Document:

EX-4.7

 Exhibit 4.7 

Execution Version 

THIS WARRANT AND THE UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER
THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS IN ACCORDANCE WITH APPLICABLE REGISTRATION
REQUIREMENTS OR AN EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE, TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY
APPLICABLE STATE SECURITIES LAWS. THIS WARRANT MUST BE SURRENDERED TO THE COMPANY OR ITS TRANSFER AGENT AS A CONDITION PRECEDENT TO THE SALE, TRANSFER, PLEDGE OR HYPOTHECATION OF ANY INTEREST IN ANY OF THE SECURITIES REPRESENTED HEREBY. 

WARRANT TO PURCHASE SHARES OF SERIES C PREFERRED STOCK 

of 
 OUTSET MEDICAL, INC.

 Dated as of
                     
 Void
after                     

Warrant to Purchase 

                     Shares of 

Series C Preferred Stock 

(subject to adjustment) 

THIS CERTIFIES THAT, for value received, Perceptive Credit Holdings, LP, or its registered assigns (the “Holder”), is
entitled, subject to the provisions and upon the terms and conditions set forth herein, to purchase from Outset Medical, Inc., a Delaware corporation (the “Company”), shares of the Company’s Series C Preferred
Stock, $0.001 par value per share (the “Shares”), in the amounts, at such times and at the price per share set forth in Section 1. The term “Warrant” as used herein shall include this Warrant and
any warrants delivered in substitution or exchange therefor as provided herein. This Warrant is issued in connection with that certain Credit Agreement and Guaranty, dated as of June 30, 2017 (the “Credit Agreement”),
among the Company, certain subsidiaries of the Company, certain parties acting as lenders thereunder and Perceptive Credit Holdings, LP, as the Administrative Agent and the Collateral Agent for such lenders thereunder. 

 The following is a statement of the rights of the Holder and the conditions to which this
Warrant is subject, and to which Holder, by acceptance of this Warrant, agrees: 
 1    Number and Price of
Shares; Exercise Period. 
 (a)    Number of Shares. Subject to any previous exercise of the Warrant,
the Holder shall have the right to purchase up to                      Shares, as may be adjusted pursuant hereto on or prior to (or in connection
with) the expiration of this Warrant as provided in Section 8. 
 (b)    Exercise Price. The exercise
price per Share shall be equal to $2.5915, subject to adjustment pursuant hereto (the “Exercise Price”). 

(c)    Exercise Period. This Warrant shall be exercisable, in whole or in part, prior to (or in connection
with) the expiration of this Warrant as set forth in Section 8. 
 2    Exercise of the Warrant. 

(a)    Exercise. The purchase rights represented by this Warrant may be exercised at the election of the
Holder, in whole or in part, in accordance with Section 1, by: 
 (i)    the tender to the Company at its
principal office (or such other office or agency as the Company may designate) of a notice of exercise in the form of Exhibit A (the “Notice of Exercise”), duly completed and executed by or on behalf of the Holder,
together with the surrender of this Warrant; and 
 (ii)    the payment to the Company of an amount equal to
(x) the Exercise Price multiplied by (y) the number of Shares being purchased, by wire transfer or certified, cashier’s or other check acceptable to the Company and payable to the order of the Company. 

(b)    Cashless Exercise. In lieu of paying the cash amount upon exercise of this Warrant pursuant to
Section 2(a)(ii), if the fair market value of one Share is greater than the Exercise Price (at the date of calculation as set forth below), the Holder may elect to receive a number of Shares equal to the value of this Warrant (or of any portion
of this Warrant being canceled for purposes of effecting a cashless exercise contemplated pursuant to this clause (b)) by surrender of this Warrant at the principal office of the Company (or such other office or agency as the Company may
designate in writing) together with a properly completed and executed Notice of Exercise reflecting such election, in which event the Company shall issue to the Holder that number of Shares computed using the following formula: 

 

					
	X    	  	=    	  	    Y (A – B)    
	  	           A

  

					
	Where:	  	
			
	X	 	=	  	The number of Shares to be issued to the Holder
			
	Y	 	=	  	The number of Shares purchasable under this Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being canceled for purposes of effecting a cashless exercise contemplated pursuant to this
clause (b) (at the date of such calculation)

  
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	A	 	=	  	The fair market value of one Share (at the date of such calculation)
			
	B	 	=	  	The Exercise Price (as adjusted to the date of such calculation)

 For purposes of the calculation above, the fair market value of one Share shall be determined by mutual
agreement of the Board of Directors of the Company and Perceptive Credit Holdings, LP, each acting in good faith; provided, that: 

(i)    where a public market exists for the Company’s common stock at the time of such exercise, the fair market
value per Share shall be the average of the closing bid prices of the common stock or the closing price quoted on the national securities exchange on which the common stock is listed as published in the Wall Street Journal, as applicable, for
the ten (10) trading day period ending five (5) trading days prior to the date of determination of fair market value; and 

(ii)    if the Warrant is exercised in connection with the Company’s initial public offering of common stock, the
fair market value per Share shall be the per share offering price to the public of the Company’s initial public offering. 

(c)    Stock Certificates. The rights under this Warrant shall be deemed to have been exercised and the
Shares issuable upon such exercise shall be deemed to have been issued immediately prior to the close of business on the date this Warrant is exercised in accordance with its terms, and the person entitled to receive the Shares issuable upon such
exercise shall be treated for all purposes as the holder of record of such Shares as of the close of business on such date. As promptly as reasonably practicable on or after such date, the Company shall issue and deliver to the person or persons
entitled to receive the same a certificate or certificates for that number of shares issuable upon such exercise. In the event that the rights under this Warrant are exercised in part and have not expired, the Company shall execute and deliver a new
Warrant reflecting the number of Shares that remain subject to this Warrant. 
 (d)    No Fractional Shares or
Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of the rights under this Warrant, including in connection with any cashless exercise pursuant to Section 2(b) above. In lieu of such
fractional share to which the Holder would otherwise be entitled, the Company shall make a cash payment equal to the Exercise Price multiplied by such fraction. 

(e)    Conditional Exercise. The Holder may exercise this Warrant conditioned upon (and effective
immediately prior to) consummation of any transaction that would cause the expiration of this Warrant pursuant to Section 8 by so indicating in the notice of exercise. 

(f)    Reservation of Stock. The Company agrees that it will, at all times on and prior to the expiration of
this Warrant pursuant to Section 8, reserve and keep available from its authorized and unissued shares of Series C Preferred Stock for the purpose of effecting the exercise of this Warrant such number of shares (and shares of common stock
for issuance on conversion of such shares) as shall from time to time be sufficient to effect the exercise of the rights under this Warrant; and if at any time the number of authorized but unissued shares of Series C Preferred Stock (and shares
of common stock for issuance on conversion of such shares) shall not be sufficient for purposes of the exercise of this Warrant in accordance with its terms and the 

  
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conversion of the Shares, without limitation of such other remedies as may be available to the Holder, the Company will take such corporate action as may be necessary to increase its authorized
and unissued shares of its Series C Preferred Stock (and shares of common stock for issuance on conversion of such shares) to a number of shares as shall be sufficient for such purposes. The Company represents and warrants that all shares that
may be issued upon the exercise of this Warrant will, when issued in accordance with the terms hereof, be validly issued, fully paid and nonassessable. 

(g)    Stockholders Agreement and Registration Rights Agreement. Upon exercise of this Warrant, in whole or
in part, all Shares issued upon such exercise and the Holder or Holders thereof shall automatically become subject to, and have the benefit of, the Stockholders Agreement and the Registration Rights Agreement (each defined below); provided
that, upon request of the Company (and at the Company’s cost and expense) the Holder shall execute and deliver a copy of the Stockholders Agreement or Registration Rights Agreement, or a joinder or supplement thereto, in order to become a
direct party to such agreements; provided further that, without the prior written consent of the Holder, neither of such agreements shall have been amended or otherwise modified since the date hereof in a manner that is
disproportionally adverse to the Holder relative to the Other Investors (as defined in the Stockholders Agreement) and Holders (as defined in the Registration Rights Agreement). “Stockholders Agreement” means that certain
Amended and Restated Stockholders Agreement, dated as of April 19, 2017, among the Company and the various other parties thereto, as amended from time to time; and “Registration Rights Agreement” means that certain
Amended and Restated Registration Rights Agreement, entered into and effective as of April 19, 2017, by and among the Company, the Institutional Investors (as defined therein) and the Holders (as defined therein), as amended from time to time.

 (h)    Limitations On Exercise. The Company shall not effect the exercise of this Warrant, and no
Holder shall have the right to exercise this Warrant, to the extent that after giving effect to such exercise, such Person (together with such Person’s affiliates) would beneficially own in excess of 9.99% (the “Maximum
Percentage”) of the Company’s common stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Company’s common stock beneficially owned by
such Person and its affiliates shall include the number of shares of such common stock issuable upon exercise of this Warrant with respect to which the determination of such sentence is being made, but shall exclude shares of common stock which
would be issuable upon (i) exercise of the remaining, unexercised portion of this Warrant beneficially owned by such Person and its affiliates and (ii) exercise or conversion of the unexercised or unconverted portion of any other
securities of the Company beneficially owned by such Person and its affiliates (including, without limitation, any convertible notes or convertible shares or warrants) subject to a limitation on conversion or exercise analogous to the limitation
contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”). For purposes of this Warrant, in determining the number of outstanding shares of Company’s common stock, a Holder of this Warrant may rely on the number of outstanding shares of common stock as reflected
in (1) the Company’s most recent Form 10-K, Form 10-Q or other public filing with the Securities and Exchange Commission, as the case may be,
(2) a more recent public announcement by the Company or (3) any other notice by the Company or its transfer agent setting forth the 

  
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number of shares of the Company’s common stock outstanding. For any reason at any time, upon the written or oral request of a Holder, the Company shall within two (2) Business Days
confirm to the Holder the number of shares of the Company’s Common Stock then outstanding. 

3    Replacement of the Warrant. Subject to the receipt of evidence reasonably satisfactory to the Company
of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and substance to the Company or, in the case of mutilation, on
surrender and cancellation of this Warrant, the Company at the expense of the Holder shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor and amount. 

4    Transfer of the Warrant. 

(a)    Warrant Register. The Company shall maintain a register (the “Warrant
Register”) containing the name and address of the Holder or Holders. Until this Warrant is transferred on the Warrant Register in accordance herewith, the Company may treat the Holder as shown on the Warrant Register as the absolute
owner of this Warrant for all purposes, notwithstanding any notice to the contrary; provided that upon any such transfer made in accordance with this Warrant the Company shall promptly and, in any event within two (2) Business Days,
enter the name and address of the transferee in such Warrant Register. Any Holder of this Warrant (or of any portion of this Warrant) may change its address as shown on the Warrant Register by written notice to the Company requesting a change. 

(b)    Warrant Agent. The Company may appoint an agent for the purpose of maintaining the Warrant Register
referred to in Section 4(a), issuing the Shares or other securities then issuable upon the exercise of the rights under this Warrant, exchanging this Warrant, replacing this Warrant or conducting related activities. 

(c)    Transferability of the Warrant. Subject to the provisions of this Warrant with respect to compliance
with the Securities Act of 1933, as amended (the “Securities Act”) and limitations on assignments and transfers, including without limitation compliance with the restrictions on transfer set forth in Section 5, title to this Warrant
may be transferred by endorsement (by the transferor and the transferee executing the assignment form attached as Exhibit B (the “Assignment Form”)) and delivery in the same manner as a negotiable instrument transferable by
endorsement and delivery. 
 (d)    Exchange of the Warrant upon a Transfer. On surrender of this Warrant
(and a properly endorsed Assignment Form) for exchange, subject to the provisions of this Warrant with respect to compliance with the Securities Act and limitations on assignments and transfers, the Company shall issue to or on the order of the
Holder a new warrant or warrants of like tenor, in the name of the Holder or as the Holder (on payment by the Holder of any applicable transfer taxes) may direct, for the number of shares issuable upon exercise hereof, and the Company shall register
any such transfer upon the Warrant Register. This Warrant (and the securities issuable upon exercise of the rights under this Warrant) must be surrendered to the Company or its warrant or transfer agent, as applicable, as a condition precedent to
the sale, pledge, hypothecation or other transfer of any interest in any of the securities represented hereby. 

  
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 (e)    Minimum Transfer. This Warrant may not be
transferred in part unless such transfer is to a transferee who, pursuant to such transfer, receives the right to purchase at least fifty thousand (50,000) Shares hereunder (as adjusted from time to time in accordance with Section 6). 

(f)    Taxes. In no event shall the Company be required to pay any tax which may be payable in respect of
any transfer involved in the issue and delivery of any certificate in a name other than that of the Holder, and the Company shall not be required to issue or deliver any such certificate unless and until the person or persons requesting the issue
thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has been paid or is not payable. 

5    Restrictions on Transfer of the Warrant and Shares; Compliance with Securities Laws. By acceptance of
this Warrant, the Holder agrees to comply with the following: 
 (a)    Restrictions on Transfers. With
respect to any transfer or assignment of this Warrant (in whole or in part) that qualifies as a Permitted Transfer (as defined in Section 5(b) below), such transfer or assignment may be made without the Company’s prior written consent.
With respect to any transfer or assignment of this Warrant (in whole or in part) that does not qualify as a Permitted Transfer, such transfer or assignment shall require the Company’s prior written consent, which shall not be unreasonably
withheld, delayed or conditioned, and any attempt by Holder to transfer or assign any rights, duties or obligations that arise under this Warrant without such permission shall be void. Any transfer of this Warrant or the Shares or the shares of
common stock issuable upon conversion of the Shares (the “Securities”) must be in compliance with all applicable federal and state securities laws. The Holder agrees not to make any sale, assignment, transfer, pledge or other
disposition of all or any portion of the Securities, or any beneficial interest therein, unless and until the transferee thereof has agreed in writing for the benefit of the Company to take and hold such Securities subject to, and to be bound by,
the terms and conditions set forth in this Warrant to the same extent as if the transferee were the original Holder hereunder, and 

(i)    there is then in effect a registration statement under the Securities Act covering such proposed disposition and
such disposition is made in accordance with such registration statement, or 
 (ii)    (A) such Holder shall have given
prior written notice to the Company of such Holder’s intention to make such disposition and shall have furnished the Company with a detailed description of the manner and circumstances of the proposed disposition, (B) the transferee shall
have confirmed to the satisfaction of the Company in writing, substantially in the form of Exhibit A-1, that the Securities are being acquired (i) solely for the transferee’s own account and not as a
nominee for any other party, (ii) for investment and (iii) not with a view toward distribution or resale, and shall have confirmed such other matters related thereto as may be reasonably requested by the Company, and (C) if requested
by the Company, such Holder shall have furnished the Company, at the Company’s expense, with (i) evidence reasonably satisfactory to the Company that such disposition will not require registration of such Securities under the Securities
Act or (ii) a “no action” letter from the Securities and Exchange Commission to the effect that the transfer of such Securities without registration will not result in a recommendation by the staff of the Securities and Exchange
Commission that action be taken with respect thereto, whereupon such Holder shall be entitled to transfer such Securities in accordance with the terms of the notice delivered by the Holder to the Company. 

  
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 (b)    Permitted Transfers. For purposes of this Warrant,
“Permitted Transfers” will include (i) any transfer not involving a change in beneficial ownership, or (ii) transactions involving the distribution without consideration of Securities by the Holder to (x) a parent,
subsidiary or other affiliate of the Holder, (y) any of the Holder’s partners, members or other equity owners, or retired partners or members, or to the estate of any of its partners, members or other equity owners or retired partners or
members, or (z) a venture capital fund (or equivalent) that is controlled by or under common control with one or more general partners or managing members of, or shares the same management company with, the Holder; provided that,
notwithstanding any term or provision of this clause (b), no transfer or assignment shall qualify as a Permitted Transfer if the proposed transferee or assignee is an entity reasonably determined by the Board of Directors of the Company (acting
in good faith) to be a competitor of the Company without the prior written consent of the Company not to be unreasonably withheld, delayed or conditioned. 

(c)    Investment Representation Statement. Unless the rights under this Warrant are exercised pursuant to
an effective registration statement under the Securities Act that includes the Shares with respect to which the Warrant was exercised, it shall be a condition to any exercise of the rights under this Warrant that the Holder shall have confirmed to
the Company in writing, substantially in the form of Exhibit A-1, that the Shares so purchased are being acquired solely for the Holder’s own account and not as a nominee for any other party, for
investment and not with a view toward distribution or resale, and 
 (d)    Securities Law Legend. The
Securities shall (unless otherwise permitted by the provisions of this Warrant) be stamped or imprinted with a legend substantially similar to the following (in addition to any legend required by state securities laws): 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE
SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS IN ACCORDANCE WITH APPLICABLE REGISTRATION
REQUIREMENTS OR AN EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY
APPLICABLE STATE SECURITIES LAWS. THIS CERTIFICATE MUST BE SURRENDERED TO THE COMPANY OR ITS TRANSFER AGENT AS A CONDITION PRECEDENT TO THE SALE, TRANSFER, PLEDGE OR HYPOTHECATION OF ANY INTEREST IN ANY OF THE SECURITIES REPRESENTED HEREBY. 

  
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 (e)    Market Stand-off
Legend. The Shares and common stock issued upon exercise hereof or conversion thereof shall also be stamped or imprinted with a legend in substantially the following form: 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE, INCLUDING A LOCK-UP PERIOD IN THE EVENT OF A PUBLIC OFFERING, AS SET FORTH IN THE WARRANT PURSUANT TO WHICH THESE SHARES WERE ISSUED, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY. 

(f)    Instructions Regarding Transfer Restrictions. The Holder consents to the Company making a notation on
its records and giving instructions to any transfer agent in order to implement the restrictions on transfer established in this Section 5. 

(g)    Removal of Legend. The legend referring to federal and state securities laws identified in
Section 5(d) stamped on a certificate evidencing the Shares (and the common stock issuable upon conversion thereof) and the stock transfer instructions and record notations with respect to such securities shall be removed and the Company shall
issue a certificate without such legend to the holder of such securities if (i) such securities are registered under the Securities Act, or (ii) such holder provides the Company with an opinion of counsel reasonably acceptable to the
Company to the effect that a sale or transfer of such securities may be made without registration or qualification. 

(h)    No Transfers to Bad Actors; Notice of Bad Actor Status. The Holder agrees not to sell, assign,
transfer, pledge or otherwise dispose of any securities of the Company, or any beneficial interest therein, to any person (other than the Company) that would, as a result of such sale, assignment, transfer, pledge or other disposition, become an
affiliate of the Company for purposes of the Securities Act, unless and until the proposed transferee confirms to the reasonable satisfaction of the Company that neither the proposed transferee nor any of its directors, executive officers, other
officers that may serve as a director or officer of any company in which it invests, general partners or managing members nor any person that would be deemed a beneficial owner of those securities (in accordance with Rule 506(d) of the
Securities Act) is subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i) through (viii) under the Securities Act, except as set forth in Rule 506(d)(2)(ii) or (iii) or (d)(3) under the
Securities Act and disclosed, reasonably in advance of the transfer, in writing in reasonable detail to the Company. The Holder will promptly notify the Company in writing if the Holder or, to the Holder’s knowledge, any person specified in
Rule 506(d)(1) under the Securities Act becomes subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i) through (viii) under the Securities Act. 

6    Adjustments. Subject to the expiration of this Warrant pursuant to Section 8, the number and kind
of shares purchasable hereunder and the Exercise Price therefor are subject to adjustment from time to time, as follows: 

(a)    Merger or Reorganization. If at any time there shall be any reorganization, recapitalization, merger
or consolidation (a “Reorganization”) involving the Company (other than as otherwise provided for herein or as would cause the expiration of this Warrant under Section 8) in which shares of the Company’s stock are
converted into or exchanged for securities, cash or other property, then, as a part of such Reorganization, lawful provision shall be made so that the Holder shall thereafter be entitled to receive upon exercise of this Warrant, the kind and amount
of securities, cash or other property of the successor corporation resulting from such 

  
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Reorganization, equivalent in value to that which a holder of the Shares deliverable upon exercise of this Warrant would have been entitled in such Reorganization if the right to purchase the
Shares hereunder had been exercised immediately prior to such Reorganization. In any such case, appropriate adjustment (as determined in good faith by the Board of Directors of the successor corporation) shall be made in the application of the
provisions of this Warrant with respect to the rights and interests of the Holder after such Reorganization to the end that the provisions of this Warrant shall be applicable after the event, as near as reasonably may be, in relation to any shares
or other securities deliverable after that event upon the exercise of this Warrant. 
 (b)    Reclassification of
Shares. If the securities issuable upon exercise of this Warrant are changed into the same or a different number of securities of any other class or classes by reclassification, capital reorganization, conversion of all outstanding shares of
the relevant class or series (other than as would cause the expiration of this Warrant pursuant to Section 8) or otherwise (other than as otherwise provided for herein) (a “Reclassification”), then, in any such event, in
lieu of the number of Shares which the Holder would otherwise have been entitled to receive, the Holder shall have the right thereafter to exercise this Warrant for a number of shares of such other class or classes of stock that a holder of the
number of securities deliverable upon exercise of this Warrant immediately before that change would have been entitled to receive in such Reclassification, all subject to further adjustment as provided herein with respect to such other shares. 

(c)    Subdivisions and Combinations. In the event that the outstanding shares of Series C Preferred
Stock are subdivided (by stock split, by payment of a stock dividend or otherwise) into a greater number of shares of such securities, the number of Shares issuable upon exercise of the rights under this Warrant immediately prior to such subdivision
shall, concurrently with the effectiveness of such subdivision, be proportionately increased, and the Exercise Price shall be proportionately decreased, and in the event that the outstanding shares of Series C Preferred Stock are combined (by
reclassification or otherwise) into a lesser number of shares of such securities, the number of Shares issuable upon exercise of the rights under this Warrant immediately prior to such combination shall, concurrently with the effectiveness of such
combination, be proportionately decreased, and the Exercise Price shall be proportionately increased. 

(d)    Redemption. In the event that all of the outstanding shares of the securities issuable upon exercise
of this Warrant are redeemed in accordance with the Company’s certificate of incorporation, this Warrant shall thereafter be exercisable for a number of shares of the Company’s common stock equal to the number of shares of common stock
that would have been received if this Warrant had been exercised in full immediately prior to such redemption and the preferred stock received thereupon had been simultaneously converted into common stock. 

(e)    Notice of Adjustments. Upon any adjustment in accordance with this Section 6, the Company shall
give written notice thereof to the Holder, which notice shall be delivered not less than thirty (30) days prior to the contemplated effective date of such adjustment, and shall state the event giving rise to the adjustment, the Exercise Price
as adjusted and the number of securities or other property purchasable upon the exercise of the rights under this Warrant, setting forth in reasonable detail the method of calculation of each. The Company shall, upon the written request of any
Holder, furnish or cause to be furnished to such Holder a certificate setting 

  
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forth (i) such adjustments, (ii) the Exercise Price at the time in effect and (iii) the number of securities and the amount, if any, of other property that at the time would be
received upon exercise of this Warrant. 
 7    Notification of Certain Events. Prior to the expiration of
this Warrant pursuant to Section 8, in the event that the Company shall authorize: 
 (a)    the issuance of any
dividend or other distribution on the capital stock of the Company (other than (i) dividends or distributions otherwise provided for in Section 6, (ii) repurchases of common stock issued to or held by employees, officers, directors or
consultants of the Company or its subsidiaries upon termination of their employment or services pursuant to agreements providing for the right of said repurchase; (iii) repurchases of common stock issued to or held by employees, officers,
directors or consultants of the Company or its subsidiaries pursuant to rights of first refusal or first offer contained in agreements providing for such rights; or (iv) repurchases of capital stock of the Company in connection with the
settlement of disputes with any stockholder), whether in cash, property, stock or other securities; 
 (b)    the
voluntary liquidation, dissolution or winding up of the Company; or 
 (c)    any transaction resulting in the
expiration of this Warrant pursuant to Section 8(b) or 8(c); 
 the Company shall send to the Holder of this Warrant at least thirty (30) calendar
days prior written notice of the date on which a record shall be taken for any such dividend or distribution specified in clause (a) or the expected effective date of any such other event specified in clause (b) or (c), as applicable. The
notice provisions set forth in this section may be shortened or waived prospectively or retrospectively by the consent of the Holder of this Warrant. 

8    Expiration of the Warrant. This Warrant shall expire and shall no longer be exercisable as of the
earlier of: 
 (a)    5:00 p.m., Pacific time, on June 30, 2027; 

(b)    (i) the acquisition of the Company by another entity by means of any transaction or series of related transactions
to which the Company is a party (including, without limitation, any stock acquisition, reorganization, merger or consolidation, but excluding any sale of stock for capital raising purposes and any transaction effected primarily for purposes of
changing the Company’s jurisdiction of incorporation) other than a transaction or series of related transactions in which the holders of the voting securities of the Company outstanding immediately prior to such transaction or series of related
transactions retain, immediately after such transaction or series of transactions, as a result of shares in the Company held by such holders prior to such transaction or series of transactions, at least a majority of the total voting power
represented by the outstanding voting securities of the Company or such other surviving or resulting entity (or if the Company or such other surviving or resulting entity is a wholly-owned subsidiary immediately following such acquisition, its
parent), or (ii) a sale, lease or other disposition of all or substantially all of the assets of the Company and its subsidiaries taken as a whole by means of any transaction or series of related transactions, except where such sale, lease or
other disposition is to a wholly-owned subsidiary of the Company; or 

  
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 (c)    At the closing of a firm commitment underwritten initial public
offering pursuant to an effective registration statement filed under the Securities Act covering the offering and sale of the Company’s common stock (the “Company IPO”). 

9    No Rights as a Stockholder. Nothing contained herein shall entitle the Holder to any rights as a
stockholder of the Company or to be deemed the holder of any securities that may at any time be issuable on the exercise of the rights hereunder for any purpose nor shall anything contained herein be construed to confer upon the Holder, as such, any
right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any recapitalization, issuance of stock, reclassification of stock,
change of par value or change of stock to no par value, consolidation, merger, conveyance or otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or any other rights of a stockholder of the Company until the
rights under the Warrant shall have been exercised and the Shares purchasable upon exercise of the rights hereunder shall have become deliverable as provided herein. 

10    Market Stand-off. The Holder of this Warrant hereby agrees
that such Holder shall not sell or otherwise transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, of any common stock (or other securities)
of the Company held by the Holder (other than those included in the registration) during the one hundred eighty (180) day period following the effective date of the registration statement for the Company’s initial public offering filed
under the Securities Act (or such other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (i) the publication or other distribution of research reports and (ii) analyst recommendations
and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2241, or any successor provisions or amendments thereto). The obligations described in this section shall not apply to a registration relating solely to
employee benefit plans on Form S-l or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions and may stamp each certificate with a legend as substantially set forth in Section 5(e)
with respect to the shares of common stock (or other securities) subject to the foregoing restriction until the end of such one hundred eighty (180) day (or other) period. The Holder agrees to execute a market
stand-off agreement with the underwriters in the offering in customary form consistent with the provisions of this section. If there is a general release of the Company’s directors, officers or control
persons from a lock up agreement following the Company’s IPO, the Holder of this Warrant shall be released from this obligation at the same time that the Company’s directors, officers or control persons are released from such lock up
agreement. 
 11    Representations and Warranties of the Holder. By acceptance of this Warrant, the
Holder represents and warrants to the Company as follows: 
 (a)    No Registration. The Holder
understands that the Securities have not been registered under the Securities Act by reason of a specific exemption from the registration provisions of the Securities Act, the availability of which depends upon, among other things, the
bona fide nature of the investment intent and the accuracy of the Holder’s representations as expressed herein or otherwise made pursuant hereto. 

  
 - 11 - 

 (b)    Investment Intent. The Holder is acquiring the
Securities for investment for its own account, not as a nominee or agent, and not with a view to, or for resale in connection with, any distribution thereof. The Holder has no present intention of selling, granting any participation in, or otherwise
distributing the Securities, nor does it have any contract, undertaking, agreement or arrangement for the same. 

(c)    Investment Experience. The Holder has substantial experience in evaluating and investing in private
placement transactions of securities in companies similar to the Company, and has such knowledge and experience in financial or business matters so that it is capable of evaluating the merits and risks of its investment in the Company and protecting
its own interests. 
 (d)    Speculative Nature of Investment. The Holder understands and acknowledges
that its investment in the Company is highly speculative and involves substantial risks. The Holder can bear the economic risk of its investment and is able, without impairing its financial condition, to hold the Securities for an indefinite period
of time and to suffer a complete loss of its investment. 
 (e)    Access to Data. The Holder has had an
opportunity to ask questions of officers of the Company, which questions were answered to its satisfaction. The Holder believes that it has received all the information that it considers necessary or appropriate for deciding whether to acquire the
Securities. The Holder understands that any such discussions, as well as any information issued by the Company, were intended to describe certain aspects of the Company’s business and prospects, but were not necessarily a thorough or exhaustive
description. The Holder acknowledges that any business plans prepared by the Company have been, and continue to be, subject to change and that any projections included in such business plans or otherwise are necessarily speculative in nature, and it
can be expected that some or all of the assumptions underlying the projections will not materialize or will vary significantly from actual results. 

(f)    Accredited Investor. The Holder is an “accredited investor” within the meaning of
Regulation D, Rule 501(a), promulgated by the Securities and Exchange Commission and agrees to submit to the Company such further assurances of such status as may be reasonably requested by the Company. The Holder has furnished or made
available any and all information requested by the Company or otherwise necessary to satisfy any applicable verification requirements as to “accredited investor” status. Any such information is true, correct, timely and complete. 

(g)    Residency. The residency of the Holder (or, in the case of a partnership or corporation, such
entity’s principal place of business) is correctly set forth on the signature page hereto. 

(h)    Restrictions on Resales. The Holder acknowledges that the Securities must be held indefinitely unless
subsequently registered under the Securities Act or an exemption from such registration is available. The Holder is aware of the provisions of Rule 144 promulgated under the Securities Act, which permit resale of shares purchased in a private
placement subject to the satisfaction of certain conditions, which may include, among other things, the availability 

  
 - 12 - 

 
of certain current public information about the Company; the resale occurring not less than a specified period after a party has purchased and paid for the security to be sold; the number of
shares being sold during any three-month period not exceeding specified limitations; the sale being effected through a “broker’s transaction,” a transaction directly with a “market maker” or a “riskless principal
transaction” (as those terms are defined in the Securities Act or the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder); and the filing of a Form 144 notice, if applicable. The Holder
acknowledges and understands that the Company may not be satisfying the current public information requirement of Rule 144 at the time the Holder wishes to sell the Securities and that, in such event, the Holder may be precluded from selling
the Securities under Rule 144 even if the other applicable requirements of Rule 144 have been satisfied. The Holder acknowledges that, in the event the applicable requirements of Rule 144 are not met, registration under the Securities
Act or an exemption from registration will be required for any disposition of the Securities. The Holder understands that, although Rule 144 is not exclusive, the Securities and Exchange Commission has expressed its opinion that persons
proposing to sell restricted securities received in a private offering other than in a registered offering or pursuant to Rule 144 will have a substantial burden of proof in establishing that an exemption from registration is available for such
offers or sales and that such persons and the brokers who participate in the transactions do so at their own risk. 

(i)    No Public Market. The Holder understands and acknowledges that no public market now exists for any of
the securities issued by the Company and that the Company has made no assurances that a public market will ever exist for the Company’s securities. 

(j)    Brokers and Finders. The Holder has not engaged any brokers, finders or agents in connection with the
Securities, and the Company has not incurred nor will incur, directly or indirectly, as a result of any action taken by the Holder, any liability for brokerage or finders’ fees or agents’ commissions or any similar charges in connection
with the Securities. 
 (k)    Legal Counsel. The Holder has had the opportunity to review this Warrant,
the exhibits and schedules attached hereto and the transactions contemplated by this Warrant with its own legal counsel. The Holder is not relying on any statements or representations of the Company or its agents for legal advice with respect to
this investment or the transactions contemplated by this Warrant. 
 (l)    Tax Advisors. The Holder has
reviewed with its own tax advisors the U.S. federal, state and local and non-U.S. tax consequences of this investment and the transactions contemplated by this Warrant. With respect to such matters, the
Holder relies solely on any such advisors and not on any statements or representations of the Company or any of its agents, written or oral. The Holder understands that it (and not the Company) shall be responsible for its own tax liability that may
arise as a result of this investment and the transactions contemplated by this Warrant. 
 (m)    No “Bad
Actor” Disqualification. Neither (i) the Holder, (ii) any of its directors, executive officers, other officers that may serve as a director or officer of any company in which it invests, general partners or managing members,
nor (iii) any beneficial owner of any of the Company’s voting equity securities (in accordance with Rule 506(d) of the Securities Act) held by the Holder is subject to any of the “bad actor” disqualifications described in

  
 - 13 - 

 
Rule 506(d)(1)(i) through (viii) under the Securities Act, except as set forth in Rule 506(d)(2)(ii) or (iii) or (d)(3) under the Securities Act and disclosed, reasonably in
advance of the acceptance of this Warrant, in writing in reasonable detail to the Company. 

12    Miscellaneous. 

(a)    Amendments. Except as expressly provided herein, neither this Warrant nor any term hereof may be
amended, waived, discharged or terminated other than by a written instrument referencing this Warrant and signed by the Company and the Holder of this Warrant. 

(b)    Waivers. No waiver of any single breach or default shall be deemed a waiver of any other breach or
default theretofore or thereafter occurring. 
 (c)    Notices. All notices and other communications
required or permitted hereunder shall be in writing and shall be mailed by registered or certified mail, postage prepaid, sent by facsimile or electronic mail (if to the Holder) or otherwise delivered by hand, messenger or courier service addressed:

 (i)    if to the Holder, to the Holder at the Holder’s address, facsimile number or electronic mail address as
shown in the Company’s records, as may be updated in accordance with the provisions hereof, or until any such Holder so furnishes an address, facsimile number or electronic mail address to the Company, then to and at the address, facsimile
number or electronic mail address of the last holder of this Warrant for which the Company has contact information in its records; or 

(ii)    if to the Company, to the attention of the President or Chief Financial Officer of the Company at the
Company’s address as shown on the signature page hereto, or at such other current address as the Company shall have furnished to the Holder, with a copy (which shall not constitute notice) to Philip H. Oettinger, Wilson Sonsini
Goodrich & Rosati, P.C., 650 Page Mill Road, Palo Alto, CA 94304. 
 Each such notice or other communication shall for all purposes
of this Warrant be treated as effective or having been given (i) if delivered by hand, messenger or courier service, when delivered (or if sent via a nationally-recognized overnight courier service, freight prepaid, specifying next-business-day delivery, one business day after deposit with the courier), or (ii) if sent via mail, at the earlier of its receipt or five days after the same has been deposited in a regularly-maintained
receptacle for the deposit of the United States mail, addressed and mailed as aforesaid, or (iii) if sent via facsimile, upon confirmation of facsimile transfer or, if sent via electronic mail, upon confirmation of delivery when directed to the
relevant electronic mail address, if sent during normal business hours of the recipient, or if not sent during normal business hours of the recipient, then on the recipient’s next business day. In the event of any conflict between the
Company’s books and records and this Warrant or any notice delivered hereunder, the Company’s books and records will control absent fraud or error. 

(d)    Governing Law. This Warrant and all actions arising out of or in connection with this Warrant shall
be governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law provisions of the State of Delaware, or of any other state. 

  
 - 14 - 

 (e)    Jurisdiction and Venue. Each of the Holder and the
Company irrevocably consents to the non-exclusive jurisdiction and venue of any court within Santa Clara County, State of California, in connection with any matter based upon or arising out of this Warrant or
the matters contemplated herein, and agrees that process may be served upon them in any manner authorized by the laws of the State of California for such persons. 

(f)    Titles and Subtitles. The titles and subtitles used in this Warrant are used for convenience only and
are not to be considered in construing or interpreting this Warrant. All references in this Warrant to sections, paragraphs and exhibits shall, unless otherwise provided, refer to sections and paragraphs hereof and exhibits attached hereto. 

(g)    Severability. If any provision of this Warrant becomes or is declared by a court of competent
jurisdiction to be illegal, unenforceable or void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Warrant, and such illegal, unenforceable or void provision shall be replaced with a
valid and enforceable provision that will achieve, to the extent possible,    the same economic, business and other purposes of the illegal, unenforceable or void provision. The balance of this Warrant shall be enforceable in
accordance with its terms. 
 (h)    Waiver of Jury Trial. EACH OF THE HOLDER AND THE COMPANY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATED TO THIS WARRANT. If the waiver of jury trial set forth in this paragraph
is not enforceable, then any claim or cause of action arising out of or relating to this Warrant shall be settled by judicial reference pursuant to California Code of Civil Procedure Section 638 et seq. before a referee sitting without a
jury, such referee to be mutually acceptable to the parties or, if no agreement is reached, by a referee appointed by the Presiding Judge of the California Superior Court for Santa Clara County. This paragraph shall not restrict the Holder or the
Company from exercising remedies under the Uniform Commercial Code or from exercising pre-judgment remedies under applicable law. 

(i)    California Corporate Securities Law. THE SALE OF THE SECURITIES THAT ARE THE SUBJECT OF THIS WARRANT
HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO SUCH QUALIFICATION IS UNLAWFUL, UNLESS THE SALE
OF SECURITIES IS EXEMPT FROM QUALIFICATION BY SECTION 25100, 25102, OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS WARRANT ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO
EXEMPT. 
 (j)    Saturdays, Sundays and Holidays. If the last or appointed day for the taking of any
action or the expiration of any right required or granted herein shall be a Saturday, Sunday or U.S. federal holiday, then such action may be taken or such right may be exercised on the next succeeding day that is not a Saturday, Sunday or
U.S. federal holiday. 

  
 - 15 - 

 (k)    Rights and Obligations Survive Exercise of the
Warrant. Except as otherwise provided herein, the rights and obligations of the Company and the Holder under this Warrant shall survive exercise of this Warrant. 

(l)    Entire Agreement. Except as expressly set forth herein, this Warrant (including the exhibits attached
hereto) constitutes the entire agreement and understanding of the Company and the Holder with respect to the subject matter hereof and supersede all prior agreements and understandings relating to the subject matter hereof. 

(signature page follows) 

  
 - 16 - 

 The Company and the Holder sign this Warrant as
of the date stated on the first page. 
  

			
	OUTSET MEDICAL, INC.
		
	By:	 	
                     
                                         
   

	Name:	 	
	Title:	 	
	
	Address:
	
	1830 Bering Drive
	San Jose, CA 95112
	Attention: Chief Financial Officer

  

[Signature Page to Warrant to Purchase Shares of Series C Preferred Stock of Outset Medical, Inc.]

			
	AGREED AND ACKNOWLEDGED,
		
	By:	 	
                     
                                        

	Name:	 	
	Title:	 	
		
	By:	 	
                     
                                        

	Name:	 	
	Title:	 	
		
	Address:	 	

  
 [Signature Page to
Warrant to Purchase Shares of Series C Preferred Stock of Outset Medical, Inc.] 

 EXHIBIT A 

NOTICE OF EXERCISE 

TO:    OUTSET MEDICAL, INC. (the “Company”) 

Attention:    President 
  

	(1)	 Exercise. The undersigned elects to purchase the following pursuant to the terms of the attached
warrant: 

  

	 	Number	
of shares:                    
                                         
                                         
                                         
                                         
      

  

	 	Type	
of security:                    
                                         
                                         
                                         
                                         
      

  

	(2)	 Method of Exercise. The undersigned elects to exercise the attached warrant pursuant to:

  

			
	☐	  	A cash payment, and tenders herewith payment of the purchase price for such shares in full, together with all applicable transfer taxes, if any.
		
	☐	  	The net issue exercise provisions of Section 2(b) of the attached warrant.

  

	(3)	 Conditional Exercise. Is this a conditional exercise pursuant to Section 2(e):

  

	 	☐    Yes    ☐    No	 

If “Yes,” indicate the applicable condition: 
  

                       
                                         
                                         
                                         
                                         
                                  

 

	(4)	 Stock Certificate. Please issue a certificate or certificates representing the shares in the name of:

  

					
	☐	  	The undersigned	 	
			
	☐	  	Other—Name:	 	  

			
		  	Address:	 	  

			
		  		 	  

  

	(5)	 Unexercised Portion of the Warrant. Please issue a new warrant for the unexercised portion of the
attached warrant in the name of: 

  

					
	☐	  	The undersigned	 	
			
	☐	  	Other—Name:	 	
		  	
                      
                                         
                                         
                                         
                                         
              

			
		  	Address:	 	
                     
                                         
                                         
                  

			
		  		 	
                  
                                         
                                         
                                         

			
	☐	  	Not applicable	 	

  
 A-1 

	(6)	 Investment Intent. The undersigned represents and warrants that the aforesaid shares are being acquired
for investment for its own account, not as a nominee or agent, and not with a view to, or for resale in connection with, the distribution thereof, and that the undersigned has no present intention of selling, granting any participation in, or
otherwise distributing the shares, nor does it have any contract, undertaking, agreement or arrangement for the same, and all representations and warranties of the undersigned set forth in Section 11 of the attached warrant are true and correct
as of the date hereof. 

  

	(7)	 Investment Representation Statement and Market Stand-Off
Agreement. The undersigned has executed, and delivers herewith, an Investment Representation Statement and Market Stand-Off Agreement in a form substantially similar to the form attached to the warrant as
Exhibit A-1. 

  

	(8)	 Consent to Receipt of Electronic Notice. Subject to the limitations set forth in Delaware General
Corporation Law §232(e), the undersigned consents to the delivery of any notice to stockholders given by the Company under the Delaware General Corporation Law or the Company’s certificate of incorporation or bylaws by (i) facsimile
telecommunication to the facsimile number provided below (or to any other facsimile number for the undersigned in the Company’s records), (ii) electronic mail to the electronic mail address provided below (or to any other electronic mail
address for the undersigned in the Company’s records), (iii) posting on an electronic network together with separate notice to the undersigned of such specific posting or (iv) any other form of electronic transmission (as defined in the
Delaware General Corporation Law) directed to the undersigned. This consent may be revoked by the undersigned by written notice to the Company and may be deemed revoked in the circumstances specified in Delaware General Corporation Law §232.

  

	
	  

	(Print name of the warrant holder)
	
	  

	(Signature)
	
	  

	(Name and title of signatory, if applicable)
	
	  

	(Date)
	
	  

	(Fax number)
	
	  

	(Email address)

  
 (Signature page to
the Notice of Exercise) 
 A-2 

 EXHIBIT A-l 

INVESTMENT REPRESENTATION STATEMENT 

AND 
 MARKET STAND-OFF AGREEMENT 
  

			
	INVESTOR:	  	  

		
	COMPANY:	  	OUTSET MEDICAL, INC.
		
	SECURITIES: 	  	THE WARRANT ISSUED ON JUNE 30, 2017 (THE “WARRANT”) AND THE SECURITIES ISSUED OR ISSUABLE UPON EXERCISE THEREOF (INCLUDING UPON SUBSEQUENT CONVERSION OF THOSE SECURITIES)
		
	DATE:	  	                    

 In connection with the purchase or acquisition of the above-listed Securities, the undersigned Investor
represents and warrants to, and agrees with, the Company as follows: 
 1.    No Registration. The Investor
understands that the Securities have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), by reason of a specific exemption from the registration provisions of the Securities Act, the
availability of which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Investor’s representations as expressed herein or otherwise made pursuant hereto. 

2.    Investment Intent. The Investor is acquiring the Securities for investment for its own account, not as a
nominee or agent, and not with a view to, or for resale in connection with, any distribution thereof. The Investor has no present intention of selling, granting any participation in, or otherwise distributing the Securities, nor does it have any
contract, undertaking, agreement or arrangement for the same. 
 3.    Investment Experience. The Investor has
substantial experience in evaluating and investing in private placement transactions of securities in companies similar to the Company, and has such knowledge and experience in financial or business matters so that it is capable of evaluating the
merits and risks of its investment in the Company and protecting its own interests. 
 4.    Speculative Nature of
Investment. The Investor understands and acknowledges that its investment in the Company is highly speculative and involves substantial risks. The Investor can bear the economic risk of its investment and is able, without impairing its financial
condition, to hold the Securities for an indefinite period of time and to suffer a complete loss of its investment. 

5.    Access to Data. The Investor has had an opportunity to ask questions of officers of the Company, which
questions were answered to its satisfaction. The Investor believes that it has received all the information that it considers necessary or appropriate for deciding whether to acquire the Securities. The Investor understands that any such
discussions, as well as any information issued by the Company, were intended to describe certain aspects of the Company’s 

  
 A-1-1 

 
business and prospects, but were not necessarily a thorough or exhaustive description. The Investor acknowledges that any business plans prepared by the Company have been, and continue to be,
subject to change and that any projections included in such business plans or otherwise are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying the projections will not materialize or will vary
significantly from actual results. 
 6.    Accredited Investor. The Investor is an “accredited
investor” within the meaning of Regulation D, Rule 501(a), promulgated by the Securities and Exchange Commission and agrees to submit to the Company such further assurances of such status as may be reasonably requested by the Company. The
Investor has furnished or made available any and all information requested by the Company or otherwise necessary to satisfy any applicable verification requirements as to “accredited investor” status. Any such information is true, correct,
timely and complete. 
 7.    Residency. The residency of the Investor (or, in the case of a partnership or
corporation, such entity’s principal place of business) is correctly set forth on the signature page hereto. 

8.    Restrictions on Resales. The Investor acknowledges that the Securities must be held indefinitely unless
subsequently registered under the Securities Act or an exemption from such registration is available. The Investor is aware of the provisions of Rule 144 promulgated under the Securities Act, which permit resale of shares purchased in a private
placement subject to the satisfaction of certain conditions, which may include, among other things, the availability of certain current public information about the Company; the resale occurring not less than a specified period after a party has
purchased and paid for the security to be sold; the number of shares being sold during any three-month period not exceeding specified limitations; the sale being effected through a “broker’s transaction,” a transaction directly with a
“market maker” or a “riskless principal transaction” (as those terms are defined in the Securities Act or the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder); and the filing of a
Form 144 notice, if applicable. The Investor acknowledges and understands that the Company may not be satisfying the current public information requirement of Rule 144 at the time the Investor wishes to sell the Securities and that, in
such event, the Investor may be precluded from selling the Securities under Rule 144 even if the other applicable requirements of Rule 144 have been satisfied. The Investor understands and acknowledges that, in the event the applicable
requirements of Rule 144 are not met, registration under the Securities Act or an exemption from registration will be required for any disposition of the Securities. The Investor understands that, although Rule 144 is not exclusive, the
Securities and Exchange Commission has expressed its opinion that persons proposing to sell restricted securities received in a private offering other than in a registered offering or pursuant to Rule 144 will have a substantial burden of proof
in establishing that an exemption from registration is available for those offers or sales and that those persons and the brokers who participate in the transactions do so at their own risk. 

9.    No Public Market. The Holder understands and acknowledges that no public market now exists for any of the
securities issued by the Company and that the Company has made no assurances that a public market will ever exist for the Company’s securities. 

  
 A-1-2 

 10.    Brokers and Finders. The Investor has not engaged any
brokers, finders or agents in connection with the Securities, and the Company has not incurred nor will incur, directly or indirectly, as a result of any action taken by the Investor, any liability for brokerage or finders’ fees or agents’
commissions or any similar charges in connection with the Securities. 
 11.    Legal Counsel. The Investor has
had the opportunity to review the Warrant, the exhibits and schedules attached thereto and the transactions contemplated by the Warrant with its own legal counsel. The Investor is not relying on any statements or representations of the Company or
its agents for legal advice with respect to this investment or the transactions contemplated by the Warrant. 

12.    Tax Advisors. The Investor has reviewed with its own tax advisors the U.S. federal, state and local and
non-U.S. tax consequences of this investment and the transactions contemplated by the Warrant. With respect to such matters, the Investor relies solely on such advisors and not on any statements or
representations of the Company or any of its agents, written or oral. The Investor understands that it (and not the Company) shall be responsible for its own tax liability that may arise as a result of this investment or the transactions
contemplated by the Warrant. 
 13.    Market Stand-off. The Investor
agrees that the Investor shall not sell or otherwise transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, of any common stock (or other
securities) of the Company held by the Investor (other than those included in the registration) during the one hundred eighty (180) day period following the effective date of the registration statement for the Company’s initial public
offering filed under the Securities Act (or such other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (i) the publication or other distribution of research reports and (ii) analyst
recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2241, or any successor provisions or amendments thereto). The obligations described in this section shall not apply to a registration relating
solely to employee benefit plans on Form S-l or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a
transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions and may stamp each certificate with a legend with respect to the shares of
common stock (or other securities) subject to the foregoing restriction until the end of such one hundred eighty (180) day (or other) period. The Investor agrees to execute a market stand-off agreement
with the relevant underwriters in customary form consistent with the provisions of this section. If there is a general release of the Company’s directors, officers or control persons from a lock up agreement following the Company’s IPO,
the Investor shall be released from this obligation at the same time that the Company’s directors, officers or control persons are released from such lock-up agreement. 

14.    No “Bad Actor” Disqualification. Neither (i) the Investor, (ii) any of its directors,
executive officers, other officers that may serve as a director or officer of any company in which it invests, general partners or managing members, nor (iii) any beneficial owner of any of the Company’s voting equity securities (in
accordance with Rule 506(d) of the Securities Act) held by the Investor is subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i) through (viii) under the Securities Act, except as set forth in
Rule 506(d)(2)(ii) or (iii) or (d)(3) under the Securities Act and disclosed, reasonably in advance of the purchase or acquisition of the Securities, in writing in reasonable detail to the Company. 

  
 A-1-3 

 (signature page follows) 

  
 A-1-4 

 The Investor is signing this Investment Representation Statement and Market Stand-Off Agreement on the date first written above. 
  

	
	INVESTOR
	
	  

	(Print name of the investor)
	
	  

	(Signature)
	
	  

	(Name and title of signatory, if applicable)
	
	  

	(Street address)
	
	  

	(City, state and ZIP)

  
 A-1-5 

 EXHIBIT B 

ASSIGNMENT FORM 
  

			
	ASSIGNOR:	  	  

		
	COMPANY:	  	OUTSET MEDICAL, INC.
		
	WARRANT:	  	THE WARRANT TO PURCHASE SHARES OF SERIES C PREFERRED STOCK ISSUED ON JUNE 30, 2017 (THE “WARRANT”)
		
	 DATE:
	  	                    

  

	(1)	 Assignment. The undersigned registered holder of the Warrant (“Assignor”)
assigns and transfers to the assignee named below (“Assignee”) all of the rights of Assignor under the Warrant, with respect to the number of shares set forth below: 

 

			
		  	Name of Assignee:                                 
                                         
                                         
                                         
                                         

		
		  	Address of Assignee:                                 
                                         
                                         
                                         
                                     
		
		  	Number of Shares Assigned:
                                         
                                         
                                         
                                         
                

 and does irrevocably constitute and appoint
                     as attorney to make such transfer on the books of OUTSET MEDICAL, INC., maintained for the purpose, with full power of
substitution in the premises. 
  

	(2)	 Obligations of Assignee. Assignee agrees to take and hold the Warrant and any shares of stock to be
issued upon exercise of the rights thereunder (and any shares issuable upon conversion thereof) (the “Securities”) subject to, and to be bound by, the terms and conditions set forth in the Warrant to the same extent as if
Assignee were the original holder thereof. 

  

	(3)	 Investment Intent. Assignee represents and warrants that the Securities are being acquired for
investment for its own account, not as a nominee or agent, and not with a view to, or for resale in connection with, the distribution thereof, and that Assignee has no present intention of selling, granting any participation in, or otherwise
distributing the shares, nor does it have any contract, undertaking, agreement or arrangement for the same, and all representations and warranties set forth in Section 11 of the Warrant are true and correct as to Assignee as of the date hereof.

  

	(4)	 Investment Representation Statement and Market Stand-Off
Agreement. Assignee has executed, and delivers herewith, an Investment Representation Statement and Market Stand-Off Agreement in a form substantially similar to the form attached to the Warrant as Exhibit
A-1. 

  

	(5)	 No “Bad Actor” Disqualification. Neither (i) Assignee, (ii) any of its directors,
executive officers, other officers that may serve as a director or officer of any company in which it 

  
 B-1 

	 	
invests, general partners or managing members, nor (iii) any beneficial owner of any of the Company’s securities held or to be held by Assignee is subject to any of the “bad
actor” disqualifications described in Rule 506(d)(1)(i) through (viii) under the Securities Act of 1933, as amended (the “Securities Act”), except as set forth in Rule 506(d)(2)(ii) or (iii) or (d)(3)
under the Securities Act and disclosed, reasonably in advance of the transfer of the Securities, in writing in reasonable detail to the Company. 

Assignor and Assignee are signing this Assignment Form on the date first set forth above. 

 

			
	ASSIGNOR	  	ASSIGNEE
		
	  
	  	  

	(Print name of Assignor)	  	(Print name of Assignee)
		
	  
	  	  

	(Signature of Assignor)	  	(Signature of Assignee)
		
	  
	  	  

	(Print name of signatory, if applicable)	  	(Print name of signatory, if applicable)
		
	  
	  	  

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 B-2EX-10.2

 Exhibit 10.2 

OUTSET MEDICAL, INC. 

AMENDED AND RESTATED 

2010 STOCK INCENTIVE PLAN 

(as amended and restated on this 16th day of June 2014 and further amended on the 18th day of April 2017 and on the 3rd day of
November 2018) 
 1.    PURPOSE. 

The purpose of the Plan is to assist the Company in attracting, retaining, motivating and rewarding Eligible Persons, and promoting the
creation of long-term value for stockholders of the Company by closely aligning the interests of Participants with those of such stockholders. The Plan authorizes the award of Stock-based incentives to Eligible Persons to encourage such persons to
expend their maximum efforts in the creation of stockholder value. 
 2.    DEFINITIONS. 

For purposes of the Plan, the following terms shall be defined as set forth below: 

(a)    “Award” means any Option, Restricted Stock, or other Stock-based award granted under the Plan.

 (b)    “Board” means the Board of Directors of the Company. 

(c)    “Cause” means, in the absence of a Participant Agreement otherwise defining Cause, (i) a
Participant’s conviction of or indictment for any crime (A) constituting a felony, or (B) that has, or could reasonably be expected to result in, an adverse impact on the performance of Participant’s duties to the Employer, or
otherwise has, or could reasonably be expected to result in, an adverse impact to the business or reputation of the Company or any other member of the Company Group; (ii) conduct of a Participant, in connection with his or her employment or
service, that has, or could reasonably be expected to result in, material injury to the business or reputation of the Company or any other member of the Company Group; (iii) any material violation of the policies of the Employer, including, but
not limited to those relating to sexual harassment, the disclosure or misuse of confidential information, or those set forth in the manuals or statements of policy of the Employer; or (iv) willful neglect in the performance of a
Participant’s duties for the Employer or willful or repeated failure or refusal to perform such duties; provided, however, that if, subsequent to the Participant’s Termination (whether voluntary or involuntary) other than for
Cause, it is discovered that the Participant’s employment could have been terminated for Cause, such Participant’s employment shall be deemed to have been terminated for Cause for all purposes under this Plan. In the event there is a
Participant Agreement defining Cause, “Cause” shall have the meaning provided in such agreement, and a Termination by the Employer for Cause hereunder shall not be deemed to have occurred unless all applicable notice and cure
periods in such Participant Agreement are complied with. 
 (d)    “Change in Control” means (i) a
change in ownership or control of the Company effected through a transaction or series of transactions (other than an offering of Stock to the general public through a registration statement filed with the Securities and Exchange Commission) whereby
any Person or Group directly or indirectly acquires “beneficial ownership” 

 
(within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more than fifty percent (50%) of the total combined
voting power of the Company’s securities outstanding immediately after such acquisition and pursuant to which the Investors cease to control the Board; or (ii) the sale or disposition, in one or a series of related transactions, of all or
substantially all of the assets of the Company to any Person or Group. 
 (e)    “Code” means the
Internal Revenue Code of 1986, as amended from time to time, including regulations thereunder and successor provisions and regulations thereto. 

(f)    “Committee” means the Board or such other committee appointed by the Board consisting of two or
more individuals. 
 (g)    “Company” means Outset Medical, Inc., a Delaware corporation. 

(h)    “Company Group” means the Company, together with any direct or indirect subsidiary of the Company.

 (i)    “Company Securities” means equity securities of the Company acquired by the Investors from
time to time. 
 (j)    “Competitive Activity” means, with respect to any Participant, any activity
reasonably determined by the Committee to be competitive with the business of the Employer of the Participant. If a Participant is a party to an effective employment or other agreement with the Employer that contains covenants relating to
confidential information, restrictions on competition, interference, and/or solicitation, or other similar restrictions on the Participant’s conduct, “Competitive Activity” with respect to such Participant shall be limited to the
breach of such restrictive covenants by such Participant. 
 (k)    “Disability” means, in the absence
of a Participant Agreement otherwise defining Disability, the permanent and total disability of such Participant within the meaning of Section 22(e)(3) of the Code. In the event there is a Participant Agreement between a Participant and the
Employer defining Disability, “Disability” shall have the meaning provided in such Participant Agreement, and a Termination by reason of a Disability hereunder shall not be deemed to have occurred unless all applicable notice periods in
such Participant Agreement are complied with. 
 (l)    “Drag-Along Notice” has the meaning set forth
in Section 8(b) below. 
 (m)    “Drag-Along Right” has the meaning set forth in Section 8(b)
below. 
 (n)    “Effective Date” means February 22, 2010. 

(o)    “Eligible Person” means (i) each employee of the Company or any other member of the Company
Group, including each such person who may also be a director of the Company and/or any other member of the Company Group, (ii) each non-employee director of the Company or any other member of the Company
Group, (iii) each other person or entity that provides substantial services to the Company and/or any other member of the Company Group and who is designated as eligible by the Committee, and (iv) any person who has been offered

  
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employment by the Company or any other member of the Company Group; provided, that such prospective employee may not receive any payment or exercise any right relating to an Award until
such person has commenced employment with the Company or any other member of the Company Group. An employee on an approved leave of absence may be considered to remain in the employ of the Company or any applicable member of the Company Group for
purposes of eligibility for participation in the Plan. 
 (p)    “Employer” means, with respect to a
Participant, member of the Company Group at which the Participant (determined without regard to any transfer of an Award) is principally employed or to which such participant provides services, as applicable. 

(q)    “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, including
rules thereunder and successor provisions and rules thereto. 
 (r)    “Expiration Date” means the date
upon which the term of an Option expires, as determined under Section 5(b) hereof. 
 (s)    “Fair Market
Value” means, as of any date when the Stock is listed on one or more national securities exchanges, the closing price reported on the principal national securities exchange on which such Stock is listed and traded on the date of
determination, or if there is no such closing price reported on that date, then on the last preceding date on which such a closing price was reported. If the Stock is not listed on a national securities exchange, or representative quotes are not
otherwise available, Fair Market Value means the amount determined by the Board in good faith to be the fair market value of the Stock, calculated in a manner consistent with Section 409A of the Code. 

(t)    “Investors” means, collectively, the Vertical Investors and the Warburg Investors. 

(u)    “IPO” means an initial public offering of the Stock registered under the Securities Act pursuant
to an effective registration statement. 
 (v)    “IPO Date” means the effective date of the
registration statement for the IPO. 
 (w)    “Lock-Up Period”
has the meaning set forth in Section 8(a) below. 
 (x)    “Majority in Interest of the Investors”
means, at any point in time, the Investors owning, in the aggregate, more than fifty percent (50%) of the Stock owned by all the Investors at such time (calculated on a fully diluted basis, assuming the conversion of all securities convertible into
Stock and the exercise of all options and warrants then exercisable for Stock). 
 (y)    “Option”
means a conditional right, granted to a Participant under Section 5 hereof, to purchase Stock at a specified price during specified time periods. Options under the Plan are not intended to qualify as “incentive stock options” meeting
the requirements of Section 422 of the Code. 

  
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 (z)    “Option Agreement” means a written agreement
between the Company and a Participant evidencing the terms and conditions of an individual Option grant. 

(aa)    “Participant” means an Eligible Person who has been granted an Award under the Plan, or if
applicable, such other person or entity who holds an Award. 
 (bb)    “Participant Agreement” means an
employment or services agreement between a Participant and the Employer, which describes the terms and conditions of such Participant’s employment or service with the Employer, and is effective on the applicable date of grant with respect to
any Award. 
 (cc)    “Permitted Transfer” means any transfer by a Participant of all or any portion of
his shares of Stock (or Options, for purposes of Section 5(f) below) to (i) any trust established for the sole benefit of such Participant or such Participant’s spouse or direct lineal descendants, provided such Participant is
the trustee of such trust, (ii) any other entity (including an Individual Retirement Account or similar investment account) in which the direct and beneficial owner of all voting securities of such entity is held by such Participant, or
(iii) such Participant’s heirs, executors, administrators, or personal representatives upon the death, incompetency, or Disability of such Participant. 

(dd)    “Person or Group” means any “person” (as defined in Section 3(a)(9) of the
Exchange Act) or any two or more persons deemed to be one “person” (as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act), in each case, other than the Investors, any member of the Company Group, or an employee benefit plan
maintained by any member of the Company Group. 
 (ee)    “Plan” means this Outset Medical, Inc. 2010
Stock Incentive Plan, as may be amended from time to time. 
 (ff)    “Prime Rate” means the rate from
time to time published in the “Money Rates” section of The Wall Street Journal as being the “Prime Rate” (or, if more than one rate is published as the Prime Rate, then the highest of such rates). 

(gg)    “Prior Plan” has the meaning set forth in Section 4(a) below. 

(hh)    “Prohibition Event” has the meaning set forth in Section 9(d) below. 

(ii)    “Repurchase Price” means: 

(i)    on or following a Participant’s Termination other than by the Employer for Cause, an amount
equal to the Fair Market Value of the Stock on the date of repurchase; or 
 (ii)    on or following a
Participant’s Termination by the Employer for Cause, the lesser of (A) the original purchase price paid for such shares of Stock, and (B) the Fair Market Value of the Stock on the date of repurchase; provided, however,
if (x) such Termination occurs after the ten (10) year anniversary of the date of grant of the Award to which the shares of Stock subject to the Repurchase Right relate, and (y) the 

  
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Award to which the shares of Stock subject to the Repurchase Right relate is a “stock right” within the meaning of Section 409A of the Code, the Repurchase Price shall instead be
the Fair Market Value of the Stock on the date of repurchase. 
 (jj)    “Repurchase Right” has the
meaning set forth in Section 9 below. 
 (kk)    “Repurchase Right Exercise Period” means the
period commencing on the date of the Participant’s Termination with the Employer for any reason and ending on the earlier to occur of (i) the IPO Date and (ii) the twelve (12) month anniversary of the date of such Termination, or
if later, the twelve (12) month anniversary of the date the applicable shares of Stock were acquired upon the exercise of an Option or other Award requiring exercise. 

(ll)    “Repurchase Right Lapse Date” means the earlier to occur of (i) the IPO Date and (ii) a
Change in Control resulting in the Stock’s being listed on a national securities exchange. 

(mm)    “Restricted Stock” means Stock granted to a Participant under Section 6 hereof that is
subject to certain restrictions and to a risk of forfeiture. 
 (nn)    “Restricted Stock Agreement”
means a written agreement between the Company and a Participant evidencing the terms and conditions of an individual Restricted Stock grant. 

(oo)    “Securities Act” means the Securities Act of 1933, as amended from time to time, including rules
thereunder and successor provisions and rules thereto. 
 (pp)    “Selling Investors” has the meaning
set forth in Section 8(b) below. 
 (qq)    “Stock” means the Company’s common stock, $0.001
par value, and such other securities as may be substituted for Stock pursuant to Section 11 hereof. 

(rr)    “Subject Shares” has the meaning set forth in Section 8(b) below. 

(ss)    “Termination” means the termination of a Participant’s employment or service, as applicable,
with the Employer; provided, however, that if so determined by the Committee at the time of any change in status in relation to the Employer (e.g., a Participant ceases to be an employee and begins providing services as a
consultant, or vice versa), such change in status will be not deemed to be a Termination hereunder. Unless otherwise determined by the Committee, in the event that any Employer ceases to be a member of the Company Group (by reason of sale,
divesture, spin-off, or other similar transaction), unless a Participant’s employment or service is transferred to another entity that would constitute an Employer immediately following such transaction,
any Participants employed by or providing services to such former Employer shall be deemed to have a Termination hereunder as of the date of the consummation of such transaction. 

(tt)    “Vertical Investors” means Vertical Fund I L.P., Vertical Fund II L.P., and any other investment
fund managed by or affiliated with the Vertical Group. 

  
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 (uu)    “Warburg Investors” means Warburg Pincus
Private Equity X, L.P., together with any other investment fund managed by or affiliated with Warburg Pincus & Co. 

3.    ADMINISTRATION. 

(a)    Authority of the Committee. Except as otherwise provided below, the Plan shall be administered by the
Committee. The Committee shall have full and final authority, in each case subject to and consistent with the provisions of the Plan, to (i) select Eligible Persons to become Participants, (ii) grant Awards, (iii) determine the type,
number of shares of Stock subject to, and other terms and conditions of, and all other matters relating to, Awards, (iv) prescribe Award agreements (which need not be identical for each Participant) and rules and regulations for the
administration of the Plan, (v) construe and interpret the Plan and Award agreements and correct defects, supply omissions, or reconcile inconsistencies therein, (vi) suspend the right to exercise Awards during any period that the
Committee deems appropriate to comply with applicable securities laws, and thereafter extend the exercise period of an Award by an equivalent period of time, and (vii) make all other decisions and determinations as the Committee may deem
necessary or advisable for the administration of the Plan. Any action of the Committee shall be final, conclusive, and binding on all persons, including, without limitation, each member of the Company Group, Eligible Persons, Participants, and
beneficiaries of Participants. 
 (b)    Delegation. To the extent permitted by applicable law, the Committee may
delegate to officers or employees of any member of the Company Group, or committees thereof, the authority, subject to such terms as the Committee shall determine, to perform such functions, including but not limited to administrative functions, as
the Committee may determine appropriate. The Committee may appoint agents to assist it in administering the Plan. Notwithstanding the foregoing or any other provision of the Plan to the contrary, any Award granted under the Plan to any person or
entity who is not an employee of the Company or any other member of the Company Group shall be expressly approved by the Committee. 

(c)    Section 409A. The Committee shall take into account compliance with Section 409A of
the Code in connection with any grant of an Award under the Plan, to the extent applicable. 

4.    SHARES AVAILABLE UNDER THE PLAN.

 (a)    Number of Shares Available for Delivery. Subject to adjustment as provided in Section 11 hereof,
the total number of shares of Stock reserved and available for delivery in connection with Awards under the Plan shall be 36,211,974 plus the number of additional shares of Stock reserved for issuance pursuant to Section 11 hereof. 

Shares of Stock delivered under the Plan shall consist of authorized and unissued shares or, to the extent authorized, previously issued shares of Stock
reacquired by the Company on the open market or by private purchase. 
 (b)    Share Counting Rules. The
Committee may adopt reasonable counting procedures to ensure appropriate counting, avoid double counting (as, for example, in the case of tandem or substitute awards) and make adjustments if the number of shares of Stock actually delivered differs
from the number of shares previously counted in connection with an Award. To 

  
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the extent that an Award expires or is canceled, forfeited, settled in cash, or otherwise terminated or concluded without a delivery to the Participant of the full number of shares to which the
Award related, the undelivered shares will again be available for grant. Shares withheld in payment of the exercise price or taxes relating to an Award and shares equal to the number surrendered in payment of any exercise price or taxes relating to
an Award shall be deemed to constitute shares not delivered to the Participant and shall be deemed to again be available for Awards under the Plan. 

5.    OPTIONS. 

(a)    General. Options may be granted to Eligible Persons in such form and having such terms and conditions as the
Committee shall deem appropriate. The provisions of separate Options shall be set forth in an Option Agreement, which agreements need not be identical. 

(b)    Term. The term of each Option shall be set by the Committee at the time of grant; provided,
however, that no Option granted hereunder shall be exercisable after the expiration of ten (10) years from the date it was granted. 

(c)    Exercise Price. The exercise price per share of Stock for each Option shall be set by the Committee at the
time of grant; provided, however, that if an Option is intended to not be considered “nonqualified deferred compensation” within the meaning of Section 409A of the Code, the applicable exercise price shall not be less
than the Fair Market Value on the date of grant. 
 (d)    Payment for Stock. Payment for shares of Stock
acquired pursuant to Options granted hereunder shall be made in full upon exercise of the Options in a manner approved by the Committee, which may include either (i) in immediately available funds in United States dollars, or by certified or
bank cashier’s check, (ii) by delivery of a notice of “net exercise” to the Company, pursuant to which the Participant shall receive the number of shares of Stock underlying the Options so exercised reduced by the number of
shares of Stock equal to the aggregate exercise price of the Options divided by the Fair Market Value on the date of exercise, (iii) by delivery of shares of Stock having a Fair Market Value equal to the exercise price, or (iv) by any
other means approved by the Committee. Anything herein to the contrary notwithstanding, if the Committee determines that any form of payment available hereunder would be in violation of Section 402 of the Sarbanes-Oxley Act of 2002, such form
of payment shall not be available on or following the IPO Date. 
 (e)    Vesting. Options shall vest and become
exercisable in such manner, on such date or dates, or upon the achievement of performance or other conditions, in each case, as may be determined by the Committee and set forth in the Option Agreement; provided, however, that
notwithstanding any such vesting dates, the Committee may in its sole discretion accelerate the vesting of any Option, which acceleration shall not affect the terms and conditions of any such Option other than with respect to vesting. Unless
otherwise specifically determined by the Committee, the vesting of an Option shall occur only while the Participant is employed by or rendering services to the Employer, and all vesting shall cease upon a Participant’s Termination with the
Employer for any reason. 

  
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 (f)    Transferability of Options. Except in connection with a
Permitted Transfer of vested Options, an Option shall not be transferable except by will or by the laws of descent and distribution and shall be exercisable during the lifetime of the Participant only by the Participant. To the extent a Participant
wishes to make a Permitted Transfer of vested Options, it shall be a condition of each such Permitted Transfer that (x) the transferee agrees to be bound by the terms of the Plan and the applicable Award agreement as though no such transfer had
taken place, and that (y) the Participant has complied with all applicable law in connection with such transfer. The Participant and the transferee shall execute any documents reasonably required by the Committee to effectuate such Permitted
Transfer. 
 (g)    Termination. Except as may otherwise be provided by the Committee in the Option Agreement:

 (i)    In the event of a Participant’s Termination with the Employer prior to the Expiration Date
for any reason other than (A) by the Employer for Cause or (B) by reason of the Participant’s death or Disability, (1) all vesting with respect to such Participant’s Options shall cease, (2) all of such
Participant’s unvested Options shall expire as of the date of such Termination, and (3) all of such Participant’s vested Options shall remain exercisable until the earlier of the Expiration Date and the date that is ninety
(90) days after the date of such Termination. 
 (ii)    In the event of a Participant’s
Termination with the Employer prior to the Expiration Date by reason of such Participant’s death or Disability, (A) all vesting with respect to such Participant’s Options shall cease, (B) all of such Participant’s unvested
Options shall expire as of the date of such Termination, and (C) all of such Participant’s vested Options shall remain exercisable until the earlier of the Expiration Date and the date that is twelve (12) months after the date of such
Termination due to death or Disability of the Participant. In the event of a Participant’s death, such Participant’s Options shall remain exercisable by the person or persons to whom a Participant’s rights under the Options pass by
will or the applicable laws of descent and distribution until its expiration, but only to the extent the Options were vested by such Participant at the time of such Termination due to death. 

(iii)    In the event of a Participant’s Termination with the Employer prior to the Expiration Date by
the Employer for Cause, all of such Participant’s Options (whether or not vested) shall immediately expire as of the date of such Termination. 

(h)    Book Entry; Certificates. Unless otherwise determined by the Committee, in its sole discretion, Stock
acquired upon the exercise of Options shall be held in book entry form, rather than delivered to the Participant, through the expiration of the Lock-Up Period. If certificates representing Stock are registered
in the name of the Participant, the Committee may require that such certificates bear an appropriate legend referring to the terms, conditions and restrictions applicable to such Stock, that the Company retain physical possession of the
certificates, and that the Participant deliver a stock power to the Company, endorsed in blank, relating to the Stock. 

  
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 6.    RESTRICTED STOCK. 

(a)    General. Restricted Stock granted hereunder shall be in such form and shall contain such terms and conditions
as the Committee shall deem appropriate. The terms and conditions of each Restricted Stock grant shall be evidenced by a Restricted Stock Agreement, which agreements need not be identical. Subject to the restrictions set forth in Section 6(b),
except as otherwise set forth in the applicable Restricted Stock Agreement, the Participant shall generally have the rights and privileges of a stockholder as to such Restricted Stock, including the right to vote such Restricted Stock. Unless
otherwise set forth in a Participant’s Restricted Stock Agreement, cash dividends and stock dividends, if any, with respect to the Restricted Stock shall be withheld by the Company for the Participant’s account, and shall be subject to
forfeiture to the same degree as the shares of Restricted Stock to which such dividends relate. Except as otherwise determined by the Committee, no interest will accrue or be paid on the amount of any cash dividends withheld. 

(b)    Restrictions on Transfer. In addition to any other restrictions set forth in a Participant’s Restricted
Stock Agreement, until such time that the Restricted Stock has vested pursuant to the terms of the Restricted Stock Agreement, which vesting the Committee may in its sole discretion accelerate at any time, the Participant shall not be permitted to
sell, transfer, pledge, or otherwise encumber the Restricted Stock. Notwithstanding anything contained herein to the contrary, the Committee shall have the authority to remove any or all of the restrictions on the Restricted Stock whenever it may
determine that, by reason of changes in applicable laws or other changes in circumstances arising after the date of the Restricted Stock Award, such action is appropriate. 

(c)    Book Entry; Certificates. Restricted Stock granted under the Plan may be evidenced in such manner as the
Committee shall determine. Unless otherwise determined by the Committee, in its sole discretion, the Restricted Stock shall be held in book entry form, rather than delivered to the Participant, through the expiration of the Lock-Up Period. If certificates representing Restricted Stock are registered in the name of the Participant, the Committee may require that such certificates bear an appropriate legend referring to the terms,
conditions and restrictions applicable to such Restricted Stock, that the Company retain physical possession of the certificates, and that the Participant deliver a stock power to the Company, endorsed in blank, relating to the Restricted Stock.

 (d)    Termination. Except as may otherwise be provided by the Committee in the Restricted Stock Agreement, in
the event of a Participant’s Termination with the Employer for any reason prior to the time that such Participant’s Restricted Stock has vested, (i) all vesting with respect to such Participant’s Restricted Stock shall cease, and
(ii) as soon as practicable following such Termination, the Company shall repurchase from the Participant, and the Participant shall sell, all of such Participant’s unvested shares of Restricted Stock at a purchase price equal to the
original purchase price paid for the Restricted Stock, or if the original purchase price is equal to $0, such unvested shares of Restricted Stock shall be forfeited by the Participant to the Company for no consideration as of the date of such
Termination. 

  
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 7.    OTHER STOCK-BASED
AWARDS. 
 The Committee is authorized, subject to limitations under applicable law, to grant to Participants such other
Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Stock, as deemed by the Committee to be consistent with the purposes of the Plan. The terms and conditions applicable to
such Awards shall be determined by the Committee and evidenced by Award agreements, which agreements need not be identical. 

8.    RESTRICTIONS ON STOCK; PROXY. 

(a)    Prohibition on Transfers. Except (i) as otherwise approved by the Committee, (ii) pursuant to
subsections (b) and (c) of this Section 8, or (iii) pursuant to Section 9 below, shares of Stock acquired by a Participant pursuant to the vesting and/or exercise of any Award granted hereunder may not be offered, sold,
transferred, pledged or otherwise transferred or disposed of prior to a period specified by the representative of the underwriters of Stock of 180 days following the IPO Date (or such longer period as may be requested by the Company or the
underwriters 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 NYSE
Rule 472(f)(4), or any successor provisions or amendments thereto) (the “Lock-Up Period”). If requested by the Company or the underwriters managing any public offering, each Participant
shall execute a separate agreement to the foregoing effect. In addition, if requested by the Company or the representative of the underwriters of Stock, a Participant shall provide, within ten (10) days of such request, such information as may
be required by the Company or such representative in connection with the completion of the IPO. The Company may impose stop-transfer instructions with respect to the Stock (or securities) subject to the foregoing restriction until the end of such Lock-Up Period. 
 (b)    Drag-Along Rights. 

(i)    If the Majority in Interest of the Investors are proposing to (A) sell to one or more third
parties all of the Company Securities beneficially owned by them on any date of determination, (B) approve any merger of the Company with or into one or more third parties, or (C) approve any sale of all or substantially all of the
Company’s assets to one or more third parties, such Majority in Interest of the Investors (the “Selling Investors”) shall have the right (the “Drag-Along Right”), but not the obligation, to require each
Participant (x) in the case of a transfer of the type referred to in clause (A), to sell in such sale, in accordance with the terms set forth herein all of such Participant’s shares of Stock received in connection with an Award
granted hereunder in such sale (the “Subject Shares”), or (y) in the case of a merger or sale of assets or other transaction referred to in clauses (B) or (C), to vote (or act by written consent with respect to) all of
such Participant’s Subject Shares in favor of such transaction and to waive any dissenter or appraisal rights such Participant may have under applicable law. Each Participant agrees to take all steps necessary to enable such Participant to
comply with the provisions of this Section 8(b) to facilitate the Selling Investors’ exercise of a Drag-Along Right. A Participant required to sell any shares of Stock pursuant to this Section 8(b) shall be entitled to receive in
exchange therefor the same consideration per share of Stock as is received by 

  
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the Selling Investors with respect to their shares of Stock in such transaction, including equivalent rights to receive (when and if paid) a proportionate share of any deferred consideration, earn-out, or escrow funds that may become available to the Selling Investors in connection with the transaction (less, in the case of options, warrants, or other convertible securities, the exercise or purchase
price thereof and less any applicable employment taxes or withholding obligations); provided, however, that if the Company Securities include preferred stock of the Company, such per share price shall be calculated based upon the
implied equity value of each share of Stock (less, in the case of options, warrants, or other convertible securities, the exercise or purchase price thereof) determined by reference to the per-share price
being paid for the preferred stock and after giving effect to all amounts payable to the holders of preferred stock prior and in preference to the Stock pursuant to the liquidation preference provisions of the Company’s certificate of
incorporation or other applicable organizational documents; and provided, further, that if the per-share price being paid for such preferred stock includes any rights to receive a proportionate
share of any deferred consideration, earn-out, or escrow funds that may become available to the holders of preferred stock in connection with the transaction, such amounts shall be considered when determining
the implied equity price of each share of Stock, but any portion of such amount included in the implied equity price of each share of Stock shall not be paid to Participants required to sell shares of Stock pursuant to this Section 8(b) unless
and until the portions of such amount included in the price per share being paid for the preferred stock are paid to the holders of the preferred stock and only to the extent that the holders of the preferred stock have received all amounts payable
to the holders of preferred stock prior and in preference to the Stock pursuant to the liquidation preference provisions of the Company’s certificate of incorporation. 

(ii)    To exercise the rights granted under this Section 8(b), the Selling Investors shall give each
other Participant a written notice (a “Drag-Along Notice”) containing the proposed consideration per share with respect to the shares of Stock and the terms of payment and other material terms and conditions of the offer of the
proposed transferee(s). Each Participant shall thereafter be obligated to sell his shares of Stock to the proposed transferee(s) or vote (or act by written consent with respect to) his Subject Shares in favor of the proposed transaction, as the case
may be, in accordance with Section 8(b)(i) above. 
 (iii)    Each Participant shall execute and
deliver such instruments of conveyance and transfer and take such other actions, including executing any purchase agreement, merger agreement, indemnity agreement, escrow agreement, or related documents, as may be reasonably required by the Selling
Investors or the Company in order to carry out the terms and provisions of this Section 8(b). If the transaction is structured as a merger or consolidation, each Participant shall waive any dissenters’ rights, appraisal rights, or similar
rights in connection with the proposed transaction. Each Participant acknowledges the rights of the Selling Investors to act on behalf of such Participant pursuant to this Section 8(b). At the closing of the proposed transaction, each such
Participant shall deliver, against receipt of the consideration payable in such transaction, certificates representing the Subject Shares, together with executed stock powers or other instruments of transfer acceptable to the Selling Investors. 

  
 11 

 (iv)    Notwithstanding anything contained in this
Section 8(b), in the event that all or a portion of the purchase price for the shares of Stock being purchased consists of securities and the sale of such securities to a Participant would require either a registration under the Securities Act
or the preparation of a disclosure document pursuant to Regulation D under the Securities Act (or any successor regulation) or a similar provision of any state securities law, then, at the option of the Selling Investors, such Participants may
proportionately receive, in lieu of such securities, the fair market value of some or all of such securities in cash, as determined in good faith by the Board. 

(v)    The rights provided in this Section 8(b) shall expire upon the IPO Date. 

(c)    Permitted Transfers. Stock acquired upon vesting and/or exercise of an Award may be transferred in
connection with a Permitted Transfer; provided, however, that it shall be a condition of each such Permitted Transfer that (x) the transferee agrees to be bound by the terms of the Plan and the applicable Award agreement as though
no such transfer had taken place, and that (y) the Participant has complied with all applicable law in connection with such transfer. The Participant and the transferee shall execute any documents reasonably required by the Committee to
effectuate such Permitted Transfer. 
 (d)    Grant of Irrevocable Proxy. As a condition of the grant of any
Award under the Plan, each Participant shall grant to the Investors, acting jointly, the Participant’s irrevocable proxy, and appoint the Investors, or any designee or nominee of the Investors, as the Participant’s attorney-in-fact (with full power of substitution and resubstitution), for and in its name, place, and stead, to (i) vote or act by written consent with respect to the
shares of Stock acquired by the Participant (or any transferee) pursuant to an Award under the Plan (whether or not vested), including the right to sign such Participant’s name, as a stockholder, to any consent, certificate, or other document
relating to the Company that applicable law may require, in connection with any and all matters (other than any amendment to the Plan that would require stockholder approval), including, without limitation, the election of directors, and
(ii) take any and all action necessary to sell or otherwise transfer any Subject Shares as contemplated by this Section 8. Such proxy shall be coupled with an interest, and the Participant will take such further action or execute such
other instruments as may be necessary to effectuate the intent of this proxy. The proxy described in this subsection (d) shall terminate upon the IPO Date. 

(e)    Stockholders’ or Similar Agreement. In the event that a Participant is a party to any
stockholders’ or similar agreement with the Company and/or the Investors containing the same and/or similar provisions to those set forth in this Section 8, the provisions of this Section 8 shall continue to apply to such Participant
and any shares of Stock acquired pursuant to any Award hereunder, and shall be in addition to, and not in lieu of, the terms and conditions of such stockholders’ or similar agreement. 

9.    REPURCHASE RIGHTS UPON TERMINATION. 

(a)    If, prior to the Repurchase Right Lapse Date, a Participant undergoes a Termination with the Employer for any
reason, then at any time during the Repurchase Right Exercise Period, in addition to any repurchase right or obligation of the Company with respect to 

  
 12 

 
unvested shares of Restricted Stock as provided in Section 6 above, the Company shall have the right to repurchase the shares of Stock received pursuant to Awards granted hereunder at a per- share price equal to the Repurchase Price (the “Repurchase Right”). The Repurchase Right shall be exercisable upon written notice to a Participant indicating the number of shares of Stock to be
repurchased and the date on which the repurchase is to be effected, such date to be not more than thirty (30) days after the date of such notice. To the extent not otherwise held in book entry form by the Company, the certificates representing
the shares of Stock to be repurchased shall be delivered to the Company prior to the close of business on the date specified for the repurchase. 

(b)    If the Company exercises the Repurchase Right following a Participant’s Termination other than (A) by the
Employer for Cause or (B) by a Participant’s voluntary resignation, the aggregate Repurchase Price shall be paid in a lump sum at the time of repurchase. 

(c)    If the Company exercises the Repurchase Right following a Participant’s Termination (A) by the Employer
for Cause or (B) by such Participant’s voluntary resignation, the Company shall be permitted to issue a promissory note equal to the aggregate Repurchase Price in lieu of a cash payment; provided, however, that such
promissory note shall have a maturity date that does not exceed three (3) years from the date of such repurchase, shall bear simple interest of not less than the Prime Rate in effect on the date of such repurchase, and shall be payable as to
interest in equal monthly installments during the term of the note and as to principal on the maturity date. 

(d)    Notwithstanding anything contained in this Section 9(d) to the contrary, in the event that any repurchase
described herein would result in a default under any applicable financing documents of the Company or any other member of the Company Group, or would otherwise be prohibited by applicable law (as applicable, a “Prohibition Event”),
commencement of the applicable Repurchase Right Exercise Period shall be delayed until the Prohibition Event ceases to exist, but in no event shall such delay extend for more than eighteen (18) months. Without limiting the foregoing, at any
time prior to the Repurchase Right Lapse Date, the Company shall be permitted to assign the Repurchase Right to the Investors. 

10.    COMPETITIVE ACTIVITIES. 

Notwithstanding anything contained in the Plan to the contrary, in the event that a Participant engages in any Competitive Activity during the
term of such Participant’s employment or service with the Employer or during the six (6) month period following such Participant’s Termination with the Employer for any reason, the Committee may determine, in its sole discretion, to
(a) require all Awards held by such Participant to be immediately forfeited and returned to the Company without additional consideration, (b) require all shares of Stock acquired upon the vesting and/or exercise of Awards within the twelve
(12) month period prior to the date of such Competitive Activity to be immediately forfeited and returned to the Company without additional consideration, and (c) to the extent that such Participant received any profit from the sale of any
Stock underlying an Award within the twelve (12) month period prior to the date of such Competitive Activity, require that such Participant promptly repay to the Company any profit received pursuant to such sale. 

  
 13 

 11.    ADJUSTMENT FOR
RECAPITALIZATION, MERGER, ETC. 
 (a)    Capitalization
Adjustments. The aggregate number of shares of Stock that may be granted or purchased pursuant to Awards (as set forth in Section 4 above), the number of shares of Stock covered by each outstanding Award, and the price per share thereof in
each such Award shall be equitably and proportionally adjusted or substituted, as determined by the Committee, as to the number, price, or kind of a share of Stock or other consideration subject to such Awards (i) in the event of changes in the
outstanding Stock or in the capital structure of the Company by reason of stock dividends, stock splits, reverse stock splits, recapitalizations, reorganizations, mergers, consolidations, combinations, exchanges, or other relevant changes in
capitalization occurring after the date of grant of any such Award (including any Corporate Event (as defined below)), (ii) in connection with any extraordinary dividend declared and paid in respect of shares of Stock, whether payable in the
form of cash, stock or any other form of consideration, or (iii) in the event of any change in applicable laws or circumstances that results in or could result in, in either case, as determined by the Committee in its sole discretion, any
substantial dilution or enlargement of the rights intend to be granted to, or available for, Participants in the Plan. 

(b)    Corporate Events. Notwithstanding the foregoing, except as may otherwise be provided in an Award agreement,
in connection with (i) a merger or consolidation involving the Company in which the Company is not the surviving corporation, (ii) a merger or consolidation involving the Company in which the Company is the surviving corporation but the
holders of shares of Stock receive securities of another corporation and/or other property, including cash, (iii) a Change in Control, or (iv) the reorganization or liquidation of the Company (each, a “Corporate Event”),
the Committee may, in its discretion, provide for any one or more of the following: 
 (i)    the
assumption or substitution of such Awards in connection with such Corporate Event, in which case, the Awards shall be subject to the adjustment set forth in subsection (a) above; 

(ii)    accelerated vesting of any Awards, subject to the consummation of such Corporate Event; 

(iii)    the cancellation of any or all vested and/or unvested Awards as of the consummation of such
Corporate Event, in which case Participants who hold vested Awards (including any Awards that would vest on the Corporate Event but for cancellation) so cancelled will receive a payment in respect of cancellation of their Awards based on the amount
of the per-share consideration being paid for the Stock in connection with such Corporate Event, less, in the case of Options and other Awards subject to exercise, the applicable exercise price;
provided, however, that Participants who hold Options and other Awards subject to exercise shall only be entitled to consideration in respect of cancellation of such Awards if the per-share
consideration less the applicable exercise price is greater than zero (and to the extent the per-share consideration is less than or equal to the applicable exercise price, such Awards shall be cancelled for
no consideration); or 
 (iv)    the replacement of Awards (other than Awards that are “stock
rights” within the meaning of Section 409A of the Code) with a cash incentive program 

  
 14 

 
that preserves the value of the Awards so replaced (determined as of the consummation of the Corporate Event), with subsequent payment of cash incentives subject to the same vesting conditions as
applicable to the Awards so replaced, and payment to be made within thirty (30) days of the applicable vesting date. 
 Payments to holders pursuant to
clause (iii) above shall be made in cash or, in the sole discretion of the Committee, in the form of such other consideration necessary for a Participant to receive property, cash, or securities (or combination thereof) as such Participant
would have been entitled to receive upon the occurrence of the transaction if the Participant had been, immediately prior to such transaction, the holder of the number of shares of Stock covered by the Award at such time (less any applicable
exercise price). In addition, in connection with any Corporate Event, prior to any payment or adjustment contemplated under this subsection (b), the Committee may require a Participant to (i) represent and warrant as to the unencumbered
title to his Awards, (ii) bear such Participant’s pro-rata share of any post-closing indemnity obligations, and be subject to the same post-closing purchase price adjustments, escrow terms, offset
rights, holdback terms, and similar conditions as the other holders of Stock, and (iii) deliver customary transfer documentation as reasonably determined by the Committee. 

In the event that an outstanding and unvested Award will not be assumed, substituted or replaced pursuant to clauses (i) or (iv) above, and such
Award will not continue in effect in accordance with its terms (as the same may be adjusted pursuant to subsection (a) above) or be cashed out in accordance with clause (iii) above, in each case, upon or immediately following the
occurrence of a Corporate Event (excluding a reorganization or liquidation of the Company), then, except as may otherwise be provided in an Award agreement, such Award shall automatically become fully vested and exercisable immediately prior to the
occurrence of such Corporate Event; provided, that the initial holder of such Award has not experienced a Termination prior to such Corporate Event. Further, in the event that (x) an outstanding and unvested Award is either assumed,
substituted or replaced pursuant to clauses (i) or (iv) above, continues in effect in accordance with its terms (as the same may be adjusted pursuant to subsection (a) above) or is cashed out in accordance with clause (iii)
above, in each case, upon or immediately following the occurrence of a Corporate Event (excluding a reorganization or liquidation of the Company), (y) the initial holder of such Award has not experienced a Termination prior to such Corporate
Event, and (z) the initial holder of such Award experiences a Termination by his or her Employer without Cause within twelve (12) months following the occurrence of such Corporate Event, then, such Award (including any replacement or
substitution thereof) shall become fully vested and exercisable immediately upon such Termination. 

(c)    Fractional Shares. Any adjustment provided under this Section 11 may provide for the elimination of any
fractional share that might otherwise become subject to an Award. 
 12.    USE OF
PROCEEDS. 
 The proceeds received from the sale of Stock pursuant to the Plan shall be used for general corporate
purposes. 

  
 15 

 13.    RIGHTS AND
PRIVILEGES AS A STOCKHOLDER. 
 Except as otherwise specifically provided in
the Plan, no person shall be entitled to the rights and privileges of stock ownership in respect of shares of Stock that are subject to Awards hereunder until such shares have been issued to that person. 

14.    EMPLOYMENT OR SERVICE RIGHTS. 

No individual shall have any claim or right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be
selected for a grant of any other Award. Neither the Plan nor any action taken hereunder shall be construed as giving any individual any right to be retained in the employ or service of the Employer or any other member the Company Group. 

15.    COMPLIANCE WITH LAWS. 

The obligation of the Company to deliver Stock upon vesting and/or exercise of any Award shall be subject to all applicable laws, rules, and
regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell and shall be prohibited from
offering to sell or selling any shares of Stock pursuant to an Award unless such shares have been properly registered for sale pursuant to the Securities Act with the Securities and Exchange Commission or unless the Company has received advice of
counsel, satisfactory to the Company, that such shares may be offered or sold without such registration pursuant to an available exemption therefrom and the terms and conditions of such exemption have been fully complied with. The Company shall be
under no obligation to register for sale or resale under the Securities Act any of the shares of Stock to be offered or sold under the Plan or any shares of Stock issued upon exercise or settlement of Awards. If the shares of Stock offered for sale
or sold under the Plan are offered or sold pursuant to an exemption from registration under the Securities Act, the Company may restrict the transfer of such shares and may legend the Stock certificates representing such shares in such manner as it
deems advisable to ensure the availability of any such exemption. 
 16.    WITHHOLDING
OBLIGATIONS. 
 As a condition to the vesting and/or exercise of any Award, the Committee may require that a Participant
satisfy, through a cash payment by the Participant, or in the discretion of the Committee, through deduction or withholding from any payment of any kind otherwise due to the Participant, or through such other arrangements as are satisfactory to the
Committee, the minimum amount of all federal, state, and local income and other taxes of any kind required or permitted to be withheld in connection with such vesting and/or exercise. The Committee, in its discretion, may permit shares of Stock to
be used to satisfy tax withholding requirements, and such shares shall be valued at their Fair Market Value as of the exercise or settlement date of the Award; provided, however, that the aggregate Fair Market Value of the number of
shares of Stock that may be used to satisfy tax withholding requirements may not exceed the minimum statutory required withholding amount with respect to such Award. 

  
 16 

 17.    AMENDMENT OF THE
PLAN OR AWARDS. 
 (a)    Amendment of Plan. The Board at any
time, and from time to time, may amend the Plan; provided, however, that the Board shall not, without stockholder approval, make any amendment to the Plan that requires stockholder approval pursuant to applicable law or, at any time
that the Stock is listed on any national securities exchange, the applicable rules of the national securities exchange on which the Stock is principally listed. Rights under any Award granted before amendment of the Plan shall not be impaired by any
amendment of the Plan unless the Participant consents in writing. 
 (b)    Amendment of Awards. The Board or the
Committee, at any time, and from time to time, may amend the terms of any one or more Awards; provided, however, that the rights under any Award shall not be impaired by any such amendment unless the Participant consents in writing (it
being understood that no action taken by the Board or the Committee that is expressly permitted under the Plan, including, without limitation, any actions described in Section 11 hereof, shall constitute an amendment of an Award for such
purpose). Notwithstanding the foregoing, subject to the limitations of applicable law, if any, and without an affected Participant’s consent, the Board or the Committee may amend the terms of any one or more Awards if necessary to bring the
Award into compliance with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued or amended
after the Effective Date. 
 (c)    Repricing of Awards without Stockholder Approval. The repricing of Awards
upon the approval of the Board or Committee shall expressly be permitted under the Plan without additional stockholder approval. For this purpose, a “repricing” means any of the following (or any other action that has the same effect as
any of the following): (i) changing the terms of an Award to lower its exercise price (other than on account of capital adjustments resulting from share splits, etc., as described in Section 11(a)), (ii) any other action that is
treated as “repricing” under generally accepted accounting principles, and (iii) repurchasing for cash or canceling an Award in exchange for another Award at a time when its exercise price is greater than the Fair Market Value of the
underlying Stock, unless the cancellation and exchange occurs in connection with an event set forth in Section 11(b). 

18.    TERMINATION OR SUSPENSION OF THE
PLAN. 
 The Board may suspend or terminate the Plan at any time. Unless sooner terminated, the Plan shall terminate on
the day before the tenth (10th) anniversary of the Effective Date. No Awards may be granted under the Plan while the Plan is suspended or after it is terminated. Rights under any Award granted before suspension or termination of the Plan shall
not be impaired by such suspension or termination. 
 19.    EFFECTIVE DATE
OF THE PLAN. 
 The Plan is effective as of the Effective Date. 

  
 17 

 20.    MISCELLANEOUS. 

(a)    Participants Outside of the United States. The Committee may modify the terms of any Award under the Plan
made to or held by a Participant who is then a resident or primarily employed outside of the United States in any manner deemed by the Committee to be necessary or appropriate in order that such Award shall conform to laws, regulations, and customs
of the country in which the Participant is then a resident or primarily employed, or so that the value and other benefits of the Award to the Participant, as affected by foreign tax laws and other restrictions applicable as a result of the
Participant’s residence or employment abroad, shall be comparable to the value of such Award to a Participant who is a resident or primarily employed in the United States. Additionally, the Committee may adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by such Participants. An Award may be modified under this Section 20(a) in a manner that is inconsistent with the express terms of
the Plan, so long as such modifications will not contravene any applicable law or regulation or result in actual liability under Section 16(b) of the Exchange Act for the Participant whose Award is modified. 

(b)    No Liability of Committee Members. No member of the Committee shall be personally liable by reason of any
contract or other instrument executed by such member or on his behalf in his capacity as a member of the Committee or for any mistake of judgment made in good faith, and the Company shall indemnify and hold harmless each member of the Committee and
each other employee, officer, or director of the Company to whom any duty or power relating to the administration or interpretation of the Plan may be allocated or delegated, against any cost or expense (including counsel fees) or liability
(including any sum paid in settlement of a claim) arising out of any act or omission to act in connection with the Plan unless arising out of such person’s own fraud or willful bad faith; provided, however, that approval of the
Board shall be required for the payment of any amount in settlement of a claim against any such person. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under
the Company’s certificate or articles of incorporation or by-laws, each as may be amended from time to time, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or
hold them harmless. 
 (c)    Payments Following Accidents or Illness. If the Committee shall find that any
person to whom any amount is payable under the Plan is unable to care for his affairs because of illness or accident, or is a minor, or has died, then any payment due to such person or his estate (unless a prior claim therefor has been made by a
duly appointed legal representative) may, if the Committee so directs the Company, be paid to his spouse, child, or relative, or an institution maintaining or having custody of such person, or any other person deemed by the Committee to be a proper
recipient on behalf of such person otherwise entitled to payment. Any such payment shall be a complete discharge of the liability of the Committee and the Company therefor. 

(d)    Governing Law. The Plan shall be governed by and construed in accordance with the internal laws of the State
of Delaware without reference to the principles of conflicts of laws thereof. 
 (e)    Funding. No provision of
the Plan shall require the Company, for the purpose of satisfying any obligations under the Plan, to purchase assets or place any assets in a 

  
 18 

 
trust or other entity to which contributions are made or otherwise to segregate any assets, or to maintain separate bank accounts, books, records, or other evidence of the existence of a
segregated or separately maintained or administered fund for such purposes. Participants shall have no rights under the Plan other than as unsecured general creditors of the Company, except that insofar as they may have become entitled to payment of
additional compensation by performance of services, they shall have the same rights as other employees under general law. 

(f)    Reliance on Reports. Each member of the Committee and each member of the Board shall be fully justified in
relying, acting, or failing to act, and shall not be liable for having so relied, acted, or failed to act in good faith, upon any report made by the independent public accountant of the Company or other member of the Company Group and upon any other
information furnished in connection with the Plan by any person or persons other than such member. 
 (g)    Titles
and Headings. The titles and headings of the sections in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 

*         *        * 

  
 19 

 OPTION GRANT NOTICE AND AGREEMENT 

Outset Medical, Inc. (the “Company”), pursuant to its Amended and Restated 2010 Stock Incentive Plan, as may be further
amended from time to time (the “Plan”), hereby grants to the Holder the number of Options set forth below, each Option representing the right to purchase one share of Stock at the applicable Exercise Price (set forth below). The
Options are subject to all of the terms and conditions set forth in this Option Grant Notice and Agreement (this “Agreement”) as well as all of the terms and conditions of the Plan, all of which are incorporated herein in their
entirety. Capitalized terms not otherwise defined herein shall have the same meaning as set forth in the Plan. 
  

	
	Holder:
	
	Date of Grant:
	
	Vesting Schedule:
	
	Number of Options:
	
	Exercise Price:
	
	Expiration Date:
	
	Type of Option:

  

			
	Vesting Schedule:	  	[Vesting]
		
	Exercise of Options:	  	To exercise a vested Option, the Holder (or his or her authorized representative) must give written notice to the Company, using the form of Option Exercise Notice attached hereto as Exhibit A, stating the number of Options
which he or she intends to exercise. The Company will issue the shares of Stock with respect to which the Options are exercised upon payment of the shares of Stock acquired in accordance with Section 5(d) of the Plan, which Section 5(d) is
incorporated herein by reference and made a part hereof; provided, however, that if the Holder wishes to use any method of exercise other than in immediately available funds in United States dollars, or by certified or bank
cashier’s check, the Holder shall have received the prior written approval of the Committee or its designee approving such method of exercise.
		
		  	Upon exercise of Options, the Holder will be required to satisfy applicable withholding tax obligations as provided in Section 15 of the Plan.
		
	Termination:	  	Section 5(g) of the Plan regarding treatment of Options upon Termination is incorporated herein by reference and made a part hereof. Following any such Termination, shares acquired upon exercise of any Options shall remain
subject to Section 9 of the Plan.

			
	Restrictions on Stock:	  	Stock acquired upon exercise of any Options hereunder shall be subject to the restrictions set forth in Section 8 of the Plan.
		
	Voting Proxy:	  	As a condition of the grant of Options hereunder, the Holder hereby grants to the Investors, acting jointly, the Holder’s irrevocable proxy, and appoints the Investors, or any designee or nominee of the Investors, as the
Holder’s attorney-in-fact (with full power of substitution and resubstitution), for and in its name, place, and stead, to (i) vote or act by written consent
with respect to the shares of Stock (whether or not vested) now owned by the Holder (or any transferee), including the right to sign the Holder’s name, as a stockholder, to any consent, certificate, or other document relating to the Company
that applicable law may require, in connection with any and all matters (other than any amendment to the Plan that would require stockholder approval), including, without limitation, the election of directors, and (ii) take any and all action
necessary to sell or otherwise transfer any Subject Shares as contemplated by Section 8 of the Plan. This proxy shall be coupled with an interest, and the Holder agrees to take such further action or execute such other instruments as may be
necessary to effectuate the intent of this proxy. The proxy described hereunder shall terminate upon the IPO Date.
		
	Additional Terms:	  	Options shall be subject to the following additional terms:
		
		  	 •   Options shall be exercisable in whole shares of Stock
only.

		
		  	 •   Each Option shall cease to be exercisable as to any share of Stock
when the Holder purchases the share of Stock or when the Option otherwise expires.

		
		  	 •   The Stock issued upon the exercise of any Options hereunder shall be
registered in Holder’s name on the books of the Company during the Lock-Up Period and for such additional time as the Committee determines appropriate in its reasonable discretion. Any certificates
representing the Stock delivered to the Holder shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission,
any stock exchange upon which such shares are listed, and any applicable federal or state laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions as the Committee
deems appropriate.

  
 -2- 

			
		  	 •   This Option Agreement does not confer upon the Holder any right to
continue as an employee or service provider of the Employer or any other member of the Company Group.

		
		  	 •   This Option Agreement shall be construed and interpreted in
accordance with the laws of the State of Delaware, without regard to the principles of conflicts of law thereof.

		
		  	 •   The Holder and the Company acknowledge that the Options are intended
to be exempt from Section 409A of the Code, with the Exercise Price intended to be at least equal to the “fair market value” per share of Stock on the Date of Grant. Since shares are not traded on an established securities market, the
Exercise Price has been based upon the determination of Fair Market Value by the Board in a manner consistent with the terms of the Plan. The Holder acknowledges that there is no guarantee that the Internal Revenue Service will agree with this
valuation, and agrees not to make any claim against the Company, the Board, the Company’s officers or employees in the event that the Internal Revenue Service asserts that the valuation was too low or that the Options are not otherwise exempt
from Section 409A of the Code.

		
		  	 •   The Holder agrees that the Company may deliver by email all
documents relating to the Plan or these Options (including, without limitation, a copy of the Plan) and all other documents that the Company is required to deliver to its security holders (including, without limitation, disclosures that may be
required by the Securities and Exchange Commission). The Holder also agrees that the Company may deliver these documents by posting them on a website maintained by the Company or by a third party under contract with the Company. If the Company posts
these documents on a website, it shall notify the Holder by email or such other reasonable manner as then determined by the Company.

  
 -3- 

			
	Representations and Warranties of Holder:	  	The Holder hereby represents and warrants to the Company that:
		
		  	 •   The Holder understands that the Stock has not been registered under
the Securities Act, nor qualified under any state securities laws, and that it is being offered and sold pursuant to, and in reliance upon, the exemption from such registration provided by Rule 701 promulgated under the Securities Act for
security issuances under compensatory benefit plans such as the Plan;

		
		  	 •   The Holder has been informed that the shares of Stock are restricted
securities under the Securities Act and may not be resold or transferred unless the shares of Stock are first registered under the Federal securities laws or unless an exemption from such registration is available; and

		
		  	 •   The Holder is prepared to hold the shares of Stock for an indefinite
period and that the Holder is aware that Rule 144 as promulgated under the Securities Act, which exempts certain resales of restricted securities, is not presently available to exempt the resale of the Stock from the registration requirements
of the Securities shares of Act.

 *     *     * 

  
 -4- 

 THE UNDERSIGNED HOLDER ACKNOWLEDGES RECEIPT OF THE PLAN, AND, AS AN EXPRESS CONDITION TO THE GRANT OF
OPTIONS UNDER THIS AGREEMENT, AGREES TO BE BOUND BY THE TERMS OF BOTH THE AGREEMENT AND THE PLAN. 
  

							
	OUTSET MEDICAL, INC.	    	HOLDER
			
	By:	 	 

                     
                    
	    	
                     
                    

				
		 	Signature	    		 	Signature
				
	Title:	 	 

                     
                    
	    	Date:	 	 

                     
                    

				
	Date:	 	 

                     
                    
	    		 	

  
 -5- 

 Date:
                     
 Outset Medical, Inc. 

1830 Bering Drive 
 San Jose, CA 95112 

Att: Finance 
 Re: Notice of Exercise 

 

	1.	 By delivery of this Notice of Exercise, I am irrevocably electing to exercise options to purchase shares of
Common Stock, par value $0.001 per share (“Shares”) of Outset Medical, Inc. (the “Company”) granted to me under the Company’s 2010 Stock Incentive Plan (the “Plan”). 

 

	2.	 The number of Shares I wish to purchase by exercising my options is
                    . 

  

	3.	 The applicable purchase price (or exercise price) is
$             per Share, resulting in an aggregate purchase price of $             (the “Aggregate Purchase Price”).

  

	4.	 I am satisfying my obligation to pay the Aggregate Purchase Price by: 

 

	 	☐	 Delivering to the Company, with this Notice of Exercise, an amount equal to the Aggregate Purchase Price in
immediately available United States dollars or by personal check. Make check payable to “Outset Medical, Inc.” with memo notation “stock option exercise”. 

 

	 	☐	 Authorizing the Company, through this Notice to Exercise, to effectuate a “net exercise,” pursuant to
which I will receive the number of Shares exercised (as set forth in paragraph 2 above), reduced by the number of Shares equal to the Aggregate Purchase Price divided by the fair market value per Share on the date of exercise. I
have attached to this Notice of Exercise the written communication confirming the consent of the Committee to my use of the net exercise procedure described herein. 

 

	5.	 To satisfy the applicable withholding taxes: 

 

	 	☐	 I have enclosed an amount equal to the applicable withholding taxes in immediately available United States
dollars, or by personal check. Make check payable to “Outset Medical, Inc.” with memo notation “taxes for option exercise”. 

  

	 	☐	 I elect to have such amount satisfied by the use of Shares such that the number of Shares I receive upon
exercise will be reduced (or further reduced if net exercise was chosen above) by a number of Shares with an aggregate fair market value on the date of exercise equal to any federal, state or local income or other taxes required by law to be
withheld by the Company. I have attached to this Notice of Exercise the written communication confirming the consent of the Committee to my use of the withholding tax procedure described herein. 

	 	☐	 Not applicable for non-employee consultants with no withholding
requirements. 

  

	 	☐	 Not applicable as no taxable gain is associated with this exercise. 

 

	6.	 I hereby agree to be bound by all of the terms and conditions set forth in the Plan and any award agreement to
which the options were granted under. If I am not the person to whom the options were granted by the Company, proof of my right to purchase Shares of the Company is enclosed. 

 

	7.	 I have been advised to consult with any legal, tax of financial advisors I have chosen in connection with the
purchase of the Shares. 

 Date:
                     
  

			
	
                    *
	  	
		
	  
	  	  

	
                    (Optionee’s
signature)
	  	
                    (Additional
signature, if necessary)

		
	  
	  	  

	
                    (Print
name)
	  	
                    (Print
name)

		
	  
	  	  

	
                    (Full
address)
	  	
                    (Full
address)

		
	  
	  	  

	
                    (Full
address)
	  	
                    (Full
address)

		
	  
	  	  

	
                    (email
address)
	  	
                    (email
address)

  

	*	 Each person in whose name Shares are to be registered must sign this Notice of Exercise. (If more than one
name is listed, specify whether the owners will hold the Shares as community property or as join tenants with the right of survivorship). 

  

					
	 Fair Market Value at date of Exercise
	  	$	            / Share                $     
       total                    	 
		  	  
	  
	 
	 Total gain to be reported (a)
	  	$	 	 
		  	  
	  
	 
	 Total exercise price (check required)
	  	$	 	 
		  	  
	  
	 
	 Total of all taxes paid (check required) (a)
	  	$	 	 
		  	  
	  
	 

  

	(a)	 Information will be included in year-end Form W-2 or Form 1099 as/if applicable 

  
 -2-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}]]