Document:

EX-10.13

 Exhibit 10.13 

STANDARD OFFICE BUILDING LEASE 

THIS LEASE is made and entered into this 27 day of April, 2018, by and between LAGOS PROPERTIES, LLC, a Missouri limited liability company
(“Landlord”) and EARGO, INC., a Delaware corporation (“Tenant”). 
 WITNESSETH: 

1. BASIC LEASE PROVISIONS. For purposes of this Lease, the following terms and definitions shall be applicable: 

 

					
	(a)	 	 Landlord:
	  	Lagos Properties, LLC, a Missouri limited liability company
			
	(b)	 	 Tenant:
	  	Eargo, Inc., a Delaware corporation
			
	(c)	 	 Property:
	  	Minnetonka Plaza, 10201 Wayzata Blvd., Minnetonka, Minnesota 55305
			
	(d)	 	 Premises:

[Section 2]
	  	Suite 135, containing approximately 2,087 rentable square feet of space, as more fully depicted on Exhibit “A”, attached hereto and made a part hereof.
			
	(e)	 	 Term:

[Section 3]
	  	39 months (three years and six months)
			
	(f)	 	 Commencement Date:

[Section 3]
	  	Earlier of May 15, 2018 or opening.
			
	(g)	 	 Expiration Date:

[Section 3]
	  	July 31, 2021
			
	(h)    	 	 Base Rent:

[Section 4(a)]
	  	

 BASE RENT SCHEDULE 
  

									
	 PERIOD
	  	MONTHLY
BASE RENT	 	  	ANNUAL
BASE RENT	 
	 5/1/2018 – 7/31/2018
	  	$	0.00	 	  	 	N/A	 
	 8/1/2018 – 7/31/2019
	  	$	1,562.50	 	  	$	18,750.00	 
	 8/1/2019 – 7/31/2020
	  	$	2,239.18	 	  	$	26,870.13	 
	 8/1/2020 – 7/31/2021
	  	$	2,260.92	 	  	$	27,131.00	 

  

					
			
	(i)    	 	 Tenants Proportionate Share:

[Section 4(b)]
	  	Based on Total Rentable Square Footage. It is Tenant’s understanding that they will be Billed at the rate of $9.67 per square foot for calendar year 2018 commencing 8/1/2018. (2,087 Sq. Ft.) 5.82% for the period of 8/1/2019
– 7/31/2021

 
					
	(j)    	 	 Reserved.
	  	
			
	(k)	 	 Landlord’s Address for Rent Payments: 

[Section 22]
	  	 Lagos Properties, LLC

Attn: Manager

275 North Lindbergh, Suite LL

St. Louis, Missouri 63141

			
	(l)	 	 Landlord’s Address for Notices:

[Section 22]
	  	 Lagos Properties, LLC

Attn: Manager

275 North Lindbergh

St. Louis, Missouri 63141

			
	(m)	 	 Tenant’s Notice Address:

[Section 22]
	  	 Eargo, Inc.

295 Bernardo Avenue

Suite 100

Mountain View, CA 94043

			
	(o)	 	 Security Deposit:

[Section 24]
	  	 $2,500.00

			
	(p)	 	 Landlord’s Broker:

[Section 29]
	  	 Avison Young (representing Landlord only)

			
	(q)	 	 Tenant’s Broker: 

[Section 29]
	  	 Equity Property (representing Tenant only, and not as a subagent of Landlord)

			
	(r)	 	 Exhibits:
	  	 Additional Provisions

Exhibit “A”: Floor Plan

Exhibit “B”: Rules and Regulations

 2. PREMISES. Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, the
Premises described in Section 1 (d). In addition, Landlord grants to Tenant the non-exclusive use of all common areas designated by Landlord from time to time in and about the Property. All common areas
shall be subject to the exclusive control and management of Landlord, and Landlord shall have the right, at any time, and from time to time, to change the size, location, elevation, and/or nature of the common areas. Landlord also reserves the
right, from time to time, to close portions of the common areas or utilize the same for Landlord’s purposes. Tenant acknowledges that the square footages of the Premises and the Property are only approximate, and Landlord and Tenant agree that,
notwithstanding the actual square footage of the Premises and the Property, Tenant’s Proportionate Share, as described in Section 1(i), shall be deemed correct for all matters of this Lease including but not limited to the calculation of
Base Rent, Additional Rent, Security Deposit and any construction allowances. Tenant shall use and occupy the Premises for general office purposes and for no other use. 

Tenant has inspected the Premises and accepts the same in its present “AS IS” condition, acknowledging that the Premises are in good
order and satisfactory condition and suitable for the purposes for which they are leased. Tenant further acknowledges that, except as otherwise set forth in this Lease, Landlord has made no representations to Tenant with respect to any alterations,
repairs or improvements to be constructed within the Premises, 

  
 2 

 3. TERM. The Term of this Lease shall be for the period designated in
Section 1 (e), commencing on the date set forth in Section 1(f), and expiring on the date set forth in Section 1(g), both inclusive. Notwithstanding the aforesaid, in the event Landlord is delayed in delivering the Premises to Tenant
for any reason including but not limited to, labor strikes, casualty, legal actions, suits or injunctions, conditions of the elements, the completion of any construction agreed to be performed within the Premises by Landlord, or the inability to
secure the Premises or any materials, Landlord shall deliver the Premises to Tenant as soon thereafter as possible. In the event of any such delay, Landlord shall not be liable to Tenant, nor shall the validity of this Lease be impaired, but the
Commencement Date shall be postponed a number of days equal to such delay, and the Expiration Date shall be extended a like number of days to reflect the term of this Lease, plus an additional number of days through the end of the then current
month. However, in the event any such delay is due to Tenant’s negligence or any reason within Tenant’s control including, without limitation, Tenant’s selection of materials, or any requested changes, modifications or additions to
any construction agreed to be performed within the Premises by Landlord, the obligations set forth in this Lease shall nevertheless commence on the date Landlord would otherwise have delivered the Premises to Tenant were it not for Tenant’s
delay. 
 If this Lease commences on any date other than the Commencement Date set forth in Section 1(f), Tenant shall execute
Landlord’s separate written memorandum, setting forth the actual Commencement Date, the Expiration Date, the date when all Rent shall commence, and any other information reasonably requested by Landlord. Landlord reserves the right to withhold
delivery of the Premises to Tenant until such memorandum has been executed and returned to Landlord; however, the withholding of delivery of the Premises shall in no way relieve Tenant of its obligations under this Lease. 

Provided this Lease is in full force and effect and Tenant is not in Default hereunder, Tenant shall have a
one-time right and option to terminate this Lease effective on the last day of the 12th full calendar month of the Term or the last day of the 24th full calendar month of the Term (such date being the
“Termination Date”), upon the following terms and conditions. In order to exercise such option, Tenant must give Landlord written notice at least six (6) months prior to the Termination Date, which notice shall specify the
Termination Date. Should Tenant terminate said Lease pursuant to this Section, then prior to vacating the Premises, Tenant shall perform such repairs and make such restorations as Landlord reasonably determines to return the Premises to Landlord in
substantially the same condition as when received, reasonable wear and tear excepted. Should Tenant exercise its option to terminate this Lease, Landlord shall have the right to enter upon the Premises, from and after receipt of Tenant’s
notice, for the purpose of showing the Premises to prospective third party tenants. In the event Tenant elects to terminate said Lease as aforesaid, Tenant shall pay to Landlord (in addition to all other sums due under this Lease through the
Termination Date) a sum equal to the Monthly Base Rent due for the month in which the Termination Date occurs on or prior to the Termination Date. 

4. RENT. Tenant shall pay to Landlord or to Landlord’s designated agent the Base Rent and Additional Rent (collectively,
“Rent”) which accrues or becomes due during the Term, in advance, on the first day of each calendar month, or as otherwise set forth in this Lease, without demand, setoff or deduction, at the office of Landlord. In the event any
Rent or other charge is payable for a partial calendar month or year, such amount shall be prorated to reflect only that portion of the Term within such month or year. All accrued unpaid amounts shall survive the Term. 

  
 3 

 (a) Base Rent. Tenant shall pay to Landlord annual Base Rent pursuant to the Base
Rent Schedule set forth in Section 1(h). The first monthly installment of Base Rent shall be payable to Landlord simultaneously with Tenant’s execution and delivery of this Lease to Landlord. All subsequent monthly installments of
Base Rent shall be payable on the first day of each month as and when the same become due. 
 (b) Additional Rent. Tenant
shall pay to Landlord, as Additional Rent, an amount equal to Tenant’s Proportionate Share of (i) Taxes (as such term is hereinafter defined) payable by Landlord during the Term, plus (it) Operating Expenses (as such term is hereinafter
defined) payable by Landlord during the Term. 
 Taxes. (as such term is hereby defined) shall include, without limitation, any tax,
assessment, license, fee, or governmental charge, general or special, ordinary or extraordinary, now or hereafter assessed, levied, or imposed against any legal or equitable interest in the Property or any part thereof, or against Landlord’s
receipt of rent, or against any of Landlord’s personal property used in the operation and/or maintenance of the Property Taxes shall not include any franchise taxes or any taxes imposed upon or measured by Landlord’s income or profits.
However, Taxes as defined herein are predicated on the present system of taxation in the State of Minnesota; and, therefore, if due to a future change in the method of taxation any rent, franchise, use, profit or other tax shall be levied or imposed
against Landlord or the Property in lieu of any charge which would otherwise constitute a Tax, such rent, franchise, use, profit or other tax shall be deemed to be a Tax for the purposes herein. In the event Landlord is assessed with a Tax which
Landlord in its sole discretion deems excessive, Landlord may challenge said Tax or may defer compliance therewith to the extent legally permitted; and, in the event thereof, Tenant shall be liable for Tenant’s Proportionate Share of all costs
in connection with such challenge or deferment, including any costs incurred by Landlord prior to the term of this Lease, to the extent that such costs relate to any Tax savings which may be realized during the Term. No costs incurred by Landlord in
connection with any Tax challenge shall be included or applicable with respect to the initial determination of the amount of Taxes for the Base Year; and Tenant shall be liable for Tenant’s Proportionate Share of the full amount of the costs of
any Tax challenge in both the Base Year and in all subsequent calendar years during the term of this Lease. 
 Operating Expenses.
(as such term is hereby defined) shall include all costs and expenses and reasonable reserves, determined in accordance with generally accepted accounting principles, consistently applied, and incurred by Landlord in connection with the ownership,
operation and maintenance of the Property including without limitation: all materials, equipment and supplies, together with all service, maintenance, and labor agreements, relative to the maintenance, repair and replacement, as necessary, of the
Premises and the common areas of the Property and all electrical, plumbing and mechanical systems therein; all utilities and related expenses and deposits, including costs incurred in connection with any energy management program for the Property;
all landscaping stock, equipment and maintenance agreements; all janitorial services, equipment and supplies; snow removal; fire protection and security (if provided); any private trustee or indenture charges; maintenance, repair and replacement, as
necessary, of the sprinkler systems, downspouts, gutters and nonstructural portions of the roof; the paving, resealing and/or re-striping of all parking facilities, access roads, driveways, sidewalks and
passageways; heating, ventilation and air conditioning (“HVAC”) of the Property, as well as all maintenance, repairs and any replacements to the HVAC units servicing the Property; all Property signage; all wages/salaries, fees and
commissions and related benefits of all employees and independent 

  
 4 

 
contractors engaged in the operation and management of the Property, together with any applicable social security taxes, employment taxes or other taxes levied against such wages/salaries;
premiums and deductibles for liability, property damage, fire, workers compensation, rent and mortgage insurance, and any other insurance which Landlord deems necessary to carry on, for or in connection with the operation of the Property, or for the
protection of the Property, and the interests of Landlord and Landlord’s agents and mortgagees; management fees; cleaning and vermin extermination; capital improvements which are required by any governmental authority to keep the Property in
compliance with all applicable statutes, codes and regulations; capital improvements which reduce other Operating Expenses, but in an amount not to exceed the reduction of Operating Expenses for the relevant year; the rental and/or amortized costs
of any machinery or equipment used in connection with the operation or maintenance of the Property; and all other expenses incurred by Landlord for or on behalf of the Property. For purposes of establishing the amount of Operating Expenses for the
Base Year, Operating Expense shall not include any unique or extraordinary expenses as reasonably determined by Landlord, such as those caused by any strikes, shortage of materials, utility blackouts, terrorism, or
one-time assessments. Operating Expenses shall not include: any expense chargeable to a capital account or capital improvement (other than aforesaid); ground leases; principal or interest payments on any
mortgage or deed of trust on the Property; any amount for which Landlord is reimbursed through insurance, by third persons, or directly by other tenants of the Property; brokers commissions and other expenses incurred in the leasing of space to
tenants in the Property. 
 In the event the Property is not fully occupied in the initial calendar year or during any subsequent calendar
year during the Term, then those Operating Expenses of the Property which are variable for that year (that is, those Operating Expenses which change depending upon the occupancy level of the Property (such as janitorial costs and usage of
electricity), as distinguished from those Operating Expenses which do not change depending upon the occupancy level of the Property (such as landscaping costs and casualty insurance)), shall be deemed to be increased by an amount reasonably
determined by Landlord to reflect the Operating Expenses which would have been expended had the Property been fully occupied. Similarly, in the event Landlord is not furnishing any particular work or service to a tenant who has undertaken to perform
such work or service in lieu of Landlord, the Operating Expenses shall be deemed to be increased by an amount reasonably determined by Landlord to reflect the Operating Expenses which would have been expended had Landlord performed such work or
service. Nothing contained in this Section 4(b) shall be construed as requiring Landlord to perform any services or make any expenditure with respect to the Premises or the Property unless such obligation is expressly set forth in this Lease.

 Landlord shall have the right to invoice Tenant monthly, quarterly, or otherwise from time to time, for Tenant’s Proportionate Share
of the Taxes and Operating Expenses, as reasonably estimated by Landlord; and Tenant shall pay to Landlord, as Additional Rent, those amounts for which Tenant is invoiced within thirty (30) days after receipt of said invoice. Any monies paid in
advance to Landlord by Tenant shall not accrue interest thereon. After each calendar year, Landlord shall deliver a statement to Tenant setting forth Tenant’s actual obligation for Taxes and Operating Expenses, and the total amount of payments
paid by Tenant to Landlord for such purposes. In the event Tenant’s actual obligation for Taxes and/or Operating Expenses exceeds Tenant’s payments for such respective purposes, Tenant shall pay the applicable difference to Landlord within
thirty (30) days after receipt of Landlord’s statement. Conversely, in the event Tenant’s respective payments toward Taxes and/or Operating Expenses exceed Tenant’s actual obligation for each of the same, Landlord shall

  
 5 

 
either refund the applicable overpayment to Tenant or credit said overpayment against Tenant’s obligation for such specific expense in the forthcoming year. In the event Taxes or Operating
Expenses in any calendar year are less than the respective Taxes and Operating Expenses for the Base Year, Tenant shall not receive a refund or credit against any Tax or Operating Expense obligation in that same or any subsequent calendar year. If
upon the expiration or earlier termination of this Lease there is accrued but unbilled Additional Rent, Tenant’s obligation with respect to any amounts owed to Landlord shall survive; and, at Landlord’s option, Tenant shall either
(i) pay such amounts after the expiration of the Term when such Additional Rent has been accurately determined within fifteen (15) days after receipt of Landlord’s statement, or (ii) pay an amount reasonably estimated by Landlord
prior to the expiration of the Term. 
 Within thirty (30) days after receipt of each year-end
statement, Tenant shall have the right, at Tenant’s sole cost and expense, to inspect and audit Landlord’s records with respect to Tenant’s Proportionate Share of Additional Rent, which audit shall be at the accounting office of
Landlord, upon not less than ten (10) days prior written notice, during Landlord’s normal business hours, subject to execution of a confidentiality agreement acceptable to Landlord, and provided that if Tenant utilizes an independent
accountant to perform such review it shall be one of national standing which is reasonably acceptable to Landlord, is not compensated on a contingency basis and is also subject to such confidentiality agreement. Except as aforesaid, Landlord shall
not be obligated to provide Tenant with detailed summaries or receipts for any expenses incurred by or on behalf of the Property, but Landlord shall provide Tenant with one or more statements setting forth such expenses, categorized by class and
amount. Unless Tenant timely elects to audit such records and asserts specific errors within ninety (90) days after receipt of such year-end statement, said statement shall be deemed to be correct. 

5. INTEREST AND LATE FEES. In the event Tenant should fail to pay to Landlord any Rent or other charge when due, Tenant shall
pay to Landlord (a) interest on the unpaid amount from the due date through the date of payment, in an amount equal to ten percent (10%) per annum; plus (b) a late fee for Landlord’s increased administrative expenses, in an amount
equal to one percent (1%), per month, of the amount owed Landlord. In addition to the aforesaid, in the event any check or payment made by Tenant is not honored or is otherwise returned by Landlord’s bank, Tenant shall pay to Landlord an
additional charge equal to Fifty and 00/100 Dollars ($50.00) for each such returned payment. All interest, late fees and additional charges payable pursuant to this Section shall be paid to Landlord as Additional Rent hereunder; and, at
Landlord’s option, such charges shall be payable by Tenant with certified funds. Tenant acknowledges that Landlord’s actual damages for late payments and returned checks may be difficult or impractical to fix; and therefore, Tenant further
acknowledges that such estimated fees and charges are fair and reasonable liquidated damages. 
 6. SERVICES. Landlord shall
provide the following services during the Term. The cost of all services shall be an Operating Expense of the Property; and are based upon Landlord’s determination of the reasonable common use of such services. In the event Landlord provides
additional services at the request or requirement of Tenant, or at times other than during “normal business hours”, defined as Monday through Friday from 7:00 a.m. to 6:00 p.m., Saturdays from 8:00 a.m. to 12:00 p.m., Sundays and
holidays excepted, Tenant shall pay for such additional services at costs reasonably determined by Landlord, plus a five percent (5%) administrative fee, within fifteen (15) days after receipt of Landlord’s statement. 

  
 6 

 (a) Landlord shall provide electricity to the Promises for building standard lighting. In
addition to such lighting, Landlord shall provide service of electricity through floor and wall outlets, for a reasonable amount of normal office equipment, during normal business hours. In the event Tenant installs lighting in excess of building
standards or in the event the total consumption of electricity through floor and wall outlets for the Premises exceeds the aforesaid allowance, Landlord, at Tenant’s expense, shall make reasonable efforts to supply Tenant’s requested
service through the then-existing feeders and risers servicing the Promises, and Tenant shall pay to Landlord, as Additional Rent, the cost of such additional electric service, plus a ten percent (10%) administrative fee, within fifteen
(15) days after receipt of Landlord’s statement. Landlord shall determine the amount of Tenant’s additional consumption of electricity by any verifiable method, including installation of a separate meter within the Premises,
installed, maintained, and read by Landlord, at Tenant’s expense, or as determined by an independent consulting engineer, engaged by Landlord from time to time at Tenant’s expense. Tenant shall not install any electrical equipment
requiring special wiring or requiring voltage in excess of one hundred twenty (120) volts, or otherwise exceeding building capacity, without Landlord’s prior written consent. In the event Tenant requires excess or additional wiring,
Landlord reserves the right to perform such work, at Tenant’s cost, if in Landlord’s reasonable determination such wiring shall cause damage to the Property, or cause or create a dangerous or hazardous condition, or entail excessive or
unreasonable alterations, repairs or expenses to the Property, or will interfere with or disturb other tenants of the Property. 
 (b)
Landlord shall provide HVAC to the Premises and to the common areas of the Property at temperatures reasonably determined by Landlord for normal occupancy and general office use during normal business hours. In the event Tenant utilizes any machines
or equipment which affect the temperatures otherwise maintained by Landlord’s HVAC system, or in the event Tenant installs any lighting in excess of building standards, Landlord reserves the right to install supplemental air conditioning units
or other supplemental equipment in the Premises, and the cost of installation, operation and maintenance thereof shall be payable by Tenant as Additional Rent. In the event the Premises contain or are serviced by any heating or air conditioning
equipment which is above building standard, Tenant shall accept such equipment in its present “AS IS” condition, acknowledging that all costs in connection with the operation, maintenance, repair and replacement of such equipment shall be
borne and payable by Tenant as Additional Rent. 
 (c) Landlord shall provide drinking water, restroom supplies, elevator service, and
utility service to the common areas of the Property. Landlord shall also provide building standard janitorial service to the Premises on weekdays (other than building holidays), and window washing to the Premises from time to time as reasonably
determined by Landlord. 
 (d) Landlord shall maintain the common areas of the Property in a good and orderly condition including, without
limitation, lawn and shrub care, maintenance of the roof and the structural portions of the Property, and maintenance of all building mechanical, electrical and plumbing equipment servicing the Property, but excluding those items under Tenant’s
exclusive use and control; and those items specifically excepted elsewhere in this Lease. 
 (e) Parking shall be provided on the parking
lots of the Property on an unallocated basis. 
 (f) Tenant shall have the right to designate its telecommunication providers; however,
Landlord reserves the right to designate and/or restrict all third party telecommunication access to and in Landlord’s building as Landlord may reasonably determine from time to time. Tenant shall only utilize existing pathways, shafts,
raceways, conduits, columns, risers, closets and other areas within the Property which Landlord has or may from 

  
 7 

 
time to time designate for the location of telecommunication equipment; and Tenant shall label all cabling, wiring and other telecommunications equipment placed by Tenant within the Property in a
manner reasonably determined by Landlord. In the event any of Tenant’s telecommunication equipment causes or requires Landlord to perform any alterations or modifications to the Property to accommodate Tenant, Tenant shall be liable for the
costs thereof. No telecommunications equipment, transmissions or receptions of Tenant shall interfere with the telecommunications equipment, transmissions or receptions of Landlord or any other tenant. 

(g) Landlord shall use good faith efforts to provide the aforesaid services, but in no event shall Landlord be liable for damages, nor shall
the Rent be reduced or abated, due to any failure to furnish, or any delay in furnishing, any services which are caused by Landlord’s inability to secure electricity, fuel, supplies, machinery, equipment or labor, or which are caused by
necessary repairs or improvements, or any other reason; nor shall the temporary failure to furnish any such services, or any inconvenience suffered by Tenant as a result of Landlord’s maintenance or repairs, be construed as a constructive
eviction of Tenant, or relieve Tenant from the duty of observing and performing the obligations of Tenant under this Lease. 

7. LANDLORD’S RIGHTS. (a) Landlord may close the Property, or portions thereof, in emergency situations exclusively
determined by Landlord, during periods of general construction, and at all times other than during normal business hours, during which times admittance may be gained only under such regulations as may be prescribed by Landlord. Landlord may also
temporarily reduce or suspend certain building services from time to time for, among other purposes, the proper maintenance and repair of the Property. 

(b) Landlord may designate all sources of all services used in the common areas of the Property; and Landlord may designate the source and
grade of all materials and all personnel for all construction, repairs and maintenance which Landlord is obligated to perform under this Lease, whether the same is within the Premises or about the Property. Landlord reserves the right to designate,
from time to time, for both the Premises and the Property, all utilities used by Landlord and/or Tenant including, without limitation, all gas, electric, water and sewer service. Tenant shall allow Landlord and all of Landlord’s assignees,
invitees, licensees, contractors and utility providers reasonable access in and through the Premises for the benefit of Landlord, Tenant and/or any other tenants of the Property to perform such installations, maintenance, repairs or replacements as
Landlord may determine. To this end, Landlord retains such license or easement in and through the Premises as shall be reasonably required by Landlord. 

(c) Landlord may comply with voluntary controls or guidelines promulgated by any governmental entity relating to the use or conservation of
energy, water, gas, light or electricity. 
 (d) Landlord may make alterations, repairs, additions, and improvements to the Property or any
part thereof, including the installation and maintenance of pipes, ducts, conduits, wires and structural elements within the Premises to service the Property or other tenants of the Property. 

(e) Landlord may have pass keys to the Premises and all portions thereof; however, except as specifically set forth in this Lease, Landlord
assumes no obligation to enter the Premises or to make any inspections thereof. 

  
 8 

 (f) Landlord may change the name or street address of the Property; install, affix and
maintain one or more signs within or about the Property; and grant to any third party tenant the exclusive right to conduct any particular business or undertaking within the Property, 

(g) Landlord may take such reasonable measures as Landlord deems advisable for the security of the Property and its occupants. Notwithstanding
the aforesaid, Landlord shall not be liable to Tenant, or to anyone claiming under Tenant, for any breach of any security within the Property. 

(h) Landlord may re-enter the Premises or may repair or otherwise prepare the Premises for re-occupancy (without affecting Tenant’s obligation to pay Rent) during the last one hundred eighty (180) days of the Term, if prior to that time Tenant has vacated the Premises. 

(i) In the event Tenant requests Landlord to take any action or give any consent required or permitted under this Lease, Tenant shall
reimburse Landlord for Landlord’s reasonable costs incurred in reviewing the proposed action or consent including, without limitation, reasonable attorneys’, engineers’ or architects’ fees. Tenant shall reimburse Landlord for
such costs within fifteen (15) days after receipt of Landlord’s statement; and Tenant acknowledges that Tenant shall be obligated to make such reimbursement regardless of whether or not Landlord ultimately takes such action or grants such
consent. 
 (j) Landlord has established certain Rules and Regulations with respect to the Property, as more fully set forth on
Exhibit “B,” attached hereto and made a part hereof. Landlord reserves the right to establish additional Rules and Regulations, or make amendments thereto, from time to time, if in Landlord’s
reasonable determination the same is necessary for the orderly operation or protection of the Property and/or for the general safety of the tenants. The non-compliance of any of such Rules and Regulations by
Tenant shall constitute a Default under this Lease. 
 8. REPAIRS AND MAINTENANCE. Landlord does not warrant either expressly
or impliedly the condition or fitness of the Premises except as specifically set forth herein. Landlord shall maintain, repair and replace, if necessary, the structural portions of the roof and the exterior walls of the Premises, as well as all
common areas of the Property and all building standard electrical, mechanical and plumbing systems servicing the Premises, as more fully set forth herein; however, the costs and expenses thereof shall be subject to recapture as an Operating Expense
pursuant to Section 4(b). Notwithstanding the aforesaid, in the event any such maintenance or repairs are caused by the negligence of Tenant or Tenant’s employees, agents, invitees or contractors, Tenant shall reimburse to Landlord, as
Additional Rent, the cost of all such maintenance and repairs within fifteen (15) days after receipt of Landlord’s statement. Tenant shall have the affirmative duty to periodically inspect the Premises, and to notify Landlord of the need
for any repairs which are the obligation of Landlord hereunder. Upon receipt of Tenant’s notice, Landlord shall have a reasonable period of time to make such repairs or maintenance; however, it is expressly understood and agreed that Landlord
shall not be liable for any property damage sustained by Tenant, or anyone claiming under Tenant, due to Landlord’s inability, delay or negligence in making such repairs, and Landlord’s liability with respect to such repairs or maintenance
shall be limited to the cost of such repairs or maintenance. 

  
 9 

 Tenant, at Tenant’s sole cost and expense, shall clean, maintain, preserve, repair and
replace, as necessary, all portions of the Premises which are not expressly the responsibility of Landlord including, but not limited to, all wall coverings, floor coverings, window treatments and any other interior finish installed by or for the
benefit of Tenant; all electrical, mechanical and plumbing systems and fixtures servicing the Premises which are custom or above building standard; all signs, locks, alarms, security devices, telecommunications equipment, doors, hardware, all plate
and other glass, and all of Tenant’s personal property and fixtures (including any interior finish constructed by Landlord or Tenant within the Premises). In the event Tenant should fail to perform any maintenance or repairs required of Tenant
under this Lease in a prompt and good workmanlike manner after Landlord’s written demand, Landlord shall have the right, but not the obligation, to perform such maintenance and repairs, whereupon Tenant shall pay to Landlord, as Additional
Rent, all such maintenance and repair costs, plus ten percent (10%), within fifteen (15) days after receipt of Landlord’s statement. 

All maintenance, repair, and replacement obligations of Tenant under this Section shall be deemed improvements to the Premises and shall
be performed by Tenant pursuant to and in accordance with the terms and conditions under Section 9 of this Lease. All materials utilized by Tenant in any maintenance, repairs, construction or replacements under this Lease shall be pre-approved by Landlord, meet minimum municipal code requirements, and be of a quality at least as good as the quality of the materials in place within the Premises, as reasonably determined by Landlord
(“Approved Materials”). AH contractors performing any construction, services or other work within the Premises for or on behalf of Tenant shall be pre-approved by Landlord
(“Approved Contractors”). Landlord’s approval may include, without limitation, the use of union tradesmen and laborers; and in all events, as a prerequisite of any approval, Tenant shall provide Landlord with
certificates of insurance of all contractors in a form and content, and with such companies as Landlord may reasonably approve, naming both Landlord and Landlord’s managing agent (if any) as additional insureds. 

9. ALTERATIONS AND IMPROVEMENTS. Tenant shall not make any alterations, additions or improvements to the Premises or Property
without the prior written consent of Landlord; nor shall Tenant, or any telecommunications companies on behalf of Tenant, install any telecommunications systems within the Property without the prior written consent of Landlord. All construction and
other work pre-approved by Landlord and performed by or on behalf of Tenant shall be with Approved Materials and Approved Contractors; and all construction shall be completed in a good and workmanlike manner
and in compliance with all Laws, as well as all requirements of Landlord’s insurance carrier. Prior to installing any trade fixtures, or making any alterations, additions or improvements to the Premises, Tenant shall notify Landlord in writing
of the same and provide to Landlord such plans and specifications for such work as Landlord may reasonably request, together with a detailed work schedule and list of contractors, subcontractors and materialmen. It is expressly understood and agreed
that Landlord’s approval of any plans and specifications of any work undertaken by Tenant shall not be a representation by Landlord that the contemplated alterations, additions or improvements comply with any Laws; and Tenant shall remain
wholly liable for compliance with all Laws and indemnify and hold Landlord harmless from any violations thereof. Landlord shall not be liable for or be required to insure any alterations or improvements made to the Premises by or on behalf of
Tenant; and Tenant shall secure all-risk property insurance coverage for all such alterations and improvements pursuant to Section 19. Notwithstanding anything to the contrary in this Lease, Tenant shall
be liable for any damage to the Premises and the Property arising from any alteration or construction undertaken by Tenant. 

  
 10 

 Prior to performing any alterations, additions or improvements to the Premises or Property,
Tenant shall first provide Landlord with certain assurances reasonably satisfactory to Landlord that Tenant is capable of paying for all such materials and work. Such assurances may include, by way of example (a) proof of prepayment of all or
substantially all of such materials and work, based upon actual contractor’s bids; (b) evidence of a construction or other loan from a bank or other lender in the full amount of the cost of Tenant’s proposed improvements which
provides for the disbursement of the loan proceeds pursuant to a disbursing arrangement in accordance with customary industry standards reasonably acceptable to Landlord; or (c) a guaranty by one (1) or more separate persons or entities,
reasonably satisfactory to Landlord, for the full amount of the cost of such work. Landlord reserves the right, but not the obligation, to perform all alterations, improvements or additions required by Tenant; and, in the event Landlord exercises
such right, Tenant shall reimburse Landlord for all of Landlord’s costs within fifteen (15) days after receipt of Landlord’s statement. 

Tenant shall remove all trade fixtures from the Premises prior to the expiration of this Lease, unless Landlord has theretofore consented in
writing to allow such trade fixtures to remain within the Premises. Tenant shall remove all other improvements from the Premises, whether or not installed and/or pre-approved by Landlord, unless Landlord
elects in writing to require such improvements to remain within the Premises. For purposes of this Lease, improvements shall include without limitation, all personal property, construction, and fixtures, and all voice, video, data and other
telecommunications wiring, cabling and equipment (collectively, “Telecommunication Equipment”) installed by or on behalf of Tenant. Notwithstanding the aforesaid, Tenant shall have no duty to remove any construction or fixtures
which were installed by Landlord or Tenant in connection with Tenant’s initial occupancy of the Premises, except with respect to Tenant’s Telecommunication Equipment which Tenant shall remove unless Landlord otherwise specifically elects
in writing. Tenant shall repair any damage caused by any such removal and restore the Premises to a condition substantially similar to the condition of the Premises immediately prior to the installation of such improvements; in the event Tenant
fails to so repair and restore the Premises, Tenant shall be liable for the costs thereof, which liability shall survive the termination of this Lease. 

10. CASUALTY. If the Premises or a substantial portion of the Property is damaged in whole or in part by casualty, and if the
Premises are made untenantable as a result thereof, Landlord shall deliver to Tenant, within sixty (60) days after such casualty, a good faith estimate of the time necessary to repair such damages (“Casualty Notice”). If in
Landlord’s reasonable estimation such damages cannot be substantially repaired within the shorter of two hundred seventy (270) days from the date of such casualty, or within two-thirds (2/3) of the
then remaining Term as of the date of such casualty (“Estimated Restoration Period”), this Lease may be terminated by either Landlord or Tenant by delivering written notice to the other party within thirty
(30) days after Tenant’s receipt of the Casualty Notice, in the event neither party timely terminates this Lease, or if in Landlord’s reasonable estimation such damages can be substantially repaired within the Estimated Restoration
Period then, subject to Landlord’s rights below, this Lease shall remain in full force and effect, and Landlord shall proceed in good faith to repair and restore the Premises to a condition substantially similar to that condition which existed
prior to such casualty. Landlord’s obligation with respect to repair and restoration shall be limited to the extent of the insurance proceeds actually received by Landlord in connection with such casualty and shall only extend to the repair of
Landlord’s building and improvements, and shall not extend to Tenant’s fixtures, equipment, alterations, Telecommunications Equipment, or any interior finish constructed within the Premises by

  
 11 

 
either Landlord or Tenant, regardless of the cause of such casualty. In the event the repair and restoration of the Premises extends beyond the Estimated Restoration Period, this Lease shall
remain in full force and effect and Landlord shall not be liable therefor, but Landlord shall continue to complete such repairs and restoration with all due diligence. Notwithstanding the aforesaid, if Landlord reasonably determines that repair of
the Premises/Property is or will become uneconomical or that the insurance proceeds (after any required payments to any mortgagees of the Property) will be insufficient to complete all repairs and restoration, then Landlord may terminate this Lease
by giving written notice to Tenant. In the event this Lease is terminated, the parties shall have no further obligations to the other, except for those obligations accrued through the effective date of such termination, which obligations shall
survive the Term. 
 Upon termination of this Lease, Tenant shall immediately surrender possession of the Premises to Landlord. Tenant shall
not be required to pay any Base Rent for any period in which the Premises are wholly untenantable; and, in the event only a portion of the Premises are untenantable, Tenant’s Base Rent shall be equitably abated in proportion to that portion of
the Premises which are so unfit for such period of time as the Premises (or such portion) remains untenantable. There shall be no Rent abatement if the damages are due to the fault or negligence of Tenant or Tenant’s agents, employees,
licensees, invitees or contractors. 
 11. INSPECTION. Landlord and its agents shall have the right to enter and inspect the
Premises from time to time, for the purpose of ascertaining the condition thereof, or to show the Premises to existing or prospective fee owners or third party tenants, ground lessors, mortgagees, Landlord’s insurance carriers and by request of
any governmental agency, or in order to make such repairs as may be required or permitted to be made by Landlord under the terms of this Lease; and, to this end, Landlord retains such license or easement in and through the Premises as may be
reasonably required by Landlord. In addition thereto, during the last twelve (12) months of the Term, Landlord shall have the right to enter upon the Premises to erect one or more signs indicating that the Premises are available for lease. 

12. SUBLETTING AND ASSIGNING. Tenant shall not, voluntarily or by operation of law, assign, sublet or encumber this Lease, the
Premises, or any portion thereof, nor allow the same to be used or occupied by any person, without the prior written consent of Landlord. For purposes of this Section, the transfer of any majority interest in the entity constituting the Tenant, or
the sale of all or substantially all of the assets of Tenant, or the merger or consolidation of Tenant with any other entity, or the divestiture of Tenant from any parent or affiliated company, shall be deemed to be an assignment of Tenant’s
interest. In no event shall Tenant have the right to assign this Lease or sublet any portion of the Premises to any third party tenant (or to any affiliated company of any third party tenant) who leases space in the Property or whose lease or
possession of any space in the Property is expiring, or to any third party who is negotiating with Landlord to lease space within the Property. In the event Landlord should consent to any assignment or sublease, no subtenant, assignee or other
occupant shall use the Premises for any purpose other than general office use. Further, in no event shall Landlord’s consent to any sublease or assignment constitute a release of Tenant front the full performance of Tenant’s obligations
under this Lease. Tenant shall pay to Landlord in advance, Landlord’s reasonable attorney’s fees to review and/or draft any documents Landlord deems necessary in connection with the transferor Tenant’s interests. 

  
 12 

 13. DEFAULT. This Lease and Tenant’s right to possession of the Premises
is made subject to and conditioned upon Tenant performing all of the covenants and obligations to be performed by Tenant hereunder, at the times and pursuant to terms and conditions set forth herein. The following events shall each be an event of
default by Tenant under this Lease (“Default”): (a) Tenant fails to pay any Rent or other charge when the same is due; (b) Tenant fails to perform any other obligation to be performed by Tenant within the time or times set
forth herein; (c) Tenant makes any material misrepresentation, or commits any fraud or criminal act; (d) Tenant shall become insolvent, make a transfer in fraud of its creditors, make an assignment for the benefit of its creditors, files
or has filed against it a petition in bankruptcy, has a receiver, trustee or liquidator appointed over a substantial portion of its property or this Lease, or is adjudicated insolvent; or (e) Tenant vacates or abandons the Premises for more
than thirty (30) days. In the event any monetary Default shall continue for five (5) days after receipt of written notice from Landlord, or in the event any non-monetary Default shall continue for
ten (10) days after receipt of written notice from Landlord, or in the event Tenant becomes in Default for the same general reason three (3) or more times during the Term (regardless of whether or not Tenant subsequently cures such
Defaults); then, in addition to all other remedies afforded Landlord under this Lease, at law or in equity, Landlord may terminate this Lease, or terminate Tenant’s right of possession to the Premises without terminating this Lease, by delivery
of written notice to Tenant. In either event, Landlord shall have the right to dispossess Tenant, or any other person in occupancy, together with their property, and re-enter the Premises. No such
dispossession of Tenant or re-entry by Landlord, or Landlord’s voluntary acceptance of the keys to the Premises, shall constitute or be construed as an election by Landlord to terminate this Lease, unless
Landlord delivers written notice to Tenant specifically terminating this Lease. Upon such re-entry, Tenant shall be liable for all expenses incurred by Landlord in recovering the Premises including, without
limitation, clean-up costs, legal fees, removal, storage or disposal of Tenant’s property, and restoration costs. 

In the event Landlord elects to terminate this Lease, Tenant shall immediately vacate the Premises and pay to Landlord all Rent accrued
through the effective date of termination, together with any late fees and interest thereon, plus an amount equal to all tenant concessions initially granted to Tenant including, but not limited to, any free or reduced Rent, any interior finish
constructed within the Premises, or any contribution paid to Tenant in lieu thereof. In addition thereto, the remainder of the Rent payable by Tenant through the Expiration Date of this Lease, less the fair market rental value of the Premises over
the same period (net of all expenses and vacancy periods reasonably projected by Landlord to be incurred in connection with the reletting of the Premises) shall be accelerated and become immediately due and payable. 

In the event Landlord elects not to terminate this Lease, but only to terminate Tenant’s right of possession to the Premises, Tenant
shall immediately vacate the Premises and pay to Landlord all Rent accrued through the effective date of repossession, together with any late fees and interest thereon. Upon repossession, Landlord may use reasonable efforts to mitigate its damages
and relet the Premises upon terms and conditions satisfactory to Landlord; however, Landlord shall have no duty to prioritize the reletting of the Premises over the leasing of other vacant space within the Property. Tenant shall remain liable for
all Rent accruing after the date of repossession (together with all late fees and interest), payable monthly as such Rent accrues, in an amount equal to the Rent payable under this Lease, less the rent (if any) collected by Landlord from any
reletting. Landlord shall have the right to make repairs, alterations, and additions in or to the Premises and redecorate and remodel the same to the extent deemed necessary by Landlord in connection with any reletting of the Premises; and Tenant
shall pay to Landlord the cost thereof within fifteen (15) days after receipt of Landlord’s statement. 

  
 13 

 In addition to any other remedy afforded Landlord under this Lease, Tenant hereby grants to
Landlord a continuing security interest in all of Tenant’s goods, wares, equipment, fixtures, furniture, and all proceeds thereof (collectively, “Security”) situated within the Premises. In the event Tenant shall be in Default
under this Lease, Tenant shall not remove any such Security from the Premises without the prior written consent of Landlord; and Landlord shall have all rights and remedies under the Uniform Commercial Code including, without limitation, the right
to sell such Security at public or private sale upon five (5) days’ prior written notice to Tenant. Tenant hereby agrees to execute financing statements and other reasonable instruments necessary or desirable, in Landlord’s
discretion, to perfect any security interest hereby created; and, in the event Tenant should fail or refuse to execute any such financing statements or instruments, Landlord shall be granted a limited power of attorney to execute such
statements/instruments in the name and on behalf of Tenant and perfect Landlord’s security interest in the Security. The lien hereby created shall be in addition to any statutory lien granted under the laws of the State of Minnesota. 

No action by Tenant after final judgment for possession of the Premises shall reinstate this Lease, and Tenant waives any and all rights of
redemption in the event Tenant is judicially dispossessed. Should Landlord elect not to exercise any of its rights in the event of a Default, it shall not be deemed a waiver of such rights as to subsequent Defaults. No payment by Tenant or receipt
by Landlord of a lesser amount than that stipulated to be paid shall be deemed to be anything other than a payment on account; nor shall any endorsement or statement on any check or letter accompanying any payment be deemed an accord and
satisfaction; and Landlord may accept any payment without prejudice to Landlord’s right to recover the balance or pursue any other remedy under this Lease. Landlord reserves the right to apply any monies received from Tenant, regardless of how
designated, to any outstanding Rent, interest, late fees or other amounts then owed to Landlord under this Lease. All of the aforesaid rights of Landlord shall be in addition to any remedies which Landlord may have at law or in equity; Landlord
shall have the right to pursue any one or all of such remedies; and no election of remedy by Landlord shall preclude Landlord from subsequently pursuing any of Landlord’s other remedies. Tenant shall pay all costs and attorney’s fees
incurred by Landlord from enforcing the covenants of this Lease. 
 14. RIGHT TO CURE TENANT’S DEFAULT. If Tenant is in
Default under any provision of this Lease other than for the payment of Rent, and Tenant has not cured such Default within ten (10) days after receipt of Landlord’s written notice, Landlord shall have the right but not the obligation to
cure such Default on behalf of Tenant, at Tenant’s expense. Landlord may also perform any obligation of Tenant, without notice to Tenant, should Landlord deem such performance to be an emergency, or Landlord reasonably determines that such
Default will result in a violation of law or the cancellation of any insurance policy maintained by Landlord, or will unreasonably interfere with any other tenants in the Property. If Landlord incurs any expense, including reasonable attorney’s
fees, in instituting, prosecuting and/or defending any action or proceeding by reason of any emergency or Default, Tenant shall reimburse Landlord for the same, as Additional Rent, with interest calculated thereon at the rate of thirteen percent
(13%) per annum from the date such payment is first due Landlord. 
 15. RETURN OF PREMISES. Upon the expiration or earlier
termination of this Lease, Tenant shall surrender and return the Premises to Landlord in substantially the same condition as when received, reasonable wear and tear excepted. Tenant shall give Landlord thirty (30) days written notice prior to
Tenant vacating the Premises, for the purpose of arranging a joint inspection of the Premises with respect to any obligation to be performed 

  
 14 

 
therein by Tenant including, without limitation, the necessity of any repair or restoration of the Premises. In the event Tenant fails to notify Landlord of such inspection, Landlord’s
inspection after Tenant vacates shall be conclusively deemed correct for purposes of determining Tenant’s responsibility under this Lease. Tenant shall remove all alterations, additions and improvements made by Tenant within the Premises
including, without limitation, all fixtures and trade fixtures, regardless of how attached and all Telecommunication Equipment installed by or on behalf of Tenant in or about the Property. Notwithstanding the aforesaid, upon Landlord’s written
election, any such alterations, additions, improvements or Telecommunication Equipment (other than trade fixtures) shall become the property of Landlord and shall remain within the Premises. All such work shall be performed in a good and workmanlike
manner, using Approved Contractors and Approved Materials; and all such repairs and restoration shall be in compliance with all Laws, as well as all requirements of Landlord’s insurance carrier. In the event Tenant fails to return the Premises
to Landlord as aforesaid prior to the termination of this Lease, Tenant shall be liable for the costs thereof, which liability shall survive the Term. 

16. HOLDOVER. Upon the expiration or earlier termination of this Lease, Tenant shall surrender the Premises to Landlord, without
notice or demand. If Tenant shall remain in possession of the Premises after the termination of this Lease and hold over for any reason, then, in addition to all other remedies afforded to Landlord at Law or in equity, Tenant shall become a tenant
at sufferance only, upon the terms and conditions set forth in this Lease, including the payment of Additional Rent, but at a monthly Base Rent equal to two hundred percent (200%) of the monthly Base Rent payable under this Lease during the last
month prior to any such holdover. In addition, Tenant shall be liable to Landlord for all other damages incurred by Landlord as a result of such holdover. Acceptance by Landlord of any Rent after such expiration or earlier termination shall not
constitute a consent to a holdover or cause an extension of the Term. Should any of Tenant’s property remain within the Premises after the termination of this Lease, it shall be deemed abandoned, and Landlord shall have the right, without
liability to Landlord, to store or dispose of such property at Tenant’s cost, the liability for which costs shall survive the Term. 

17. HOLD HARMLESS. Landlord shall not be liable to Tenant for any damage to or loss of any property of Tenant’s agents,
employees, licensees, invitees, contractors or other persons, which Tenant places or permits to be placed within the Premises; and Tenant agrees to indemnify, hold harmless, and defend Landlord, at Tenant’s sole cost and expenses, from all
claims liabilities and expenses (including reasonable attorney’s fees) incurred by Landlord arising from any such damage or loss. To the extent not prohibited by law, and to the extent that Landlord or its agents are neither negligent nor
willful, Landlord shall not be liable for any injuries to Tenant, its agents, employees, licensees, invitees, contractors or other persons, caused by: the condition, operation or maintenance of the Property; the acts of any employee, agent,
licensee, invitee, or contractor of the Landlord, Tenant or other tenants of the Property; or the general public. Tenant shall indemnify, hold harmless and defend Landlord, at Tenant’s sole cost and expense, from any and all claims, damages to
property, injuries to persons, losses, liabilities and expenses (including reasonable attorney’s fees) arising from any occurrence within the Premises that is the fault of Tenant; any act or permitted act or omission of Tenant or any of
Tenant’s employees, agents, licensees, invitees and contractors within the Property; or Tenant’s breach of any covenant under this Lease. In the event any suit shall be instituted against Landlord by any third person for which Tenant is
hereby indemnifying and holding Landlord harmless, Tenant shall defend such suit at Tenant’s sole cost and expense with counsel reasonably satisfactory to Landlord; or, at Landlord’s election, Landlord may

  
 15 

 
defend such suit, in which event Tenant shall pay Landlord, as Additional Rent, Landlord’s costs of such defense. The aforesaid indemnifications and obligations shall survive the Term; and,
for purposes of Tenant’s obligations under this Section, the term “Landlord” shall mean and include Landlord and all members, managers, partners, directors, officers and shareholders of Landlord, their agents, employees,
independent contractors, representatives, successors and assigns. 
 18. CONDEMNATION. If the whole of the Premises or any
substantial portion of the Property shall be taken for any public or quasi-public use under any statute or by right of eminent domain or by purchase under threat of condemnation (collectively, “Condemned”), this Lease shall
automatically terminate effective as of the taking date. In the event only a portion of the Premises is Condemned, either party shall have the right to terminate this Lease effective as of the taking date, provided the remaining portion of the
Premises are untenantable for Tenant’s use and Landlord cannot find alternate space within the Property to replace that portion of the Premises which is Condemned. In the event this Lease is not terminated in full, then this Lease shall
terminate on the taking date only as to that portion of the Premises so Condemned, and the Rent and other charges payable by Tenant shall be reduced in proportion to that portion of the Premises which is Condemned. Landlord shall be entitled to the
entire Condemnation award for all realty and improvements. Tenant shall have no right to claim or receive any award for any unexpired term of this Lease, or for any unexercised renewal or expansion options; and Tenant shall only be entitled to an
award for Tenant’s personal property and the unamortized portion of any improvements which were installed with the Landlord’s approval within the Premises by Tenant at Tenant’s cost, provided Tenant independently petitions the
condemning authority for same, and further provided any such award does not reduce or adversely affect Landlord’s award. 
 19.
INSURANCE. Tenant shall maintain in full force and effect throughout the Term the following specific insurance coverage, plus such other reasonable types of insurance coverage as may be reasonably requested from time to time by Landlord
consistent with the types of insurance coverage required by landlords of comparable buildings located in the vicinity of the Property: (a) commercial general liability insurance, and if necessary commercial umbrella insurance, on an occurrence
basis, in amounts of not less than a per occurrence limit of $1,000,000, with not less than a $2,000,000 general aggregate, or such other amounts as Landlord may from time to time reasonably require, insuring Tenant, against claims of bodily or
personal injury, and property damage, arising from Tenant’s operations, assumed liabilities or the use and/or occupancy of the Premises by Tenant or any of Tenant’s agents, employees, licensees, invitees or contractors, including a
commercial general liability endorsement covering the insuring provisions of this Lease and the performance by Tenant of the indemnity agreements set forth in this Lease; and if Tenant’s liability policies do not contain the standard ISO
separation of insureds provision, or a substantially similar clause, they shall be endorsed to provide cross-liability coverage; (b) contractual liability insurance coverage sufficient to cover Tenant’s indemnity obligations hereunder; (c) all-risk property insurance covering all property within the Premises including, without limitation, Tenant’s equipment, inventory, trade fixtures and supplies, all interior finish constructed by
either Landlord or Tenant within the Premises, all alterations and improvements made by or on behalf of Tenant within the Premises, and all property of any third persons placed or otherwise located within the Premises; said insurance shall be for
the guaranteed replacement cost value new without deduction for depreciation of the covered items; (d) worker’s compensation insurance and employers liability in statutory form and amounts containing a waiver of subrogation and endorsement
acceptable to Landlord; and (e) business interruption, loss-of-income and extra 

  
 16 

 
expense insurance, in such amounts as will reimburse Tenant for one hundred percent (100%) of all direct and indirect loss of earnings attributable to prevention of access to or use of the
Premises. All insurance deductibles under Tenant’s insurance coverages shall be the sole responsibility of Tenant without right of reimbursement from Landlord for any reason. Tenant’s insurance shall be primary and non-contributing with or in excess of any insurance coverage carried by Landlord. All policies of insurance shall contain a cross liability endorsement or severability of interest clause acceptable to Landlord and
be in amounts sufficient at all times to satisfy any coinsurance requirements thereof. Each policy of insurance shall insure Tenant, and shall name Landlord, Landlord’s managing agent, Landlord’s lenders, and such other parties reasonably
designated by Landlord, and their respective affiliates as additional insureds, all as their respective interests may appear. Tenant acknowledges that Landlord makes no representations that the aforesaid required insurance coverages and limits will
necessarily be adequate to protect Tenant and, except as otherwise specifically set forth in this Lease, such coverage and limits shall not be deemed as a limitation on Tenant’s liability under the indemnities granted to Landlord under this
Lease. Prior to taking occupancy, Tenant shall furnish certificates of all insurance required hereunder to be carried by Tenant, executed by a duly authorized representative of each insurer, or such other evidence satisfactory to Landlord of the
maintenance of all insurance coverages required hereunder; and Tenant shall obtain a written obligation on the part of each insurance company to notify Landlord and any other party requested by Landlord at least thirty (30) days before
cancellation or a material change of any such insurance. All such insurance policies shall be in a form, and issued by companies reasonably satisfactory to Landlord, and licensed to do business in the State of Minnesota, and rated not less than A:
XII in Best’s Insurance Guide. Failure of Landlord to demand any insurance certificate or other evidence with these insurance requirements, or failure of Landlord to identify a deficiency from evidence that is provided by Tenant to Landlord,
shall not be construed as a waiver of Tenant’s obligation to maintain such coverage. For purposes of this Section, the term, “affiliate,” shall mean any person or entity which directly or indirectly, controls, is controlled by,
or is under common control with the party in question. Tenant shall not do any act which may make void or voidable any insurance on the Premises or Property; and, in the event Tenant’s use of the Premises shall result in an increase in
Landlord’s insurance premiums, Tenant shall pay to Landlord upon demand, as Additional Rent, an amount equal to such increase in insurance. In the event Tenant fails to carry any of the above insurance, or provide Landlord with evidence of the
same, Tenant shall immediately be in Default under this Lease and, in addition to all other rights and remedies afforded Landlord herein, Landlord shall have the right to procure such insurance on behalf and at the expense of Tenant. 

Notwithstanding anything to the contrary in this Lease, it is agreed that, except for Landlord’s right to recover against any policies of
insurance herein required to be carried by Tenant, Landlord and Tenant hereby mutually waive any and all right of recovery against one another, directly, by way of subrogation or otherwise, due to the negligence of either party, their agents or
employees, for real or personal property damage occurring to the Premises, the Property, or any personal property located therein, or from loss of income (whether or not such insurance is actually carried). Each party shall have the affirmative duty
to inform their respective insurance carriers of this Section and the mutual waiver of subrogation contained herein. 

  
 17 

 20. MORTGAGES/TITLE. This Lease is subject and subordinate to all mortgages,
deeds of trust, easements, right-of-ways, encumbrances, indentures, trustees agreements, ground or master leases, or other conditions of survey or title, in place, of
record, or hereinafter created, as well as to any extensions, modifications thereof (collectively, “Senior Rights”). Notwithstanding the aforesaid, the holder of any Senior Right may elect, at any time, unilaterally, to subordinate
its Senior Right to this Lease. Tenant hereby waives its right under any current or future Law which gives Tenant any right to terminate or otherwise adversely affect this Lease and the obligations of Tenant hereunder in the event of any foreclosure
or sale of the Property or any interests therein. Any subordination shall be self-executing but, at the written request of Landlord, Tenant shall execute such further assurances as Landlord deems desirable to confirm such subordination. In addition,
upon the written request of Landlord or the holder of any Senior Right, Tenant shall execute such instruments as such party reasonably deems necessary to attorn to the applicable holder of the Senior Right. In the event Tenant should fail or refuse
to execute any instrument required under this Section within fifteen (15) days after Landlord’s request, Landlord shall be granted a limited power of attorney to execute such instrument in the name and on behalf of Tenant. In the
event any holder of any existing or future Senior Right requires a modification of this Lease which does not increase Tenant’s Rent hereunder, or does not materially change any obligation of Tenant, or does not materially reduce any service
herein to be performed by Landlord, Tenant agrees to execute such appropriate instruments to reflect such modification, upon request by Landlord. At the request of Landlord or the holder of any Senior Right, Tenant shall give notice to said holder
of any default by Landlord under this Lease and afford to said holder a reasonable opportunity to cure such default on behalf of Landlord, 

21. LIENS. Tenant shall not mortgage or otherwise encumber or allow to be encumbered its interest herein without obtaining the
prior written consent of Landlord; nor shall Tenant permit any mechanic’s or other lien to be filed against the Property or any interests therein of Landlord. In the event Tenant authorizes, contracts or otherwise undertakes to perform or
provide any construction, alterations, installations or other work or materials to the Premises for which a mechanic’s lien or other lien can be filed, Tenant shall deliver to Landlord enforceable, unconditional and final lien releases or
waivers for all such work and materials within five (5) days after Landlord’s request, but in all events before the earliest date any such lien can be filed. Should Tenant cause or permit any mortgage, lien or other encumbrance (singularly
or collectively, “Encumbrance”) to be filed, against the Premises or the Property, Tenant shall dismiss or bond against the same within twenty (20) days after the filing thereof. If Tenant fails to remove or bond against said
Encumbrance within said twenty (20) days, Tenant shall be in Default; and in addition to all other rights and remedies afforded Landlord under this Lease, Landlord shall have the absolute right to remove said Encumbrance by whatever measures
Landlord shall deem convenient including, without limitation, payment of such Encumbrance, in which event Tenant shall reimburse Landlord, as Additional Rent, all costs expended by Landlord, including reasonable attorneys’ fees, to remove said Encumbrance. All of the aforesaid rights of Landlord shall be in addition to any remedies which either Landlord or Tenant may have available to them at law or in equity.
Tenant hereby acknowledges and agrees that Landlord shall not be liable for any labor, services or materials furnished or to be furnished to Tenant, or to anyone in possession of the Premises through or under Tenant; and that no mechanics’ or other liens for any such labor, services or materials shall attach to or affect the interest of Landlord in the Premises. 

22. NOTICES. All Rents which are required to be paid by Tenant shall be delivered to Landlord by United States mail, postage
prepaid, at Landlord’s address set forth in Section 1(k). All notices that are required to be given under this Lease shall be in writing, and delivered by either (a) United Slates registered or certified mail, return receipt
requested, or (b) a reputable overnight commercial courier/delivery service; however, in addition to the 

  
 18 

 
aforesaid, Landlord may deliver a notice of Default or lease termination by personal delivery or by posting such notice on the Premises in a conspicuous place. All notices to Landlord and Tenant
shall be sent postage prepaid, addressed to the parties hereto at their respective addresses set forth in Section 1. Either party may designate a different address by giving notice to the other party at the address set forth herein, or at any
other address as the parties may subsequently designate. Notices shall be deemed received upon the earlier of actual receipt or the date of the return receipt. If any such notices are refused, or if the party to whom any such notice is sent has
relocated without leaving a forwarding address, then the notice shall be deemed received on the date the notice-receipt is returned stating that the same was refused or is undeliverable at such address. 

23. OWNERSHIP. Notwithstanding anything in this Lease to the contrary, the term “Landlord” as used in this
Lease shall be defined as the from time to time current owner(s) of the Property. Landlord may transfer any portion of the Property and/or any of its rights under this Lease; and, upon such transfer, the conveying party shall automatically be
released from all liability with respect to any obligations occurring or covenants to be performed by Landlord or its agents after the effective date of such transfer. None of the covenants of Landlord under this Lease are personal in nature and, in
the event any “Landlord” should become in Default under this Lease, recovery by Tenant shall be limited to the interests of the then current “Landlord” in the Property at the time of the assertion of liability. 

24. SECURITY DEPOSIT. Simultaneously with the execution of this Lease, Tenant shall deliver to Landlord the full amount of the
Security Deposit set forth in Section 1(o) of this Lease, as security for the full and timely performance of Tenant’s obligations under this Lease, The parties acknowledge and agree that said Security Deposit (or any pre-paid Rent received from Tenant under this Lease or under any separate agreement in connection therewith) shall be deposited in Landlord’s general operating account, and not a separate escrow account. Should
said Security Deposit and/or pre-paid Rent be placed in an interest bearing account, all interest accruing thereon shall be payable to Landlord. Tenant’s Security Deposit shall not be construed as pre-paid Rent, or as a measure of Landlord’s damages in the event of a Default by Tenant. If Tenant should be placed in Default with respect to any provision of this Lease, Landlord may apply all or a portion
of said Security Deposit for the payment of any sum in Default or for the payment of any amount which Landlord expends by reason of such Default. If any portion of said Security Deposit is so applied, Tenant shall deposit with Landlord, within five
(5) days after receipt of Landlord’s written demand, an amount sufficient to restore said Security Deposit to its original amount. Upon the expiration of this Lease, Landlord shall return said Security Deposit to Tenant, provided Tenant
has paid to Landlord all sums owing to Landlord under this Lease, and Tenant has returned the Premises to Landlord pursuant to the terms of Section 15. If upon the termination of this Lease, there is accrued Additional Rent which as of such
date has not been invoiced to Tenant, or if Landlord reasonably determines that there is damage to the Premises for which Tenant is responsible under this Lease, Landlord reserves the right to either (a) withhold Tenant’s Security Deposit,
or so much of it as Landlord deems reasonable until Tenant’s actual obligation with respect to said Additional Rent have been determined, at which time Landlord shall offset Tenant’s actual obligation for Additional Rent and damages
against the Security Deposit held by Landlord and return the positive difference, if any, to Tenant; or (b) reasonably estimate Tenant’s obligation for Additional Rent and damages, and offset such amount against said Security Deposit. 

  
 19 

 25. GOVERNMENT REGULATIONS. Tenant, at Tenant’s sole cost and expense,
shall comply with all laws and regulations of all municipal, state, or federal authorities now in force, or which may hereafter be in force, pertaining to, or in connection with, the Premises or Tenant’s use thereof (collectively,
“Laws”). Tenant shall not use or permit the Premises to be used in violation of any Law or in violation of any recorded covenant, condition or restriction. In addition, Tenant shall comply with all requirements of any board of fire
underwriters, or any similar body having jurisdiction over the Premises, together with any reasonable requirements of Landlord’s insurance carrier with respect to Tenant’s use of the Premises. Tenant shall not cause or permit any Hazardous
Materials to be received, stored, handled, generated or released upon the Premises or the Property by Tenant or any employee, agent, invitee, licensee or contractor of Tenant. For purposes of this Lease “Hazardous Materials” shall
mean and include any hazardous, explosive toxic or highly combustible materials, substances or wastes now or hereinafter defined or designated from time to time by any Law applicable to the Property or any governmental authority having jurisdiction
over the Property. Tenant shall indemnify, hold harmless and defend Landlord, at Tenant’s sole cost and expense, from and against any and all liabilities, damages, losses, claims and expenses (including reasonable attorney’s fees and
consequential damages) due to any damage or injury to persons or property of Landlord or of third persons arising out or as a direct or indirect result of (a) any Hazardous Materials brought onto the Premises and/or the Property by Tenant or by
any of Tenant’s employees, agents, invitees, licensees or contractors, or (b) the breach or violation of any Law or the non-compliance of any requirement of the Americans with Disabilities Act, by
Tenant or by any of Tenant’s employees, agents, invitees, licensees or contractors. The aforesaid hold harmless indemnification and duty to defend shall survive the Term. 

26. ESTOPPEL CERTIFICATES. Within ten (10) days after Landlord’s request, Tenant shall execute and return to Landlord
or its designee a statement in a form requested by Landlord certifying, to the extent true, that this Lease is unmodified and in full force and effect, that Tenant has no defenses, offsets or counterclaims against its obligations to pay any Rent or
to perform any other covenants under this Lease, that there are no uncured Defaults of Landlord or Tenant, the dates to which the Rent and other charges have been paid, and any other information reasonably requested by Landlord. In the event Tenant
fails to return such statement within said ten (10) days, setting forth the above or alternatively setting forth any Lease modifications, defenses and/or uncured Defaults, Tenant shall be in Default hereunder or, at Landlord’s election, it
shall be deemed that Landlord’s statement is correct with respect to the information therein contained. Any such statement delivered pursuant to this Section may be relied upon by any prospective purchaser, mortgagee, or assignee of any
mortgagee of the Property. 
 27. PERSONAL PROPERTY TAXES. Tenant shall timely pay all taxes assessed against Tenant’s
personal property and those improvements to the Premises which are in excess of Landlord’s standard installations. In the event any of Tenant’s personal property or improvements are assessed with the property of Landlord, Tenant shall pay
to Landlord an amount reasonably determined by Landlord equal to Landlord’s estimation of Tenant’s share of such taxes, within ten (10) days after receipt of Landlord’s statement. 

28. INTENTIONALLY DELETED 

29. BROKERAGE. The parties warrant that they have dealt with no broker or other person claiming a commission in connection with
this transaction other than the brokers set forth in Sections 1(p) and 1(q) of this Lease; and each party shall hold the other party harmless for any breach of such warranty. Landlord shall be liable for any commissions payable to such
broker(s) pursuant to the terms and conditions of a separate commission agreement between Landlord and Landlord’s broker. 

  
 20 

 30. CONFIDENTIALITY. Tenant acknowledges that the terms and conditions set
forth in this Lease are confidential in nature, and that the negotiations preceding the drafting of this instrument constitute proprietary information of Landlord. Therefore, Tenant and its agents (including Tenant’s brokers and attorneys)
shall not disclose any of the terms or conditions herein contained to any person other than authorized agents of Tenant. In no event shall Tenant disclose any such terms or conditions to any third party tenant within the Property. In the event
Tenant breaches such confidence, Tenant shall be in Default of this Lease and/or shall be liable to Landlord for any damages Landlord sustains as a direct or indirect result of such breach. 

31. MISCELLANEOUS. (a) Covenants and Conditions. All of the covenants of Tenant hereunder shall be
deemed and construed to be “conditions” as well as “covenants” as though both words were used in each separate instance. 

(b) Recording. This Lease shall not be recorded by Tenant without the prior written consent of Landlord. 

(c) Section Headings, Severability and Interpretation. The Section headings appearing in this Lease are
inserted only as a matter of convenience, and in no way define or limit the scope of any Section. In the event any provision of this Lease is found to be invalid or unenforceable, the same shall not affect or impair the validity or enforceability of
any other provision. Words in the singular number include the plural, and vice versa; and masculine references shall include the feminine and neuter, and vice versa. All references to “days” shall mean calendar days, unless specifically
stated to be “business days”; provided, however for purposes of receipt of notices under Section 22, notices received after 5:00 p.m. in the then current time zone of the recipient shall be deemed to have been delivered on the next
calendar day, unless the recipient otherwise acknowledges receipt to the sender on the actual day of delivery. 
 (d) Managing Agent.
Landlord reserves the right to designate from time to time one or more managing agents, and to assign to such agent(s) such rights or obligations as Landlord may determine. Notwithstanding the aforesaid, so long as Landlord is the fee owner of the
Property, no assignment by Landlord to any managing agent shall relieve Landlord of its liability with respect to its obligations hereunder, 

(e) Nuisance. Tenant shall not do or permit anything to be done in or about the Premises or the Property which will in any way obstruct
or interfere with the rights of other tenants; nor shall Tenant cause, maintain or permit any nuisance in or about the Premises or Property which will disturb the peaceful occupancy of any other tenants; nor shall Tenant commit or allow any immoral
or illegal acts within the Premises, or commit or suffer to be committed any waste in or about the Property. 
 (f) Force Majeure.
Except with respect to Tenant’s obligation for the payment of Rent and the maintenance of the requisite insurance set forth herein, and except with respect to specific cure periods provided herein for and with respect to Tenant’s Default,
in the event any obligation to be performed by either Landlord or Tenant is prevented or delayed due to labor disputes, acts of God, inability to obtain materials, government restrictions, casualty, or other causes beyond the parties’ control,
the responsible party shall be excused from performing such 

  
 21 

 
obligation for a period of time equal to such delay. If as a result of any force majeure or other reason, Tenant is unable to occupy all or a portion of the Premises, and if pursuant to the terms
of this Lease Tenant is afforded a full or partial abatement of any Rent in such event, then Tenant shall accept such abatement of Base Rent as liquidated damages for Tenant’s loss of use of the Premises and interruption of business; and Tenant
hereby waives the provisions of any applicable existing or future Law permitting the termination of this Lease. 
 (g) Interests and Late
Fees. Notwithstanding anything to the contrary in this Lease, in no event shall any interest, fees or other charges payable to Tenant exceed such amounts as may be allowed by law. 

(h) Non-Discrimination. Tenant shall not permit discrimination against, or segregation of, any
person, group of persons, or entity on the basis of race, color, creed, religion, age, sex, marital status, national origin, or ancestry in Tenant’s use or occupancy of the Premises. 

(i) Integrated Instrument and Amendments. This Lease represents the final product and integration of all negotiations between Landlord
and Tenant; and the terms and conditions set forth herein shall incorporate and supersede all prior discussions and writings. Except as specifically set forth in this Lease, no representations, warranties or agreements have been made by Landlord or
Tenant to the other with respect to this Lease or with respect to the obligations of Landlord or Tenant in connection therewith. In the event any term or condition of this Lease is inconsistent with any term or condition of any prior verbal or
written understanding or agreement between the parties, the terms and conditions of this Lease shall prevail. In the event any term or condition of any prior verbal or written understanding or agreement between the parties is omitted in this Lease,
such omission is the specific intent of the parties. No provision of this Lease may be amended except by agreement in writing signed by both of the parties. 

(j) No Offer. The submission of this Lease shall not be deemed to be an offer, an acceptance, or a reservation of the Premises;
and Landlord shall not be bound hereby until Landlord has delivered to Tenant a fully executed copy of this Lease, signed by both of the parties on the last page of this Lease in the spaces herein provided. Until such delivery, Landlord reserves the
right to exhibit and lease the Premises to other prospective tenants. 
 (k) Binding Effect. The terms and conditions contained in
this Lease shall inure to the benefit of and be binding upon the parties hereto, and upon their respective successors in interest and legal representatives, except as otherwise herein expressly provided. 

(l) Financial Statements. Within fifteen (15) days after any request by Landlord, Tenant shall furnish Landlord with such
financial statements of Tenant, Tenant’s business and/or any guarantor of this Lease, as Landlord may request. Landlord agrees not to disclose any information of such financial statements except to Landlord’s professional consultants,
lenders or prospective purchasers. 
 (m) Withhold Possession. Landlord may withhold possession of the Premises from Tenant until
such time as Tenant has paid to Landlord the Security Deposit required by Section 24 of this Lease, and the first month of Base Rent required by Section 4(a) of this Lease. 

  
 22 

 (n) Governing Law. This Lease and the parties’ respective rights hereunder shall
be governed by the laws of the State of Minnesota. Landlord and Tenant hereby waive any and all right to a trial by jury on any issue to enforce any term or condition of this Lease, or with respect to Landlord’s right to terminate this
Lease or terminate Tenant’s right of possession. 
 (o) Tenant’s Authority. The party executing this lease on behalf of
Tenant represents and warrants that: (i) said party has the authority to bind Tenant under this Lease; and (ii) the Tenant is a duly organized entity in good standing and qualified to do business in the State of Minnesota, and that all
necessary approvals and resolutions of Tenant have been secured to authorize execution of this Lease by Tenant. 
 (p) Exhibits. This
Lease is modified and affected by the Exhibits listed in Section 1(v) which are attached hereto and made a part hereof. 

32. RIGHT OF FIRST REFUSAL. Tenant shall have a one-time right of first refusal to lease
that certain space within the Property known and numbered as Suite 185 (the “Option Space”), pursuant to the following terms and conditions. Provided this Lease is in full force and effect and Tenant is not in Default
hereunder, Landlord agrees to notify Tenant in writing the first time Landlord has a prospective third party tenant who in Landlord’s reasonable determination is ready, willing and able to occupy and lease all or any portion of said Option
Space. Upon receipt of Landlord’s notice, Tenant shall have ten (10) days in which to notify Landlord in writing of its election to lease not less than all of the Option Space set forth in Landlord’s notice. In the event Tenant does
not notify Landlord within said ten (10) days, Tenant’s rights with respect to the space identified in Landlord’s notice will be null and void, and Landlord may lease such space to any prospective tenant, at such rental and upon such
terms and conditions as Landlord in its sole judgement may desire. If Tenant notifies Landlord within said ten (10) days of Tenant’s election to lease the space identified in Landlord’s notice, Tenant shall lease the applicable Option
Space upon the same terms and conditions as set forth in this Lease, except as follows: 
 (a) The term for the Option Space shall commence
on the first day of the calendar month following Tenant’s notice of election to Landlord, and shall thereafter run concurrent with the term of this Lease with respect to the primary space. 

(b) Tenant shall accept any said Option Space in its then “AS IS” condition; and, except to the extent that any interior finish
construction or allowance is included as part of the determination of market rate pursuant to Section 32(c), Landlord shall have no obligation to perform any alterations or improvements within such space, other than to remove one
(1) secretarial desk and repair or replace the carpet under such desk. 
 (c) The Base Rent for any said Option Space shall be based
upon the Base Rent that Tenant is paying for the primary space at the time that Tenant wishes to take delivery of the applicable Option Space. Notwithstanding anything to the contrary in this Section, in no event shall the annual per square foot
rate payable for any Option Space be less than the then current annual per square foot rate payable for the primary space then being leased by Tenant. 

(d) Tenant’s proportionate share, for purposes of determining Tenant’s obligation for Additional Rent or any other charge payable to
Landlord under this Lease shall be equitably increased to reflect the additional square footage of the applicable Option Space. 

  
 23 

 (Signatures on following page) 

  
 24 

 WHEREFORE, Landlord and Tenant have respectively executed this Lease the day and year first
above written. 
  

									
	TENANT:	 		 	LANDLORD:
			
	EARGO, INC.	 		 	LAGOS PROPERTIES, LLC

									
					
	By:	 	/s/ Christian Gormsen	 		 	By:	 	/s/ Paul Larson
	Print Name: Christian Gormsen	 		 	Print Name: Paul Larson
	Title: CEO	 		 	Title: CEO

 EXHIBIT “A” 

(Floor Plan) 

 EXHIBIT “B” 

OFFICE BUILDING 
 RULES
AND REGULATIONS 
 Tenant agrees to comply with the following rules and regulations, and any subsequent rules or regulations which
Landlord may adopt or modify from time to time. Tenant shall be bound by such rules and regulations to the same extent as if such rules and regulations were covenants of (his Lease; and any non-compliance
thereof shall constitute a Default tinder this Lease. Landlord shall not be liable to Tenant for the non-observance of any of said rules and regulations by any other tenant. 

(1) No sign or advertisement shall be displayed by Tenant on the outside or the inside (and visible from the outside) of the Premises without
the prior written consent of Landlord. Tenant shall not use any picture or likeness of the Property many not ices or advertisements, without Landlord’s prior written consent. 

(2) Landlord shall provide and install, at Tenant’s expense, such letters and/or numerals on the main entrance to the Premises, and on
the building directory, to identify Tenant’s name. All such letters and numerals shall be of building standard graphics, and no other signage shall be used or permitted. All such signage so placed shall be at Tenant’s risk. Tenant shall
cause the removal of all such signage from the Property at the end of Tenant’s term, or Landlord may cause such removal at Tenant’s expense, 

(3) No additional locks shall be placed upon any door of the Premises, and Tenant shall not permit any duplicate keys to he made, without the
prior consent of Landlord. Upon the expiration or earlier termination of this Lease, Tenant shall surrender to Landlord all keys to the Premises and Properly. 

(4) Landlord retains the power to prescribe the weight and proper position of safes, mechanical equipment, and any other bulky or excessively
weighty objects. All such objects shall be moved into or out of the Premises under the prior written consent and supervision of Landlord and at such times and according to such regulations as may be designated from time to time by Landlord.
Notwithstanding such supervision, Tenant shall be responsible for all damage to the Property caused by moving such objects. 
 (5) Tenant
shall not install any additional lighting, or use any data processing equipment which utilizes power other than 110 electrical current to the Premises. Tenant shall not use any other fuel source other than electricity to heat, cool or light the
Premises. Tenant shall not install any air-conditioning apparatus in the Premises. Tenant shall not permit any animals or any foul or noxious gas, noise, odors and/or vibrations in the Premises which may
obstruct or interfere with the rights of other tenant(s) in the Property. 
 (6) Tenant shall not permit within the Premises any animals
other than service animals; nor shall Tenant create or allow any foul or noxious gas, noise, odors, sounds, and/or vibrations within the Premises, or create any interference with the operation of any equipment or radio or television
broadcasting/reception from within or about the Property, which may obstruct or interfere with the rights of any other tenant(s) in the Property. 

(7) Tenant shall not contract for any work or service to be performed to or within the Premises which might involve the employment of labor
incompatible with Landlord’s employees or the employees of contractors doing work or performing services by or on behalf of Landlord. 

 (8) No sidewalks, loading areas, stairways, doorways, corridors, and other common areas
shall be obstructed by Tenant or used for any purpose other than for ingress and egress. 
 (9) Tenant shall not install any window
treatments other than existing treatments or otherwise obstruct the windows of the Premises without Landlord’s prior written consent. 

(10) After normal business hours Tenant shall lock all doors and windows of the Premises; and, in the event the building is locked after
normal business hours and Tenant allows its employees, agents, contractors, invitees or licensees to enter the building after such hours, Tenant shall be responsible that such persons lock the building upon exiting. Tenant shall be liable for all
damages sustained by Landlord arising from such failure. 
 (11) Any person(s) other than Landlord’s selected janitorial service, who
shall be employed by Tenant for the purpose of cleaning the Premises shall be employed at Tenant’s cost. Tenant shall indemnify and hold Landlord harmless from all losses, claims, liability, damages, and expenses for any injury to person or
damage to property of Tenant, or third persons, caused by Tenant’s cleaning contractor, 
 (12) Tenant shall not canvass or solicit
business, or allow any employee of Tenant to canvass or solicit business, from other tenants in the Property. 
 (13) Landlord reserves the
right to place into effect a “no smoking” policy within all or selected portions of the common areas of the Property, wherein Tenant, its agents, employees and invitees shall not be allowed to smoke. Tenant shall not be allowed to smoke in
any common stairwells, elevators or bathrooms; nor shall Tenant dispose of any smoking material including, without limitation, matches, ashes and cigarette butts on the floors of the Property, about the grounds of the Property, or in any receptacle
other than a specifically designated receptacle for smoking. 

  
 B-2EX-10.14

 Exhibit 10.14 

LOAN AND SECURITY AGREEMENT 

THIS LOAN AND SECURITY AGREEMENT (this “Agreement”) dated as of June 6, 2018 (the “Effective Date”)
among SILICON VALLEY BANK, a California corporation (“Bank”), and EARGO, INC., a Delaware corporation (“Eargo”), and EARGO HEARING, INC., a California corporation (“Eargo Hearing”, and together with
Eargo, individually and collectively, “Borrower”), provides the terms on which Bank shall lend to Borrower and Borrower shall repay Bank. 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 13. 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 Bank the outstanding principal amount of all Credit Extensions and
accrued and unpaid interest thereon as and when due in accordance with this Agreement. 
 2.1.1 Growth Capital Term Loan Advances.

 (a) Availability. Subject to the terms and conditions of this Agreement, Borrower may request that Bank make certain growth capital
term loan advances (each, a “Growth Capital Term Loan Advance” and, collectively, the “Growth Capital Term Loan Advances”) available to Borrower in two (2) tranches in an aggregate principal amount not to
exceed the Growth Capital Term Loan Commitment Amount as follows: (i) the first (1st) tranche of the Growth Capital Term Loan Advances (“Tranche A”) shall be available to
Borrower, during the Tranche A Draw Period, in multiple advances in an aggregate principal amount not to exceed Ten Million Dollars ($10,000,000), and (ii) provided Borrower has achieved the Tranche B Milestone, the second tranche of the Growth
Capital Term Loan Advances (“Tranche B”) shall be available to Borrower, during the Tranche B Draw Period, in a single advance in a principal amount not to exceed Two Million Five Hundred Thousand Dollars ($2,500,000). Each Growth
Capital Term Loan Advance under Tranche A must be in an amount of at least Five Million Dollars ($5,000,000), provided that if the first Growth Capital Term Loan Advance under Tranche A is more than Five Million Dollars ($5,000,000), the second
Growth Capital Term Loan Advance under Tranche A shall be the remainder of Tranche A available for borrowing. After repayment, no Growth Capital Term Loan Advance (or any portion thereof) may be re-borrowed.

 (b) Repayment. 
 (i)
Interest-Only Payments. Borrower shall make monthly payments of accrued interest only commencing on the first (1st) calendar day of the month immediately following the Funding Date of a Growth Capital Term Loan Advance and continuing on the
first (1st) calendar day of each successive month thereafter during the Interest-Only Period. 

 (ii) Principal and Interest Payments. Commencing on the first (1st) calendar day of
the month immediately following the end of the Interest-Only Period (the “Conversion Date”) and continuing on the first (1st) calendar day of each month thereafter through the Growth Capital Term Loan Maturity Date, Borrower shall
make the Applicable Number of consecutive equal monthly payments of principal (each, a “Growth Capital Term Loan Payment”), each in an amount which would fully amortize the outstanding Growth Capital Term Loan Advances, as of the
Conversion Date, over the Growth Capital Term Loan Repayment Period, plus accrued interest. All unpaid principal and accrued and unpaid interest on the Growth Capital Term Loan Advances is due and payable in full on the Growth Capital Term Loan
Maturity Date. 
 (c) Prepayment. 

(i) Mandatory Prepayment Upon an Acceleration. If the Growth Capital Term Loan Advances are accelerated following the occurrence of an
Event of Default, Borrower shall immediately pay to Bank an amount equal to the sum of (A) all accrued and unpaid interest with respect to the Growth Capital Term Loan Advances through the date the prepayment is made, plus (B) all
outstanding principal with respect to the Growth Capital Term Loan Advances, plus (C) the Prepayment Premium, plus (D) the Final Payment, plus (E) all other sums, if any, that shall have become due and payable hereunder in connection
with the Growth Capital Term Loan Advances. 
 (ii) Permitted Prepayment. Borrower shall have the option to prepay all, but not less
than all, of the Growth Capital Term Loan Advances advanced by Bank under this Agreement, provided Borrower (A) delivers written notice to Bank of its election to prepay the Growth Capital Term Loan Advances at least three (3) days prior
to such prepayment (or such shorter period as agreed by Bank), and (B) pays, on the date of such prepayment (1) all accrued and unpaid interest with respect to the Growth Capital Term Loan Advances through the date the prepayment is made,
plus (2) all unpaid principal with respect to the Growth Capital Term Loan Advances, plus (3) the Prepayment Premium, plus (4) the Final Payment, plus (5) all other sums, if any, that shall have become due and payable hereunder
in connection with the Growth Capital Term Loan Advances, including interest at the Default Rate with respect to any past due amounts. Notwithstanding the foregoing, Bank agrees to waive the Prepayment Premium if Bank closes on the refinance and re-documentation with Bank of the Growth Capital Term Loan Advances under this Agreement. 
 2.2 Payment
of Interest on the Credit Extensions. 
 (a) Interest Rate. Subject to Section 2.2(b), the outstanding principal amount of
the Growth Capital Term Loan Advances shall accrue interest at a floating per annum rate equal to the Prime Rate minus one percent (1.00%) (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), which interest shall be payable monthly in accordance with Section 2.2(d). 

  
 2 

 (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 five percent (5.0%) above the rate that is otherwise applicable thereto (the “Default Rate”). Fees and expenses which are required to be paid by Borrower
pursuant to the Loan Documents (including, without limitation, Bank 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 2.2(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 Bank. 

(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 first (1st) calendar day of each month and shall be computed on the basis of a three hundred sixty (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. 

2.3 Fees. Borrower shall pay to Bank: 

(a) Prepayment Premium. The Prepayment Premium when due pursuant to the terms of Section 2.1.1(c). 

(b) Final Payment. The Final Payment, when due hereunder. 

(c) Bank Expenses. All Bank Expenses (including reasonable attorneys’ fees and expenses for documentation and negotiation of this
Agreement) incurred through and after the Effective Date, when due (or, if there is no stated due date, upon demand by Bank). 
 (d) Fees
Fully Earned. Unless otherwise provided in this Agreement or in a separate writing by Bank, Borrower shall not be entitled to any credit, rebate, or repayment of any fees earned by Bank pursuant to this Agreement notwithstanding any termination
of this Agreement or the suspension or termination of Bank’s obligation to make loans and advances hereunder. Bank may deduct amounts owing by Borrower under the clauses of this Section 2.3 pursuant to the terms of Section 2.4(c).
Bank shall provide Borrower written notice of deductions made from the Designated Deposit Account pursuant to the terms of the clauses of this Section 2.3. 

2.4 Payments; Application of Payments; Debit of Accounts. 

(a) All payments to be made by Borrower under any Loan Document shall be made in immediately available funds in Dollars, without setoff or
counterclaim, before 12:00 p.m. Pacific time on the date when due. 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. 

  
 3 

 (b) Bank 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 Bank shall allocate or apply any payments required to be made by Borrower to Bank or otherwise received by Bank under this
Agreement when any such allocation or application is not specified elsewhere in this Agreement. 
 (c) Bank shall debit, first, the
Designated Deposit Account and if there are insufficient funds in the Designated Deposit Account, then Bank may debit any of Borrower’s other deposit accounts, for principal and interest payments or any other amounts Borrower owes Bank when
due. These debits shall not constitute a set-off. 
 2.5 Withholding. Payments received by
Bank from Borrower under this Agreement will be made free and clear of and without deduction for any and all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental
Authority (including any interest, additions to tax or penalties applicable thereto). Specifically, however, if at any time any Governmental Authority, applicable law, regulation or international agreement requires Borrower to make any withholding
or deduction from any such payment or other sum payable hereunder to Bank, Borrower hereby covenants and agrees that the amount due from Borrower with respect to such payment or other sum payable hereunder will be increased to the extent necessary
to ensure that, after the making of such required withholding or deduction, Bank receives a net sum equal to the sum which it would have received had no withholding or deduction been required, and Borrower shall pay the full amount withheld or
deducted to the relevant Governmental Authority. Borrower will, upon request, furnish Bank with proof reasonably satisfactory to Bank indicating that Borrower has made such withholding payment; provided, however, that Borrower need not make any
withholding payment if the amount or validity of such withholding payment is contested in good faith by appropriate and timely proceedings and as to which payment in full is bonded or reserved against by Borrower. The agreements and obligations of
Borrower contained in this Section 2.5 shall survive the termination of this Agreement. 
 3. CONDITIONS OF LOANS 

3.1 Conditions Precedent to Initial Credit Extension. Bank’s obligation to make the initial Credit Extension is subject to the
condition precedent that Bank shall have received, in form and substance satisfactory to Bank, such documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate, including, without limitation: 

(a) signatures to the Loan Documents; 

(b) signatures to the Warrant; 

(c) the Operating Documents and good standing certificates of Borrower certified by the Secretaries of State (or equivalent agency thereof) of
the States of Delaware and each other 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) signatures to the completed Borrowing Resolutions for Borrower; 4 

  
 4 

 (e) certified copies, dated as of a recent date, of financing statement searches, as Bank
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; 
 (f) the Perfection Certificate of Borrower, together with signature thereto; 

(g) a copy of Borrower’s Investors’ Rights Agreement and any amendments thereto; 

(h) evidence satisfactory to Bank that the insurance policies and 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 Bank; 

(i) repayment of all Indebtedness under that certain Amended and Restated Loan and Security Agreement between Bank and Borrower dated
December 22, 2016; 
 (j) payment of the fees and Bank Expenses then due as specified in Section 2.3 hereof. 

3.2 Conditions Precedent to all Credit Extensions. Bank’s obligations to make each Credit Extension, including the initial Credit
Extension, is subject to the following conditions precedent: 
 (a) timely receipt of an executed Payment/Advance Form; 

(b) the representations and warranties in this Agreement shall be true, accurate, and complete in all material respects on the date of 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 remain true, accurate, and complete in all material respects;
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)
Bank determines to its satisfaction that there has not been any Material Adverse Change. 
 3.3 Covenant to Deliver. Borrower agrees
to deliver to Bank each item required to be delivered to Bank under this Agreement as a condition precedent to any Credit Extension. Borrower expressly agrees that a Credit Extension made prior to the receipt by Bank of any such item shall not
constitute a waiver by Bank 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 Bank’s sole discretion. 

  
 5 

 3.4 Procedures for Borrowing. Subject to the prior satisfaction of all other
applicable conditions to the making of the Growth Capital Term Loan Advances set forth in this Agreement, to obtain the Growth Capital Term Loan Advances, Borrower shall notify Bank (which notice shall be irrevocable) by electronic mail, facsimile,
or telephone by 12:00 p.m. Pacific time on the Funding Date of the Growth Capital Term Loan Advances. Together with any such electronic or facsimile notification, Borrower shall deliver to Bank by electronic mail or facsimile a completed
Payment/Advance Form executed by an Authorized Signer or his or her designee. Bank may rely on any telephone notice given by a person whom Bank believes is an Authorized Signer or designee. Bank shall credit the Growth Capital Term Loan Advances to
the Designated Deposit Account on the Funding Date of the Growth Capital Term Loan Advance. Bank may make the Growth Capital Term Loan Advances under this Agreement based on instructions from an Authorized Signer or his or her designee or without
instructions if the Growth Capital Term Loan Advances are necessary to meet Obligations which have become due. 
 4. CREATION
OF SECURITY INTEREST. 
 4.1 Grant of Security Interest. Borrower hereby grants Bank, to secure the payment and performance in
full of all of the Obligations, a continuing security interest in, and pledges to Bank, the Collateral, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof. 

Borrower acknowledges that it previously has entered, and/or may in the future enter, into Bank Services Agreements with Bank. Regardless of
the terms of any Bank Services Agreement, Borrower agrees that any amounts Borrower owes Bank thereunder shall be deemed to be Obligations hereunder and that it is the intent of Borrower and Bank 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 Bank’s Lien in this Agreement). 

If this Agreement is terminated, Bank’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 Bank’s obligation to make Credit Extensions has terminated, Bank shall, at the sole cost
and expense of Borrower, promptly 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, Bank shall terminate the security interest granted herein upon Borrower providing cash collateral acceptable to Bank 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 Bank 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 all interest, fees, and costs due or to become
due in connection therewith (as estimated by Bank in its business judgment), to secure all of the Obligations relating to such Letters of Credit. 

  
 6 

 4.2 Priority of Security Interest. Borrower represents, warrants, and covenants that
the security interest granted herein is and shall at all times continue to be a first priority perfected security interest in the Collateral (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have superior
priority to Bank’s Lien under this Agreement). If Borrower shall acquire a commercial tort claim greater than One Hundred Thousand Dollars ($100,000), Borrower shall promptly notify Bank in a writing signed by Borrower of the general details
thereof and grant to Bank 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 Bank. 

4.3 Authorization to File Financing Statements. Borrower hereby authorizes Bank to file financing statements, without notice to
Borrower, with all appropriate jurisdictions to perfect or protect Bank’s 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 Bank a completed certificate signed by Borrower, entitled “Perfection Certificate”
(the “Perfection Certificate”). Borrower represents and warrants to Bank 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), provided that all information set forth in the following sections of the Perfection Certificate pertaining to
Borrower and each of its Subsidiaries is accurate and complete as of the Effective Date: Sections 1(e), 1(f), 5, 6, 11, and 12. 

  
 7 

 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 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 (a) 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) and (b) the filing of a UCC-1 financing statement with the Delaware and/or California Secretaries of State covering the Collateral in connection with
the security interests granted herein) 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 Bank or Bank’s Affiliates except as permitted in accordance with
Section 6.6 hereof. To Borrower’s knowledge, 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 otherwise permitted under 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. 
 Borrower is
the sole owner of the material Intellectual Property 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 and noted on the Perfection Certificate or by giving notice in accordance with this Agreement. To Borrower’s knowledge, 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
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
otherwise disclosed to Bank pursuant to Section 6.8(b), Borrower is not a party to, nor is it bound by, any Restricted License. 

5.3 Litigation. Other than those of which Borrower has notified Bank pursuant to Section 6.2(i), 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 that could reasonably be expected to result in liability of Borrower or any of its Subsidiaries involving
more than, individually or in the aggregate, Five Hundred Thousand Dollars ($500,000). 

  
 8 

 5.4 Financial Statements; Financial Condition. All consolidated financial statements
for Borrower and any of its Subsidiaries delivered to Bank by submission to the Financial Statement Repository or otherwise submitted to Bank fairly present in all material respects Borrower’s consolidated financial condition and
Borrower’s consolidated results of operations as of the dates and for the periods set forth therein. There has not been any material deterioration in Borrower’s consolidated financial condition since the date of the most recent financial
statements submitted to the Financial Statement Repository or otherwise submitted to Bank. 
 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 (“Solvent”). 
 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 in compliance in all material respects with Requirements of Law. 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 that failure to do
so could not reasonably be expected to have a material adverse effect on its business or impair Borrower’s performance of the Obligations. 

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 has timely filed all required tax
returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower except (a) 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 (b) if such taxes, assessments, deposits
and contributions do not, individually or in the aggregate, exceed Fifty Thousand Dollars ($50,000). 
 To the extent Borrower defers
payment of any contested taxes, Borrower shall (i) notify Bank in writing of the commencement of, and any material development in, the proceedings, and (ii) post bonds or take any other steps reasonably required to prevent the governmental
authority levying such contested taxes from obtaining a Lien upon any of the Collateral that is more than Twenty-Five Thousand Dollars ($25,000) other than a “Permitted Lien.” Borrower is unaware

  
 9 

 
of any claims or adjustments proposed for any of Borrower’s prior tax years which could result in additional taxes becoming due and payable by Borrower in excess of Twenty-Five Thousand
Dollars ($25,000). 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 material 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 solely as working capital, to fund its general business requirements and not for personal, family, household or agricultural purposes. 

5.10 Full Disclosure. No written representation, warranty or other statement of Borrower in any report, certificate, or written
statement submitted to the Financial Statement Repository or otherwise submitted to Bank in connection with this Agreement or the other Loan Documents, as of the date such representation, warranty, or other statement was made, taken together with
all such written reports, written certificates and written statements submitted to the Financial Statement Repository or otherwise submitted to Bank in connection with this Agreement or the other Loan Documents, contains any untrue statement of a
material fact or omits to state a material fact necessary to make the statements contained in the reports, certificates, or written statements not misleading (it being recognized by Bank 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) Except as otherwise permitted by Section 7.3, maintain its and 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 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 Bank in the Collateral. Borrower shall promptly provide copies of
any such obtained Governmental Approvals to Bank upon Bank’s request. 

  
 10 

 6.2 Financial Statements, Reports. Provide Bank with the following by submitting to
the Financial Statement Repository or otherwise submitting to Bank: 
 (a) Monthly 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 in a form reasonably acceptable to Bank (the
“Monthly Financial Statements”); 
 (b) Compliance Statement. Within thirty (30) days after the last day of each
month and together with the Monthly Financial Statements, a completed Compliance Statement, confirming that, as of the end of such month, Borrower was in full compliance with the terms and conditions of this Agreement and such other information as
Bank may reasonably request; 
 (c) Annual Operating Budget and Financial Projections. Within thirty (30) days after approval by
Eargo’s Board of Directors (and more frequently as updated), (A) annual operating budgets (including income statements, balance sheets and cash flow statements, by month) for the upcoming fiscal year of Borrower, and (B) annual financial
projections for the following fiscal year (on a quarterly basis) as approved by Borrower’s Board of Directors, together with any related business forecasts used in the preparation of such annual financial projections; 

(d) Annual Audited Financial Statements. As soon as available, but no later than (i) two hundred seventy (270) days after the
last day of fiscal year of Borrower ending 2017, and (ii) two hundred ten (210) days after the last day of each fiscal year of Borrower, commencing with fiscal year ending 2018 and each fiscal year thereafter, audited consolidated
financial statements prepared under GAAP, consistently applied, together with an unqualified opinion on the financial statements from an independent certified public accounting firm reasonably acceptable to Bank; provided, however, for any fiscal
year for which Eargo’s Board of Directors does not require Borrower to prepare audited financial statements, Borrower shall instead deliver to Bank, as soon as available, but no later than sixty (60) days after the last day of
Borrower’s fiscal year, a company prepared consolidated balance sheet and income statement covering Borrower’s consolidated operations during such fiscal year in a form reasonably acceptable to Bank; 

(e) Other Statements. Within five (5) days of delivery, copies of all statements, reports and notices made available to holders of
Eargo’s capital stock generally in their capacity as such 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 Bank in writing (which may be by electronic mail) of the posting of any such documents; 

  
 11 

 (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 reasonably be expected to result in damages or costs to Borrower or any of its Subsidiaries of, individually or in the aggregate, One Hundred Thousand Dollars ($100,000) or more; 

(h) Beneficial Ownership Information. Prompt written notice of any changes to the beneficial ownership information set out in items 2(d)
and 2(e) of the Perfection Certificate. Borrower understands and acknowledges that Bank relies on such true, accurate and up-to-date beneficial ownership information to
meet Bank’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 Bank. 

Any submission by Borrower of a Compliance Statement, or any other financial statement submitted to the Financial Statement Repository
pursuant to this Section 6.2 or otherwise submitted to Bank shall be deemed to be a representation by Borrower that (i) as of the date of such Compliance Statement, or other financial statement, the financial information and calculations
set forth therein are true, accurate, and correct, (ii) as of the end of the compliance period forth in such submission, Borrower is in complete compliance with all required covenants except as noted in such Compliance Statement, or other
financial statement, as applicable; (iii) as of the date of such submission, no Events of Default have occurred or are continuing; (iv) all representations and warranties other than any representations or warranties that are made as of a
specific date in Section 5 remain true and correct in all material respects as of the date of such submission except as noted in such Compliance Statement, or other financial statement, as applicable; (v) as of the date of such submission,
Borrower and each of its Subsidiaries have timely filed all required 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 5.9; and (vi) as of the date of such submission, 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 Bank. 
 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 Bank of all
returns, recoveries, disputes and claims in respect of Borrower’s Inventory or sole product that involve more than One Hundred Thousand Dollars ($100,000). 

6.4 Taxes; Pensions. Timely file, and require each of its Subsidiaries to timely file, all required tax returns and reports and 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) deferred payment of any taxes contested
pursuant to the terms of Section 5.8 hereof and (ii) up to Fifty Thousand Dollars ($50,000) in other taxes so long as no Lien has been filed in connection with the same, and shall deliver to Bank, on 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 Bank 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 reasonably satisfactory to Bank. All property policies shall
have a lender’s loss payable endorsement showing Bank as the sole lender loss payee. All liability policies shall show, or have endorsements showing, Bank as an additional insured. Bank 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 Bank’s option, payable to Bank on account of the Obligations. Notwithstanding the foregoing, (i) 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) with respect to any loss, but not exceeding One Million Dollars ($1,000,000) 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 Collateral (A) shall be of equal or like value as the replaced or repaired Collateral and (B) shall be deemed Collateral in which Bank has been granted a
first priority security interest (subject to Permitted Liens, which may have priority over Bank’s Liens in accordance with the terms of this Agreement); and (ii) after the occurrence and during the continuance of an Event of Default, all
proceeds payable under such casualty policy shall, at the option of Bank, be payable to Bank on account of the Obligations. 
 (c) At
Bank’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 Bank, that it will give Bank thirty (30) days prior written notice (ten (10) days for cancellation as a result of nonpayment of premium) before any such policy or policies shall be
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 Bank, Bank 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 Bank deems prudent. 
 6.6 Operating Accounts. 

(a) Maintain its and all of its Subsidiaries’ primary banking relationship (including its operating and other deposit accounts,
securities/investment accounts, cash management, asset management, letters of credit, and business credit cards) with Bank and Bank’s Affiliates. 

  
 13 

 (b) Provide Bank at least five (5) days prior written notice before establishing any
Collateral Account at or with any bank or financial institution other than Bank or Bank’s Affiliates. For each Collateral Account that Borrower at any time maintains, Borrower shall cause the applicable bank or financial institution (other than
Bank) 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 Bank’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 Bank. 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 Bank by Borrower as such. 
 6.7
Reserved. 
 6.8 Protection of Intellectual Property Rights. 

(a) (i) Protect, defend and maintain the validity and enforceability of its Intellectual Property material to Borrower’s business;
(ii) promptly advise Bank 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, taken as a whole; and (iii) not allow any
Intellectual Property material to Borrower’s business to be abandoned, forfeited or dedicated to the public without Bank’s written consent. 

(b) Provide written notice to Bank within 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). 

6.9 Litigation Cooperation. From the date hereof and continuing through the termination of this Agreement, make available to Bank,
without expense to Bank, Borrower and its officers, employees and agents and Borrower’s books and records, to the extent that Bank may deem them reasonably necessary to prosecute or defend any third-party suit or proceeding instituted by or
against Bank with respect to any Collateral or relating to Borrower. 
 6.10 Access to Collateral; Books and Records. Allow Bank, or
its agents, at reasonable times, on three (3) 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’s Books. The foregoing
inspections and audits shall occur no more than once every 12 months (unless an Event of Default is continuing) and shall be at Borrower’s expense, and the charge therefor shall be One Thousand Dollars ($1,000) per person per day (or such
higher amount as shall represent Bank’s then-current standard charge for the same), plus reasonable out-of-pocket expenses. 

6.11 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 or any Guarantor forms any direct or indirect Subsidiary or acquires any direct or indirect Subsidiary after the Effective Date, Borrower and such Guarantor shall, upon Bank’s request
in its reasonable discretion, (a) cause any such new Domestic Subsidiary to provide to Bank either a joinder to this Agreement to cause such Domestic Subsidiary to become a co-borrower hereunder or a
Guaranty, together with such appropriate financing statements and/or Control Agreements, all in form and substance reasonably satisfactory to Bank (including being sufficient to grant Bank a first priority

  
 14 

 
Lien (subject to Permitted Liens) in and to the assets of such newly formed or acquired Domestic Subsidiary), (b) provide to Bank 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 Bank, (c) pledge sixty-five percent (65%) of the direct or beneficial ownership interest of any new Material Foreign
Subsidiary directly owned by such Borrower, and (d) provide to Bank all other documentation in form and substance satisfactory to Bank, including one or more opinions of counsel satisfactory to Bank, 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 6.11 shall be a Loan Document. 

6.12 Further Assurances. Execute any further instruments and take further action as Bank reasonably requests to perfect or continue
Bank’s Lien in the Collateral or to effect the purposes of this Agreement. 
 7. NEGATIVE COVENANTS 

Borrower shall not do any of the following without Bank’s prior written consent: 

7.1 Dispositions. Convey, sell, lease, transfer, assign, or otherwise dispose of (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 or obsolete 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 and Permitted Investments, including licenses permitted
hereunder; (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) consisting of transactions permitted by Section 7.3; (g) consisting of dividends, distributions, redemptions, and other payments permitted under
Section 7.7(a); and (h) other assets of Borrower and its Subsidiaries that do not exceed Fifty Thousand Dollars ($50,000) in the aggregate in any fiscal year. 

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 Bank with notice of a change in the Key Person within
twenty (20) days of such change; or (d) permit or suffer any Change in Control. 
 Borrower shall not: (1) add any new
offices or business locations without written notice to Bank within thirty (30) days of such addition, including warehouses (unless such new offices or business locations contain less than One Hundred Thousand Dollars ($100,000) in
Borrower’s assets or property) or deliver any portion of the Collateral valued, individually or in the aggregate, in excess of One Hundred Thousand Dollars ($100,000) to a bailee at a location other than to a bailee and at a location already
disclosed in the Perfection Certificate, (2) without at least ten (10) days prior written notice to Bank, change its jurisdiction of organization, (3) without at least ten (10) days prior written notice to Bank, change its
organizational structure or type, (4) without at 

  
 15 

 
least ten (10) days prior written notice to Bank, change its legal name, or (5) without at least ten (10) days prior written notice to Bank, change any organizational number (if
any) assigned by its jurisdiction of organization. If Borrower intends to deliver any portion of the Collateral valued, individually or in the aggregate, in excess of One Hundred Thousand Dollars ($100,000) to a bailee, and Bank 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 use commercially reasonable efforts to cause such bailee shall execute and deliver a
bailee agreement in form and substance reasonably satisfactory to Bank. 
 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), provided that a Subsidiary may merge, dissolve, liquidate, 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 and Transfers permitted by Section 7.1(f) or (h), permit any Collateral not to be subject to the first priority security
interest granted herein, or enter into any agreement, document, instrument or other arrangement (except with or in favor of Bank) 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 in favor of Bank, except (a) as is otherwise permitted in Section 7.1 hereof and
the definition of “Permitted Liens” herein, (b) customary restrictions in license agreements on the licensed property where Borrower or a Subsidiary is the licensee and not the licensor, and (c) covenants with such restrictions
in contracts of sale or merger or acquisition agreements, provided that (i) such covenants do not prohibit or restrict Borrower from granting a security interest in Borrower’s or any Subsidiary’s Intellectual Property in favor of Bank
and (ii) the counter-parties to such covenants are not permitted to receive a security interest in Borrower’s Intellectual Property or any Collateral (it being understood, for the avoidance of doubt, that on or prior to the consummation of
such sale, acquisition or merger, Borrower shall either be required to repay the Obligations (other than inchoate indemnity obligations) in accordance with the prepayment provisions hereunder or Borrower shall have obtained Bank’s written
consent to such transaction hereunder (which consent shall be at Bank’s sole discretion)). 
 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 (including warrants) into other securities
pursuant to the terms of such convertible securities or otherwise in exchange thereof, (ii) pay dividends or distributions solely in common stock, (iii) Borrower may repurchase the stock of former employees, directors,

  
 16 

 
officers, or consultants pursuant to stock purchase agreements so long as an Event of Default does not exist at the time of such repurchase and would not exist after giving effect to such
repurchase, provided that the aggregate amount of all such repurchases by Borrower does not exceed One Hundred Thousand Dollars ($100,000) per fiscal year, (iv) make purchases of capital stock in connection with the exercise of stock options or
stock appreciation by way of a cashless exercise, (v) Borrower may purchase capital stock or options to acquire such capital stock with the proceeds (provided the amount of such proceeds exceeds the sub of such purchases) received from a
substantially concurrent issuance of capital stock or convertible securities, provided that (x) such purchases do not in the aggregate exceed One Hundred Thousand Dollars ($100,000) per fiscal year and (y) no Event of Default is continuing
or would result therefrom; (vi) make cash payments in lieu of the issuance of fractional shares, and (vii) distribute equity securities to employees, officers, or directors on the exercise of their options; 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. 

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, 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) transactions permitted pursuant to the terms of Section 7.7 of this Agreement; (c) transactions under clauses (a), (f), or (g) of the definition of Permitted
Investments; (d) employment or compensation arrangements and employee benefit plans approved by Borrower’s Board of Directors and entered into in the ordinary course of business or otherwise as Subordinated Debt, and (e) transactions
between or among Borrowers or any Subsidiary or between or among Subsidiaries, in each case in the ordinary course of business and not otherwise prohibited hereunder. 

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, provide for earlier or greater
principal, interest, or other payments thereon, or adversely affect the subordination thereof to Obligations owed to Bank. 
 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) permit a Reportable Event or Prohibited Transaction, as defined in ERISA to occur, or (c) fail to comply with the Federal Fair Labor Standards Act or violate any other law or regulation, in each case, 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 if the violation could reasonably be expected to have a material adverse effect on Borrower’s business; 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. 

  
 17 

 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 Growth Capital 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, 6.10 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 (if any) or any other
covenants set forth in clause (a) above; 
 8.3 Investor Abandonment. Bank determines, in its good faith judgment, that it is the
clear intention of Borrower’s investors to not continue to fund Borrower in the amounts and timeframe necessary to enable Borrower to satisfy the Obligations as they become due and payable; 

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) in excess of One Hundred Thousand Dollars ($100,000), or (ii) a notice of lien or levy is filed against any of Borrower’s assets with a value in excess of One Hundred Thousand Dollars ($100,000) by any
Governmental Authority, and the same under subclauses (i) and (ii) hereof are not, within ten (10) Business 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) Business Day cure period; or 

  
 18 

 (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 not
Solvent; (b) Borrower begins an Insolvency Proceeding; or (c) an Insolvency Proceeding is begun against Borrower or any of its Subsidiaries 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 or any Guarantor is a party with a third party or parties, 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 Three Hundred Thousand Dollars ($300,000); 
 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 Three Hundred Thousand Dollars ($300,000) (not covered by independent third-party
insurance as to which liability has not been rejected by such insurance carrier) shall be rendered against Borrower by any Governmental Authority, and the same are not, within ten (10) Business 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 Bank or to induce Bank to enter this Agreement or any Loan Document,
and such representation, warranty, or other statement, when taken as a whole, is incorrect in any material respect when made; 
 8.9
Subordinated Debt. Any document, instrument, or agreement evidencing any Subordinated Debt shall for any reason be revoked or invalidated or otherwise cease to be in full force and effect, any Person (other than Bank) shall be in breach thereof
or contest in any manner the validity or enforceability thereof or deny that it has any further liability or obligation thereunder, or the Obligations shall for any reason be subordinated or shall not have the priority contemplated by this
Agreement, except, in each case, as may be permitted pursuant to the terms of such subordination agreement between such Person and Bank; 

8.10 Guaranty. (a) Any guaranty of any Obligations terminates or ceases for any reason to be in full force and effect; (b) any
Guarantor does not perform any obligation or covenant under any guaranty of the Obligations; (c) any circumstance described in Sections 8.3, 8.4, 8.5, 8.7, or 8.8 occurs with respect to any Guarantor, or (d) the liquidation, winding
up, or termination of existence of any Guarantor; 

  
 19 

 8.11 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 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) 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. BANK’S RIGHTS AND
REMEDIES 
 9.1 Rights and Remedies. Upon the occurrence and during the continuance (after the expiration of any cure period
provided in Section 8.1 or 8.2 hereof, if applicable) of an Event of Default, Bank may, without notice or demand, do any or all of the following: 

(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 Bank); 
 (b) stop advancing money or extending credit for Borrower’s benefit under
this Agreement or under any other agreement between Borrower and Bank; 
 (c) for any Letters of Credit, demand that Borrower
(i) deposit cash with Bank in an amount equal to (x) if such Letters of Credit are denominated in Dollars, then at least one hundred five percent (105%); and (y) if such Letters of Credit are denominated in a Foreign Currency, then at
least one hundred ten percent (110%) of the Dollar Equivalent of the aggregate face amount of all of such Letters of Credit remaining undrawn (plus all interest, fees, and costs due or to become due in connection therewith (as estimated by Bank 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 Bank considers advisable, and notify any Person owing Borrower money of Bank’s security interest in such funds; 

(f) make any payments and do any acts it considers necessary or reasonable to protect the Collateral and/or its security interest in the
Collateral. Borrower shall assemble the Collateral if Bank requests and make it available as Bank designates. Bank 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 Bank a license to enter and occupy any of its premises, without charge, to exercise any of Bank’s
rights or remedies; 

  
 20 

 (g) apply to the Obligations any (i) balances and deposits of Borrower it holds, or
(ii) amount held by Bank 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. Bank 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 Bank’s exercise of its rights under this Section, Borrower’s rights under all licenses and all franchise agreements inure to Bank’s benefit; 

(i) place a “hold” on any account maintained with Bank 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 Bank 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 Bank 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 Bank 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 Bank
or a third party as the Code permits. Borrower hereby appoints Bank as its lawful attorney-in-fact to sign Borrower’s name on any documents necessary to perfect or
continue the perfection of Bank’s security interest in the Collateral regardless of whether an Event of Default has occurred until all Obligations (other than inchoate indemnity obligations) have been satisfied in full and Bank is under no
further obligation to make Credit Extensions hereunder. Bank’s foregoing appointment as Borrower’s attorney in fact, and all of Bank’s rights and powers, coupled with an interest, are irrevocable until all Obligations (other than
inchoate indemnity obligations) have been fully repaid and performed and Bank’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, Bank may obtain such insurance or make such payment, and all amounts so paid by
Bank are Bank Expenses and immediately due and payable, bearing interest at the then highest rate applicable to the Obligations, and secured by the Collateral. Bank will make reasonable efforts to provide Borrower with notice of Bank obtaining such
insurance at the time it is obtained or within a reasonable time thereafter. No payments by Bank are deemed an agreement to make similar payments in the future or Bank’s waiver of any Event of Default. 

  
 21 

 9.4 Application of Payments and Proceeds Upon Default. If an Event of Default has
occurred and is continuing, Bank shall have the right to apply in any order any funds in its possession, whether from Borrower account balances, payments, proceeds realized as the result of any collection of Accounts or other disposition of the
Collateral, or otherwise, to the Obligations. Bank 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 Bank for any deficiency. If Bank, directly
or indirectly, enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, Bank 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 Bank of cash therefor. 
 9.5 Bank’s Liability for
Collateral. So long as Bank complies with reasonable banking practices regarding the safekeeping of the Collateral in the possession or under the control of Bank, and except for Bank’s gross negligence or willful misconduct, Bank 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.
Bank’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 Bank 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. Bank’s rights and remedies under
this Agreement and the other Loan Documents are cumulative. Bank has all rights and remedies provided under the Code, by law, or in equity. Bank’s exercise of one right or remedy is not an election and shall not preclude Bank from exercising
any other remedy under this Agreement or other remedy available at law or in equity, and Bank’s waiver of any Event of Default is not a continuing waiver. Bank’s delay in exercising any remedy is not a waiver, election, or acquiescence.

 9.7 Demand Waiver. Except as otherwise set forth in the Loan Documents, 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 Bank on which Borrower is liable. 

9.8 Borrower Liability. Either Borrower may, acting singly, request Advances hereunder. Each Borrower hereby appoints the other as agent
for the other for all purposes hereunder, including with respect to requesting Advances hereunder. Each Borrower hereunder shall be jointly and severally obligated to repay all Advances made hereunder, regardless of which Borrower actually receives
said Advance, as if each Borrower hereunder directly received all Advances. Each Borrower waives (a) any suretyship defenses available to it under the Code or any other applicable law, including, without limitation, the benefit of California
Civil Code 

  
 22 

 
Section 2815 permitting revocation as to future transactions and the benefit of California Civil Code Sections 1432, 2809, 2810, 2819, 2839, 2845, 2847, 2848, 2849, 2850, and 2899 and
3433,] and (b) any right to require Bank to: (i) proceed against any Borrower or any other person; (ii) proceed against or exhaust any security; or (iii) pursue any other remedy. Bank may exercise or not exercise any right or
remedy it has against any Borrower or any security it holds (including the right to foreclose by judicial or non-judicial sale) without affecting any Borrower’s liability. Notwithstanding any other
provision of this Agreement or other related document, each Borrower irrevocably waives all rights that it may have at law or in equity (including, without limitation, any law subrogating Borrower to the rights of Bank under this Agreement) to seek
contribution, indemnification or any other form of reimbursement from any other Borrower, or any other Person now or hereafter primarily or secondarily liable for any of the Obligations, for any payment made by Borrower with respect to the
Obligations in connection with this Agreement or otherwise and all rights that it might have to benefit from, or to participate in, any security for the Obligations as a result of any payment made by Borrower with respect to the Obligations in
connection with this Agreement or otherwise. Any agreement providing for indemnification, reimbursement or any other arrangement prohibited under this Section shall be null and void. If any payment is made to a Borrower in contravention of this
Section, such Borrower shall hold such payment in trust for Bank and such payment shall be promptly delivered to Bank for application to the Obligations, whether matured or unmatured. 

10. 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 (if applicable); (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 (if applicable), or email address indicated below. Bank or Borrower may change its mailing or electronic mail address or facsimile number (if applicable) by giving the other party written notice
thereof in accordance with the terms of this Section 10. 
  

					
		 	 If to Borrower:
	  	Eargo, Inc.
		 		  	 295 North Bernardo Avenue, Suite 100

Mountain View, California 94043
 Attn: Christian Gormsen,
CEO

			
		 	 If to Bank:
	  	Silicon Valley Bank
		 		  	 2400 Hanover Street
 Palo Alto, California
94304
 Attn: Michelle Lai, Vice President

  
 23 

 11. 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 and Bank 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 Bank 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 Bank. 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 10 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 AND BANK 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 BOTH 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 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 

  
 24 

 
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 11 shall survive the termination of this
Agreement. 
 12. GENERAL PROVISIONS 

12.1 Termination Prior to Growth Capital Term Loan Maturity Date; Survival. All covenants, representations and warranties made in this
Agreement shall continue in full force until this Agreement has terminated pursuant to its terms and all Obligations (other than inchoate indemnity obligations, any obligations which, by their terms, are to survive 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 Growth Capital Term Loan Maturity Date by Borrower pursuant to the terms and conditions set forth in Section 2.1.1(c)(ii). Those obligations that are expressly specified in this Agreement as surviving this
Agreement’s termination shall continue to survive notwithstanding this Agreement’s termination. 
 12.2 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 Bank’s prior written consent (which may be
granted or withheld in Bank’s discretion). Bank 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, Bank’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, prior to the occurrence of an
Event of Default that is continuing, Bank shall not assign any interest in the Loan Documents to any Person who in the reasonable estimation of Bank is (a) a direct competitor of Borrower, whether as an operating company or direct or indirect
parent with voting control over such operating company, or (b) a vulture fund or distressed debt fund. 

  
 25 

 12.3 Indemnification. Borrower agrees to indemnify, defend and hold Bank and its
directors, officers, employees, agents, attorneys, or any other Person affiliated with or representing Bank (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 reasonable and documented expenses (including Bank 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 Bank and Borrower (including reasonable attorneys’ fees and expenses), except for Claims and/or losses directly
caused by such Indemnified Person’s gross negligence or willful misconduct. 
 This Section 12.3 shall survive until all statutes
of limitation with respect to the Claims, losses, and reasonable and documented expenses for which indemnity is given shall have run. 

12.4 Time of Essence. Time is of the essence for the performance of all Obligations in this Agreement. 

12.5 Severability of Provisions. Each provision of this Agreement is severable from every other provision in determining the
enforceability of any provision. 
 12.6 Correction of Loan Documents. Bank may correct patent errors and fill in any blanks in the
Loan Documents consistent with the agreement of the parties so long as Bank 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 both Bank and Borrower. 
 12.7 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, shall be enforceable or admissible unless, and only to the extent, expressly set forth in a
writing signed by the party against which enforcement or admission is sought. 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. 

12.8 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. 
 12.9 Confidentiality. In
handling any confidential information, Bank shall exercise the same degree of care that it exercises for its own proprietary information, but disclosure of information may be made: (a) to Bank’s Subsidiaries or Affiliates (such
Subsidiaries and Affiliates, together with Bank, collectively, “Bank Entities”); (b) to prospective transferees or purchasers of any interest in the Credit Extensions (provided, however, Bank shall use its best efforts to obtain any
prospective transferee’s or purchaser’s agreement to the terms of this provision); (c) as required by law, regulation, subpoena, or other order; (d) to Bank’s regulators or 

  
 26 

 
as otherwise required in connection with Bank’s examination or audit; (e) as Bank considers appropriate in exercising remedies under the Loan Documents; and (f) to third-party
service providers of Bank so long as such service providers have executed a confidentiality agreement with Bank with terms no less restrictive than those contained herein. Confidential information does not include information that is either:
(i) in the public domain or in Bank’s possession when disclosed to Bank, or becomes part of the public domain (other than as a result of its disclosure by Bank in violation of this Agreement) after disclosure to Bank; or
(ii) disclosed to Bank by a third party, if Bank does not know that the third party is prohibited from disclosing the information. 

Bank 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 termination of this Agreement. 

12.10 Attorneys’ Fees, Costs and Expenses. In any action or proceeding between Borrower and Bank 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. 

12.11 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. 

12.12 Captions. The headings used in this Agreement are for convenience only and shall not affect the interpretation of this Agreement.

 12.13 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. 

12.14 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. 

12.15 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. 

  
 27 

 13. DEFINITIONS  

13.1 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 any “account” as 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 Borrower. 

“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. 
 “Agreement” is defined in the preamble hereof. 

“Applicable Number” is (a) thirty-six (36) if Borrower does not satisfy the
Tranche B Milestone, (b) thirty (30) if Borrower satisfies the Tranche B Milestone but not the Interest-Only Period Extension Milestone, and (c) twenty-four (24) if Borrower satisfies the Interest-Only Period Extension Milestone. 

“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” is
defined in the preamble hereof. 
 “Bank Entities” is defined in Section 12.9. 

“Bank Expenses” are all reasonable and documented audit fees and expenses, costs, and expenses (including reasonable
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. 
 “Bank Services” are any products, credit services, and/or financial accommodations
previously, now, or hereafter provided to Borrower or any of its Subsidiaries by Bank or any Bank 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 Bank’s various agreements related thereto (each, a
“Bank Services Agreement”). 

  
 28 

 “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 Bank 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 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 any Advance request, on behalf of such Person, together with a sample of the true signature(s) of such Person(s), and (d) that Bank
may conclusively rely on such certificate unless and until such Person shall have delivered to Bank 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 Bank 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) Bank’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%) 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 Securities Exchange Act of 1934, as amended (the “Exchange Act”)), shall
become, or obtain rights (whether by means or 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 Bank the venture capital or private equity investors at least seven (7) Business Days prior to the closing of the transaction and provides
to Bank 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 Bank the venture capital or private equity investors at least seven (7) Business Days prior to the closing of the transaction and provides to Bank a description of
the material terms of the transaction, during 

  
 29 

 
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; provided, however, a member of Borrower’s board of directors who is an appointed
representative of New Enterprise Associates or its Affiliates or Maveron or its Affiliates, shall not be deemed to have been replaced if such member of Borrower’s board of directors is replaced with a different appointed representative of the
same investor; or (c) at any time, Borrower shall cease to own and control, of record and beneficially, directly or indirectly, one hundred percent (100%) of each class of outstanding capital stock of each subsidiary of Borrower (unless such
Subsidiary is dissolved, merged, consolidated, or liquidated into Borrower) free and clear of all Liens (except Liens created by this Agreement). 

“Claims” is defined in Section 12.3. 

“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, Bank’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. 

“Commodity Account” is any “commodity account” as defined in the Code with such additions to such term as may
hereafter be made. 
 “Compliance Statement” is that certain statement in the form attached hereto as
Exhibit B. 

  
 30 

 “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, warranties, or indemnities 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 Bank pursuant to which Bank obtains control
(within the meaning of the Code) over such Deposit Account, Securities Account, or Commodity Account. 
 “Conversion Date”
is defined in Section 2.1.1(b)(ii). 
 “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 Growth Capital Term Loan Advance or any other extension of credit by Bank for Borrower’s
benefit. 
 “Default Rate” is defined in Section 2.2(b). 

“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 682 (the last 3 digits only), maintained by Borrower
with Bank. 
 “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 Bank 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. 
 “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. 
 “Domestic Subsidiary” means a Subsidiary organized under the laws of the United States or any state or
territory thereof or the District of Columbia. 
 “Effective Date” is defined in the preamble hereof. 

  
 31 

 “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. 

“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. 

“Final Payment” is a payment (in addition to and not a substitution for the regular monthly payments of principal plus
accrued interest) due on the earliest to occur of (a) the Growth Capital Term Loan Maturity Date, (b) the acceleration of the Growth Capital Term Loan Advances, or (c) the prepayment of the Growth Capital Term Loan Advances in full
pursuant to Sections 2.1.1(c)(i) or 2.1.1(c)(ii), equal to the original aggregate principal amount of the Growth Capital Term Loan Advances multiplied by the Final Payment Percentage. 

“Final Payment Percentage” is equal to six percent (6.00%). 

“Financial Statement Repository” is [ *** ]or such other means of collecting information approved and designated by Bank
after providing notice thereof to Borrower from time to time. 
 “Foreign Currency” means lawful money of a country other
than the United States. 
 “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 Bank under which Borrower commits to
purchase from or sell to Bank 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, 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. 

  
 32 

 “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. 
 “Growth Capital Term Loan Advance” and “Growth Capital Term Loan
Advances” are each defined in Section 2.1.1(a). 
 “Growth Capital Term Loan Commitment Amount” means Twelve
Million Five Hundred Thousand Dollars ($12,500,000). 
 “Growth Capital Term Loan Maturity Date” is June 1, 2022. 

“Growth Capital Term Loan Payment” is defined in Section 2.1.1(b)(ii). 

“Growth Capital Term Loan Repayment Period” is a period of time, equal to the Applicable Number of months commencing on the
Conversion Date and continuing through the Growth Capital Term Loan Maturity Date. 
 “Guarantor” is any Person providing a
Guaranty in favor of Bank. 
 “Guaranty” is any guarantee of all or any part of the Obligations, as the same may from time
to time be amended, restated, modified or otherwise supplemented. 
 “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 12.3. 

“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, operating manuals; 

  
 33 

 (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. 
 “Interest-Only Period” means
for each Growth Capital Term Loan Advance, the period commencing on the first (1st) calendar day of the month immediately following the Funding Date of such Growth Capital Term Loan Advance and ending on (i) June 30, 2019 if Borrower does
not satisfy the Tranche B Milestone, (ii) December 31, 2019 if Borrower satisfies the Tranche B Milestone but not the Interest-Only Period Extension Milestone, and (iii) June 30, 2020 if Borrower satisfies the Interest-Only
Period Extension Milestone. 
 “Interest-Only Period Extension Milestone” means Bank’s receipt of evidence reasonably
satisfactory to Bank that Borrower has achieved Trailing Three-Month Gross Profit of Eleven Million Dollars ($11,000,000). 

“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. 
 “Key Person” is Borrower’s Chief Executive Officer,
who is Christian Gormsen as of the Effective Date. 
 “Letter of Credit” is a standby or commercial letter of credit issued
by Bank 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 Warrant, any Bank Services Agreement, any subordination agreement, any note, or notes or guaranties executed by Borrower or any Guarantor, and any other present or future agreement by Borrower and/or any
Guarantor with or for the benefit of Bank in connection with this Agreement or Bank Services, all as amended, restated, or otherwise modified. 

  
 34 

 “Material Adverse Change” is (a) a material impairment in the
perfection or priority of Bank’s 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. 
 “Material Foreign Subsidiary” means any Foreign Subsidiary of Borrower who
has assets in an aggregate amount of at least Five Hundred Thousand Dollars ($500,000), but “Material Foreign Subsidiary” specifically excludes Eargo Labs, Ltd., an Israeli corporation. 

“Monthly Financial Statements” is defined in Section 6.2(a). 

“Obligations” are Borrower’s obligations to pay when due any debts, principal, interest, fees, Bank Expenses, the Final
Payment, the Prepayment Premium, if applicable, and other amounts Borrower owes Bank now or later, whether under this Agreement, the other Loan Documents or otherwise (other than the Warrant), including, without limitation, all obligations relating
to letters of credit (including reimbursement obligations for drawn and undrawn letters of credit), cash management services, and foreign exchange contracts, if any, and including interest accruing after Insolvency Proceedings begin and debts,
liabilities, or obligations of Borrower assigned to Bank, and to perform Borrower’s duties under the Loan Documents (other than 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. 
 “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. 

“Perfection Certificate” is defined in Section 5.1. 

“Permitted Indebtedness” is: 

(a) Borrower’s Indebtedness to Bank under this Agreement and the other Loan Documents; 

(b) Indebtedness existing on the Effective Date and shown on the Perfection Certificate; 

  
 35 

 (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) Indebtedness in an aggregate amount not to exceed One Hundred Thousand Dollars ($100,000) with respect to surety, indemnity, or appeal
bonds and similar obligations in the ordinary course of business; 
 (h) customer deposits and advance payments received in the ordinary
course of business; 
 (i) letters of credit issued by Bank obtained in connection with leases of real property in the ordinary course of
business; 
 (j) other unsecured Indebtedness not to exceed One Hundred Thousand Dollars ($100,000) in the aggregate amount outstanding at
any time; and 
 (k) extensions, refinancings, modifications, amendments and restatements of any items of Permitted Indebtedness
(a) through (j) 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 and shown on the Perfection Certificate; 

(b) Investments consisting of Cash Equivalents and any Investments permitted by Borrower’s investment policy, as amended from time to
time, provided that such investment policy (and any such amendment thereto) has been approved in writing by Bank; 
 (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 accounts in which Bank has a perfected security interest; 

(e) Investments accepted in connection with Transfers permitted by Section 7.1; 

  
 36 

 (f) Investments (i) by one Borrower in or to another Borrower, (ii) by Borrower in
Subsidiaries not to exceed Three Hundred Thousand Dollars ($300,000) in the aggregate in any fiscal year, and (iii) by Subsidiaries in other Subsidiaries or in Borrower; 

(g) 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 Borrower’s Board of
Directors; 
 (h) 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; 

(i) 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 (i) shall not apply to Investments of Borrower in any Subsidiary; 

(j) non-cash loans to employees, officers, or directors relating to the purchase of equity securities
of Borrower pursuant to employee stock purchase plans or equity compensation arrangements approved by Borrower’s Board of Directors; 

(k) Investments in connection with joint ventures or strategic alliances or collaboration of Borrower or a Subsidiary 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 invested in connection therewith shall not exceed Two Hundred Fifty
Thousand Dollars ($250,000) in the aggregate in any fiscal year; and 
 (l) other Investments not otherwise permitted by this Agreement not
exceeding One Hundred Thousand Dollars ($100,000) in the aggregate outstanding at any time. 
 “Permitted Liens” are: 

(a) Liens existing on the Effective Date and 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 (including additions, accessions, and improvements thereto
and the proceeds thereof) acquired or held by Borrower incurred for financing the acquisition of the Equipment securing no more than Five Hundred Thousand Dollars ($500,000) in the aggregate amount outstanding, or (ii) existing on Equipment
when acquired, if the Lien is confined to such Equipment and additions, accessions, and improvements thereto and the proceeds thereof; 

  
 37 

 (d) 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 One Hundred Fifty Thousand Dollars ($150,000) 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; 

(e) 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); 
 (f) 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; 
 (g) leases or subleases of real property granted in the ordinary course of
Borrower’s business (or, if referring to another Person, in the ordinary course of such Person’s business), and leases, subleases, non-exclusive licenses or sublicenses of personal property (other
than Intellectual Property) granted in the ordinary course of Borrower’s business (or, if referring to another Person, in the ordinary course of such Person’s business), if the leases, subleases, licenses and sublicenses do not prohibit
granting Bank a security interest therein; 
 (h) non-exclusive licenses of Intellectual Property
granted to third parties in the ordinary course of business, and licenses of Intellectual Property that could not result in a legal transfer of title of the licensed property that may be exclusive in respects other than territory and that may be
exclusive as to territory only as to discrete geographical areas outside of the United States; 
 (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; 
 (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 Bank has a perfected security interest in the accounts held in such deposit and/or securities
accounts; 
 (k) deposits in an aggregate outstanding amount not to exceed One Hundred Fifty Thousand Dollars ($150,000) to secure the
security, indemnity, or appeal bonds and similar obligations arising in the ordinary course of business described in clause (h) of the definition of Permitted Indebtedness or to secure the performance of bids, trade contracts (other than for
borrowed money), contracts for the purchase of property, and leases in the ordinary course of business; 
 (l) Liens in favor of customs and
revenue authorities arising as a matter of law to secure payments of custom duties in connection with the importation of goods; 
 (m) Liens
in favor of Bank to secure letters of credit issued by Bank obtained in connection with leases of real property in the ordinary course of business; and 

  
 38 

 (n) Liens on property other than Intellectual Property securing obligations in an aggregate
principal amount at any time outstanding not to exceed One Hundred Thousand Dollars ($100,000). 
 “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. 
 “Prepayment Premium” is an amount equal to (a) three percent (3%) of the principal amount of the
Growth Capital Term Loan Advances being prepaid if the prepayment is made on or before the first (1st) anniversary of the Effective Date, (b) two percent (2%) of the principal amount of the
Growth Capital Term Loan Advances being prepaid if the prepayment is made after the first (1st) anniversary of the Effective Date but before the second (2nd) anniversary of the Effective Date, and (c) one percent (1%) of the principal amount of the Growth Capital Term Loan Advances being prepaid if the prepayment is made thereafter but prior to the
Growth Capital Term Loan Maturity Date. 
 “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 Bank, the
“Prime Rate” shall mean the rate of interest per annum announced by Bank as its prime rate in effect at its principal office in the State of California (such Bank announced Prime Rate not being intended to be the lowest rate of
interest charged by Bank 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. 

“Registered Organization” is any “registered organization” as defined in the Code with such additions to such term
as may hereafter be made. 
 “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 Chief Operating Officer of Borrower. 
 “Restricted License” is any material license or other
material 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 (to the extent
such restriction is enforceable under the Code), or (b) for which a default under or termination of could interfere with the Bank’s right to sell any Collateral. 

“SEC” shall mean the Securities and Exchange Commission, any successor thereto, and any analogous Governmental Authority.

  
 39 

 “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 Bank (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Bank entered into between Bank and the other
creditor), on terms reasonably acceptable to Bank. 
 “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. 

“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. 

“Trailing Three-Month Gross Profit” means, as of any date, the revenue of Borrower (determined in accordance with GAAP), less
Borrower’s cost of goods sold and warranty reserves (determined in a manner consistent with the financial statements provided to Bank on or prior to the Effective Date), for the three (3) months preceding such date. 

“Tranche A” is defined in Section 2.1.1(a). 

“Tranche A Draw Period” is the period of time commencing on the Effective Date through December 31, 2018. 

“Tranche B” is defined in Section 2.1.1(a). 

“Tranche B Draw Period” is the period of time commencing on the date on which the Tranche B Milestone is satisfied through
June 30, 2019. 
 “Tranche B Milestone” means Bank’s receipt of evidence reasonably satisfactory to Bank that
Borrower has achieved Trailing Three-Month Gross Profit of Eight Million Five Hundred Thousand Dollars ($8,500,000). 

“Transfer” is defined in Section 7.1. 

“Warrant” is that certain Warrant to Purchase Stock dated as of the Effective Date executed by Borrower in favor of Bank, as
the same may be amended, modified, supplemented or restated from time to time. 
 [Signature page follows.] 

  
 40 

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

			
	BORROWER:
	
	EARGO, INC.
		
	By:	 	 /s/ William H. Brownie

	Name: William H. Brownie
	Title:   Chief Financial Officer
	
	EARGO HEARING, INC.
		
	By:	 	 /s/ William H. Brownie

	Name: William H. Brownie
	Title:   Chief Financial Officer
	
	BANK:
	
	SILICON VALLEY BANK
		
	By:	 	 /s/ Michelle Lai

	Name: Michelle Lai
	Title:   Vice President

  
 [Signature Page to Loan
and Security Agreement] 

 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 Bank; (d) more than sixty-five percent (65%) 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; or (e) any Intellectual Property; provided, however, the Collateral shall
include all Accounts and all proceeds of Intellectual Property. If a judicial authority (including a U.S. Bankruptcy Court) would hold that a security interest in the underlying Intellectual Property is necessary to have a security interest in such
Accounts and such property that are proceeds of Intellectual Property, then the Collateral shall automatically, and effective as of the Effective Date, include the Intellectual Property to the extent necessary to permit perfection of Bank’s
security interest in such Accounts and such other property of Borrower that are proceeds of the Intellectual Property. 

 EXHIBIT B 

COMPLIANCE STATEMENT 
  

					
	TO:	  	SILICON VALLEY BANK	  	Date:_____________
	FROM:	  	EARGO, INC. and EARGO HEARING, INC.	  	

 Under the terms and conditions of the Loan and Security Agreement among Borrower and Bank (the “Agreement”),
Borrower is in complete compliance for the period ending __________ with all required covenants except as noted below. Attached are the required documents evidencing such compliance, setting forth calculations prepared in accordance with GAAP
consistently applied from one period to the next except as explained in an accompanying letter or footnotes. 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

	Monthly financial statements with Compliance Statement (“CS”)	  	Monthly within 30 days	  	Yes No
	Annual financial statement (CPA Audited) + CS	  	If required by Board, FYE within 210 days; otherwise, company prepared financial statements FYE within 60 days	  	Yes No
	Board-Approved Budget & Projections	  	Within 30 days after Board approval and as amended/updated	  	Yes No
	10-Q, 10-K and 8-K	  	Within 5 days after filing with SEC	  	Yes No
	Other Statements to Security Holders and Holders of Subordinated Debt	  	Within 5 days of delivery to Security Holders and Holders of Subordinated Debt	  	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 Statement	  	Yes	  	No

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

 EXHIBIT C 

LOAN PAYMENT/ADVANCE REQUEST FORM 

DEADLINE FOR SAME DAY PROCESSING IS
NOON PACIFIC TIME 
  

			
	Fax To:	  	Date:____________________

  

			
	LOAN PAYMENT:	  	 
	 
	EARGO, INC. and EARGO HEARING INC.
	 	 
	 From Account #
                                         
               

                          
                  (Deposit Account #)
	  	 To 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 Credit Extension are for
an ongoing wire.
	 	 
	 From Account #
                                         
               

                          
                      (Loan Account #)
	  	 To Account #
                                         
                                    

                          
                          (Deposit Account #)

	 	 
	Amount of Credit Extension $
                                  	  	 
	 
	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 a 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:
	 	 
	Authorized Signature:
                                         
     	  	Phone Number:
                                         
                               
	 	 
	 Print Name/Title:
                                         
            
  
	  	 

  

			
	OUTGOING WIRE REQUEST:	  	 
	 Complete only if
all or a portion of funds from the Credit Extension 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 #:
                                         
                                   

 

 FIRST AMENDMENT TO 

LOAN AND SECURITY AGREEMENT 

THIS FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”) is entered into this 31st day of January, 2019,
by and among SILICON VALLEY BANK, a California corporation (“Bank”), EARGO, INC., a Delaware corporation (“Eargo”), and EARGO HEARING, INC., a California corporation (“Eargo Hearing”, and together
with Eargo, individually and collectively, “Borrower”). 
 RECITALS 

A. Bank and Borrower have entered into that certain Loan and Security Agreement dated as of June 6, 2018 (as the same may from time to
time be amended, modified, supplemented or restated, the “Loan Agreement”). 
 B. Bank has extended credit to Borrower for
the purposes permitted in the Loan Agreement. 
 C. Borrower has requested that Bank amend the Loan Agreement to make certain revisions to
the Loan Agreement as more fully set forth herein. 
 D. Bank has agreed to so amend certain provisions of the Loan Agreement, but only to
the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below. 

AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the
receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 
 1.
Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement. 

2. Amendments to Loan Agreement. 

2.1 Section 2.1.1 (Growth Capital Term Loan Advances). Section 2.1.1(a) of the Loan Agreement is hereby
deleted in its entirety and replaced with the following: 
 (a) Availability. Subject to the terms and conditions of
this Agreement, Borrower may request that Bank make certain growth capital term loan advances (each, a “Growth Capital Term Loan Advance” and, collectively, the “Growth Capital Term Loan Advances”) available to
Borrower in two (2) tranches in an aggregate principal amount not to exceed the Growth Capital Term Loan Commitment Amount as follows: (i) the first (1st) tranche of the Growth Capital
Term Loan Advances (“Tranche A”) shall be available to Borrower, during the Tranche A Draw Period, in multiple advances in an aggregate principal amount not to exceed Ten Million Dollars ($10,000,000), and
(ii) provided Borrower has achieved the Tranche B Milestone, the second tranche of the 

 
Growth Capital Term Loan Advances (“Tranche B”) shall be available to Borrower, during the Tranche B Draw Period, in a single advance in a principal amount not to
exceed Five Million Dollars ($5,000,000). Each Growth Capital Term Loan Advance under Tranche A must be in an amount of at least Five Million Dollars ($5,000,000), provided that if the first Growth Capital Term Loan Advance under Tranche A is more
than Five Million Dollars ($5,000,000), the second Growth Capital Term Loan Advance under Tranche A shall be the remainder of Tranche A available for borrowing. After repayment, no Growth Capital Term Loan Advance (or any portion thereof) may be re-borrowed. 
 2.2 Section 13 (Definitions). The following terms and
their respective definitions set forth in Section 13.1 of the Loan Agreement are hereby amended in their entirety and replaced with the following: 

“Growth Capital Term Loan Commitment Amount” means Fifteen Million Dollars ($15,000,000). 

“Tranche B Milestone” means Bank’s receipt of evidence reasonably satisfactory to Bank that Borrower has
received a signed term sheet for a minimum of Fifty Million Dollars ($50,000,000) in net proceeds from a bona fide round of private equity financing with investors satisfactory to Bank, on terms acceptable to Bank, which Bank acknowledges has been
achieved. 
 “Warrant” is, individually and collectively, (i) that certain Warrant to Purchase Stock
dated as of the Effective Date, and (ii) that certain Warrant to Purchase Stock dated as of January __, 2019, each executed by Borrower in favor of Bank, as the same may be amended, modified, supplemented or restated from time to time. 

3. Limitation of Amendments. 

3.1 The amendments set forth in Section 2, above, are effective for the purposes set forth herein and shall be limited precisely as
written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the
future under or in connection with any Loan Document. 
 3.2 This Amendment shall be construed in connection with and as part of the
Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect. 

4. Representations and Warranties. To induce Bank to enter into this Amendment, Borrower hereby represents and warrants to Bank as
follows: 
 4.1 Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan
Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct in all material respects as of such
date), and (b) no Event of Default has occurred and is continuing; 

  
 46 

 4.2 Borrower has the power and authority to execute and deliver this Amendment and to
perform its obligations under the Loan Agreement, as amended by this Amendment; 
 4.3 The organizational documents of Borrower
delivered to Bank on the date hereof remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 

4.4 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Agreement, as amended by this Amendment, have been duly authorized; 
 4.5 The execution and delivery by Borrower of this Amendment
and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any material law or regulation binding on or affecting Borrower, (b) any material contractual
restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower;

 4.6 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision
thereof, binding on Borrower, except as already has been obtained or made; and 
 4.7 This Amendment has been duly executed and
delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other
similar laws of general application and equitable principles relating to or affecting creditors’ rights. 
 5. Integration. This
Amendment and 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 this Amendment and the Loan Documents merge into this Amendment and the Loan Documents. 
 6. Counterparts. This
Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 

7. Effectiveness. This Amendment shall be deemed effective upon (i) the due execution and delivery to Bank of this Amendment by
each party hereto, (ii) the due execution and delivery to Bank of the Warrant to Purchase Stock dated of even date herewith by each party hereto, together with a current capitalization table and current copies of Borrower’s equity
documents, and (iii) payment of Bank’s legal fees and expenses in connection with the negotiation and preparation of this Amendment and any documents entered into in connection herewith. 

[Signature page follows.] 

  
 47 

 IN WITNESS WHEREOF, the parties hereto
have caused this Amendment to be duly executed and delivered as of the date first written above. 
  

			
	BORROWER:
	
	EARGO, INC.
		
	By:	 	/s/ William H. Brownie
		 	Name: William H. Brownie
		 	Title:   Chief Financial Officer
	
	EARGO HEARING, INC.
		
	By:	 	/s/ William H. Brownie
		 	Name: William H. Brownie
		 	Title:   Chief Financial Officer
	
	BANK:
	
	SILICON VALLEY BANK
		
	By:	 	/s/ Michelle Lai
		 	Name: Michelle Lai
		 	Title:   Vice President

  

  
 [Signature Page to Second
Amendment to Loan and Security Agreement] 

 SECOND AMENDMENT TO 

LOAN AND SECURITY AGREEMENT 

THIS SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”) is entered into this 1st day of May, 2020, by
and among SILICON VALLEY BANK, a California corporation (“Bank”), EARGO, INC., a Delaware corporation (“Eargo”), and EARGO HEARING, INC., a California corporation (“Eargo Hearing”, and
together with Eargo, individually and collectively, “Borrower”). 
 RECITALS 

A. Bank and Borrower have entered into that certain Loan and Security Agreement dated as of June 6, 2018 (as the same may from time to
time be amended, modified or restated, the “Loan Agreement”). 
 B. Bank has extended credit to Borrower for the purposes
permitted in the Loan Agreement. 
 C. Borrower has requested that Bank amend the Loan Agreement to (i) defer certain principal
payments, and (ii) make certain revisions to the Loan Agreement as more fully set forth herein. 
 D. Bank has agreed to so amend
certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below. 

AGREEMENT 

Now, THEREFORE, in consideration of the foregoing recitals and other good and valuable
consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound the parties hereto agree as follows: 

14. DEFINITIONS. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the
Loan Agreement. 
 15. AMENDMENTS TO LOAN AGREEMENT. 

15.1 Deferred Principal Payments. Notwithstanding anything to the contrary in the Loan Agreement, Bank agrees to defer the principal
amount of each payment on the Growth Capital Term Loan Advances which would otherwise be due and payable on the first (1st) day of each month during the Deferred Principal Payments Period (collectively, the “Deferred Principal
Payments”). As used herein, the “Deferred Principal Payments Period” shall commence on May 1, 2020 and end on June 30, 2020; provided, however, the Deferred Principal Payments Period shall be automatically
extended to July 31, 2020 (and include the payment that would otherwise be due on July 1, 2020) upon satisfaction of the Deferral Milestone. Borrower shall continue to make monthly interest payments on the outstanding principal balance of
the Growth Capital Term Loan Advances in accordance with the terms set forth in the Loan Agreement. On the first (1st) day of the month following the last day of the Deferred Principal Payments Period,

 
Borrower shall resume making regularly scheduled equal monthly payments of principal, plus interest, in an amount which would fully amortize the aggregate outstanding Growth Capital Term Loan
Advances (including the Deferred Principal Payments) such that the Growth Capital Term Loan Advances are repaid in full on the Growth Capital Term Loan Maturity Date. Notwithstanding the foregoing, all Deferred Principal Payments shall be
immediately due and payable upon the occurrence of any Event of Default. 
 15.2 Section 6.8 (Protection of
Intellectual Property Rights). Section 6.8 of the Loan Agreement is hereby amended by adding the following Section 6.8(c) immediately following Section 6.8(b): 

15.2.1 Until the IP Release Date, to the extent not already disclosed in writing to Bank, if Borrower (i) obtains any
Patent, registered Trademark, registered Copyright, registered mask work, or any pending application for any of the foregoing, whether as owner, licensee or otherwise, or (ii) applies for any Patent or the registration of any Trademark, then
Borrower shall immediately provide written notice thereof to Bank and shall execute such intellectual property security agreements and other documents and take such other actions as Bank may request in its good faith business judgment to perfect and
maintain a first priority perfected security interest in favor of Bank in such property. Until the IP Release Date, if Borrower decides to register any Copyrights or mask works in the United States Copyright Office, Borrower shall: (x) provide
Bank with at least fifteen (15) days’ prior written notice of Borrower’s intent to register such Copyrights or mask works together with a copy of the application it intends to file with the United States Copyright Office (excluding
exhibits thereto); (y) execute an intellectual property security agreement and such other documents and take such other actions as Bank may request in its good faith business judgment to perfect and maintain a first priority perfected security
interest in favor of Bank in the Copyrights or mask works intended to be registered with the United States Copyright Office; and (z) record such intellectual property security agreement with the United States Copyright Office contemporaneously
with filing the Copyright or mask work application(s) with the United States Copyright Office. Until the IP Release Date, Borrower shall promptly provide to Bank copies of all applications that it files for Patents or for the registration of
Trademarks, Copyrights or mask works, together with evidence of the recording of the intellectual property security agreement required for Bank to perfect and maintain a first priority perfected security interest in such property. 

15.3 Section 13 (Definitions). 

15.3.1 The following defined terms and their respective definitions are hereby inserted alphabetically in Section 13.1 of the Loan
Agreement: 
 “Deferral Milestone” means Bank’s receipt of evidence satisfactory to Bank, no later
than June 25, 2020, that Borrower has signed a term sheet for a bona fide round of equity financing of Borrower on terms satisfactory to Bank with investors satisfactory to Bank which will result in net proceeds to Borrower of at least
Thirty Million Dollars ($30,000,000). 

  
 50 

 “IP Agreement” is that certain Intellectual Property
Security Agreement between Borrower and Bank dated as of the Second Amendment Closing Date, as may be amended, modified, supplemented or restated from time to time. 

“IP Release Date” means the date the IP Release Milestone is achieved. 

“IP Release Milestone” means Bank’s receipt of evidence satisfactory to Bank that Borrower has received
at least Thirty Million Dollars ($30,000,000) in net proceeds from a bona fide round of equity financing of Borrower on terms satisfactory to Bank with investors satisfactory to Bank. 

“Second Amendment Closing Date” is May 1, 2020. 

15.3.2 The following terms and their respective definitions set forth in Section 13.1 of the Loan Agreement are hereby amended in their
entirety and replaced with the following: 
 “Loan Documents” are, collectively, this Agreement
and any schedules, exhibits, certificates, notices, and any other documents related to this Agreement, the Warrant, the IP Agreement, any Bank Services Agreement, any subordination agreement, any note, or notes or guaranties executed by Borrower or
any Guarantor, and any other present or future agreement by Borrower and/or any Guarantor with or for the benefit of Bank in connection with this Agreement or Bank Services, all as amended, restated, or otherwise modified. 

“Prepayment Premium” is an amount equal to two percent (2%) of the principal amount of the Growth
Capital Term Loan Advances being prepaid. 
 15.4 Collateral Description. Exhibit A of the Loan Agreement is
hereby replaced in its entirety with Exhibit A attached hereto. All references in the Loan Agreement to “Collateral” shall be deemed to refer to the Collateral Description attached hereto as
Exhibit A. 
 15.5 Grant of Security Interest. In addition to the Collateral already securing the
Obligations, Borrower hereby grants to Bank, to secure the payment and performance in full of all of the Obligations, a continuing security interest in, and pledges to Bank, the Collateral described on Exhibit A attached
hereto (including Intellectual Property), wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof. Borrower hereby authorizes Bank to file a UCC financing statement amendment (the “UCC
Amendment”) with all appropriate jurisdictions to perfect or protect Bank’s interest or rights on the Collateral. 
 15.6
Release of Intellectual Property Security Interest. On the IP Release Date, provided, that no Event of Default has occurred and is continuing, Bank will, at Borrower’s expense, (a) release Bank’s security interest in
Borrower’s Intellectual Property, and (b) file such financing statement amendments and record with the United States Patent and Trademark Office and the United States Copyright Office all necessary agreements evidencing the release of the
Bank’s security interest in the Borrower’s Intellectual Property. Notwithstanding the foregoing, at all times (including after the IP Release Date) the Collateral shall include all proceeds of all Intellectual Property (whether acquired
upon the sale, lease, license, exchange or other disposition of such Intellectual Property) and all other rights arising out of Intellectual Property. 

  
 51 

 16. LIMITATION OF AMENDMENTS. 

The amendments set forth in Section 2, above, are effective for the purposes set forth herein and shall be limited precisely as written
and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the future
under or in connection with any Loan Document. 
 This Amendment shall be construed in connection with and as part of the Loan Documents and
all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect. 

17. REPRESENTATIONS AND WARRANTIES. To induce Bank to enter into this Amendment, Borrower hereby represents and warrants
to Bank as follows: 
 17.1 Immediately after giving effect to this Amendment (a) the representations and warranties contained in
the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct in all material respects
as of such date), and (b) no Event of Default has occurred and is continuing; 
 17.2 Borrower has the power and authority to
execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 
 17.3 The
organizational documents of Borrower delivered to Bank on the date hereof remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 

17.4 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Agreement, as amended by this Amendment, have been duly authorized; 
 17.5 The execution and delivery by Borrower of this Amendment
and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any material law or regulation binding on or affecting Borrower, (b) any material contractual
restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower;

 17.6 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision
thereof, binding on Borrower, except as already has been obtained or made; and 

  
 52 

 17.7 This Amendment has been duly executed and delivered by Borrower and is
the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general
application and equitable principles relating to or affecting creditors’ rights. 
 18. INTEGRATION. This Amendment
and 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 this Amendment and the Loan Documents merge into this Amendment and the Loan Documents. 
 19. COUNTERPARTS.
This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 

20. EFFECTIVENESS. This Amendment shall be deemed effective upon (a) the due execution and delivery to Bank of this
Amendment by each party hereto, (b) the due execution and delivery to Bank of the IP Agreement by each party thereto, (c) Bank’s filing of the UCC Amendment with the Secretary of State of Delaware to add the Intellectual Property
as Collateral, and (c) payment of Bank’s legal fees and expenses in connection with the negotiation and preparation of this Amendment and any documents entered into in connection herewith including the IP Agreement. 

[Signature page follows.] 

  
 53 

 IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above. 
  

			
	
	BORROWER:
	
	EARGO, INC.

			
		
	By:	 	 /s/ Christian Gormsen

			
	Name:	 	Christian Gormsen
	Title:	 	Chief Executive Officer
	
	EARGO HEARING, INC.

			
		
	By:	 	 /s/ Christian Gormsen

			
	Name:	 	Christian Gormsen
	Title:	 	Chief Executive Officer
	
	BANK:
	
	SILICON VALLEY BANK

			
		
	By:	 	 /s/ Robert Mingrone

			
	Name:	 	Robert Mingrone
	Title:	 	Director

 [Signature Page to Second Amendment to Loan and Security Agreement] 

 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 Bank; (d) more than sixty-five percent (65%) 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; or (e) from and after the IP Release Date (if applicable), any Intellectual
Property; provided, however, the Collateral shall include all Accounts and all proceeds of Intellectual Property. If a judicial authority (including a U.S. Bankruptcy Court) would hold that a security interest in the underlying Intellectual
Property is necessary to have a security interest in such Accounts and such property that are proceeds of Intellectual Property, then the Collateral shall automatically, and effective as of the Effective Date, include the Intellectual Property to
the extent necessary to permit perfection of Bank’s security interest in such Accounts and such other property of Borrower that are proceeds of the Intellectual Property. 

 THIRD AMENDMENT TO 

LOAN AND SECURITY AGREEMENT 

THIS THIRD AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”) is entered into this 9th day of
September, 2020, by and among SILICON VALLEY BANK, a California corporation (“Bank”), EARGO, INC., a Delaware corporation (“Eargo”), and EARGO HEARING, INC., a California corporation (“Eargo
Hearing”, and together with Eargo, individually and collectively, “Borrower”). 
 RECITALS

 E. Bank and Borrower have entered into that certain Loan and Security Agreement dated as of June 6, 2018 (as the same may from
time to time be amended, modified, supplemented or restated, the “Loan Agreement”). 
 F. Bank has previously made credit
available to Borrower for the purposes permitted in the Loan Agreement, including without limitation, a growth capital term loan facility in the aggregate original principal amount not to exceed Fifteen Million Dollars ($15,000,000) (the
“Existing Growth Capital Term Loan”). 
 G. Borrower consummated an unsecured loan in the amount of Four Million Five
Hundred Seventy-Four Thousand Eight Hundred Dollars ($4,574,800) (the “PPP Loan”) from MidFirst Bank (together with its successors and assigns, the “PPP Lender”) in connection with the Paycheck Protection Program
(the “PPP”) under the U.S. Small Business Administration, Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). 

H. Borrower has requested that Bank amend the Loan Agreement to (i) make a new growth capital term loan facility available to Borrower to
refinance and replace the Existing Growth Capital Term Loan, (ii) consent to the PPP Loan, and (iii) make certain other revisions to the Loan Agreement as more fully set forth herein. 

I. Bank has agreed to extend a new growth capital term loan to Borrower, and amend certain provisions of the Loan Agreement, but only to the
extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below. 

AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the
receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 
 8.
Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement. 

9. Growth Capital Term Loans. Borrower acknowledges and agrees that as of the date hereof, the aggregate outstanding principal balance
of the Existing Growth Capital Term Loans is Ten Million Four Hundred Thousand Dollars ($10,400,000). Borrower and Bank acknowledge and agree that there is no further availability to borrow any Existing Growth Capital

 
Term Loans. Borrower represents and warrants to Bank that all of such sum is due and owing Bank, without offset or defense of any kind or nature and in the event Borrower has any offsets or
defenses thereto, Borrower hereby irrevocably waives all such offsets and defenses. Borrower acknowledges and agrees that the execution of this Amendment is not intended to and shall not cause or result in a novation with respect to the Existing
Growth Capital Term Loans. Borrower acknowledges and agrees that, on or prior to the date hereof, it will repay in full in cash all of the Obligations owing to Bank (other than the Prepayment Premium, which is hereby waived) under the Existing
Growth Capital Term Loans, including without limitation, the Final Payment due to Bank under the Loan Agreement in the amount of Seven Hundred Twenty Thousand Dollars ($720,000). 

 

	 	10.	 Amendments to Loan Agreement. 

10.1 Section 2.1 (Growth Capital Term Loan Advances). Section 2.1 of the Loan Agreement is amended by adding the
following immediately after Section 2.1.1 as Section 2.1.2: 
  

	 	2.1.2	 Supplemental Growth Capital Advances. 

(a) Availability. Subject to the terms and conditions of this Agreement, Borrower may request that Bank make certain
supplemental growth capital advances (each, a “Supplemental Growth Capital Advance” and collectively, as the “Supplemental Growth Capital Advances”) available to Borrower in an aggregate principal
amount not to exceed the Supplemental Growth Capital Commitment Amount. On the Third Amendment Closing Date, the first (1st) tranche of the Supplemental Growth Capital Advances shall be funded to
Borrower in an aggregate principal amount of at least Fifteen Million Dollars ($15,000,000), and the proceeds thereof shall be used to repay in full the Existing Growth Capital Term Loans, plus all accrued and unpaid interest thereon and the Final
Payment. The second (2nd) tranche of the Supplemental Growth Capital Advances shall be available to Borrower in multiple advances through the Supplemental Growth Capital Commitment Termination
Date in the aggregate principal amount not to exceed Five Million Dollars ($5,000,000). Each Supplemental Growth Capital Advance must be in an amount of at least One Million Dollars ($1,000,000). After repayment, no Supplemental Growth Capital
Advance (or any portion thereof) may be reborrowed. 
 (b) Repayment. 

(i) Interest-Only Payments. Borrower shall make monthly payments of accrued interest only commencing on the first (1st)
calendar day of the month immediately following the Funding Date of a Supplemental Growth Capital Advance and continuing on the first (1st) calendar day of each successive month thereafter during the Supplemental Interest-Only Period. 

(ii) Principal and Interest Payments. Commencing on the first (1st) calendar day of the month immediately following the
end of the Supplemental Interest-Only Period (the “Supplemental Conversion Date”) and continuing on the first (1st) calendar day of each month thereafter through the Supplemental Growth Capital

  
 57 

 
Maturity Date, Borrower shall make the Applicable Number of consecutive equal monthly payments of principal (each, a “Supplemental Growth Capital Payment”), each in an amount
which would fully amortize the outstanding Supplemental Growth Capital Advances, as of the Supplemental Conversion Date, over the Supplemental Growth Capital Repayment Period, plus accrued interest. All unpaid principal and accrued and unpaid
interest on the Supplemental Growth Capital Advances is due and payable in full on the Supplemental Growth Capital Maturity Date 

(c) Prepayment. 

(i) Mandatory Prepayment Upon an Acceleration. If the Supplemental Growth Capital Advances are accelerated following
the occurrence of an Event of Default, Borrower shall immediately pay to Bank an amount equal to the sum of (A) all accrued and unpaid interest with respect to the Supplemental Growth Capital Advances through the date the prepayment is made,
plus (B) all outstanding principal with respect to the Supplemental Growth Capital Advances, plus (C) the Supplemental Prepayment Premium, plus (D) the Supplemental Final Payment, plus (E) all other sums, if any, that shall have
become due and payable hereunder in connection with the Supplemental Growth Capital Advances. 
 (ii) Permitted
Prepayment. Borrower shall have the option to prepay all, but not less than all, of the Supplemental Growth Capital Advances advanced by Bank under this Agreement, provided Borrower (A) delivers written notice to Bank of its election to
prepay the Supplemental Growth Capital Advances at least three (3) days prior to such prepayment (or such shorter period as agreed by Bank), and (B) pays, on the date of such prepayment (1) all accrued and unpaid interest with respect
to the Supplemental Growth Capital Advances through the date the prepayment is made, plus (2) all unpaid principal with respect to the Supplemental Growth Capital Advances, plus (3) the Supplemental Prepayment Premium, plus (4) the
Supplemental Final Payment, plus (5) all other sums, if any, that shall have become due and payable hereunder in connection with the Supplemental Growth Capital Advances, including interest at the Default Rate with respect to any past due
amounts. Notwithstanding the foregoing, Bank agrees to waive the Supplemental Prepayment Premium if Bank closes on the refinance and re-documentation with Bank of the Supplemental Growth Capital Advances under
this Agreement. For the avoidance of doubt, no Prepayment Premium shall be due and payable and no prior notice shall be required in connection with any prepayment of the Growth Capital Term Loan Advances. 

10.2 Section 2.2 (Payment of Interest on the Credit Extensions). Section 2.2(a) of the Loan Agreement is hereby
amended by deleting it in its entirety and replacing it with the following: 
 (a) Interest Rate. Subject to
Section 2.2(b) the outstanding principal amount of the Supplemental Growth Capital Advances shall accrue interest at a floating per annum rate equal to the Prime Rate plus one percent (1.00%), which interest shall be payable monthly in
accordance with Section 2.2(d). 

  
 58 

 10.3 Section 2.3 (Fees). Section 2.3 of the Loan Agreement is
hereby amended by adding the following after clause (d) as clauses (e) and (f): 
 (e) Supplemental Prepayment
Premium. The Supplemental Prepayment Premium when due pursuant to the terms of Section 2.1.2(c). 
 (f)
Supplemental Final Payment. The Supplemental Final Payment, when due hereunder. 
 10.4 Section 3.4 (Procedures
for Borrowing). Section 3.4 of the Loan Agreement is hereby amended by deleting it in its entirety and replacing it with the following: 

3.4 Procedures for Borrowing. Subject to the prior satisfaction of all other applicable conditions to the making of the
Supplemental Growth Capital Advances set forth in this Agreement, to obtain the Supplemental Growth Capital Advances, Borrower shall notify Bank (which notice shall be irrevocable) by electronic mail, facsimile, or telephone by 12:00 p.m.
Pacific time on the Funding Date of the Supplemental Growth Capital Advances. Together with any such electronic or facsimile notification, Borrower shall deliver to Bank by electronic mail or facsimile a completed Payment/Advance Form executed by an
Authorized Signer or his or her designee. Bank may rely on any telephone notice given by a person whom Bank believes is an Authorized Signer or designee. Bank shall credit the Supplemental Growth Capital Advances to the Designated Deposit Account on
the Funding Date of the Supplemental Growth Capital Advance. Bank may make the Supplemental Growth Capital Advances under this Agreement based on instructions from an Authorized Signer or his or her designee or without instructions if the
Supplemental Growth Capital Advances are necessary to meet Obligations which have become due. 
 10.5 Section 6.2
(Financial Statements, Reports). Section 6.2 of the Loan Agreement is hereby amended by deleting clauses (a) through (d) thereof in their entirety and replacing them with the following: 

(a) Financial Statements. As soon as available, but no later than (i) 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 in a form reasonably acceptable to Bank (the “Monthly Financial Statements”), or
(ii) from and after an IPO, no later than (A) forty-five (45) days after the last day of each fiscal quarter, for the first three fiscal quarters of Borrower and (B) ninety (90) days after the last day of the last fiscal quarter
of Borrower, a company prepared consolidated balance sheet and income statement covering Borrower’s consolidated operations for such fiscal quarter in a form consistent with those filed with the SEC (the “Quarterly Financial
Statements”); 
 (b) Compliance Statement. Within (i) thirty (30) days after the last day of each month,
or (ii) from and after an IPO, forty-five (45) days after the last day of each fiscal quarter, and together with the Monthly Financial Statements or Quarterly Financial Statements, as applicable, a completed Compliance Statement,
confirming that, as of the end of such month or fiscal quarter, as applicable, Borrower was in full compliance with the terms and conditions of this Agreement and such other information as Bank may reasonably request; 

  
 59 

 (c) Annual Operating Budget and Financial Projections. Within sixty
(60) days after the last day of each fiscal year of Borrower (and more frequently as updated), (A) annual operating budgets (including income statements, balance sheets and cash flow statements, by month) for the upcoming fiscal year of
Borrower, and (B) annual financial projections for the following fiscal year (on a quarterly basis) as approved by Borrower’s Board of Directors, together with any related business forecasts used in the preparation of such annual financial
projections; 
 (d) Annual Audited Financial Statements. As soon as available, but no later than one hundred eighty
(180) days after the last day of each fiscal year of Borrower, audited consolidated financial statements prepared under GAAP, consistently applied, together with an unqualified opinion on the financial statements from an independent certified
public accounting firm reasonably acceptable to Bank. 
 10.6 Section 6.6 (Operating Accounts). Section 6.6 of
the Loan Agreement is hereby amended by deleting it in its entirety and replacing it with the following: 
 (a) At all times
prior to an IPO, Borrower, any Subsidiary of Borrower and any Guarantor shall maintain all of its operating accounts and excess cash with Bank and Bank’s affiliates. From and after an IPO, Borrower, any Subsidiary of Borrower and any Guarantor
shall maintain account balances in any of its accounts at or through Bank representing at least sixty percent (60%) of all deposit account balances of Borrower, such Subsidiary and such Guarantor at any financial institution; provided, however,
Borrower, any Subsidiary of Borrower and any Guarantor shall use its best efforts to maintain more than sixty percent (60%) of its deposit account balances with Bank and Bank’s affiliates. In addition, at all times, Borrower, any Subsidiary of
Borrower and any Guarantor shall obtain any business credit cards or letters of credit exclusively from Bank and Bank’s affiliates. 

(b) Provide Bank at least five (5) days prior written notice before establishing any Collateral Account at or with any
bank or financial institution other than Bank or Bank’s Affiliates. For each Collateral Account that Borrower at any time maintains, Borrower shall cause the applicable bank or financial institution (other than Bank) 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 Bank’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 Bank. The provisions of the previous sentence shall not apply to (i) 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 Bank by Borrower as such, and (ii) the merchant accounts with Stripe, Ally Financial, Bread, PayPal, and CareCredit, LLC, as more fully described in the Perfection
Certificate dated as of the Third Amendment Closing Date (collectively, the “Merchant Accounts”), provided that Borrower shall promptly sweep the funds in the Merchant Accounts to the Designated Deposit Account. 

  
 60 

 10.7 Section 6.11 (Formation or Acquisition of Subsidiaries).
Section 6.11 of the Loan Agreement is hereby amended by deleting the portion of the text in the first sentence leading up to clause (a) therein of such Section and replacing it with the following: 

“Notwithstanding and without limiting the negative covenants contained in Sections 7.3 and 7.7 hereof, at the time that Borrower or
any Guarantor 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 and such Guarantor shall, upon Bank’s request in its
reasonable discretion” 
 10.8 Section 7.1 (Dispositions). Section 7.1 of the Loan Agreement is hereby
amended by deleting the portion of the text in the first sentence leading up to clause (a) therein of such Section and replacing it with the following: 

“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” 

10.9 Section 7.3 (Mergers or Acquisitions). Section 7.3 of the Loan Agreement is hereby amended by deleting it
in its entirety and replacing it with the following: 
 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), provided that a Subsidiary may merge, dissolve, liquidate, or consolidate into another Subsidiary or into Borrower. 

10.10 Section 8.1 (Payment Default). Section 8.1 of the Loan Agreement is hereby amended by deleting the
reference therein to “Growth Capital Term Loan Maturity Date” and replacing it with “Supplemental Growth Capital Maturity Date”. 

10.11 Section 8.3 (Investor Abandonment). Section 8.3 of the Loan Agreement is hereby amended by deleting it in
its entirety and replacing it with the following: 
 8.3 Material Adverse Change. A Material Adverse Change
occurs. 
 10.12 Section 12.1 (Termination Prior to Supplemental Growth Capital Maturity Date; Survival).
Section 12.1 of the Loan Agreement is hereby amended by deleting the references therein to “Growth Capital Term Loan Maturity Date” and replacing them with “Supplemental Growth Capital Maturity Date”. 

  
 61 

 10.13 Section 13 (Definitions).  

(a) The following defined terms and their respective definitions are hereby inserted alphabetically in Section 13.1 of the Loan Agreement:

 “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. 
 “IPO” means the initial public offering of Borrower’s stock. 

“Quarterly Financial Statements” is defined in Section 6.2(b). 

“Supplemental Conversion Date” is defined in Section 2.1.2(b)(ii). 

“Supplemental Final Payment” is a payment (in addition to and not a substitution for the regular monthly
payments of principal plus accrued interest) due on the earliest to occur of (a) the Supplemental Growth Capital Maturity Date, (b) the acceleration of the Supplemental Growth Capital Advances, or (c) the prepayment of the
Supplemental Growth Capital Advances in full pursuant to Sections 2.1.2(c)(i) or 2.1.2(c)(ii), equal to the original aggregate principal amount of the Supplemental Growth Capital Advances multiplied by the Supplemental Final Payment Percentage.

 “Supplemental Final Payment Percentage” is equal to six and one quarter of one percent (6.25%). 

“Supplemental Growth Capital Advance” and “Supplemental Growth Capital
Advances” are each defined in Section 2.1.2(a). 
 “Supplemental Growth Capital
Commitment Amount” means Twenty Million Dollars ($20,000,000). 
 “Supplemental Growth Capital Commitment
Termination Date” is December 31, 2020. 
 “Supplemental Growth Capital Maturity
Date” is September 1, 2024. 
 “Supplemental Growth Capital Payment” is defined in
Section 2.1.2(b)(ii). 
 “Supplemental Growth Capital Repayment Period” is a period of time,
equal to the Applicable Number of months commencing on the Supplemental Conversion Date and continuing through the Supplemental Growth Capital Maturity Date. 

“Supplemental Interest-Only Period” means for each Supplemental Growth Capital Advance, the period
commencing on the first (1st) calendar day of the month immediately following the Funding Date of such Supplemental Growth Capital Advance and ending on (i) December 31, 2021 if Borrower does not satisfy the Supplemental Interest-Only
Period Extension Milestone, or (ii) June 30, 2022 if Borrower satisfies the Supplemental Interest-Only Period Extension Milestone. 

  
 62 

 “Supplemental Interest-Only Period Extension
Milestone” means Bank’s receipt of evidence reasonably satisfactory to Bank, that Borrower has received at least Seventy-Five Million Dollars ($75,000,000) in total net new capital received after August 7, 2020 from a bona fide
equity financing of Borrower’s stock, Subordinated Debt and/or an IPO. 
 “Supplemental Prepayment
Premium” is an amount equal to (a) three percent (3%) of the principal amount of the Supplemental Growth Capital Advances being prepaid if the prepayment is made on or before the first
(1st) anniversary of the Third Amendment Closing Date, (b) two percent (2%) of the principal amount of the Supplemental Growth Capital Advances being prepaid if the prepayment is made after
the first (1st) anniversary of the Third Amendment Closing Date but before the second (2nd) anniversary of the Third Amendment Closing Date,
and (c) one percent (1%) of the principal amount of the Supplemental Growth Capital Advances being prepaid if the prepayment is made thereafter but prior to the Supplemental Growth Capital Maturity Date. 

“Third Amendment Closing Date” is September 9, 2020. 

(b) The following terms and their respective definitions set forth in Section 13.1 of the Loan Agreement are hereby amended in their
entirety and replaced with the following: 
 “Applicable Number” is (a) thirty-three (33) if
Borrower does not satisfy the Supplemental Interest-Only Period Extension Milestone, and (b) twenty-seven (27) if Borrower satisfies the Supplemental Interest-Only Period Extension Milestone. 

“Credit Extension” is any Growth Capital Advance, Supplemental Growth Capital Advance or any other extension
of credit by Bank for Borrower’s benefit. 
 “Obligations” are Borrower’s obligations to pay when
due any debts, principal, interest, fees, Bank Expenses, the Supplemental Final Payment, the Supplemental Prepayment Premium, if applicable, and other amounts Borrower owes Bank now or later, whether under this Agreement, the other Loan Documents or
otherwise (other than the Warrant), including, without limitation, all obligations relating to letters of credit (including reimbursement obligations for drawn and undrawn letters of credit), cash management services, and foreign exchange contracts,
if any, and including interest accruing after Insolvency Proceedings begin and debts, liabilities, or obligations of Borrower assigned to Bank, and to perform Borrower’s duties under the Loan Documents (other than the Warrant). 

“Warrant” is, individually and collectively, (i) that certain Warrant to Purchase Stock dated as of the
Effective Date, (ii) that certain Warrant to Purchase Stock dated as of January 31, 2019, and (iii) that certain Warrant to Purchase Stock dated as of the Third Amendment Closing Date (the “2020 Warrant”), each
executed by Borrower in favor of Bank, as the same may be amended, modified, supplemented or restated from time to time. 

  
 63 

 10.14 Exhibit B (Compliance Statement). The Compliance Statement appearing as
Exhibit B to the Loan Agreement is deleted in its entirety and replaced with the Compliance Statement attached as Exhibit B attached hereto. 

11. PPP Loan Consent. Subject to the terms of this Section 4 and the other provisions of this Agreement, Bank hereby
(x) consents to the PPP Loan, (y) agrees that the indebtedness of Borrower incurred pursuant to the PPP Loan is deemed to be Permitted Indebtedness under the Loan Documents, and (z) agrees that the PPP Loan shall not, in and of
itself, constitute a breach of Section 7.4 of the Loan Agreement; provided, that, in each case, the PPP Loan is repaid in full or forgiven in full no later than May 3, 2022. Further, Borrower acknowledges and agrees that an event of
default under the PPP Loan shall constitute an Event of Default under the Loan Documents. 
 12. Cash with PPP Lender.
Notwithstanding any depository or cash requirements to the contrary in the Loan Agreement, Bank consents to Borrower’s maintenance of cash in an account at PPP Lender or its affiliate, 1st Century Bank (the “PPP Cash Account”),
on the conditions that (a) the balance therein shall not exceed One Hundred Fifty Thousand Dollars ($150,000) at any time, (b) Bank shall have received from the PPP Lender, on or prior to the Third Amendment Closing Date, duly executed
signatures to a Control Agreement in favor of Bank with respect to the PPP Cash Account, and (c) the PPP Cash Account is closed no later than thirty (30) days after the date the PPP Loan is repaid in full or forgiven in full. 

13. Limitation of Amendments. 

13.1 The amendments and consents set forth in Sections 3 through 5 above, are effective for the purposes set forth herein and shall
be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now
have or may have in the future under or in connection with any Loan Document. 
 13.2 This Amendment shall be construed in connection
with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and
effect. 
 14. Representations and Warranties. To induce Bank to enter into this Amendment, Borrower hereby represents and warrants
to Bank as follows: 
 14.1 Immediately after giving effect to this Amendment (a) the representations and warranties contained in
the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct in all material respects
as of such date), and (b) no Event of Default has occurred and is continuing; 

  
 64 

 14.2 Borrower has the power and authority to execute and deliver this Amendment and
to perform its obligations under the Loan Agreement, as amended by this Amendment; 
 14.3 The organizational documents of Borrower
delivered to Bank on the date hereof remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 

14.4 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Agreement, as amended by this Amendment, have been duly authorized; 
 14.5 The execution and delivery by Borrower of this Amendment
and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any material law or regulation binding on or affecting Borrower, (b) any material contractual
restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower;

 14.6 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision
thereof, binding on Borrower, except as already has been obtained or made; and 
 14.7 This Amendment has been duly executed and
delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other
similar laws of general application and equitable principles relating to or affecting creditors’ rights. 
 15. Integration.
This Amendment and 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 this Amendment and the Loan Documents merge into this Amendment and the Loan Documents. 
 16.
Counterparts. This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 

17. Post-Closing Requirement. Borrower shall deliver to Bank, no later than fourteen (14) days after the date hereof, in form and
substance satisfactory to Bank, a lender’s loss payable endorsement showing Bank as the sole lender loss payee. 

  
 65 

 18. Effectiveness. This Amendment shall be deemed effective upon (a) the due
execution and delivery to Bank of this Amendment by each party hereto, (b) the due execution and delivery to Bank of the 2020 Warrant by each party thereto, and (c) payment of Bank’s legal fees and expenses in connection with the
negotiation and preparation of this Amendment and any documents entered into in connection herewith including the 2020 Warrant. 
 [Signature
page follows.] 

  
 66 

 IN WITNESS WHEREOF, the parties hereto
have caused this Amendment to be duly executed and delivered as of the date first written above. 
  

			
	BORROWER:
	
	EARGO, INC.
		
	By:	 	 /s/ Christian Gormsen

		 	Christian Gormsen
		 	Chief Executive Officer
	
	EARGO HEARING, INC.
		
	By:	 	 /s/ Christian Gormsen

		 	Christian Gormsen
		 	Chief Executive Officer
	
	BANK:
	
	SILICON VALLEY BANK
		
	By:	 	 /s/ Kristen Choi

		 	Kristen Choi
		 	Vice President

  
 [Signature Page to Third
Amendment to Loan and Security Agreement] 

 EXHIBIT B 

COMPLIANCE STATEMENT 
  

					
	TO:	  	SILICON VALLEY BANK	  	Date:                     
	FROM:	  	EARGO, INC. and EARGO HEARING, INC.	  	

 Under the terms and conditions of the Loan and Security Agreement among Borrower and Bank (the “Agreement”),
Borrower is in complete compliance for the period ending                          with all required covenants except as
noted below. Attached are the required documents evidencing such compliance, setting forth calculations prepared in accordance with GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes.
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 Statement
(“CS”)
	  	Monthly within 30 days prior to IPO and Quarterly within 45 days after IPO (90 days after Q4)	  	Yes    No
	Annual financial statement (CPA Audited) + CS	  	FYE within 180 days	  	Yes    No
	Board-Approved Budget & Projections	  	 Within 60 days after FYE and as

amended/updated
	  	Yes    No
	10-Q, 10-K and 8-K	  	Within 5 days after filing with SEC	  	Yes    No
	Other Statements to Security Holders and Holders of Subordinated Debt	  	 Within 5 days of delivery to Security
 Holders
and Holders of Subordinated Debt
	  	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 Statement	  	Yes	  	No

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

 

  
 B-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}]]