Document:

EX-10.12

 Exhibit 10.12 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE PHATHOM PHARMACEUTICALS, INC. HAS DETERMINED THE
INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO PHATHOM PHARMACEUTICALS, INC. IF PUBLICLY DISCLOSED. 

LICENSE AGREEMENT 
 BY
AND BETWEEN 
 TAKEDA PHARMACEUTICAL COMPANY LIMITED 

AND 
 PHATHOM
PHARMACEUTICALS, INC. 

 LICENSE AGREEMENT 

This License Agreement (this “Agreement”) is made effective as of May 7, 2019 (the
“Effective Date”) by and between Takeda Pharmaceutical Company Limited, a company incorporated under the laws of Japan having its principal place of business at 1-1, Doshomachi 4-chome, Chuo-ku, Osaka 540-8645, Japan (“Takeda”), and Phathom Pharmaceuticals, Inc., a company incorporated
under the laws of Delaware having its principal place of business at 70 Willow Road, Suite 200, Menlo Park, California 94025, U.S.A. (“Licensee”). Licensee and Takeda are sometimes referred to herein individually as a
“Party” and collectively as the “Parties.” 
 RECITALS 

WHEREAS, Takeda is a pharmaceutical company engaged in the research, development and commercialization of products
useful in the amelioration, treatment or prevention of human diseases and conditions; 
 WHEREAS, Licensee was
recently formed for the purposes of engaging in the research and development, and if successful, commercialization of pharmaceutical products in the gastroenterology and related fields; and 

WHEREAS, Licensee wishes to be granted, and Takeda desires to grant, a license in the Territory (as defined below)
under certain patents, patent applications, know-how, and other proprietary information for the further development of the Compound and Product and commercialization of the Product (as those terms are defined
below). 
 NOW, THEREFORE, in consideration of the foregoing and the mutual agreements set forth below, and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 
 ARTICLE 1
– DEFINITIONS 
 1.1    “Affiliate” means, with respect to a particular Party, a person,
corporation, partnership, or other entity that controls, is controlled by or is under common control with such Party. For the purposes of this definition, the word “control” (including, with correlative meaning, the terms “controlled
by” or “under the common control with”) means the actual power, either directly or indirectly through one or more intermediaries, to direct or cause the direction of the management and policies of such entity, whether by the ownership
of fifty percent (50%) or more of the voting stock of such entity, or by contract or otherwise. 

1.2    “Additional Required Clinical Trials” means any additional Clinical Trial that is not included in
the Initial Development Plan but that a Regulatory Authority in the Territory requires Licensee to conduct in order to obtain or maintain Regulatory Approval in the Territory for a Permitted Product Formulation for the treatment of either
(i) GERD; or (ii) H. Pylori infection. 
 1.3    “Applicable Law” means all applicable
statutes, ordinances, regulations, rules, or orders of any kind whatsoever of any Governmental Authority, including the U.S. Food, Drug and Cosmetic Act, (21 U.S.C. §301 et seq.) (the “FFDCA”), Prescription Drug Marketing Act,
the Generic Drug 

 
Enforcement Act of 1992 (21 U.S.C. §335a et seq.), U.S. Patent Act (35 U.S.C. §1 et seq.), Federal Civil False Claims Act (31 U.S.C. §3729 et seq.), and the Anti-Kickback Statute
(42 U.S.C. §1320a-7b et seq.), all as amended from time to time, together with any rules, regulations, and compliance guidance promulgated thereunder. 

1.4    “Bankruptcy Laws” has the meaning set forth in Section 13.5(b). 

1.5    “Bayh-Doyle Act” means the Patent and Trademark Law Amendments Act of 1980, as amended, codified
at 35 U.S.C. §§ 200-212, as well as any regulations promulgated pursuant thereto, including 37 C.F.R. Part 401, and any successor statutes or regulations. 

1.6    “Breaching Party” has the meaning set forth in Section 13.2(a). 

1.7    “Business Day” means a day other than Saturday, Sunday or any other day on which commercial banks
located in the State of New York, U.S., or Japan, are authorized or obligated by Applicable Law to close. 
 1.8    
“Calendar Quarter” means the respective periods of three (3) consecutive calendar months ending on March 31, June 30, September 30 and December 31; provided, however, that (a) the first Calendar Quarter of
the Term shall extend from the Effective Date to the end of the first complete Calendar Quarter thereafter; and (b) the last Calendar Quarter of the Term shall end upon the expiration or termination of this Agreement. 

1.9    “Calendar Year” means the twelve (12)-month period ending on December 31; provided however, that
(a) the first Calendar Year of the Term shall begin on the Effective Date and end on December 31, 2019; and (b) the last Calendar Year of the Term shall end on the date of expiration or termination of this Agreement. 

1.10    “Claim” has the meaning set forth in Section 15.1. 

1.11    “Clinical Supply Agreement” means the Clinical Supply Agreement attached hereto as Exhibit J, as
such Clinical Supply Agreement may be modified or amended in accordance with the terms thereof. 

1.12    “Clinical Trial” means any human clinical study or trial of a Product in the Field. 

1.13    “Commercialization” means all activities undertaken in support of the promotion, marketing, sale
and distribution (including importing, exporting, transporting, customs clearance, warehousing, invoicing, handling and delivering the Products to customers) of the Products in the Field. “Commercialize” means to engage in
Commercialization activities. 
 1.14    “Commercialization Plan” means a plan prepared by Licensee
pursuant to Section 7.2 containing an overview of the general strategy and a high-level budget for Commercializing the Products in the Field in the Territory. 

1.15    “Commercially Reasonable Efforts” means, with respect to the efforts to be expended, or
considerations to be undertaken, by a Party or its Affiliate with respect to any objective, activity or decision to be undertaken hereunder, reasonable, good faith efforts to accomplish such objective,

 
activity or decision as a similarly situated pharmaceutical company would normally use to accomplish a similar objective, activity or decision under similar circumstances, it being understood and
agreed that with respect to the Development, Manufacture, seeking and obtaining Regulatory Approval, or Commercialization of the Compound or a Product, Licensee may take into account: (a) issues of efficacy, safety, and expected and actual
approved labeling, (b) the expected and actual competitiveness of alternative products sold by Third Parties in the marketplace, (c) the expected and actual product profile of the Compound or Product, (d) the expected and actual
patent and other proprietary position of the Product, (e) the likelihood of Regulatory Approval and/or pricing approval given the regulatory structure involved, including regulatory or data exclusivity, (f) the expected and actual
profitability and return on investment of the Compound or Product, taking into consideration amounts owed hereunder, and (g) all other relevant scientific, technical, regulatory and commercial factors. 

1.16    “Common Stock” shall have the meaning set forth in Section 2.2(a). 

1.17    “Commercial Supply Agreement” shall have the meaning set forth in Section 5.7. 

1.18    “Competing Product” shall mean any pharmaceutical product, other than any Product, approved to
treat acid-related disorders in the Field in the Territory. 
 1.19    “Compound” means the chemical
compound vonoprazan fumarate (coded by Takeda as TAK-438), and, any derivatives thereof, including any analogs, prodrugs, alternative salts, hydrates, solvates, esters, metabolites, intermediates,
stereoisomers, complexes, and co-crystals, thereof. 

1.20    “Confidential Information” means all non-public or
proprietary Information disclosed by a Party to the other Party under this Agreement, without regard as to whether any of such Information is marked “confidential” or “proprietary,” or disclosed in oral, written, graphic, or
electronic form. Confidential Information shall include the terms and conditions of this Agreement. 
 1.21    
“Control” means, with respect to any Information, Patent, trademark or other intellectual property right, ownership or possession by a Party, or, where expressly provided, its Affiliates, of the ability (without taking into account
any rights granted by one Party to the other Party under the terms of this Agreement) to grant access, a license or a sublicense to such Information, Patent, trademark or other intellectual property right without violating the terms of any agreement
or other arrangement with, or necessitating the consent of, any Third Party, at such time that the Party would be first required under this Agreement to grant the other Party such access, license or sublicense. 

1.22    “Cure Period” has the meaning set forth in Section 13.2(a). 

1.23    “Designated Clinical Trial” has the meaning set forth in Exhibit I. 

1.24    “Development” means all (i) non-clinical and
clinical drug development activities, including toxicology, pharmacology, and other non-clinical efforts, statistical analysis, the performance of Clinical Trials, including the Manufacturing of the Product
for use in the Clinical Trials, and (ii) other activities reasonably necessary in order to obtain or maintain, Regulatory 

 
Approval of the Product in the Field. When used as a verb, “Develop” means to engage in Development activities. 

1.25    “Development Plan” means a detailed written plan prepared by Licensee for the Development
activities to which such plan relates, and which plan shall (a) identify the Development objectives, projected timeline and activities to be conducted pursuant to this Agreement with respect to the Product during the Term; and (b) contain
a reasonably detailed budget identifying the anticipated expenses associated with such Development activities. “Development Plan” includes the “Initial Development Plan”. 

1.26    “Disclosing Party” has the meaning set forth in Section 11.1. 

1.27    “Dispute” or “Disputes” has the meaning set forth in Section 14.1. 

1.28    “EMA” means the European Medicines Agency or any successor agency or authority having
substantially the same function. 
 1.29    “Europe” means Albania, Andorra, Austria, Belgium, Bosnia
and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Kosovo, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Moldova, Monaco, Montenegro, Netherlands,
North Macedonia (formerly Macedonia), Norway, Poland, Portugal, Romania, San Marino, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom of Great Britain and Northern Ireland, and Vatican City (Holy See). 

1.30    “Exploit” or “Exploitation” means to research, make, import, export, distribute,
use, sell, or offer for sale, including to Develop, Commercialize, register, modify, enhance, improve, hold, keep (whether for disposal or otherwise), transport, distribute, promote, market, or otherwise dispose of, or to have performed any of the
foregoing. 
 1.31    “FDA” means the U.S. Food and Drug Administration, or any successor agency
thereto. 
 1.32    “FFDCA” means the Federal Food, Drug and Cosmetic Act under United States Code,
Title 21, as amended. 
 1.33     “Field” means all human therapeutic uses. 

1.34     “First Commercial Sale” means, on a country-by-country basis, the first sale of a Product by Licensee, its Affiliates or its sublicensees to an end user or prescriber for use, consumption or resale of the Product in a country in the Territory
in the Field where Regulatory Approval of the Product has been obtained. 
 1.35     “Force Majeure”
means any event beyond the reasonable control of the affected Party including, but not limited to, embargoes; war or acts of war, including terrorism; insurrections, riots, or civil unrest; strikes, lockouts or other labor disturbances; epidemics,
fire, floods, earthquakes or other acts of nature; or acts, omissions or delays in acting by any governmental authority (including, but not limited to, the refusal of the competent government agencies to issue required Regulatory Approvals due to
reasons other than the affected Party’s negligence or willful misconduct or any other cause within the reasonable control of the affected Party), and failure of 

 
plant or machinery (provided that such failure could not have been prevented by the exercise of skill, diligence, and prudence that would be reasonably and ordinarily expected from a skilled and
experienced person engaged in the same type of undertaking under the same or similar circumstances). 

1.36    “Fully Diluted Capitalization” means the outstanding shares of Common Stock of Licensee on
a fully diluted basis, including (i) outstanding shares of preferred stock (on an as-converted basis), (ii) outstanding vested and unvested stock options (on an
as-exercised basis) and all shares of Common Stock held in reserve in any of the Company’s equity incentive plans that are not then yet allocated for outstanding and unexercised stock options,
(iii) outstanding warrants (on an as-exercised basis), and (iv) other outstanding convertible securities (on an as-converted basis). 

1.37    “GAAP” means generally accepted accounting principles current in the U.S. 

1.38    “Generic Competition Percentage” means, with respect to a particular Product in a particular
country in the Territory, all units of the Generic Product(s) for such Product sold in such country in the Territory divided by the sum of: (a) all units of such Product sold in such country in the Territory, plus (b) all units of all
Generic Product(s) sold in such country in the Territory, where, in each case, the number of units of a Product and each Generic Product sold shall be based on the average of the monthly IMS data (or
IMS-equivalent data if IMS data are not available). 
 1.39    “Generic
Competing Product” means, with respect to any Competing Product (other than an Over-The-Counter Competing Product) sold by a Third Party in the Territory, any
pharmaceutical product that is Therapeutically Equivalent to the applicable Competing Product. 
 For the purposes of this definition, a
drug product will be deemed “Therapeutically Equivalent” to the applicable Competing Product (the “Reference Listed Drug”) if each of the following criteria are met regarding that drug product: (1) same active
ingredient; (2) same dosage form; (3) same route of administration; (4) same strength; and, in the United States only: (5) assigned by the FDA the same therapeutic equivalence code, starting with the letter “A” and
further demonstrates that the Generic Competing Product is bioequivalent; and (6) designates such Competing Product to be the Reference Listed Drug. 

1.40    “Generic Product” means, on a
Product-by-Product basis, any pharmaceutical product sold by a Third Party in the Territory, other than as a sublicensee under the license granted to Licensee under this
Agreement that: (a) contains the same active ingredients as the applicable Product, including any fixed-dose Combination Product and in the same dosage form (e.g., oral, injectable, intranasal, etc.) as the applicable Product, or Combination
Product and has obtained Regulatory Approval in such country and is substitutable for such Product in such country; or (b) is A/B Rated with respect to such Product or Combination Product or otherwise approved by the applicable Regulatory
Authority and substituted as a generic for such Product. 
 For the purposes of this definition, “A/B Rated” means, inside
the U.S., “therapeutically equivalent” as determined by the FDA, applying the definition of “therapeutically equivalent” set forth in the preface to the then-current edition of the FDA publication “Approved Drug Products
With Therapeutic Equivalence Evaluations.” 

 1.41    “Good Clinical Practices” or
“GCP” means the then-current standards, practices and procedures promulgated or endorsed by the FDA as set forth in the guidelines adopted by the International Conference on Harmonization (“ICH”), titled
“Guidance for Industry E6 Good Clinical Practice: Consolidated Guidance,” (or any successor document) including related regulatory requirements imposed by the FDA and comparable regulatory standards, practices and procedures promulgated by
the EMA or other Regulatory Authority applicable to the Territory, as they may be updated from time to time.  

1.42    “Good Laboratory Practices”, “GLP”, or “cGLP” means the
then-current standards, practices and procedures promulgated or endorsed by the FDA as set forth in 21 C.F.R. Part 58 (or any successor statute or regulation), including related regulatory requirements imposed by the FDA and comparable regulatory
standards, practices and procedures promulgated by the EMA or other Regulatory Authority applicable to the Territory, as they may be updated from time to time, including applicable guidelines promulgated under the ICH. 

1.43    “Governmental Authority” means any multi-national, federal, state, local, municipal or other
government authority of any nature (including any governmental division, subdivision, department, agency, bureau, branch, office, commission, council, court or other tribunal). 

1.44    “IFRS” means International Financial Reporting Standards. 

1.45    “IND” means an Investigational New Drug application as defined in the FFDCA, as amended, and
applicable regulations promulgated hereunder by the FDA, or a Clinical Trial authorization application for a product filed with a Regulatory Authority in any other regulatory jurisdiction outside the U.S., the filing of which is necessary to
commence or conduct clinical testing of a pharmaceutical product in humans in such jurisdiction. 

1.46    “Indemnitee” shall have the meaning set forth in Section 15.3(a). 

1.47    “Indemnifying Party” shall have the meaning set forth in Section 15.3(a). 

1.48     “Information” means information, Inventions, concepts, compounds, compositions, formulations,
formulas, practices, procedures, processes, methods, knowledge, know-how, trade secrets, technology, techniques, designs, drawings, correspondence, computer programs, documents, apparatus, results, strategies,
regulatory documentation, information and submissions pertaining to, or made in association with, filings with any Government Authority or patent office, data, including pharmacological, toxicological,
non-clinical and clinical data, analytical and quality control data, manufacturing data and descriptions, patent and legal data, market data, financial data or descriptions, devices, assays, chemical
formulations, specifications, material, product samples and other samples, physical, chemical and biological materials and compounds, and the like, in written, electronic, oral or other tangible or intangible form, now known or hereafter developed,
whether or not patentable. 
 1.49    “Information Sharing Committee” shall have the meaning set forth
in Section 12.1. 
 1.50    “Initial Development Plan” means the initial Development Plan for the
Product attached to this Agreement as Exhibit A. 

 1.51     “Inventions” means any and all inventions,
discoveries and developments, whether or not patentable, made, conceived and/or reduced to practice in the course of performance of activities under this Agreement whether made, conceived and/or reduced to practice solely by, or on behalf of,
Takeda, Licensee, the Parties jointly, or any Affiliate of the same. 
 1.52     “Involved Employee”
has the meaning set forth in Section 10.3(d). 
 1.53     “Joint
Know-How” means all Information and Inventions jointly created by Licensee and Takeda under this Agreement and during the Term that is necessary or useful to Exploit the Compound or Product in the
Field. Joint Know-How excludes any Information or Inventions contained within a Joint Patent. 

1.54    “Joint Intellectual Property” means, collectively, Joint
Know-How and Joint Patents. 
 1.55    “Joint Inventions” shall
have the meaning set forth in Section 9.1. 
 1.56    “Joint Patents” means all Patents covering
or claiming any Joint Invention. 
 1.57    “Knowledge” means, as applied to a Party, that such Party
shall be deemed to have knowledge of a particular fact or other matter to the extent that a person within the Knowledge Group knew of such fact or other matter. 

1.58    “Knowledge Group” means, with respect to each Party, the officer and directors of such Party, or
any Affiliates of such Party. 
 1.59    “Labeling” means the healthcare professional information or
patient information used in the Territory that is part of the Product NDA, including the package insert, medication guides, summary of product characteristics (“SmPC”), patient information leaflets, company core safety information
(“CCSI”) and company core data sheet (“CCDS”). 
 1.60     “Licensee
Indemnitee” shall have the meaning set forth in Section 15.2. 
 1.61     “Licensee Intellectual
Property” means, collectively, Licensee Know-How and Licensee Patents. 

1.62    “Licensee Know-How” means all Information and Inventions
Controlled by Licensee (other than Takeda Know-How licensed to Licensee), as of the Effective Date or during the Term that are necessary to Exploit Compounds or Products in the Field, including any Information
disclosed by Licensee to Takeda under Section 12.2. Licensee Know-How excludes any Information or Inventions contained within a Licensee Patent. 

1.63    “Licensee Patents” means all Patents Controlled by Licensee, as of the Effective Date or during
the Term (other than Takeda Patents licensed to Licensee) that are necessary to Exploit Compounds or Products in the Field. There are no Licensee Patents as of the Effective Date and accordingly there are no Licensee Patents listed in Exhibit B as
of the Effective Date. Licensee shall update Exhibit B with any Licensee Patents [***] and provide a copy thereof to Takeda. 

  

	***	 Certain Confidential Information Omitted 

 1.64    “Losses” shall have the meaning set forth in
Section 15.1. 
 1.65    “MAA” means an application for Regulatory Approval filed with the EMA.

 1.66    “Marketing Authorization Holder” or “MAH” means the Person that owns the
applicable Regulatory Approval. 
 1.67    “Manufacture” or “Manufacturing” means all
activities related to the manufacturing of the Compound or the Product, or any ingredient thereof, including manufacturing for Development and Commercialization, labeling, packaging, in-process and finished
Product testing, release of the Compound or the Product or any ingredient thereof, quality assurance activities related to manufacturing and release of the Compound or the Product, ongoing stability tests and regulatory activities related to any of
the foregoing. 
 1.68    “NDA” means a New Drug Application or supplemental New Drug Application as
contemplated by Section 505(b) of the FFDCA, as amended, and the regulations promulgated thereunder, submitted to the FDA pursuant to Part 314 of Title 21 of the U.S. C.F.R., including any amendments thereto. References herein to NDA shall
include, to the extent applicable, any comparable applications filed in or for jurisdictions outside the United States, such as an MAA with the EMA. 

1.69    “Net Sales” means, with respect to any Product, the gross amounts invoiced and/or received
(whichever is the first to occur) by Licensee, its Affiliates and sublicensees for sales of such Product to Third Parties, less the following deductions, to the extent such deductions are paid, incurred or otherwise taken, reasonable and customary,
provided to Third Parties, and actually allowed with respect to such sales: 

(a)    [***]; 

(b)    [***]; 

(c)    [***]; 

(d)    [***]; and 

(e)    [***]. 

[***] 
 The Net Sales of
any Product sold as a component of a combination or bundled product that consists of a Product (or the Compound) together with one or more other therapeutically active products or compounds (a “Combination Product”) shall be
calculated as follows: 
 (x)    [***]; 

(y)    [***]; and 

(z)    [***] 

  

	***	 Certain Confidential Information Omitted 

 For the sake of clarity, Licensee shall not be permitted to Develop, Manufacture or
Commercialize any Combination Product unless such Combination Product is a Permitted Product Formulation. 

1.70    “Non-Breaching Party” has the meaning set forth in
Section 13.2(a). 

1.71    “Over-The-Counter
Competing Product” means any Competing Product that may be sold in the applicable country in the Territory without a doctor’s prescription. 

1.72    “Patents” means all: (a) patents, including any utility or design patent; (b) patent
applications, including provisionals, substitutions, divisionals, continuations, continuations in-part or renewals; (c) patents of addition, restorations, extensions, supplementary protection
certificates, registration or confirmation patents, patents resulting from post-grant proceedings, re-issues and re-examinations; (d) other patents or patent
applications claiming priority directly or indirectly to: (i) any such specified patent or patent application specified in (a) through (c), or (ii) any patent or patent application from which a patent or patent application specified
in (a) through (c) claim direct or indirect priority; (e) inventor’s certificates; (f) other rights issued from a Governmental Authority similar to any of the foregoing specified in (a) through (e); and (g) in each of
(a) through (f), whether such patent, patent application or other right arises in the U.S. or any other jurisdiction in the Territory. 

1.73    “Permitted Product Formulations” means the Product formulations set forth in Exhibit C. 

1.74    “Permitted Trials and Studies” means the Clinical Trials and other Product related studies
included in the Initial Development Plan, and any Additional Required Clinical Trials. 

1.75    “Person” means an individual, sole proprietorship, partnership, limited partnership, limited
liability partnership, corporation, limited liability company, business trust, joint stock company, trust, incorporated association, joint venture or similar entity or organization, including a government or political subdivision, department or
agency of a government. 
 1.76    “Phase 1 Clinical Trials” means a Clinical Trial of a Product with
the endpoint of determining initial tolerance, safety, pharmacokinetic or pharmacodynamic information in single dose, single ascending dose, multiple dose and/or multiple ascending dose regimens, as more fully described in U.S. federal regulation 21
C.F.R. § 312.21(a) and its equivalents in other jurisdictions. 
 1.77    “Phase 2 Clinical Trial”
means a Clinical Trial of a Product on human subjects, including possibly pharmacokinetic, pharmacodynamic and dose-ranging studies, the principal purposes of which are to make a preliminary determination that such product is safe for its intended
use and to obtain sufficient information about such product’s efficacy or dose-response information to permit the design of further clinical trials. 

1.78    “Phase 3 Clinical Trial” means a pivotal Clinical Trial of a pharmaceutical product, with a
defined dose or a set of defined doses, which trial is designed to ascertain efficacy and safety of such product, in a manner that is generally consistent with 21 CFR § 312.21(c), as amended (or its successor regulation), and its equivalents in
other jurisdictions, for the purpose of enabling the preparation and submission of an NDA with the FDA or any other applicable Regulatory Authority. 

 1.79     “Product” means any pharmaceutical product,
including all forms, presentations, strengths, doses and formulations (including any method of delivery), containing a Compound alone or in combination with at least one other therapeutically active ingredient. 

1.80    “Product Complaint” means all Information come to the attention of either Party, its Affiliates
or its sub-licensees, concerning any dissatisfaction regarding a Product of such a nature and magnitude that it is required under Applicable Law to be collected, maintained and reported to a Regulatory
Authority, including reports of actual or suspected product tampering, contamination, mislabeling or inclusion of improper ingredients. 

1.81    “Product IND” means any IND filed in the Territory pertaining to a Product filed during the Term,
including any supplements or amendments thereto. 
 1.82    “Product Infringement” has the meaning set
forth in Section 9.5(b)(i). 
 1.83    “Product NDA” means any NDA filed in the Territory which
seeks Regulatory Approval for a Product in the Field, including any supplements or amendments thereto. 

1.84    “Product Trademarks” means the Trademark(s) to be used by Licensee or its Affiliates or its
sublicensees for the Exploitation of Products in the Field in the Territory and any registrations thereof or any pending applications relating thereto in the Territory (excluding, in any event, any trademarks, service marks, names or logos that
include any corporate name or logo of the Parties or their Affiliates). 
 1.85    “Qualified
Financing” shall have the meaning set forth in Section 2.1. 
 1.86    “Receiving
Party” shall have the meaning set forth in Section 11.1. 
 1.87    “Reference Listed
Drug” shall have the meaning set forth in Section 1.39. 
 1.88    “Regulatory Approval”
means all approvals (including supplement, amendment, or pre-and post-approval), licenses, registrations or authorizations of any national, regional, state or local Regulatory Authority, department, bureau,
commission, council or other Governmental Authority, that are necessary for the Commercialization of the Product in a country or countries (but excluding approval of any application for pricing or reimbursement for the Product by any Governmental
Authority). 
 1.89    “Regulatory Authority” means any applicable Governmental Authority involved in
granting Regulatory Approval, including in the U.S., the FDA and any other applicable Governmental Authority having jurisdiction over the approval of a Compound or a Product. 

1.90    “Regulatory Exclusivity” means any exclusive marketing rights or data protection or other
exclusivity rights conferred by any Regulatory Authority with respect to a Product in a country or jurisdiction in the Territory, other than a Patent right, including orphan drug exclusivity, pediatric exclusivity, rights conferred in the U.S. under
the Drug Price Competition and Patent Term Restoration Act, 21 U.S.C. 355, as amended (the “Hatch-Waxman Act”). 

 1.91    “Regulatory Materials” means all regulatory
applications, submissions, notifications, registrations, Regulatory Approvals or other submissions, including any written correspondence or meeting minutes, made to, made with, or received from a Regulatory Authority that are necessary or reasonably
desirable in order to Develop, Manufacture, market, sell or otherwise Commercialize a Product in the Field. Regulatory Materials include the Product INDs and the Product NDAs, and amendments and supplements thereto. 

1.92     “Royalty Term” means, on a
country-by-country and Product-by-Product basis, the period commencing on the First
Commercial Sale of a Product in such country and continuing until the later of: 
 (a)    the expiration
of the last to expire Valid Claim in a Takeda Patent or Joint Patent covering the composition of matter, Manufacture or approved use of such Product in such country; 

(b)    the expiration of the applicable Regulatory Exclusivity in such country; or 

(c)    [***] years after First Commercial Sale of such Product in such country. 

1.93    “Sole Inventions” shall have the meaning set forth in Section 9.1. 

1.94    “Takeda Compound Patents” means all Patents Controlled by Takeda as of the Effective Date or
during the Term that claim the composition of matter of, formulation of, or a method of making or using, the Compound or Product in the Field in the Territory. The Takeda Compound Patents in the Territory as of the Effective Date are set forth in
Exhibit D. Takeda shall update Exhibit D from time to time as necessary and provide a copy thereof to Licensee. 

1.95    “Takeda General Patents” means all Patents Controlled by Takeda as of the Effective Date or
during the Term that are not Takeda Compound Patents, but which are necessary to Exploit vonoprazan or a salt thereof, or a Product comprising a Permitted Product Formulation, in the Field in the Territory. 

1.96    “Takeda Indemnitee” shall have the meaning set forth in Section 15.1. 

1.97    “Takeda Intellectual Property” means, collectively, Takeda
Know-How and Takeda Patents. 
 1.98    “Takeda Know-How” means collectively (i) any Information and Inventions Controlled by Takeda as of the Effective Date that are necessary to Exploit a Compound or Product in the Field in the Territory and
(ii) any Information and Inventions which first become Controlled by Takeda after the Effective Date that are directed to a Compound or Product in the Field in the Territory, including any Information disclosed by Takeda to Licensee under
Section 12.2. Takeda Know-How excludes any Information contained within a Takeda Patent. For clarity, as of the Effective Date, Takeda Know-How consists solely of
Information and Inventions that are directed to vonoprazan fumarate. 
 1.99    “Takeda Patents” means
the Takeda Compound Patents and the Takeda General Patents. 

  

	***	 Certain Confidential Information Omitted 

 1.100    “Takeda Product Trademarks” means the
Trademarks set forth on Exhibit E and any other Trademarks Controlled by Takeda or its Affiliates and used in connection with the Exploitation of Products in the Territory (excluding, in any event, any trademarks, service marks, names or logos that
include any corporate name or logo of Takeda, its Affiliates or licensees). 
 1.101    “Tax” or
“Taxes” shall mean any form of tax or taxation, levy, duty, charge, social security charge, contribution or withholding of whatever nature (including any related fine, penalty, surcharge or interest) imposed by, or payable to, any
government, state or municipality, or any local, state, federal or other fiscal, revenue, customs, or excise authority, body or official in the Territory. 

1.102    “Territory” means the United States, Canada, the countries within Europe, and any successors to,
or new countries created from, any of the foregoing, and shall include any and all of such countries’ respective territories and possessions. 

1.103    “Term” shall have the meaning set forth in Section 13.1. 

1.104    “Third Party” means a Person other than Takeda and Licensee and their respective Affiliates.

 1.105    “Third Party License” has the meaning set forth in Section 8.7(a). 

1.106    “Third Party Royalties” shall have the meaning set forth in Section 8.7(a). 

1.107    “Top-Line Data” means, with respect to a Clinical Trial, a
summary of demographic data, the data for the primary endpoint(s), the data for any secondary endpoint(s), if such secondary endpoint(s) are applicable, and a summary of safety data, in each case which are based on an unblinded, locked database and
wherein all data are collected in a 21 CFR 11 validated database with a complete audit trail. 

1.108    “Trademark” means (a) any word, name, symbol, color, designation or device or any
combination thereof that functions as a source identifier, including any trademark, trade dress, brand mark, service mark, trade name, brand name, logo, business symbol or domain names, whether or not registered, or any application, renewal,
extension, or modification thereto; and (b) all goodwill associated therewith. 
 1.109    “Transition
Plan” means the transition plan set forth in Exhibit F. 

1.110    “Up-Front Shares” shall have the meaning set forth in
Section 2.2(a). 
 1.111    “Valid Claim” means (a) a claim of an issued and unexpired Patent
included within the Takeda Patents, the Licensee Patents or the Joint Patents, to the extent such claim has not been revoked, held invalid or unenforceable by a patent office, court or other governmental agency of competent jurisdiction in a final
order, from which no further appeal can be taken, and which claim has not been disclaimed, denied or admitted to be invalid or unenforceable through reissue, re-examination or disclaimer; or (b) a claim
of any patent application (where such claim was filed in good faith) within the Takeda Patents, the Licensee Patents or the Joint Patents, to the extent such 

 
claim has not been canceled, withdrawn, or abandoned or pending for more than [***] from its earliest priority date.

1.112    “Warrant” shall have the meaning set forth in Section 2.2(b). 

ARTICLE 2 – QUALIFIED FINANCING; WARRANT 

2.1    Qualified Financing. The licenses granted by the Parties pursuant to Article 4 below are conditioned upon
the consummation of a financing resulting in gross aggregate cash proceeds to Licensee of at least $[***] (the “Qualified Financing”). 

2.2    Up-Front Equity and Warrant. 

(a)    Up-Front Equity. In partial consideration for
Licensee’s rights in and to the Takeda Intellectual Property licensed hereunder and other rights granted hereunder, on or before the Effective Date, Licensee will issue and deliver to Takeda five hundred thousand (500,000) shares (the
“Up-Front Shares”) of Common Stock, par value $0.0001 (“Common Stock”), which represents [***] percent ([***]%) of the Fully-Diluted Capitalization calculated
immediately prior to the closing of the Qualified Financing (and, for the avoidance of doubt, excluding any convertible promissory notes that are converted into the securities issued in the Qualified Financing). To implement the issuance of the Up-Front Shares, the Parties shall execute and deliver to one another a Stock Issuance Agreement in the form attached hereto as Exhibit G. The Up-Front Shares shall be of the
same class as the initial founders’ shares of Common Stock issued to Frazier Life Sciences IX. 

(b)    Warrant Coverage. In partial consideration for Licensee’s rights in and to the
Takeda Intellectual Property licensed hereunder and other rights granted hereunder, on the Effective Date, Licensee will issue to Takeda a warrant to purchase additional shares of Common Stock with an exercise price equal to the par value of $0.0001
per share, in the form attached hereto as Exhibit H (the “Warrant”). The number of shares of Common Stock subject to the Warrant shall be equal to [***]% of the Fully-Diluted Capitalization calculated immediately prior to the
closing of the Qualified Financing (and, for the avoidance of doubt, excluding any convertible promissory notes that are converted into the securities issued in the Qualified Financing). The Warrant will be exercisable by Takeda on a cashless, net-exercise basis as more particularly set forth in the Warrant.  

(c)    Additional Warrant Coverage; Minimum IPO Ownership. In partial consideration for
Licensee’s rights in and to the Takeda Intellectual Property licensed hereunder and other rights granted hereunder, in the event that the shares of Common Stock issued to Takeda pursuant to Section 2.2(a) and issued or issuable upon
cashless, net exercise of the Warrant issued pursuant to Section 2.2(b) together represent less than [***] percent [***] of the Fully-Diluted Capitalization calculated immediately prior to the closing of the first underwritten initial public
offering of the Common Stock (including, for the avoidance of doubt, any shares of Common Stock issued upon conversion of convertible promissory notes that are issued in the Qualified Financing, but excluding shares of Common Stock newly issued in
such initial public offering itself) then Licensee shall issue an additional Warrant to Takeda upon the closing of such initial public offering. The number of shares of Common Stock subject to such additional Warrant shall

  

	***	 Certain Confidential Information Omitted 

 
be calculated such that the additional shares issuable upon cashless, net exercise of such additional Warrant, together with the shares of Common Stock issued to Takeda pursuant to
Section 2.2(a) and issued or issuable upon cashless, net exercise of the Warrant issued pursuant to Section 2.2(b), represent an aggregate of [***] percent [***] of the Fully-Diluted Capitalization calculated immediately prior to the
closing of the first underwritten initial public offering of the Common Stock (including, for the avoidance of doubt, any shares of Common Stock issued upon conversion of convertible promissory notes that are issued in the Qualified Financing, but
excluding shares of Common Stock newly issued in such initial public offering itself). 

(d)    Exercise of Warrant. The Warrants will be exercisable as set forth therein. 

(e)    Ancillary Documents. Upon receipt of the initial Warrant, Takeda shall be required to
enter into any agreements related to the Common Stock that other holders of Common Stock are required to enter into in connection with the Qualified Equity Financing. 

(f)    No Partnership Interest. Licensee and Takeda hereby acknowledge they do not intend to create
a partnership interest for Takeda under U.S. tax laws by reason of Licensee’s issuance of the Warrant. 
 ARTICLE 3 – FINANCIAL
STATEMENTS 
 3.1    Licensee Financial Statements. Licensee shall provide Takeda with a copy of
Licensee’s annual and quarterly financial statements in accordance with its obligations under Qualified Financing documents, as in effect on the Effective Date, to its investors and on the same time frame. 

ARTICLE 4 – LICENSES 

4.1    Licenses from Takeda to Licensee. Subject to the terms and conditions of this Agreement,
Takeda on behalf of itself and its Affiliates hereby grants to Licensee (a) an exclusive (even as to Takeda and its Affiliates), nontransferable (except as provided in Section 16.4) license, with the right to grant sublicenses solely in
accordance with Section 4.3, under the Takeda Intellectual Property (excluding the Takeda General Patents) and Takeda’s rights to the Joint Intellectual Property, to Commercialize Products in the Field in the Territory, (b) a non-exclusive, nontransferable (except as provided in Section 16.4) license, with the right to grant sublicenses solely in accordance with Section 4.3, under the Takeda General Patents to Commercialize
Products in the Field in the Territory, (c) a non-exclusive, nontransferable (except as provided in Section 16.4) license, with the right to grant sublicenses solely in accordance with
Section 4.3, under the Takeda Intellectual Property, and Takeda’s rights to the Joint Intellectual Property, to Develop anywhere in the world (subject to Takeda’s prior written consent, not to be unreasonably withheld, conditioned or
delayed, with respect to any Clinical Trials outside of the Territory) and Manufacture Compounds and Products, in each case, solely for the Commercialization of Products in the Field in the Territory, and (d) in the case where the Product
contains vonoprazan fumarate as the sole active ingredient, an exclusive nontransferable (except as provided in Section 16.4) license, with the right to grant sublicenses solely in accordance with Section 4.3 to use the Takeda Product
Trademarks in connection with the Commercialization of a Product in the Field in the Territory. Notwithstanding any language to the contrary in this Agreement, including the previous 

  

	***	 Certain Confidential Information Omitted 

 
sentence, (i) except for the Permitted Product Formulations, Licensee shall not have the right to Develop, Manufacture or Commercialize any other Product formulation, (ii) except for
the Permitted Trials and Studies, Licensee shall not have the right to perform any other Clinical Trials or Product related studies, and (iii) Takeda and its Affiliates and sublicensee shall have the right to use the Takeda Product Trademarks
in the Territory for any purpose directly or indirectly related to Exploitation of Products outside of the Territory, including the following uses in the Territory (a) manufacturing branded primary or secondary packaging, (b) packaging
products in labeled packs, (c) conducting Clinical Trials, (d) issuing press releases, (e) conferences, and (f) intercompany license agreements. Licensee shall have the right to Manufacture Compound and Product anywhere in the
world solely for the Commercialization of Product in the Field in the Territory, however, Takeda shall have the right to approve any Third Party Manufacturer of the Compound active pharmaceutical ingredient, bulk drug Product or finished drug
Product. Takeda’s approval of any such Third Party Manufacturer shall not be unreasonably withheld, conditioned or delayed, but may be contingent on Takeda’s approval, not to be unreasonably withheld, conditioned or delayed, of an
appropriate quality agreement with such Third Party Manufacturer. Notwithstanding any language to the contrary, Takeda retains (x) the right to Develop and Manufacture Compound and Product anywhere in the world, including inside the Territory,
(subject to Licensee’s prior written consent, not to be unreasonably withheld, conditioned or delayed, with respect to any Clinical Trials in the Territory and which is hereby given with respect to the Designated Clinical Trial, (y) the
exclusive right to Commercialize the Compound and Product outside of the Territory, and (z) the exclusive right to Commercialize the Compound and Product outside of the Field. 

4.2    Licenses and Grant-Back Sub-Licenses from Licensee to Takeda. 

(a)    Subject to the terms and conditions of this Agreement, Licensee hereby grants to Takeda (i) a
limited, non-exclusive, fully paid-up, royalty-free, non-transferable (except as provided in Section 16.4) license, with the
right to grant sublicenses solely in accordance with Section 4.3, under the Licensee Intellectual Property and Licensee’s rights to the Joint Intellectual Property which is necessary or useful to enable Takeda in the Field in the
Territory, to exercise its express rights (including Developing and Manufacturing the Compound and Product anywhere in the world, including inside the Territory, but with respect to Clinical Trials inside the Territory, subject to the last sentence
of Section 4.1) and perform its obligations under this Agreement, and (ii) a limited, exclusive, fully paid-up, royalty-free, non-transferable (except as
provided in Section 16.4) license, with the right to grant sublicenses solely in accordance with Section 4.3, under the Licensee Intellectual Property and Licensee’s rights to the Joint Intellectual Property, to (1) Commercialize
Compounds and Products outside of the Territory, and (2) Commercialize Compounds and Products outside of the Field. 

(b)    Subject to the terms and conditions of this Agreement, Licensee hereby grants back to Takeda a
limited, exclusive, fully paid-up, royalty-free, non-transferable (except as provided in Section 16.4) sublicense, with the right to further sublicense solely in
accordance with Section 4.3, under the Takeda Intellectual Property and Takeda’s rights to the Joint Intellectual Property solely as, and to the extent necessary or useful, to enable Takeda in the Field in the Territory, to exercise its
express rights and perform its obligations under this Agreement. 

 4.3    Sublicensing. 

(a)    [***] Licensee shall have the right to grant sublicenses to Commercialize the Product in the Field
in the Territory, through multiple tiers, under the rights granted to Licensee under Section 4.1, to its Affiliates and to one or more Third Parties. Licensee shall have the right to grant sublicenses to its rights to Develop and Manufacture
the Compound and Product (i) to its Affiliates, with the right to sublicense in accordance with this Section 4.3(a), (ii) to any Third Party to whom Licensee, in accordance with the previous sentence, has granted a sublicense to
Commercialize the Product in the Field in the Territory, and (iii) to one or more vendors, contract research organizations and the like to the extent necessary or useful to Develop and/or Commercialize the Product in accordance with
Licensee’s express rights under this Agreement. 
 (b)    Takeda shall have the right to grant one
or more licenses or sublicenses, as the case may be, under the rights granted to Takeda under Section 4.2, (i) to its Affiliates, with the right to sublicense in accordance with this Section 4.3(b), (ii) to any Third Party to whom Takeda
or its Affiliates has granted a sublicense to Commercialize the Compound and/or Product outside of the Territory, and (iii) to one or more vendors, contract research organizations and the like, to the extent necessary or useful to Develop
and/or Commercialize the Product in accordance with Takeda’s express rights under this Agreement. 

(c)    Each sublicense shall refer to and be subordinate to this Agreement and, except to the extent the
Parties otherwise agree in writing, any such sublicense must be consistent in all material respects with the terms and conditions of this Agreement. Each Party shall remain responsible for the performance of this Agreement and the performance of its
sublicensees hereunder. 
 (d)     Upon an early termination of Licensee’s license rights under
this Agreement (i) pursuant to Section 13.2 or (ii) pursuant to Section 13.5, Takeda shall offer any Third Party sublicensee under a Commercial sublicense granted by Licensee or its Affiliates pursuant to Section 4.3(a) that
was in effect on the effective date of termination of Licensee’s license rights under this Agreement the right to enter into a license agreement directly with Takeda on substantially the same terms and conditions under which such rights and
licenses were granted to such sublicensee, provided that (A) such sublicensee is not then in breach of its sublicense, (B) such sublicensee agrees to comply with all the terms of this Agreement to the extent applicable to the rights
sublicensed to it by Licensee or its Affiliate, and (C) such agreement does not impose any obligations upon Takeda that exceed the obligations of Takeda under this Agreement. [***] 

4.4    No Implied Licenses. No license or other right is or shall be created or granted hereunder by
implication, estoppel, or otherwise. All licenses and rights are or shall be granted only as expressly provided in this Agreement. All rights not expressly granted by a Party under this Agreement are reserved by the Party and may not be used by the
other Party for any purpose. 
 4.5     Exports and Restrictions on Competition. 

(a)    Exports. Licensee shall neither, and shall cause its Affiliates and sublicensees to neither,
whether directly or indirectly through a Third Party, (i) sell or promote a Product outside 

  

	***	 Certain Confidential Information Omitted 

 
of the Field or outside of the Territory, (ii) nor export or distribute a Product outside of the Territory other than for Commercialization in the Field in the Territory. 

(b)    Competing Product Activities. During the Term, Licensee shall not, and shall cause its
Affiliates not to, whether directly or indirectly through a Third Party (including any sublicensee) Commercialize any Competing Product in any country in the Territory except for, as applicable in any such country, any Generic Competing Products and
any Over-The-Counter Competing Products. In the event Licensee assigns or transfers its rights and obligations under this Agreement to any permitted successor or
assignee pursuant to Section 16.4, and at the time of such assignment or transfer to such permitted successor or assignee, such permitted successor or assignee is Commercializing one or more Competing Product(s) (other than any Generic
Competing Products and any Over-The-Counter Competing Products) in any country(ies) in the Territory, then only if the applicable Competing Product is the Reference
Listed Drug to one or more Generic Competing Products which Generic Competing Products have been continuously Commercialized in such applicable country in the Territory for a period of at least [***] prior to the transfer or assignment of
Licensee’s rights and obligations under this Agreement to such applicable permitted successor or assignee, such permitted successor or assignee may continue to Commercialize such Competing Product in such country in the Territory without being
deemed to be in breach of this Section 4.5(b). Solely with respect to use of “Commercialize” in this this Section 4.5(b), the word “Product” in the definition of “Commercialization” shall be deemed to mean as
applicable “Competing Product” and “Generic Competing Product”. 
 ARTICLE 5 – DEVELOPMENT AND SUPPLY 

5.1    Overview of Product Development. Licensee’s Development of the Compound and the Product in the Field in
or for the Territory shall be conducted in a manner consistent with the principle of seeking and maintaining Regulatory Approvals in the Field in the Territory that include the appropriate Labeling for the Product in light of the clinical data.
Notwithstanding any language to the contrary in this Agreement, including the previous sentence, (i) except for the Permitted Product Formulations, Licensee shall not have the right to Develop any other Product formulation, and (ii) except
for the Permitted Trials and Studies, Licensee shall not have any right to perform any other Clinical Trials or Product related studies. 

5.2    Licensee Development. Licensee (itself or through its Affiliates or sublicensees) shall be solely
responsible for: (a) all of Licensee’s, and its Affiliates’ and their respective sublicensees’ and Third Party contractors’ activities related to the Development of the Compound and the Product in the Field in the Territory;
and (b) all expenses, including Third Party expenses, related to such Development activities. Notwithstanding the foregoing, Takeda will be responsible for all activities and costs related to the Designated Clinical Trial. 

5.3    Development Efforts. Licensee shall use Commercially Reasonable Efforts to Develop the Compound and the
Product in order to Commercialize the Product in the Field in the Territory. 
 5.4    Development Plan. The
Initial Development Plan is set forth in Exhibit A. [***] Licensee shall update and amend, as appropriate, the then-current Development Plan and shall provide a copy of a proposed updated and amended Development Plan to Takeda. Licensee shall
provide Takeda with an opportunity to review and comment on the proposed updated and amended Development Plan. Licensee shall consider in good faith any such comments of Takeda when finalizing the updated and amended Development Plan. Promptly after
finalizing the updated and amended 

  

	***	 Certain Confidential Information Omitted 

 
Development Plan, Licensee shall provide a copy thereof to Takeda. [***] After the Licensee notifies the Information Sharing Committee of any Additional Required Clinical Trials, Licensee
shall promptly update the Development Plan to include such Additional Required Clinical Trial and shall promptly provide a copy of the updated and amended Development Plan to Takeda. Licensee, itself and/or through its sublicensees, will be
responsible for all Development and regulatory activities, and the associated costs of such activities, for the Product in the Field and in the Territory in accordance with the Development Plan.  

5.5    Transfer of Information and Assistance. In accordance with the Transition Plan set forth in Exhibit F,
Takeda will (i) transfer to Licensee the existing technical and clinical Information for the Compound and Product identified on Exhibit F at no charge, and (ii) provide reasonable assistance from and access to Takeda employees with
relevant knowledge related to the Compound and Product. Takeda shall provide Licensee, without charge, up to a total aggregate of [***] of assistance and access described in subsection (ii) above. Once such total aggregate [***]
has been reached, Takeda shall provide Licensee up to a total aggregate of an additional [***] of assistance and access described in subsection (ii) above, which assistance will be charged by Takeda to Licensee at an hourly rate of
[***]. Once such total aggregate [***] has been reached, any additional reasonable requests for support made by Licensee may be provided at Takeda’s sole discretion and, if provided by Takeda, will be charged by Takeda to Licensee
at an hourly rate of [***]. Notwithstanding any language to the contrary, Takeda shall not have any obligation to provide, in aggregate including the [***] of such assistance and access. Except as expressly provided under the
Transition Plan, Takeda shall not be obligated to provide a technical transfer of the current Manufacturing process for the Compound or Product to Licensee or its designated Third Party Manufacturer. Notwithstanding anything to the contrary, the
time limitations and hourly charges set forth in this Section 5.5, above, shall not apply with respect to the performance of any of Takeda’s obligations expressly set forth in this Agreement (other than the transfer, assistance and access
described in this Section 5.5, above). 
 5.6    Clinical Supply Agreement. In accordance with the Clinical
Supply Agreement attached as Exhibit J and an associated quality agreement, Takeda will supply the specific quantity of Clinical Trial materials to Licensee for use in the Clinical Trials set forth in the Initial Development Plan and for any
Additional Required Clinical Trials, and Licensee will reimburse Takeda’s fully loaded cost of Manufacturing for such quantity of Clinical Trial material provided under the Clinical Supply Agreement. Licensee shall be solely responsible for the
Manufacture and supply of any and all additional quantities of Product needed by Licensee, including all additional Clinical Trial materials and Product for Commercialization. 

5.7     Commercial Supply Agreement. If requested by Licensee, the Parties shall enter into good faith negotiations
for a supply agreement governing the supply of Product by Takeda or one of its Affiliates to Licensee for Commercialization in the Field in the Territory following Licensee’s receipt of the first Regulatory Approval in the Territory (the
“Commercial Supply Agreement”). The terms of any such Commercial Supply Agreement shall be negotiated in good faith by the Parties based upon reasonable and customary terms typically associated with supply of pharmaceutical products
for Commercialization in the Territory. For the sake of clarity, unless 

  

	***	 Certain Confidential Information Omitted 

 
and until a Commercial Supply Agreement is executed by the Parties, Takeda shall not be under any obligation to supply Product to Licensee for Commercialization in the Territory. 

5.8    Records; Disclosure of Data and Results. In conformity with standard pharmaceutical industry practices and
the terms and conditions of this Agreement, Licensee shall prepare and maintain, or shall cause to be prepared and maintained, complete and accurate written records of its Development of the Products, for a minimum of [***] Licensee shall
provide to Takeda a reasonably detailed report consisting of (a) an update on the progress of Licensee’s Development and Commercialization activities, including (i) key achievements or milestones to date in the reporting period, and
(ii) studies that were run or are in process and (b) [***] 
 ARTICLE 6 – REGULATORY 

6.1    Preparation of Regulatory Materials. 

(a)    Licensee shall have the sole right and responsibility, and shall exercise Commercially Reasonable
Efforts, to prepare, obtain, and maintain, as applicable, the Regulatory Materials in the Territory, including the Product INDs and other submissions, and to conduct communications with the relevant Regulatory Authorities, related to or needed for
the Commercialization of Product in the Field in the Territory. Notwithstanding the foregoing, Takeda or its applicable Affiliate, or sublicensees, any of their Third Party contractors, will be solely responsible for all Regulatory Materials related
to (i) the Designated Clinical Trial, and any other Clinical Trials in the Territory consented to by Licensee pursuant to the last sentence of Section 4.1, (ii) Takeda’s, or any of its Affiliates or sublicensees’ or any of their
Third Party contractors’ Development or Manufacture activities in the Territory. Except with respect to the Designated Clinical Trial, and any other Clinical Trials in the Territory consented to by Licensee pursuant to the last sentence of
Section 4.1, all Product INDs generated after the Effective Date with respect to the Product in the Field in the Territory under this Agreement shall be owned by, and shall be the sole property and held in the name of, Licensee or its designee.

 (b)    Licensee shall provide Takeda with an opportunity to review and comment on [***] in
each case reasonably in advance of when Licensee or any of its Affiliates or sublicensees intends to submit such Regulatory Materials to the applicable Regulatory Authority. Takeda shall provide its comments within [***], or such other period
of time mutually agreed to by the Parties. Licensee shall consider in good faith any such comments of Takeda. Licensee shall provide Takeda with a copy in electronic form of all material Regulatory Materials filed related to the use of the Products
in the Field. Licensee shall be the MAH with respect to Regulatory Approvals in the Territory. Takeda, its Affiliates, and/or their sublicensees or designees shall be the MAH for any and all Regulatory Approvals outside of the Territory. 

(c)    Notwithstanding the above, Takeda shall file an application for United States Adopted Name (USAN)
at its own expense. 
 6.2    Regulatory Expenses. Except with respect to (1) the Designated Clinical Trial,
and any other Clinical Trials in the Territory consented to by Licensee pursuant to the last sentence of Section 4.1, and (2) Takeda’s, and any of its Affiliates and sublicensees, and any of their Third Party contractors’
Development or Manufacture activities in the Territory, Licensee shall bear all 

  

	***	 Certain Confidential Information Omitted 

 
expenses incurred related to the preparation, maintenance, formatting and filing of the Regulatory Materials in the Field in the Territory. 

6.3    Rights of Reference to Regulatory Materials. Each Party hereby grants to the other Party a
right of reference to all Regulatory Materials filed by such Party for the Products solely for the purpose of seeking, obtaining and maintaining Regulatory Approvals for, and the Commercialization of, the Products in such other Party’s
respective territory. 
 6.4    Labeling Information Exchange/Labeling Agreement. If requested by either Party,
the Parties shall in good faith negotiate the terms of a Labeling agreement that includes methods and/or procedures for sharing information related to Labeling and the management of Labeling information, including CCDS. If the Parties mutually agree
upon such a Labeling agreement it shall be attached hereto as Exhibit K. Subject to any limitations in any such Labeling Agreement, Licensee shall be solely responsible for the review and approval of all Labeling for the Product in the Territory.

 6.5    Pharmacovigilance and Drug Safety Agreement. Before the commencement of any Clinical Trials in or for
the Territory (other than the Designated Clinical Trial), the Parties will enter into a mutually acceptable drug safety data sharing agreement setting forth the Parties’ respective obligations in detail regarding pharmacovigilance and the
exchange of global drug safety data and reporting and will revise it for post-marketing surveillance purposes at an appropriate time before the First Commercial Sale of the Product in the Territory. 

6.6    Additional Required Clinical Trial Communications. Licensee shall promptly provide Takeda with any
communication received by Licensee or any sublicensee from any Regulatory Authority related to any actual or potential Additional Required Clinical Trial. At least [***] prior to Licensee or any sublicensee providing any communication to a
Regulatory Authority related to any actual or potential Additional Required Clinical Trial, Licensee shall provide Takeda with a draft of such communication and shall consider, and shall require any sublicensee to consider, in good faith any
comments provided by Takeda. 
 6.7    Regulatory Authority Communications Received by a Party. Each Party shall
keep the other Party informed in a timely manner, compliant with the reporting requirements of Regulatory Authorities in their respective territories, of the notification of any action by, or notification or other information which it receives from
any Regulatory Authority which: (a) raises any material concerns regarding the safety or efficacy of a Compound or a Product; (b) indicates or suggests a potential material liability of either Party to Third Parties in connection with a
Product; (c) is reasonably likely to lead to a recall or market withdrawal of a Product; or (d) relates to expedited and periodic reports of adverse events with respect to a Product, or Product Complaints, and which may have a material
impact on obtaining or maintaining Regulatory Approval or the continued Commercialization of a Product, as then conducted. Each Party shall reasonably cooperate with and assist the other Party in complying with regulatory obligations and
communications, including by providing to such other Party, in a timely manner after a request, Information and documentation in such Party’s possession as may be necessary or helpful for such other Party to prepare a response to an inquiry
from a Regulatory Authority, and by having no more than two (2) of its employees or representatives (one clinical and one regulatory) participate in any meeting with a Regulatory Authority at such other Party’s reasonable request and
expense. Each Party 

  

	***	 Certain Confidential Information Omitted 

 
shall provide the other Party in a timely manner with a copy of all correspondence received from a Regulatory Authority specifically regarding the matters referred to above. 

6.8    Audit. 

(a)    If a Regulatory Authority desires to conduct an inspection or audit of any Licensee facility or any
Affiliate or Third Party facility under contract with Licensee with regard to a Product, then Licensee shall notify Takeda as soon as practicably possible after receipt of such notification of such audit or inspection and provide copies of any
materials provided to it by the applicable Regulatory Authority; provided, that Licensee shall not be required to notify Takeda of audits or inspections that are of a routine nature or that do not relate to a Product, except where such audits result
in communications or actions of such Regulatory Authority which have an impact upon the Product. In addition, if a Regulatory Authority conducts an unannounced inspection or audit of any Licensee facility or any Affiliate or Third Party facility
under contract with Licensee with regard to a Product, then Licensee shall notify Takeda within [***] of commencement of such audit or inspection. Licensee shall cooperate, and shall use reasonable efforts to cause the contract facility to
cooperate, with such Regulatory Authority and Takeda during such inspection or audit. Following receipt of the inspection or audit observations of such Regulatory Authority, Licensee shall promptly provide Takeda with a copy of the inspection or
audit report and also provide Takeda with copies of any written communications received from Regulatory Authorities with respect to such facilities in a timely manner after receipt, to the extent such written communications relate to Products or the
Manufacture thereof, and shall prepare the response to any such observations. Licensee shall provide Takeda with a copy of any proposed response to such communications and shall implement Takeda’s reasonable comments with respect to such
proposed response. Licensee agrees to conform its activities under this Agreement to any commitments made in such a response. 

(b)    If a Regulatory Authority in the Territory desires to conduct a GCP inspection or audit of any
Takeda facility or any Affiliate or Third Party facility under contract with Takeda, in each case with regard to any Takeda Clinical Trial Information provided to Licensee under this Agreement that Licensee has submitted to such Regulatory Authority
in order to obtain Regulatory Approval of the Product, then Takeda shall notify Licensee as soon as practicably possible after receipt of such notification of such audit or inspection and provide copies of any materials provided to it by the
applicable Regulatory Authority; provided, that Takeda shall not be required to notify Licensee of audits or inspections that are of a routine nature or that do not relate to Licensee’s Regulatory Approval of a Product, except where such audits
result in communications or actions of such Regulatory Authority which have an impact upon Licensee’s Regulatory Approval for Product in the Territory. In addition, if a Regulatory Authority in the Territory conducts an unannounced GCP
inspection or audit of any Takeda facility or any Affiliate or Third Party facility under contract with Takeda, in each case with regard to any Takeda Clinical Trial Information provided to Licensee under this Agreement that Licensee has submitted
to such Regulatory Authority in order to obtain Regulatory Approval of a Product, then Takeda shall notify Licensee within [***] of commencement of such audit or inspection. Takeda shall cooperate, and shall use reasonable efforts to cause
the contract facility to cooperate, with such Regulatory Authority during such inspection or audit. Following receipt of the inspection or audit observations of such Regulatory Authority, Takeda shall promptly provide Licensee with a copy of the
inspection or audit report and also provide Licensee with copies of any written communications received from 

  

	***	 Certain Confidential Information Omitted 

 
Regulatory Authorities with respect to such facilities in a timely manner after receipt, to the extent such written communications relate to any Takeda Clinical Trial Information provided to
Licensee under this Agreement that Licensee has submitted to such Regulatory Authority in order to obtain Regulatory Approval for a Product, and shall prepare the response to any such observations. Takeda shall provide Licensee with a copy of any
proposed response to such communications and shall consider in good faith including Licensee’s reasonable comments with respect to such proposed response. 

ARTICLE 7 – COMMERCIALIZATION 

7.1    Commercialization Efforts. Licensee (itself or through its Affiliates and sublicensees) shall
use Commercially Reasonable Efforts to Commercialize the Product in the Field in the Territory throughout the Term. 

7.2    Commercialization Plan and Activities. Commencing [***] in advance of the expected First Commercial
Sale of a Product, Licensee shall submit a Commercialization Plan to the Information Sharing Committee for review and discussion. Thereafter, Licensee shall submit an updated Commercialization Plan to the Information Sharing Committee for review and
discussion at least once [***] during the Term. Each Commercialization Plan must include at least the information set forth in Exhibit N. Licensee, itself and/or through its sublicensees, will be solely responsible for all Commercialization
activities in the Field in the Territory, including the marketing, strategy, pricing, promotion, physician targeting, reimbursement, branding, Manufacturing, supply, distribution and sale of the Product in the Field in the Territory in accordance
with the Commercial Plan, [***]. Licensee shall be solely responsible for the review and approval of all promotional materials used in the Territory to ensure compliance with Applicable Law, including submission, where appropriate, to the
FDA. 
 7.3    Commercialization Expenses. Licensee shall bear all expenses incurred related to the
Commercialization of Products in the Field in the Territory, including, but not limited to, the marketing, strategy, pricing, promotion, physician targeting, reimbursement, branding, Manufacturing, supply, distribution and sale of the Product in the
Field in the Territory. 
 7.4    Commercialization Reports. Upon the First Commercial Sale of the Product,
Licensee will provide Takeda on a Calendar Quarterly basis, sales forecasts in the form attached hereto as Exhibit L for the [***] progress reports on Commercialization activities for the Product in the Territory. 

ARTICLE 8 – PAYMENT 

8.1    Upfront Cash Payment. Upon the Effective Date, and in partial consideration for Licensee’s
rights in and to the Takeda Intellectual Property licensed hereunder and other rights granted hereunder, Licensee shall pay to Takeda, or Takeda’s designated Affiliate, a one-time upfront fee of
Twenty-Five Million United States Dollars (USD $25,000,000). Such upfront payment shall be non-refundable and non-creditable against any other payments made by Licensee
hereunder. 
 8.2    Commercial Milestones. In partial consideration for Licensee’s rights in and to
the Takeda Intellectual Property licensed hereunder and other rights granted hereunder, Licensee shall 

  

	***	 Certain Confidential Information Omitted 

 
owe to Takeda one-time milestone payments upon the first achievement of each of the events set forth in this Section 8.2 below. Licensee shall
promptly notify Takeda in writing following the achievement of each milestone event described below. Thereafter, Takeda shall submit to Licensee an invoice for the corresponding milestone payment set forth below. Within [***] of
Licensee’s receipt of any such invoice, Licensee shall remit the applicable milestone payment to Takeda. Each milestone payment by Licensee pursuant to this Section 8.2 shall be payable only once, regardless of the number of times that
such milestone event is achieved for the Products. All amounts listed in are in U.S. Dollars. For clarity, the total amount payable to Takeda under this Section 8.2 if all sales milestone events are achieved is $[***]. 

 

					
	Nets Sales Milestones	  	Payment Amount	 
	 First time that total Net Sales of the Products in a Calendar Year exceed $[***]
	  	$	[***	] 
	 First time that total Net Sales of the Products in a Calendar Year exceed $[***]
	  	$	[***	] 
	 First time that total Net Sales of the Products in a Calendar Year exceed $[***]
	  	$	[***	] 
	 First time that total Net Sales of the Products in a Calendar Year exceed $[***]
	  	$	[***	] 

 In the event two (2) or more Net Sales Milestone events are achieved in the same Calendar Year, Licensee
shall pay to Takeda each milestone payment corresponding to the respective milestone event. For the avoidance of doubt, the aggregate Net Sales of all Products in the Field in the Territory in the applicable Calendar Year period shall be used in
determining whether the Net Sales milestones have been achieved. 
 8.3    Royalty.  

(a)    Subject to Sections 8.5-8.8 below, and during the applicable
Royalty Term, in partial consideration for Licensee’s rights in and to the Takeda Intellectual Property licensed hereunder and other rights granted hereunder, Licensee shall pay to Takeda a running royalty at the following incremental royalty
rates, on aggregate Net Sales of the Product in the Territory during each Calendar Year as further consideration for the rights granted hereunder. 
  

					
	Net Sales in the Territory	  	Royalty Rate	 
	 For that portion of Calendar Year aggregate Net Sales up to and including $[***]
	  	 	[***	]% 
	 For that portion of Calendar Year aggregate Net Sales greater than $[***]
	  	 	[***	]% 

 8.4    Royalty Term. Royalties under Section 8.3 shall be payable on
Net Sales on a Product-by-Product and country-by-country basis beginning upon the First
Commercial Sale of each 

  

	***	 Certain Confidential Information Omitted 

 
Product in a country in the Territory until the expiration of the Royalty Term in such country (at which time sales in such country shall be excluded from all calculations of aggregate Net Sales
hereunder). 
 8.5    Royalty Reduction for Generic Competition. Subject to the limitation set forth in
Section 8.8, the royalty rates set forth in Section 8.3 for Net Sales in such country (after any previous reduction(s), if any, made pursuant to Section 8.6) shall be reduced, on a country-by-country basis by [***] percent ([***]%)] at the end of the first to occur Calendar Quarter during which the Generic Competition Percentage in such country of the Territory during such
time period is greater than or equal to [***] percent ([***]%)]. 
 8.6    Royalty Reduction for Patent
Expiry. Subject to the limitation set forth in Section 8.8, during the Royalty Term with respect to any Product being Commercialized in the United States, following expiration of the last to expire Valid Claim in a Takeda Patent
published in the FDA’s Orange Book, the royalty rates for such Product set forth in Section 8.3 for Net Sales (after any previous reduction(s), if any, made pursuant to this Section 8.5) shall be reduced by [***] percent
([***]%) of such royalty rates until the end of the Royalty Term. 
 8.7    Payment for Third Party
Licenses. 
 (a)    During the Term, Licensee will have the right, following reasonable consultation
with Takeda, to negotiate and obtain a license under one or more Patents (other than any license granted in settlement of any litigation as contemplated under Section 9.6) from one or more Third Parties (each such Third Party license is
referred to herein as a “Third Party License”) if in the absence of a license under such Third Party Patents, the Exploitation of the applicable Compound or Product in the Field in the Territory in a manner consistent with
Licensee’s obligation to use Commercially Reasonable Efforts to Develop and Commercialize the Compound and the Product under this Agreement would, in Licensee’s good faith assessment, upon advice of legal counsel, infringe such Third Party
Patents. Except as set forth in Section 8.7(c) or to the extent of any Claim for which Takeda provides indemnification under Section 15.2, or as the Parties may otherwise agree in writing, Licensee shall bear any payments associated with
any royalties owed to any Third Party for such a Third Party License (collectively, the “Third Party Royalties”). 

(b)    In the event that Takeda disputes Licensee’s determination that any Third Party Royalties are
properly subject to the royalty offset provided under this Section 8.7 or Licensee’s allocation of any such Third Party Royalties to a Product, Takeda may by written notice to Licensee require that such dispute be resolved in accordance
with Article 14; provided that Licensee shall have the right to take royalty reductions pursuant to this Section 8.7 pending resolution of any such dispute; provided further, that if any such dispute is resolved in favor of Takeda, then
within [***] of such resolution, Licensee shall pay to Takeda any adjustment in royalties due pursuant to this Section 8.7 as required by such resolution.

(c)    Subject to the limitation set forth in Section 8.8, Licensee may credit up to [***]
percent ([***]%)] of the amount of any Third Party Royalties paid by Licensee under a Third Party License pursuant to Section 8.7(a), or paid under any license granted in settlement of any claim of infringement of any Third Party
claim of infringement under Section 9.6, against royalties payable to Takeda under Section 8.3. Licensee may take such credit during the Calendar Quarter for which 

  

	***	 Certain Confidential Information Omitted 

 
royalties are payable hereunder; provided, that in no event will such credit reduce the royalties payable to Takeda for such Calendar Quarter by more than [***] percent ([***]%).

 (d)    This Section 8.7 shall not apply to any Third Party Royalties payable by Licensee or any
of its Affiliates or sublicensees under any license or other agreement or understanding, written or oral, between Licensee or any of its Affiliates or sublicensees, on the one hand, and any Third Party, on the other hand, in existence as of the
Effective Date. 
 8.8    Limitation on Royalty Reductions. Notwithstanding anything contained in this
Agreement to the contrary, the reductions and offsets to royalties provided in Sections 8.5, 8.6, and 8.7 may not, individually or in the aggregate, reduce the royalties payable with respect to Net Sales of any Product sold by Licensee, its
Affiliates and its and their sublicensees in any country during a Calendar Quarter during the Royalty Term by more than [***] from the original royalty percentage amount owed to Takeda pursuant to Section 8.3 (i.e.; the
[***] royalties could at most be reduced respectively to be [***] royalties on Net Sales). 

8.9    Manner of Payment. No later than [***], Licensee shall provide Takeda with a written report
containing Licensee’s reasonable good faith estimate of the following information for the [***] in order to allow Takeda to comply with internal accounting procedures: the amount of gross sales (U.S. dollars) of the Products in the
Territory, an itemized calculation of Net Sales in the Territory showing deductions, to the extent practicable, provided for in the definition of “Net Sales,” a calculation of the royalty payment due on such sales, an accounting of the
number of units and prices for the Products sold, the application of the reductions, if any, made in accordance with this Article 8, and any information required by Takeda for the purpose of calculating royalties. Within [***], Licensee shall
provide Takeda with a report containing the actual (not estimated) information described above in respect of such [***] for Takeda’s review and confirmation within [***] from receipt. In the event that either party determines that
the calculation of Net Sales for a [***] deviates from the amounts previously reported to Takeda for any reason (such as, on account of additional amounts collected or Product returns), Licensee and Takeda shall reasonably cooperate to
reconcile any such deviations to the extent necessary under applicable legal or financial reporting requirements. Within the later of (a) [***], or (b) [***] following Takeda’s written confirmation of the applicable [***]
report, Licensee shall pay all amounts due to Takeda pursuant to this Article 8 with respect to Net Sales for such Calendar Quarter. 

8.10    Exchange Rate. The rate of exchange to be used in computing the amount of currency equivalent in
U.S. Dollars owed to a Party under this Agreement shall be the monthly average exchange rate between each currency of origin and U.S. Dollars as reported by The Wall Street Journal East Coast Edition. The monthly average exchange rate shall
be the average of (i) the exchange rate published on the last day of the month; and (ii) the exchange rate published on the last day of the preceding month. 

8.11    Taxes. 

(a)    Payment of Tax. A Party receiving a payment pursuant to this Article 8 shall pay any and all
Taxes levied on such payment. A Party making a payment pursuant to this Article 8 shall make a reasonable effort to obtain the lowest Tax rate under Applicable Law for Taxes required to be deducted and withheld. If Applicable Law require that Taxes
be deducted and 

  

	***	 Certain Confidential Information Omitted 

 
withheld from a payment made pursuant to this Article 8, after a Party making a payment makes a reasonable effort to obtain the lowest Tax rate, the remitting Party shall: (i) deduct those
Taxes from the payment; (ii) pay the Taxes to the proper taxing authority; and (iii) send evidence of the obligation together with proof of payment to the other Party within [***] following that payment. 

(b)    Tax Residence Certificate. A Party receiving a payment pursuant to this Article 8 shall
provide the remitting Party appropriate certification from relevant revenue authorities that such Party is a tax resident of a jurisdiction, if such receiving Party wishes to claim the benefits of an income tax treaty to which that jurisdiction is a
party. Upon the receipt thereof, any deduction and withholding of Taxes shall be made at the appropriate treaty tax rate. 

(c)    Assessment. Either Party may, at its own expense, protest any assessment, proposed
assessment, or other claim by any Governmental Authority for any additional amount of taxes, interest or penalties or seek a refund of such amounts paid if permitted to do so by Applicable Law. The Parties shall cooperate with each other in any
protest by providing records and such additional information as may reasonably be necessary for a Party to pursue such protest. 

(d)    Assignment. If Licensee assigns its rights and obligations hereunder to an Affiliate
or Third Party in compliance with Section 16.4 and if such Affiliate or Third Party shall be required by Applicable Law to withhold any additional Taxes from or in respect of any amount payable under this Agreement as a result of such
assignment, then any such amount payable under this Agreement shall be increased to take into account the additional Taxes withheld as may be necessary so that, after making all required withholdings, Takeda receives an amount equal to the sum it
would have received as of the Effective Date For the avoidance of doubt, if Takeda assigns its right and obligations under this Agreement in compliance with Section 16.4, Takeda shall not be entitled to any additional payments with respect to
Taxes arising as a result of Takeda’s assignment. 
 8.12    Audit. Licensee shall maintain complete
and accurate records in sufficient detail to permit Takeda to confirm the accuracy of the calculation of royalty and other payments under this Agreement. Upon reasonable prior notice, such records shall be available during regular business hours for
a period of [***] from the end of the Calendar Year to which they pertain for examination at Takeda’s expense, and not more often than [***], by an independent certified public accountant selected by Takeda and reasonably
acceptable to Licensee, for the sole purpose of verifying the accuracy of the financial reports furnished by Licensee pursuant to this Agreement. Any such auditor shall not disclose Licensee’s Confidential Information, except to the extent such
disclosure is necessary to verify the accuracy of the financial reports furnished by Licensee or the amount of payments due to Takeda under this Agreement during the prior [***]. Any amounts shown to be owed to Takeda but unpaid shall be paid
within [***] from the accountant’s report, plus interest (as set forth in Section 8.13) from the original due date. Any amounts shown to have been overpaid shall be refunded within [***] from the accountant’s report.
Takeda shall bear the full expense of such audit unless such audit discloses an underpayment by Licensee of more than [***] percent ([***]%) of the amount due, in which case Licensee shall bear the full expense of such audit. 

8.13    Manner of Payment, Late Payment. All payments due to Takeda hereunder shall be made in U.S. Dollars
by wire transfer of immediately available funds into an account designated by Takeda. If Takeda does not receive payment of any sum due to it on or before the due date, 

  

	***	 Certain Confidential Information Omitted 

 
simple interest shall thereafter accrue on the sum due to until the date of payment at the per annum rate of [***] percent ([***]%) over the then-current prime rate quoted by
Citibank in New York City or the maximum rate allowable by Applicable Law, whichever is lower. 
 ARTICLE 9 – INTELLECTUAL PROPERTY
MATTERS 
 9.1    Ownership of Inventions. Inventorship shall be determined in accordance with U.S. patent
laws. Each Party shall own any inventions made solely by its own employees, agents, or independent contractors in the course of conducting any activities under this Agreement, together with all intellectual property rights therein (the “Sole
Inventions”). The Parties shall jointly own any inventions that are made jointly by employees, agents, or independent contractors of each Party in the course of performing activities under this Agreement, together with all intellectual
property rights therein (the “Joint Inventions”). 
 9.2    Disclosure of Inventions. 

(a)    Each Party shall promptly disclose to the other Party any Inventions that such Party believes are
patentable Joint Inventions. 
 (b)    Takeda shall inform Licensee of any Sole Inventions discovered or
generated by its employees, agents or independent contractors, and all Information relating to such inventions to the extent necessary for the use of such Invention in the Exploitation of a Product in the Field in the Territory and, to the extent
patentable, for the preparation, filing and maintenance of any Patent with respect to such invention in accordance with Section 9.3. 

(c)    Licensee shall inform Takeda of any Sole Inventions discovered or generated by its employees,
agents or independent contractors, and all Information relating to such Inventions to the extent necessary for the use of such Invention in the Exploitation of a Product in the Field and, to the extent patentable, for the preparation, filing and
maintenance of any Patent with respect to such invention in accordance with Section 9.3. 
 9.3    Prosecution
of Patents. 
 (a)    Takeda Patents. Takeda shall have the sole right and authority to
prepare, file, prosecute and maintain the Takeda Patents at its own expense on a worldwide basis. Takeda shall provide Licensee a reasonable opportunity to review and comment on material communications from any patent authority in the Territory
regarding any Takeda Compound Patents and drafts of any material filings or responses to be made to such patent authorities in advance of submitting such filings or responses. Takeda shall consider Licensee’s comments regarding such
communications and drafts in good faith. In the event that Takeda elects not to continue the prosecution or maintenance of a Takeda Compound Patent in any country in the Territory, then Takeda shall provide Licensee with written notice of such
determination within a period of time reasonably necessary to allow Licensee to determine its interest in such Takeda Compound Patent(s) (which notice from Takeda shall be given no later than [***] prior to any final deadline for any pending
action or response that may be due with respect to such Takeda Compound Patent(s) with the applicable patent authority). In the event Licensee provides written notice expressing its interest in assuming responsibility for all costs and
responsibility associated with the prosecution and maintenance of such Takeda Compound Patent in such country, Takeda will 

  

	***	 Certain Confidential Information Omitted 

 
provide any assistance reasonably requested by Licensee associated with the prosecution and maintenance of such Takeda Compound Patent. 

(b)    Licensee Patents. Except as otherwise provided in this Section 9.3(b), Licensee shall
have the sole right and authority to prepare, file, prosecute and maintain the Licensee Patents on a worldwide basis at its own expense. Licensee shall provide Takeda a reasonable opportunity to review and comment on material communications from any
patent authority regarding the Licensee Patents and drafts of any material filings or responses to be made to such patent authorities in advance of submitting such filings or responses. Licensee shall consider Takeda’s comments regarding such
communications and drafts in good faith. In the event that Licensee elects not to continue the prosecution or maintenance of a Licensee Patent in any country, then Licensee shall provide Takeda with written notice of such determination within a
period of time reasonably necessary to allow Takeda to determine its interest in such Licensee Patent(s) (which notice from Licensee shall be given no later than [***] prior to any final deadline for any pending action or response that may be
due with respect to such Licensee Patent(s) with the applicable patent authority). In the event Takeda provides written notice expressing its interest in assuming responsibility for all costs and responsibility associated with the prosecution and
maintenance of such Licensee Patent in such country, Licensee will provide any assistance reasonably requested by Licensee associated with the prosecution and maintenance of such Licensee Patent. In such circumstances, Licensee shall and hereby does
grant to Takeda an exclusive license to all of its right, title and interest in the relevant Licensee Patent. 

(c)    Joint Patents. Except as otherwise provided in this Section 9.3(c), Takeda shall have
the primary right and responsibility to prepare, file, prosecute and maintain Joint Patents on a worldwide basis at its own expense. The Parties shall confer and mutually agree to a filing strategy, including the jurisdictions in which to file a
patent application, and Takeda shall provide Licensee a reasonable opportunity to review and comment on material communications from any patent authority regarding the Joint Patents and drafts of any material filings or responses to be made to such
patent authorities in advance of submitting such filings or responses. Takeda shall consider Licensee’s comments regarding such communications and drafts in good faith. In the event that Takeda elects not to continue the prosecution or
maintenance of a Joint Patent in any country, then Takeda shall provide Licensee with written notice of such determination within a period of time reasonably necessary to allow Licensee to determine its interest in such Joint Patent(s) (which notice
from Takeda shall be given no later than [***] prior to any final deadline for any pending action or response that may be due with respect to such Joint Patent(s) with the applicable patent authority). In the event Licensee provides written
notice expressing its interest assuming responsibility for all costs and responsibility associated with the prosecution and maintenance of such Joint Patent in such country, Takeda will provide any assistance reasonably requested by Licensee
associated with the prosecution and maintenance of such Licensee Patent. In such circumstances, Takeda shall and hereby does grant to Licensee an exclusive license to all of its right, title and interest in the relevant Joint Patent. 

(d)    Cooperation in Prosecution. Each Party shall provide the other Party reasonable assistance
and cooperation in the Patent prosecution efforts provided above in this Section 9.3, including providing any necessary powers of attorney and executing any other required documents or instruments for such prosecution, as well as further
actions as set forth below. 

  

	***	 Certain Confidential Information Omitted 

 (i)    The Parties shall respectively prepare, file,
maintain and prosecute the Takeda Compound Patents, Licensee Patents and Joint Patents as set forth in this Section 9.3. As used herein, “prosecution” of such Patents shall include all communication and other interaction with any
patent office or patent authority having jurisdiction over a patent application in connection with pre-grant proceedings. 

(ii)    All communications between the Parties relating to the preparation, filing, prosecution or
maintenance of the Takeda Compound Patents the Licensee Patents and the Joint Patents, including copies of any draft or final documents or any communications received from or sent to patent offices or patenting authorities with respect to such
Patents, shall be considered Confidential Information and subject to the confidentiality provisions of Article 11. 

(iii)    Assignments to Licensee Patents and Joint Patents shall be effected as follows:
(1) employees or agents of Licensee that are named as inventors on Licensee Patents shall assign their interest in such Patents to Licensee; and (2) employees or agents of Takeda or Licensee that are named as inventors on Joint Patents
shall assign their interest in such Patents to their respective employer. 
 (iv)    As between the
Parties, Licensee shall have the sole right to make decisions regarding, and Licensee, at its sole cost and expense, shall have the right to apply for, patent term extensions, in the Territory with respect to extensions pursuant to 35 U.S.C.
§156 et. seq. and in other jurisdictions pursuant to supplementary protection certificates, and in all jurisdictions with respect to any other extensions that are now or become available in the future, wherever applicable, for the Takeda
Compound Patents, Licensee Patents or Joint Patents that cover the Product. Takeda shall cooperate with Licensee to provide necessary information and assistance, as Licensee may reasonably request, in obtaining patent term extension or supplemental
protection certificates in any country in the Territory where applicable to a Takeda Compound Patent, Licensee Patent and Joint Patent. 

9.4    Orange Book Listing. Subject to Section 9.3, Licensee shall be solely responsible for listing and
maintaining all appropriate Takeda Compound Patents, Licensee Patents and Joint Patents in the Orange Book in the US or the Patent List in Canada, including payment of all expenses related to such listing and maintenance incurred after the Effective
Date. Upon request of Licensee, Takeda shall cooperate with Licensee to file appropriate information with the FDA for listing any Takeda Compound Patents and any Joint Patents in the Orange Book or the Patent List in Canada. 

9.5    Infringement of Patents by Third Parties. 

(a)    Notification. Each Party shall promptly notify the other Party in writing of any existing,
alleged or threatened infringement of the Takeda Compound Patents, Joint Patents or Licensee Patents in the Field in the Territory of which it becomes aware, and shall provide all Information in such Party’s possession or control demonstrating
such infringement. In addition, Licensee shall promptly notify Takeda in writing of any existing, alleged or threatened infringement of the Takeda General Patents in the Field in the Territory of which it becomes aware, and shall provide Takeda all
Information in Licensee’s possession or control demonstrating such infringement 

 (b)    Infringement Action. 

(i)    Licensee shall have the first right, but not the obligation, to bring an appropriate suit or other
action against any Third Party engaged in any existing, alleged or threatened infringement of any Takeda Compound Patent or Joint Patent related to the making, using, importing, offering for sale or selling a Product in the Field in the Territory (a
“Product Infringement”), subject to Section 9.5(b)(ii) through 9.5(b)(iv), below. 

(ii)    Licensee shall notify Takeda of its election to take any action in accordance with
Section 9.5(b)(i) within [***] before any time limit set forth in an Applicable Law or regulation, including the time limits set forth under the Hatch-Waxman Act (21 U.S.C. § 355). In the event Licensee does not so elect, Licensee
shall so notify Takeda in writing, and Takeda shall have the right, but not the obligation, to commence a suit or take action to enforce the applicable Takeda Compound Patent or Joint Patent against such Third Party in the Territory at its
own expense. If one Party elects to bring suit or take action against the Product Infringement, then the other Party shall have the right, prior to commencement of the trial, suit or action, to join any such suit or action. 

(iii)    Each Party shall provide to the Party enforcing any such rights under this Section 9.5(b)
reasonable assistance in such enforcement, at such enforcing Party’s request and expense, including joining such action as a party plaintiff if required by Applicable Law to pursue such action. The enforcing Party shall keep the other Party
regularly informed of the status and progress of such enforcement efforts, shall reasonably consider the other Party’s comments on any such efforts, including determination of litigation strategy, filing of important papers to the competent
court, which consent shall not be unreasonably withheld, conditioned or delayed. 
 (iv)    Subject to
this Section 9.5(b)(iv), the enforcing Party shall be [***] 
 (c)    Settlement.
[***] 
 (d)    Allocation of Proceeds. If either Party recovers monetary damages from any
Third Party in a suit or action brought under Sections 9.5(b), or 9.5(c), or any royalties from a license agreement with a Third Party related to any alleged Product Infringement, whether such damages or royalties result from the infringement of
Takeda Compound Patents or Joint Patents, such recovery shall be allocated first to the reimbursement of any expenses incurred by the Parties in such litigation, action or license, and any remaining amounts shall be split as follows: [***].

 9.6    Infringement of Third Party Rights in the Territory. 

(a)    Notice. If any Product used or sold by Licensee, its Affiliates, or sublicensees becomes the
subject of a Third Party’s claim or assertion of infringement of a Patent granted in the Territory, the Party first having notice of the claim or assertion shall promptly notify the other Party, the Parties shall agree on and enter into an
“identity of interest agreement” wherein such Parties agree to their shared, mutual interest in the outcome of such potential dispute, and thereafter, the Parties shall promptly meet to consider the claim or assertion and the appropriate
course of action. 

  

	***	 Certain Confidential Information Omitted 

 (b)    Defense. Licensee shall have the first
right, but not the obligation, to defend any such Third Party claim or assertion of infringement of a Patent as described in Section 9.6(a) above, at Licensee’s expense. If Licensee does not commence actions to defend such claim within
[***] after it receives notice thereof (or within [***] after it should have given notice thereof to Takeda as required by Section 9.6(a)), then to the extent allowed by the Applicable Laws, Takeda shall have the right, but not
the obligation, to control the defense of such claim by legal counsel of its choice, at Takeda’s expense. The non-defending Party shall reasonably cooperate with the Party conducting the defense of the
claim or assertion, including if required to conduct such defense, furnishing a power of attorney. If the defending Party recovers monetary damages from any such Third Party asserting such a claim of infringement as a result of counter claims
brought by such defending Party based on any Takeda Compound Patent or Joint Patent, or any royalties from a license agreement with such Third Party, such recovery shall be allocated first to the reimbursement of any expenses incurred by the
defending Party in such litigation, action or license, and any remaining amounts shall be split as follows: [***]. 

(c)    Settlement; Licenses. Neither Party shall enter into any settlement of any claim described
in this Section 9.6 that affects the other Party’s rights or interests without such other Party’s written consent, which consent shall not be unreasonably withheld, conditioned or delayed. Each Party shall have the right to decline to
defend or to tender defense of any such claim to the other Party upon reasonable notice, including if the other Party fails to agree to a settlement that such Party proposes.     

9.7    Patent Oppositions and Other Proceedings. 

(a)    Third-Party Patent Rights. If either Party desires to bring an opposition, action for
declaratory judgment, nullity action, interference, declaration for non-infringement, reexamination or other attack upon the validity, title or enforceability of a Patent owned or controlled by a Third Party
and having one or more claims that covers the Product, or the use, sale, offer for sale or importation of the Product (except insofar as such action is a counterclaim to or defense of, or accompanies a defense of, a Third Party’s claim or
assertion of infringement under Section 9.6, in which case the provisions of Section 9.6 shall govern), such Party shall so notify the other Party and the Parties shall promptly confer to determine whether to bring such action or the
manner in which to settle such action. Licensee shall have the exclusive right, but not the obligation, to bring at its own expense and in its sole control such action in the Territory. If Licensee does not bring such an action in the Territory,
within [***] of notification thereof pursuant to this Section 9.7(a) (or earlier, if required by the nature of the proceeding), then Takeda shall have the right, but not the obligation, to bring, at Takeda’s sole expense, such
action. The Party not bringing an action under this Section 9.7(a) shall be entitled to separate representation in such proceeding by legal counsel of its own choice and at its own expense, and shall cooperate fully with the Party bringing such
action. 
 (b)    Parties’ Patent Rights. If any Takeda Compound Patent, Joint Patent or
Licensee Patent becomes the subject of any proceeding commenced by a Third Party within the Territory in connection with an opposition, reexamination request, action for declaratory judgment, nullity action, interference or other attack upon the
validity, title or enforceability thereof (except insofar as such action is a counterclaim to or defense of, or accompanies a defense of, an action for infringement against a Third Party under Section 9.5, in which case the provisions of
Section 9.5 

  

	***	 Certain Confidential Information Omitted 

 
shall govern), then the Party responsible for filing, preparing, prosecuting and maintaining such Patent as set forth in Section 9.3, shall control such defense at its own expense. The
controlling Party shall permit the non-controlling Party to participate in the proceeding to the extent permissible under Applicable Law, and to be represented by its own legal counsel in such proceeding, at
the non-controlling Party’s expense. If either Party decides that it does not wish to defend against such action, then the other Party shall have a backup right to assume defense of such Third-Party
action at its own expense. Any awards or amounts received in defending any such Third-Party action shall be allocated between the Parties as provided in Section 9.5(d). 

9.8    Product Trademarks. 

(a)    Generally. Licensee shall have the sole right to determine the Trademarks to be used with
respect to the Exploitation of a Product in the Field in the Territory. 
 (b)    Licensee Product
Trademarks. If Licensee, in its sole discretion, elects to use a Licensee Product Trademark with respect to the Exploitation of a Product in the Field in the Territory, Licensee shall own all right, title, and interest to such Licensee Product
Trademark, and shall be responsible, at its sole cost and expense, for the registration, prosecution, maintenance and enforcement thereof. 

(c)    Takeda Product Trademarks. 

(i)    In the case where the Product contains vonoprazan fumarate as the sole active ingredient, Licensee
may, in its sole discretion, elect to use a Takeda Product Trademark with respect to the Exploitation of such Product in the Field in the Territory, it may do so under the license grant set forth in Section 4.1. Takeda shall be responsible, at
its sole cost and expense, for the registration, prosecution and maintenance of all Takeda Product Trademarks. 

(ii)    Licensee recognizes Takeda’s rights in, under and to the Takeda Product Trademark and shall
not at any time impair Takeda’s rights to the Takeda Product Trademarks. In particular, Licensee shall not file, register or use any Trademark that is identical or similar to the Takeda Product Trademark. 

(iii)    Licensee shall not make any representation indicating that it has any right, title or interest in
or to the ownership or use of the Takeda Product Trademark except under the terms of this Agreement, and Licensee acknowledges that nothing in this Agreement shall give Licensee any right, title or interest in or to any Takeda Product Trademark
except under the terms of this Agreement. 
 (iv)    Each Party shall provide to the other Party prompt
written notice of any actual or threatened infringement of any Takeda Product Trademarks in the Territory and of any actual or threatened claim that the use of a Takeda Product Trademarks violates the rights of any Third Party in the Territory.
[***] 

  

	***	 Certain Confidential Information Omitted 

 ARTICLE 10 – REPRESENTATIONS AND WARRANTIES 

10.1    Mutual Representations, Warranties and Covenants. Each of the Parties hereby represents and warrants to the
other Party as of the Effective Date and covenants that: 
 (a)    Organization. It is a
corporation duly organized, validly existing, and in good standing under the laws of the jurisdiction of its organization, and has all requisite power and authority, corporate or otherwise, to execute, deliver, and perform this Agreement. 

(b)    Binding Agreement. This Agreement is a legal and valid obligation binding upon such
Party and enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency, or other laws of general application affecting the enforcement of creditor rights, judicial principles affecting the availability of specific
performance, and general principles of equity (whether enforceability is considered a proceeding at law or equity). 

(c)    Authorization. The execution, delivery, and performance of this Agreement by such
Party have been duly authorized by all necessary corporate action and do not conflict with any agreement, instrument, or understanding, oral or written, to which it is a party or by which it is bound, nor violate any Applicable Law or any order,
writ, judgment, injunction, decree, determination, or award of any court or governmental body, or administrative or other agency presently in effect applicable to such Party. 

(d)    No Further Approval. It is not aware of any government authorization, consent,
approval, license, exemption of or filing or registration with any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, under any Applicable Law, currently in effect, necessary for, or in
connection with, the transactions contemplated by this Agreement or any other agreement or instrument executed in connection herewith, or for the performance by it of its obligations under this Agreement and such other agreements (save for
Regulatory Approvals and similar authorizations from Regulatory Authorities necessary for the Exploitation of the Compound and the Product as contemplated hereunder). 

(e)    No Inconsistent Obligations. Neither Party is under any obligation, contractual or
otherwise, to any Person that conflicts with or is inconsistent in any material respect with the terms of this Agreement, or that would impede the diligent and complete fulfillment of its obligations hereunder. 

(f)    Transparency Reporting. Each Party shall be responsible for tracking and reporting transfers
of value initiated and controlled by its and its Affiliates’ employees, contractors, and agents pursuant to the requirements of the marketing reporting laws of any Government Authority in the Territory, including Section 6002 of the
Patient Protection and Affordable Care Act, commonly referred to as the “Sunshine Act.” 

10.2    Additional Representations, Warranties and Covenants of Takeda. Takeda represents and warrants as of the
Effective Date and covenants to Licensee that: 
 (a)    As of the Effective Date, Takeda has all rights
necessary to grant the licenses under the Takeda Compound Patents Listed on Exhibit D as of the Effective Date and the Takeda Know-

 
How Controlled by Takeda as of the Effective Date, and rights of cross-reference under Regulatory Materials existing as of the Effective Date that it grants to Licensee in this Agreement. As of
the date Takeda includes any additional Takeda Compound Patents on Exhibit D, Takeda shall have all rights necessary to grant the license under such additional Takeda Compound Patents that it grants to Licensee in this Agreement. 

(b)    The Takeda Compound Patents set forth in Exhibit D as of the Effective Date represent all Patents
that Takeda or any of its Affiliates Controls that claim vonoprazan fumarate (not including any derivatives thereof) or a Product comprising vonoprazan fumarate (not including any derivatives thereof) as the sole active ingredient in the Field in
the Territory. As of the date Takeda provides Licensee any update of Exhibit D, the Takeda Compound Patents set forth in Exhibit D represent all Patents that Takeda or any of its Affiliates Controls that claim vonoprazan fumarate (not including any
derivatives thereof) or a Product comprising vonoprazan fumarate (not including any derivatives thereof) as the sole active ingredient in the Field in the Territory. As of the later of the Effective Date or the date on which any Takeda Compound
Patent is first set forth on Exhibit D, Takeda is the sole and exclusive owner of the entire right, title and interest in such Takeda Compound Patent free of any encumbrance, lien, or claim of ownership by any Third Party, except to the extent
otherwise expressly stated on Exhibit D. 
 (c)    To Takeda’s Knowledge, there is no actual or
threatened infringement or misappropriation of the Takeda Know-How or Takeda Compound Patents by any Person in the Territory. Takeda shall notify Licensee promptly after becoming aware of any actual or
threatened infringement or misappropriation of the Takeda Know-How or Takeda Compound Patents by any Person in the Territory. 

(d)    As of the date on which any Takeda Compound Patent is first set forth on Exhibit D, such Takeda
Compound Patent is being diligently prosecuted in the Territory in accordance with Applicable Law, and, to Takeda’s Knowledge, such Takeda Compound Patent has been filed and maintained properly and correctly and all applicable fees have been
paid on or before the due date for payment. 
 (e)    As of the date on which any Takeda Compound Patent
is first set forth on Exhibit D, to Takeda’s Knowledge, such Takeda Compound Patent properly identifies each and every inventor of the claims thereof as determined in accordance with Applicable Law of the jurisdiction in which such Takeda
Compound Patent is issued or such application is pending. 
 (f)    To Takeda’s Knowledge, the
Takeda Know-How has been kept confidential or has been disclosed to Third Parties only under terms of confidentiality. To the Knowledge of Takeda, no breach of such confidentiality has been committed by any
Third Party. 
 (g)    The Inventions claimed or disclosed by any Takeda Compound Patent (i) were
not conceived, discovered, developed, or otherwise made in connection with any research activities funded, in whole or in part, by the federal government of the U.S. or any agency thereof, (ii) are not a “subject invention” as that
term is described in 35 U.S.C. Section 201(f), and (iii) are not otherwise subject to the provisions of the Bayh-Dole Act; except in each case to the extent otherwise expressly stated on Exhibit D as of the date on which any such Takeda
Compound Patent is first set forth on Exhibit D. 

 (h)    Neither Takeda nor any of its Affiliates has been
debarred by the FDA or is subject to any similar sanction of other Regulatory Authorities in the Territory, and neither Takeda nor any of its Affiliates has used, or will engage, in any capacity, in connection with this Agreement or any ancillary
agreements (if any), any Person who either has been debarred by such a Regulatory Authority, or is the subject of a conviction described in Section 306 of the FFDCA. Takeda shall inform Licensee in writing promptly if it or any Person engaged
by Takeda or any of its Affiliates who is performing any activities under or in connection with this Agreement or any ancillary agreements (if any) is debarred or is the subject of a conviction described in Section 306 of the FFDCA, or if any
action, suit, claim, investigation or legal or administrative proceeding is pending or, to Takeda’s Knowledge, is threatened, relating to the debarment or conviction of Takeda, any of its Affiliates or any such Person performing activities.

 (i)    To Takeda’s Knowledge, there are no material claims, judgments, or settlements against,
or amounts with respect thereto, owed by Takeda or any of its Affiliates to any Third Parties relating to the Regulatory Materials licensed by Takeda to Licensee, the Takeda Know-How, or the Takeda Compound
Patents in the Territory. 
 (j)    No claim or litigation in the Territory has been brought or, to
Takeda’s Knowledge, threatened by any Person alleging, and Takeda has no Knowledge of any claim, whether or not asserted: (i) that any of the Takeda Compound Patents is invalid or unenforceable, (ii) that the Regulatory
Materials licensed by Takeda to Licensee, the Takeda Compound Patents, the Takeda Know-How, or the disclosing, copying, making, assigning, or licensing of the Regulatory Materials by Takeda to Licensee, the
Takeda Compound Patents or the Takeda Know-How, violates, infringes, or otherwise conflicts or interferes with, or would violate, infringe, or otherwise conflict or interfere with, any intellectual property or
proprietary right of any Person; or (iii) related to the Development of the Product. Takeda shall notify Licensee promptly after becoming aware of any claim or litigation in the Territory that has been brought or threatened by any Person
alleging any of the foregoing. 
 (k)    To Takeda’s Knowledge, Takeda and its Affiliates have
provided or made available to Licensee prior to the Effective Date, true, complete, and correct copies (as of the Effective Date) of all material adverse information known to Takeda with respect to the safety and efficacy of any Compound, and all of
the foregoing information and documents provided are true, correct, and complete in all material respects. 

(l)    Takeda owns or otherwise controls all right, title and interest in and to the Regulatory Materials
that Takeda licenses to Licensee hereunder, and to Takeda’s Knowledge, Takeda and its Affiliates have generated, prepared, maintained, and retained all material Regulatory Materials in the Field that are required to be maintained or retained
pursuant to and in accordance with GCP, GLP and other Applicable Law, and all such information is true, complete and correct in all material respects and what it purports to be. 

10.3    Additional Representations, Warranties and Covenants of Licensee. Licensee represents and warrants as of
the Effective Date and covenants to Takeda that: 
 (a)    Licensee has not been debarred by the FDA
(and is not subject to any similar sanction of other Regulatory Authorities in the Territory), and is not subject to any such debarment 

 
or similar sanction by any such Regulatory Authority, and Licensee has not used, and will not engage, in any capacity, in connection with this Agreement, any Person who either has been debarred
by such a Regulatory Authority, or is the subject of a conviction described in Section 306 of the FFDCA. Licensee shall inform Takeda in writing promptly if it or any Person engaged by Licensee who is performing services under this Agreement is
debarred or is the subject of a conviction described in Section 306 of the FFDCA, or if any action, suit, claim, investigation or legal or administrative proceeding is pending or, to Licensee’s Knowledge, is threatened, relating to the
debarment or conviction of Licensee or any such Person performing services hereunder. 
 (b)    To the
extent permissible under Applicable Law, all employees of Licensee or its Affiliates performing activities under this Agreement shall be under an obligation to assign all right, title and interest in and to their inventions and other know-how, whether or not patentable, and intellectual property rights therein, to Licensee or its Affiliate(s) as the sole owner thereof. Takeda shall have no obligation to contribute to any remuneration of any
inventor employed or previously employed by Licensee or any of its Affiliates in respect of any such inventions, Information and discoveries and intellectual property rights therein that are so assigned to Licensee or its Affiliate(s). Licensee will
pay all such remuneration, if any, due to such inventors with respect to such inventions and other know-how and intellectual property rights therein. 

(c)    In performing its obligations under this Agreement, or any ancillary agreements (if any),
Licensee shall, and shall cause its Affiliates and sublicensees to, comply with (i) all Applicable Law, including any applicable anti-corruption or anti-bribery laws or regulation, of any Governmental Authority with jurisdiction over the
activities performed by Licensee or its Affiliates or sublicensees in furtherance of such obligations, and (ii) standard pharmaceutical industry accepted guidelines regarding promotional materials, including Pharmaceutical Research and
Manufacturers of America (PhRMA) guidelines. 
 (d)    During the period commencing upon the Effective
Date and until the first to occur of [***] Licensee and its Affiliates, without the prior written consent of Takeda, during the Term, shall not solicit, induce, encourage, or participate in soliciting, inducing, or encouraging any
employee of Takeda, or any of its Affiliates who has been as of, or becomes after the Effective Date, involved in the discussion leading to this Agreement, or the Development, Manufacture or Commercialization of any Compound or Product (each, an
“Involved Employee”) to terminate his or her relationship with Takeda or Takeda’s Affiliate. An offer of employment to any such Involved Employee of Takeda by Licensee or its Affiliates which results directly from unsolicited
responses to general advertisements for employment will not be deemed to be in violation of this provision. 

(e)    The Stock Issuance Agreement attached as Exhibit G is substantially the same as the Common Stock
purchase agreements entered into by Licensee and other founders on or prior to the Effective Date. 

(f)    The Up-Front Shares issued pursuant to Section 2.1
represent [***] percent [***] of Fully-Diluted Capitalization of Licensee as of the Effective Date, excluding the securities issued in the Qualified Financing (and, for the avoidance of doubt, excluding convertible promissory notes that are
converted into the securities issued in the Qualified Financing). 

  

	***	 Certain Confidential Information Omitted 

 (g)    The capitalization table provided to Takeda
(i) reflects the information upon which the calculation of the number of shares of Common Stock issued to Takeda pursuant to this Agreement has been made and (ii) is true, complete and correct as of the Effective Date, assuming the
completion of the Qualified Financing. 
 (h)    Licensee has all rights necessary to grant the licenses
under the Licensee Intellectual Property and rights of cross-reference under Regulatory Materials that it grants to Takeda in this Agreement. 

(i)    There are no Licensee Patents as of the Effective Date and accordingly there are no Licensee
Patents listed in Exhibit B as of the Effective Date. As of the date Licensee provides Takeda any update of Exhibit B, the Licensee Patents set forth in Exhibit B represent all Licensee Patents that Licensee or any of its Affiliates Controls that
claim the Compound or Product in the Field. As of the date on which any Licensee Patent is first set forth on Exhibit B, Licensee is the sole and exclusive owner of the entire right, title and interest in such Licensee Patent free of any
encumbrance, lien, or claim of ownership by any Third Party, except to the extent otherwise expressly stated on Exhibit B. 

(j)    Licensee shall notify Takeda promptly after becoming aware of any actual or threatened infringement
or misappropriation of the Licensee Know-How or Licensee Patents by any Person in the Territory. 

(k)    As of the date on which any Licensee Patent is first set forth on Exhibit B, such Licensee Patent
is being diligently prosecuted in the Territory in accordance with Applicable Law, and, to Licensee’s Knowledge, such Licensee Patent has been filed and maintained properly and correctly and all applicable fees have been paid on or before the
due date for payment. 
 (l)    As of the date on which any Licensee Patent is first set forth on
Exhibit B, to Licensee’s Knowledge, such Licensee Patent properly identifies each and every inventor of the claims thereof as determined in accordance with Applicable Law of the jurisdiction in which such Licensee Patent is issued or such
application is pending. 
 (m)    To Licensee’s Knowledge, the Licensee Know-How has been kept confidential or has been disclosed to Third Parties only under terms of confidentiality. To the Knowledge of Licensee, no breach of such confidentiality has been committed by any Third Party.

 (n)    The Inventions claimed or disclosed by any Licensee Patent (i) were not conceived,
discovered, developed, or otherwise made in connection with any research activities funded, in whole or in part, by the federal government of the U.S. or any agency thereof, (ii) are not a “subject invention” as that term is described
in 35 U.S.C. Section 201(f), and (iii) are not otherwise subject to the provisions of the Bayh-Dole Act; except in each case to the extent otherwise expressly stated on Exhibit B as of the date on which any such Licensee Patent is first
set forth on Exhibit B. 
 (o)    To Licensee’s Knowledge, there are no material claims, judgments,
or settlements against, or amounts with respect thereto, owed by Licensee or any of its Affiliates to any Third Parties relating to the Regulatory Materials licensed by Licensee to Takeda, the Licensee
Know-How, or the Licensee Patents in the Territory. 

 (p)    Licensee shall notify Takeda promptly after
becoming aware of any claim or litigation in the Territory that has been brought or threatened by any Person alleging: (i) that any of the Licensee Patents is invalid or unenforceable, (ii) that the Regulatory Materials licensed
by Licensee to Takeda, the Licensee Patents, the Licensee Know-How, or the disclosing, copying, making, assigning, or licensing of the Regulatory Materials by Licensee to Takeda, the Licensee Patents or the
Licensee Know-How, violates, infringes, or otherwise conflicts or interferes with, or would violate, infringe, or otherwise conflict or interfere with, any intellectual property or proprietary right of any
Person; or (iii) related to the Development of the Product. 
 (q)    Licensee owns or otherwise
controls all right, title and interest in and to the Regulatory Materials that Licensee licenses to Takeda hereunder, and to Licensee’s Knowledge, Licensee and its Affiliates have generated, prepared, maintained, and retained all material
Regulatory Materials in the Field that are required to be maintained or retained pursuant to and in accordance with GCP, GLP and other Applicable Law, and all such information is true, complete and correct in all material respects and what it
purports to be. 
 10.4    No Other Representations or Warranties. EXCEPT AS EXPRESSLY SET FORTH IN THIS ARTICLE
10, THE PARTIES MAKE NO REPRESENTATIONS OR WARRANTIES OF ANY KIND WHATSOEVER, EITHER EXPRESS OR IMPLIED, WRITTEN OR ORAL, EITHER IN FACT OR BY OPERATION OF LAW, BY STATUTE OR OTHERWISE, AND EACH PARTY SPECIFICALLY DISCLAIMS ANY OTHER
WARRANTIES, INCLUDING ANY EXPRESS OR IMPLIED WARRANTY OF QUALITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR WARRANTY OF NON-INFRINGEMENT OR AS TO THE VALIDITY OF ANY PATENTS IN THE TERRITORY. 

ARTICLE 11 – CONFIDENTIALITY 

11.1    Nondisclosure. Each Party agrees that, during the Term and for a period of [***] thereafter,
a Party (the “Receiving Party”) receiving Confidential Information of the other Party (the “Disclosing Party”) shall (a) maintain in confidence such Confidential Information using not less than the
efforts such Receiving Party uses to maintain in confidence its own confidential or proprietary information of similar kind and value, (b) not disclose such Confidential Information to any Third Party without the prior written consent of the
Disclosing Party, except for disclosures expressly permitted below, and (c) not use such Confidential Information for any purpose except those permitted by this Agreement (it being understood that this Section 11.1 shall not create or
imply any rights or licenses not expressly granted under this Agreement). Notwithstanding anything to the contrary in the foregoing, the obligations of confidentiality and non-use with respect to any trade
secret (to the extent understood by a Party to be a trade secret) within such Confidential Information shall survive such [***] period for so long as such Confidential Information remains protected as a trade secret under Applicable Law. 

11.2    Exceptions. The obligations in Section 11.1 shall not apply with respect to any portion of the
Confidential Information that the Receiving Party can show by competent evidence: 
 (a)    is publicly
disclosed by the Disclosing Party, either before or after it is disclosed to the Receiving Party hereunder; 

  

	***	 Certain Confidential Information Omitted 

 (b)    is known to the Receiving Party or any of its
Affiliates, without any obligation to keep it confidential or any restriction on its use, prior to disclosure by the Disclosing Party; 

(c)    is subsequently disclosed to the Receiving Party or any of its Affiliates on a non-confidential basis by a Third Party that, to the Receiving Party’s knowledge, is not bound by a similar duty of confidentiality or restriction on its use; 

(d)    is now, or hereafter becomes, through no act or failure to act on the part of the Receiving Party
or any of its Affiliates, generally known or available, either before or after it is disclosed to the Receiving Party; 

(e)    is independently discovered or developed by or on behalf of the Receiving Party or any of its
Affiliates without the use of or access to Confidential Information belonging to the Disclosing Party; or 

(f)    is the subject of written permission to disclose provided by the Disclosing Party. 

11.3    Authorized Disclosure. The Receiving Party may disclose Confidential Information belonging to the
Disclosing Party only to the extent such disclosure is reasonably necessary in the following instances: 

(a)    filing or prosecuting Patents as permitted by this Agreement; 

(b)    filing Regulatory Materials in order to obtain or maintain Regulatory Approvals; 

(c)    prosecuting or defending litigation, including responding to a subpoena in a Third Party
litigation; 
 (d)    complying with Applicable Law or regulations or court or administrative orders; or

 (e)    to its Affiliates, sublicensees or prospective sublicensees, subcontractors or prospective
subcontractors, payors, consultants, agents and advisors on a “need-to-know” basis in order for the Receiving Party to exercise its rights or fulfill its
obligations under this Agreement, each of whom prior to disclosure must be bound by obligations of confidentiality and restrictions on use of such Confidential Information that are no less restrictive (except for the duration of such restrictions,
which shall be [***]) than those set forth in this Article 11; provided, however, that, in each of the above situations, the Receiving Party shall remain responsible for any failure by any Person who receives Confidential Information pursuant
to this Section 11.3(e) to treat such Confidential Information as required under this Article 11. 

(f)    to its actual or prospective investors, acquirers, merger-partners, and to any investment advisors,
each of whom prior to disclosure must be bound by obligations of confidentiality and restrictions on use of such Confidential Information that are no less restrictive than those set forth in this Article 11 (except for the duration of such
restrictions, which shall be [***] or, [***]); provided, however, that, in each of the above situations, the Receiving Party shall remain responsible for any failure by any Person who receives Confidential Information pursuant to this
Section 11.3(f) to treat such Confidential Information as required under this Article 11. 

  

	***	 Certain Confidential Information Omitted 

 (g)    If and whenever any Confidential Information is
disclosed in accordance with this Section 11.3, such disclosure shall not cause any such information to cease to be Confidential Information except to the extent that such disclosure results in a public disclosure of such information (other
than by breach of this Agreement). Notwithstanding the foregoing, in the event a Party is required to make a disclosure of the other Party’s Confidential Information pursuant to clauses (a) through (d) of this Section 11.3, it shall,
except where impracticable, give reasonable advance notice to the other Party of such disclosure and use not less than the same efforts to secure confidential treatment of such information as it would to protect its own confidential information from
disclosure and shall be jointly and severally liable for any breach of this Article 11 by such Person. 

11.4    Terms of this Agreement. The Parties acknowledge that this Agreement and all of the respective terms
of this Agreement shall be treated as Confidential Information of both Parties. 
 11.5    Publicity. The
Parties shall make a joint public announcement of the execution of this Agreement which shall be issued at a time to be mutually agreed by the Parties. The Parties intend that the content of the joint public announcement will be substantially
similar to the form of press release attached hereto as Exhibit M, however the final content must be mutually agreed upon by both Parties prior to being issued by either party. Each Party agrees not to issue any other press release or other
public statement disclosing other information relating to this Agreement or the transactions contemplated hereby that contains information not previously publicly disclosed in accordance with this Section 11.5 without the prior written consent
of the other Party, not to be unreasonably withheld, conditioned or delayed. 
 11.6    Securities Filings.
Notwithstanding anything to the contrary in this Article 11, in the event either Party proposes to file with the Securities and Exchange Commission or the securities regulators of any state or other jurisdiction a registration statement or any other
disclosure document that describes or refers to the terms and conditions of this Agreement or any related agreements between the Parties, such Party shall notify the other Party of such intention and shall provide the other Party with a copy of
relevant portions of the proposed filing at least [***] prior to such filing (and any revisions to such portions of the proposed filing a reasonable time prior to the filing thereof), including any exhibits thereto that refer to the other
Party or the terms and conditions of this Agreement or any related agreements between the Parties. The Party making such filing shall cooperate in good faith with the other Party to obtain confidential treatment of the terms and conditions of this
Agreement or any related agreements between the Parties that the other Party requests to be kept confidential or otherwise afforded confidential treatment, and shall only disclose Confidential Information that it is reasonably advised by legal
counsel is legally required to be disclosed. No such notice shall be required if the description of or reference to this Agreement or a related agreement between the Parties contained in the proposed filing has been included in any previous filing
made by the either Party in accordance with this Section 11.6 or otherwise approved by the other Party or disclosed in a prior press release by the Parties or other prior public disclosure made by a Party in accordance with the terms of this
Article 11. 
 11.7    Publications and Promotional Materials. Licensee shall submit to Takeda for its
review any proposed academic, scientific or medical peer reviewed publication by Licensee, its Affiliates and its or their sublicensees that relates to the Compound or a Product. Licensee shall also submit to Takeda for its review any proposed
academic, scientific or medical publication or public 

  

	***	 Certain Confidential Information Omitted 

 
presentation that contains Takeda Know-How or Joint Know-How that has not been previously publicly disclosed or
otherwise approved by Takeda to be publicly disclosed, for the purposes of determining whether any portion of the proposed publication or presentation should be modified or deleted so as to preserve the value of such Takeda Know-How and Joint Know-How. Licensee shall consider all comments provided by Takeda in good faith, including comments regarding the potential adverse impact on Exploitation
of Compound and/or Product outside of the Territory. Takeda shall submit to Licensee for its review any proposed academic, scientific or medical publication or public presentation that contains Joint Know-How
that has not been previously publicly disclosed or otherwise approved by Licensee to be publicly disclosed, for the purposes of determining whether any portion of the proposed publication or presentation should be modified or deleted so as to
preserve the value of such Joint Know-How. Takeda shall consider all comments provided by Licensee in good faith, including comments regarding the potential adverse impact on Exploitation of Compound and/or
Product in the Territory. Written copies of any proposed publication or presentation required to be submitted hereunder shall be submitted to the applicable Party no later than [***] before submission for publication or presentation (the
“Review Period”). The Party receiving such submission shall provide its comments with respect to such publications and presentations within [***] of its receipt of such written copy. The Review Period may be extended for an
additional [***] in the event such receiving Party can, within [***] of receipt of the written copy, demonstrate reasonable need for such extension including for the preparation and filing of patent applications. Each Party shall
comply, and shall cause its Affiliates and sublicensees to comply, with (i) standard academic practice regarding authorship of scientific publications and recognition of contribution of the other Party in any publication governed by this
Section 11.7, including International Committee of Medical Journal Editors standards regarding authorship and contributions, and (ii) standard pharmaceutical industry accepted guidelines regarding promotional materials, including
Pharmaceutical Research and Manufacturers of America (PhRMA) guidelines. 
 11.8    Equitable Relief.
Given the nature of the Confidential and the competitive damage that could result to a Party upon unauthorized disclosure, use or transfer of its Confidential Information to any Third Party, the Parties agree that monetary damages may not be a
sufficient remedy for any breach of this Article 11. In addition to all other remedies, a Party shall be entitled to seek specific performance and injunctive and other equitable relief as a remedy for any breach or threatened breach of this
Article 11. 
 ARTICLE 12 – COMMITTEE 

12.1    Information Sharing Committee. [***] after the Effective Date, the Parties will establish an
information sharing committee (the “Information Sharing Committee”). The Information Sharing Committee will be comprised of [***] representatives from each Party, or such other number of equal representatives as the Parties
may mutually agree upon. From time to time each Party may replace its Information Sharing Committee representatives by written notice to the other Party specifying the prior representative(s) and their replacement(s). The Information Sharing
Committee will meet at least [***], or as frequently as agreed to by the members of the Information Sharing Committee, on such dates and at such times and places as agreed to by the members of the Information Sharing Committee, provided that
at least [***] will be held in person. Each Party will be responsible for its own expenses relating to attendance at or participation in Information Sharing Committee meetings. The purpose of the Information Committee will be for
(i) Licensee 

  

	***	 Certain Confidential Information Omitted 

 
to provide Takeda with updates regarding progress of Licensee’s and its Affiliates’ and sublicensees’ Development, Manufacturing, and Commercialization activities with respect to
the Compound and Product, and (ii) the Parties, in accordance with Section 12.2, to exchange Licensee Know-How and Takeda Know-How. 

12.2    Sharing of Know-How. 

(a)    At one (1) Information Sharing Committee meeting [***], the Information Sharing
Committee shall discuss, and in good faith attempt to agree upon, whether (i) any Takeda Know-How first obtained or generated by Takeda after the Effective Date is reasonably necessary or useful to enable
Licensee to perform its obligations under this Agreement, and (ii) any Licensee Know-How is reasonably necessary or useful to enable Takeda: (a) to perform its obligations under this Agreement;
(b) Develop or Manufacture the Product; and (c) Commercialize the Product outside of the Territory. Takeda shall disclose to Licensee all Takeda Know-How first obtained or generated by Takeda after
the Effective Date that the Information Sharing Committee determines is reasonably necessary or useful to enable Licensee to perform its obligations under this Agreement. Licensee shall disclose to Takeda all Licensee
Know-How that the Information Sharing Committee determines is reasonably necessary or useful to enable Takeda: (A) to perform its obligations under this Agreement; (B) Develop or Manufacture the
Product; and (C) Commercialize the Product outside of the Territory. All decisions by the Information Sharing Committee as to any Information to be shared pursuant to this Section 12.2(a) shall be taken only [***]. 

(b)    In addition to the foregoing, during the Term, at either Party’s reasonable request, the other
Party will cooperate with the requesting party to transfer Information created after the Effective Date to the extent relating to Permitted Formulations of the Product, CMC data, and Clinical Trial data. 

12.3    Non-Member Participation. Additional
non-members of the Information Sharing Committee having relevant experience may from time to time be invited to participate in an Information Sharing Committee meeting, provided that such participants shall
have no voting rights or powers. Non-member participants who are not employees of a Party or its Affiliates shall only be allowed to attend if: (1) the other Party’s representatives have consented to
the attendance (such consent not to be unreasonably withheld, delayed or conditioned); and (2) such non-member participant is subject to confidentiality and non-use
obligations at least as restrictive as those set forth in this Agreement. 
 ARTICLE 13 – TERM AND TERMINATION 

13.1    Term. This Agreement shall become effective as of the Effective Date and shall continue in full force and
effect until the expiration of this Agreement as described in this Section 13.1, unless earlier terminated pursuant to this Article 13 (the “Term”). This Agreement shall expire as follows: 

(a)    on a
country-by-country and Product-by-Product basis, upon the expiration of the Royalty Term
with respect to each Product in each country in the Territory, as applicable; or 

  

	***	 Certain Confidential Information Omitted 

 (b)    in its entirety, upon the expiration of the
Royalty Term with respect to the last Product Commercialized in the last country in the Territory. 

13.2    Termination for Material Breach.  

(a)    Either Party (the “Non-breaching Party”)
may terminate this Agreement in its entirety in the event the other Party (the “Breaching Party”) has materially breached this Agreement, and such material breach has not been cured within [***] (other than any breach for
failure to pay, which shall be [***] or other than as provided in Section 13.2(b)) after receipt of written notice of such breach by the Breaching Party from the Non-Breaching Party (the
“Cure Period”); provided, however, that, to the extent termination is for uncured breach by Licensee, such termination shall apply only to those countries in the Territory to which such breach relates except for an uncured breach
affecting the United States, in which case this Agreement will terminate in its entirety. A material breach by Licensee of the Warrant, which is not cured by Licensee within [***] after written notice of such material breach to Licensee from
Takeda, shall be deemed a material breach of this Agreement which relates to the entire Territory. The written notice describing the alleged material breach shall provide sufficient detail to put the Breaching Party on notice of such material
breach. Any termination of this Agreement pursuant to this Section 13.2(a) shall become effective at the end of the Cure Period, unless the Breaching Party has cured any such material breach prior to the expiration of such Cure Period, or
unless such allegedly breaching Party disputes such breach. The right of either Party to terminate this Agreement as provided in this Section 13.2(a) shall not be affected in any way by such Party’s waiver of or failure to take action with
respect to any previous breach under this Agreement. 
 (b)    If the Parties reasonably and in good
faith disagree as to whether there has been a material breach, including whether such breach was material, the Party that disputes whether there has been a material breach may contest the allegation in accordance with Article 14. Notwithstanding
anything to the contrary contained in Section 13.2(a), the Cure Period for any Dispute shall run from the date that written notice was first provided to the Breaching Party by the Non-Breaching Party
through the resolution of such Dispute pursuant to Article 14, and it is understood and acknowledged that, during the pendency of a Dispute pursuant this Section 13.2(b), all of the terms and conditions of this Agreement shall remain in effect,
and the Parties shall continue to perform all of their respective obligations under this Agreement. 

13.3    Termination by Licensee. 

(a)    Licensee shall have the unilateral right to terminate this entire Agreement upon [***]
written notice to Takeda. 
 (b)    Licensee shall have the right to terminate this entire Agreement at
any time upon providing [***] prior written notice to Takeda if Licensee determines that the Compound or the Product caused or is likely to cause a fatal, life-threatening or other serious adverse event that is reasonably expected, based upon
then available data, to preclude continued Development and/or Commercialization of the Product in the Field in the Territory. 

(c)    The Parties may agree to terminate this Agreement prior to expiration of the [***] notice
period provided in Section 13.3(b) above, where the Parties: (i) have reached consensus 

  

	***	 Certain Confidential Information Omitted 

 
regarding the inability to continue Commercializing the Products in the Field in the Territory for the reasons set forth in Section 13.3(b); and (ii) have completed all wind-down and
other transition activities, including those set forth in Section 13.7. 
 13.4    Termination for Patent
Challenge. Takeda may terminate this entire Agreement at any time upon written notice to Licensee, if Licensee, or any of Licensee’s Affiliates, or its or their sublicensees, directly, or indirectly through assistance granted to a Third
Party, commences any interference or opposition proceeding, challenges the validity or enforceability of, or opposes any extension of or the grant of a supplementary protection certificate with respect to (a “Patent Proceeding”) any
Takeda Patent or any other Patent owned or controlled by Takeda that claims or discloses the composition of matter or the method of making or using the Product anywhere in the Territory except for a country in the Territory in which this Agreement
has been terminated prior to the commencement of any such Patent Proceeding. However, Takeda’s right to terminate this Agreement under this Section 13.4 shall not apply to any Affiliate of Licensee that first becomes an Affiliate of
Licensee after the Effective Date in connection with a merger or acquisition event, or any sublicensee, where such Affiliate or sublicensee was undertaking activities in connection with a Legal Proceeding prior to such merger or acquisition event or
the grant of such sublicense, provided such Affiliate or sublicensee promptly ceases all activities in the furtherance of such Patent Proceeding and withdraws or terminates with prejudice any such Patent Proceeding within [***] of such merger
or acquisition event or grant of sublicense. 
 13.5    Termination for Insolvency. 

(a)    Either Party may terminate this Agreement in its entirety upon providing written notice to the other
Party on or after the time that such other Party makes a general assignment for the benefit of creditors, files an insolvency petition in bankruptcy, petitions for or acquiesces in the appointment of any receiver, trustee or similar officer to
liquidate or conserve its business or any substantial part of its assets, commences under the laws of any jurisdiction any proceeding involving its insolvency, bankruptcy, reorganization, adjustment of debt, dissolution, liquidation or any other
similar proceeding for the release of financially distressed debtors, or becomes a party to any proceeding or action of the type described above, and such proceeding or action remains un-dismissed or un-stayed for a period of more than [***]. 
 (b)    All rights
and licenses granted under or pursuant to this Agreement are, and shall otherwise be deemed to be, for purposes of Section 365(n) of Title 11 of the United States Code and other similar laws in any other jurisdiction outside of the Territory
(collectively, the “Bankruptcy Laws”), licenses of rights to “intellectual property” as defined under the Bankruptcy Laws. If a case is commenced during the Term by or against a Party under Bankruptcy Laws then, unless and
until this Agreement is rejected as provided pursuant to such Bankruptcy Laws, such Party (in any capacity, including debtor-in-possession) and its successors and
assigns (including a Title 11 trustee) shall perform all of the obligations in this Agreement intended to be performed by such Party. If a case is commenced during the Term by or against a Party under the Bankruptcy Laws, this Agreement is rejected
as provided for under the Bankruptcy Laws, and the non-bankrupt Party elects to retain its rights hereunder as provided for under the Bankruptcy Laws, then the Party subject to such case under the Bankruptcy
Laws (in any capacity, including debtor-in-possession) and its successors and assigns (including a Title 11 trustee), shall provide to the
non-bankrupt Party copies of all Patents and Information necessary for the non-bankrupt Party to 

  

	***	 Certain Confidential Information Omitted 

 prosecute, maintain and enjoy its rights under the terms of this Agreement. All rights,
powers and remedies of the non-bankrupt Party as provided herein are in addition to and not in substitution for any and all other rights, powers and remedies now or hereafter existing at law or in equity
(including the Bankruptcy Laws) in the event of the commencement of a case by or against a Party under the Bankruptcy Laws. In particular, it is the intention and understanding of the Parties to this Agreement that the rights granted to the Parties
under this Section 13.5 are essential to the Parties’ respective businesses and the Parties acknowledge that damages are not an adequate remedy. 

13.6    Effects of Termination. All of the following effects of termination are in addition to the other rights and
remedies that may be available to either of the Parties under this Agreement and shall not be construed to limit any such rights or remedies. Upon the termination of this Agreement: 

(a)    Notwithstanding anything contained in this Agreement to the contrary, all rights and licenses
granted herein to Licensee shall terminate in the terminated countries and Licensee shall cease any and all Development, Manufacture, and Commercialization activities with respect to the Compound and the Product in such terminated countries; 

(b)    All payment obligations hereunder shall terminate, other than those that are accrued and unpaid as
of the effective date of such termination; 
 (c)    [***] 

(d)    [***] 

(e)    [***] 

(f)    Subject to the payment of all amounts required under Sections 13.6(b) above and Sections 8.2 and
8.3, for a period of up to [***] after termination of this Agreement, Licensee shall have the right to sell or otherwise dispose of any inventory of the Product on hand at the time of such termination or in the process of Manufacturing; 

(g)    [***] 

(h)    [***] 

13.7    Remedies. Notwithstanding anything to the contrary in this Agreement, except as otherwise set forth in this
Agreement, termination or expiration of this Agreement shall not relieve the Parties of any liability or obligation which accrued hereunder prior to the effective date of such termination or expiration, nor prejudice either Party’s right to
obtain performance of any obligation. Each Party shall be free, pursuant to Article 14, to seek, without restriction as to the number of times it may seek, damages, expenses and remedies that may be available to it under Applicable Law or in equity
and shall be entitled to offset the amount of any damages and expenses obtained against the other Party in a final determination under Section 14.3, against any amounts otherwise due to such other Party under this Agreement. 

  

	***	 Certain Confidential Information Omitted 

 13.8    Survival. The following provisions shall survive any
expiration or termination of this Agreement for the period of time specified therein (or, if no such period is specified, indefinitely): Articles 1, 8 (but only to the extent relating to milestone events occurring on or prior to the date of
expiration or termination, and only with respect to royalties owed, if any, on Products sold prior to the date of expiration or termination, or sold after such termination to the extent expressly permitted under this Agreement), 11 (for the period
set forth in Section 11.1), 14, 15, and 16 and Sections 2.2 (b), (c), (d) and (e), 3.1, 4.3(d), 4.4, 5.8 (first sentence only), 6.7 (solely following expiration if both Parties (or any of their sublicensees) are Commercializing Product), 9.1,
9.2 (with respect to any disclosure obligations that arise on or prior to expiration or termination), 9.3(b) (with respect to Licensee’s obligation to notify Takeda of Licensee’s decision to abandon or not maintain Licensee Patents),
9.3(c) (solely with respect to any Joint Patents not assigned to Takeda), 9.3(d)(i)-(iii), 9.5(d) (to the extent any suit or action under that section is still pending upon expiration or termination), 10.3(j) (for [***] after expiration or
termination), 10.3(p) (for [***] after expiration or termination), 10.4, 13.6, 13.7, and 13.8. Following the expiration of this Agreement pursuant to Section 13.1 with respect to a Product in a country of the Territory, Licensee will have a
perpetual, irrevocable, non-exclusive, fully-paid and royalty-free right and license, with the right, subject to Takeda’s prior written consent, which shall not be unreasonably withheld, conditioned or
delayed, to grant sublicenses, under the Takeda Intellectual Property to Exploit such Product in the Field in such country of the Territory. 

ARTICLE 14 – DISPUTE RESOLUTION 

14.1    Exclusive Dispute Resolution Mechanism. The Parties agree that the procedures set forth in this
Article 14 shall be the exclusive mechanism for resolving any dispute, controversy, or claim between the Parties that may arise from time to time pursuant to this Agreement relating to either Party’s rights or obligations hereunder (each, a
“Dispute”, and collectively, the “Disputes”) that is not resolved through good faith negotiation between the Parties. 

14.2    Resolution by Executive Officers. Except as otherwise provided in this Section 14.2, in the
event of any Dispute, the Parties shall first attempt in good faith to resolve such Dispute by negotiation and consultation between themselves. In the event that such Dispute is not resolved on an informal basis within [***] after receipt of written
notice of such Dispute by a Party, either Party may, by written notice to the other Party, refer the Dispute to the senior executive officer (or his/her delegate) of the other Party for attempted resolution by good faith negotiation within
[***] after such notice is received. Each Party may, in its sole discretion, seek resolution of any and all Disputes that are not resolved under this Section 14.2 in accordance with Section 14.3. 

14.3    Litigation. Any unresolved Dispute which was subject to Section 14.2, shall be brought exclusively in
a court of competent jurisdiction, federal or state, located in New York, New York, and in no other jurisdiction. Each Party to this Agreement, by its execution hereof, (a) hereby irrevocably submits to the exclusive jurisdiction of the United
States District Court and state courts located in New York, New York for the purpose of any and all unresolved Disputes which were subject to Section 14.2; (b) hereby waives to the extent not prohibited by Applicable Law, and agrees not to
assert, by way of motion, as a defense or otherwise, in any such action, 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 any such
action brought in one of the above-named courts in such jurisdiction should be dismissed on grounds of forum non conveniens, should 

  

	***	 Certain Confidential Information Omitted 

 
be transferred to any court other than one of the above-named courts, or should be stayed by reason of the pendency of some other proceeding in any other court other than one of the above-named
courts, or that this Agreement or the subject matter hereof may not be enforced in or by such court, and (c) hereby agrees not to commence any such action other than before one of the above-named courts nor to make any motion or take any other
action seeking or intending to cause the transfer or removal of any such action to any court other than one of the above-named courts whether on the grounds of inconvenient forum or otherwise. Notwithstanding the foregoing, application may be made
to any court of competent jurisdiction with respect to the enforcement of any judgment or award. 

14.4    Preliminary Injunctions. Notwithstanding anything in this Agreement to the contrary, a Party may seek a
temporary restraining order or a preliminary injunction from any court of competent jurisdiction in order to prevent immediate and irreparable injury, loss, or damage on a provisional basis, pending the decision of the arbitrator(s) on the ultimate
merits of any Dispute. 
 14.5    Payment Tolling. During the pendency of any dispute resolution proceeding
between the Parties under this Article 14, the obligation to make any payment, or portion thereof, under this Agreement from one Party to the other Party, which payment, or portion thereof, is the subject, in whole or in part, of a proceeding under
this Article 14, shall be tolled until the final outcome of such Dispute has been established. Any portion of a payment which is not in dispute shall be paid in accordance with the terms of this Agreement. 

14.6    Confidentiality. Any and all activities conducted under Article 14, including any and all proceedings and
decisions under Section 14.3, shall be deemed Confidential Information of each of the Parties, and shall be subject to Article 11. 

14.7    WAIVER OF RIGHT TO JURY TRIAL. In connection with the Parties’ rights under Section 14.3, EACH
PARTY, TO THE EXTENT PERMITTED BY APPLICABLE LAWS, KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR OTHER LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS IT
CONTEMPLATES. THIS WAIVER APPLIES TO ANY ACTION OR LEGAL PROCEEDING, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE. 
 ARTICLE 15
– INDEMNIFICATION AND LIMITATION OF LIABILITY 
 15.1    Indemnification by Licensee. Licensee
hereby agrees to defend, indemnify and hold harmless Takeda and its Affiliates, and each of their respective directors, officers, employees, agents and representatives (each, a “Takeda Indemnitee”) from and against any and
all claims, suits, actions, demands, liabilities, expenses and/or loss, including reasonable legal expense and attorneys’ fees (collectively, the “Losses”), to which any Takeda Indemnitee may become subject as a result
of any claim, demand, action or other proceeding by any Third Party (each, a “Claim”) to the extent such Losses arise directly or indirectly out of: (i) the practice by Licensee or its Affiliate of any license granted to
it under Article 4; (ii) the use, handling, storage, sale or other disposition of the Compound or the Product by Licensee or its Affiliate or sublicensee, including any use of the Compound or the Product for Development and Commercialization;
(iii) the breach by Licensee of any warranty, representation, covenant or agreement made by Licensee in this 

 
Agreement; or (iv) the negligence, gross negligence or willful misconduct of Licensee, its Affiliate or its sublicensee, or any officer, director, employee, agent or representative thereof;
except, with respect to each of subsections (i) through (iv) above, to the extent such Losses arise directly or indirectly from the negligence, gross negligence or willful misconduct of any Takeda Indemnitee or the breach by Takeda of any
warranty, representation, covenant or agreement made by Takeda in this Agreement, or are subject to Takeda’s indemnification obligations pursuant to Section 15.2. 

15.2     Indemnification by Takeda. Takeda hereby agrees to defend, indemnify and hold harmless Licensee and
its Affiliates and each of their respective directors, officers, employees, agents and representatives (each, an “Licensee Indemnitee”) from and against any and all Losses to which any Licensee Indemnitee may become subject
as a result of any Claim to the extent such Losses arise directly or indirectly out of: (i) the practice by Takeda or its Affiliate of any license granted to it under Article 4; (ii) the manufacture, use, handling, storage, sale or other
disposition of the Compound or the Product (other than the manufacture, use, handling, storage, by Takeda or any of its Affiliates or licensees for any of the Licensee Indemnitees or the sale or other disposition of Compound or Product by Takeda or
its Affiliate or its licensee to any of the Licensee Indemnitees) by Takeda or its Affiliate or its licensee (other than Licensee or its Affiliate or sublicensee); (iii) the breach by Takeda of any warranty, representation, covenant or
agreement made by Takeda in this Agreement; or (iv) the negligence, gross negligence or willful misconduct of Takeda or its Affiliate or its licensee (other than Licensee or its Affiliate), or any officer, director, employee, agent or
representative thereof; except, with respect to each of subsections (i) through (iv) above, to the extent such Losses arise directly or indirectly from the negligence, gross negligence or willful misconduct of any Licensee Indemnitee or the
breach by Licensee of any warranty, representation, covenant or agreement made by Licensee in this Agreement, or are subject to Licensee’s indemnification obligations pursuant to Section 15.1. 

15.3    Indemnification Procedures. 

(a)    Notice. Promptly after a Takeda Indemnitee or a Licensee Indemnitee (each, an
“Indemnitee”) receives notice of a pending or threatened Claim, such Indemnitee shall give written notice of the Claim to the Party from whom the Indemnitee is entitled to receive indemnification pursuant to
Sections 15.1 or 15.2, as applicable (the “Indemnifying Party”). However, an Indemnitee’s delay in providing or failure to provide such notice shall not relieve the Indemnifying Party of its indemnification obligations,
except to the extent it can demonstrate prejudice due to the delay or lack of notice. 

(b)    Defense. Upon receipt of notice under Section 15.3(a) from the Indemnitee, the
Indemnifying Party shall have the duty to either compromise or defend, at its own expense and by legal counsel (reasonably satisfactory to Indemnitee), such Claim. The Indemnifying Party shall promptly (and in any event not more than [***]
after receipt of the Indemnitee’s original notice) notify the Indemnitee in writing that it acknowledges its obligation to indemnify the Indemnitee with respect to the Claim pursuant to this Article 15 and of its intention either to
compromise or defend such Claim. Once the Indemnifying Party gives such notice to the Indemnitee, the Indemnifying Party is not liable to the Indemnitee for the fees of other legal counsel or any other expenses subsequently incurred by the
Indemnitee in connection with such defense, other than the Indemnitee’s reasonable expenses of investigation and cooperation. However, the Indemnitee 

  

	***	 Certain Confidential Information Omitted 

 
shall have the right to employ separate legal counsel and to control the defense of a Claim at its own expense. 

(c)    Cooperation. The Indemnitee shall cooperate fully with the Indemnifying Party and its
legal representatives in the investigation and defense of any Claim. The Indemnifying Party shall keep the Indemnitee informed on a reasonable and timely basis as to the status of such Claim (to the extent the Indemnitee is not participating in the
defense of such Claim) and conduct the defense of such Claim in a prudent manner. 

(d)    Settlement. If an Indemnifying Party assumes the defense of a Claim, no compromise or
settlement of such Claim may be effected by the Indemnifying Party without the Indemnitee’s written consent (which consent shall not be unreasonably withheld, conditioned or delayed), unless: (i) there is no finding or admission of any
violation of law or any violation of the rights of any person and no effect on any other claims that may be made against the Indemnitee; (ii) the sole relief provided is monetary damages that are paid in full by the Indemnifying Party; and
(iii) the Indemnitee’s rights under this Agreement are not adversely affected. If the Indemnifying Party fails to assume defense of a Claim within a reasonable time, the Indemnitee may settle such Claim on such terms as it deems
appropriate with the consent of the Indemnifying Party (which consent shall not be unreasonably withheld, conditioned or delayed), and the Indemnifying Party shall be obligated to indemnify the Indemnitee for such settlement as provided in this
Article 15. 
 15.4    Limitation of Liability. EXCEPT FOR A PARTY’S OBLIGATIONS SET FORTH IN
THIS ARTICLE 15, AND ANY BREACH OF ARTICLE 11 (CONFIDENTIALITY), IN NO EVENT WILL EITHER PARTY BE LIABLE TO THE OTHER PARTY (OR THE OTHER PARTY’S AFFILIATES OR SUBLICENSEES) IN CONNECTION WITH THIS AGREEMENT FOR LOST REVENUE, LOST PROFITS, LOST
SAVINGS, LOSS OF USE, DAMAGE TO GOODWILL, OR ANY CONSEQUENTIAL, INCIDENTAL, SPECIAL, EXEMPLARY, PUNITIVE OR INDIRECT DAMAGES UNDER ANY THEORY, INCLUDING CONTRACT, NEGLIGENCE, OR STRICT LIABILITY, EVEN IF THAT PARTY HAS BEEN PLACED ON NOTICE OF THE
POSSIBILITY OF SUCH DAMAGES. 
 ARTICLE 16 – MISCELLANEOUS 

16.1    Notice. Any notice, request, or other communication permitted or required under this Agreement shall be in
writing, shall refer specifically to this Agreement and shall be hand delivered or sent by a recognized overnight delivery service, expenses prepaid, or by facsimile (with transmission confirmed), to the following addresses or to such other
addresses as a Party may designate by written notice in accordance with this Section 16.1: 
 If to Takeda: 

Takeda Pharmaceutical Company Limited 

1-1, Doshomachi 4-chome, 

Chuo-ku, Osaka 540-8645 

Attention: Head of Portfolio Strategic Relations 

 Copy to (which alone shall not constitute sufficient notice): 

Takeda Pharmaceuticals U.S.A., Inc. 

One Takeda Parkway 

Deerfield, IL 60015 

Attention: General Counsel, Legal Department 

Facsimile: 224-554-7831 

If to Licensee: 

Phathom Pharmaceuticals, Inc. 

70 Willow Road, Suite 200 

Menlo Park, CA 94025 

Attention: Chief Executive Officer 

Copy to (which alone shall not constitute sufficient notice): 

Latham & Watkins LLP 

12670 High Bluff Drive 

San Diego, CA 92103 

Attention: Cheston J. Larson 

Email: cheston.larson@lw.com 

Facsimile No.: 858-523-5450 

16.2    Designation of Affiliates. Each Party may discharge any obligations and exercise any rights
hereunder through delegation of its obligations or rights to any of its Affiliates. Each Party hereby guarantees the performance by its Affiliates of such Party’s obligations under this Agreement, and shall cause its Affiliates to comply with
the provisions of this Agreement in connection with such performance. Any breach by a Party’s Affiliate of any of such Party’s obligations under this Agreement shall be deemed a breach by such Party, and the other Party may proceed
directly against such Party without any obligation to first proceed against such Party’s Affiliate. 

16.3    Force Majeure. Both Parties shall be excused from the performance of their obligations under this
Agreement to the extent that such performance is prevented by Force Majeure and the nonperforming Party promptly provides notice of the prevention to the other Party. Such excuse shall be continued so long as the condition constituting Force Majeure
continues and the nonperforming Party takes reasonable efforts to remove the condition. Notwithstanding the foregoing, a Party shall not be excused from making payments owed hereunder because of a Force Majeure affecting such Party. If a Force
Majeure persists for more than [***], then the Parties shall discuss in good faith the modification of the Parties’ obligations under this Agreement in order to mitigate the delays caused by such Force Majeure. 

16.4    Assignment. Neither Party may assign or transfer this Agreement or any rights or obligations
hereunder without the prior written consent of the other (which consent shall not be unreasonably withheld, conditioned or delayed), except that a Party may assign this Agreement (together with the other agreements between the Parties referenced in
this Agreement, including 

  

 
the Clinical Supply Agreement) without the other Party’s consent to any Affiliate or to a successor to all or substantially all of the business of such Party to which this Agreement relates,
whether in a merger, sale of stock or units, sale of assets or other transaction. Any other assignment or transfer shall require the prior written consent of the other Party (which consent shall not be unreasonably withheld, conditioned or delayed).
Any successor or assignee of rights and/or obligations permitted hereunder shall, in writing to the other Party, expressly assume performance of such rights and/or obligations. Any permitted assignment shall be binding on the successors of the
assigning Party. [***] Any assignment or attempted assignment by either Party in violation of the terms of this Section 16.4 shall be null, void and of no legal effect. 

16.5    Severability. If any one or more of the provisions of this Agreement is held to be invalid or
unenforceable by any court of competent jurisdiction from which no appeal can be or is taken, the provision shall be considered severed from this Agreement and shall not serve to invalidate any remaining provisions hereof. The Parties shall make a
good faith effort to replace any invalid or unenforceable provision with a valid and enforceable one such that the objectives contemplated by the Parties when entering this Agreement may be realized. 

16.6    Waiver and Non-Exclusion of Remedies. Any term or condition
of this Agreement may be waived at any time by the Party that is entitled to the benefit thereof, but no such waiver shall be effective unless set forth in a written instrument duly executed by or on behalf of the Party waiving such term or
condition. The waiver by either Party hereto of any right hereunder or of the failure to perform or of a breach by the other Party shall not be deemed a waiver of any other right hereunder or of any other breach or failure by such other Party
whether of a similar nature or otherwise. The rights and remedies provided herein are cumulative and do not exclude any other right or remedy provided by Applicable Law or otherwise available except as expressly set forth herein. 

16.7    Further Assurance. Each Party shall duly execute and deliver, or cause to be duly executed and
delivered, such further instruments and do and cause to be done such further acts and things, including the filing of such assignments, agreements, documents, and instruments, as may be necessary or as the other Party may reasonably request in
connection with this Agreement or to carry out more effectively the provisions and purposes hereof. 

16.8    Relationship of the Parties. It is expressly agreed that Takeda, on the one hand, and Licensee, on
the other hand, shall be independent contractors and that the relationship between the two Parties shall not constitute a partnership, joint venture or agency, including for Tax purposes. Neither Takeda nor Licensee shall have the authority to make
any statements, representations or commitments of any kind, or to take any action which shall be binding on the other, without the prior written consent of the other Party to do so. All persons employed by a Party shall be employees of that Party
and not of the other Party and all expenses and obligations incurred by reason of such employment shall be for the account and expense of such Party. 

16.9    Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. This Agreement may be executed by facsimile, .pdf or other electronically transmitted signatures and such signatures shall be deemed to bind each Party
hereto as if they were the original signatures. 

  

	***	 Certain Confidential Information Omitted 

 16.10    Construction. Except where the context otherwise
requires, wherever used, the singular shall include the plural, the plural the singular, and the use of any gender shall be applicable to all genders. Whenever this Agreement refers to a number of days, such number refers to calendar days. The
captions of this Agreement are for the convenience of reference only and in no way define, describe, extend, or limit the scope or intent of this Agreement or the intent of any provision contained in this Agreement. The terms “including,”
“include,” or “includes” as used herein shall mean “including, but not limited to,” and shall not limit the generality of any description preceding such term. The language of this Agreement shall be deemed to be the
language mutually chosen by the Parties and no rule of strict construction shall be applied against either Party hereto. Each Party represents that it has been represented by legal counsel in connection with this Agreement and acknowledges that it
has participated in the drafting hereof. In interpreting and applying the terms and provisions of this Agreement, the Parties agree that no presumption will apply against the Party which drafted such terms and provision. 

16.11    Governing Laws. This Agreement was prepared in the English language, which language shall govern
the interpretation of, and any dispute regarding, the terms of this Agreement. This Agreement and all disputes arising out of or related to this Agreement or any breach hereof shall be governed by and construed under the laws of the State of New
York, without giving effect to any choice of law principles that would require the application of the laws of a different state. 

16.12    Entire Agreement. This Agreement, including the Exhibits hereto, sets forth the complete, final and
exclusive agreement and all the covenants, promises, agreements, warranties, representations, conditions and understandings between the Parties with respect to the subject matter hereof and supersedes, as of the Effective Date, all prior agreements
and understandings between the Parties with respect to the subject matter hereof. There are no covenants, promises, agreements, warranties, representations, conditions or understandings, either oral or written, between the Parties other than as are
set forth herein and therein. No subsequent alteration, amendment, change or addition to this Agreement shall be binding upon the Parties unless reduced to writing and signed by an authorized officer of each Party. In the event of any inconsistency
between the body of this Agreement and the Exhibits to this Agreement or any subsequent agreements ancillary to this Agreement, unless otherwise expressly stated to the contrary in such Exhibit or subsequent ancillary agreement, the terms contained
in this Agreement shall control. 
 16.13    Headings. The headings of each Article and Section in this
Agreement have been inserted for convenience of reference only and are not intended to limit or expand on the meaning of the language contained in the particular Article or Section. 

SIGNATURE PAGE FOLLOWS 

 IN WITNESS WHEREOF, the Parties have signed this Agreement as of the Effective Date.

  

			
	TAKEDA PHARMACEUTICAL COMPANY LIMITED
		
	 By:
	 	 /s/ Fumihiko Sato

	 Name:
	 	 Fumihiko Sato

	 Title:
	 	 Head of Portfolio, Strategic Relations

	 Date:
	 	 May 7, 2019

	
	PHATHOM PHARMACEUTICALS, INC.
		
	 By:
	 	 /s/ David Socks

	 Name:
	 	 David Socks

	 Title:
	 	 President and Chief Executive Officer

	 Date:
	 	 May 7, 2019

  

SIGNATURE PAGE TO LICENSE
AGREEMENTEX-10.13

 Exhibit 10.13 

LOAN AND SECURITY AGREEMENT 

THIS LOAN AND SECURITY AGREEMENT (this “Agreement”) dated as of May 14, 2019 (the “Effective
Date”), among (a) SILICON VALLEY BANK, a California corporation (“SVB”), in its capacity as administrative agent and collateral agent (“Agent”), (b) SILICON VALLEY BANK, a California
corporation, as a lender, (c) WESTRIVER INNOVATION LENDING FUND VIII, L.P., a Delaware limited partnership (“WestRiver”), as a lender (SVB and WestRiver and each of the other “Lenders” from time to time a party
hereto are referred to herein collectively as the “Lenders” and each individually as a “Lender”), and (d) PHATHOM PHARMACEUTICALS, INC., a Delaware corporation (“Borrower”), provides the
terms on which Agent and the Lenders shall lend to Borrower, and Borrower shall repay Agent and the Lenders. The parties agree as follows: 
  

	 	1	 ACCOUNTING AND OTHER TERMS 

Accounting terms not defined in this Agreement shall be construed following GAAP. Calculations and determinations must be made
following GAAP. Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in Section 14 of this Agreement. All other terms contained in this Agreement, unless otherwise indicated, shall have the meaning
provided by the Code to the extent such terms are defined therein. 
  

	 	2	 LOAN AND TERMS OF PAYMENT 

2.1    Promise to Pay. Borrower hereby unconditionally promises to pay to Agent, for the
ratable benefit of each Lender, the outstanding principal amount of all Credit Extensions advanced to Borrower by such Lender and accrued and unpaid interest thereon, together with any fees as and when due in accordance with this Agreement. 

2.2    Term Loan Advances. 

(a)    Availability. Subject to the terms and conditions of this Agreement, upon Borrower’s
request, the Lenders, severally and not jointly, shall make one (1) term loan advance to Borrower on or about the Effective Date in an original principal amount of Twenty-Five Million Dollars ($25,000,000.00) according to each Lender’s
Term Loan Commitment as set forth on Schedule 1 hereto (the “Term A Loan Advance”). Subject to the terms and conditions of this Agreement, upon Borrower’s request, during the Draw Period, the Lenders, severally and not jointly,
shall make one (1) term loan advance available to Borrower in an original principal amount of Twenty-Five Million Dollars ($25,000,000.00) according to each Lender’s Term Loan Commitment as set forth on Schedule 1 hereto (the “Term
B Loan Advance”). The Term A Loan Advance and the Term B Loan Advance are hereinafter referred to singly as the “Term Loan Advance” and collectively as the “Term Loan Advances”. After repayment, no Term
Loan Advance (or any portion thereof) may be reborrowed. 
 (b)    Interest Payments. With
respect to each Term Loan Advance, commencing on the first (1st) Payment Date following the Funding Date of such Term Loan Advance and continuing on the Payment Date of each month thereafter until
the Term Loan Amortization Date, Borrower shall make monthly payments of accrued and unpaid interest to Agent, for the account of the Lenders, in arrears, on the outstanding principal amount of each Term Loan Advance, at the rate set forth in
Section 2.3(a). 
 (c)    Repayment of the Term Loan Advances. Commencing on the Term Loan
Amortization Date, and continuing on each Payment Date thereafter, Borrower shall repay the aggregate outstanding Term Loan Advances to Agent, for the account of the Lenders, in (i) consecutive equal monthly installments of principal based on
the Repayment Schedule, plus (ii) monthly payments of accrued and unpaid interest on the outstanding principal amount of each Term Loan Advance at the rate set forth in Section 2.3(a). All outstanding principal and accrued and unpaid
interest with respect to the Term Loan Advances, and all other outstanding Obligations under the Term Loan Advances, are due and payable in full on the Term Loan Maturity Date. 

(d)    Permitted Prepayment. Borrower shall have the option to prepay all or a portion of the Term
Loan Advances advanced by the Lenders under this Agreement, provided that any such prepayment shall be in an amount of at least Ten Million Dollars ($10,000,000.00), provided further that Borrower (i) delivers written notice to Agent of its
election to prepay the Term Loan Advances at least thirty (30) days prior to such prepayment, and (ii) 

  
 1 

 
pays to Agent, for the account of the Lenders in accordance with its respective Pro Rata Share, on the date of such prepayment (A) such portion of the outstanding principal plus accrued and
unpaid interest with respect to the Term Loan Advances, (B) the Prepayment Premium, (C) the pro rata portion of the Final Payment corresponding with the portion of the Term Loan Advances being prepaid and (D) all other sums, if any,
that shall have become due and payable with respect to the Term Loan Advances, including Lenders’ Expenses and interest at the Default Rate with respect to any past due amounts. Notwithstanding any terms in this Agreement to the contrary, any
partial prepayment of principal on account of the Term Loan Advances shall be applied pro rata (as reasonably calculated by Agent) to any scheduled payments of principal owed thereafter on account of the Term Loan Advances, and in such event the
amount of each installment of principal required under Section 2.2(c) with respect to the Term Loan Advances shall be recalculated by Agent to account for such pro rata application. 

(e)    Mandatory Prepayment Upon an Acceleration. If the Term Loan Advances are accelerated by
Agent pursuant to Section 9.1 hereof, following the occurrence and during the continuance of an Event of Default, Borrower shall immediately pay to Agent, for the account of the Lenders in accordance with its respective Pro Rata Share, an
amount equal to the sum of (i) all outstanding principal plus accrued and unpaid interest with respect to the Term Loan Advances, (ii) the Prepayment Premium, (iii) the Final Payment and (iv) all other sums, if any, that shall
have become due and payable with respect to the Term Loan Advances, including Lenders’ Expenses and interest at the Default Rate with respect to any past due amounts. 

2.3    Payment of Interest on the Credit Extensions. 

(a)    Interest Rate. Subject to Section 2.3(b), the principal amount outstanding under each
Term Loan Advance shall accrue interest at a floating per annum rate equal to the greater of (i) seven and one-quarter of one percent (7.25%) and (ii) one and three-quarters of one percent (1.75%)
above the Prime Rate, which interest, in each case, shall be payable monthly in accordance with Section 2.3(d) below. 

(b)    Default Rate. Immediately upon the occurrence and during the continuance of an Event of
Default, Obligations shall bear interest at a rate per annum which is four percent (4.0%) above the rate that is otherwise applicable thereto (the “Default Rate”) unless Agent otherwise elects from time to time in its sole
discretion to impose a smaller increase. Fees and expenses which are required to be paid by Borrower pursuant to the Loan Documents (including, without limitation, Lenders’ Expenses) but are not paid when due shall bear interest until paid at a
rate equal to the highest rate applicable to the Obligations. Payment or acceptance of the increased interest rate provided in this Section 2.3(b) is not a permitted alternative to timely payment and shall not constitute a waiver of any Event
of Default or otherwise prejudice or limit any rights or remedies of Agent or any Lender. 

(c)    Adjustment to Interest Rate. Changes to the interest rate of any Credit Extension based on
changes to the Prime Rate shall be effective on the effective date of any change to the Prime Rate and to the extent of any such change. 

(d)    Payment; Interest Computation. Interest is payable monthly on the Payment Date of each month
and shall be computed on the basis of a 360-day year for the actual number of days elapsed. In computing interest, (i) all payments received after 12:00 p.m. Pacific time on any day shall be deemed
received at the opening of business on the next Business Day, and (ii) the date of the making of any Credit Extension shall be included and the date of payment shall be excluded; provided, however, that if any Credit Extension is repaid on the
same day on which it is made, such day shall be included in computing interest on such Credit Extension. 

2.4    Fees. Borrower shall pay to Agent: 

(a)    Final Payment. The Final Payment, when due hereunder, to be shared between the Lenders
pursuant to their respective Term Loan Commitment Percentages; 
 (b)    Prepayment Premium. The
Prepayment Premium, when due hereunder, to be shared between the Lenders pursuant to their respective Term Loan Commitment Percentages; and 

  
 2 

 (c)    Lenders’ Expenses. All Lenders’
Expenses (including reasonable and documented attorneys’ fees and expenses for documentation and negotiation of this Agreement) incurred through and after the Effective Date, when due (or, if no stated due date, upon demand by Agent). 

Unless otherwise provided in this Agreement or in a separate writing by Agent, Borrower shall not be entitled to any credit,
rebate, or repayment of any fees earned by Agent or any Lender pursuant to this Agreement notwithstanding any termination of this Agreement or the suspension or termination of any Lender’s obligation to make loans and advances hereunder. Agent
may deduct amounts owing by Borrower under the clauses of this Section 2.4 pursuant to the terms of Section 2.5(e). Agent shall provide Borrower written notice of deductions made from the Designated Deposit Account pursuant to the terms of
the clauses of this Section 2.4. 
 2.5    Payments; Pro Rata Treatment; Application of
Payments; Debit of Accounts. 
 (a)    All payments (including prepayments) to be made by Borrower
under any Loan Document shall be made to Agent for the account of Lenders, in immediately available funds in Dollars, without setoff or counterclaim, before 12:00 p.m. Pacific time on the date when due.    Agent shall distribute
such payments to Lenders in like funds as set forth in Section 2.6. Payments of principal and/or interest received after 12:00 p.m. Pacific time are considered received at the opening of business on the next Business Day. When a payment is due
on a day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid. 

(b)    Each borrowing by Borrower from Lenders hereunder shall be made according to the respective Term
Loan Commitment Percentages of the relevant Lenders. 
 (c)    Except as otherwise provided herein, each
payment (including each prepayment) by Borrower on account of principal or interest on the Term Loan Advances shall be applied according to each Lender’s Pro Rata Share of the outstanding principal amount of the Term Loan Advances. The amount
of each principal prepayment of the Term Loan Advances shall be applied to reduce the then remaining installments of the Term Loan Advances based upon each Pro Rata Share of Term Loan Advances. 

(d)    Prior to the occurrence of an Event of Default, payments shall be applied as directed by Borrower.
Upon the occurrence and during the continuance of an Event of Default, Agent has the exclusive right to determine the order and manner in which all payments with respect to the Obligations may be applied. Borrower shall have no right to specify the
order or the accounts to which Agent shall allocate or apply any payments required to be made by Borrower to Agent or otherwise received by Agent or any Lender under this Agreement when any such allocation or application is not specified elsewhere
in this Agreement. 
 (e)    Agent may debit the Designated Deposit Account and, to the extent
sufficient funds are not present in the Designated Deposit Account at the time of such debit, any of Borrower’s deposit accounts, for principal and interest payments or any other amounts Borrower owes Agent or any Lender when due. These debits
shall not constitute a set-off. 
 (f)    Unless Agent shall
have been notified in writing by Borrower prior to the date of any payment due to be made by Borrower hereunder that Borrower will not make such payment to Agent, Agent may assume that Borrower is making such payment, and Agent may, but shall not be
required to, in reliance upon such assumption, make available to Lenders their respective Pro Rata Share of a corresponding payment amount. If such payment is not made to Agent by Borrower within three (3) Business Days after such due date,
Agent shall be entitled to recover, on demand, from each Lender to which any amount which was made available pursuant to the preceding sentence, such amount with interest thereon at the rate per annum equal to the daily average Federal Funds
Effective Rate. Nothing herein shall be deemed to limit the rights of Agent or any Lender against Borrower. 

2.6    Settlement Procedures. If Agent receives any payment for the account of Lenders on or
prior to 12:00 p.m. (Pacific time) on any Business Day, Agent shall pay to each applicable Lender such Lender’s Pro Rata Share of such payment on such Business Day. If Agent receives any payment for the account of Lenders after 12:00

  
 3 

 
p.m. (Pacific time) on any Business Day, Agent shall pay to each applicable Lender such Lender’s Pro Rata Share of such payment on the next Business Day. 

2.7    Taxes. 

(a)    For purposes of this Section 2.7, the term “applicable law” includes FATCA. 

(b)    Any and all payments by or on account of any obligation of Borrower under any Loan Document shall
be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent
shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable
by Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 2.7(b)), the applicable Recipient
receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

(c)    Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law,
or at the option of Agent timely reimburse it for the payment of, any Other Taxes. 
 (d)    Borrower
shall indemnify each Recipient within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 2.7(d))
payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed
or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to Borrower by a Lender (with a copy to the Agent), or by the Agent on its own behalf or on behalf of a Lender, shall be
conclusive absent manifest error. 
 (e)    Each Lender shall severally indemnify Agent, within ten
(10) days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that Borrower has not already indemnified Agent for such Indemnified Taxes and without limiting the obligation of Borrower
to do so) and (ii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such
Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by Agent shall be conclusive absent manifest error. Each Lender hereby
authorizes Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by Agent to the Lender from any other source against any amount due to Agent under this paragraph (e). 

(f)    As soon as practicable after any payment of Taxes by Borrower to a Governmental Authority pursuant
to this Section 2.7, Borrower shall deliver to Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment
reasonably satisfactory to Agent. 
 (g)    Status of Lenders. 

(i)     Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to
payments made under any Loan Document, shall deliver to Borrower and Agent, at the time or times reasonably requested by Borrower or Agent, such properly completed and executed documentation reasonably requested by Borrower or Agent as will permit
such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by Borrower or Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by
Borrower or Agent as will enable Borrower or Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding

  
 4 

 
two sentences, the completion, execution and submission of such documentation (other than such documentation set forth below in subparagraphs (ii)(A), (ii)(B) and (ii)(D) of this
Section 2.7(g)) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or
commercial position of such Lender. 
 (ii)    Without limiting the generality of the foregoing, 

(A)    if requested by Borrower or Agent, any Lender that is a U.S. Person shall deliver to Borrower and
Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of Borrower or Agent), executed copies of IRS Form W-9
certifying that such Lender is exempt from U.S. federal backup withholding tax; 
 (B)    any Foreign
Lender shall, to the extent it is legally entitled to do so, deliver to Borrower and Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement
(and from time to time thereafter upon the reasonable request of Borrower or Agent), executed copies of the applicable IRS Form W-8, duly completed, together with such supplementary documentation as may be
prescribed by applicable law (or reasonably requested by Borrower, including a customary “non-bank” certificate) to permit Borrower or Agent to determine the withholding or deduction required to be
made; 
 (C)    any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to
Borrower and Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of Borrower
or Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by
applicable law to permit Borrower or Agent to determine the withholding or deduction required to be made; and 

(D)    if a payment made to any Lender under any Loan Document would be subject to U.S. federal
withholding Tax imposed by FATCA if such Recipient were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Internal Revenue Code, as applicable), such Lender
shall deliver to Borrower and Agent at the time or times prescribed by law and at such time or times reasonably requested by Borrower or Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i)
of the Internal Revenue Code) and such additional documentation reasonably requested by the Borrower or the Agent as may be necessary for Borrower or Agent to comply with their obligations under FATCA and to determine that such Lender has complied
with such Lender’s obligations under FATCA or to determine the amount, if any, to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this
Agreement. 
 Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any
respect, it shall update such form or certification or promptly notify Borrower and Agent in writing of its legal inability to do so. 

(h)    If any party determines, in its sole discretion exercised in good faith, that it has received a
refund of any Taxes as to which it has been indemnified pursuant to this Section 2.7 (including by the payment of additional amounts pursuant to this Section 2.7), it shall pay to the indemnifying party an amount equal to such refund

  
 5 

 
(but only to the extent of indemnity payments made under this Section 2.7 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying
party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event
that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event will the indemnified party be required to pay any amount to an indemnifying
party pursuant to this paragraph (h) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to
indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require
any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 

(i)    Survival. Each party’s obligations under this Section 2.7 shall survive the resignation
or replacement of the Agent or any assignment of rights by, or the replacement of, a Lender, termination of this Agreement and the Loan Documents, and the repayment, satisfaction or discharge of all obligations under any Loan Document. 

 

	 	3	 CONDITIONS OF LOANS 

3.1    Conditions Precedent to Initial Credit Extension. Each Lender’s obligation to
make the initial Credit Extension hereunder is subject to the condition precedent that Agent shall have received, in form and substance satisfactory to Agent and the Lenders, such documents, and completion of such other matters, as Agent may
reasonably deem necessary or appropriate, including, without limitation: 
 (a)    duly executed
signatures to the Loan Documents; 
 (b)    duly executed original signatures to the Warrant; 

(c)    the Operating Documents and long-form good standing certificates of Borrower certified by the
Secretary of State of Delaware and each jurisdiction in which Borrower is qualified to conduct business, each as of a date no earlier than thirty (30) days prior to the Effective Date; 

(d)    a secretary’s corporate borrowing certificate of Borrower with respect to Borrower’s
Operating Documents, incumbency and resolutions authorizing the execution and delivery of this Agreement and the other Loan Documents; 

(e)    duly executed signatures to the completed Borrowing Resolutions for Borrower; 

(f)    a subordination agreement from the creditors in connection with the Subordinated Debt Event in
favor of Agent and the Lenders, together with the duly executed signatures thereto; 
 (g)    certified
copies, dated as of a recent date, of financing statement searches, as Agent may request, accompanied by written evidence (including any UCC termination statements) that the Liens indicated in any such financing statements either constitute
Permitted Liens or have been or, in connection with the initial Credit Extension, will be terminated or released; 

(h)    the Perfection Certificate of Borrower, together with the duly executed signature thereto; 

(i)    evidence that the Subordinated Debt Event has occurred; 

(j)    evidence satisfactory to Agent that the insurance policies required by Section 6.5 hereof are
in full force and effect; and 

  
 6 

 (k)    payment of the fees and Lenders’ Expenses
then due as specified in Section 2.4 hereof. 
 3.2    Conditions Precedent to all Credit
Extensions. Each Lender’s obligation to make each Credit Extension, including the initial Credit Extension, is subject to the following conditions precedent: 

(a)    timely receipt by the Lenders of (i) an executed Disbursement Letter; and (ii) an
executed Payment/Advance Form and any materials and documents required by Section 3.4; 

(b)    the representations and warranties in this Agreement shall be true, accurate, and complete in all
material respects on the date of the Disbursement Letter (and the Payment/Advance Form) and on the Funding Date of each Credit Extension; provided, however, that such materiality qualifier shall not be applicable to any representations and
warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material
respects as of such date, and no Event of Default shall have occurred and be continuing or result from the Credit Extension. Each Credit Extension is Borrower’s representation and warranty on that date that the representations and warranties in
this Agreement are true, accurate, and complete in all material respects as of such date; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by
materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date; and 

(c)    Agent and each Lender determine to its reasonable satisfaction that there has not been a Material
Adverse Change. 
 3.3    Covenant to Deliver. Borrower agrees to deliver to Agent and
each Lender each item required to be delivered to Agent and each Lender under this Agreement as a condition precedent to any Credit Extension. Borrower expressly agrees that a Credit Extension made prior to the receipt by Agent and each Lender of
any such item shall not constitute a waiver by Agent or Lenders of Borrower’s obligation to deliver such item, and the making of any Credit Extension in the absence of a required item shall be in each Lender’s sole discretion. 

3.4    Procedures for Borrowing. 

(a)    Term Loan Advances. Subject to the prior satisfaction of all other applicable conditions to
the making of a Credit Extension set forth in this Agreement, to obtain a Credit Extension, Borrower shall notify Agent (which notice shall be irrevocable) by electronic mail, facsimile, or telephone by 12:00 p.m. Pacific time at least five
(5) Business Days before the proposed Funding Date of such Credit Extension. Together with any such electronic or facsimile notification, Borrower shall deliver to Agent by electronic mail or facsimile a completed Disbursement Letter (and
Payment/Advance Form) executed by an Authorized Signer. Agent may rely on any telephone notice given by a person whom Agent reasonably believes is an Authorized Signer. On the Funding Date, Agent shall credit the Credit Extensions to the Designated
Deposit Account. Agent may make Credit Extensions under this Agreement based on instructions from an Authorized Signer or without instructions if the Credit Extensions are necessary to meet Obligations which have become due. 

(b)    Funding. In determining compliance with any condition hereunder to the making of a Credit
Extension that, by its terms, must be fulfilled to the satisfaction of a Lender, Agent may presume that such condition is satisfactory to such Lender unless Agent shall have received notice to the contrary from such Lender prior to the making of
such Credit Extension. Unless Agent shall have been notified in writing by any Lender prior to the date of any Credit Extension, that such Lender will not make the amount that would constitute its share of such borrowing available to Agent, Agent
may assume that such Lender is making such amount available to Agent, and Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If such amount is not made available to Agent by the required time on the
Funding Date therefor, such Lender shall pay to Agent, on demand, such amount with interest thereon, at a rate equal to the greater of (i) the Federal Funds Effective Rate or (ii) a rate determined by Agent in accordance with banking
industry rules on interbank compensation, for the period until such Lender makes such amount immediately available to Agent. If such Lender’s share of such Credit Extension is not made available to Agent by such Lender within five
(5) Business Days after such Funding Date, Agent shall also 

  
 7 

 
be entitled to recover such amount with interest thereon at the rate per annum applicable to the Term Loan Advances, on demand, from Borrower. 

 

	 	4	 CREATION OF SECURITY INTEREST 

4.1    Grant of Security Interest. Borrower hereby grants Agent, for the ratable benefit of
the Lenders, to secure the payment and performance in full of all of the Obligations, a continuing security interest in, and pledges to Agent, for the ratable benefit of the Lenders, the Collateral, wherever located, whether now owned or hereafter
acquired or arising, and all proceeds and products thereof. For clarity, any reference to “Agent’s Lien” or any granting of collateral to Agent in this Agreement or any Loan Document means the Lien granted to Agent for the ratable
benefit of the Lenders. 
 Borrower acknowledges that it previously has entered, and/or may in the future enter, into Bank
Services Agreements with SVB. Regardless of the terms of any Bank Services Agreement, Borrower agrees that any amounts Borrower owes SVB thereunder shall be deemed to be Obligations hereunder and that it is the intent of Borrower and SVB to have all
such Obligations secured by the first priority perfected security interest in the Collateral granted herein (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have superior priority to Agent’s Lien in
this Agreement). 
 If this Agreement is terminated, Agent’s Lien in the Collateral shall continue until the
Obligations (other than inchoate indemnity obligations) are repaid in full in cash. Upon payment in full in cash of the Obligations (other than inchoate indemnity obligations) and at such time as the Lenders’ obligation to make Credit
Extensions has terminated, Agent shall, at the sole cost and expense of Borrower, release its Liens in the Collateral and all rights therein shall revert to Borrower. In the event (x) all Obligations (other than inchoate indemnity obligations),
except for Bank Services, are satisfied in full, and (y) this Agreement is terminated, Agent shall terminate the security interest granted herein upon Borrower providing to SVB cash collateral acceptable to SVB in its good faith business
judgment for Bank Services, if any. In the event such Bank Services consist of outstanding Letters of Credit, Borrower shall provide to SVB cash collateral in an amount equal to (x) if such Letters of Credit are denominated in Dollars, then at
least one hundred five percent (105.0%); and (y) if such Letters of Credit are denominated in a Foreign Currency, then at least one hundred ten percent (110.0%), of the Dollar Equivalent of the face amount of all such Letters of Credit plus, in
each case, all interest, fees, and costs due or to become due in connection therewith (as estimated by SVB in its good faith business judgment), to secure all of the Obligations relating to such Letters of Credit. 

4.2     Priority of Security Interest. Borrower represents, warrants, and covenants that the
security interests granted herein are and shall at all times continue to be a first priority perfected security interests in the Collateral (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have superior
priority to Agent’s Lien under this Agreement). If Borrower shall acquire a commercial tort claim, Borrower shall promptly notify Agent in a writing signed by Borrower of the general details thereof and grant to Agent, for the ratable benefit
of the Lenders, in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to Agent. 

4.3    Authorization to File Financing Statements. Borrower hereby authorizes Agent, on
behalf of the Lenders, to file financing statements, without notice to Borrower, with all appropriate jurisdictions to perfect or protect Agent’s and Lenders’ interest or rights hereunder. 

 

	 	5	 REPRESENTATIONS AND WARRANTIES 

Borrower represents and warrants as follows: 

5.1    Due Organization, Authorization; Power and Authority. Borrower is duly existing and
in good standing as a Registered Organization in its jurisdiction of formation and is qualified and licensed to do business and is in good standing in any jurisdiction in which the conduct of its business or its ownership of property requires that
it be qualified except where the failure to do so could not reasonably be expected to have a material adverse effect on Borrower’s business. In connection with this Agreement, Borrower has delivered to Agent and each Lender a completed
certificate signed by Borrower, entitled “ Perfection Certificate” (the “Perfection Certificate”) (it being understood and agreed that Borrower may from time to time update certain information in the Perfection Certificate

  
 8 

 
after the Effective Date to the extent permitted by one or more specific provisions of this Agreement, and all references in this Agreement to “Perfection Certificate” shall hereinafter
be deemed to be a reference to the new Perfection Certificate). Borrower represents and warrants to Agent and each Lender that (a) Borrower’s exact legal name is that indicated on the Perfection Certificate and on the signature page
hereof; (b) Borrower is an organization of the type and is organized in the jurisdiction set forth in the Perfection Certificate; (c) the Perfection Certificate accurately sets forth Borrower’ s organizational identification number or
accurately states that Borrower has none; (d) the Perfection Certificate accurately sets forth Borrower’s place of business, or, if more than one, its chief executive office as well as Borrower’s mailing address (if different than its
chief executive office); (e) Borrower (and each of its predecessors) has not, in the past five (5) years, changed its jurisdiction of formation, organizational structure or type, or any organizational number assigned by its jurisdiction; and
(f) all other information set forth on the Perfection Certificate pertaining to Borrower and each of its Subsidiaries is accurate and complete in all material respects (it being understood and agreed that Borrower may from time to time update
certain information in the Perfection Certificate after the Effective Date to the extent permitted by one or more specific provisions in this Agreement). If Borrower is not now a Registered Organization but later becomes one, Borrower shall promptly
notify Agent of such occurrence and provide Agent with Borrower’s organizational identification number. 
 The
execution, delivery and performance by Borrower of the Loan Documents to which it is a party have been duly authorized, and do not (i) conflict with any of Borrower’s organizational documents, (ii) contravene, conflict with,
constitute a default under or violate any material Requirement of Law, (iii) contravene, conflict or violate any applicable material order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which
Borrower or any of its Subsidiaries or any of their property or assets may be bound or affected, (iv) require any action by, filing, registration, or qualification with, or Governmental Approval from, any Governmental Authority (except such
Governmental Approvals which have already been obtained and are in full force and effect (or are being obtained pursuant to Section 6.1(b))), or (v) conflict with, contravene, constitute a default or breach under, or result in or permit
the termination or acceleration of, any material agreement by which Borrower is bound. Borrower is not in default under any agreement to which it is a party or by which it is bound in which the default could reasonably be expected to have a material
adverse effect on Borrower’s business. 
 5.2    Collateral. Borrower has good title
to, rights in, and the power to transfer each item of the Collateral upon which it purports to grant a Lien hereunder, free and clear of any and all Liens except Permitted Liens. Borrower has no Collateral Accounts at or with any bank or financial
institution other than SVB or SVB’s Affiliates except for the Collateral Accounts described in the Perfection Certificate delivered to Agent and the Lenders in connection herewith and which Borrower has taken such actions as are necessary to
give Agent, for the ratable benefit of the Lenders, a perfected security interest therein, pursuant to the terms of Section 6.6(b). The Accounts are bona fide, existing obligations of the Account Debtors. 

The Collateral is not in the possession of any third party bailee (such as a warehouse) except as otherwise provided in the
Perfection Certificate or as permitted pursuant to Section 7.2. None of the components of the Collateral shall be maintained at locations other than as provided in the Perfection Certificate or as permitted pursuant to Section 7.2. 

All Inventory is in all material respects of good and marketable quality, free from material defects.    

 Borrower is the sole owner of the Intellectual Property (other than Intellectual Property which is immaterial to
Borrower’s business) which it owns or purports to own except for (a) licenses permitted hereunder, (b) over-the-counter software that is commercially
available to the public, and (c) material Intellectual Property licensed to Borrower in the ordinary course of business and noted on the Perfection Certificate or by giving notice in accordance with this Agreement. Each Patent which it owns or
purports to own and which is material to Borrower’s business is valid and enforceable, and no part of the Intellectual Property which Borrower owns or purports to own and which is material to Borrower’s business has, to the best of its
knowledge, been judged invalid or unenforceable, in whole or in part. To the best of Borrower’s knowledge, no claim has been made that any part of the Intellectual Property violates the rights of any third party except to the extent such claim
would not reasonably be expected to have a material adverse effect on Borrower’s business. 
 Except as noted on the
Perfection Certificate or as disclosed pursuant to Section 6.7(b), Borrower is not a party to, nor is bound by, any Restricted License. 

  
 9 

 5.3    Litigation. Other than those of
which Borrower has notified Agent pursuant to Section 6.2(g), there are no actions or proceedings pending or, to the knowledge of any Responsible Officer, threatened in writing by or against Borrower or any of its Subsidiaries involving more
than, individually or in the aggregate, Five Hundred Thousand Dollars ($500,000.00). 

5.4    Financial Statements; Financial Condition. All consolidated financial statements for
Borrower and any of its Subsidiaries delivered to Agent and the Lenders fairly present in all material respects Borrower’s consolidated financial condition and Borrower’s consolidated results of operations. Other than as disclosed in
writing to Agent, there has not been any material deterioration in Borrower’s consolidated financial condition since the date of the most recent financial statements submitted to Agent and the Lenders. 

5.5    Solvency. The fair salable value of Borrower’s consolidated assets (including
goodwill minus disposition costs) exceeds the fair value of Borrower’s liabilities; Borrower is not left with unreasonably small capital after the transactions in this Agreement; and Borrower is able to pay its debts (including trade debts) as
they mature. 
 5.6    Regulatory Compliance. Borrower is not an “investment
company” or a company “controlled” by an “investment company” under the Investment Company Act of 1940, as amended. Borrower is not engaged as one of its important activities in extending credit for margin stock (under
Regulations X, T and U of the Federal Reserve Board of Governors). Borrower (a) has complied in all material respects with all Requirements of Law, and (b) has not violated any Requirements of Law the violation of which could reasonably be
expected to have a material adverse effect on its business. None of Borrower’s or any of its Subsidiaries’ properties or assets has been used by Borrower or any Subsidiary or, to the best of Borrower’s knowledge, by previous Persons,
in disposing, producing, storing, treating, or transporting any hazardous substance other than legally. Borrower and each of its Subsidiaries have obtained all consents, approvals and authorizations of, made all declarations or filings with, and
given all notices to, all Governmental Authorities that are necessary to continue their respective businesses as currently conducted, except to the extent the failure to do so would not reasonably be expected to have a material adverse effect on
Borrower’s business or operations. 
 5.7    Subsidiaries; Investments. Borrower does
not own any stock, partnership, or other ownership interest or other equity securities except for Permitted Investments. 

5.8    Tax Returns and Payments; Pension Contributions. Borrower and its Subsidiaries have
timely filed (i) all required foreign, federal, and state Tax returns and reports and (ii) all required local Tax returns and reports, except with respect to Taxes not exceeding Fifty Thousand Dollars ($50,000.00) individually or in the
aggregate, and (b) timely paid all foreign, federal, state and local Taxes, assessments, deposits and contributions owed, except (x) to the extent such Taxes are being contested in good faith by appropriate proceedings promptly instituted
and diligently conducted, so long as such reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made therefor, or (y) if such Taxes, assessments, deposits and contributions do not,
individually or in the aggregate, exceed Two Hundred Fifty Thousand Dollars ($250,000.00). 
 To the extent Borrower defers
payment of any contested Taxes, Borrower shall (i) notify Agent in writing of the commencement of, and any material development in, the proceedings, and (ii) post bonds or take any other steps required to prevent the Governmental Authority
levying such contested Taxes from obtaining a Lien upon any of the Collateral that is other than a “Permitted Lien.” Borrower is unaware of any claims or adjustments proposed for any of Borrower’s prior tax years which could
reasonably be expected to result in additional Taxes becoming due and payable by Borrower in excess of Two Hundred Fifty Thousand Dollars ($250,000.00). If and to the extent applicable, Borrower has paid all amounts necessary to fund all present
pension, profit sharing and deferred compensation plans in accordance with their terms, and Borrower has not withdrawn from participation in, and has not permitted partial or complete termination of, or permitted the occurrence of any other event
with respect to, any such plan which could reasonably be expected to result in any liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency. 

5.9    Use of Proceeds. Borrower shall use the proceeds of the Credit Extensions as working
capital and to fund its general business requirements and not for personal, family, household or agricultural purposes. 

  
 10 

 5.10    Full Disclosure. No written
representation, warranty or other statement of Borrower in any certificate or written statement given to Agent or any Lender in connection with the Loan Documents or the transactions contemplated thereby, as of the date such representation,
warranty, or other statement was made, taken together with all such written certificates and written statements given to Agent or any Lender, contains any untrue statement of a material fact or omits to state a material fact necessary to make the
statements contained in the certificates or statements, in light of the circumstances in which they were made, not misleading (it being recognized by Agent and each Lender that the projections and forecasts provided by Borrower in good faith and
based upon reasonable assumptions are not viewed as facts and that actual results during the period or periods covered by such projections and forecasts may differ from the projected or forecasted results). 

5.11    Definition of “Knowledge.” For purposes of the Loan Documents, whenever a
representation or warranty is made to Borrower’s knowledge or awareness, to the “best of” Borrower’s knowledge, or with a similar qualification, knowledge or awareness means the actual knowledge, after reasonable investigation,
of any Responsible Officer. 
  

	 	6	 AFFIRMATIVE COVENANTS 

Borrower shall do all of the following: 

6.1    Government Compliance. 

(a)    Maintain its and (except as permitted by Section 7.3) all its Subsidiaries’ legal
existence and good standing in their respective jurisdictions of formation and maintain qualification in each jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on Borrower’s business
or operations. Borrower shall comply, and have each Subsidiary comply, in all material respects, with all material laws, ordinances and regulations to which it is subject. 

(b)    Obtain all of the Governmental Approvals necessary for the performance by Borrower of its
obligations under the Loan Documents to which it is a party and the grant of a security interest to Agent, for the ratable benefit of the Lenders, in all of the Collateral. Borrower shall promptly provide copies of any such obtained Governmental
Approvals to Agent. 
 6.2    Financial Statements, Reports, Certificates. Provide Agent
and each Lender with the following: 
 (a)    Financial Statements. As soon as available, but no
later than thirty (30) days after the last day of each month, a company prepared consolidated balance sheet and income statement covering Borrower’s consolidated operations for such month certified by a Responsible Officer and in a form of
presentation reasonably acceptable to Agent (the “Financial Statements”); provided, however, upon the occurrence of an IPO, Borrower shall provide the Financial Statements for each of the first three fiscal quarters of each fiscal
year of Borrower as soon as available, but no later than forty-five (45) days after the last day of each fiscal quarter of Borrower consistent with such quarterly financial statements submitted to the SEC; provided that Borrower shall deliver
the Financial Statements for the last fiscal quarter of each fiscal year of Borrower within ninety (90) days after the end of such fiscal quarter; 

(b)    Compliance Certificate. Within thirty (30) days after the last day of each month and
together with the Financial Statements, a duly completed Compliance Certificate signed by a Responsible Officer, certifying that as of the end of such month, Borrower was in full compliance with all of the terms and conditions of this Agreement, and
setting forth calculations showing compliance with the financial covenants (if any) set forth in this Agreement and such other information as Agent or the Lenders may reasonably request; provided, however, upon the occurrence of an IPO, Borrower
shall provide the Compliance Certificate within forty-five (45) days after the last day of each of the first three fiscal quarters of each fiscal year of Borrower and together with the Financial Statements, provided that Borrower shall deliver
the Compliance Certificate for the last fiscal quarter of each fiscal year of Borrower within ninety (90) days after the end of such fiscal quarter; 

  
 11 

 (c)    Board Projections. At least annually, and
in any event no later than within sixty (60) days after the end of each fiscal year of Borrower, and within seven (7) days after any updates or changes thereto, annual Board-approved operating budget and financial projections, in a form of
presentation reasonably acceptable to Agent; 
 (d)    Annual Audited Financial Statements. As
soon as available, but no later than one hundred eighty (180) days after the last day of Borrower’s fiscal year, beginning with Borrower’s fiscal year ending December 31, 2019, audited consolidated financial statements
prepared under GAAP, consistently applied, together with an unqualified opinion (other than a qualification as to going concern typical for venture backed companies similar to Borrower) on the financial statements from an independent certified
public accounting firm reasonably acceptable to Agent; 
 (e)    Other Statements. Within five
(5) days of delivery, copies of all material statements, reports and notices made available to Borrower’s security holders or to any holders of Subordinated Debt; 

(f)    SEC Filings. In the event that Borrower becomes subject to the reporting requirements under
the Exchange Act, within five (5) days of filing, copies of all periodic and other reports, proxy statements and other materials filed by Borrower with the SEC, any Governmental Authority succeeding to any or all of the functions of the SEC or
with any national securities exchange, or distributed to its shareholders, as the case may be. Documents required to be delivered pursuant to the terms hereof (to the extent any such documents are included in materials otherwise filed with the SEC)
may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date on which Borrower posts such documents, or provides a link thereto, on Borrower’s website on the Internet at Borrower’s website
address; provided, however, Borrower shall promptly notify Agent and the Lenders in writing (which may be by electronic mail) of the posting of any such documents; 

(g)    Legal Action Notice. A prompt report of any legal actions pending or threatened in writing
against Borrower or any of its Subsidiaries that could result in damages or costs to Borrower or any of its Subsidiaries of, individually or in the aggregate, Five Hundred Thousand Dollars ($500,000.00) or more; 

(h)    Beneficial Ownership Information. Prompt written notice of any changes to the beneficial
ownership information set out in Section 14 of the Perfection Certificate. Borrower understands and acknowledges that each Lender relies on such true, accurate and
up-to-date beneficial ownership information to meet such Lender’s regulatory obligations to obtain, verify and record information about the beneficial owners of its
legal entity customers; and 
 (i)    Other Financial Information. Other financial information
reasonably requested by Agent or any Lender. 
 6.3    Inventory; Returns. Keep all
Inventory in good and marketable condition, free from material defects. Returns and allowances between Borrower and its Account Debtors shall follow Borrower’s customary practices as they exist at the Effective Date. Borrower must promptly
notify Agent of all returns, recoveries, disputes and claims that involve more than Five Hundred Thousand Dollars ($500,000.00). 

6.4    Taxes; Pensions. Timely file and require each of its Subsidiaries to (a) timely
file (i) all required foreign, federal, and state Tax returns and reports and (ii) all required local Tax returns and reports, except with respect to Taxes not exceeding Fifty Thousand Dollars ($50,000.00) individually or in the aggregate,
and (b) timely pay, and require each of its Subsidiaries to timely pay, all foreign, federal, state and local Taxes, assessments, deposits and contributions owed by Borrower and each of its Subsidiaries, except for (i) any Taxes in an
amount less than Two Hundred Fifty Thousand Dollars ($250,000.00) or (ii) deferred payment of any Taxes contested pursuant to the terms of Section 5.8 hereof or as otherwise permitted in Section 5.8 hereof, and shall deliver to Agent,
on reasonable demand, appropriate certificates attesting to such payments, and pay all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms. 

  
 12 

 6.5    Insurance. 

(a)    Keep its business and the Collateral insured for risks and in amounts standard for companies in
Borrower’s industry and location and as Agent may reasonably request. Insurance policies shall be in a form, with financially sound and reputable insurance companies that are not Affiliates of Borrower, and in amounts that are satisfactory to
Agent. All property policies shall have a lender’s loss payable endorsement showing Agent as the sole lender loss payee. All liability policies shall show, or have endorsements showing, Agent as an additional insured. Agent shall be named as
lender loss payee and/or additional insured with respect to any such insurance providing coverage in respect of any Collateral. 

(b)    Ensure that proceeds payable under any property policy are, at Agent’s option, payable to
Agent for the ratable benefit of the Lenders on account of the Obligations. Notwithstanding the foregoing, (a) so long as no Event of Default has occurred and is continuing, Borrower shall have the option of applying the proceeds of any
casualty policy up to Five Hundred Thousand Dollars ($500,000.00) with respect to any loss, but not exceeding One Million Dollars ($1,000,000.00) in the aggregate for all losses under all casualty policies in any one year, toward the replacement or
repair of destroyed or damaged property; provided that any such replaced or repaired property (i) shall be of equal or like value as the replaced or repaired Collateral and (ii) shall be deemed Collateral in which Agent has been granted a
first priority security interest (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have superior priority to Agent’s Lien in this Agreement), and (b) after the occurrence and during the
continuance of an Event of Default, all proceeds payable under such casualty policy shall, at the option of Agent, be payable to Agent on account of the Obligations. 

(c)    At Agent’s request, Borrower shall deliver certified copies of insurance policies and evidence
of all premium payments. Each provider of any such insurance required under this Section 6.5 shall agree, by endorsement upon the policy or policies issued by it or by independent instruments furnished to Agent, that it will give Agent thirty
(30) days prior written notice before any such policy or policies shall be materially altered or canceled. If Borrower fails to obtain insurance as required under this Section 6.5 or to pay any amount or furnish any required proof of
payment to third persons and Agent, Agent may make all or part of such payment or obtain such insurance policies required in this Section 6.5, and take any action under the policies Agent deems prudent. 

6.6    Operating Accounts. 

(a)    Maintain all of its and all of its Subsidiaries’ cash and Cash Equivalents with SVB and
SVB’s Affiliates. In addition, Borrower shall conduct all of its primary banking facilities with SVB, including, without limitation, letters of credit and business credit cards. 

(b)    Provide Agent five (5) days prior written notice before establishing any Collateral Account at
or with any bank or financial institution other than SVB or SVB’s Affiliates. For each Collateral Account that Borrower at any time maintains, Borrower shall cause the applicable bank or financial institution (other than SVB) at or with which
any Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect Agent’s Lien in such Collateral Account in accordance with the terms hereunder
which Control Agreement may not be terminated without the prior written consent of the Lenders. The provisions of the previous sentence shall not apply to deposit accounts exclusively used for payroll, payroll taxes and other employee wage and
benefit payments to or for the benefit of Borrower’s employees and identified to Agent and the Lenders by Borrower as such. 

6.7    Protection of Intellectual Property Rights. 

(a)    (i) Borrower shall use commercially reasonable efforts, in the exercise of its business judgment,
to: (i) protect, defend and maintain the validity and enforceability of its Intellectual Property that is material to Borrower’s business; (ii) promptly advise Agent in writing of material infringements or any other event that could
reasonably be expected to materially and adversely affect the value of its Intellectual Property that is material to Borrower’s business; and (iii) not allow any Intellectual Property material to Borrower’s business to be abandoned,
forfeited or dedicated to the public without Agent’s written consent. 

  
 13 

 (b)    Provide written notice to Agent within the later
of (i) the then-next Compliance Certificate and (ii) thirty (30) days of entering or becoming bound by any Restricted License (other than over-the-counter
software that is commercially available to the public). Borrower shall take such commercially reasonable steps as Agent reasonably requests to obtain the consent of, or waiver by, any person whose consent or waiver is necessary for (i) any
Restricted License to be deemed “Collateral” and for Agent to have a security interest in it that might otherwise be restricted or prohibited by law or by the terms of any such Restricted License, whether now existing or entered into in
the future, and (ii) Agent to have the ability in the event of a liquidation of any Collateral to dispose of such Collateral in accordance with Agent’s and the Lenders’ rights and remedies under this Agreement and the other Loan
Documents. 
 6.8    Litigation Cooperation. From the date hereof and continuing through
the termination of this Agreement, make available to Agent, without expense to Agent or any Lender, Borrower and its officers, employees and agents and Borrower’s books and records, to the extent that Agent and/or the Lenders may deem them
reasonably necessary to prosecute or defend any third-party suit or proceeding instituted by or against Agent and/or any Lender with respect to any Collateral or relating to Borrower. 

6.9    Access to Collateral; Books and Records. Allow Agent, or its agents, at reasonable
times, on three (3) Business Days’ notice (provided no notice is required if an Event of Default has occurred and is continuing), to inspect the Collateral and audit and copy Borrower’ Books. The foregoing inspections and audits shall
be conducted no more often than once every twelve (12) months unless an Event of Default has occurred and is continuing in which case such inspections and audits shall occur as often as Agent shall determine is necessary. The foregoing
inspections and audits shall be at Borrower’ expense and the charge therefor shall be One Thousand Dollars ($1,000.00) per person per day (or such higher amount as shall represent Agent’s then-current standard charge for the same), plus
reasonable and documented out-of-pocket expenses. In the event Borrower and Agent schedule an audit more than eight (8) days in advance, and Borrower cancels or
seeks to reschedule the audit with less than eight (8) days written notice to Agent, then (without limiting any of Agent’s or any Lender’s rights or remedies) Borrower shall pay Agent a fee of Two Thousand Dollars ($2,000.00) plus any
reasonable and documented out-of-pocket expenses incurred by Agent to compensate Agent for the anticipated costs and expenses of the cancellation or rescheduling. 

6.10    Further Assurances. Execute any further instruments and take further action as Agent
and the Lenders reasonably request to perfect or continue Agent’s Lien in the Collateral or to effect the purposes of this Agreement. Deliver to Agent and the Lenders, within five (5) days after the same are sent or received, copies of all
correspondence, reports, documents and other filings with any Governmental Authority regarding compliance with or maintenance of Governmental Approvals or Requirements of Law or that could reasonably be expected to have a material effect on any of
the Governmental Approvals or otherwise on the operations of Borrower or any of its Subsidiaries. 

6.11    Post-Closing Conditions. Within thirty (30) days of the Effective Date, deliver
to Agent evidence satisfactory to Agent that the insurance endorsements required by Section 6.5 hereof are in full force and effect, together with appropriate evidence showing lender loss payable and/or additional insured clauses or
endorsements in favor of Agent. 
 6.12    Formation or Acquisition of Subsidiaries.
Notwithstanding and without limiting the negative covenants contained in Sections 7.3 and 7.7 hereof, at the time that Borrower forms any direct or indirect Subsidiary or acquires any direct or indirect Subsidiary after the Effective Date
(including, without limitation, pursuant to a Division), Borrower shall (a) cause such new Subsidiary to provide to Agent a joinder to this Agreement to become a co-borrower hereunder, together with such
appropriate financing statements and/or Control Agreements, all in form and substance satisfactory to Agent (including being sufficient to grant Agent a first priority Lien, for the ratable benefit of the Lenders, (subject to Permitted Liens) in and
to the assets of such newly formed or acquired Subsidiary), provided that any Foreign Subsidiary shall not be required to become a co-borrower or secured guarantor, (b) provide to Agent appropriate
certificates and powers and financing statements, pledging all of the direct or beneficial ownership interest in such new Subsidiary, in form and substance satisfactory to Agent, provided that, with respect to stock, units, or other evidence of
ownership held by Borrower in such Foreign Subsidiary, Borrower shall not be required to grant or pledge a security interest to Agent in more than sixty-five percent (65.0%) of such stock, units, or other evidence of ownership held by Borrower in
such Foreign Subsidiary, and (c) provide to Agent all other documentation in form and substance satisfactory to Agent, including one or more opinions of counsel satisfactory to 

  
 14 

 
Agent, which in its opinion is appropriate with respect to the execution and delivery of the applicable documentation referred to above. Any document, agreement, or instrument executed or issued
pursuant to this Section 6.12 shall be a Loan Document. 
  

	 	7	 NEGATIVE COVENANTS 

Borrower shall not do any of the following without the prior written consent of the Lenders: 

7.1    Dispositions. Convey, sell, lease, transfer, assign, or otherwise dispose of
(including, without limitation, pursuant to a Division) (collectively, “Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of its business or property, except for Transfers (a) of Inventory in the
ordinary course of business; (b) of worn-out, obsolete or surplus Equipment that is, in the reasonable judgment of Borrower, no longer economically practicable to maintain or useful in the ordinary course
of business of Borrower; (c) consisting of Permitted Liens, Permitted Indebtedness, and Permitted Investments; (d) consisting of the sale or issuance of any stock of Borrower permitted under Section 7.2 of this Agreement;
(e) consisting of Borrower’s use or transfer of money or Cash Equivalents in a manner that is not prohibited by the terms of this Agreement or the other Loan Documents; (f) of (i) non-exclusive
licenses for the use of the property of Borrower or its Subsidiaries in the ordinary course of business, and (ii) licenses that could not result in a legal transfer of title of the licensed property but that may be exclusive as to limited
fields of use for commercialization, sales and marketing purposes, geographic territories outside of the United States and/or time periods in the ordinary course of business; (g) to Borrower from any of its Subsidiaries; (h) consisting of
the abandonment, forfeiture or dedication to the public of any Intellectual Property immaterial to Borrower’s business; and (i) of other property not to exceed Five Hundred Thousand Dollars ($500,000.00) in any twelve (12) month
period. 
 7.2    Changes in Business, Management, Control, or Business Locations.
(a) Engage in or permit any of its Subsidiaries to engage in any business other than the businesses currently engaged in by Borrower and such Subsidiary, as applicable, or reasonably related thereto; (b) liquidate or dissolve;
(c) fail to provide notice to Agent and Lenders of any Key Person departing from or ceasing to be employed by Borrower within five (5) days after such Key Person’s departure from Borrower; or (d) permit or suffer any Change in
Control. 
 Borrower shall not, without at least ten (10) days prior written notice to Agent: (1) add any new
offices or business locations, including warehouses (unless such new offices or business locations contain less than Five Hundred Thousand Dollars ($500,000.00) in Borrower’s assets or property) or deliver any portion of the Collateral valued,
individually or in the aggregate, in excess of Seven Hundred Fifty Thousand Dollars ($750,000.00) to a bailee at a location other than to a bailee and at a location already disclosed in the Perfection Certificate, (2) change its jurisdiction of
organization, (3) change its organizational structure or type, (4) change its legal name, or (5) change any organizational number (if any) assigned by its jurisdiction of organization. If Borrower intends to add any new offices or
business locations, including warehouses, containing in excess of Five Hundred Thousand Dollars ($500,000.00) of Borrower’s assets or property, then Borrower shall cause the landlord of any such new offices or business locations, including
warehouses, to execute and deliver a landlord consent in form and substance satisfactory to Agent. If Borrower intends to deliver any portion of the Collateral valued, individually or in the aggregate, in excess of Seven Hundred Fifty Thousand
Dollars ($750,000.00) to a bailee, and Agent and such bailee are not already parties to a bailee agreement governing both the Collateral and the location to which Borrower intends to deliver the Collateral, then Borrower shall cause such bailee to
execute and deliver a bailee agreement in form and substance satisfactory to Agent. 

7.3    Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to
merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person (including, without limitation, by the formation of any Subsidiary or
pursuant to a Division). A Subsidiary may merge or consolidate into another Subsidiary or into Borrower. 

7.4    Indebtedness. Create, incur, assume, or be liable for any Indebtedness, or permit any
Subsidiary to do so, other than Permitted Indebtedness. 
 7.5    Encumbrance. Create,
incur, allow, or suffer any Lien on any of its property, or assign or convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens, permit any Collateral not to be
subject to the first priority security interest granted herein, or enter 

  
 15 

 
into any agreement, document, instrument or other arrangement (except with or in favor of Agent, for the ratable benefit of the Lenders) with any Person which directly or indirectly prohibits or
has the effect of prohibiting Borrower or any Subsidiary from assigning, mortgaging, pledging, granting a security interest in or upon, or encumbering any of Borrower’s or any Subsidiary’s Intellectual Property, except as is otherwise
permitted in Section 7.1 hereof and the definition of “Permitted Liens” herein. 

7.6    Maintenance of Collateral Accounts. Maintain any Collateral Account except pursuant
to the terms of Section 6.6(b) hereof. 
 7.7    Distributions; Investments.
(a) Pay any dividends or make any distribution or payment or redeem, retire or purchase any capital stock provided that Borrower may (i) convert any of its convertible securities into other securities pursuant to the terms of such
convertible securities or otherwise in exchange thereof, (ii) pay dividends solely in common stock, (iii) repurchase the stock of former employees, directors, officers, or consultants pursuant to stock option or stock repurchase agreements
so long as an Event of Default does not exist at the time of any such repurchase and would not exist after giving effect to any such repurchase, provided that the aggregate amount of all such repurchases does not exceed One Million Dollars
($1,000,000.00) per fiscal year, (iv) make purchases of capital stock arising out of capital stock in connection with the exercise of stock options or stock appreciation by way of a cashless exercise, or (v) make cash payments in an amount
not to exceed One Hundred Fifty Thousand Dollars ($150,000.00) in the aggregate per fiscal year in lieu of the issuance of fractional shares upon the conversion of convertible securities, stock splits, stock combinations, or business combinations;
or (b) directly or indirectly make any Investment (including, without limitation, by the formation of any Subsidiary) other than Permitted Investments, or permit any of its Subsidiaries to do so. Notwithstanding the foregoing, Subsidiaries of
Borrower shall be permitted to pay dividends to Borrower or any of its Subsidiaries or make distributions to Borrower or any of its Subsidiaries. 

7.8    Transactions with Affiliates. Directly or indirectly enter into or permit to exist
any material transaction with any Affiliate of Borrower, except for (a) transactions that are in the ordinary course of Borrower’s business or are otherwise permitted under this Agreement, upon fair and reasonable terms that are no less
favorable to Borrower than would be obtained in an arm’s length transaction with a non-affiliated Person, (b) Subordinated Debt or equity financings with investors in Borrower for capital raising
purposes, (c) reasonable and customary compensation-related transactions in the ordinary course of business or otherwise as approved by the Board or by Agent, and (d) distributions of the type described in and permitted under
Section 7.7. 
 7.9    Subordinated Debt. (a) Make or permit any payment on any
Subordinated Debt, except under the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating to the Subordinated Debt which would
increase the amount thereof owed by Borrower, provide for earlier or greater principal, interest, or other payments thereon, or adversely affect the subordination thereof to Obligations owed to Agent and the Lenders. 

7.10    Compliance. Become an “investment company” or a company controlled by an
“investment company”, under the Investment Company Act of 1940, as amended, or undertake as one of its important activities extending credit to purchase or carry margin stock (as defined in Regulation U of the Board of Governors of the
Federal Reserve System), or use the proceeds of any Credit Extension for that purpose; fail to (a) meet the minimum funding requirements of ERISA, (b) prevent a Reportable Event or Prohibited Transaction, as defined in ERISA, from
occurring, or (c) comply with the Federal Fair Labor Standards Act, the failure of any of the conditions described in clauses (a) through (c) which could reasonably be expected to have a material adverse effect on Borrower’s business;
or violate any other law or regulation, if the violation could reasonably be expected to have a material adverse effect on Borrower’s business, or permit any of its Subsidiaries to do so; withdraw or permit any Subsidiary to withdraw from
participation in, permit partial or complete termination of, or permit the occurrence of any other event with respect to, any present pension, profit sharing and deferred compensation plan which could reasonably be expected to result in any
liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency. 

  
 16 

	 	8	 EVENTS OF DEFAULT 

Any one of the following shall constitute an event of default (an “Event of Default”) under this Agreement:

 8.1    Payment Default. Borrower fails to (a) make any payment of principal or
interest on any Credit Extension when due, or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day cure period shall not apply to payments due on the
Term Loan Maturity Date). During the cure period, the failure to make or pay any payment specified under clause (b) hereunder is not an Event of Default (but no Credit Extension will be made during the cure period); 

8.2    Covenant Default. 

(a)    Borrower fails or neglects to perform any obligation in Sections 6.2, 6.4, 6.5, 6.6, 6.7(b), 6.11,
or 6.12, or violates any covenant in Section 7; or 
 (b)    Borrower fails or neglects to perform,
keep, or observe any other term, provision, condition, covenant or agreement contained in this Agreement or any Loan Documents, and as to any default (other than those specified in this Section 8) under such other term, provision, condition,
covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after
diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to
attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Cure periods provided under this section
shall not apply, among other things, to financial covenants or any other covenants set forth in clause (a) above; 

8.3    Material Adverse Change. A Material Adverse Change occurs; 

8.4    Attachment; Levy; Restraint on Business. 

(a)    (i) The service of process seeking to attach, by trustee or similar process, any funds of Borrower
or of any entity under the control of Borrower (including a Subsidiary), or (ii) a notice of lien or levy is filed against any of Borrower’s assets by any Governmental Authority, and the same under subclauses (i) and (ii) hereof are
not, within ten (10) days after the occurrence thereof, discharged or stayed (whether through the posting of a bond or otherwise); provided, however, no Credit Extensions shall be made during any ten (10) day cure period; or 

(b)    (i) any material portion of Borrower’s assets is attached, seized, levied on, or comes into
possession of a trustee or receiver, or (ii) any court order enjoins, restrains, or prevents Borrower from conducting all or any material part of its business; 

8.5    Insolvency. (a) Borrower is unable to pay its debts (including trade debts) as
they become due or otherwise becomes insolvent; (b) Borrower begins an Insolvency Proceeding; or (c) an Insolvency Proceeding is begun against Borrower and is not dismissed or stayed within forty-five (45) days (but no Credit
Extensions shall be made while any of the conditions described in clause (a) exist and/or until any Insolvency Proceeding is dismissed); 

8.6    Other Agreements. There is, under any agreement to which Borrower is a party with a
third party or parties, (a) any default resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an amount individually or in the aggregate in excess of Five Hundred
Thousand Dollars ($500,000.00); or (b) any breach or default by Borrower, the result of which could have a material adverse effect on Borrower’s business; 

8.7    Judgments; Penalties. One or more fines, penalties or final judgments, orders or
decrees for the payment of money in an amount, individually or in the aggregate, of at least Five Hundred Thousand Dollars ($500,000.00) (not covered by independent third-party insurance as to which liability has been accepted by such insurance
carrier) shall be rendered against Borrower by any Governmental Authority, and the same are not, within 

  
 17 

 
ten (10) days after the entry, assessment or issuance thereof, discharged, satisfied, or paid, or after execution thereof, stayed or bonded pending appeal, or such judgments are not
discharged prior to the expiration of any such stay (provided that no Credit Extensions will be made prior to the satisfaction, payment, discharge, stay, or bonding of such fine, penalty, judgment, order or decree); 

8.8    Misrepresentations. Borrower or any Person acting for Borrower makes any
representation, warranty, or other statement now or later in this Agreement, any Loan Document or in any writing delivered to Agent or any Lender in connection with or to induce Agent or any Lender to enter this Agreement or any Loan Document, and
such representation, warranty, or other statement is incorrect in any material respect when made; 

8.9    Subordinated Debt. The Obligations shall for any reason be subordinated or shall not
have the priority contemplated by this Agreement or any applicable subordination or intercreditor agreement; or 

8.10    Governmental Approvals. Any Governmental Approval shall have been (a) revoked,
rescinded, suspended, modified in an adverse manner or not renewed in the ordinary course for a full term or (b) subject to any decision by a Governmental Authority that designates a hearing with respect to any applications for renewal of any
of such Governmental Approval or that could reasonably be expected to result in the Governmental Authority taking any of the actions described in clause (a) above, and such decision or such revocation, rescission, suspension, modification or non-renewal (i) cause, or could reasonably be expected to cause, a Material Adverse Change, or (ii) materially adversely affects the legal qualifications of Borrower or any of its Subsidiaries to hold
such Governmental Approval in any applicable jurisdiction and such revocation, rescission, suspension, modification or non-renewal could reasonably be expected to affect the status of or legal qualifications
of Borrower or any of its Subsidiaries to hold any Governmental Approval in any other jurisdiction. 
  

	 	9	 RIGHTS AND REMEDIES 

9.1    Rights and Remedies. Upon the occurrence and during the continuance of an Event of
Default, Agent, as directed by each Lender in accordance with the Lender Intercreditor Agreement or, if such rights and remedies are not addressed in the Lender Intercreditor Agreement, as directed by a majority of the Lenders, may, without notice
or demand, do any or all of the following, to the extent not prohibited by applicable law: 

(a)    declare all Obligations immediately due and payable (but if an Event of Default described in
Section 8.5 occurs all Obligations are immediately due and payable without any action by Agent or any Lender); 

(b)    stop advancing money or extending credit for Borrower’s benefit under this Agreement or under
any other agreement among Borrower, Agent, and/or any Lenders; 
 (c)    demand that Borrower
(i) deposit cash with SVB in an amount equal to at least (A) one hundred five percent (105.0%) of the Dollar Equivalent of the aggregate face amount of all Letters of Credit denominated in Dollars remaining undrawn, and (B) one
hundred ten percent (110.0%) of the Dollar Equivalent of the aggregate face amount of all Letters of Credit denominated in a Foreign Currency remaining undrawn (plus, in each case, all interest, fees, and costs due or to become due in connection
therewith (as estimated by SVB in its good faith business judgment)), to secure all of the Obligations relating to such Letters of Credit, as collateral security for the repayment of any future drawings under such Letters of Credit, and Borrower
shall forthwith deposit and pay such amounts, and (ii) pay in advance all letter of credit fees scheduled to be paid or payable over the remaining term of any Letters of Credit; 

(d)    terminate any FX Contracts; 

(e)    verify the amount of, demand payment of and performance under, and collect any Accounts and General
Intangibles, settle or adjust disputes and claims directly with Account Debtors for amounts on terms and in any order that Agent and/or the Lenders consider advisable, and notify any Person owing Borrower money of Agent’s security interest in
such funds. Upon the occurrence of an Event of Default, Borrower shall collect all payments in trust for Agent, for the ratable benefit of the Lenders and, if requested by Agent, immediately deliver the

  
 18 

 
payments to Agent, for the ratable benefit of the Lenders in the form received from the Account Debtor, with proper endorsements for deposit; 

(f)    make any payments and do any acts Agent or any Lender considers necessary or reasonable to protect
the Collateral and/or its security interest in the Collateral. Borrower shall assemble the Collateral if Agent requests and make it available as Agent designates at any location that is reasonably convenient to Agent and Borrower. Agent may enter
premises where the Collateral is located, take and maintain possession of any part of the Collateral, and pay, purchase, contest, or compromise any Lien which appears to be prior or superior to its security interest and pay all expenses incurred.
Borrower grants Agent a license to enter and occupy any of its premises, without charge, to exercise any of Agent’s rights or remedies; 

(g)    apply to the Obligations (i) any balances and deposits of Borrower it holds, or (ii) any
amount held by Agent owing to or for the credit or the account of Borrower; 
 (h)    ship, reclaim,
recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell the Collateral. Agent, for the benefit of the Lenders is hereby granted a non-exclusive, royalty-free license or other
right to use, without charge, Borrower’s labels, Patents, Copyrights, mask works, rights of use of any name, trade secrets, trade names, Trademarks, and advertising matter, or any similar property as it pertains to the Collateral, in completing
production of, advertising for sale, and selling any Collateral and, in connection with Agent’s exercise of its rights under this Section, Borrower’s rights under all licenses and all franchise agreements inure to Agent, for the ratable
benefit of the Lenders; 
 (i)    place a “hold” on any account maintained with SVB and/or
deliver a notice of exclusive control, any entitlement order, or other directions or instructions pursuant to any Control Agreement or similar agreements providing control of any Collateral; 

(j)    demand and receive possession of Borrower’s Books; and 

(k)    exercise all rights and remedies available to Agent and the Lenders under the Loan Documents or at
law or equity, including all remedies provided under the Code (including disposal of the Collateral pursuant to the terms thereof). 

9.2    Power of Attorney. Borrower hereby irrevocably appoints Agent, for the benefit of the
Lenders, as its lawful attorney-in-fact, exercisable upon the occurrence and during the continuance of an Event of Default, to: (a) endorse Borrower’s name on
any checks or other forms of payment or security; (b) sign Borrower’s name on any invoice or bill of lading for any Account or drafts against Account Debtors; (c) settle and adjust disputes and claims about the Accounts directly with
Account Debtors, for amounts and on terms Agent determines reasonable; (d) make, settle, and adjust all claims under Borrower’s insurance policies; (e) pay, contest or settle any Lien, charge, encumbrance, security interest, and
adverse claim in or to the Collateral, or any judgment based thereon, or otherwise take any action to terminate or discharge the same; and (f) transfer the Collateral into the name of Agent or a third party as the Code permits. Borrower hereby
appoints Agent as its lawful attorney-in-fact to sign Borrower’s name on any documents necessary to perfect or continue the perfection of Agent’s security
interest in the Collateral regardless of whether an Event of Default has occurred until all Obligations have been satisfied in full and Lenders are under no further obligation to make Credit Extensions hereunder. Agent’s foregoing appointment
as Borrower’s attorney in fact, and all of Agent’s rights and powers, coupled with an interest, are irrevocable until all Obligations have been fully repaid and performed and each Lender’s obligation to provide Credit Extensions
terminates. 
 9.3    Protective Payments. If Borrower fails to obtain the insurance
called for by Section 6.5 or fails to pay any premium thereon or fails to pay any other amount which Borrower is obligated to pay under this Agreement or any other Loan Document or which may be required to preserve the Collateral, Agent may
obtain such insurance or make such payment, and all amounts so paid by Agent are Lenders’ Expenses and immediately due and payable, bearing interest at the then highest rate applicable to the Obligations, and secured by the Collateral. Agent
will make reasonable efforts to provide Borrower with notice of Agent obtaining such insurance at the time it is obtained or within a reasonable time thereafter. No payments by Agent are deemed an agreement to make similar payments in the future or
Agent’s and/or Lender’s waiver of any Event of Default. 

  
 19 

 9.4    Application of Payments and Proceeds
Upon Default. If an Event of Default has occurred and is continuing, Agent shall have the right to apply in any order any funds in its possession, whether from Borrower’s account balances, payments, proceeds realized as the result of any
collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations. Agent shall pay any surplus to Borrower by credit to the Designated Deposit Account or to other Persons legally entitled thereto; Borrower shall remain
liable to Agent and the Lenders for any deficiency. If Agent, directly or indirectly, enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, Agent shall have the option, exercisable at any time, of
either reducing the Obligations by the principal amount of the purchase price or deferring the reduction of the Obligations until the actual receipt by Agent of cash therefor. 

9.5    Liability for Collateral. So long as Agent and Lenders comply with reasonable banking
practices regarding the safekeeping of the Collateral in their possession or under the control of Agent and/or Lenders, Agent and Lenders shall not be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage
to the Collateral; (c) any diminution in the value of the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other Person. Borrower bears all risk of loss, damage or destruction of the Collateral. 

9.6    No Waiver; Remedies Cumulative. Agent’s and any Lender’s failure, at any
time or times, to require strict performance by Borrower of any provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any right of Agent or any Lender thereafter to demand strict performance and compliance
herewith or therewith. No waiver hereunder shall be effective unless signed by the party granting the waiver and then is only effective for the specific instance and purpose for which it is given. Agent’s and each Lender’s rights and
remedies under this Agreement and the other Loan Documents are cumulative. Agent and each Lender have all rights and remedies provided under the Code, by law, or in equity. Agent’s or any Lender’s exercise of one right or remedy is not an
election and shall not preclude Agent or any Lender from exercising any other remedy under this Agreement or any other Loan Document or other remedy available at law or in equity, and Agent’s or any Lender’s waiver of any Event of Default
is not a continuing waiver. Agent’s or any Lender’s delay in exercising any remedy is not a waiver, election, or acquiescence. 

9.7    Demand Waiver. Borrower waives demand, notice of default or dishonor, notice of
payment and nonpayment, notice of any default, nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees held by Agent on which Borrower is liable. 

 

	 	10	 AGENT 

10.1    Appointment and Authority. 

(a)    Each Lender hereby irrevocably appoints SVB to act on its behalf as Agent hereunder and under the
other Loan Documents and authorizes Agent to take such actions on its behalf and to exercise such powers as are delegated to Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. 

(b)    The provisions of this Section 10 are solely for the benefit of Agent and Lenders, and
Borrower shall not have rights as a third party beneficiary of any of such provisions. Notwithstanding any provision to the contrary elsewhere in this Agreement, Agent shall not have any duties or responsibilities to any Lender or any other Person,
except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or
otherwise exist against Agent. 
 10.2    Delegation of Duties. Agent may perform any and
all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by Agent. Agent and any such
sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Indemnified Persons. The exculpatory provisions of this Section 10.2 shall apply to any
such sub-agent and to the Indemnified Persons of Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the
credit facilities provided for herein as well as activities as Agent. 

  
 20 

 10.3    Exculpatory Provisions. Agent
shall have no duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, Agent shall not: 

(a)    be subject to any fiduciary, trust, agency or other similar duties, regardless of whether any Event
of Default has occurred and is continuing; 
 (b)    have any duty to take any discretionary action or
exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that Agent is required to exercise as directed in writing by the Lenders, as applicable; provided
that Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose Agent to liability or that is contrary to any Loan Document or applicable law; and 

(c)    except as expressly set forth herein and in the other Loan Documents, have any duty to disclose,
and Agent shall not be liable for the failure to disclose, any information relating to Borrower or any of its Affiliates that is communicated to or obtained by any Person serving as Agent or any of its Affiliates in any capacity. 

Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Lenders
(or as Agent shall believe in good faith shall be necessary, under the circumstances as provided in Section 13.7) or (ii) in the absence of its own gross negligence or willful misconduct. 

Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or
representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement,
any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Section 3 or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to Agent.

 10.4    Reliance by Agent. Agent shall be entitled to rely upon, and shall not incur
any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, internet or intranet website posting or other distribution) believed by it to be genuine
and to have been signed, sent or otherwise authenticated by the proper Person. Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for
relying thereon. Agent may consult with legal counsel (who may be counsel for Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any
such counsel, accountants or experts. In determining compliance with any condition hereunder to the making of a Credit Extension that, by its terms, must be fulfilled to the satisfaction of a Lender, Agent may presume that such condition is
satisfactory to such Lender unless Agent shall have received notice to the contrary from such Lender prior to the making of such Credit Extension. Agent shall in all cases be fully protected in acting, or in refraining from acting, under this
Agreement and the other Loan Documents in accordance with a request of the Lenders, and such request and any action taken or failure to act pursuant thereto shall be binding upon Lenders and all future holders of the Credit Extensions. 

10.5    Notice of Default. Agent shall not be deemed to have knowledge or notice of the
occurrence of any Event of Default (except with respect to defaults in the payment of principal, interest or fees required to be paid to Agent for the account of Lenders), unless Agent has received notice from a Lender or Borrower referring to this
Agreement, describing such Event of Default and stating that such notice is a “notice of default”. In the event that Agent receives such a notice, Agent shall give notice thereof to Lenders. Agent shall take such action with respect to
such Event of Default as shall be reasonably directed by the Lenders. 
 10.6    Non-Reliance on Agent and Other Lenders. Each Lender expressly acknowledges that neither Agent nor any of its officers, directors, employees, agents, attorneys in fact or affiliates has made any representations
or warranties to it and that no act by Agent hereafter taken, including any review of the affairs of a Group Member or any Affiliate of a Group Member, shall be deemed to constitute any representation or warranty by Agent to any Lender. Each Lender
represents to Agent that it has, independently and without reliance upon Agent or any other Lender, and 

  
 21 

 
based on such documents and information as it has deemed appropriate, made its own appraisal of, and investigation into, the business, operations, property, financial and other condition and
creditworthiness of the Group Members and their Affiliates and made its own decision to make its Credit Extensions hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon Agent or
any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan
Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Group Members and their Affiliates. Except for notices, reports and
other documents expressly required to be furnished to Lenders by Agent hereunder, Agent shall have no duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, condition
(financial or otherwise), prospects or creditworthiness of any Group Member or any Affiliate of a Group Member that may come into the possession of Agent or any of its officers, directors, employees, agents, attorneys in fact or Affiliates. 

10.7    Indemnification. Each Lender agrees to indemnify Agent in its capacity as such (to
the extent not reimbursed by Borrower and without limiting the obligation of Borrower to do so in accordance with the terms hereof, according to its Term Loan Commitment Percentage in effect on the date on which indemnification is sought under this
Section 10.7 (or, if indemnification is sought after the date upon which the Commitments shall have terminated and the Obligations shall have been paid in full, in accordance with its Term Loan Commitment Percentage immediately prior to such
date), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Credit
Extensions) be imposed on, incurred by or asserted against Agent in any way relating to or arising out of, the Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the
transactions contemplated hereby or thereby or any action taken or omitted by Agent under or in connection with any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted primarily from Agent’s gross negligence or willful
misconduct. The agreements in this Section shall survive the payment of the Credit Extensions and all other amounts payable hereunder. 

10.8    Agent in Its Individual Capacity. The Person serving as Agent hereunder shall have
the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context
otherwise requires, include each such Person serving as Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and
generally engage in any kind of business with Borrower, any Guarantor or any Subsidiary or other Affiliate thereof as if such Person were not Agent hereunder and without any duty to account therefor to Lenders. 

10.9    Successor Agent. Agent may at any time give notice of its resignation to Lenders and
Borrower, which resignation shall not be effective until the time at which (a) the majority of the Lenders have delivered to Agent their written consent to such resignation and (b) prior to the occurrence of an Event of Default, Borrower
has delivered to Agent its written consent to such resignation, which consent shall not be unreasonably withheld or delayed. Upon receipt of any such notice of resignation, the Lenders shall have the right, in consultation with Borrower, to appoint
a successor, which shall be a financial institution with an office in the State of California, or an Affiliate of any such bank with an office in the State of California. If no such successor shall have been so appointed by the Lenders and shall
have accepted such appointment within thirty (30) days after the retiring Agent has received the written consent of the majority of the Lenders to such resignation, then the retiring Agent may on behalf of Lenders, appoint a successor Agent
meeting the qualifications set forth above; provided that in no event shall any such successor Agent be a Defaulting Lender and provided further that if the retiring Agent shall notify Borrower and Lenders that no qualifying Person has accepted such
appointment, then such resignation shall nonetheless become effective in accordance with such notice and (1) the retiring Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the
case of any collateral security held by Agent on behalf of the Lenders under any of the Loan Documents, the retiring Agent shall continue to hold such collateral security until such time as a successor Agent is appointed and such collateral security
is assigned to such successor Agent) and (2) all payments, communications and determinations provided to be made by, to or through Agent shall instead be made by or to each Lender directly, until such time as the Lenders appoint a successor
Agent as provided for above in this 

  
 22 

 
Section 10.9. Upon the acceptance of a successor’s appointment as Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and
duties of the retiring (or retired) Agent, and the retiring Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this
Section 10.9). The fees payable by Borrower to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Agent’s resignation hereunder and
under the other Loan Documents, the provisions of this Section 10 shall continue in effect for the benefit of such retiring Agent, its sub-agents and their respective Indemnified Persons in respect of any
actions taken or omitted to be taken by any of them while the retiring Agent was acting as Agent. 

10.10    Defaulting Lender. 

(a)    Defaulting Lender Adjustments. Notwithstanding anything to the contrary contained in this
Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law: 

(i)    Waivers and Amendments. Such Defaulting Lender’s right to approve or
disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as long as said Lender is a Defaulting Lender. 

(ii)    Defaulting Lender Waterfall. Any payment of principal, interest, fees or
other amounts received by the Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 8 or otherwise, and including any amounts made available to the Agent by such Defaulting Lender
pursuant to Section 13.10), shall be applied at such time or times as may be determined by the Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Agent hereunder; second, as the Borrower
may request (so long as no Event of Default exists), to the funding of any Term Loan Advance in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Agent; third,
if so determined by the Agent and Borrower, to be held in a Deposit Account and released pro rata to satisfy such Defaulting Lender’s potential future funding obligations with respect to Term Loan Advances under this Agreement; fourth,
so long as no Event of Default has occurred and is continuing, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result
of such Defaulting Lender’s breach of its obligations under this Agreement; and fifth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (A) such payment is a payment of
the principal amount of any Term Loan Advances in respect of which such Defaulting Lender has not fully funded its appropriate share and (B) such Term Loan Advances were made at a time when the conditions set forth in Section 3.1 were
satisfied or waived, such payment shall be applied solely to pay the Term Loan Advances of all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Term Loan Advances
of such Defaulting Lender until such time as all Term Loan Advances are held by the Lenders pro rata in accordance with the Term Loan Commitments under this Agreement. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender
that are applied (or held) to pay amounts owed by a Defaulting Lender pursuant to this Section 10.10(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 

(iii)    Certain Fees. No Defaulting Lender shall be entitled to receive any fee
pursuant to Section 2.4(a) or Section 2.4(b) for any period during which such Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to such
Defaulting Lender). 
 (b)    Defaulting Lender Cure. If Borrower and Agent agree in writing that
a Lender is no longer a Defaulting Lender, Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice 

  
 23 

 
and subject to any conditions set forth therein, such Lender will, to the extent applicable, purchase at par that portion of outstanding Term Loan Advances of the other Lenders or take such other
actions as Agent may determine to be necessary to cause the Term Loan Advances to be held on a pro rata basis by the Lenders in accordance with their respective Term Loan Commitment Percentages, whereupon such Lender will cease to be a
Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of Borrower while such Lender was a Defaulting Lender; and provided further that, except to
the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from such Lender having been a Defaulting Lender.

 (c)    Termination of Defaulting Lender. The Borrower may terminate the unused amount of the
Term Loan Commitment of any Lender that is a Defaulting Lender upon not less than ten (10) Business Days’ prior notice to Agent (which shall promptly notify the Lenders thereof), and in such event the provisions of
Section 10.10(a)(ii) will apply to all amounts thereafter paid by Borrower for the account of such Defaulting Lender under this Agreement (whether on account of principal, interest, fees, indemnity or other amounts); provided that
(i) no Event of Default shall have occurred and be continuing, and (ii) such termination shall not be deemed to be a waiver or release of any claim Borrower, Agent or any Lender may have against such Defaulting Lender. 

(d)    If the Person serving as Agent is a Defaulting Lender pursuant to clause (d) of the definition
thereof, the non-Defaulting Lenders may, to the extent permitted by applicable law, by notice in writing to Borrower and such Person, remove such Person as Agent and, in consultation with Borrower, appoint a
successor. If no such successor shall have been so appointed by the non-Defaulting Lenders and shall have accepted such appointment within thirty (30) days (or such earlier day as shall be agreed by the non-Defaulting Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date. 

 

	 	11	 NOTICES 

All notices, consents, requests, approvals, demands, or other communication by any party to this Agreement or any other Loan
Document must be in writing and shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of actual receipt and three (3) Business Days after deposit in the U.S. mail, first class, registered or certified mail
return receipt requested, with proper postage prepaid; (b) upon transmission, when sent by electronic mail or facsimile transmission; (c) one (1) Business Day after deposit with a reputable overnight courier with all charges prepaid; or
(d) when delivered, if hand-delivered by messenger, all of which shall be addressed to the party to be notified and sent to the address, facsimile number, or email address indicated below. Agent or Borrower may change its mailing or electronic
mail address or facsimile number by giving the other party written notice thereof in accordance with the terms of this Section 11. 
  

			
	 If to Borrower:
	 	 PHATHOM PHARMACEUTICALS, INC.

		 	 70 Willow Road

		 	 Suite 200

		 	 Menlo Park, California 94025

		 	 Attention: David Socks

		 	 Email: 

		
	 with a copy to:
	 	 LATHAM & WATKINS LLP

		 	 12670 High Bluff Drive

		 	 San Diego, CA 92130

		 	 Attn: Cheston Larson

		 	 Email: cheston.larson@lw.com

		
		 	 LATHAM & WATKINS LLP

		 	 505 Montgomery Street, Suite 2000

		 	 San Francisco, CA 94111

		 	 Attn: Haim Zaltzman

		 	 Email: haim.zaltzman@lw.com

  
 24 

			
	 If to Agent or SVB:
	 	 Silicon Valley Bank

		 	 4370 La Jolla Village Drive, Suite 1050

		 	 San Diego, California 92122

		 	 Attn: Anthony Flores

		 	 Email:

		
	 with a copy to:
	 	 Morrison & Foerster LLP

		 	 200 Clarendon Street, 20th Floor

		 	 Boston, Massachusetts 02116

		 	 Attn:     David A. Ephraim, Esquire

		 	 Email:   

		
	 If to WestRiver:
	 	 WestRiver Innovation Lending Fund VIII, L.P.

		 	 c/o WestRiver Management, LLC

		 	 3720 Carillon Point

		 	 Kirkland, Washington 98033-7455

		 	 Attn: Trent Dawson

		 	 Email:

  

	 	12	 CHOICE OF LAW, VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE 

Except as otherwise expressly provided in any of the Loan Documents, California law governs the Loan Documents without regard
to principles of conflicts of law. Borrower, Agent, and Lenders each submit to the exclusive jurisdiction of the State and Federal courts in Santa Clara County, California; provided, however, that nothing in this Agreement shall be deemed to operate
to preclude Agent or Lenders from bringing suit or taking other legal action in any other jurisdiction to realize on the Collateral or any other security for the Obligations, or to enforce a judgment or other court order in favor of Agent or any
Lender. Borrower expressly submits and consents in advance to such jurisdiction in any action or suit commenced in any such court, and Borrower hereby waives any objection that it may have based upon lack of personal jurisdiction, improper venue, or
forum non conveniens and hereby consents to the granting of such legal or equitable relief as is deemed appropriate by such court. Borrower hereby waives personal service of the summons, complaints, and other process issued in such action or suit
and agrees that service of such summons, complaints, and other process may be made by registered or certified mail addressed to Borrower at the address set forth in, or subsequently provided by Borrower in accordance with, Section 11 of this
Agreement and that service so made shall be deemed completed upon the earlier to occur of Borrower’s actual receipt thereof or three (3) days after deposit in the U.S. mails, proper postage prepaid. 

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BORROWER, AGENT AND EACH LENDER EACH WAIVE THEIR RIGHT TO A JURY TRIAL
OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR ALL PARTIES TO
ENTER INTO THIS AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. 
 WITHOUT INTENDING IN ANY WAY TO
LIMIT THE PARTIES’ AGREEMENT TO WAIVE THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY, if the above waiver of the right to a trial by jury is not enforceable, the parties hereto agree that any and all disputes or controversies of any nature between
them arising at any time shall be decided by a reference to a private judge, mutually selected by the parties (or, if they cannot agree, by the Presiding Judge of the Santa Clara County, California Superior Court) appointed in accordance with
California Code of Civil Procedure Section 638 (or pursuant to comparable provisions of federal law if the dispute falls within the exclusive jurisdiction of the federal courts), sitting without a jury, in Santa Clara County, California; and
the parties hereby submit to the jurisdiction of such court. The reference proceedings shall be conducted pursuant to and in accordance with the provisions of California Code of Civil Procedure §§ 638 through 645.1, inclusive. The private
judge shall have the power, among others, to grant provisional relief, including without limitation, entering temporary restraining orders, issuing preliminary and permanent injunctions and appointing receivers. All such proceedings shall be closed

  
 25 

 
to the public and confidential and all records relating thereto shall be permanently sealed. If during the course of any dispute, a party desires to seek provisional relief, but a judge has not
been appointed at that point pursuant to the judicial reference procedures, then such party may apply to the Santa Clara County, California Superior Court for such relief. The proceeding before the private judge shall be conducted in the same manner
as it would be before a court under the rules of evidence applicable to judicial proceedings. The parties shall be entitled to discovery which shall be conducted in the same manner as it would be before a court under the rules of discovery
applicable to judicial proceedings. The private judge shall oversee discovery and may enforce all discovery rules and orders applicable to judicial proceedings in the same manner as a trial court judge. The parties agree that the selected or
appointed private judge shall have the power to decide all issues in the action or proceeding, whether of fact or of law, and shall report a statement of decision thereon pursuant to California Code of Civil Procedure § 644(a). Nothing in this
paragraph shall limit the right of any party at any time to exercise self-help remedies, foreclose against collateral, or obtain provisional remedies. The private judge shall also determine all issues relating to the applicability, interpretation,
and enforceability of this paragraph. 
 This Section 12 shall survive the termination of this Agreement. 

 

	 	13	 GENERAL PROVISIONS 

13.1    Termination Prior to Term Loan Maturity Date; Survival. All covenants,
representations and warranties made in this Agreement continue in full force until this Agreement has terminated pursuant to its terms and all Obligations (other than inchoate indemnity obligations, any other obligations which, by their terms, are
to survive the termination of this Agreement, and any Obligations under Bank Services Agreements that are cash collateralized in accordance with Section 4.1 of this Agreement) have been satisfied. So long as Borrower has satisfied the
Obligations (other than inchoate indemnity obligations, any other obligations which, by their terms, are to survive the termination of this Agreement, and any Obligations under Bank Services Agreements that are cash collateralized in accordance with
Section 4.1 of this Agreement), this Agreement may be terminated prior to the Term Loan Maturity Date by Borrower, effective three (3) Business Days after written notice of termination is given to Agent. Those obligations that are
expressly specified in this Agreement as surviving this Agreement’s termination shall continue to survive notwithstanding this Agreement’s termination. No termination of this Agreement shall in any way affect or impair any right or remedy
of Agent or any Lender, nor shall any such termination relieve Borrower of any Obligation to any Lender, until all of the Obligations (other than inchoate indemnity obligations, any other obligations which, by their terms, are to survive the
termination of this Agreement, and any Obligations under Bank Services Agreements that are cash collateralized in accordance with Section 4.1 of this Agreement) have been paid and performed in full. Those Obligations that are expressly
specified in this Agreement as surviving this Agreement’s termination shall continue to survive notwithstanding this Agreement’s termination and payment in full of the Obligations then outstanding. 

13.2    Successors and Assigns. This Agreement binds and is for the benefit of the
successors and permitted assigns of each party. Borrower may not assign this Agreement or any rights or obligations under it without Agent and Lenders’ prior written consent (which may be granted or withheld in Agent’s and Lenders’
discretion). Agent and each Lender has the right, without the consent of or notice to Borrower, to sell, transfer, assign, negotiate, or grant participation in all or any part of, or any interest in, such Lender’s obligations, rights, and
benefits under this Agreement and the other Loan Documents (other than the Warrant, as to which assignment, transfer and other such actions are governed by the terms thereof). Notwithstanding the foregoing, so long as no Event of Default shall have
occurred and be continuing, the Lenders shall not assign its interest in the Loan Documents to any Person who, in the reasonable estimation of the Lenders is (a) a direct competitor of Borrower or (b) a vulture fund or distressed debt
fund. The Agent, acting solely for this purpose as a non-fiduciary agent of Borrower, shall maintain at one of its offices a copy of each assignment delivered to it and a register for the recordation of the
names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Term Loan Advances owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in
the Register shall be conclusive absent manifest error, and Borrower, Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The
Register shall be available for inspection by Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

  
 26 

 13.3    Indemnification. Borrower agrees
to indemnify, defend and hold Agent, each Lender and their respective directors, officers, employees, agents, attorneys, or any other Person affiliated with or representing Agent or any Lender (each, an “Indemnified Person”)
harmless against: (i) all obligations, demands, claims, and liabilities (collectively, “Claims”) claimed or asserted by any other party in connection with the transactions contemplated by the Loan Documents; and (ii) all
losses or expenses (including Lenders’ Expenses) in any way suffered, incurred, or paid by such Indemnified Person as a result of, following from, consequential to, or arising from transactions between Agent, Lenders and Borrower contemplated
by the Loan Documents (other than the Warrant or any equity securities issued or issuable under the Warrant) (including reasonable and documented attorneys’ fees and expenses), except for Claims and/or losses directly caused by such Indemnified
Person’s gross negligence or willful misconduct. This Section 13.3 shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax
claim. 
 This Section 13.3 shall survive until all statutes of limitation with respect to the Claims, losses, and
expenses for which indemnity is given shall have run. 
 13.4    Time of Essence. Time is
of the essence for the performance of all Obligations in this Agreement. 

13.5    Severability of Provisions. Each provision of this Agreement is severable from every
other provision in determining the enforceability of any provision. 
 13.6    Correction of
Loan Documents. Agent may correct patent errors and fill in any blanks in the Loan Documents consistent with the agreement of the parties so long as Agent provides Borrower with written notice of such correction and allows Borrower at least ten
(10) days to object to such correction. In the event of such objection, such correction shall not be made except by an amendment signed by each of Agent, each Lender and Borrower. 

13.7    Amendments in Writing; Waiver; Integration. No purported amendment or modification
of any Loan Document, or waiver, discharge or termination of any obligation under any Loan Document, or release, or subordinate Lenders’ security interest in, or consent to the transfer of, any Collateral shall be enforceable or admissible
unless, and only to the extent, expressly set forth in a writing signed by Agent, with the consent of the Lenders in accordance with the Lender Intercreditor Agreement or, if such item is not addressed in the Lender Intercreditor Agreement, as
consented to by a majority of the Lenders, and Borrower. Without limiting the generality of the foregoing, no oral promise or statement, nor any action, inaction, delay, failure to require performance or course of conduct shall operate as, or
evidence, an amendment, supplement or waiver or have any other effect on any Loan Document. Any waiver granted shall be limited to the specific circumstance expressly described in it, and shall not apply to any subsequent or other circumstance,
whether similar or dissimilar, or give rise to, or evidence, any obligation or commitment to grant any further waiver. The Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All
prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of the Loan Documents merge into the Loan Documents. In the event any provision of any other Loan Document is inconsistent
with the provisions of this Agreement, the provisions of this Agreement shall exclusively control. 

13.8    Counterparts. This Agreement may be executed in any number of counterparts and by
different parties on separate counterparts, each of which, when executed and delivered, is an original, and all taken together, constitute one Agreement. 

13.9    Confidentiality Agent and the Lenders agree to maintain the confidentiality of
Information (as defined below) with the same degree of care that it exercises for its own proprietary information, except that Information may be disclosed (a) to Agent and/or any Lender’s subsidiaries or Affiliates, and their respective
employees, directors, investors, potential investors, agents, attorneys, accountants and other professional advisors (collectively, “Representatives” and, together with Agent and the Lenders, collectively, “Lender
Entities”) provided that such Lender Entities are bound by the same provisions set forth in this Section 13.9; (b) to prospective transferees, assignees, credit providers or purchasers of any of the Lenders’ or Agent’s
interests under or in connection with this Agreement and their Representatives (provided, however, that any prospective transferee or purchaser shall have entered into an agreement containing provisions substantially the same as those in this
Section 13.9); (c) as required by law, regulation, subpoena, or other order; (d) to Agent’s or any Lender’s regulators or as otherwise required in connection with Agent’s or any Lender’s examination or audit;
(e) as Agent or any Lender reasonably considers 

  
 27 

 
appropriate in exercising remedies under the Loan Documents; and (f) to third-party service providers of Agent and/or the Lenders so long as such service providers have executed a
confidentiality agreement with Agent or the Lenders, as applicable, with terms no less restrictive than those contained herein. The term “Information” means all information received from Borrower regarding Borrower or its business, in each
case other than information that is either: (i) in the public domain or in Agent’s or any Lender’s possession when disclosed to Agent or such Lender, or becomes part of the public domain (other than as a result of its disclosure by
Agent or a Lender in violation of this Agreement) after disclosure to Agent and/or the Lenders; or (ii) disclosed to Agent and/or the Lenders by a third party, if Agent/the Lenders do not know that the third party is prohibited from disclosing
the information. 
 Lender Entities may use anonymous forms of confidential information for aggregate datasets, for analyses
or reporting, and for any other uses not expressly prohibited in writing by Borrower. The provisions of the immediately preceding sentence shall survive the termination of this Agreement. 

13.10    Right of Setoff. Borrower hereby grants to Agent, for the ratable benefit of the
Lenders a Lien and a right of setoff as security for all Obligations to Agent and the Lenders, whether now existing or hereafter arising upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody,
safekeeping or control of Agent or any entity under the control of Agent (including a subsidiary of Agent) in transit to any of them. At any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Agent
or any Lender may setoff the same or any part thereof and apply the same to any liability or Obligation of Borrower then due regardless of the adequacy of any other collateral securing the Obligations. ANY AND ALL RIGHTS TO REQUIRE AGENT OR ANY
LENDER TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER, ARE HEREBY KNOWINGLY,
VOLUNTARILY AND IRREVOCABLY WAIVED. 
 13.11    Attorneys’ Fees, Costs and Expenses.
In any action or proceeding between Borrower and Agent or the Lenders arising out of or relating to the Loan Documents, the prevailing party shall be entitled to recover its reasonable attorneys’ fees and other costs and expenses incurred, in
addition to any other relief to which it may be entitled. 
 13.12    Electronic Execution of
Documents. The words “execution,” “signed,” “signature” and words of like import in any Loan Document shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which
shall be of the same legal effect, validity and enforceability as a manually executed signature or the use of a paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any applicable law, including, without
limitation, any state law based on the Uniform Electronic Transactions Act. 

13.13    Captions. The headings used in this Agreement are for convenience only and shall
not affect the interpretation of this Agreement. 
 13.14    Construction of Agreement.
The parties mutually acknowledge that they and their attorneys have participated in the preparation and negotiation of this Agreement. In cases of uncertainty this Agreement shall be construed without regard to which of the parties caused the
uncertainty to exist. 
 13.15    Relationship. The relationship of the parties to this
Agreement is determined solely by the provisions of this Agreement. The parties do not intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different from those of parties to an arm’s-length contract. 
 13.16    Third Parties.
Nothing in this Agreement, whether express or implied, is intended to: (a) confer any benefits, rights or remedies under or by reason of this Agreement on any persons other than the express parties to it and their respective permitted
successors and assigns; (b) relieve or discharge the obligation or liability of any person not an express party to this Agreement; or (c) give any person not an express party to this Agreement any right of subrogation or action against any
party to this Agreement. 
 13.17    Patriot Act. Each Lender hereby notifies Borrower
that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies Borrower and each of its 

  
 28 

 
Subsidiaries, which information includes the names and addresses of each Borrower and each of its Subsidiaries and other information that will allow Lender, as applicable, to identify Borrower
and each of its Subsidiaries in accordance with the USA PATRIOT Act. 
  

	 	14	 DEFINITIONS 

14.1    Definitions. As used in the Loan Documents, the word “shall” is mandatory,
the word “may” is permissive, the word “or” is not exclusive, the words “includes” and “including” are not limiting, the singular includes the plural, and numbers denoting amounts that are set off in brackets
are negative. As used in this Agreement, the following capitalized terms have the following meanings: 

“Account” is, as to any Person, any “account” of such Person as “ account” is
defined in the Code with such additions to such term as may hereafter be made, and includes, without limitation, all accounts receivable and other sums owing to such Person. 

“Account Debtor” is any “account debtor” as defined in the Code with such additions to such
term as may hereafter be made. 
 “Affiliate” is, with respect to any Person, each other Person that owns
or controls directly or indirectly the Person, any Person that controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors, partners and, for any Person that is a
limited liability company, that Person’s managers and members. 
 “Agent” is defined in the preamble
hereof. 
 “Agreement” is defined in the preamble hereof. 

“Authorized Signer” is any individual listed in Borrower’s Borrowing Resolution who is authorized to
execute the Loan Documents, including making (and executing if applicable) any Credit Extension request, on behalf of Borrower. 

“Bank Services” are any products, credit services, and/or financial accommodations previously, now, or
hereafter provided to Borrower or any of its Subsidiaries by SVB or any SVB Affiliate, including, without limitation, any letters of credit, cash management services (including, without limitation, merchant services, direct deposit of payroll,
business credit cards, and check cashing services), interest rate swap arrangements, and foreign exchange services as any such products or services may be identified in SVB’s various agreements related thereto (each, a “Bank Services
Agreement”). 
 “Bank Services Agreement” is defined in the definition of Bank Services. 

“Board” means Borrower’s board of directors. 

“Borrower” is defined in the preamble hereof. 

“Borrower’s Books” are all Borrower’s books and records including ledgers, federal and state Tax
returns, records regarding Borrower’s assets or liabilities, the Collateral, business operations or financial condition, and all computer programs or storage or any equipment containing such information. 

“Borrowing Resolutions” are, with respect to any Person, those resolutions adopted by such Person’s
board of directors (and, if required under the terms of such Person’s Operating Documents, stockholders) and delivered by such Person to Agent approving the Loan Documents to which such Person is a party and the transactions contemplated
thereby, together with a certificate executed by its secretary on behalf of such Person certifying (a) such Person has the authority to execute, deliver, and perform its obligations under each of the Loan Documents to which it is a party,
(b) that set forth as a part of or attached as an exhibit to such certificate is a true, correct, and complete copy of the resolutions then in full force and effect authorizing and ratifying the execution, delivery, and performance

  
 29 

 
by such Person of the Loan Documents to which it is a party, (c) the name(s) of the Person(s) authorized to execute the Loan Documents, including making (and executing if applicable) any
Credit Extension request, on behalf of such Person, together with a sample of the true signature(s) of such Person(s), and (d) that Agent and the Lenders may conclusively rely on such certificate unless and until such Person shall have
delivered to Agent and the Lenders a further certificate canceling or amending such prior certificate. 
 “Business
Day” is any day that is not a Saturday, Sunday or a day on which Agent is closed. 
 “Cash
Equivalents” means (a) marketable direct obligations issued or unconditionally guaranteed by the United States or any agency or any State thereof having maturities of not more than one (1) year from the date of acquisition;
(b) commercial paper maturing no more than one (1) year after its creation and having the highest rating from either Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc.; (c) SVB’s certificates of
deposit issued maturing no more than one (1) year after issue; and (d) money market funds at least ninety-five percent (95.0%) of the assets of which constitute Cash Equivalents of the kinds described in clauses (a) through (c) of
this definition. 
 “Change in Control” means (a) at any time, any “person” or
“group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), shall become, or obtain rights (whether by means of warrants, options or otherwise) to become, the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act), directly or indirectly, of forty-nine percent (49.0%) or more of the ordinary voting power for the election of directors of
Borrower (determined on a fully diluted basis) other than by the sale of Borrower’s equity securities in a public offering or to venture capital or private equity investors so long as Borrower identifies to the Agent and the Lenders the venture
capital or private equity investors at least seven (7) Business Days prior to the closing of the transaction and provides to Agent and the Lenders a description of the material terms of the transaction; (b) except for a change in the
members of the Board or other equivalent body of Borrower resulting from the sale of Borrower’s equity securities in a public offering or to venture capital or private equity investors so long as Borrower identifies to Agent the venture capital
or private equity investors at least seven (7) Business Days prior to the closing of the transaction and provides to Agent a description of the material terms of the transaction, during any period of twelve (12) consecutive months,
a majority of the members of the board of directors or other equivalent governing body of Borrower cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period,
(ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or
equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or
nomination at least a majority of that board or equivalent governing body; or (c) at any time, Borrower shall cease to own and control, of record and beneficially, directly or indirectly, one hundred percent (100.0%) of each class of
outstanding capital stock of each Subsidiary of Borrower (unless such Subsidiary is dissolved, merged, consolidated or liquidated into a co-borrower) free and clear of all Liens (except Liens created by this
Agreement). 
 “Claims” is defined in Section 13.3. 

“Code” is the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in the
State of California; provided, that, to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the Code, the definition of such term contained in
Article or Division 9 shall govern; provided further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority of, or remedies with respect to, Agent’s Lien on any Collateral is
governed by the Uniform Commercial Code in effect in a jurisdiction other than the State of California, the term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the
provisions thereof relating to such attachment, perfection, priority, or remedies and for purposes of definitions relating to such provisions. 

“Collateral” is any and all properties, rights and assets of Borrower described on Exhibit A. 

“Collateral Account” is any Deposit Account, Securities Account, or Commodity Account. 

“Commitment” and “Commitments” means the Term Loan Commitment(s). 

  
 30 

 “Commodity Account” is any “commodity account” as
defined in the Code with such additions to such term as may hereafter be made. 
 “Compliance Certificate”
is that certain certificate in the form attached hereto as Exhibit B. 
 “Contingent Obligation” is,
for any Person, any direct or indirect liability, contingent or not, of that Person for (a) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation, in each case, directly or indirectly
guaranteed, endorsed, co-made, discounted or sold with recourse by that Person, or for which that Person is directly or indirectly liable; (b) any obligations for undrawn letters of credit for the account
of that Person; and (c) all obligations from any interest rate, currency or commodity swap agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates,
currency exchange rates or commodity prices; but “Contingent Obligation” does not include endorsements in the ordinary course of business. The amount of a Contingent Obligation is the stated or determined amount of the primary obligation
for which the Contingent Obligation is made or, if not determinable, the maximum reasonably anticipated liability for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any guarantee or
other support arrangement. 
 “Control Agreement” is any control agreement entered into among the
depository institution at which Borrower maintains a Deposit Account or the securities intermediary or commodity intermediary at which Borrower maintains a Securities Account or a Commodity Account, Borrower, and Agent pursuant to which Agent
obtains control (within the meaning of the Code) for the benefit of the Lenders over such Deposit Account, Securities Account, or Commodity Account. 

“Copyrights” are any and all copyright rights, copyright applications, copyright registrations and like
protections in each work of authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret. 

“Credit Extension” is any Term Loan Advance, or any other extension of credit by any Lender for
Borrower’s benefit. 
 “Default Rate” is defined in Section 2.3(b). 

“Defaulting Lender” is, subject to Section 10.10(b), any Lender that (a) has failed to
(i) fund all or any portion of its Term Loan Advances within two (2) Business Days of the date such Term Loan Advances were required to be funded hereunder unless such Lender notifies Agent and Borrower in writing that such failure is the
result of such Lender’s reasonable determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been
satisfied, or (ii) pay to Agent or any other Lender any other amount required to be paid by it hereunder within two (2) Business Days of the date when due, (b) has notified Borrower or Agent in writing that it does not intend to
comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Term Loan Advance hereunder and states that such position is
based on such Lender’s reasonable determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied),
(c) has failed, within three (3) Business Days after written request by Agent or Borrower, to confirm in writing to Agent and Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender
shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by Agent and Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of an
Insolvency Proceeding, or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets,
including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any
equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United
States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination
by Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) 

  
 31 

 
through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 10.10(b)) upon delivery of written
notice of such determination to Borrower and each Lender. 
 “Deposit Account” is any “deposit
account” as defined in the Code with such additions to such term as may hereafter be made. 
 “Designated
Deposit Account” is the account number ending 321 (last three digits) maintained by Borrower with SVB (provided, however, if no such account number is included, then the Designated Deposit Account shall be any deposit account of Borrower
maintained with SVB as chosen by the Lenders). 
 “Disbursement Letter” is that certain form attached
hereto as Exhibit D. 
 “Division” means, in reference to any Person which is an entity, the
division of such Person into two (2) or more separate Persons, with the dividing Person either continuing or terminating its existence as part of such division, including, without limitation, as contemplated under
Section 18-217 of the Delaware Limited Liability Company Act for limited liability companies formed under Delaware law, or any analogous action taken pursuant to any other applicable law with respect to
any corporation, limited liability company, partnership or other entity. 
 “Dollars,”
“dollars” or use of the sign “$” means only lawful money of the United States and not any other currency, regardless of whether that currency uses the “$” sign to denote its currency or may be readily converted
into lawful money of the United States. 
 “Dollar Equivalent” is, at any time, (a) with respect to
any amount denominated in Dollars, such amount, and (b) with respect to any amount denominated in a Foreign Currency, the equivalent amount therefor in Dollars as determined by Agent at such time on the basis of the then-prevailing rate of
exchange in San Francisco, California, for sales of the Foreign Currency for transfer to the country issuing such Foreign Currency. 

“Domestic Subsidiary” means a Subsidiary organized under the laws of the United States or any state or
territory thereof or the District of Columbia. 
 “Draw Period” is the period of time commencing upon the
occurrence of the Milestone Event and continuing through the earlier to occur of (a) March 31, 2020, and (b) an Event of Default. 

“Effective Date” is defined in the preamble hereof. 

“Equipment” is all “equipment” as defined in the Code with such additions to such term as
may hereafter be made, and includes without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing. 

“Equity Event” means Borrower has provided Agent with evidence, on or prior to March 31, 2020, that
Borrower has received, after April 1, 2019, but on or prior to March 31, 2020, unrestricted and unencumbered net cash proceeds in an amount of at least One Hundred Fifty Million Dollars ($150,000,000.00) (inclusive of proceeds received in
connection with the Subordinated Debt Event) from the issuance and sale by Borrower of its equity securities or Subordinated Debt to investors reasonably acceptable to Agent. 

“ERISA” is the Employee Retirement Income Security Act of 1974, and its regulations. 

“Event of Default” is defined in Section 8. 

“Exchange Act” is the Securities Exchange Act of 1934, as amended. 

“Excluded Taxes” shall mean any of the following Taxes imposed on or with respect to a Recipient or required
to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such

  
 32 

 
Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any
political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a
Term Loan Advance or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Term Loan Advance or Commitment or (ii) such Lender changes its lending office, except in each case to the
extent that, pursuant to Section 2.7 amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office,
(c) Taxes attributable to such Recipient’s failure to comply with Section 2.7(f) and (d) any withholding Taxes imposed under FATCA. 

“FATCA” shall mean Sections 1471 through 1474 of the Internal Revenue Code, as of the date of this Agreement
(or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to
Section 1471(b)(1) of the Internal Revenue Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections
of the Internal Revenue Code. 
 “FDA” shall mean the United States Food and Drug Administration, and any
successor thereto. 
 “Federal Funds Effective Rate” means, for any day, the weighted average of the rates
on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for
any day that is a Business Day, the average of the quotations for the day of such transactions received by SVB from three federal funds brokers of recognized standing selected by it. 

“Final Payment” is a payment (in addition to and not in substitution for the regular monthly payments of
principal plus accrued interest) equal to the original principal amount of each Term Loan Advance extended by the Lenders to Borrower hereunder multiplied by eight and one-quarter of one percent (8.25%) due on
the earliest to occur of (a) the Term Loan Maturity Date, (b) the acceleration of the Term Loan Advances, (c) the prepayment of the Term Loan Advances pursuant to Section 2.2(d) or 2.2(e), or (d) the termination of this
Agreement. 
 “Financial Statements” is defined in Section 6.2(a). 

“Foreign Currency” means lawful money of a country other than the United States. 

“Foreign Lender” means (a) if Borrower is a U.S. Person, a Recipient that is not a U.S. Person, and
(b) if Borrower is not a U.S. Person, a Recipient that is resident or organized under the laws of a jurisdiction other than that in which Borrower is resident for tax purposes. 

“Foreign Subsidiary” means any Subsidiary which is not a Domestic Subsidiary. 

“Funding Date” is any date on which a Credit Extension is made to or for the account of Borrower which shall
be a Business Day. 
 “FX Contract” is any foreign exchange contract by and between Borrower and SVB under
which Borrower commits to purchase from or sell to SVB a specific amount of Foreign Currency on a specified date. 

“GAAP” is generally accepted accounting principles set forth in the opinions and pronouncements of the
Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other Person as may be approved by a significant
segment of the accounting profession, which are applicable to the circumstances as of the date of determination. 

“General Intangibles” is all “general intangibles” as defined in the Code in effect on the date
hereof with such additions to such term as may hereafter be made, and includes without limitation, all Intellectual Property, claims, 

  
 33 

 
income and other tax refunds, security and other deposits, payment intangibles, contract rights, options to purchase or sell real or personal property, rights in all litigation presently or
hereafter pending (whether in contract, tort or otherwise), insurance policies (including without limitation key man, property damage, and business interruption insurance), payments of insurance and rights to payment of any kind. 

“Governmental Approval” is any consent, authorization, approval, order, license, franchise, permit,
certificate, accreditation, registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority. 

“Governmental Authority” is any nation or government, any state or other political subdivision thereof, any
agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any securities exchange and any
self-regulatory organization. 
 “Group Member” means Borrower and its Subsidiaries. 

“Indebtedness” is (a) indebtedness for borrowed money or the deferred price of property or services,
such as reimbursement and other obligations for surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar instruments, (c) capital lease obligations, and (d) Contingent Obligations. 

“Indemnified Person” is defined in Section 13.3. 

“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any
payment made by or on account of any obligation of Borrower under any Loan Document (excluding the Warrant) and (b) to the extent not otherwise described in (a), Other Taxes. 

“Initiation Event” means Borrower has provided Agent, on or prior to March 31, 2020, with evidence
reasonably satisfactory to Agent in Agent’s reasonable discretion that Borrower has initiated phase 3 clinical trials for Vonoprazan. 

“Insolvency Proceeding” is any proceeding by or against any Person under the United States Bankruptcy Code,
or any other bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief. 

“Intellectual Property” means, with respect to any Person, all of such Person’s right, title, and
interest in and to the following: 
 (a)    its Copyrights, Trademarks and Patents; 

(b)    any and all trade secrets and trade secret rights, including, without limitation, any rights to
unpatented inventions, know-how and operating manuals; 

(c)    any and all source code; 

(d)    any and all design rights which may be available to such Person; 

(e)    any and all claims for damages by way of past, present and future infringement of any of the
foregoing, with the right, but not the obligation, to sue for and collect such damages for said use or infringement of the Intellectual Property rights identified above; and 

(f)    all amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents. 

“Internal Revenue Code” shall mean the U.S. Internal Revenue Code of 1986, as amended. 

  
 34 

 “Inventory” is all “inventory” as defined
in the Code in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished
products, including without limitation such inventory as is temporarily out of Borrower’s custody or possession or in transit and including any returned goods and any documents of title representing any of the above. 

“Investment” is any beneficial ownership interest in any Person (including stock, partnership interest or
other securities), and any loan, advance or capital contribution to any Person. 
 “IPO” means
Borrower’s initial, underwritten public offering and sale of its common or ordinary shares pursuant to an effective registration statement under the Securities Act of 1933, as amended. 

“IRS” means the U.S. Internal Revenue Service. 

“Key Person” is each of Borrower’s (a) Chief Executive Officer, who is David Socks as of the
Effective Date, and (b) Chief Financial Officer. 
 “Lender” and “Lenders” is defined
in the preamble. 
 “Lender Entities” is defined in Section 13.9. 

“Lender Intercreditor Agreement” is, collectively, any and all intercreditor agreement, master arrangement
agreement or similar agreement by and between WestRiver and SVB, as each may be amended from time to time in accordance with the provisions thereof. 

“Lenders’ Expenses” are all of Agent’s and the Lenders’ documented audit fees and reasonable
and documented expenses, costs, and expenses (including reasonable and documented attorneys’ fees and expenses) for preparing, amending, negotiating, administering, defending and enforcing the Loan Documents (including, without limitation,
those incurred in connection with appeals or Insolvency Proceedings) or otherwise incurred with respect to Borrower. 

“Letter of Credit” is a standby or commercial letter of credit issued by SVB upon request of Borrower based
upon an application, guarantee, indemnity, or similar agreement. 
 “Lien” is a claim, mortgage, deed of
trust, levy, charge, pledge, security interest or other encumbrance of any kind, whether voluntarily incurred or arising by operation of law or otherwise against any property. 

“Loan Documents” are, collectively, this Agreement and any schedules, exhibits, certificates, notices, and
any other documents related to this Agreement, the Perfection Certificate, each Disbursement Letter, the Warrant, any Bank Services Agreement, any Control Agreement, any subordination agreement, any note, or notes or guaranties executed by Borrower,
and any other present or future agreement by Borrower with or for the benefit of Agent and the Lenders in connection with this Agreement or Bank Services, all as amended, restated, or otherwise modified. For the avoidance of doubt, “Loan
Documents” shall not include the Lender Intercreditor Agreement. 
 “Material Adverse Change” is
(a) a material impairment in the perfection or priority of Agent’s, for the ratable benefit of the Lenders, Lien in the Collateral or in the value of such Collateral; (b) a material adverse change in the business, operations, or
financial condition of Borrower; or (c) a material impairment of the prospect of repayment of any portion of the Obligations. 

“Milestone Event” means Borrower has provided Agent with evidence, on or prior to March 31, 2020,
reasonably satisfactory to Agent that both the Equity Event and the Initiation Event have occurred. 

“NDA” means a new drug application. 

“Obligations” are Borrower’s obligations to pay when due any debts, principal, interest, fees,
Lenders’ Expenses, the Final Payment, the Prepayment Premium and other amounts Borrower owes Agent or any Lender now 

  
 35 

 
or later, whether under this Agreement, the other Loan Documents (other than the Warrant or any equity securities issued or issuable under the Warrant), or otherwise, including, without
limitation, all obligations relating to Bank Services, if any, and including any interest accruing after Insolvency Proceedings begin and debts, liabilities, or obligations of Borrower assigned to Agent and/or the Lenders, and to perform
Borrower’s duties under the Loan Documents (other than the Warrant or any equity securities issued or issuable under the Warrant). 

“Operating Documents” are, for any Person, such Person’s formation documents, as certified by the
Secretary of State (or equivalent agency) of such Person’s jurisdiction of organization on a date that is no earlier than thirty (30) days prior to the Effective Date, and, (a) if such Person is a corporation, its bylaws in current
form, (b) if such Person is a limited liability company, its limited liability company agreement (or similar agreement), and (c) if such Person is a partnership, its partnership agreement (or similar agreement), each of the foregoing with
all current amendments or modifications thereto. 
 “Other Connection Taxes” means, with respect to any
Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its
obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Term Loan Advance, Commitment or Loan
Document). 
 “Other Taxes” means all present or future stamp, court or documentary, intangible, recording,
filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document,
except any such Taxes that are Other Connection Taxes imposed with respect to an assignment. 
 “Patents”
means all patents, patent applications and like protections including without limitation improvements, divisions, continuations, renewals, reissues, extensions and
continuations-in-part of the same. 

“Payment/Advance Form” is that certain form attached hereto as Exhibit C. 

“Payment Date” is the first (1st) calendar day of each
month. 
 “Perfection Certificate” is defined in Section 5.1. 

“Permitted Indebtedness” is: 

(a)    Borrower’s Indebtedness to Agent and the Lenders under this Agreement and the other Loan
Documents; 
 (b)    Indebtedness existing on the Effective Date which is shown on the Perfection
Certificate; 
 (c)    Subordinated Debt; 

(d)    unsecured Indebtedness to trade creditors incurred in the ordinary course of business; 

(e)    Indebtedness incurred as a result of endorsing negotiable instruments received in the ordinary
course of business; 
 (f)    Indebtedness secured by Liens permitted under clauses (a) and (c) of
the definition of “Permitted Liens” hereunder; 
 (g)    unsecured reimbursement obligations
in connection with letters of credit related to real property or manufacturing obligations in the ordinary course of business not exceeding One Million Dollars ($1,000,000.00) in the aggregate outstanding at any time; 

  
 36 

 (h)    (i) unsecured Indebtedness of Borrower to any
Subsidiary which is a co-borrower hereunder; (ii) Contingent Obligations of any Subsidiary with respect to obligations of Borrower (provided that the primary obligations are not prohibited hereby); (iii)
Indebtedness of any Subsidiary to Borrower; (iv) Indebtedness of any Foreign Subsidiary to any other Subsidiary or to Borrower in an aggregate principal amount not to exceed One Million Dollars ($1,000,000.00) in any fiscal year; and
(v) Contingent Obligations of any Subsidiary with respect to obligations of any other Subsidiary (provided that the primary obligations are not prohibited hereby); 

(i)    other unsecured Indebtedness not otherwise permitted by Section 7.4 not exceeding Five Hundred
Thousand Dollars ($500,000.00) in the aggregate outstanding at any time; and 
 (j)    extensions,
refinancings, modifications, amendments and restatements of any items of Permitted Indebtedness (a) through (g) above, provided that the principal amount thereof is not increased or the terms thereof are not modified to impose more burdensome
terms upon Borrower or its Subsidiary, as the case may be. 
 “Permitted Investments” are: 

(a)    Investments (including, without limitation, Subsidiaries) existing on the Effective Date which are
shown on the Perfection Certificate; 
 (b)    (i) Investments consisting of Cash Equivalents and
(ii) any Investments permitted by Borrower’s investment policy (if applicable), as amended from time to time, provided that such investment policy (and any such amendment thereto) has been approved in writing by Agent; 

(c)    Investments consisting of the endorsement of negotiable instruments for deposit or collection or
similar transactions in the ordinary course of Borrower; 
 (d)    Investments consisting of deposit
and/or securities accounts (but only to the extent that Borrower is permitted to maintain such accounts pursuant to Section 6.6 of this Agreement) in which, to the extent required pursuant to Section 6.6, Agent has a first priority
perfected security interest; 
 (e)    Investments accepted in connection with Transfers permitted by
Section 7.1; 
 (f)    Investments consisting of (i) travel advances and employee relocation
loans and other employee loans and advances in the ordinary course of business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of Borrower or its Subsidiaries pursuant to employee stock purchase
plans or agreements approved by the Board; 
 (g)    Investments (including debt obligations) received
in connection with the bankruptcy or reorganization of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of business; 

(h)    Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to
customers and suppliers who are not Affiliates, in the ordinary course of business; provided that this paragraph (h) shall not apply to Investments of Borrower in any Subsidiary; 

(i)    (i) Investments by Borrower in Subsidiaries, including the creation of a Subsidiary, provided that
such Subsidiary becomes a co-borrower to this Agreement in accordance with Section 6.12 hereof, (ii) Investments by Borrower in Foreign Subsidiaries provided that such Investments shall not exceed
One Million Dollars ($1,000,000.00) in the aggregate in any fiscal year, and (iii) in each case of (i) and (ii), no Event of Default exists at the time of any such Investment and would not result from any such Investment; 

(j)    Investments in connection with joint ventures or strategic alliances in the ordinary course of
Borrower’s business consisting of the non-exclusive licensing of technology, the development of technology or the providing of technical support, provided that any cash investments by Borrower do not
exceed Five Hundred Thousand Dollars ($500,000.00) in any twelve (12) month period; and 

(k)    other Investments not otherwise permitted by Section 7.7 not exceeding Five Hundred Thousand
Dollars ($500,000.00) in the aggregate outstanding at any time. 
 “Permitted Liens” are: 

  
 37 

 (a)    Liens existing on the Effective Date which are
shown on the Perfection Certificate or arising under this Agreement and the other Loan Documents; 

(b)    Liens for Taxes, fees, assessments or other government charges or levies, either (i) not due
and payable or (ii) being contested in good faith and for which Borrower maintains adequate reserves on its Books, provided that no notice of any such Lien has been filed or recorded under the Internal Revenue Code of 1986, as amended,
and the Treasury Regulations adopted thereunder; 
 (c)    purchase money Liens or capital leases
(i) on Equipment acquired or held by Borrower incurred for financing the acquisition of the Equipment securing no more than Five Hundred Thousand Dollars ($500,000.00) in the aggregate amount outstanding, or (ii) existing on Equipment when
acquired, if the Lien is confined to the property and improvements and the proceeds of the Equipment; 

(d)    Liens incurred in the extension, renewal or refinancing of the indebtedness secured by Liens
described in (a) through (c), but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness may not increase; 

(e)    Liens of carriers, warehousemen, suppliers, or other Persons that are possessory in nature arising
in the ordinary course of business so long as such Liens attach only to Inventory, securing liabilities in the aggregate amount not to exceed Five Hundred Thousand Dollars ($500,000.00) and which are not delinquent or remain payable without penalty
or which are being contested in good faith and by appropriate proceedings which proceedings have the effect of preventing the forfeiture or sale of the property subject thereto; 

(f)    Liens to secure payment of workers’ compensation, employment insurance, old-age pensions, social security and other like obligations incurred in the ordinary course of business (other than Liens imposed by ERISA); 

(g)    Liens incurred in the extension, renewal or refinancing of the Indebtedness secured by Liens
described in (a) through (c), but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness may not increase; 

(h)    (i) non-exclusive licenses for the use of the property of
Borrower or its Subsidiaries in the ordinary course of business and (ii) licenses that could not result in a legal transfer of title of the licensed property but that may be exclusive as to limited fields of use for commercialization, sales and
marketing purposes, geographic territories outside of the United States and/or time periods in the ordinary course of business; 

(i)    Liens arising from attachments or judgments, orders, or decrees in circumstances not constituting
an Event of Default under Sections 8.4 and 8.7; and 
 (j)    Liens in favor of other financial
institutions arising in connection with Borrower’s deposit and/or securities accounts held at such institutions, provided that (i) Agent has a first priority perfected security interest in the amounts held in such deposit and/or securities
accounts and (ii) such accounts are permitted to be maintained pursuant to Section 6.6 of this Agreement. 

“Person” is any individual, sole proprietorship, partnership, limited liability company, joint venture,
company, trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency. 

“Positive Data Event” means Borrower has provided Agent, on or prior to June 1, 2021, with evidence
reasonably satisfactory to Agent in Agent’s reasonable discretion that Borrower has received positive data with respect to Borrower’s phase 3 clinical trial in both indications for Vonoprazan sufficient to file an NDA with the FDA. 

“Prepayment Premium” shall be an additional fee, payable to Agent, for the ratable benefit of the Lenders
based on their Pro Rata Share, with respect to the Term Loan Advances, in an amount equal to: 

(a)    for a prepayment of the Term Loan Advances made on or prior to the first (1st) anniversary of the Effective Date, two percent (2.0%) of the outstanding principal amount of the Term Loan Advances being prepaid; 

(b)    for a prepayment of the Term Loan Advances made after the first (1st) anniversary of the Effective Date, but on or prior to the second (2nd) anniversary of the Effective Date, one percent (1.0%) of the outstanding
principal amount of the Term Loan Advances being prepaid; and 

  
 38 

 (c)    for a prepayment of the Term Loan Advances made
after the second (2nd) anniversary of the Effective Date, but prior to the Term Loan Maturity Date, zero percent (0.0%) of the outstanding principal amount of the Term Loan Advances being prepaid.

 “Prime Rate” is the rate of interest per annum from time to time published in the money rates section of
The Wall Street Journal or any successor publication thereto as the “prime rate” then in effect; provided that, in the event such rate of interest is less than zero, such rate shall be deemed to be zero for purposes of this Agreement; and
provided further that if such rate of interest, as set forth from time to time in the money rates section of The Wall Street Journal, becomes unavailable for any reason as determined by Agent, the “Prime Rate” shall mean the rate of
interest per annum announced by SVB as its prime rate in effect at its principal office in the State of California (such SVB announced Prime Rate not being intended to be the lowest rate of interest charged by SVB in connection with extensions of
credit to debtors); provided that, in the event such rate of interest is less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Pro Rata Share” is, as of any date of determination, with respect to each Lender, a percentage (expressed as
a decimal, rounded to the ninth decimal place) determined by dividing the outstanding principal amount of Term Loan Advances held by such Lender by the aggregate outstanding principal amount of all Term Loan Advances. 

“Recipient” means Agent or any Lender. 

“Register” is defined in Section 13.2. 

“Registered Organization” is any “registered organization” as defined in the Code with such
additions to such term as may hereafter be made. 
 “Removal Effective Date” is defined in
Section 10.10(d). 
 “Representative” is defined in Section 13.9. 

“Repayment Schedule” means the period of time equal to thirty-six
(36) consecutive months; provided, however, upon the occurrence of the Positive Data Event, the Repayment Schedule shall mean the period of time equal to twenty-four (24) consecutive months. 

“Requirement of Law” is as to any Person, the organizational or governing documents of such Person, and any
law (statutory or common), treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its
property is subject. 
 “Responsible Officer” is any of the Chief Executive Officer, President, Chief
Financial Officer, and Controller of Borrower. 
 “Restricted License” is any material license or other
agreement with respect to which Borrower is the licensee (a) that prohibits or otherwise restricts Borrower from granting a security interest in Borrower’s interest in such license or agreement or any other property, or (b) for which
a default under or termination of could interfere with the Agent’s right to sell any Collateral. 

“SEC” shall mean the Securities and Exchange Commission, any successor thereto, and any analogous
Governmental Authority. 
 “Securities Account” is any “securities account” as defined in
the Code with such additions to such term as may hereafter be made. 
 “Subordinated Debt” is indebtedness
incurred by Borrower subordinated to all of Borrower’s now or hereafter indebtedness to Agent and the Lenders (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Agent and the Lenders
entered into between Agent, the Lenders and the other creditor), on terms acceptable to Agent and the Lenders. 

  
 39 

 “Subordinated Debt Event” means Borrower has provided Agent
with evidence satisfactory to Agent in Agent’s reasonable discretion, that Borrower has received, after April 1, 2019, but on or prior to the Effective Date, unrestricted and unencumbered net cash proceeds in an amount of at least
Seventy-Five Million Dollars ($75,000,000.00) from Subordinated Debt. 
 “Subsidiary” is, as to any Person,
a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the
happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through
one or more intermediaries, or both, by such Person. Unless the context otherwise requires, each reference to a Subsidiary herein shall be a reference to a Subsidiary of Borrower. 

“SVB” is defined in the preamble hereof. 

“Tax” and “Taxes” shall mean all present or future taxes, levies, imposts, duties,
deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term A Loan Advance” is defined in Section 2.2(a). 

“Term B Loan Advance” is defined in Section 2.2(a). 

“Term Loan Advance” and “Term Loan Advances” are each defined in Section 2.2(a). 

“Term Loan Amortization Date” is June 1, 2021; provided, however, upon the occurrence of the Positive
Data Event, the Term Loan Amortization Date shall be June 1, 2022. 
 “Term Loan Commitment” means,
for any Lender, the obligation of such Lender to make a Term Loan Advance as and when available, up to the principal amount shown on Schedule 1. “Term Loan Commitments” means the aggregate amount of such commitments of all Lenders.

 “Term Loan Commitment Percentage” means, as to any Lender at any time, the percentage (carried out to
the fourth decimal place) of the Term Loan Commitments represented by such Lender’s Term Loan Commitment at such time. The initial Term Loan Commitment Percentage of each Lender is set forth opposite the name of such Lender on Schedule
1. 
 “Term Loan Maturity Date” is May 1, 2024. 

“Trademarks” means any trademark and servicemark rights, whether registered or not, applications to register
and registrations of the same and like protections, and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks. 

“Transfer” is defined in Section 7.1. 

“U.S. Person” means any Person that is a “United States Person” as defined in
Section 7701(a)(30) of the Internal Revenue Code. 
 “Warrant” means, collectively, (a) that
certain warrant to purchase stock dated as of the Effective Date between Borrower and SVB and (b) that certain warrant to purchase stock dated as of the Effective Date between Borrower and WestRiver, in each case, as may be amended, modified,
supplemented and/or restated from time to time. 
 “WestRiver” is defined in the preamble hereof. 

  
 40 

 “Withholding Agent” means Borrower and Agent. 

[Signature Page Follows.] 

  
 41 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be executed as of the Effective Date. 
  

			
	BORROWER:
	
	 PHATHOM PHARMACEUTICALS, INC.

		
	 By
	 	 /s/ David A. Socks

	 Name:
	 	 David A. Socks

	 Title:
	 	President, Chief Executive Officer, Treasurer, Secretary
	
	AGENT:
	
	 SILICON VALLEY BANK, as Agent

		
	 By
	 	 /s/ Anthony Flores

	 Name:
	 	 Anthony Flores

	 Title:
	 	 Managing Director

	
	LENDERS:
	
	 SILICON VALLEY BANK

		
	 By
	 	 /s/ Anthony Flores

	 Name:
	 	 Anthony Flores

	 Title:
	 	 Managing Director

	
	 WESTRIVER INNOVATION LENDING FUND VIII, L.P.

		
	 By
	 	 /s/ Trent Dawson

	 Name:
	 	 Trent Dawson

	 Title:
	 	 CFO

 [Signature Page to Loan and Security Agreement] 

 SCHEDULE 1 

LENDERS AND COMMITMENTS 

TERM LOAN COMMITMENTS 
  

									
	 Lender
	  	Term Loan Commitment	 	  	Term Loan Commitment
Percentage	 
	 Silicon Valley Bank
	  	$	25,000,000.00	 	  	 	50.0	% 
			
	 WestRiver Innovation Lending Fund VIII, L.P.
	  	$	25,000,000.00	 	  	 	50.0	% 
		  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	$	50,000,000.00	 	  	 	100.0000	% 
		  	  
	  
	 	  	  
	  
	 

 EXHIBIT A - COLLATERAL DESCRIPTION 

The Collateral consists of all of Borrower’s right, title and interest in and to the following personal property: 

All goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights or rights to payment of money,
leases, license agreements, franchise agreements, General Intangibles (except as provided below), commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit
accounts, certificates of deposit, fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial assets, whether now owned or
hereafter acquired, wherever located; and 
 all Borrower’s Books relating to the foregoing, and any and all claims,
rights and interests in any of the above and all substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing. 

Notwithstanding the foregoing, the Collateral does not include (a) any interest of Borrower as a lessee or sublessee
under a real property lease; (b) rights held under a license that are not assignable by their terms without the consent of the licensor thereof (but only to the extent such restriction on assignment is enforceable under applicable law); (c) any
interest of Borrower as a lessee under an Equipment lease if Borrower is prohibited by the terms of such lease from granting a security interest in such lease or under which such an assignment or Lien would cause a default to occur under such lease;
provided, however, that upon termination of such prohibition, such interest shall immediately become Collateral without any action by Borrower or Agent or the Lenders; (d) with respect to stock in Foreign Subsidiaries, more than sixty-five
percent (65.0%) of the presently existing and hereafter arising issued and outstanding shares of capital stock owned by Borrower of any Foreign Subsidiary which shares entitle the holder thereof to vote for directors or any other matter; and
(e) any Intellectual Property; provided, however, the Collateral shall include all Accounts and all proceeds of Intellectual Property. 

 EXHIBIT B 

COMPLIANCE CERTIFICATE 
  

					
	 TO:
	  	 SILICON VALLEY BANK, as Agent, SVB, and WESTRIVER
	  	
Date:                    

	 FROM:
	  	 PHATHOM PHARMACEUTICALS, INC.
	  	

 The undersigned authorized officer of PHATHOM PHARMACEUTICALS, INC.
(“Borrower”) certifies solely as an officer of Borrower, and not in any individual capacity, that under the terms and conditions of the Loan and Security Agreement among Borrower, SVB, and WestRiver (the “Loan
Agreement”): 
 (1) Borrower is in compliance for the period ending
                     with all required covenants except as noted below, (2) there are no Events of Default except as noted below, (3) all
representations and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be applicable to any representations and
warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all
material respects as of such date, (4) Borrower, and each of its Subsidiaries, has timely filed all required foreign, federal, state and local Tax returns and reports, and Borrower has timely paid all foreign, federal, state and local Taxes,
assessments, deposits and contributions owed by Borrower except as otherwise permitted pursuant to the terms of Section 5.8 of the Agreement or as noted below, and (5) no Liens have been levied or claims made against Borrower or any of its
Subsidiaries relating to unpaid employee payroll or benefits of which Borrower has not previously provided written notification to Agent except as noted below, and (6) no Liens have been levied or claims made against Borrower or any of its
Subsidiaries relating to unpaid employee payroll or benefits of which Borrower has not previously provided written notification to Agent except as noted below. 

Attached are the required documents supporting the certification. The undersigned certifies solely as an officer of Borrower,
and not in any individual capacity, that these are prepared in accordance with GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be
requested at any time or date of determination that Borrower is not in compliance with any of the terms of the Agreement (subject to Section 3.2(b) with respect to representations and warranties, as applicable), and that compliance is
determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement. 

Please indicate compliance status by circling Yes/No under “Complies” column. 

 

					
	 Reporting Covenants
	  	 Required
	  	 Complies

	 Financial statements with 
Compliance Certificate
	  	Monthly within 30 days; upon IPO, quarterly within 45 days (Q4 within 90 days)	  	Yes    No
			
	 Annual financial statement (CPA Audited)
	  	FYE within 180 days (beginning FY 2019)	  	Yes    No
			
	 Filed 10-Q, 10-K and 8-K
	  	Within 5 days after filing with SEC	  	Yes    No
			
	 Board-Approved Projections
	  	FYE within 60 days and within 7 days of changes	  	Yes    No

 Other Matters 
  

					
	 Have there been any amendments of or other changes to the capitalization table of Borrower and to the Operating Documents
of Borrower or any of its Subsidiaries? If yes, provide copies of any such amendments or changes with this Compliance Certificate.
	  	Yes	  	No  

 The following are the exceptions with respect to the certification above:
(If no exceptions exist, state “No exceptions to note.”) 
  
  

 
  
  

 
  

									
	 PHATHOM PHARMACEUTICALS, INC.
	 		 	 AGENT USE ONLY

					
		 		 		 	 Received by:
	 	  

	 By:
	 	
                  
                                         
                      
	 		 		 	AUTHORIZED SIGNER
	 Name:
	 	
                  
   
	 		 	 Date:
	 	
                  
                       

	 Title:
	 	
                  
   
	 		 		 	
		 		 		 	 Verified:
	 	
                  
   

		 		 		 		 	AUTHORIZED SIGNER
		 		 		 	 Date:
	 	
                  
                       

				
		 		 		 	 Compliance Status:    Yes    No

 EXHIBIT C 

LOAN PAYMENT/ADVANCE REQUEST FORM 

DEADLINE FOR SAME DAY PROCESSING IS
NOON PACIFIC TIME 
  

			
	 Fax To:
	  	
Date:                      
                               

  

			
	LOAN
PAYMENT: PHATHOM PHARMACEUTICALS, INC.
	 	 
	From Account
#                                         
                                       	  	To Account
#                                         
                                       
	                             
 (Deposit Account #)	  	                             
               (Loan Account #)
	 	 
	Principal
$                                         
                                         
      	  	and/or Interest
$                                         
                                   
	 	 
	Authorized
Signature:                                       
              	  	Phone
Number:                                        
                 
	Print Name/Title:
                                         
                  	  	 

  

			
	LOAN
ADVANCE:
	 
	Complete Outgoing Wire Request section below if all or a portion of the funds from this loan advance are
for an outgoing wire.
	 	 
	From Account
#                                         
                                       	  	To Account
#                                         
                                         
    
	                             
 (Loan Account #)	  	                             
               (Deposit Account #)
	 
	Amount of Term Loan Advance
$                                         
                           
	 
	All Borrower’s representations and warranties in the Loan and Security Agreement are true, correct and
complete in all material respects on the date of the request for an advance; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in
the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date:
	 	 
	Authorized
Signature:                                       
          	  	Phone
Number:                                        
             
	 Print
Name/Title:                                       
                 
  
	  	 

  

			
	 OUTGOING
WIRE REQUEST:
	  	 
	
Complete only if all or a portion of funds from the loan advance above is to be wired.

	
Deadline for same day processing is noon, Pacific Time

	 	 
	 Beneficiary
Name:                                        
                                   
	  	 Amount of Wire:
$                                         
                   

	 Beneficiary
Bank:                                        
                                     
	  	 Account
Number:                                        
                      

	 City and
State:                                        
                             
	  	 
	 
	
Beneficiary Bank Transit (ABA)
#:                                    
            Beneficiary Bank Code (Swift, Sort, Chip,
etc.):                                 

	 	  	       (For International Wire
Only)

	
Intermediary
Bank:                                        
                                   Transit (ABA)
#:                                        
                                         
 

	 For
Further Credit
to:                                        
                                         
                                         
                                         
                   

	 
	
Special
Instruction:                                       
                                         
                                         
                                         
                       

	 
	By signing below, I (we) acknowledge and agree that my (our) funds transfer request shall be processed in
accordance with and subject to the terms and conditions set forth in the agreements(s) covering funds transfer service(s), which agreements(s) were previously received and executed by me (us).
	 
	
Authorized
Signature:                                       
                    2nd Signature (if
required):                                       
                      

	
Print
Name/Title:                                       
                           Print
Name/Title:                                       
                                     

	
Telephone
#:                                        
                                 Telephone
#:                                        
                                         
  

 EXHIBIT D 

Form of Disbursement Letter 

[see attached] 

 DISBURSEMENT LETTER 

[DATE] 

The undersigned, being the duly elected and acting
                     of PHATHOM PHARMACEUTICALS, INC., a Delaware corporation (“Borrower”), does hereby certify to
(a) SILICON VALLEY BANK, a California corporation (“SVB”), in its capacity as administrative agent and collateral agent (“Agent”), (b) SILICON VALLEY BANK, a California corporation, as a lender,
(c) WESTRIVER INNOVATION LENDING FUND VIII, L.P., a Delaware limited partnership (“WestRiver”), as a lender (SVB and WestRiver and each of the other “Lenders” from time to time a party hereto are referred to
herein collectively as the “Lenders” and each individually as a “Lender”) in connection with that certain Loan and Security Agreement dated as of
[                    ], by and among Borrower, Agent and the Lenders from time to time party thereto (the “Loan Agreement”; with
other capitalized terms used below having the meanings ascribed thereto in the Loan Agreement) that: 

1.    The representations and warranties made by Borrower in Section 5 of the Loan Agreement and in
the other Loan Documents are true and correct in all material respects as of the date hereof; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by
materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date. 

2.    No event or condition has occurred that would constitute an Event of Default under the Loan
Agreement or any other Loan Document. 
 3.    Borrower is in compliance with the covenants and
requirements contained in Sections 4, 6 and 7 of the Loan Agreement. 
 4.    All conditions referred to
in Section 3 of the Loan Agreement to the making of a Credit Extension to be made on or about the date hereof have been satisfied or waived by Agent. 

5.    No Material Adverse Change has occurred. 

6.    The undersigned is an Authorized Signer. 

[Balance of Page Intentionally Left Blank] 

 7.    The proceeds of the Term Loan Advance shall
be disbursed as follows: 
  

					
	 Disbursement from SVB:
	  			
	 Loan Amount
	  	$	             	 
	 Plus:
	  			
	 —Deposit Received
	  	$	             	 
	 Less:
	  			
	 —Lender’s Legal Fees
	  	($	             	)* 
	 Net Proceeds due from SVB:
	  	$	             	 
	 Disbursement from WestRiver:
	  			
	 Loan Amount
	  	$	             	 
	 Plus:
	  			
	 —Deposit Received
	  	$	             	 
	 Net Proceeds due from WestRiver:
	  	$	             	 
	 TOTAL TERM LOAN ADVANCE NET PROCEEDS FROM LENDERS
	  	$	             	 

 8.    The aggregate net proceeds of the Term Loan Advance shall be
transferred to the Designated Deposit Account as follows: 
  

					
	Account Name:	  	  
	  	
			
	Bank Name:	  	Silicon Valley Bank	  	
			
	Bank Address:                	  	3003 Tasman Drive 
Santa Clara, California 95054	  	            
			
	Account Number:	  	  
	  	
			
	ABA Number:	  	  
	  	

 [Balance of Page Intentionally Left Blank] 

 
  

	*	 Legal fees and costs are through the Effective Date. Post-closing legal fees and costs, payable after the
Effective Date, to be invoiced and paid post-closing. 

			
	Dated as of the date first set forth above.
	
	BORROWER:
	
	PHATHOM PHARMACEUTICALS, INC.
		
	By	 	
                    

	Name:	 	  

	Title:	 	  

	
	AGENT:
	
	SILICON VALLEY BANK, as Agent
		
	By	 	  

	Name:	 	  

	Title:	 	  

	
	LENDER:
	SILICON VALLEY BANK
		
	By	 	  

	Name:	 	  

	Title:	 	  

	
	LENDER:
	
	WESTRIVER INNOVATION LENDING FUND VIII, L.P.
		
	By	 	  

	Name:	 	  

	Title:	 	  

 ny-1564279 

  
 [Signature page to
Disbursement Letter]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00300-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00300-of-00352.parquet"}]]