The Company covenants and agrees as follows: 

2.1 Demand Registration. 

(a) Form S-1 Demand. If at any time after the earlier of (i) three (3) years after the date of this Agreement or
(ii) one hundred eighty (180) days after the effective date of the registration statement for the IPO, the Company receives a request from Holders of a majority of the Registrable Securities then outstanding that the Company file a Form
S-1 

  
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registration statement with respect to Registrable Securities with an anticipated aggregate offering price, net of Selling Expenses, of at least $10 million, then the Company shall
(x) within ten (10) days after the date such request is given, give notice thereof (the “Demand Notice”) to all Holders other than the Initiating Holders; and (y) as soon as practicable, and in any event within ninety
(90) 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 Subsections 2.1(c) and 2.3.  
 (b) Form S-3 Demand. If at any time when it is
eligible to use a Form S-3 registration statement, the Company receives a request from Holders of Registrable Securities then outstanding that the Company file a Form S-3 registration statement with respect to outstanding Registrable Securities of
such Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least $2 million, then the Company shall (x) within ten (10) days after the date such request is given, give a Demand Notice to all Holders other
than the Initiating Holders; and (y) as soon as practicable, and in any event within forty-five (45) days after the date such request is given by the Initiating Holders, file a Form S-3 registration statement under the Securities Act
covering all Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each
case, subject to the limitations of Subsections 2.1(c) and 2.3. 
 (c) Notwithstanding the foregoing obligations, if the
Company furnishes to Holders requesting a registration pursuant to this Subsection 2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Company’s Board of Directors it
would be materially detrimental to the Company and its stockholders for such registration statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because
such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona
fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such
filing, and any time periods with respect to filing or effectiveness thereof shall be tolled correspondingly, for a period of not more than ninety (90) days after the request of the Initiating Holders is given; provided, however,
that the Company may not invoke this right more than 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 stockholder during such
ninety (90) day period other than an Excluded Registration. 
 (d) The Company shall not be obligated to effect, or to take any action
to effect, any registration pursuant to Subsection 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  

  
 5 

 
that the Company is actively employing in good faith commercially reasonable best efforts to cause such registration statement to become effective; (ii) after the Company has effected two
(2) registrations pursuant to Subsection 2.1(a); or (iii) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to
Subsection 2.1(b). The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 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
best efforts to cause such registration statement to become effective; or (B) if the Company has effected two registrations pursuant to Subsection 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 Subsection 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 Subsection 2.6, in which case such withdrawn registration statement
shall be counted as “effected” for purposes of this Subsection 2.1(d). 
 2.2 Company Registration. If the Company
proposes to register (including, for this purpose, a registration effected by the Company for stockholders other than the Holders) any of its Common Stock under the Securities Act in connection with the public offering of such securities solely for
cash (other than in an Excluded Registration), the Company shall, at such time, promptly give each Holder notice of such registration. Upon the request of each Holder given within twenty (20) days after such notice is given by the Company, the
Company shall, subject to the provisions of Subsection 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 Subsection 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 Subsection 2.6. 
 2.3 Underwriting
Requirements. 
 (a) If, pursuant to Subsection 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 Subsection 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 Subsection 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
Subsection 2.3, if the managing 

  
 6 

 
underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, then the Initiating Holders shall so advise all
Holders of Registrable Securities that otherwise would be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among such Holders of Registrable Securities, including the
Initiating Holders, in proportion (as nearly as practicable) to the number of Registrable Securities owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling Holders; provided, however, that
the number of Registrable Securities held by the Holders to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting. To facilitate the allocation of shares in accordance
with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. 

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

  
 7 

 (c) For purposes of Subsection 2.1, a registration shall not be counted as
“effected” if, as a result of an exercise of the underwriter’s cutback provisions in Subsection 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
best 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 ninety
(90) days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that (i) such ninety (90) day period shall be extended for a period of time equal to the
period the Holder refrains, at the request of an underwriter of Common Stock (or other securities) of the Company, from selling any securities included in such registration, and (ii) in the case of any registration of Registrable Securities on
Form S-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such ninety (90) day period shall be extended for up to sixty (60) days, if necessary, to keep the registration
statement effective until all such Registrable Securities are sold; 
 (b) prepare and file with the SEC such amendments and supplements to
such registration statement, and the prospectus used in connection with such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by such registration statement;

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

(d) use its commercially reasonable best 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 best 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; 

  
 8 

 (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 managing underwriter(s) participating in any disposition pursuant to
such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause
the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the
accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith; 
 (i) notify
each selling Holder, promptly after the Company receives notice thereof, of the time when such registration statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and

 (j) after such registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or
supplement such registration statement or prospectus. 
 In addition, the Company shall ensure that, at all times after any registration
statement covering a public offering of securities of the Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Company’s directors may implement a trading program under Rule 10b5-1 of
the Exchange Act. 
 2.5 Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action
pursuant to this Section 2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method
of disposition of such securities as is reasonably required to effect the registration of such Holder’s Registrable Securities. 
 2.6
Expenses of Registration. All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or qualifications pursuant to Section 2, including all registration, filing, and qualification fees;
printers’ and accounting fees; fees and disbursements of counsel for the Company; and the reasonable fees and disbursements, not to exceed $50,000, of one counsel for the selling Holders (“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 Subsection 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 

  
 9 

 
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 Subsections 2.1(a) or 2.1(b), as the case may be; provided further that if, at the time of such withdrawal, the Holders shall have learned of a material adverse change in the
condition, business, or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness after learning of such information then the Holders shall not be required to pay
any of such expenses and shall not forfeit their right to one registration pursuant to Subsections 2.1(a) or 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, accountants and investment advisors with investment control as of the date hereof 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 Subsection 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, conditioned or delayed, 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 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 

  
 10 

 
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 Subsection 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, conditioned or delayed; and provided further that in no event shall the aggregate amounts payable by any Holder by way of indemnity or contribution under Subsections 2.8(b) and 2.8(d) exceed the
proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder. 

(c) Promptly after receipt by an indemnified party under this Subsection 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 Subsection 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 Subsection 2.8, to the extent that such failure materially prejudices the indemnifying party’s ability to defend such action. The failure
to give notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Subsection 2.8. 

(d) To provide for just and equitable contribution to joint liability under the Securities Act in any case in which either: (i) any
party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Subsection 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 Subsection 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 Subsection 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 

  
 11 

 
other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative fault of the indemnifying party and
of the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to information supplied by the
indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case
(x) no Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement, and (y) no Person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and provided further that in no
event shall a Holder’s liability pursuant to this Subsection 2.8(d), when combined with the amounts paid or payable by such Holder pursuant to Subsection 2.8(b), exceed the proceeds from the offering received by such Holder (net
of any Selling Expenses paid by such Holder), except in the case of willful misconduct or fraud by such Holder. 
 (e) Notwithstanding the
foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions
in the underwriting agreement shall control. 
 (f) Unless otherwise superseded by an underwriting agreement entered into in connection
with the underwritten public offering, the obligations of the Company and Holders under this Subsection 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section 2, and
otherwise shall survive the termination of this Agreement. 
 2.9 Reports Under Exchange Act. With a view to making available to the
Holders the benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company shall: 
 (a) make and keep available adequate current public information, as those
terms are understood and defined in SEC Rule 144, at all times after the effective date of the registration statement filed by the Company for the IPO; 

(b) use commercially reasonable best 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), 

  
 12 

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

2.10 Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without the
prior written consent of the Investors constituting the Required Vote, enter into any agreement with any holder or prospective holder of any securities of the Company that allow such holder or prospective holder (i) 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 (ii) allow such holder or prospective holder to initiate a demand for registration of any securities held by such holder or prospective holder; provided that this limitation
shall not apply to any additional Investor who becomes a party to this Agreement in accordance with Subsection 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 shares of its Common Stock or any other equity securities under the Securities Act on a registration statement on Form S-1, and ending on the date specified by the Company and the managing
underwriter (such period not to exceed one hundred eighty (180) days after the IPO), or such other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other
distribution of research reports, and (2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto,
(i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any
shares of Common Stock or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock held immediately before the effective date of the registration statement for such offering or (ii) enter into any
swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of
Common Stock or other securities, in cash, or otherwise. The foregoing provisions of this Subsection 2.11 shall apply only to the IPO and shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, the
sale of any shares acquired after the IPO (unless requested by an underwriter in connection with the exercise of registration rights under Section 2) or the transfer of any shares to any trust for the direct or indirect benefit of the
Holder or the immediate family of the Holder, provided that the trustee of the trust agrees to be bound in writing by the 

  
 13 

 
restrictions set forth herein, and provided further that any such transfer shall not involve a disposition for value, and shall be applicable to the Holders only if all officers,
directors and all stockholders individually owning more than one percent (1%) of the Company’s outstanding Common Stock (after giving effect to conversion into Common Stock of all outstanding Preferred Stock) are subject to the same
restrictions. The underwriters in connection with such registration are intended third-party beneficiaries of this Subsection 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 Subsection 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 Holders subject to such agreements, based on the
number of shares subject to such agreements. 
 2.12 Restrictions on Transfer. 

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

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

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

  
 14 

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

2.13 Termination of Registration Rights. The right of any Holder to request registration or inclusion of Registrable Securities in any
registration pursuant to Subsections 2.1 or 2.2 shall terminate upon the earliest to occur of: 
 (a) the closing of a Deemed
Liquidation Event, (as defined in the Restated Certificate); 
 (b) following the IPO, such time as Rule 144 or another similar exemption
under the Securities Act is available for the sale of all of such Holder’s shares without limitation during a three-month period without registration and without regard to the requirement for the Company to be in compliance with the current
public information required under SEC Rule 144(c)(1); and 
 (c) the third anniversary of the IPO. 

  
 15 

 3. Information and Observer Rights. 

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

(a) as soon as practicable, but in any event within one hundred twenty (120) days after the end of each fiscal year of the Company
(i) a balance sheet as of the end of such year, (ii) statements of income and of cash flows for such year, and a comparison between (x) the actual amounts as of and for such fiscal year and (y) the comparable amounts for the
prior year and as included in the Budget (as defined in Subsection 3.1(c)) for such year, with an explanation of any material differences between such amounts and a schedule as to the sources and applications of funds for such year, and
(iii) a statement of stockholders’ equity as of the end of such year, all such financial statements audited and certified by independent public accountants of nationally 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 cash flows for such fiscal quarter, and an unaudited balance sheet and a statement of stockholders’ equity as of the end of such fiscal
quarter, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments; and (ii) not contain all notes thereto that may be required in accordance with GAAP); 

(c) as soon as practicable, but in any event within forty-five (45) days after the end of each quarter of each fiscal year of the
Company, a capitalization table showing the number of shares of each class and series of capital stock and securities convertible into or exercisable for shares of capital stock outstanding at the end of the period and the number of shares of issued
stock options and stock options not yet issued but reserved for issuance, if any; 
 (d) as soon as practicable, but in any event thirty
(30) days before the beginning of each fiscal year, a capital and operating budget for the next fiscal year (collectively, the “Budget”) and prepared on a quarterly basis, including balance sheets, income statements, and
statements of cash flow for such quarters and, promptly after prepared, any other budgets or revised budgets prepared by the Company; and 

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

  
 16 

 Notwithstanding anything else in this Subsection 3.1 to the contrary, the Company may
cease providing the information set forth in this Subsection 3.1 during the period starting with the date thirty (30) days before the Company’s good-faith estimate of the date of filing of a registration statement if it reasonably
concludes it must do so to comply with the SEC rules applicable to such registration statement and related offering; provided that the Company’s covenants under this Subsection 3.1 shall be reinstated at such time as the Company
is no longer actively employing its commercially reasonable best efforts to cause such registration statement to become effective. 
 3.2
Inspection. The Company shall permit each Investor, at such Investor’s expense, to visit and inspect the Company’s properties; examine its books of account and records; and discuss the Company’s affairs, finances, and accounts
with its officers, during normal business hours of the Company as may be reasonably requested by the Investor, but not more than twice per calendar year; provided, however, that the Company shall not be obligated pursuant to this
Subsection 3.2 to provide access to any information that it reasonably and in good faith considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in a form reasonably acceptable
to the Company) or the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel. 
 3.3
Observer Rights. Unless (i) the Baker Brothers Designee (as defined in the Voting Agreement) on the Board of Directors is not acceptable to the Company or (ii) the individual serving as the Baker Brothers Designee is an
employee of Baker Brothers or an Affiliate of Baker Brothers, the Company shall invite a representative of Baker Brothers, who shall initially be Kelvin Neu (the “Observer”), to attend all meetings of its Board of Directors in a
nonvoting observer capacity and, in this respect, shall give such Observer copies of all notices, minutes, consents, and other materials that it provides to its directors at the same time and in the same manner as provided to such directors;
provided, however, that such Observer shall enter into a confidentiality agreement acceptable to the Company prior to exercising the rights under this Subsection 3.3; and provided further, that the Company reserves
the right to withhold any information and to exclude such representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its
counsel or result in disclosure of trade secrets or a conflict of interest, or if such Investor or its representative is a competitor of the Company. 

3.4 Termination of Information and Observer Rights. The covenants set forth in Subsection 3.1, Subsection 3.2 and
Subsection 3.3 shall terminate and be of no further force or effect (i) immediately before the completion of the IPO or (ii) upon a Deemed Liquidation Event, (as defined in the Restated Certificate), provided, that if
following such Deemed Liquidation Event the Investors hold equity in an entity that is not subject to the reporting requirements of Section 13(a) or 15(d) of the Exchange Act, then Subsection 3.1 shall not terminate and shall remain in
full force and effect. 

  
 17 

 3.5 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 general (other than as a result of a breach of this Subsection 3.5 by such Investor), (b) is or has been
independently developed or conceived by the Investor without use of the Company’s confidential information, or (c) is or has been made known or disclosed to the Investor by a third party without a breach of any obligation of
confidentiality such third party may have to the Company; provided, however, that an Investor may disclose confidential information (i) to its attorneys, accountants, consultants, investment advisors and other professionals and
its officers, employees, agents, directors, partners, parent or subsidiaries, in each case, to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any
Registrable Securities from such Investor, if such prospective purchaser agrees to be bound by the provisions of this Subsection 3.5; (iii) to any existing, former or prospective Affiliate, partner, limited partner, general 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) as may otherwise be required by law, provided that the Investor promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure, (v) as
required by any court or other governmental body, provided that the Investor promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure; (vi) in connection with the
enforcement of this Agreement or rights under this Agreement; (vii) to comply with applicable law, statutes, rules or regulations or pursuant to any direction, request or requirement (whether or not having the force of law but if not having the
force of law being of a type with which institutional investors in the relevant jurisdiction are accustomed to comply) of any self-regulating organization or any governmental, fiscal, monetary or other authority; or (viii) for internal market,
industry and investment analyses. 
 4. Rights to Future Stock Issuances. 

4.1 Right of First Offer. Subject to the terms and conditions of this Subsection 4.1 and applicable securities laws, if the
Company proposes to offer or sell any New Securities, the Company shall first offer such New Securities to each Investor. An Investor shall be entitled to apportion the right of first offer hereby granted to it in such proportions as it deems
appropriate, among (i) itself and (ii) its Affiliates. 
 (a) The Company shall give notice (the “Offer Notice”)
to each Investor, stating (i) its bona fide intention to offer such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms, if any, upon which it proposes to offer such New Securities. 

(b) By notification to the Company within thirty (30) 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 

  
 18 

 
equals the proportion that the Common Stock issued or issuable upon conversion of Preferred Stock then held by such Investor bears to the total Common Stock issued or issuable upon conversion of
Preferred Stock then outstanding. At the expiration of such thirty (30) day period, the Company shall promptly notify each Investor that elects to purchase or acquire all the shares 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 shares 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
Common Stock issued or issuable upon conversion of Preferred Stock then held by such Fully Exercising Investor bears to the Common Stock issued or issuable upon conversion of Preferred Stock then held by all Fully Exercising Investors who wish to
purchase such unsubscribed shares or in such other allocations as such Fully Exercising Investors may agree. The closing of any sale pursuant to this Subsection 4.1(b) shall occur within the later of sixty (60) days of the date that the
Offer Notice is given and the date of initial sale of New Securities pursuant to Subsection 4.1(c). 
 (c) If all New Securities
referred to in the Offer Notice are not elected to be purchased or acquired as provided in Subsection 4.1(b), the Company may, during the thirty (30) days period following the expiration of the periods provided in
Subsection 4.1(b), offer and sell the remaining unsubscribed portion of such New Securities to any Person or Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice. If
the Company does not enter into an agreement for the sale of the New Securities within such period, or if such agreement is not consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be
revived and such New Securities shall not be offered unless first reoffered to the Investors in accordance with this Subsection 4.1. 

(d) The right of first offer in this Subsection 4.1 shall not be applicable to Exempted Securities (as defined in the Company’s
Certificate of Incorporation). 
 (e) The rights of an Investor to purchase New Securities under this Subsection 4.1 may be waived
in accordance with Subsection 6.6; provided, however, in the event that the rights of an Investor to purchase New Securities under this Subsection 4.1 are waived in a particular offering without such Investor’s written
consent (any such Investor, a “Waived Investor”) and any other Investor actually purchases New Securities in such offering, then the Company shall grant, and hereby grants, each Waived Investor the right to receive notice of, and to
purchase a portion of the New Securities offered in such offering equal to its Pro Rata Share in a subsequent closing of such offering which shall be held on a date selected by the Company which shall be no less than five (5) days and no more
than twenty (20) days following, and on the same terms and conditions as, such other Investor(s) actual purchase. For clarity, if a Waived Investor does not elect to participate in such subsequent closing of such offering, then such Waived
Investor shall not have a second right to participate in such offering solely because another Waived Investor actually exercises its right to participate in such subsequent closing of such offering. 

  
 19 

 4.2 Termination. The covenants set forth in Subsection 4.1 shall terminate and be
of no further force or effect (i) immediately before the consummation of the Qualified Public Offering, (as defined in the Company’s Certificate of Incorporation), (ii) when the Company first becomes subject to the periodic reporting
requirements of Section 12(g) or 15(d) of the Exchange Act or (iii) upon a Deemed Liquidation Event, (as defined in the Restated Certificate), whichever event occurs first. 

5. Additional Covenants. 

5.1 Insurance. The Company shall use its commercially reasonable efforts to obtain, within ninety (90) days of the date hereof,
from financially sound and reputable insurers Directors and Officers liability insurance in an amount not less than $5 million and on terms and conditions satisfactory to the Board of Directors, and will use commercially reasonable efforts to cause
such insurance policies to be maintained until such time as the Board of Directors determines that such insurance should be discontinued. The insurance policy shall not be cancelable by the Company without prior approval by the Board of Directors.

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

5.3 Employee Stock. Unless otherwise approved by the Board of Directors, including at least one of the Series B Directors, all
employees and consultants of the Company who in the future purchase, receive options to purchase, or receive awards of shares of the Company’s capital stock after the date hereof shall be required to execute restricted stock or option
agreements, as applicable, providing for (i) vesting of shares over a four (4) year period, with the first twenty-five percent (25%) of such shares vesting following twelve (12) months of continued employment or service, and the
remaining shares vesting in equal monthly installments over the following thirty-six (36) months, and (ii) a market stand-off provision substantially similar to that in Subsection 2.11. In addition, unless otherwise approved by
the Board of Directors, including the Series B Directors, the Company shall retain a “right of first refusal” on employee transfers until the Company’s IPO and shall have the right to repurchase unvested shares at cost upon
termination of employment of a holder of restricted stock. 
 5.4 Board Matters. Unless otherwise determined by the vote of at least
two-thirds of the directors then in office, the Board of Directors shall meet at least five (5) times per year in accordance with an agreed-upon schedule. The Company shall reimburse the non-employee directors and the Observer for all
reasonable out-of-pocket travel expenses incurred (consistent with the Company’s travel policy) in connection with attending meetings of the Board of Directors and for reasonable expenses actually incurred while working for the benefit of the
Company, which expenses shall be documented and submitted for reimbursement in accordance wih the Company’s expenses reimbursement policy. The Company may provide 

  
 20 

 
compensation to Independent Directors (as defined in the Voting Agreement ) and other non-employee directors for service on the Board of Directors. The Company shall cause to be established, as
soon as practicable after such request, and will maintain, an audit and compensation committee. The Series B Director designated by Sofinnova and a Series A Director shall each be invited to be a member of each committee of the Board of Directors
and a director of each subsidiary of the Company. 
 5.5 Successor Indemnification. If the Company, or any of its successors or
assignees, consolidates with or merges into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and
assignees of the Company assume the obligations of the Company with respect to indemnification of members of the Board of Directors as in effect immediately before such transaction, whether such obligations are contained in the Company’s
Bylaws, its Certificate of Incorporation, or elsewhere, as the case may be. 
 5.6 Reservation of Common Stock. The Company will at
all times reserve and keep available, solely for issuance and delivery upon the conversion of the Preferred Stock, all Common Stock issuable from time to time upon such conversion. 

5.7 Termination of Covenants. The covenants set forth in this Section 5, except for Subsection 5.5, shall terminate and be of no
further force or effect upon the completion of the IPO. 
 6. Miscellaneous. 

6.1 Successors and Assigns. The rights under this Agreement may be assigned (but only with all related obligations) by a Holder to a
transferee of Registrable Securities that (i) is an Affiliate of a Holder; (ii) is a partner or former partner of a Holder that is a partnership; or (iii) after such transfer, holds at least 500,000 shares of Registrable Securities
(subject to appropriate adjustment for stock splits, stock dividends, combinations, and other recapitalizations); provided, however, that (x) the Company is, within a reasonable time after such transfer, furnished with written
notice of the name and address of such transferee and the Registrable Securities with respect to which such rights are being transferred; and (y) such transferee agrees in a written instrument delivered to the Company to be bound by and subject
to the terms and conditions of this Agreement, including the provisions of Subsection 2.11. For the purposes of determining the number of shares of Registrable Securities held by a transferee, the holdings of a transferee (1) that is an
Affiliate 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. 

  
 21 

 6.2 Governing Law. This Agreement shall be governed by the internal law of the State of
Delaware. 
 6.3 Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via 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 (i) personal delivery to the party to be notified; (ii) when sent, if sent by electronic mail or facsimile during the
recipient’s normal business hours, and if not sent during normal business hours, then on the recipient’s next business day; (iii) five (5) days after having been sent by registered or certified mail, return receipt requested,
postage prepaid; or (iv) one (1) business day after the business day of deposit with 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 or Schedule B (as applicable) 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, facsimile number, or address as subsequently modified by written notice given in accordance with this Subsection 6.5. If notice is given to the Company, a copy shall also be sent to Wilmer Cutler Pickering
Hale and Dorr LLP, 7 World Trade Center, 250 Greenwich Street, New York, NY 10007, Attention: Steven D. Singer and Jennifer Berrent and if notice is given to the Investors, a copy shall also be given to O’Melveny & Myers LLP, 2765
Sand Hill Road, Menlo Park, CA 94025, Attention: Brian Covotta. 
 6.6 Amendments and Waivers. Any term of this Agreement may be
amended 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 the Company and the Investors constituting the Required
Vote; provided that the Company may in its sole discretion waive compliance with Subsection 2.12(c) (and the Company’s failure to object promptly in writing after notification of a proposed assignment allegedly in violation of
Subsection 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, this Agreement may not be amended 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 

  
 22 

 
Investors may nonetheless, by agreement with the Company, purchase securities in such transaction). 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 Subsection 6.6 shall be binding on all parties hereto, regardless of whether
any such party has consented thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition,
or provision. 
 6.7 Severability. In case any one or more of the provisions contained in this Agreement is for any reason held to
be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable provision shall be reformed and construed so
that it will be valid, legal, and enforceable to the maximum extent permitted by law. 
 6.8 Aggregation of Stock. All shares of
Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliated persons may apportion such rights as among themselves in any
manner they deem appropriate. 
 6.9 Additional Investors. Notwithstanding anything to the contrary contained herein, if the Company
issues additional shares of the Company’s Series B Preferred Stock after the date hereof, any purchaser of such shares of Series B Preferred Stock may become a party to this Agreement by executing and delivering an additional counterpart
signature page to this Agreement, and thereafter shall be deemed an “Investor” for all purposes hereunder. No action or consent by the Investors shall be required for such joinder to this Agreement by such additional Investor, so long as
such additional Investor has agreed in writing to be bound by all of the obligations as an “Investor” hereunder. 
 6.10
Entire Agreement. 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 Registration Rights Agreement shall be deemed terminated and shall be of no further force or effect. 

6.11 Dispute Resolution. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the Chancery Court
of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement and (b) 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. 

  
 23 

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

6.13 Acknowledgment. The Company acknowledges that the Investors are in the business of venture capital 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. 

[Remainder of Page Intentionally Left Blank] 

  
 24 

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

  

			
	SPARK THERAPEUTICS, INC.
		
	By:	 	 /s/ Jeffery D. Marrazzo

	Name:	 	Jeffrey D. Marrazzo
	Title:	 	President and Chief Executive Officer

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
			
	667, L.P. (account #1),
	
	BY: BAKER BROS. ADVISORS LP,
	management company and investment adviser to 667, L.P., pursuant to authority granted to it by Baker Biotech Capital, L.P., general partner to 667, L.P., and not as the general partner.
		
	By:	 	 /s/ Scott Lessing

	Scott Lessing
	President
	
	667, L.P. (account #2),
	
	BY: BAKER BROS. ADVISORS LP,
	management company and investment adviser to 667, L.P., pursuant to authority granted to it by Baker Biotech Capital, L.P., general partner to 667, L.P., and not as the general partner.
		
	By:	 	 /s/ Scott Lessing

	Scott Lessing
	President
	
	BAKER BROTHERS LIFE SCIENCES, L.P.
	
	By: BAKER BROS. ADVISORS LP,,
	management company and investment adviser to Baker Brothers Life Sciences, L.P., pursuant to authority granted to it by Baker Brothers Life Sciences Capital, L.P., general partner to Baker Brothers Life Sciences,
L.P., and not as the general partner.
		
	By:	 	 /s/ Scott Lessing

	Scott Lessing
	President

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
			
	14159, L.P.,
	
	By: BAKER BROS. ADVISORS LP,
	management company and investment adviser to 14159, L.P., pursuant to authority granted to it by 14159 Capital, L.P., general partner to 14159, L.P., and not as the general partner.
		
	By:	 	 /s/ Scott Lessing

	Scott Lessing
	President

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
			
	BLACKROCK HEALTH SCIENCES TRUST
		
	By:	 	BlackRock Advisors, LLC
	Its:	 	Investment Adviser
		
	By:	 	 /s/ Hongying Erin Xie

	Name:	 	Hongying Erin Xie
	Title:	 	Managing Director
	
	BLACKROCK HEALTH SCIENCES OPPORTUNITIES PORTFOLIO, A SERIES OF BLACKROCK FUNDS
		
	By:	 	BlackRock Advisors, LLC
	Its:	 	Investment Adviser
		
	By:	 	 /s/ Hongying Erin Xie

	Name:	 	Hongying Erin Xie
	Title:	 	Managing Director
	
	BLACKROCK HEALTH SCIENCES MASTER UNIT TRUST
		
	By:	 	BlackRock Capital Management, Inc.
	Its:	 	Investment Adviser
		
	By:	 	 /s/ Hongying Erin Xie

	Name:	 	Hongying Erin Xie
	Title:	 	Managing Director

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
			
	BLACKROCK GLOBAL FUNDS - WORLD HEALTH SCIENCE FUND
		
	By:	 	BlackRock Investment Management, LLC
	Its:	 	Investment Adviser
		
	By:	 	 /s/ Hongying Erin Xie

	Name:	 	Hongying Erin Xie
	Title:	 	Managing Director

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

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

  

			
	SPARK THERAPEUTICS, INC.
		
	By:	 	  

	Name:	 	Jeffrey D. Marrazzo
	Title:	 	President and Chief Executive Officer
	
	INVESTORS: Brookside Capital Partners Fund, L.P.
		
	By:	 	 /s/ Marlene Reynolds

		
	Name:	 	 Marlene Reynolds

		
	Title:	 	 Managing Director

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

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

  

			
	THE CHILDREN’S HOSPITAL OF PHILADELPHIA:
		
	By:	 	 /s/ Thomas J. Todorow

	Name:	 	Thomas J. Todorow
	Title:	 	 Executive Vice-President and Chief Financial Officer

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
			
	DEERFIELD PRIVATE DESIGN FUND II, L.P.
	By:    Deerfield Mgmt, L.P.
		 	General Partner
	By:    J.E. Flynn Capital, LLC
		 	General Partner

  

					
		 	        By:	 	 /s/ David J. Clark

		
		 	Name: David J. Clark
		 	Title: Authorized Signatory

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

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

  

			
	SPARK THERAPEUTICS, INC.
		
	By:	 	  

	Name:	 	Jeffrey D. Marrazzo
	Title:	 	President and Chief Executive Officer
	
	INVESTORS:
	
	Rock Springs Capital Master Fund
		
	By:	 	 /s/ Jeffrey Annecchino

		
	Name:	 	 Jeffrey Annecchino

		
	Title:	 	 COO

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

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

  

			
	SIGAL FAMILY INVESTMENTS, LLC:
		
	By:	 	 /s/ Elliott Sigal

	Name:	 	 Elliott Sigal

	Title:	 	 Manager

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
					
	SOFINNOVA VENTURE PARTNERS VIII, L.P.
	By:	 	Sofinnova Management VIll, L.L.C.
		 	Its General Partner
			
		 	By:	 	 /s/ Anand Mehra

		 	Name:	 	 Anand Mehra

		 	Title:	 	 Managing Member

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

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

  

			
	SPARK THERAPEUTICS, INC.
		
	By:	 	  

	Name:	 	Jeffrey D. Marrazzo
	Title:	 	President and Chief Executive Officer
	
	INVESTORS:
	
	T. Rowe Price Health Sciences Fund, Inc.
	TD Mutual Funds - TD Health Sciences Fund
	Valic Company I - Health Sciences Fund
	T. Rowe Price Health Sciences Portfolio
	John Hancock Variable Insurance Trust - Health Sciences Trust
	John Hancock Funds II- Health Sciences Fund, severally and not jointly,
	
	By: T. ROWE PRICE ASSOCIATES, INC.,
	 Investment Adviser

		
	By:	 	 /s/ Adam Poussard

		
	Name:	 	 Adam Poussard

		
	Title:	 	 Vice President

	
	T. Rowe Price New Horizons Fund, Inc.
	T. Rowe Price New Horizons Trust
	T. Rowe Price U.S. Equities Trust, severally and not jointly,
	
	 By: T. ROWE PRICE ASSOCIATES, INC.,

	 Investment Adviser

		
	By:	 	 /s/ Clark Shields

		
	Name:	 	 Clark Shields

		
	Title:	 	 Vice President

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

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

  

			
	SPARK THERAPEUTICS, INC.
		
	By:	 	  

	Name:	 	Jeffrey D. Marrazzo
	Title:	 	President and Chief Executive Officer
	
	 INVESTORS: Hawkes Bay Master Investors

(Cayman) LP

	
	By: Wellington Management Company, LLP, as Investment Advisor
		
	By:	 	 /s/ Steve M. Hoffman

	Name:	 	Steve M. Hoffman
	Title:	 	Vice President and Counsel
	
	INVESTORS: North River Investors
	(Bermuda) L.P.
	
	By: Wellington Management Company, LLP, as Investment Advisor
		
	By:	 	 /s/ Steve M. Hoffman

	Name:	 	Steve M. Hoffman
	Title:	 	Vice President and Counsel

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
			
	INVESTORS: North River Partners, L.P.
	
	By: Wellington Management Company, LLP, as Investment Advisor
		
	By:	 	 /s/ Steve M. Hoffman

	Name:	 	Steve M. Hoffman
	Title:	 	Vice President and Counsel
	
	INVESTORS: Salthill Investors (Bermuda) L.P.
	
	By: Wellington Management Company, LLP, as Investment Advisor
		
	By:	 	 /s/ Steve M. Hoffman

	Name:	 	Steve M. Hoffman
	Title:	 	Vice President and Counsel
	
	INVESTORS: Salthill Partners, L.P.
	
	By: Wellington Management Company, LLP, as Investment Advisor
		
	By:	 	 /s/ Steve M. Hoffman

	Name:	 	Steve M. Hoffman
	Title:	 	Vice President and Counsel

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 SCHEDULE A 

Investors 
 Children’s Hospital of
Philadelphia 
 Sofinnova Venture Partners VIII, L.P. 
 667,
L.P. (Account #1) 
 667, L.P. (Account #2) 
 Baker Brothers
Life Sciences, L.P. 
 14159, L.P. 
 T. Rowe Price Health
Sciences Fund, Inc. 
 TD Mututal Funds - TD Health Sciences Fund 

VALIC Company I - Health Sciences Fund 
 T. Rowe Price Health
Sciences Portfolio 
 John Hancock Variable Insurance Trust - Health Sciences Trust 

John Hancock Funds II - Health Sciences Fund 
 T. Rowe Price New
Horizons Fund, Inc. 
 T. Rowe Price New Horizons Trust 
 T.
Rowe Price U.S. Equities Trust 
 Deerfield Private Design Fund III, L.P. 

Rock Springs Capital Master Fund LP 
 North River Partners, L.P.

 North River Investors (Bermuda) L.P. 
 Salthill Partners,
L.P. 

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 Salthill Investors (Bermuda) L.P. 

Hawkes Bay Master Investors (Cayman) LP 
 BlackRock Health
Sciences Trust 
 BlackRock Health Sciences Opportunities Portfolio, a Series of BlackRock Funds 

BlackRock Health Sciences Master Unit Trust 
 BlackRock Global
Funds - World Healthscience Fund 
 Brookside Capital Partners Fund, L.P. 

Sigal Family Investments, LLC 

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

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