Document:

Exhibit 10.5

 

Execution Version

 

RAPID MICRO BIOSYSTEMS, INC.

 

SEVENTH AMENDED AND RESTATED

INVESTORS’ RIGHTS AGREEMENT

 

March 9, 2021

 

    

     

    

 

TABLE OF CONTENTS

 

Page

 

	1.	Definitions	1
	 	 
	2.	Registration Rights	6
	 	 
	 	2.1	Demand Registration	6
	 	2.2	Company Registration	7
	 	2.3	 Underwriting Requirements	7
	 	2.4	Obligations of the Company	9
	 	2.5	 Furnish Information	10
	 	2.6	 Expenses of Registration	10
	 	2.7	 Delay of Registration	10
	 	2.8	 Indemnification	11
	 	2.9	 Reports Under Exchange Act	13
	 	2.10	 Limitations on Subsequent Registration Rights	13
	 	2.11	 “Market Stand-off” Agreement	14
	 	2.12	 Restrictions on Transfer	14
	 	2.13	 Termination of Registration Rights	15
	 	 
	3.	Information and Observer Rights	16
	 	 
	 	3.1	 Delivery of Financial Statements	16
	 	3.2	 Board Notice of Material Events and Occurrences	17
	 	3.3	 Inspection	17
	 	3.4	 Observer Rights	17
	 	3.5	 Termination of Information and Observer Rights	18
	 	3.6	 Confidentiality	18
	 	 
	4.	Rights to Future Stock Issuances	18
	 	 
	 	4.1	 Right of First Offer	18
	 	4.2	 Termination	20
	 	 
	5.	Additional Covenants	20
	 	 
	 	5.1	 Insurance	20
	 	5.2	 Employee Agreements	20
	 	5.3	 Employee Stock	20
	 	5.4	 Board Matters	20
	 	5.5	 Successor Indemnification	21
	 	5.6	 Matters Requiring Investor Director Approval	21
	 	5.7	 Matters Requiring Supermajority Director Approval	22
	 	5.8	 Termination of Covenants	22

 

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	6.             	Miscellaneous	22
	 	 
	 	6.1	Successors
    and Assigns	22
	 	6.2	Governing Law	23
	 	6.3	Counterparts; Facsimile	23
	 	6.4	Titles and Subtitles	23
	 	6.5	Notices	23
	 	6.6	Amendments and Waivers	24
	 	6.7	Severability	24
	 	6.8	Aggregation of Stock	24
	 	6.9	Additional Investors	25
	 	6.10	Entire Agreement	25
	 	6.11	Dispute Resolution	25
	 	6.12	Delays or Omissions	25
	 	6.13	Acknowledgment from the
    Company	25

 

Schedule
A     -     Schedule
of Investors

Schedule B     -     Schedule
of Key Holders

 

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SEVENTH AMENDED AND RESTATED INVESTORS’
RIGHTS AGREEMENT

 

THIS SEVENTH AMENDED
AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”) is made as of the 9th day of March, 2021 by
and among Rapid Micro Biosystems, Inc., a Delaware corporation (the “Company”), each of the investors listed
on Schedule A hereto, each of which is referred to in this Agreement as an “Investor,” each of the stockholders
listed on Schedule B hereto, each of whom is referred to herein as a “Key Holder” and any additional
purchaser that becomes a party to this Agreement in accordance with Section 6.9 hereof.

 

RECITALS

 

WHEREAS, certain
of the Investors (the “Existing Investors”) possess registration rights, information rights, rights of first
offer, and other rights pursuant to a Sixth Amended and Restated Investors’ Rights Agreement dated as of April 28, 2020,
between the Company and the other parties thereto (the “Prior Agreement”);

 

WHEREAS, the
Existing Investors represent the Requisite Holders (as defined in the Prior Agreement) and desire to amend and restate the Prior
Agreement in its entirety and to accept the rights created pursuant to this Agreement in lieu of the rights granted to them under
the Prior Agreement; and

 

WHEREAS, certain
of the Investors are parties to that certain Series D1/D2 Preferred Stock Purchase Agreement dated as of the date hereof,
between the Company and such Investors (the “Purchase Agreement”), under which certain of the Company’s
and such Investors’ obligations are conditioned upon the execution and delivery of this Agreement by such Investors and the
Requisite Holders (as defined in the Prior Agreement).

 

NOW, THEREFORE,
the Existing Investors hereby agree that the Prior Agreement shall be amended and restated in its entirety, and the parties to
this Agreement further agree as follows:

 

1.            Definitions.
For purposes of this Agreement:

 

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

 

1.2            “Common
Stock” means shares of the Company’s Common Stock, par value $0.01 per share.

 

1.3            “Convertible
Securities” means any evidences of indebtedness, shares or other securities directly or indirectly convertible into or
exchangeable for Common Stock, but excluding Options.

 

     

     

    

 

1.4            “Damages”
means any loss, damage, or liability (joint or several) to which a party hereto may become subject under the Securities Act, the
Exchange Act, or other federal or state law, insofar as such loss, damage, or liability (or any action in respect thereof) arises
out of or is based upon (i) any untrue statement or alleged untrue statement of a material fact contained in any registration
statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements
thereto; (ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary
to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying party (or any
of its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation
promulgated under the Securities Act, the Exchange Act, or any state securities law.

 

1.5            “Derivative
Securities” means any securities or rights convertible into, or exercisable or exchangeable for (in each case, directly
or indirectly), Common Stock, including options and warrants.

 

1.6             “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

1.7           “Excluded
Registration” means (i) a registration relating-to the sale of securities to employees of the Company or a subsidiary
pursuant to a stock option, stock purchase, or similar plan; (ii) a registration relating to an SEC Rule 145 transaction;
(iii) a registration on any form that does not include substantially the same information as would be required to be included
in a registration statement covering the sale of the Registrable Securities; (iv) a registration relating to the IPO or a
SPAC Transaction or (v) a registration in which the only Common Stock being registered is Common Stock issuable upon conversion
of debt securities that are also being registered.

 

1.8            “Form S-1”
means such form under the Securities Act as in effect on the date hereof or any successor registration form under the Securities
Act subsequently adopted by the SEC.

 

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

 

1.10           “GAAP”
means generally accepted accounting principles in the United States.

 

1.11           “Holder”
means any holder of Registrable Securities who is a party to this Agreement.

 

1.12          “Immediate
Family Member” means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, of a natural person
referred to herein.

 

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

 

1.14            “IPO”
means the Company’s first underwritten public offering of its Common Stock under the Securities Act.

 

1.15            “Key
Employee” means any executive-level employee (including division director and vice president-level positions) as well
as any employee or consultant who, either alone or in concert with others, develops, invents, programs, or designs any material
intellectual property owned or held for use by the Company.

 

1.16            “Key
Holder Registrable Securities” means (i) the shares of Common Stock acquired prior to the earlier of (A) the
IPO or (B) a SPAC Transaction and held by the Key Holders, and (ii) any Common Stock issued as (or issuable upon the
conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution with respect
to, or in exchange for or in replacement of such shares.

 

1.17            “Major
Holder” means (i) with respect to any Investor, any Investor that, individually or together with such Investor’s
Affiliates, holds at least 500,000 Registrable Securities (as adjusted for any stock split, stock dividend, combination, or other
recapitalization or reclassification effected after the date hereof), excluding shares of Common Stock issued to such Investor
in connection with the July 24, 2017 conversion of all then-outstanding shares of the Company’s preferred stock into
Common Stock, and (ii) with respect to any Key Holder (other than Straus Holdings, Inc. for purpose of Section 3
hereof), any Key Holder that, individually or together with such Key Holder’s Affiliates, holds at least 884 shares of Key
Holder Registrable Securities (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification
effected after the date hereof).

 

1.18           “New
Securities” means, collectively, equity securities of the Company, whether or not currently authorized, as well as rights,
options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible
or exchangeable into or exercisable for such equity securities.

 

1.19          “Option”
shall mean rights, options or warrants to subscribe for, purchase or otherwise acquire Common Stock or Convertible Securities.

 

1.20            “Person”
means any individual, corporation, partnership, trust, limited liability company, association or other entity.

 

1.21            “Preferred
Stock” means, collectively, all shares of Series A1 Preferred Stock, Series B1 Preferred Stock, Series C1
Preferred Stock, Series C2 Preferred Stock, Series D1 Preferred Stock and Series D2 Preferred Stock.

 

1.22             “Qualified
Public Offering” shall have the meaning given to such term in the Restated Certificate.

 

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1.23         “Registrable
Securities” means (i) the Common Stock issuable or issued upon conversion of the Preferred Stock (including, without
limitation, Preferred Stock issuable or issued upon exercise of any warrants to purchase Preferred Stock); (ii) any Common
Stock, or any Common Stock issued or issuable (directly or indirectly) upon conversion and/or exercise of any other securities
of the Company, held by the Investors as of the date hereof or acquired by the Investors after the date hereof and prior to the
earlier of (A) the IPO or (B) a SPAC Transaction; (iii) the Key Holder Registrable Securities, provided,
however, that such Key Holder Registrable Securities shall not be deemed Registrable Securities and the Key Holders shall
not be deemed Holders for the purposes of Section 2.10; and (iv) any Common Stock issued as (or issuable upon
the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution with respect
to, or in exchange for or in replacement of, the shares referenced in clauses (i) and (ii) above; excluding, however,
(a) any Registrable Securities sold by a Person in a transaction in which the applicable rights under this Agreement are not
assigned pursuant to Section 6.1, and (b) for purposes of Section 2 (and following the earlier of
(A) the IPO or (B) a SPAC Transaction, for all purposes under this Agreement) any shares for which registration rights
have terminated pursuant to Section 2.13 of this Agreement.

 

1.24        “Registrable
Securities then outstanding” means the number of shares determined by adding the number of shares of outstanding Common
Stock that are Registrable Securities and the number of shares of Common Stock issuable (directly or indirectly) pursuant to then
exercisable and/or convertible securities that are Registrable Securities.

 

1.25            “Requisite
Directors” shall mean a majority of the Preferred Directors (as defined in the Restated Certificate).

 

1.26         “Requisite
Holders” shall mean the Investors holding a majority of the shares of Common Stock issued or issuable upon conversion
of the shares of Preferred Stock held by the Investors (voting together as a single class (on an-as-converted basis) and in accordance
with the provisions of the Restated Certificate (including the Series C2/D2 Voting Restriction (as defined in the Restated
Certificate), unless otherwise specified). For purposes of clarity, no shares of Series C2 Preferred Stock or Series D2
Preferred Stock held by any Investors shall be counted for purposes of the foregoing definition until and unless a Restriction
Removal Event has occurred (as such term is used in the Restated Certificate).

 

1.27           “Restated
Certificate” shall mean the Company’s Eighth Amended and Restated Certificate of Incorporation, as may be amended
and/or restated from time to time.

 

1.28            “Restricted
Securities” means the securities of the Company required to bear the legend set forth in Section 2.12(b) hereof.

 

1.29            “Right
of First Refusal and Co-Sale Agreement” means the Seventh Amended and Restated Right of First Refusal and Co-Sale Agreement,
dated as of the date hereof, by and among the Company and the other parties thereto, as may be amended and/or restated from time
to time.

 

1.30            “SEC”
means the Securities and Exchange Commission.

 

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

 

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

 

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

 

1.34         “Selling
Expenses” means all underwriting discounts, selling commissions, and stock transfer taxes applicable to the sale of Registrable
Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel
borne and paid by the Company as provided in Section 2.6.

 

1.35            “Series A1
Preferred Stock” means shares of the Company’s Series A1 Preferred Stock, par value $0.01 per share.

 

1.36            “Series B1
Preferred Stock” means shares of the Company’s Series B1 Preferred Stock, par value $0.01 per share.

 

1.37            “Series C1
Preferred Stock” means shares of the Company’s Series C1 Preferred Stock, par value $0.01 per share.

 

1.38            “Series C2
Preferred Stock” means shares of the Company’s Series C2 Preferred Stock, par value $0.01 per share.

 

1.39            “Series D1
Preferred Stock” means shares of the Company’s Series D1 Preferred Stock, par value $0.01 per share.

 

1.40            “Series D2
Preferred Stock” means shares of the Company’s Series D2 Preferred Stock, par value $0.01 per share.

 

1.41            “SPAC”
means a publicly-traded special purpose acquisition company.

 

1.42            “SPAC
Transaction” means a transaction or series of related transactions by merger, consolidation, share exchange or otherwise,
of the Company with a SPAC or a subsidiary or affiliate thereof.

 

1.43            “Voting
Agreement” means the Seventh Amended and Restated Voting Agreement, dated as of the date hereof, by and among the Company
and the other parties thereto, as may be amended and/or restated from time to time.

 

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

 

2.1            Demand
Registration.

 

(a)            Form S-1
Demand. If at any time after the earlier of (i) three (3) years after the date hereof or (ii) one hundred eighty
(180) days after the effective date of the registration statement for the earlier of (A) the IPO or (B) a SPAC Transaction,
the Company receives a request from Holders of a majority of the Registrable Securities then outstanding that the Company file
a Form S-1 registration statement with respect to Registrable Securities having an anticipated aggregate offering price of
at least $50 million, then the Company shall (A) within ten (10) days after the date such request is given, give notice
thereof (the “Demand Notice”) to all Holders other than the Initiating Holders; and (B) as soon as practicable,
and in any event within sixty (60) days after the date such request is given by the Initiating Holders, file a Form S-1 registration
statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested to be registered and
any additional Registrable Securities requested to be included in such registration by any other Holders, as specified by notice
given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject
to the limitations of Section 2.1(c) and Section 2.3.

 

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

 

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

 

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

 

2.2          Company
Registration. If the Company proposes to register (including, for this purpose, a registration effected by the Company for
stockholders other than the Holders) any of its securities under the Securities Act in connection with the public offering of
such securities solely for cash (other than in an Excluded Registration), the Company shall, at such time, promptly give each
Holder notice of such registration. Upon the request of each Holder given within twenty (20) days after such notice is given by
the Company, the Company shall, subject to the provisions of Section 2.3, cause to be registered all of the Registrable
Securities that each such Holder has requested to be included in such registration. The Company shall have the right to terminate
or withdraw any registration initiated by it under this Section 2.2 before the effective date of such registration,
whether or not any Holder has elected to include Registrable Securities in such registration. The expenses (other than Selling
Expenses) of such withdrawn registration shall be borne by the Company in accordance with Section 2.6.

 

2.3          Underwriting
Requirements.

 

(a)            If,
pursuant to Section 2.1, the Initiating Holders intend to distribute the Registrable Securities covered by their request
by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Section 2.1,
and the Company shall include such information in the Demand Notice. The underwriter(s) will be selected by the Company and
shall be reasonably acceptable to a majority in interest of the Initiating Holders. In such event, the right of any Holder to include
such Holder’s Registrable Securities in such registration shall be conditioned upon such Holder’s participation in
such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein.
All Holders proposing to distribute their securities through such underwriting shall (together with the Company as provided in
Section 2.4(e)) enter into an underwriting agreement in customary form with the underwriter(s) selected for such
underwriting. Notwithstanding any other provision of this Section 2.3, if the managing underwriter(s) advise(s) the
Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, then the
Initiating Holders shall so advise all Holders of Registrable Securities that otherwise would be underwritten pursuant hereto,
and the number of Registrable Securities that may be included in the underwriting shall be allocated among such Holders of Registrable
Securities, including the Initiating Holders, in proportion (as nearly as practicable) to the number of Registrable Securities
owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling Holders; provided, however,
that the number of Registrable Securities held by the Holders to be included in such underwriting shall not be reduced unless all
other securities are first entirely excluded from the underwriting. To facilitate the allocation of shares in accordance with the
above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest 100 shares.

 

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(b)            In
connection with any offering involving an underwriting of shares of the Company’s capital stock pursuant to Section 2.2,
the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders
accept the terms of the underwriting as agreed upon between the Company and its underwriters, and then only in such quantity as
the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total
number of securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds the number
of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible
with the success of the offering, then the Company shall be required to include in the offering only that number of such securities,
including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize
the success of the offering. If the underwriters determine that less than all of the Registrable Securities requested to be registered
can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated among the
selling Holders in proportion (as nearly as practicable to) the number of Registrable Securities owned by each selling Holder or
in such other proportions as shall mutually be agreed to by all such selling Holders. To facilitate the allocation of shares in
accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to
the nearest 100 shares. Notwithstanding the foregoing, in no event shall (i) the number of Registrable Securities included
in the offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded
from the offering, or (ii) the number of Registrable Securities included in the offering be reduced below twenty percent (20%)
of the total number of securities included in such offering, unless such offering is a Qualified Public Offering, in which case
the selling Holders may be excluded further if the underwriters make the determination described above and no other stockholder’s
securities are included in such offering. For purposes of the provision in this Section 2.3(b) concerning apportionment,
for any selling Holder that is a partnership, limited liability company, or corporation, the partners, members, retired partners,
retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners,
retired partners, members, and retired members and any trusts for the benefit of any of the foregoing Persons, shall be deemed
to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall
be based upon the aggregate number of Registrable Securities owned by all Persons included in such “selling Holder,”
as defined in this sentence.

 

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2.4            Obligations
of the Company. Whenever required under this Section 2 to effect the registration of any Registrable Securities,
the Company shall, as expeditiously as reasonably possible:

 

(a)            prepare
and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable
efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable
Securities registered thereunder, keep such registration statement effective for a period of up to one hundred twenty (120) days
or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however,
that (i) such one hundred twenty (120) day period shall be extended for a period of time equal to the period the Holder refrains,
at the request of an underwriter of Common Stock (or other securities) of the Company, from selling any securities included in
such registration, and (ii) in the case of any registration of Registrable Securities on Form S-3 that are intended to
be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such one hundred twenty (120) day
period shall be extended for up to sixty (60) days, if necessary, to keep the registration statement effective until all such Registrable
Securities are sold;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

2.6       Expenses
of Registration. All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or qualifications
pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting
fees; fees and disbursements of counsel for the Company; and the reasonable fees and disbursements, not to exceed $30,000 for
each such registration, filing or qualification, of one counsel for the selling Holders (“Selling Holder Counsel”),
shall be borne and paid by the Company; provided, however, that the Company shall not be required to pay for any
expenses of any registration proceeding begun pursuant to Section 2.1 if the registration request is subsequently
withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all selling
Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn
registration), unless the Holders of a majority of the Registrable Securities then outstanding agree to forfeit their right to
one registration pursuant to Section 2.1(a) or Section 2.1(b), as the case may be; provided further,
that if, at the time of such withdrawal, the Holders shall have learned of a material adverse change in the condition, business,
or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable
promptness after learning of such information then the Holders shall not be required to pay any such expenses and shall not forfeit
their right to one registration pursuant to Section 2.1(a) or Section 2.1(b). All Selling Expenses
relating to Registrable Securities registered pursuant to this Section 2 shall be borne and paid by the Holders pro
rata on the basis of the number of Registrable Securities registered on their behalf.

 

2.7        Delay
of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration
pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation
of this Section 2.

 

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2.8          Indemnification.
If any Registrable Securities are included in a registration statement under this Section 2:

 

(a)            To
the extent permitted by law, the Company will indemnify and hold harmless each selling Holder, and the partners, members, officers,
directors, and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined
in the Securities Act) for each such Holder; and each Person, if any, who controls such Holder or underwriter within the meaning
of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling
Person, or other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating
or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however,
that the indemnity agreement contained in this Section 2.8(a) shall not apply to amounts paid in settlement of
any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably
withheld, nor shall the Company be liable for any Damages to the extent that they arise out of or are based upon actions or omissions
made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling
Person, or other aforementioned Person expressly for use in connection with such registration.

 

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

 

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(c)          Promptly
after receipt by an indemnified party under this Section 2.8 of notice of the commencement of any action (including
any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim
in respect thereof is to be made against any indemnifying party under this Section 2.8, give the indemnifying party
notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent
the indemnifying party so desires, participate jointly with any other indemnifying party to which notice has been given, and to
assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified
party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right
to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified
party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between
such indemnified party and any other party represented by such counsel in such action. The failure to give notice to the indemnifying
party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to
the indemnified party under this Section 2.8, to the extent that such failure materially prejudices the indemnifying
party’s ability to defend such action. The failure to give notice to the indemnifying party will not relieve it of any liability
that it may have to any indemnified party otherwise than under this Section 2.8.

 

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

 

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

 

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(f)          Unless
otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the obligations
of the Company and Holders under this Section 2.8 shall survive the completion of any offering of Registrable Securities
in a registration under this Section 2, and otherwise shall survive the termination of this Agreement.

 

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

 

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

 

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

 

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

 

2.10            Limitations
on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without the prior written
consent of the Requisite Holders (which for purpose of this Section 2.10 is not subject to the Series C2/D2 Voting
Restriction), enter into any agreement with any holder or prospective holder of any securities of the Company that would provide
to such holder the right to include securities in any registration on other than a subordinate basis after all Holders have had
the opportunity to include in the registration and offering all shares of Registrable Securities that they wish to so include;
provided, that this limitation shall not apply to any additional Investor who becomes a party to this Agreement in accordance
with Section 6.9.

 

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2.11         “Market
Stand-off” Agreement. Each Holder hereby agrees that it will not, without the prior written consent of the managing
underwriter (in connection with the IPO) or the SPAC (in connection with a SPAC Transaction), during the period commencing on
the date of (a) the final prospectus relating to the IPO or (b) the closing of the SPAC Transaction, and ending on the
date specified by the Company or the managing underwriter (for the IPO) or the Company and the SPAC (for a SPAC Transaction) (such
period not to exceed one hundred eighty (180) days, (i) lend; offer; pledge; sell; contract to sell; sell any option or contract
to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or
dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable
(directly or indirectly) for Common Stock (or, in the case of a SPAC Transaction, any shares of the common stock or other share
capital of the SPAC or any securities convertible into or exercisable or exchangeable, directly or indirectly, for such common
stock or other share capital) held immediately before the effective date of the registration statement for such offering or transaction
or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences
of ownership of such securities, whether any such transaction described in clause (i) or (ii) above is to be settled
by delivery of Common Stock, the common stock or share capital of the SPAC, as applicable, or other securities, in cash, or otherwise.
The foregoing provisions of this Section 2.11 (A) shall apply only to the IPO or the SPAC Transaction, as applicable,
(B) shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, and (C) shall
be applicable to the Holders only if all officers, directors and stockholders individually owning more than one percent (1%) of
the Company’s outstanding Common Stock (after giving effect to conversion into Common Stock of all outstanding Preferred
Stock) are subject to the same restrictions. Any discretionary waiver or termination of the restrictions of any or all of such
agreements by the Company or the underwriters shall apply pro rata to all Holders subject to such agreements, based on the number
of shares subject to such agreements. The underwriters in connection with the IPO, and the SPAC in connection with a SPAC Transaction,
are intended third-party beneficiaries of this Section 2.11 and shall have the right, power, and authority to enforce
the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably
requested by the Company or the underwriters (in connection with the IPO) and the Company or the SPAC (in connection with a SPAC
Transaction) that are consistent with this Section 2.11 or that are necessary to give further effect thereto.

 

2.12         Restrictions
on Transfer.

 

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

 

(b)            Each
certificate or instrument representing (i) the Preferred Stock, (ii) the Registrable Securities, and (iii) any other
securities issued in respect of the securities referenced in clauses (i) and (ii), upon any stock split, stock dividend, recapitalization,
merger, consolidation, or similar event, shall (unless otherwise permitted by the provisions of Section 2.12(c)) be
stamped or otherwise imprinted with a legend substantially in the following form:

 

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

 

THE SECURITIES REPRESENTED HEREBY
MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH
IS ON FILE WITH THE SECRETARY OF THE COMPANY.

 

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

 

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

 

2.13         Termination
of Registration Rights. The right of any Holder to request registration or inclusion of Registrable Securities in any registration
pursuant to Section 2.1 or Section 2.2 shall terminate upon the earliest to occur of:

 

  (a)            the
closing of (i) a Deemed Liquidation Event, as such term is defined in the Restated Certificate or (ii) a SPAC
Transaction;

 

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

 

(c)             the
third anniversary of the Qualified Public Offering.

 

3.              Information
and Observer Rights.

 

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

 

(a)             as
soon as practicable, but in any event on or before September 30 following the end of each fiscal year of the Company, (i) a
balance sheet as of the end of such year, (ii) statements of income and of cash flows for such year, and a comparison between
(A) the actual amounts as of and for such fiscal year and (B) the comparable amounts for the prior year and as included
in the Budget (as defined in Section 3.1(d)) for such year, with an explanation of any material differences between
such amounts and a schedule as to the sources and applications of funds for such year, and (iii) a statement of stockholders’
equity as of the end of such year, all such financial statements audited and certified by independent public accountants of nationally
recognized standing selected by the Board, including the Requisite Directors;

 

(b)             as
soon as practicable, but in any event within forty-five (45) days after the end of each of the first three (3) quarters of
each fiscal year of the Company, unaudited statements of income and of cash flows for such fiscal quarter, and an unaudited balance
sheet as of the end of such fiscal quarter, all prepared in accordance with GAAP (except that such financial statements may (i) be
subject to normal year-end audit adjustments and (ii) not contain all notes thereto that may be required in accordance with
GAAP);

 

(c)             as
soon as practicable, but in any event within thirty (30) days of the end of each month, unaudited statements of income and of cash
flows for such month, and an unaudited balance sheet as of the end of such month, all prepared in accordance with GAAP (except
that such financial statements may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes
thereto that may be required in accordance with GAAP);

 

(d)             as
soon as practicable, but in any event before the end of each fiscal year, a budget and business plan for the next fiscal year (collectively,
the “Budget”), prepared on a monthly basis, including balance sheets, income statements, and statements of cash
flow for such months and, promptly after prepared, any other budgets or revised budgets prepared by the Company;

 

(e)             with
respect to the financial statements called for in Section 3.1(a), Section 3.1(b) and Section 3.1(c),
an instrument executed by the chief financial officer and chief executive officer of the Company certifying that such financial
statements were prepared in accordance with GAAP consistently applied with prior practice for earlier periods (except as otherwise
set forth in Section 3.1(b) and Section 3.1(c)) and fairly present the financial condition of the
Company and its results of operation for the periods specified therein; and

 

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(f)             such
other information and materials as the Board may determine to distribute to the Major Holders from time to time.

 

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

 

Notwithstanding anything else in this Section 3.1
to the contrary, the Company may cease providing the information set forth in this Section 3.1 during the period starting
with the date sixty (60) days before the Company’s good-faith estimate of the date of filing of a registration statement
if it reasonably concludes it must do so to comply with the SEC rules applicable to such registration statement and related
offering; provided, that the Company’s covenants under this Section 3.1 shall be reinstated at such time
as the Company is no longer actively employing its commercially reasonable efforts to cause such registration statement to become
effective.

 

3.2            Board
Notice of Material Events and Occurrences. The Company shall provide each member of the Board notification of the existence
of any known material breach by the Company of any covenant in this Agreement, the Right of First Refusal and Co-Sale Agreement
or the Voting Agreement.

 

3.3            Inspection.
The Company shall permit each Major Holder, at such Major Holder’s expense, to: request a copy of the most recent capitalization
table of the Company; visit and inspect the Company’s properties; examine its books of account and records; and discuss the
Company’s affairs, finances, and accounts with its officers, during normal business hours of the Company as may be reasonably
requested by the Major Holder; provided, however, that the Company shall not be obligated pursuant to this Section 3.3
to provide access to any information that it reasonably and in good faith considers to be a trade secret or confidential information
(unless covered by an enforceable confidentiality agreement, in form acceptable to the Company) or the disclosure of which would
adversely affect the attorney-client privilege between the Company and its counsel.

 

3.4            Observer
Rights. For so long as Investors affiliated with each of Longitude Venture Partners II, L.P., Quaker Bioventures II, L.P.,
TVM Capital, Asahi Kasei Medical Co., Ltd., Bain Capital Life Sciences Fund, L.P. (“BCLS”) and D1 Master
Holdco I LLC (“D1 Capital”) own not less than 500,000 shares of the Preferred Stock (or an equivalent amount
of Common Stock issued upon conversion thereof) (as adjusted for any stock split, stock dividend, combination, or other recapitalization
or reclassification effected after the date hereof), the Company shall invite one (1) representative of each such Investor
and/or Key Holder (as applicable) to attend all meetings of the Board in a nonvoting observer capacity and, in this respect, shall
give such representative copies of all notices, minutes, consents, and other materials that it provides to its directors. For so
long as Investors affiliated with Colony Harvest Ltd (“Colony Harvest”) own, collectively, not less than 500,000
shares of the Preferred Stock (or an equivalent amount of Common Stock issued upon conversion thereof) (as adjusted for any stock
split, stock dividend, combination, or other recapitalization or reclassification effected after the date hereof), the Company
shall invite one (1) representative designated by Colony Harvest to attend all meetings of the Board in a nonvoting observer
capacity and, in this respect, shall give such representative copies of all notices, minutes, consents, and other materials that
it provides to its directors. Each representative referred to in the preceding two sentences (each an “Observer”)
shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to all information provided to such Observer.
Notwithstanding the foregoing, the Company reserves the right to withhold any information and to exclude any such Observer from
any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client
privilege between the Company and its counsel or result in a conflict of interest, or if such Investor and/or Key Holder or its
Observer is a competitor of the Company.

 

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3.5            Termination
of Information and Observer Rights. The covenants set forth in Section 3.1, Section 3.2, Section 3.3
and Section 3.4 shall terminate and be of no further force or effect (a) immediately before the consummation of
the IPO, (b) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of
the Exchange Act, (c) upon a Deemed Liquidation Event, as such term is defined in the Restated Certificate, or (d) upon
the closing of a SPAC Transaction, whichever event occurs first.

 

3.6            Confidentiality.
Each Investor agrees that such Investor will keep confidential and will not disclose, divulge, or use for any purpose (other than
to monitor its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this
Agreement (including notice of the Company’s intention to file a registration statement or any information provided in connection
with a request for a waiver under or an amendment of any term of this Agreement), unless such confidential information (a) is
known or becomes known to the public in general (other than as a result of a breach of this Section 3.6 by such Investor),
(b) is or has been independently developed or conceived by the Investor without use of the Company’s confidential information,
or (c) is or has been made known or disclosed to the Investor by a third party without a breach of any obligation of confidentiality
such third party may have to the Company; provided, however, that an Investor may disclose confidential information
(i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in
connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Registrable Securities
from such Investor, if such prospective purchaser agrees to be bound by the provisions of this Section 3.6; (iii) to
any current or prospective Affiliate, partner, member, stockholder, or wholly owned subsidiary of such Investor in the ordinary
course of business, provided, that such Person is bound by an enforceable non-disclosure agreement with such Investor obligating
such Person to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, provided,
that (A) if such required disclosure is specifically targeted at information regarding the Company, the Investor promptly
notifies the Company of such disclosure and (B) the Investor takes reasonable steps to minimize the extent of any such required
disclosure; or (v) as routinely or periodically requested by a regulator or self-regulatory organization.

 

4.              Rights
to Future Stock Issuances.

 

4.1            Right
of First Offer. Subject to the terms and conditions of this Section 4.1 and applicable securities laws, if the
Company proposes to offer or sell any New Securities, the Company shall first offer such New Securities to each Major Holder. A
Major Holder shall be entitled to apportion the right of first offer hereby granted to it among itself and its Affiliates in such
proportions as it deems appropriate.

 

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

 

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(b)             By
notification to the Company within twenty (20) days after the Offer Notice is given, each Major Holder may elect to purchase or
otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which
equals the proportion that the Common Stock then held (including all shares of Common Stock then issuable (directly
or indirectly) upon conversion and/or exercise, as applicable, of the Preferred
Stock and any other Derivative Securities then held by such Major Holder) bears to the total Common Stock of the Company then outstanding
(assuming full conversion and/or exercise, as applicable, of all Preferred Stock and outstanding Derivative Securities, but excluding
Derivative Securities reserved for issuance pursuant to the Company’s stock and option plans that have been approved by the
Board). At the expiration of such twenty (20) day period, the Company shall promptly notify each Major Holder that elects to purchase
or acquire all the shares available to it (each, a “Fully Exercising Holder”) of any other Major Holder’s
failure to do likewise. During the ten (10) day period commencing after the Company has given such notice, each Fully Exercising
Holder may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of shares specified above,
up to that portion of the New Securities for which Major Holders were entitled to subscribe but that were not subscribed for by
the Major Holders which is equal to the proportion that the Common Stock issued and held, or issuable (directly or indirectly)
upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative
Securities then held, by such Fully Exercising Holder bears to the Common Stock issued and held, or issuable (directly or
indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held
by all Fully Exercising Holders who wish to purchase such unsubscribed shares. The closing of any sale pursuant to this Section 4.1(b) shall
occur within the later of one hundred and twenty (120) days of the date that the Offer Notice is given and the date of initial
sale of New Securities pursuant to Section 4.1(c).

 

(c)             If
all New Securities referred to in the Offer Notice are not elected to be purchased or acquired as provided in Section 4.1(b),
the Company may, during the ninety (90) day period following the expiration of the periods provided in Section 4.1(b),
offer and sell the remaining unsubscribed portion of such New Securities to any Person or Persons at a price not less than, and
upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement
for the sale of the New Securities within such period, or if such agreement is not consummated within thirty (30) days of the execution
thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered
to the Major Holders in accordance with this Section 4.1.

 

(d)             The
right of first offer in this Section 4.1 shall not be applicable to: (i) Exempted
Securities (as defined in the Restated Certificate), (ii) shares of Common
Stock issued in the IPO or SPAC Transaction; and (iii) the issuance of shares
of Preferred Stock after the date hereof pursuant to the Purchase Agreement.

 

    19

     

    

 

4.2            Termination.
The covenants set forth in Section 4.1 shall terminate and be of no further force or effect (i) immediately before
the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or
15(d) of the Exchange Act, (iii) upon a Deemed Liquidation Event, as such term is defined in the Restated Certificate,
or (iv) upon the closing of a SPAC Transaction, whichever event occurs first.

 

5.              Additional
Covenants.

 

5.1            Insurance.
The Company shall use commercially reasonable efforts to cause its Directors and Officers liability insurance policy to be maintained
in an amount and on terms and conditions satisfactory to the Board, until such time as the Board determines that such insurance
should be discontinued.

 

5.2            Employee
Agreements. The Company will cause (i) each person previously, now or hereafter employed by it or by any subsidiary (or
engaged by the Company or any subsidiary as a consultant/independent contractor) with access to confidential information and/or
trade secrets to enter into a nondisclosure and proprietary rights assignment agreement and (ii) each Key Employee to enter
into a one (1) year noncompetition and nonsolicitation agreement on substantially the Company’s customary form of agreement.
In addition, the Company shall not amend, modify, terminate, waive, or otherwise alter, in whole or in part, any of the above-referenced
agreements or any restricted stock agreement between the Company and any employee, without the approval of a majority of the Board,
including the Requisite Directors.

 

5.3            Employee
Stock. Unless otherwise approved by the Board, all future employees and consultants of the Company who purchase, receive options
to purchase, or receive awards of shares of the Company’s capital stock after the date hereof shall be required to execute
restricted stock or option agreements, as applicable, providing for (i) vesting of shares over a four (4) year period,
with the first twenty-five percent (25%) of such shares vesting following twelve (12) months of continued employment or service,
and the remaining shares vesting in equal monthly installments over the following thirty-six (36) months, (ii) a market stand-off
provision substantially similar to that in Section 2.11 and (iii) no transfers of shares prior to vesting of such
shares. In addition, unless otherwise approved by the Board, the Company shall retain a “right of first refusal” on
employee transfers until the IPO or a SPAC Transaction and shall have the right to repurchase unvested shares at cost upon termination
of employment of a holder of restricted stock. All option grants by the Company shall have an exercise price equal to the fair
market value on the date of grant, as determined by the Board and pursuant to a Section 409A valuation report completed by
an outside valuation firm. The Company shall condition the receipt of any shares of Common Stock in connection with the exercise
of stock options granted to any employees and consultants of the Company under the Company’s 2010 Stock Option and Grant
Plan, as may be amended and/or restated from time to time, to the execution and delivery by such employees or consultants of a
stockholders agreement granting to the Company a right of first refusal on such shares of Common Stock.

 

5.4            Board
Matters. The Company shall reimburse the nonemployee directors and observers appointed pursuant to Section 3.4
hereof for all reasonable out-of-pocket travel expenses incurred (consistent with the Company’s travel policy) in connection
with attending meetings of the Board and committees thereof. The Investor Designees (as defined in the Voting Agreement) shall
have the right to serve on all committees of the Board. The Board shall meet at least once every three months, unless otherwise
approved by a majority of the Board, including the approval of the Requisite Directors.

 

    20

     

    

 

5.5            Successor
Indemnification. If the Company or any of its successors or assignees consolidates with or merges into any other Person and
is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper
provision shall be made so that the successors and assignees of the Company assume the obligations of the Company with respect
to indemnification of members of the Board as in effect immediately before such transaction, whether such obligations are contained
in the Company’s Bylaws, the Restated Certificate, or elsewhere, as the case may be.

 

5.6            Matters
Requiring Investor Director Approval. The Company hereby covenants and agrees that it shall not, without approval of the Board,
which approval must include the affirmative vote of the Requisite Directors, take any action that would, or would reasonably be
expected to, have a material effect on the Company, its business or its operations, including without limitation:

 

(a)             make,
or permit any subsidiary to make, any loan or advance to, or own any stock or other securities of, any subsidiary or other corporation,
partnership, or other entity unless it is wholly owned by the Company;

 

(b)             make,
or permit any subsidiary to make, any loan or advance to any Person, including, without limitation, any employee or director of
the Company or any subsidiary, except advances and similar expenditures in the ordinary course of business or under the terms of
an employee stock or option plan approved by the Board;

 

(c)             guarantee,
directly or indirectly, or permit any subsidiary to guarantee, directly or indirectly, any indebtedness except for trade accounts
of the Company or any subsidiary arising in the ordinary course of business;

 

(d)             make
any investment inconsistent with any investment policy approved by the Board;

 

(e)             otherwise
enter into or be a party to any transaction with any director, officer, or employee of the Company or any “associate”
(as defined in Rule 12b-2 promulgated under the Exchange Act) of any such Person, except for transactions contemplated by
this Agreement, the Purchase Agreement, and the Transaction Agreements (as defined in the Purchase Agreement); transactions resulting
in payments to or by the Company in an aggregate amount less than $60,000 per year; or transactions made in the ordinary course
of business and pursuant to reasonable requirements of the Company’s business and upon fair and reasonable terms that are
approved by a majority of the Board, including the approval of the Requisite Directors;

 

(f)             hire,
terminate, or change the compensation of the executive officers, including approving any option grants or stock awards to executive
officers;

 

(g)             change
the principal business of the Company, enter new lines of business, or exit the current line of business;

 

    21

     

    

 

(h)            sell,
assign, license, pledge, or encumber material technology or intellectual property, other than licenses granted in the ordinary
course of business;

 

(i)             enter
into any corporate strategic relationship involving the payment, contribution, or assignment by the Company or to the Company of
money or assets greater than $250,000;

 

(j)             enter
into any transaction pursuant to which the Company or any of its subsidiaries would incur Term Debt (as defined below) in which
the aggregate principal amount outstanding of all Term Debt would be in excess of $5,000,000; or

 

(k)             take
any action that, pursuant to the Restated Certificate, expressly requires approval of or ratification by the Board.

 

For purposes hereof,
 “Term Debt” shall mean indebtedness for borrowed money but shall exclude (i) trade payables incurred in
the ordinary course of business and (ii) indebtedness pursuant to any accounts receivable facility or other revolving debt
facility of the Company.

 

5.7            Matters
Requiring Supermajority Director Approval. The Company hereby covenants and agrees that it shall not incur, and shall procure
that none of its subsidiaries will incur, any Additional Term Debt (as defined below), pursuant any new or existing facility of
the Company or any of its subsidiaries, without approval of the Requisite Directors, which approval must include the affirmative
vote of the director then elected by the holders of Series C1 Preferred Stock. For purposes hereof, “Additional Term
Debt” shall mean each additional incurrence or drawdown of Term Debt that, if incurred or drawn down, would result in aggregate
principal amount outstanding under all Term Debt of the Company and its subsidiaries to be more than $35,000,000.

 

5.8            Termination
of Covenants. The covenants set forth in this Section 5, except for Section 5.5, shall terminate and
be of no further force or effect (a) immediately before the consummation of the IPO or the closing of a SPAC Transaction,
(b) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of
the Exchange Act, or (c) upon a Deemed Liquidation Event, as such term is defined in the Restated Certificate, whichever event
occurs first.

 

6.              Miscellaneous.

 

6.1            Successors
and Assigns. The rights under this Agreement may be assigned (but only with all related obligations) by a Holder to a transferee
of Registrable Securities that (a) is an Affiliate of a Holder; (b) is a Holder’s Immediate Family Member or trust
for the benefit of an individual Holder or one or more of such Holder’s Immediate Family Members; or (c) acquires at
least 1,000,000 shares of Registrable Securities (as adjusted for any stock combination, stock split, stock dividend, recapitalization
or other similar transaction) held by the Holder at the time of the transfer or, if less, all of the Registrable Securities held
by such Holder; provided, however, that (i) the Company is, within a reasonable time after such transfer, furnished
with written notice of the name and address of such transferee and the Registrable Securities with respect to which such rights
are being transferred; and (ii) such transferee agrees in a written instrument delivered to the Company to be bound by and
subject to the terms and conditions of this Agreement, including the provisions of Section 2.11. For the purposes of
determining the number of shares of Registrable Securities held by a transferee, the holdings of a transferee (A) that is
an Affiliate or stockholder of a Holder; (B) who is a Holder’s Immediate Family Member; or (C) that is a trust
for the benefit of an individual Holder or such Holder’s Immediate Family Member shall be aggregated together and with those
of the transferring Holder; provided further, that all transferees who would not qualify individually for assignment of
rights shall have a single attorney-in-fact for the purpose of exercising any rights, receiving notices, or taking any action under
this Agreement. The terms and conditions of this Agreement inure to the benefit of and are binding upon the respective successors
and permitted assignees of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other
than the parties hereto or their respective successors and permitted assignees any rights, remedies, obligations or liabilities
under or by reason of this Agreement, except as expressly provided herein.

 

    22

     

    

 

6.2            Governing
Law. This Agreement and any controversy arising out of or relating to this Agreement shall be governed by and construed in
accordance with the General Corporation Law of the State of Delaware as to matters within the scope thereof, and as to all other
matters shall be governed by and construed in accordance with the internal laws of the Commonwealth of Massachusetts, without regard
to conflict of law principles that would result in the application of any law other than the law of the Commonwealth of Massachusetts.

 

6.3            Counterparts;
Facsimile. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. This Agreement may also be executed and delivered by facsimile or
electronic mail signature in PDF or similar format and in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument.

 

6.4            Titles
and Subtitles. The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing
or interpreting this Agreement.

 

6.5            Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given upon the earlier of actual receipt or: (a) personal delivery to the party to be notified; (b) when sent, if sent
by electronic mail or facsimile during the recipient’s normal business hours, and if not sent during normal business hours,
then on the recipient’s next business day; (c) five (5) days after having been sent by registered or certified
mail, return receipt requested, postage prepaid; or (d) one (1) business day after the business day of deposit with a
nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written verification of receipt. All
communications shall be sent to the respective parties at their addresses as set forth on Schedule A or Schedule B
(as applicable) hereto, or to the principal office of the Company and to the attention of the Chief Executive Officer, in the case
of the Company, or to such email address, facsimile number, or address as subsequently modified by written notice given in accordance
with this Section 6.5. If notice is given to the Company, a copy shall also be sent to Latham & Watkins LLP,
200 Clarendon Street, 27th Floor, Boston, Massachusetts 02116, Attention: Stephen W. Ranere, and if notice is given
to Investors, a copy shall also be given to Morrison & Foerster LLP, Edinburgh Tower, 33/F The Landmark, 15 Queen’s
Road Central, Hong Kong, China, Attention: Thomas T.H. Chou; Cooley LLP, 500 Boylston Street, 14th Floor, Boston, MA 02116, Attention:
Ryan Sansom; and Sidley Austin LLP, 787 Seventh Avenue, New York, NY 10019, Attention: Geoff Levin.

 

    23

     

    

 

6.6            Amendments
and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either
generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company
and the Requisite Holders; provided, that the Company may in its sole discretion waive compliance with Section 2.12(c) (and
the Company’s failure to object promptly in writing after notification of a proposed assignment allegedly in violation of
Section 2.12(c) shall be deemed to be a waiver); and provided further that any provision hereof may be
waived by any waiving party on such party’s own behalf, without the consent of any other party. Notwithstanding the foregoing,
(i) this Agreement may not be amended, and no provision hereof may be waived, in each case, in any way which would adversely
affect the rights of the Key Holders hereunder in a manner disproportionate to any adverse effect such amendment or waiver would
have on the rights of the Investors hereunder, without also the written consent of the holders of at least a majority of the Key
Holder Registrable Securities, (ii) Section 3.4 of this Agreement or this clause (ii) may not be amended,
and no portion thereof may be waived, as to any of Longitude Venture Partners II, L.P., Quaker Bioventures II, L.P., TVM Capital,
Colony Harvest, Asahi Kasei Medical Co., Ltd., BCLS and/or D1 Capital without the consent of such party (for as long as such
party is eligible to appoint an Observer pursuant to the terms thereof), (iii) this Agreement may not be amended, modified
or terminated and the observance of any term hereunder may not be waived with respect to any Investor (including any Series C2/D2
Initial Holder (as defined in the Restated Certificate), as applicable) without the prior written consent of such Investor if (and
only if) such amendment, modification, termination or waiver would adversely affect the rights of such Investor under this Agreement
in a manner disproportionate to any adverse effect such amendment, modification, termination or waiver would have on the rights
of the other Investors under this Agreement (it being agreed that a waiver of the provisions of Section 4 with respect
to a particular transaction shall be deemed to apply to all Investors in the same fashion if such waiver does so by its terms,
notwithstanding the fact that certain Investors may nonetheless, by agreement with the Company, purchase securities in such transaction)
and (iv) neither this clause (iv) of this sentence nor the definition of “Requisite Directors” shall be amended,
terminated or waived without the prior written consent of each of Endeavour Medtech Growth II LP, BCLS and Colony Harvest. The
Company shall give prompt notice of any amendment or termination hereof or waiver hereunder to any party hereto that did not consent
in writing to such amendment, termination, or waiver. Any amendment, termination, or waiver effected in accordance with this Section 6.6
shall be binding on all parties hereto, regardless of whether any such party has consented thereto. No waivers of or exceptions
to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further
or continuing waiver of any such term, condition, or provision.

 

6.7            Severability.
In case any one or more of the provisions contained in this Agreement is for any reason held to be invalid, illegal or unenforceable
in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such
invalid, illegal, or unenforceable provision shall be reformed and construed so that it will be valid, legal, and enforceable to
the maximum extent permitted by law.

 

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

 

    24

     

    

 

6.9            Additional
Investors. Notwithstanding anything to the contrary contained herein, if the Company issues additional shares of Preferred
Stock after the date hereof, any purchaser of such shares of Preferred Stock may become a party to this Agreement by executing
and delivering an additional counterpart signature page to this Agreement, and thereafter shall be deemed an “Investor”
for all purposes hereunder. No action or consent by the Investors shall be required for such joinder to this Agreement by such
additional Investor, so long as such additional Investor has agreed in writing to be bound by all of the obligations as an “Investor”
hereunder.

 

6.10          Entire
Agreement. This Agreement (including any Schedules and Exhibits hereto) constitutes the full and entire understanding and agreement
among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter
hereof existing between the parties is expressly canceled. Upon the effectiveness of this Agreement, the Prior Agreement shall
be deemed amended and restated and superseded and replaced in its entirety by this Agreement, and shall be of no further force
or effect.

 

6.11          Dispute
Resolution. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the federal and state
courts located within the geographic boundaries of the United States District Court for the District of Massachusetts for the purpose
of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action
or other proceeding arising out of or based upon this Agreement except in the federal and state courts located within the geographic
boundaries of the United States District Court for the District of Massachusetts, and (c) hereby waive, and agree not to assert,
by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally
to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit,
action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that
this Agreement or the subject matter hereof may not be enforced in or by such court. The prevailing party shall be entitled to
reasonable attorney’s fees, costs, and necessary disbursements in addition to any other relief to which such party may be
entitled. Each of the parties to this Agreement consents to personal jurisdiction for any equitable action sought in the U.S. District
Court for the District of Massachusetts or any court of the Commonwealth of Massachusetts having subject matter jurisdiction.

 

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

 

6.13          Acknowledgment
from the Company. The Company acknowledges that the Investors are in the business of venture capital investing and therefore
review the business plans and related proprietary information of many enterprises, including enterprises which may have products
or services which compete directly or indirectly with those of the Company. Nothing in this Agreement shall preclude or in any
way restrict the Investors from investing or participating in any particular enterprise whether or not such enterprise has products
or services which compete with those of the Company.

 

[Remainder of Page Intentionally Left
Blank]

 

    25

     

    

 

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

 

	 	COMPANY:  
	 	   
	 	RAPID MICRO BIOSYSTEMS, INC.  
	 	   
	 	By:	/s/ Robert Spignesi
	 	Name:	Robert Spignesi
	 	Title:	President and Chief Executive Officer
	 	 	 
	 	Address:	 
	 	 	 
	 	RAPID MICRO BIOSYSTEMS, INC.  
	 	1001 Pawtucket Blvd. West  
	 	Lowell, MA 01854  
	 	Attention: Chief Financial Officer  

 

SIGNATURE PAGE TO SEVENTH AMENDED AND
RESTATED

INVESTORS’
RIGHTS AGREEMENT

 

    

     

    

 

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

 

	 	INVESTORS:
	 	 
	 	D1 MASTER HOLDCO I LLC
	 	 
	 	By: D1 Capital Partners Master LP,
	 	its Managing Member
	 	 
	 	By: D1 Capital Partners GP Sub LLC,
	 	its General Partner
	 	 	 
	 	By:	/s/ Dan Sundheim
	 	Name: 	Daniel Sundheim
	 	Title: 	Authorized Signatory
	 	 
	 	Address:
	 	c/o D1 Capital Management LC
	 	9 West 57th Street
	 	36th Floor
	 	New York, NY 10019

 

SIGNATURE PAGE TO SEVENTH AMENDED AND
RESTATED

INVESTORS’
RIGHTS AGREEMENT

 

    

     

    

 

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

 

	 	INVESTORS:  
	 	   
	 	ABG WTT-RAPID LIMITED  
	 	 	 
	 	By:	/s/ Charles Chon
	 	Name: 	Charles Chon
	 	Title: 	Director

 

SIGNATURE PAGE TO SEVENTH AMENDED AND
RESTATED

INVESTORS’
RIGHTS AGREEMENT

 

    

     

    

 

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

 

	 	INVESTORS:
	 	 
	 	ENDEAVOUR MEDTECH GROWTH II LP
	 	 
	 	By: Endeavour Medtech II GP Limited
	 	its General Partner
	 	 
	 	By:	/s/ Nick Barton
	 	Name:	Nick Barton
	 	Title:	Director
	 	 
	 	ENDEAVOUR MEDTECH GROWTH II PARALLEL LP
	 	 
	 	By: Endeavour Medtech II GP Limited
	 	its General Partner
	 	 
	 	By:	/s/ Nick Barton
	 	Name:	Nick Barton
	 	Title:	Director

 

SIGNATURE PAGE TO SEVENTH AMENDED AND
RESTATED

INVESTORS’
RIGHTS AGREEMENT

 

    

     

    

 

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

 

	 	INVESTORS:
	 	 
	 	LONGITUDE VENTURE PARTNERS II, L.P.,
	 	a Delaware Limited Partnership
	 	 	 
	 	By: 	Longitude Capital Partners II, LLC
	 	 	its General Partner
	 	 	 
	 	By:	/s/ Juliet Tammenoms Bakker
	 	Name: 	Juliet Tammenoms Bakker
	 	Title: 	Managing Director

 

SIGNATURE PAGE TO SEVENTH AMENDED AND
RESTATED

INVESTORS’
RIGHTS AGREEMENT

 

    

     

    

 

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

 

	 	INVESTORS:
	 	 
	 	QUAKER BIOVENTURES II, L.P.
	 	 
	 	By: QUAKER BIOVENTURES CAPITAL II, 

L.P., its general partner
	 	 
	 	By: QUAKER BIOVENTURES CAPITAL II, 

LLC, its general partner
	 	 
	 	By:	/s/ Richard S. Kollender
	 	Name:	Richard S. Kollender
	 	Title:	Executive Manager

 

SIGNATURE PAGE TO SEVENTH AMENDED AND
RESTATED

INVESTORS’
RIGHTS AGREEMENT

 

    

     

    

 

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

 

	 	INVESTORS:
	 	 
	 	BAIN CAPITAL LIFE SCIENCES FUND, LP.
	 	 
	 	By: Bain Capital Life Sciences Partners, LP,
	 	its general partner
	 	 
	 	By: Bain Capital Life Sciences Investors, LLC,
	 	its general partner
	 	 
	 	By:	/s/ Jeffrey Schwartz
	 	Name: 	Jeffrey Schwartz
	 	Title: 	Managing Director
	 	 	 
	 	BCIP LIFE SCIENCES ASSOCIATES, LP
	 	 
	 	By: Boylston Coinvestors, LLC,
	 	its general partner
	 	 
	 	By:	/s/ Jeffrey Schwartz
	 	Name: 	Jeffrey Schwartz
	 	Title: 	Authorized Signatory

 

SIGNATURE PAGE TO SEVENTH AMENDED AND
RESTATED

INVESTORS’
RIGHTS AGREEMENT

 

    

     

    

 

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

 

	 	INVESTORS:
	 	 
	 	COLONY HARVEST LTD
	 	 	 
	 	By: 	/s/ Fares Zahir
	 	Name: 	Fares Zahir
	 	Title: 	Authorized Signatory

 

SIGNATURE PAGE TO SEVENTH AMENDED AND
RESTATED

INVESTORS’
RIGHTS AGREEMENT

 

    

     

    

 

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

 

	 	INVESTORS:
	 	 
	 	/s/ Robert Spignesi
	 	Robert Spignesi

 

SIGNATURE PAGE TO SEVENTH AMENDED AND
RESTATED

INVESTORS’
RIGHTS AGREEMENT

 

    

     

    

 

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

 

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

 

SIGNATURE PAGE TO SEVENTH AMENDED AND
RESTATED

INVESTORS’
RIGHTS AGREEMENT

 

    

     

    

 

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

 

	 	INVESTORS:
	 	 
	 	T. Rowe Price Health Sciences Fund, Inc.
	 	TD Mutual Funds - TD Health Sciences Fund
	 	T. Rowe Price Health Sciences Portfolio
	 	Each account, severally not jointly
	 	 
	 	By: T. Rowe Price Associates, Inc., Investment Adviser or Subadviser, as applicable
	 	 
	 	By:	/s/ Andrew Baek                            
	 	Name:	Andrew Baek
	 	Title:	Vice President, Senior Legal Counsel
	 	 
	 	Address:
	 	T. Rowe Price Associates, Inc.
	 	100 East Pratt Street
	 	Baltimore, MD 21202
	 	Attn.: Andrew Baek, Vice President and Senior Legal Counsel
	 	Phone: 410-345-2090
	 	Email: [XXX]

 

SIGNATURE PAGE TO SEVENTH AMENDED AND
RESTATED

INVESTORS’
RIGHTS AGREEMENT

 

    

     

    

 

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

 

	 	INVESTORS:
	 	 
	 	ADAGE CAPITAL PARTNERS, LP
	 	 
	 	By: Adage Capital Partners, GP, LLC, it's General Partner
	 	 
	 	By: Adage Capital Advisors, LLC, it's Managing Member
	 	 
	 	By:	/s/ Dan Lehan
	 	Name:	Dan Lehan
	 	Title:	Chief Operating Officer

 

SIGNATURE PAGE TO SEVENTH AMENDED AND
RESTATED

INVESTORS’
RIGHTS AGREEMENT

 

    

     

    

 

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

 

	 	INVESTORS:
	 	 
	 	SUNLEY HOUSE CAPITAL MASTER LIMITED PARTNERSHIP
	 	 
	 	By: Sunley House Capital GP LP, its General Partner
	 	 
	 	By: Sunley House Capital GP LLC, its General Partner
	 	 
	 	By:	/s/ Mohammed Anjarwala
	 	Name:	Mohammed Anjarwala
	 	Title:	Managing Director

 

SIGNATURE PAGE TO SEVENTH AMENDED AND
RESTATED

INVESTORS’
RIGHTS AGREEMENT

 

    

     

    

 

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

 

	 	INVESTORS:
	 	 
	 	CaaS Opportunity LLC
	 	 
	 	By: CaaS Capital Management its Manager
	 	 
	 	By:	/s/ Semi Gogliormella
	 	Name:	Semi Gogliormella
	 	Title:	COO

 

SIGNATURE PAGE TO SEVENTH AMENDED AND
RESTATED

INVESTORS’
RIGHTS AGREEMENT

 

    

     

    

 

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

 

	 	INVESTORS:
	 	 
	 	/s/ Gurinder Grewal
	 	Gurinder Grewal

 

SIGNATURE PAGE TO SEVENTH AMENDED AND
RESTATED

INVESTORS’
RIGHTS AGREEMENT

 

    

     

    

 

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

 

	 	INVESTORS:
	 	 
	 	ALLY BRIDGE MEDALPHA MASTER FUND L.P.
	 	 
	 	By: Ally Bridge Group (NY) LLC, its manager
	 	 
	 	By:	/s/ Anna Yaeger
	 	Name:	Anna Yaeger
	 	Title:	Portfolio Manager and President

 

SIGNATURE PAGE TO SEVENTH AMENDED AND
RESTATED

INVESTORS’
RIGHTS AGREEMENT

 

    

     

    

 

 

Schedule
A

 

Investors

 

Investor Name and Address

 

D1 Master Holdco I LLC

c/o D1 Capital Management LC

9 West 57th Street

36th Floor

New York, NY 10019

 

T. Rowe Price Health Sciences Fund, Inc.

TD Mutual Funds - TD Health Sciences Fund

T. Rowe Price Health Sciences Portfolio

c/o T. Rowe Price Associates, Inc.

101 East Pratt Street

Baltimore, MD 21202

Attn.: Andrew Baek, Vice President and Senior

Legal Counsel

Phone: 410-345-2090

Email: [XXX]

 

BlackRock Health Sciences Trust II

BlackRock Health Sciences Master Unit Trust

c/o BlackRock

60 State Street, 19th/20th Floor

Boston, MA 02109

Attn: Erin Xie

Email: [XXX]

FEPMAssistantsUS@blackrock.com

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

c/o BlackRock

Office of the General Counsel

40 East 52nd Street

New York, NY 10022

Attn: David Maryles and Reid Fitzgerald

Email: legaltransactions@blackrock.com

 

Adage Capital Partners, LP

c/o Adage Capital Management

200 Clarendon St, 52nd St

Boston, MA 02116

Attn: Dan Lehan

 

     

     

    

 

Investor Name and Address

 

Sunley House Capital Master Limited Partnership

c/o Sunley House Capital Management LLC

Prudential Tower

800 Boylston Street, Suite 3300

Boston, MA 02199

 

CaaS Opportunity LLC

800 Third Avenue, 26th Floor

New York, NY 10022

 

Ally Bridge MedAlpha Master Fund L.P.

c/o Ally Bridge Group (NY) LLC

430 Park Avenue, 12th Floor

New York, NY 10022

Telephone: 646-829-9373

Contact Person: Daniel Johnson

E-mail: [XXX]

 

Gurinder Grewal

[XXX]

[XXX]

 

ABG WTT-Rapid Limited

c/o: Ally Bridge Group

Room 3002-4

30/F Gloucester Tower

The Landmark

15 Queen’s Road Central

Hong Kong

 

Endeavour Medtech Growth II LP

P.O Box 656

East Wing Trafalgar Court

Les Banques, St Peter Port,

Guernsey, GY1 3PP

Email: [XXX]

Email: [XXX]

 

Endeavour Medtech Growth II Parallel LP

P.O Box 656

East Wing Trafalgar Court

Les Banques, St Peter Port,

Guernsey, GY1 3PP

Email: [XXX]

Email: [XXX]

 

     

     

    

 

Investor Name and Address

 

Bain Capital Life Sciences

Attn: Jeffrey Schwartz, Managing Director

200 Clarendon Street

Boston, MA 02116

Phone: (617) 516-2585

Fax: (617) 652-3585

Email: [XXX]

 

BCIP Life Sciences Associates, LP

Attn: Jeffrey Schwartz, Managing Director

200 Clarendon Street

Boston, MA 02116

Phone: (617) 516-2585

Fax: (617) 652-3585

Email: [XXX]

 

Asahi Kasei Medical Co., Ltd.

1-105 Kanda Jinbocho, Chiyoda-ku

Tokyo 101-8101, Japan

 

Colony Harvest Ltd

2nd Floor, The Grand Pavilion Commercial Centre

PO. Box 10338, Grand Cayman KY1-1003

Cayman Islands

 

KPCB Holdings, Inc., as nominee

Kleiner Perkins Caufield & Byers

2750 Sand Hill Road

Menlo Park, CA 94025

 

TVM Life Science Ventures VI GmbH & Co. KG

c/o TVM Capital

Ottostr. 4

80333 München Germany

Attn: Stefan Fischer

Phone: 011 49 89 998992-0

Fax: 011 49 89 998992-55

 

TVM Life Science Ventures VI, L.P.

c/o TVM Capital

Ottostr. 4

80333 München Germany

Attn: Stefan Fischer

Phone: 011 49 89 998992-0

Fax: 011 49 89 998992-55

 

     

     

    

 

Investor Name and Address

 

Fletcher Spaght Ventures II, L.P.

222 Berkeley Street

20th Floor

Boston, MA 02116

 

FSV II, L.P.

222 Berkeley Street

20th Floor

Boston, MA 02116

 

FSV II-B, L.P.

222 Berkeley Street

20th Floor

Boston, MA 02116

 

Quaker BioVentures II, L.P.

150 Monument Road, Suite 205

Bala Cynwyd, PA 19004

 

TPG RAMB Holdings, L.P.

301 Commerce

Suite 3300

Fort Worth, Texas 76102

United States

Attention: Matthew Coleman

 

Longitude Venture Partners II, L.P.

545 Steamboat Road

Greenwich, Connecticut 06830

Attention: David Hirsch

 

Robert Spignesi

[XXX]

[XXX]

 

Christopher Cashman

[XXX]

[XXX]

 

Philip Stewart

[XXX]

[XXX]

 

     

     

    

 

Julie Sperry

[XXX]

[XXX]

 

Manbro P.E. IV, LP

1000 Lakeside Avenue

Cleveland, OH 44114

 

Foundation Investments of Ohio Ltd.

1000 Lakeside Avenue

Cleveland, OH 44114

 

MSF Private Equity Fund LLC

25701 Science Park Drive

Cleveland, OH 44122

With a copy to:

Investments

c/o Parkwood LLC

1000 Lakeside Avenue

Cleveland, OH 44114

 

Mellon Family Investment Company V

Legal and U.S. Mail:

P.O. Box RKM

Ligonier, PA 15658

Attn: Douglas L. Sisson

Overnight only for physical address:

[XXX]

[XXX]

 

Richard King Mellon Foundation

Legal and U.S. Mail:

BNY Mellon Center

500 Grant St., Suite 4106

Pittsburgh, PA 15219

With a copy to:

P.O. Box RKM

Ligonier, PA 15658

Attn: Douglas L. Sisson

Overnight only for physical address:

[XXX]

[XXX]

 

     

     

    

 

Foster & Foster Capital V LLC

10 Westport Road, Suite C 205

Wilton, CT 06897

 

Hepalink USA Inc.

Drake Oak Brook Plaza

2215 York Road, Suite 205

Oak Brook, IL 60523

 

Biomedical Sciences Investment Fund Pte Ltd

250 North Bridge Road #20-02

Raffles City Tower

Singapore 179101

 

Andrew Khouri

[XXX]

[XXX]  

 

Margaret Blake Garvan Trust Margaret B. Garvan

and Thomas P. Monath Co-Trustees UA 11/1/2001

[XXX]

[XXX]

 

Waycross Ventures LLC

2750 Sand Hill Road

Menlo Park, CA 94025

Attn: Brook Byers

 

     

     

    

 

Schedule
B

 

Key Holders

 

Key Holder Name and Address

Straus Holdings, Inc.

1 Oak Park Drive

Bedford, MA 01730EX-10.1

 Exhibit 10.1 

Execution Version 

SECURITIES PURCHASE AGREEMENT 
 This
SECURITIES PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of March 18, 2021 by and among X4 Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and the Investors identified on
Exhibit A attached hereto (each an “Investor” and collectively the “Investors”). 
 RECITALS

 A. The Company and the Investors are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded by
the provisions of Section 4(a)(2) of the 1933 Act (as defined below); 
 B. The Investors wish to purchase from the Company, and the Company wishes to
sell and issue to the Investors, upon the terms and subject to the conditions stated in this Agreement, shares (the “Shares”) of the Company’s Common Stock, par value $0.001 per share (the “Common Stock”),
and/or pre-funded warrants to purchase Common Stock in the form attached hereto as Exhibit B (the “Pre-Funded Warrants”); and 

C. Contemporaneously with the sale of the Shares and the Pre-Funded Warrants, the parties hereto will execute and
deliver a Registration Rights Agreement, in the form attached hereto as Exhibit C (the “Registration Rights Agreement”), pursuant to which the Company will agree to provide certain registration rights in respect of the Shares
and the Warrant Shares (as defined below) under the 1933 Act and applicable state securities laws. 
 In consideration of the mutual promises made herein
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1.
Definitions. For the purposes of this Agreement, the following terms shall have the meanings set forth below: 
 “Affiliate” means,
with respect to any Person, any other Person which directly or indirectly through one or more intermediaries Controls, is controlled by, or is under common Control with such Person. 

“Business Day” means a day, other than a Saturday or Sunday, on which banks in New York City are open for the general transaction of
business. 
 “Closing” has the meaning set forth in Section 3.1. 

“Closing Date” has the meaning set forth in Section 3.1. 

“Closing Securities” means the Shares and the Pre-Funded Warrants sold at Closing. 

“Common Stock” has the meaning set forth in the recitals to this Agreement. 

“Intellectual Property” has the meaning set forth in Section 4.14. 

“Company’s Knowledge” means the actual knowledge of the executive officers (as defined in Rule 405 under the 1933 Act) of the Company.

 “Control” (including the terms “controlling,” “controlled by” or “under common control with”) means the
possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

“EDGAR system” has the meaning set forth in Section 4.9. 

“Environmental Laws” has the meaning set forth in Section 4.15. 

 “GAAP” has the meaning set forth in Section 4.17. 

“Governmental Entity” means any national, federal, state, municipal, local, territorial, foreign or other government or any department,
commission, board, bureau, agency, regulatory authority or instrumentality thereof, or any court, judicial, administrative or arbitral body or public or private tribunal. 

“HSR Act” has the meaning set forth in Section 7.9. 

“Investor Questionnaire” has the meaning set forth in Section 5.8. 

“Material Adverse Effect” means a material adverse effect on (i) the assets, liabilities, results of operations, financial condition or
business of the Company and its subsidiaries taken as a whole, (ii) the legality or enforceability of any of the Transaction Documents or (iii) the ability of the Company to perform its obligations under the Transaction Documents, except
that for purposes of Section 6.1(i) of this Agreement, in no event shall a change in the market price of the Common Stock alone constitute a “Material Adverse Effect”. 

“Material Contract” means any contract, instrument or other agreement to which the Company is a party or by which it is bound that has been
filed or was required to have been filed as an exhibit to the SEC Filings pursuant to Item 601(b)(4) or Item 601(b)(10) of Regulation S-K. 

“Nasdaq” means the Nasdaq Global Select Market. 

“Person” means an individual, corporation, partnership, limited liability company, trust, business trust, association, joint stock company,
joint venture, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically listed herein. 

“Placement Agent(s)” shall include each of Citigroup Global Markets Inc., Cowen and Company, LLC and Stifel, Nicolaus & Company,
Inc. 
 “Pre-Funded Warrants” has the meaning set forth in the recitals to this Agreement. 

“Press Release” has the meaning set forth in Section 9.7. 

“Principal Trading Market” means the Trading Market on which the Common Stock is primarily listed on and quoted for trading, which, as of the
date of this Agreement and the Closing Date, shall be the Nasdaq Capital Market. 
 “Prior Registration Rights Agreement” means that
certain Registration Rights Agreement, dated October 14, 2020, by and between the Company and Aspire Capital Fund, LLC. 
 “Registration Rights
Agreement” has the meaning set forth in the recitals to this Agreement. 
 “Regulatory Authorities” has the meaning set forth in
Section 4.30. 
 “Required Investors” has the meaning set forth in the Registration Rights Agreement. 

“SEC” means the U.S. Securities and Exchange Commission. 

“SEC Filings” has the meaning set forth in Section 4.8. 

“Securities” means the Shares, the Pre-Funded Warrants, and the Warrant Shares. 

“Shares” has the meaning set forth in the recitals to this Agreement. 

  
 2 

 “Short Sales” means all “short sales” as defined in Rule 200 of Regulation SHO
under the 1934 Act (but shall not be deemed to include the location and/or reservation of borrowable shares of Common Stock). 
 “Trading
Day” means (i) a day on which the Common Stock is listed or quoted and traded on its Principal Trading Market (other than the OTC Bulletin Board), or (ii) if the Common Stock is not listed on a Trading Market (other than the OTC
Bulletin Board), a day on which the Common Stock is traded in the over-the-counter market, as reported by the OTC Bulletin Board, or (iii) if the Common Stock is
not quoted on any Trading Market, a day on which the Common Stock is quoted in the over-the-counter market as reported in the “pink sheets” by OTC Markets
Group Inc. (or any similar organization or agency succeeding to its functions of reporting prices); provided, that in the event that the Common Stock is not listed or quoted as set forth in (i), (ii) or (iii) hereof, then Trading Day shall mean
a Business Day. 
 “Trading Market” means whichever of the New York Stock Exchange, the NYSE American, the Nasdaq Global Select Market, the
Nasdaq Global Market, the Nasdaq Capital Market or the OTC Bulletin Board on which the Common Stock is listed or quoted for trading on the date in question. 

“Transfer Agent” has the meaning set forth in Section 7.2(a). 

“Transaction Documents” means this Agreement, the Pre-Funded Warrants and the Registration Rights
Agreement. 
 “Warrant Shares” means the shares of Common Stock issuable upon exercise of the
Pre-Funded Warrants. 
 “1933 Act” means the Securities Act of 1933, as amended, or any successor
statute, and the rules and regulations promulgated thereunder. 
 “1934 Act” means the Securities Exchange Act of 1934, as amended, or any
successor statute, and the rules and regulations promulgated thereunder. 
 2. Purchase and Sale of the Securities. On the Closing Date, upon the
terms and subject to the conditions set forth herein, the Company will issue and sell, and each Investor will purchase, severally and not jointly, (A) the number of Shares set forth opposite the name of such Investor under the heading
“Number of Shares” on Exhibit A attached hereto and (B) a Pre-Funded Warrant to purchase the number of Warrant Shares set forth opposite the name of such Investor under the heading
“Number of Warrant Shares Underlying Pre-Funded Warrant” on Exhibit A attached hereto, if any. The purchase price per Share shall be $8.70. The purchase price per Pre-Funded Warrant shall be $8.69. The Pre-Funded Warrants shall have an exercise price equal to $0.01 per Warrant Share. 

3. Closing. 
 3.1 Upon the satisfaction of the conditions
set forth in Section 6, the completion of the purchase and sale of the Closing Securities (the “Closing”) shall occur remotely via exchange of documents and signatures on March 23, 2021 (the “Closing
Date”). 
 3.2 On the Closing Date, each Investor shall deliver or cause to be delivered to the Company, via wire transfer of immediately available
funds pursuant to the wire instructions delivered to such Investor by the Company on or prior to the Closing Date, an amount equal to the purchase price to be paid by the Investor for the Closing Securities to be acquired by it as set forth opposite
the name of such Investor under the heading “Aggregate Purchase Price of Securities” on Exhibit A attached hereto. 
 3.3 At the Closing,
the Company shall deliver or cause to be delivered to each Investor (A) a number of Shares, registered in the name of the Investor (or its nominee in accordance with its delivery instructions), equal to the number of Shares set forth opposite
the name of such Investor under the heading “Number of Shares” on Exhibit A attached hereto and (B) a Pre-Funded Warrant, registered in the name of the Investor (or its nominee in
accordance with its delivery instructions), to purchase up to the number of Warrant Shares set forth opposite the name of such Investor under the heading “Number of Warrant Shares Underlying Pre-Funded
Warrant” on Exhibit A attached hereto, if any. The Shares shall be delivered via a book-entry record through the Transfer Agent. Unless the Company and an Investor otherwise mutually agree with respect to such Investor’s Shares, at
Closing settlement shall occur on a “delivery versus payment” basis. 

  
 3 

 4. Representations and Warranties of the Company. The Company hereby represents and warrants to the
Investors that, except (a) as described in the Company’s SEC Filings and (b) as set forth on the disclosure schedule delivered herewith (which is arranged in numbered and lettered sections corresponding to the numbered and lettered
sections contained in this Section 4) (the “Disclosure Schedule”), each of which qualify these representations and warranties in their entirety. 

4.1 Organization, Good Standing and Qualification. The Company is a corporation duly organized, validly existing and in good standing under the laws of
the jurisdiction of its incorporation and has all requisite corporate power and authority to carry on its business as now conducted and to own or lease its properties. The Company is duly qualified to do business as a foreign corporation and is in
good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property makes such qualification or leasing necessary unless the failure to so qualify has not had and would not reasonably be expected to have a
Material Adverse Effect. X4 Pharmaceuticals Securities Corporation, a Massachusetts corporation; X4 Pharmaceuticals, Inc., a Delaware corporation; X4 Pharmaceuticals (Austria) GmbH, a company incorporated under the laws of Austria; and X4
Therapeutics Inc., a Delaware corporation, are the only subsidiaries of the Company and are wholly-owned by the Company. Each subsidiary of the Company has been duly incorporated or organized and is validly existing and in good standing (or such
equivalent concepts to the extent they exist under the law of such jurisdiction) under the laws of the jurisdiction of its incorporation or organization, and have all requisite power and authority to carry on their business as now conducted and to
own or lease their properties. The Company’s subsidiaries are duly qualified to do business and are in good standing (or such equivalent concept to the extent it exists under the law of such jurisdiction) in each jurisdiction in which the
conduct of their business or their ownership or leasing of property makes such qualification necessary unless the failure to so qualify has not had and would not reasonably be expected to have a Material Adverse Effect. 

4.2 Authorization. The Company has the requisite corporate power and authority and has taken all requisite corporate action necessary for, and no
further action on the part of the Company, its officers, directors and stockholders is necessary for, (i) the authorization, execution and delivery of the Transaction Documents, (ii) the authorization of the performance of all obligations
of the Company hereunder or thereunder, and (iii) the authorization, issuance (or reservation for issuance) and delivery of the Securities. The Transaction Documents constitute the legal, valid and binding obligations of the Company,
enforceable against the Company in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability, relating to or affecting creditors’ rights generally
and to general equitable principles. 
 4.3 Capitalization. The Company is authorized under its Certificate of Incorporation to issue 125,000,000
shares of Common Stock. The Company’s disclosure of its issued and outstanding capital stock in its most recent SEC Filing containing such disclosure was accurate in all material respects as of the date indicated in such SEC Filing. Since the
date indicated in such SEC Filing, there has not been any change the Company’s capital stock, other than as a result of the exercise of stock options or the award of stock options or restricted stock units in the ordinary course of business
pursuant to the Company’s stock-based compensation plans described in the SEC Filings. All of the issued and outstanding shares of the Company’s capital stock have been duly authorized and validly issued and are fully paid and
nonassessable; none of such shares were issued in violation of any preemptive rights; and such shares were issued in compliance in all material respects with applicable state and federal securities law and any rights of third parties. No Person is
entitled to preemptive or similar statutory or contractual rights with respect to the issuance by the Company of any securities of the Company, including, without limitation, the Securities. Except for stock options and restricted stock units
approved pursuant to Company stock-based compensation plans described in the SEC Filings, warrants and prefunded warrants described in the SEC Filings, and other agreements described in the SEC Filings, there are no outstanding warrants, options,
convertible securities or other rights, agreements or arrangements of any character under which the Company is or may be obligated to issue any equity securities of any kind, except as contemplated by this Agreement. Except for the Registration
Rights Agreement and the Prior Registration Rights Agreement, there are no voting agreements, buy-sell agreements, option or right of first purchase agreements or other agreements of any kind among the Company
and any of the securityholders of the Company relating to the securities of the Company held by them. Except as provided in the Registration Rights 

  
 4 

 
Agreement, and except as provided in the Prior Registration Rights Agreement, no Person has the right to require the Company to register any securities of the Company under the 1933 Act, whether
on a demand basis or in connection with the registration of securities of the Company for its own account or for the account of any other Person. 
 The
issuance and sale of the Securities hereunder will not obligate the Company to issue shares of Common Stock or other securities to any other Person (other than the Investors) and, except as described in the SEC Filings, will not result in the
adjustment of the exercise, conversion, exchange or reset price of any outstanding security. 
 The Company does not have outstanding stockholder purchase
rights or “poison pill” or any similar arrangement in effect giving any Person the right to purchase any equity interest in the Company upon the occurrence of certain events. 

4.4 Valid Issuance. The Shares have been duly and validly authorized and, when issued and paid for pursuant to this Agreement, will be validly issued,
fully paid and nonassessable, and shall be free and clear of all encumbrances and restrictions (other than those created by the Investors), except for restrictions on transfer set forth in the Transaction Documents or imposed by applicable
securities laws. The Warrant Shares have been duly and validly authorized and reserved for issuance and, upon exercise of the Pre-Funded Warrants in accordance with their terms, including the payment of any
exercise price therefor, will be validly issued, fully paid and nonassessable and will be free and clear of all encumbrances and restrictions (other than those created by the Investors), except for restrictions on transfer set forth in the
Transaction Documents or imposed by applicable securities laws. Assuming the accuracy of the representations and warranties of each Investor in Section 5 hereof, the Warrant Shares will be issued in compliance with all applicable federal and
state securities laws. 
 4.5 Consents. Subject to the accuracy of the representations and warranties of each Investor set forth in Section 5
hereof, the execution, delivery and performance by the Company of the Transaction Documents and the offer, issuance and sale of the Securities require no consent of, action by or in respect of, or filing with, any Person, governmental body, agency,
or official other than (a) filings that have been made pursuant to applicable state securities laws, (b) post-sale filings pursuant to applicable state and federal securities laws, (c) filings pursuant to the rules and regulations of
Nasdaq and (d) filing of the registration statement required to be filed by the Registration Rights Agreement, each of which the Company has filed or undertakes to file within the applicable time. Subject to the accuracy of the representations
and warranties of each Investor set forth in Section 5 hereof, the Company has taken all action necessary to exempt (i) the issuance and sale of the Securities and (ii) the other transactions contemplated by the Transaction Documents
from the provisions of any stockholder rights plan or other “poison pill” arrangement, any anti-takeover, business combination or control share law or statute binding on the Company or to which the Company or any of its assets and
properties is subject that is or could reasonably be expected to become applicable to the Investors as a result of the transactions contemplated hereby, including without limitation, the issuance of the Securities and the ownership, disposition or
voting of the Shares or the Warrant Shares by the Investors or the exercise of any right granted to the Investors pursuant to this Agreement or the other Transaction Documents. 

4.6 Use of Proceeds. The net proceeds of the sale of the Securities hereunder shall be used by the Company for advancement of the Company’s
clinical development pipeline, business development activities, working capital and general corporate purposes. 
 4.7 No Material Adverse Change.
Since September 30, 2020, except as identified and described in the SEC Filings filed at least one Trading Day prior to the date hereof, there has not been: 

(i) any change in the consolidated assets, liabilities, financial condition or operating results of the Company from that reflected in the financial
statements included in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, except for changes in the ordinary course of business which have not had and would not
reasonably be expected to have a Material Adverse Effect, individually or in the aggregate; 
 (ii) any declaration or payment by the Company of any
dividend, or any authorization or payment by the Company of any distribution, on any of the capital stock of the Company, or any redemption or repurchase by the Company of any securities of the Company; 

  
 5 

 (iii) any material damage, destruction or loss, whether or not covered by insurance, to any assets or
properties of the Company; 
 (iv) any waiver, not in the ordinary course of business, by the Company of a material right or of a material debt owed to it;

 (v) any satisfaction or discharge of any lien, claim or encumbrance or payment of any obligation by the Company, except in the ordinary course of
business and which is not material to the assets, properties, financial condition, operating results or business of the Company (as such business is presently conducted); 

(vi) any change or amendment to the Company’s Certificate of Incorporation or Bylaws, or material change to any material contract or arrangement by which
the Company is bound or to which any of its assets or properties is subject; 
 (vii) any material labor difficulties or, to the Company’s Knowledge,
labor union organizing activities with respect to employees of the Company; 
 (viii) any material transaction entered into by the Company other than in the
ordinary course of business; 
 (ix) the loss of the services of any key employee, or material change in the composition or duties of the senior management
of the Company; or 
 (x) any other event or condition of any character that has had or would reasonably be expected to have a Material Adverse Effect. 

4.8 SEC Filings. The Company has timely filed all reports, schedules, forms, statements and other documents required to be filed by the Company under
the 1933 Act and the 1934 Act, including pursuant to Section 13(a) or 15(d) thereof, for the one year period preceding the date hereof (collectively, the “SEC Filings”). At the time of filing thereof, the SEC Filings complied
in all material respects with the requirements of the 1933 Act or the 1934 Act, as applicable, and the rules and regulations of the SEC thereunder. 
 4.9
No Conflict, Breach, Violation or Default. The execution, delivery and performance of the Transaction Documents by the Company and the issuance and sale of the Securities in accordance with the provisions thereof will not, except (solely in
the case of clause (i)(b) and clause (ii)) for such violations, conflicts or defaults as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, (i) conflict with or result in a breach or violation
of (a) any of the terms and provisions of, or constitute a default under, the Company’s Certificate of Incorporation or the Company’s Bylaws, both as in effect on the date hereof (true and complete copies of which have been made
available to the Investors through the Electronic Data Gathering, Analysis, and Retrieval system (the “EDGAR system”)), or (b) assuming the accuracy of the representations and warranties in Section 5, any applicable
statute, rule, regulation or order of any governmental agency or body or any court, domestic or foreign, having jurisdiction over the Company or its subsidiaries, or any of their assets or properties, or (ii) conflict with, or constitute a
default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any lien, encumbrance or other adverse claim upon any of the properties or assets of the Company or its subsidiaries or, except
as disclosed in the SEC Filings, give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any Material Contract. This Section 4.9 does not relate to matters with
respect to tax status, which are the subject of Section 4.10, employee relations and labor matters, which are the subject of Section 4.13, or environmental laws, which are the subject of Section 4.15. 

4.10 Tax Matters. The Company and its subsidiaries have timely prepared and filed all material tax returns required to have been filed by them with all
appropriate governmental agencies and timely paid all material taxes shown thereon or otherwise owed by them. There are no material unpaid assessments against the Company nor, to the Company’s Knowledge, any audits by any federal, state or
local taxing authority. All material taxes that the Company is required to withhold or to collect for payment have been duly withheld and collected and paid to the proper governmental entity or third party when due. There are no tax liens pending
or, to the Company’s 

  
 6 

 
Knowledge, threatened against the Company or any of its assets or property. With the exception of agreements or other arrangements that are not primarily related to taxes entered into in the
ordinary course of business, there are no outstanding tax sharing agreements or other such arrangements between the Company and any other corporation or entity (other than a subsidiary of the Company). 

4.11 Title to Properties. The Company and its subsidiaries have good and marketable title to all real properties and all other material properties and
assets owned by them, in each case free from liens, encumbrances and defects, except such as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; and the Company and its subsidiaries hold any leased
real or personal property under valid and enforceable leases with no exceptions, except such as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 

4.12 Certificates, Authorities and Permits. The Company possesses adequate certificates, authorities or permits issued by appropriate governmental
agencies or bodies necessary to conduct the business now operated by it, except where failure to so possess would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. The Company has not received any
written notice of proceedings relating to the revocation or modification of any such certificate, authority or permit that would reasonably be expected to have a Material Adverse Effect, individually or in the aggregate, on the Company. 

4.14 Labor Matters. 
 (a) The Company is not party to or
bound by any collective bargaining agreements or other agreements with labor organizations. To the Company’s Knowledge, the Company has not violated in any material respect any laws, regulations, orders or contract terms affecting the
collective bargaining rights of employees or labor organizations, or any laws, regulations or orders affecting employment discrimination, equal opportunity employment, or employees’ health, safety, welfare, wages and hours. 

(b) No material labor dispute with the employees of the Company, or with the employees of any principal supplier, manufacturer, customer or contractor of the
Company, exists or, to the Company’s Knowledge, is threatened or imminent. 
 4.14 Intellectual Property. The Company owns, possesses, licenses
or has other rights to use, all patents, patent applications, trade and service marks, trade and service mark registrations, trade names, copyrights, licenses, inventions, trade secrets, technology, know-how
and other intellectual property that are described in the SEC Filings (collectively, the “Intellectual Property”); and to the Company’s Knowledge, no additional third party intellectual property rights are necessary for the
conduct of the Company’s business in all material respects as now conducted or as proposed in the SEC Filings to be conducted; and (a) except as described in the SEC filings, there are no rights of third parties to any such Intellectual
Property, including no liens, security interests or other encumbrances; (b) to the Company’s Knowledge, there is no material infringement by third parties of any such Intellectual Property; (c) there is no pending or, to the
Company’s Knowledge, threatened action, suit, proceeding or claim by others challenging the Company’s or its subsidiaries’ rights in or to any such Intellectual Property, and the Company is unaware of any facts, which could form a
reasonable basis for any such action, suit, proceeding or claim; (d) such Intellectual Property that is described in the SEC Filings has not been adjudged by a court of competent jurisdiction invalid or unenforceable, in whole or in part;
(e) there is no pending or, to the Company’s Knowledge, threatened action, suit, proceeding or claim by others challenging the validity or scope of any such Intellectual Property that is owned or licensed by the Company, including
interferences, oppositions, reexaminations or government proceedings; (f) there is no pending or, to the Company’s Knowledge, threatened action, suit, proceeding or claim by others that the Company and its subsidiaries infringe,
misappropriate, or otherwise violate any patent, trademark, copyright, trade secret or other proprietary rights of others; (g) to the Company’s Knowledge, there is no third-party U.S. patent or published U.S. patent application which
contains claims for which an Interference Proceeding (as defined in 35 U.S.C. § 135) has been commenced against any patent or patent application described in the SEC Filings as being owned by or licensed to the Company; (h) to the
Company’s Knowledge, the Company and its subsidiaries have complied with the terms of each agreement pursuant to which Intellectual Property has been licensed to the Company or such subsidiary, and all such agreements are in full force and
effect; and (i) each key employee of the Company and each Company employee involved with the development of Intellectual Property has entered into an invention assignment agreement with the Company. 

  
 7 

 4.15 Environmental Matters. The Company is not in violation of any statute, rule, regulation,
decision or order of any governmental agency or body or any court, domestic or foreign, relating to the use, disposal or release of hazardous or toxic substances or relating to the protection or restoration of the environment or human exposure to
hazardous or toxic substances (collectively, “Environmental Laws”), has not released any hazardous substances regulated by Environmental Law onto any real property that it owns or operates, and has not received any written notice or
claim it is liable for any off-site disposal or contamination pursuant to any Environmental Laws, which violation, release, notice, claim, or liability would reasonably be expected, individually or in the
aggregate, to have a Material Adverse Effect, and to the Company’s Knowledge, there is no pending or threatened investigation that would reasonably be expected to lead to such a claim. 

4.16 Legal Proceedings. There are no legal, governmental or regulatory investigations, actions, suits or proceedings pending, or to the Company’s
Knowledge, threatened to which the Company or its subsidiaries are a party or to which any property of the Company or its subsidiaries are the subject that, individually or in the aggregate, would reasonably be expected to have a Material Adverse
Effect. 
 4.17 Financial Statements. The financial statements included in each SEC Filing comply in all material respects with applicable accounting
requirements and the rules and regulations of the SEC with respect thereto as in effect at the time of filing (or to the extent corrected by a subsequent restatement) and present fairly, in all material respects, the consolidated financial position
of the Company as of the dates shown and its consolidated results of operations and cash flows for the periods shown, subject in the case of unaudited financial statements to normal, immaterial year-end audit
adjustments, and such consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”) (except as may
be disclosed therein or in the notes thereto, and except that the unaudited financial statements may not contain all footnotes required by GAAP, and, in the case of quarterly financial statements, except as permitted by Form 10-Q under the 1934 Act). Except as set forth in the financial statements of 
 the Company included in the SEC Filings or
as otherwise disclosed in the SEC Filings filed prior to the date hereof, the Company has not incurred any liabilities, contingent or otherwise, except those incurred in the ordinary course of business, consistent (as to amount and nature) with past
practices since the date of such financial statements, none of which, individually or in the aggregate, have had or would reasonably be expected to have a Material Adverse Effect. 

4.18 Insurance Coverage. The Company maintains in full force and effect insurance coverage that is customary for comparably situated companies for the
business being conducted and properties owned or leased by the Company, and the Company reasonably believes such insurance coverage to be adequate against all liabilities, claims and risks against which it is customary for comparably situated
companies to insure. 
 4.19 Compliance with Nasdaq Continued Listing Requirements. The Company is in compliance with applicable Nasdaq continued
listing requirements. There are no proceedings pending or, to the Company’s Knowledge, threatened against the Company relating to the continued listing of the Common Stock on Nasdaq and the Company has not received any notice of, nor to the
Company’s Knowledge is there any reasonable basis for, the delisting of the Common Stock from Nasdaq. 
 4.20 Brokers and Finders. Except for
commissions and fees payable by the Company to the Placement Agents pursuant to an engagement letter among the Company and Placement Agents, no Person will have, as a result of the transactions contemplated by the Transaction Documents, any valid
right, interest or claim against or upon the Company or an Investor for any commission, fee or other compensation pursuant to any agreement, arrangement or understanding entered into by or on behalf of the Company. No Investor shall have any
obligation with respect to any fees, or with respect to any claims made by or on behalf of other Persons for fees, in each case of the type contemplated by this Section 4.20 that may be due in connection with the transactions contemplated by
this Agreement or the Transaction Documents. 

  
 8 

 4.21 No Directed Selling Efforts or General Solicitation. Neither the Company nor any Person acting
on its behalf has conducted any general solicitation or general advertising in connection with the offer or sale of any of the Securities. 
 4.22 No
Integrated Offering. Neither the Company nor its subsidiaries nor any Person acting on their behalf has, directly or indirectly, made any offers or sales of any Company security or solicited any offers to buy any Company security, under
circumstances that would adversely affect reliance by the Company on Section 4(a)(2) for the exemption from registration for the transactions contemplated hereby or would require registration of the Securities under the 1933 Act. 

4.23 Private Placement. Assuming the accuracy of the representations and warranties of the Investors set forth in Section 5, the offer and sale of
the Closing Securities to the Investors and the exercise of the Pre-Funded Warrants as contemplated hereby are exempt from the registration requirements of the 1933 Act pursuant to Section (4)(a)(2). The
issuance and sale of the Closing Securities and the exercise of the Pre-Funded Warrants do not contravene the rules and regulations of Nasdaq. 

4.24 Questionable Payments. Neither the Company nor its subsidiaries nor, to the Company’s Knowledge, any of their current or former directors,
officers, employees, agents or other Persons acting on behalf of the Company or its subsidiaries, has on behalf of the Company or its subsidiaries in connection with their business: (a) used any corporate funds for unlawful contributions,
gifts, entertainment or other unlawful expenses relating to political activity; (b) made any direct or indirect unlawful payments to any governmental officials or employees from corporate funds; (c) established or maintained any unlawful
or unrecorded fund of corporate monies or other assets which is in violation of law; (d) made any false or fictitious entries on the books and records of the Company; or (e) made any unlawful bribe, rebate, payoff, influence payment,
kickback or other unlawful payment of any nature. 
 4.25 Transactions with Affiliates. None of the executive officers or directors of the Company
and, to the Company’s Knowledge, none of the employees of the Company is presently a party to any transaction with the Company (other than as holders of stock options, restricted stock units, warrants and/or restricted stock, and for services
as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from
any officer, director or such employee or, to the Company’s Knowledge, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee or partner. 

4.26 Internal Controls. The Company has established and maintains disclosure controls and procedures (as defined in Rules 13a-15 and 15d-15 under the 1934 Act), which (a) are designed to ensure that material information relating to the Company, including its subsidiaries, is made known to
the Company’s principal executive officer and its principal financial officer by others within those entities; (b) have been evaluated by management of the Company for effectiveness as of the end of the Company’s most recent fiscal
quarter; and (c) are effective in all material respects to perform the functions for which they were established. Since the end of the Company’s most recent audited fiscal year, there have been no material weaknesses in the Company’s
internal control over financial reporting (whether or not remediated) and no change in the Company’s internal control over financial reporting that has materially affected, or would reasonably be expected to materially affect, the
Company’s internal control over financial reporting. The Company is not aware of any change in its internal controls over financial reporting that has occurred during its most recent fiscal quarter that has materially affected, or would
reasonably be expected to materially affect, the Company’s internal control over financial reporting. 
 4.27 Disclosures. The Company has
provided certain of the Investors or their agents or counsel with information that constitutes or would reasonably be expected to constitute material nonpublic information concerning the Company or its subsidiaries. Such Investors have executed
confidentiality agreements with the Company and have agreed not to trade in the Company’s securities until such time as the material nonpublic information is publicly disclosed by the Company. Other than the information described in the first
sentence of this Section 4.27, the SEC Filings do not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein, in light of the circumstances under which they
were made, not misleading. The Company understands and confirms that the Investors, whether they are a party to the confidentiality agreements with the Company or not, will rely on the foregoing representations in effecting transactions in
securities of the Company. 

  
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 4.28 Required Filings. Except for the transactions contemplated by this Agreement, including the
acquisition of the Securities contemplated hereby, and the information described in the first sentence of Section 4.27, no event or circumstance has occurred or information exists with respect to the Company or its business, properties,
operations or financial condition, which, under applicable law, rule or regulation, requires public disclosure or announcement by the Company but which has not been so publicly announced or disclosed (assuming for this purpose that the SEC Filings
are being incorporated by reference into an effective registration statement filed by the Company under the 1933 Act). 
 4.29 Investment Company.
The Company is not required to be registered as, and immediately following the Closing will not be required to register as, an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 

4.30 Tests and Preclinical and Clinical Trials. (i) The preclinical studies and clinical trials conducted by or on behalf of or sponsored by the
Company or its subsidiaries, or in which the Company or its subsidiaries have participated, that are described in the SEC Filings, or the results of which are referred to in the SEC Filings, as applicable, were, and if still pending are, being
conducted in all material respects in accordance with standard medical and scientific research standards and procedures for products or product candidates comparable to those being developed by the Company and all applicable statutes and all
applicable rules and regulations of the U.S. Food and Drug Administration and comparable regulatory agencies outside of the United States to which they are subject, including the European Medicines Agency (collectively, the “Regulatory
Authorities”) and Good Clinical Practice and Good Laboratory Practice requirements; (ii) the descriptions in the SEC Filings of the results of such studies and trials are accurate and complete descriptions in all material respects and
fairly present the data derived therefrom; (iii) to the Company’s Knowledge, there are no other studies or trials not described in the SEC Filings, the results of which the Company believes are inconsistent with or reasonably call into
question the results described or referred to in the SEC Filings; (iv) the Company and its subsidiaries have operated at all times and are currently in compliance with all applicable statutes, rules and regulations of the Regulatory
Authorities, except where such non-compliance would not, individually or in the aggregate, have a Material Adverse Effect; and (v) neither the Company nor any of its subsidiaries have received any written
notices, correspondence or other communications from the Regulatory Authorities or any other governmental agency requiring or threatening the termination, material modification or suspension of any preclinical studies or clinical trials that are
described in the SEC Filings or the results of which are referred to in the SEC Filings, other than ordinary course communications with respect to modifications in connection with the design and implementation of such studies or trials. 

4.31 Manipulation of Price. The Company has not taken, and, to the Company’s Knowledge, no Person acting on its behalf has taken, directly or
indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Securities. 

4.32 Anti-Bribery and Anti-Money Laundering Laws. Each of the Company, its subsidiaries and any of their respective officers, directors, supervisors,
managers, agents, or employees, are and have at all times been in compliance with and its participation in the offering will not violate: (A) anti-bribery laws, including but not limited to, any applicable law, rule, or regulation of any
locality, including but not limited to any law, rule, or regulation promulgated to implement the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, signed December 17, 1997, including the
U.S. Foreign Corrupt Practices Act of 1977, as amended, the U.K. Bribery Act 2010, or any other law, rule or regulation of similar purposes and scope or (B) anti-money laundering laws, including, but not limited to, applicable federal, state,
international, foreign or other laws, regulations or government guidance regarding anti-money laundering, including, without limitation, Title 18 US. Code sections 1956 and 1957, the Patriot Act, the Bank Secrecy Act, and international anti-money
laundering principles or procedures by an intergovernmental group or organization, such as the Financial Action Task Force on Money Laundering, of which the United States is a member and with which designation the United States representative to the
group or organization continues to concur, all as amended, and any Executive order, directive, or regulation pursuant to the authority of any of the foregoing, or any orders or licenses issued thereunder. 

  
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 4.33 No Additional Agreements. The Company has no other agreements or understandings (including,
without limitation, side letters) with any Investor to purchase Securities on terms more favorable to such Investor than as set forth herein. 
 4.34
Shell Company Status. The Company is not, and has never been, an issuer identified in Rule 144(i)(1). 
 4.35 Compliance. The Company is not
(i) in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company under), nor has the Company received notice of a claim that it is
in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been
waived) or (ii) in violation of any judgment, decree or order of any court, arbitrator or governmental body, except in each case as could not have or reasonably be expected to result in a Material Adverse Effect. 

5. Representations and Warranties of the Investors. Each of the Investors hereby severally, and not jointly, represents and warrants to the Company
that: 
 5.1 Organization and Existence. Such Investor is a duly incorporated or organized and validly existing corporation, limited partnership,
limited liability company or other legal entity, has all requisite corporate, partnership or limited liability company power and authority to enter into and consummate the transactions contemplated by the Transaction Documents and to carry out its
obligations hereunder and thereunder, and to invest in the Securities pursuant to this Agreement, and is in good standing under the laws of the jurisdiction of its incorporation or organization. 

5.2 Authorization. The execution, delivery and performance by such Investor of the Transaction Documents to which such Investor is a party have been
duly authorized and each has been duly executed and when delivered will constitute the valid and legally binding obligation of such Investor, enforceable against such Investor in accordance with their respective terms, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability, relating to or affecting creditors’ rights generally, and general principles of equity. 

5.3 Purchase Entirely for Own Account. The Securities to be received by such Investor hereunder will be acquired for such Investor’s own account,
not as nominee or agent, for the purpose of investment and not with a view to the resale or distribution of any part thereof in violation of the 1933 Act, and such Investor has no present intention of selling, granting any participation in, or
otherwise distributing the same in violation of the 1933 Act without prejudice, however, to such Investor’s right at all times to sell or otherwise dispose of all or any part of such Securities in compliance with applicable federal and state
securities laws. The Securities are being purchased by such Investor in the ordinary course of its business. Nothing contained herein shall be deemed a representation or warranty by such Investor to hold the Securities for any period of time. Such
Investor is not a broker-dealer registered with the SEC under the 1934 Act or an entity engaged in a business that would require it to be so registered. 

5.4 Investment Experience. Such Investor acknowledges that it can bear the economic risk and complete loss of its investment in the Securities and has
such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment contemplated hereby. 

5.5 Disclosure of Information. Such Investor has had an opportunity to receive, review and understand all information related to the Company requested
by it and to ask questions of and receive answers from the Company regarding the Company, its business and the terms and conditions of the offering of the Securities, and has conducted and completed its own independent due diligence. Such Investor
acknowledges that copies of the SEC Filings are available on the EDGAR system. Based on the information such Investor has deemed appropriate, it has independently made its own analysis and decision to enter into the Transaction Documents. Such
Investor is relying exclusively on its own investment analysis and due diligence (including professional advice it deems appropriate) with respect to the execution, delivery and performance of the Transaction Documents, the Securities and the
business, condition (financial and otherwise), management, operations, properties and prospects of the Company, 

  
 11 

 
including but not limited to all business, legal, regulatory, accounting, credit and tax matters. Neither such inquiries nor any other due diligence investigation conducted by such Investor shall
modify, limit or otherwise affect such Investor’s right to rely on the Company’s representations and warranties contained in this Agreement. Each Investor acknowledges that none of the Placement Agents has acted as such Investor’s
financial advisor or fiduciary and such Investor is not relying on any of the Placement Agents for any accounting, legal or tax advice in connection with making an investment decision in the Securities. 

5.6 Restricted Securities. Such Investor understands that the Securities are characterized as “restricted securities” under the U.S. federal
securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations such securities may be resold without registration under the 1933 Act only in
certain limited circumstances. 
 5.7 Legends. It is understood that, except as provided below, certificates or book-entry positions evidencing the
Securities may bear the following or any similar legend: 
 (a) “These securities represented hereby [and the securities issuable upon exercise of
these securities] have not been registered with the Securities and Exchange Commission or the securities commission of any state but have been [or will be] issued in reliance upon an exemption from registration under the Securities Act of 1933, as
amended, and, accordingly, may not be transferred unless (i) such securities have been registered for sale pursuant to the Securities Act of 1933, as amended, (ii) such securities may be sold pursuant to Rule 144, (iii) the Company has
received an opinion of counsel reasonably satisfactory to it that such transfer may lawfully be made without registration under the Securities Act of 1933, as amended, or (iv) the securities are transferred without consideration to an affiliate
of such holder or a custodial nominee (which for the avoidance of doubt shall require neither consent nor the delivery of an opinion).” 
 (b) If
required by the authorities of any state in connection with the issuance of sale of the Securities, the legend required by such state authority. 
 5.8
Accredited Investor. Such Investor is an “accredited investor” within the meaning of Rule 501(a) of the 1933 Act. Such Investor has executed and delivered to the Company a questionnaire in substantially the form attached hereto as
Exhibit E (the “Investor Questionnaire”), which such Investor represents and warrants is true, correct and complete. Such investor is a sophisticated institutional investor with sufficient knowledge and experience in
investing in private equity transactions to properly evaluate the risks and merits of its purchase of the Securities. Such Investor has determined based on its own independent review and such professional advice as it deems appropriate that its
purchase of the Securities and participation in the transactions contemplated by the Transaction Documents (i) are fully consistent with its financial needs, objectives and condition, (ii) comply and are fully consistent with all
investment policies, guidelines and other restrictions applicable to such Investor, (iii) have been duly authorized and approved by all necessary action, (iv) do not and will not violate or constitute a default under such Investor’s
charter, bylaws or other constituent document or under any law, rule, regulation, agreement or other obligation by which such Investor is bound and (v) are a fit, proper and suitable investment for such Investor, notwithstanding the substantial
risks inherent in investing in or holding the Securities. Furthermore, each such Investor is an “Institutional Account” as defined in FINRA Rule 4512(c). 

5.9 No General Solicitation. Such Investor did not learn of the investment in the Securities as a result of any general or public solicitation or
general advertising, or publicly disseminated advertisements or sales literature, including (a) any advertisement, article, notice or other communication published in any newspaper, magazine, website, or similar media, or broadcast over
television or radio, or (b) any seminar or meeting to which such Investor was invited by any of the foregoing means of communications. 
 5.10
Brokers and Finders. No Person will have, as a result of the transactions contemplated by the Transaction Documents, any valid right, interest or claim against or upon the Company or an Investor for any commission, fee or other compensation
pursuant to any agreement, arrangement or understanding entered into by or on behalf of such Investor. 
 5.11 Short Sales and Confidentiality Prior to
the Date Hereof. Other than consummating the transactions contemplated hereunder, such Investor has not, nor has any Person acting on behalf of or pursuant to any 

  
 12 

 
understanding with such Investor, directly or indirectly executed any purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that
such Investor was first contacted by the Company or any other Person regarding the transactions contemplated hereby and ending immediately prior to the date hereof. Notwithstanding the foregoing, in the case of an Investor that is a multi-managed
investment vehicle whereby separate portfolio managers manage separate portions of such Investor’s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of
such Investor’s assets, the representation set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement. Other
than to other Persons party to this Agreement and other than to such Person’s outside attorney, accountant, auditor or investment advisor only to the extent necessary to permit evaluation of the investment, and the performance of the necessary
or required tax, accounting, financial, legal, or administrative tasks and services and other than as may be required by law, such Investor has maintained the confidentiality of all disclosures made to it in connection with this transaction
(including the existence and terms of this transaction). Notwithstanding the foregoing, for avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to the identification of
the availability of, or securing of, available shares to borrow in order to effect Short Sales or similar transactions in the future. 
 5.12 No
Government Recommendation or Approval. Such Investor understands that no United States federal or state agency, or similar agency of any other country, has reviewed, approved, passed upon, or made any recommendation or endorsement of the Company
or the purchase of the Securities. 
 5.13 No Intent to Effect a Change of Control. Such Investor has no present intent to effect a “change of
control” of the Company as such term is understood under the rules promulgated pursuant to Section 13(d) of the 1934 Act. 
 5.14
Residency. Such Investor’s office in which its investment decision with respect to the Securities was made is located at the address immediately below such Investor’s name on its signature page hereto. 

5.15 No Conflicts. The execution, delivery and performance by such Investor of the Transaction Documents and the consummation by such Investor of the
transactions contemplated hereby and thereby will not (i) result in a violation of the organizational documents of such Investor or (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would
become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which such Investor is a party, or (iii) result in a violation of any law, rule,
regulation, order, judgment or decree (including federal and state securities laws) applicable to such Investor, except in the case of clauses (ii) and (iii) above, for such conflicts, defaults, rights or violations which would not,
individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of such Investor to perform its obligations hereunder. 

5.16. Reliance on Representations and Warranties. Each Investor acknowledges and agrees that the Placement Agents are entitled to rely on the accuracy
of these representations. 
 6. Conditions to Closing. 

6.1 Conditions to the Investors’ Obligations. The obligation of each Investor to purchase Closing Securities at the Closing is subject to the
fulfillment to such Investor’s satisfaction, on or prior to the Closing Date, of the following conditions, any of which may be waived by such Investor (as to itself only): 

(a) The representations and warranties made by the Company in Section 4 hereof, as qualified by the Disclosure Schedule and the SEC Filings, shall be
true and correct in all material respects, except for those representation and warranties qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects, as of the date hereof and as of the Closing Date, as
though made on and as of such date, except to the extent any such representation or warranty expressly speaks as of an earlier date, in which case such representation or warranty shall be true and correct in all material respects as of such earlier
date. The Company shall have performed in all material respects all obligations and covenants herein required to be performed by it on or prior to the Closing Date. 

  
 13 

 (b) The Company shall have obtained any and all consents, permits, approvals, registrations and waivers
necessary for the consummation of the purchase and sale of the Closing Securities and the consummation of the other transactions contemplated by the Transaction Documents, all of which shall be in full force and effect. 

(c) The Company shall have executed and delivered the Registration Rights Agreement. 

(d) The Company shall have filed with Nasdaq a Notification Form: Listing of Additional Shares for the listing of the Shares and the Warrant Shares, and
Nasdaq shall have raised no objection to the consummation of the transactions contemplated by the Transaction Documents. 
 (e) No judgment, writ, order,
injunction, award or decree of or by any court, or judge, justice or magistrate, including any bankruptcy court or judge, or any order of or by any governmental authority, shall have been issued, and no action or proceeding shall have been
instituted by any governmental authority, enjoining or preventing the consummation of the transactions contemplated hereby or in the other Transaction Documents. 

(f) The Company shall have delivered a Certificate, executed on behalf of the Company by its Chief Executive Officer or its Chief Financial Officer, dated as
of the Closing Date, certifying to the fulfillment of the conditions specified in subsections (a), (b), (d), (e) and (j) of this Section 6.1. 

(g) The Company shall have delivered a Certificate, executed on behalf of the Company by its Secretary, dated as of the Closing Date, certifying the
resolutions adopted by the Board of Directors of the Company approving the transactions contemplated by this Agreement, the other Transaction Documents, the issuance of the Securities, certifying the current versions of the Certificate of
Incorporation and Bylaws of the Company and certifying as to the signatures and authority of persons signing the Transaction Documents and related documents on behalf of the Company. 

(h) The Investors shall have received an opinion from Cooley LLP, the Company’s counsel, dated as of the Closing Date, in form and substance reasonably
acceptable to the Investors, on which opinion the Placement Agents may rely or, if the Placement Agents so request, of which opinion the Placement Agents may be specifically named as addressees. 

(i) There shall have been no Material Adverse Effect with respect to the Company since the date hereof. 

(j) No stop order or suspension of trading shall have been imposed by Nasdaq, the SEC or any other governmental or regulatory body with respect to public
trading in the Common Stock. 
 6.2 Conditions to Obligations of the Company. The Company’s obligation to sell and issue Closing Securities at
the Closing is subject to the fulfillment to the satisfaction of the Company on or prior to the Closing Date of the following conditions, any of which may be waived by the Company: 

(a) The representations and warranties made by the Investors in Section 5 hereof shall be true and correct in all material respects as of the date
hereof, and shall be true and correct as of the Closing Date with the same force and effect as if they had been made on and as of such date, except to the extent any such representation or warranty expressly speaks as of an earlier date, in which
case such representation or warranty shall be true and correct in all material respects as of such earlier date. The Investors shall have performed in all material respects all obligations and covenants herein required to be performed by them on or
prior to the Closing Date. 
 (b) Each Investor shall have executed and delivered the Registration Rights Agreement and an Investor Questionnaire. 

(c) Any Investor purchasing Closing Securities at the Closing shall have paid in full its purchase price to the Company. 

  
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 6.3 Termination of Obligations to Effect Closing; Effects. 

(a) The obligations of the Company, on the one hand, and the Investors, on the other hand, to effect the Closing shall terminate as follows: 

(i) Upon the mutual written consent of the Company and Investors that agreed to purchase a majority of the Shares to be issued and sold pursuant to this
Agreement; or 
 (ii) By either the Company or any Investor (with respect to itself only) if the Closing has not occurred on or prior to March 24,
2021; provided, however, that, except in the case of clause (i) above, the party seeking to terminate its obligation to effect the Closing shall not then be in breach of any of its representations, warranties, covenants or agreements contained
in this Agreement or the other Transaction Documents if such breach has resulted in the circumstances giving rise to such party’s seeking to terminate its obligation to effect the Closing. 

(b) In the event of termination by the Company or any Investor of its obligations to effect the Closing pursuant to Section 6.3(a)(ii), written notice
thereof shall be given to the other Investors by the Company and the other Investors shall have the right to terminate their obligations to effect the Closing upon written notice to the Company and the other Investors. Nothing in this
Section 6.3 shall be deemed to release any party from any liability for any breach by such party of the terms and provisions of this Agreement or the other Transaction Documents or to impair the right of any party to compel specific performance
by any other party of its obligations under this Agreement or the other Transaction Documents. 
 7. Covenants and Agreements of the Parties 

7.1 Nasdaq Listing. The Company will use commercially reasonable efforts to continue the listing and trading of its Common Stock on Nasdaq and, in
accordance therewith, will use commercially reasonable efforts to comply in all material respects with the Company’s reporting, filing and other obligations under the bylaws or rules of such market or exchange, as applicable. 

7.2 Removal of Legends. 
 (a) In connection with any
sale, assignment, transfer or other disposition of the Shares or Warrant Shares by an Investor pursuant to Rule 144 or pursuant to any other exemption under the 1933 Act such that the purchaser acquires freely tradable shares and upon compliance by
the Investor with the requirements of this Agreement, if requested by the Investor, the Company shall request the transfer agent for the Common Stock (the “Transfer  

Agent”) to remove any restrictive legends related to the book entry account holding such shares and make a new, unlegended entry for such book
entry shares sold or disposed of without restrictive legends within two (2) Trading Days of any such request therefor from such Investor, provided that the Company has timely received from the Investor customary representations and other
documentation reasonably acceptable to the Company in connection therewith. 
 (b) Subject to receipt from the Investor by the Company and the Transfer
Agent of customary representations and other documentation reasonably acceptable to the Company and the Transfer Agent in connection therewith, upon the earliest of such time as the Shares or Warrant Shares (i) have been registered under the
1933 Act pursuant to an effective registration statement, (ii) have been sold pursuant to Rule 144, or (iii) are eligible for resale under Rule 144(b)(1) or any successor provision, the Company shall, in accordance with the provisions of
this Section 7.2(b) and within two (2) Trading Days of any request therefor from an Investor accompanied by such customary and reasonably acceptable documentation referred to above, (A) deliver to the Transfer Agent irrevocable
instructions that the Transfer Agent shall make a new, unlegended entry for such book entry shares, and (B) cause its counsel to deliver to the Transfer Agent one or more opinions to the effect that the removal of such legends in such
circumstances may be effected under the 1933 Act if required by the Transfer Agent to effect the removal of the legend in accordance with the provisions of this Agreement. Any shares subject to legend removal under this Section 7.2 may be
transmitted by the Transfer Agent to the Investor by crediting the account of the Investor’s prime broker with the DTC System as directed by such Investor. The Company shall be responsible for the fees of its Transfer Agent and all DTC fees
associated with such issuance. 

  
 15 

 7.3 Transfer Restrictions. Each Investor agrees that it will sell, transfer or otherwise dispose of
the Securities only in compliance with all applicable state and federal securities laws and that any Securities sold by such Investor pursuant to an effective registration statement will be sold in compliance with the plan of distribution set forth
therein. 
 7.4 Subsequent Equity Sales by the Company. The Company shall not, and shall use its commercially reasonable efforts to ensure that no
Affiliate of the Company shall, sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the 1933 Act) that will be integrated with the offer or sale of the Securities in a
manner that would require the registration under the 1933 Act of the sale of the Securities to the Investors, or that will be integrated with the offer or sale of the Securities for purposes of the rules and regulations of any trading market such
that it would require stockholder approval prior to the closing of such other transaction unless stockholder approval is obtained before the closing of such subsequent transaction. The Company shall not take any action or steps that would adversely
affect reliance by the Company on Section 4(a)(2) for the exemption from registration for the transactions contemplated hereby or require registration of the Securities under the 1933 Act. 

7.5 Fees. The Company shall be responsible for the payment of any placement agent’s fees, financial advisory fees, or broker’s commissions
(other than for Persons engaged by any Investor) relating to or arising out of the transactions contemplated hereby. 
 7.6 Reservation of Common
Stock. As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep available at all times, free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling the Company to
issue all of the Warrant Shares upon conversion of any Pre-Funded Warrant. 
 7.7 Short Sales and Confidentiality
After the Date Hereof. Each Investor covenants that it will not, nor will it cause any Affiliates acting on its behalf or pursuant to any understanding with it to, execute any Short Sales during the period from the date hereof until the earlier
of such time as (i) the transactions contemplated by this Agreement are first publicly announced or (ii) this Agreement is terminated in full. Notwithstanding the foregoing, in the case of an Investor that is a multi-managed investment
vehicle whereby separate portfolio managers manage separate portions of such Investor’s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such
Investor’s assets, the covenant set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement. Each Investor
covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company, such Investor will maintain the confidentiality of all disclosures made to it in connection with this transaction (including the
existence and terms of this transaction), other than to such Person’s outside attorney, accountant, auditor or investment advisor only to the extent necessary to permit evaluation of the investment, and the performance of the necessary or
required tax, accounting, financial, legal, or administrative tasks and services and other than as may be required by law. Each Investor understands and acknowledges that the SEC currently takes the position that coverage of Short Sales of shares of
the Common Stock “against the box” prior to effectiveness of a resale registration statement with securities included in such registration statement would be a violation of Section 5 of the 1933 Act, as set forth in Item 239.10 of the
Securities Act Rules Compliance and Disclosure Interpretations compiled by the Office of Chief Counsel, Division of Corporation Finance. 
 7.8 Tax
Matters. The parties agree that the Pre-Funded Warrants are intended to and shall be treated as stock in the Company for U.S. federal, state and local income tax purposes, and the parties shall file their
tax returns and otherwise act consistently with such treatment except as otherwise required by a final determination within the meaning of Section 1313 of the Internal Revenue Code of 1986, as amended. 

7.9 Filings. The Company shall make all filings with the SEC and its Trading Market as required by the transactions contemplated hereby. With respect
to any exercise of a Pre-Funded Warrant or Warrant into Common Stock, the Company and each Investor (i) shall use their respective commercially reasonable efforts to promptly file or cause to be filed,
(x) within 10 Business Days from the date that either the Company or any Investor provides any notice of exercise (for which within five Business Days the Investor determines that a filing under the Hart Scott-Rodino Antitrust Improvements Act
of 1976, as amended (the “HSR Act”), is required, and so notifies the Company), all 

  
 16 

 
required filings under the HSR Act and, (y) as promptly as reasonably practicable, all required filings under other applicable antitrust laws that the Company or any Investor reasonably
determines in good faith to be necessary or appropriate to effect the transactions contemplated by this Agreement including but not limited to, the exercise of any Pre-Funded Warrant or Warrant into Common
Stock, (ii) shall consult and cooperate with each other in the preparation of such filings, and (iii) shall promptly inform the other parties of any material communication received by such party from any Governmental Entity regarding the
transactions contemplated by this Agreement and shall enable the other party to participate in any communications and meetings with any Governmental Entity regarding the transactions contemplated by this Agreement unless prohibited by the
Governmental Entity. Each of the Company and any Investor that files such notice pursuant to the HSR Act or any other applicable antitrust law in accordance with the preceding sentence acknowledges that no exercise of any Pre-Funded Warrant or Warrant into Common Stock will be consummated until any waiting period prescribed under the HSR Act or any other applicable antitrust law has elapsed. 

8. Survival and Indemnification. 
 8.1 Survival.
The representations, warranties, covenants and agreements contained in this Agreement shall survive the Closing of the transactions contemplated by this Agreement for the applicable statute of limitations. 

8.2 Indemnification. The Company agrees to indemnify and hold harmless each Investor and its Affiliates, and their respective directors, officers,
trustees, members, managers, employees, investment advisers and agents, from and against any and all losses, claims, damages, liabilities and expenses (including without limitation reasonable and documented attorney fees and disbursements and other
documented out-of-pocket expenses reasonably incurred in connection with investigating, preparing or defending any action, claim or proceeding, pending or threatened and
the costs of enforcement thereof) to which such Person may become subject as a result of any breach of representation, warranty, covenant or agreement made by or to be performed on the part of the Company under the Transaction Documents, and will
reimburse any such Person for all such amounts as they are incurred by such Person solely to the extent such amounts have been finally judicially determined not to have resulted from such Person’s fraud or willful misconduct. 

8.3 Conduct of Indemnification Proceedings. Any person entitled to indemnification hereunder shall (i) give prompt written notice to
the indemnifying party of any claim with respect to which it seeks indemnification and (ii) permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party; provided that
any person entitled to indemnification hereunder shall have the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of such person unless (a) the
indemnifying party has agreed in writing to pay such fees or expenses, (b) the indemnifying party shall have failed to assume the defense of such claim and employ counsel reasonably satisfactory to such person or (c) in the reasonable
judgment of any such person, based upon written advice of its counsel, a conflict of interest exists between such person and the indemnifying party with respect to such claims (in which case, if the person notifies the indemnifying party in writing
that such person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such person); and provided, further, that the
failure of any indemnified party to give written notice as provided herein shall not relieve the indemnifying party of its obligations hereunder, except to the extent that such failure to give notice shall materially adversely affect the
indemnifying party in the defense of any such claim or litigation. It is understood that the indemnifying party shall not, in connection with any proceeding in the same jurisdiction, be liable for fees or expenses of more than one separate firm of
attorneys at any time for all such indemnified parties. No indemnifying party will, except with the consent of the indemnified party, which consent shall not be unreasonably withheld, conditioned or delayed, consent to entry of any judgment or enter
into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect of such claim or litigation. No indemnified party will, except
with the consent of the indemnifying party, which consent shall not be unreasonably withheld, conditioned or delayed, consent to entry of any judgment or enter into any settlement. 

9. Miscellaneous. 
 9.1 Successors and Assigns.
This Agreement may not be assigned by a party hereto without the prior written consent of the Company or each of the Investors, as applicable, provided, however, that an Investor may assign its 

  
 17 

 
rights and delegate its duties hereunder in whole or in part to an Affiliate or to a third party acquiring some or all of its Securities in a transaction complying with applicable securities laws
without the prior written consent of the Company or the other Investors, provided such assignee agrees in writing to be bound by the provisions hereof that apply to Investors. The provisions of this Agreement shall inure to the benefit of and be
binding upon the respective permitted successors and assigns of the parties. Without limiting the generality of the foregoing, in the event that the Company is a party to a merger, consolidation, share exchange or similar business combination
transaction in which the Common Stock is converted into the equity securities of another Person, from and after the effective time of such transaction, such Person shall, by virtue of such transaction, be deemed to have assumed the obligations of
the Company hereunder, the term “Company” shall be deemed to refer to such Person and the term “Securities” shall be deemed to refer to the securities received by the Investors in connection with such transaction. Nothing in this
Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective permitted successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as
expressly provided in this Agreement. 
 9.2 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signatures complying with the U.S. federal ESIGN Act of 2000, e.g.,
www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

9.3 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or
interpreting this Agreement. 
 9.4 Notices. Unless otherwise provided, any notice required or permitted under this Agreement shall be given in
writing and shall be deemed effectively given as hereinafter described (i) if given by personal delivery, then such notice shall be deemed given upon such delivery, (ii) if given by e-mail, then such
notice shall be deemed given upon receipt of confirmation of receipt of an e-mail transmission, (iii) if given by mail, then such notice shall be deemed given upon the earlier of (A) receipt of such
notice by the recipient or (B) three days after such notice is deposited in first class mail, postage prepaid, and (iv) if given by an internationally recognized overnight air courier, then such notice shall be deemed given one Business
Day after delivery to such carrier. All notices shall be addressed to the party to be notified at the address as follows, or at such other address as such party may designate by ten days’ advance written notice to the other party: 

If to the Company: 

X4 Pharmaceuticals, Inc. 

61 North Beacon Street, 4th Floor 

Boston, MA 02134 

Telephone: 857-529-8300 

Attention: Derek Meisner 

Email: derek.meisner@x4pharma.com 

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

Cooley LLP 

55 Hudson Yards 

New York, NY 10001 

Telephone: (212) 479-5000 

Facsimile: (212) 479-6275 

Attention: Daniel I. Goldberg 

Email: dgoldberg@cooley.com 

If to the Investors: 

Only to the addresses set forth on the signature pages hereto. 

  
 18 

 9.5 Expenses. The parties hereto shall pay their own costs and expenses in connection herewith
regardless of whether the transactions contemplated hereby are consummated; it being understood that each of the Company and each Investor has relied on the advice of its own respective counsel. 

9.6 Amendments and Waivers. Prior to Closing, no amendment or waiver of any provision of this Agreement will be effective with respect to any party
unless made in writing and signed by a duly authorized representative of such party. Following the Closing, any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular
instance and either retroactively or prospectively), only with the written consent of the Company and the Required Investors. Notwithstanding the foregoing, this Agreement may not be amended and the observance of any term of this Agreement may not
be waived with respect to any Investor without the written consent of such Investor unless such amendment or waiver applies to all Investors in the same fashion. Any amendment or waiver effected in accordance with this paragraph shall be binding
upon (i) prior to Closing, each Investor that signed such amendment or waiver and (ii) following the Closing, each holder of any Securities purchased under this Agreement at the time outstanding, and in each case, each future holder of all
such Securities and the Company. 
 9.7 Publicity. Except as set forth below, no public release or announcement concerning the transactions
contemplated hereby shall be issued by the Investors without the prior consent of the Company, except as such release or announcement may be required by law or the applicable rules or regulations of any securities exchange or securities market, in
which case the Investors shall allow the Company reasonable time to comment on such release or announcement in advance of such issuance. Notwithstanding the foregoing, each Investor may identify the Company and the value of such Investor’s
security holdings in the Company in accordance with applicable investment reporting and disclosure regulations or internal policies without prior notice to or consent from the Company (including, for the avoidance of doubt, filings pursuant to
Sections 13 and 16 of the 1934 Act). The Company shall not include the name of any Investor or any Affiliate or investment adviser of such Investor in any press release or public announcement (which, for the avoidance of doubt, shall not include any
SEC Filing to the extent such disclosure is required by SEC rules and regulations) without the prior written consent of such Investor. No later than the Business Day immediately following the date this Agreement is executed, the Company shall issue
a press release disclosing all material terms of the transactions contemplated by this Agreement (the “Press Release”). In addition, the Company will make such other filings and notices in the manner and time required by the SEC or
Nasdaq. From and after the issuance of the Press Release, only those Investors who have entered into separate confidentiality agreements with the Company shall be in possession of any material non-public
information received from the Company, its subsidiaries or any of their respective officers, directors, employees or agents in connection with the transactions contemplated by this Agreement. Prior to the effectiveness of the Registration Statement
(as defined in the Registration Rights Agreement) covering the resale of the Registrable Securities (as defined in the Registration Statement), the Company shall disclose any material non-public information in
the possession of any Investors who have entered into separate confidentiality agreements with the Company, disclosed by the Company to the Investors pursuant to such separate confidentiality agreements. 

9.8 Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof but shall be interpreted as if it were written so as to be enforceable to the maximum extent permitted by applicable law, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by applicable law, the parties hereby waive any provision of law which renders
any provision hereof prohibited or unenforceable in any respect. 
 9.9 Entire Agreement. This Agreement, including the signature pages, Exhibits,
the other Transaction Documents and any confidentiality agreement between the Company and each Investor constitute the entire agreement among the parties hereof with respect to the subject matter hereof and thereof and supersede all prior agreements
and understandings, both oral and written, between the parties with respect to the subject matter hereof and thereof. 
 9.10 Further Assurances. The
parties shall execute and deliver all such further instruments and documents and take all such other actions as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements herein
contained. 

  
 19 

 9.11 Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws
of the State of Delaware. Service of process in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world by the same methods as are specified for the giving of notices under this Agreement. 

9.12 Independent Nature of Investors’ Obligations and Rights. The obligations of each Investor under any Transaction Document are several and not
joint with the obligations of any other Investor, and no Investor shall be responsible in any way for the performance of the obligations of any other Investor under any Transaction Document. The decision of each Investor to purchase Closing
Securities pursuant to the Transaction Documents has been made by such Investor independently of any other Investor. Nothing contained herein or in any Transaction Document, and no action taken by any Investor pursuant thereto, shall be deemed to
constitute the Investors as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Investors are in any way acting in concert or as a group with respect to such obligations or the transactions
contemplated by the Transaction Documents. Each Investor acknowledges that no other Investor has acted as agent for such Investor in connection with making its investment hereunder and that no Investor will be acting as agent of such Investor in
connection with monitoring its investment in the Securities or enforcing its rights under the Transaction Documents. Each Investor shall be entitled to independently protect and enforce its rights, including, without limitation, the rights arising
out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Investor to be joined as an additional party in any proceeding for such purpose. The Company acknowledges that each of the Investors has
been provided with the same Transaction Documents for the purpose of closing a transaction with multiple Investors and not because it was required or requested to do so by any Investor. It is expressly understood and agreed that each provision
contained in this Agreement is between the Company and an Investor, solely, and not between the Company and the Investors collectively and not between and among the Investors. 

[remainder of page intentionally left blank] 

  
 20 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to
execute this Agreement as of the date first above written. 
  

			
	 COMPANY:

	
	 X4 PHARMACEUTICALS,
INC.

 
			
		
	By:	 	/s/ Adam S. Mostafa
	Name:	 	Adam S. Mostafa
	Title: 	 	Chief Financial Officer

  
 [Signature Page to
Securities Purchase Agreement] 

 
			
	 INVESTOR:

	
	 ABINGWORTH BIOVENTURES 8 LP

acting by its Manager Abingworth LLP

			
		
	By:	 	 /s/ John Heard

	Name:	 	John Heard
	Title:	 	Partner, General Counsel

  
 [Signature Page to
Securities Purchase Agreement] 

 
			
	 INVESTOR:

	
	 ALTIUM GROWTH FUND,
LP

 
			
		
	By:	 	 /s/ Mark Gottlieb

	Name:	 	Mark Gottlieb
	Title:	 	Authorized Signatory

  
 [Signature Page to
Securities Purchase Agreement] 

 
			
	 INVESTOR:

	
	 BAIN CAPITAL LIFE SCIENCES FUND II, L.P.

	
	By: Bain Capital Life Sciences Investors II, LLC, its general partner
	
	By: Bain Capital Life Science Investors LLC, its manager

 
			
		
	By:	 	 /s/ Andrew Hack

	Name:	 	Andrew Hack
	Title:	 	Managing Director

  
 [Signature Page to
Securities Purchase Agreement] 

 
			
	 INVESTOR:

	
	 BCIP LIFE SCIENCES ASSOCIATES, LP

	
	By: Boylston Coinvestors, LLC, its general partner

 
			
		
	By:	 	 /s/ Andrew Hack

	Name:	 	Andrew Hack
	Title:	 	Authorized Signatory

  
 [Signature Page to
Securities Purchase Agreement] 

 
			
	 INVESTOR:

	
	 DRIEHAUS LIFE SCIENCES MASTER FUND, L.P.

	
	By: Driehaus Capital Management LLC, its Investment Adviser

 
			
		
	By:	 	 /s/ Janet McWilliams

	Name:	 	Janet McWilliams
	Title:	 	General Counsel of Driehaus Capital Management LLC

  
 [Signature Page to
Securities Purchase Agreement] 

 
			
	 INVESTOR:

	
	 HERCULES CAPITAL,
INC.

 
			
		
	By:	 	 /s/ Jennifer Choe

	Name:	 	Jennifer Choe
	Title:	 	Associate General Counsel

  
 [Signature Page to
Securities Purchase Agreement] 

 
			
	 INVESTOR:

	
	 HUDSON BAY MASTER FUND LTD.

		
	By:	 	/s/ Richard Allison
	Name:	 	Richard Allison
	Title:	 	Authorized Signatory *

 * Authorized Signatory 

Hudson Bay Capital Management LP 
 Not individually, but solely as

 Investment Advisor to Hudson Bay Master Fund Ltd 

  
 [Signature Page to
Securities Purchase Agreement] 

 
			
	 INVESTOR:

	
	 IKARIAN HEALTHCARE MASTER FUND, LP

		
	By:	 	/s/ Chart Westcott
	Name:	 	Chart Westcott
	Title:	 	COO, Ikarian Capital, LLC, Investment Adviser
	
	BOOTHBAY ABSOLUTE RETURN STRATEGIES, LP
		
	By:	 	/s/ Daniel Bloom
	Name:	 	Daniel Bloom
	Title:	 	CFO & COO
	
	BOOTHBAY DIVERSIFIED ALPHA MASTER FUND, LP
		
	By:	 	/s/ Daniel Bloom
	Name:	 	Daniel Bloom
	Title:	 	CFO & COO

  
 [Signature Page to
Securities Purchase Agreement] 

 
			
	 INVESTOR:

	
	 Lincoln Park Capital Fund, LLC

	
	By: Lincoln Park Capital, LLC
	
	By: Rockledge Capital Corporation
		
	By:	 	/s/ Joshua Scheinfeld
	Name:	 	Joshua Scheinfeld
	Title:	 	President

  
 [Signature Page to
Securities Purchase Agreement] 

 
			
	 INVESTOR:

	
	LYTTON-KAMBARA FOUNDATION
		
	By:	 	/s/ Laurence Lytton
	Name:	 	Laurence Lytton
	Title:	 	President

  
 [Signature Page to
Securities Purchase Agreement] 

 
			
	 INVESTOR:

	
	MONASHEE SOLITARIO FUND LP
		
	By:	 	/s/ Jeff Muller
	Name:	 	Jeff Muller
	Title:	 	CCO, Monashee Investment Management LLC
	Address:	 	 c/o Monashee Investment Management LLC
 75
Park Plaza, 2nd Floor
 Boston, MA 02116

	Phone:	 	
	Email:	 	

  
 [Signature Page to
Securities Purchase Agreement] 

 
			
	 INVESTOR:

	
	DS LIQUID DIV RVA MON LLC
		
	By:	 	/s/ Jeff Muller
	Name:	 	Jeff Muller
	Title:	 	CCO, Monashee Investment Management LLC
	Address:	 	 c/o Monashee Investment Management LLC
 75
Park Plaza, 2nd Floor
 Boston, MA 02116

	Phone:	 	
	Email:	 	

  
 [Signature Page to
Securities Purchase Agreement] 

 
			
	 INVESTOR:

	
	 BESPOKE ALPHA MAC MIM LP

		
	By:	 	/s/ Jeff Muller
	Name:	 	Jeff Muller
	Title:	 	CCO, Monashee Investment Management LLC
	Address:	 	 c/o Monashee Investment Management LLC
 75
Park Plaza, 2nd Floor
 Boston, MA 02116

	Phone:	 	
	Email:	 	

  
 [Signature Page to
Securities Purchase Agreement] 

 
			
	 INVESTOR:

	
	 SFL SPV I LLC

		
	By:	 	/s/ Jeff Muller
	Name:	 	Jeff Muller
	Title:	 	CCO, Monashee Investment Management LLC
	Address:	 	 c/o Monashee Investment Management LLC
 75
Park Plaza, 2nd Floor
 Boston, MA 02116

	Phone:	 	
	Email:	 	

 
			
	 INVESTOR:

	
	 MONASHEE PURE ALPHA SPV I LP

		
	By:	 	/s/ Jeff Muller
	Name:	 	Jeff Muller
	Title:	 	CCO, Monashee Investment Management LLC
	Address:	 	 c/o Monashee Investment Management LLC
 75
Park Plaza, 2nd Floor
 Boston, MA 02116

	Phone:	 	
	Email:	 	

 
			
	 INVESTOR:

	
	 BEMAP MASTER FUND LTD

		
	By:	 	/s/ Jeff Muller
	Name:	 	Jeff Muller
	Title:	 	CCO, Monashee Investment Management LLC
	Address:	 	 c/o Monashee Investment Management LLC
 75
Park Plaza, 2nd Floor
 Boston, MA 02116

	Phone:	 	
	Email:	 	

 
			
	 INVESTOR:

	
	 ORBIMED PRIVATE INVESTMENTS IV, LP

	
	By: OrbiMed Capital GP IV LLC, its General Partner
	
	By: OrbiMed Advisors LLC, its Managing Member
		
	By:	 	/s/ Carl Gordon
	Name:	 	Carl Gordon
	Title	 	Member
	Address:	 	 Attention: General Counsel
 601 Lexington
Avenue, 54th Floor
 New York, NY 10022

	Phone:	 	
	Email:	 	

 
			
	 INVESTOR:

	
	 INVESTMENT MANAGER
 SIO
CAPITAL MANAGEMENT LLC
 ON BEHALF OF:

	
	 Sio Partners LP
 Sio Partners
Offshore LTD
 Compass MAV LLC
 Compass Offshore MAV LTD

Walleye Trading LLC
 Walleye Opportunities Master Fund
Ltd

		
	By:	 	/s/ Michael Castor
	Name:	 	Michael Castor
	Title:	 	Managing Member

 EXHIBIT A 

Schedule of Investors 
  

													
	 Investor Name
	  	Shares	 	  	Number of
Warrant
Shares
Underlying
Pre-Funded
Warrant	 	  	Aggregate
Purchase Price of
Securities	 
	 Abingworth Bioventures 8 LP
	  	 	229,885	 	  	 	—  	 	  	$	1,999,999.50	 
	 Altium Growth Fund, LP
	  	 	804,598	 	  	 	—  	 	  	$	7,000,002.60	 
	 Bain Capital Life Sciences Fund II, L.P.
	  	 	775,133	 	  	 	44,571	 	  	$	7,130,979.09	 
	 BCIP Life Sciences Associates, LP
	  	 	94,407	 	  	 	5,429	 	  	$	868,518.91	 
	 Driehaus Life Sciences Master Fund, L.P.
	  	 	574,712	 	  	 	—  	 	  	$	4,999,994.40	 
	 Hercules Capital, Inc.
	  	 	114,943	 	  	 	—  	 	  	$	1,000,004.10	 
	 Hudson Bay Master Fund Ltd.
	  	 	172,413	 	  	 	—  	 	  	$	1,499,993.10	 
	 Ikarian Healthcare Master Fund, LP
	  	 	1,204,226	 	  	 	—  	 	  	$	10,476,766.20	 
	 Boothbay Absolute Return Strategies, LP
	  	 	105,821	 	  	 	—  	 	  	$	920,642.70	 
	 Boothbay Diversified Alpha Master Fund, LP
	  	 	69,263	 	  	 	—  	 	  	$	602,588.10	 
	 Lincoln Park Capital Fund, LLC
	  	 	229,885	 	  	 	—  	 	  	$	1,999,999.50	 
	 Lytton-Kambara Foundation
	  	 	229,885	 	  	 	—  	 	  	$	1,999,999.50	 
	 Monashee Solitario Fund LP
	  	 	117,471	 	  	 	—  	 	  	$	1,021,997.70	 
	 DS Liquid DIV RVA MON LLC
	  	 	170,115	 	  	 	—  	 	  	$	1,480,000.50	 
	 Bespoke Alpha MAC MIM LP
	  	 	22,011	 	  	 	—  	 	  	$	191,495.70	 
	 SFL SPV I LLC
	  	 	25,690	 	  	 	—  	 	  	$	223,503.00	 
	 Monashee Pure Alpha SPV I LP
	  	 	93,448	 	  	 	—  	 	  	$	812,997.60	 
	 BEMAP Master Fund Ltd
	  	 	145,977	 	  	 	—  	 	  	$	1,269,999.90	 
	 OrbiMed Private Investments IV, LP
	  	 	287,356	 	  	 	—  	 	  	$	2,499,997.20	 
	 Sio Partners LP
	  	 	253,006	 	  	 	—  	 	  	$	2,201,152.20	 
	 Sio Partners Offshore LTD
	  	 	136,130	 	  	 	—  	 	  	$	1,184,331.00	 
	 Compass MAV LLC
	  	 	163,591	 	  	 	—  	 	  	$	1,423,241.70	 
	 Compass Offshore MAV LTD
	  	 	104,582	 	  	 	—  	 	  	$	909,863.40	 
	 Walleye Trading LLC
	  	 	58,074	 	  	 	—  	 	  	$	505,243.80	 
	 Walleye Opportunities Master Fund Ltd.
	  	 	89,214	 	  	 	—  	 	  	$	776,161.80	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	 	6,271,836	 	  	 	50,000	 	  	$	54,999,473.20	 

 EXHIBIT B 

Form of Pre-Funded Warrant 

 EXHIBIT C 

Registration Rights Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00329-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00329-of-00352.parquet"}]]