Document:

EX-4.2

 Exhibit 4.2 

Execution Version 

FIFTH AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT 
  

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
	1.	 	Definitions	  	 	1	 
			
	2.	 	Registration Rights	  	 	6	 
		 	2.1	  	Demand Registration	  	 	6	 
		 	2.2	  	Company Registration	  	 	8	 
		 	2.3	  	Underwriting Requirements	  	 	8	 
		 	2.4	  	Obligations of the Company	  	 	10	 
		 	2.5	  	Furnish Information	  	 	11	 
		 	2.6	  	Expenses of Registration	  	 	12	 
		 	2.7	  	Delay of Registration	  	 	12	 
		 	2.8	  	Indemnification	  	 	12	 
		 	2.9	  	Reports Under Exchange Act	  	 	14	 
		 	2.10	  	Limitations on Subsequent Registration Rights	  	 	15	 
		 	2.11	  	“Market Stand-off” Agreement	  	 	16	 
		 	2.12	  	Restrictions on Transfer	  	 	17	 
		 	2.13	  	Termination of Registration Rights	  	 	18	 
		 	2.14	  	Deemed Underwriter	  	 	19	 
			
	3.	 	Information and Observer Rights	  	 	19	 
		 	3.1	  	Delivery of Financial Statements	  	 	19	 
		 	3.2	  	Inspection	  	 	20	 
		 	3.3	  	Observer Rights	  	 	21	 
		 	3.4	  	Termination of Information and Observer Rights	  	 	23	 
		 	3.5	  	Confidentiality	  	 	23	 
			
	4.	 	Rights to Future Stock Issuances	  	 	24	 
		 	4.1	  	Right of First Offer	  	 	24	 
		 	4.2	  	Termination	  	 	25	 
			
	5.	 	Additional Covenants	  	 	25	 
		 	5.1	  	Insurance	  	 	25	 
		 	5.2	  	Employee Agreements	  	 	26	 
		 	5.3	  	Employee Stock	  	 	26	 
		 	5.4	  	Board Matters	  	 	26	 
		 	5.5	  	Successor Indemnification	  	 	26	 
		 	5.6	  	Indemnification Matters	  	 	27	 
		 	5.7	  	Expenses of Counsel	  	 	27	 
		 	5.8	  	Right to Conduct Activities	  	 	28	 
		 	5.9	  	No Investment Company	  	 	28	 
		 	5.10	  	FCPA	  	 	28	 
		 	5.11	  	OFAC	  	 	28	 

  
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		  	5.12	  	JPMC Put Right	  	 	29	 
		  	5.13	  	Amex Put Right	  	 	29	 
		  	5.14	  	BHCA Voting Limitations and Protections	  	 	29	 
		  	5.15	  	Termination of Covenants	  	 	29	 
			
	6.	  	Miscellaneous	  	 	30	 
		  	6.1	  	Successors and Assigns	  	 	30	 
		  	6.2	  	Governing Law	  	 	30	 
		  	6.3	  	Counterparts	  	 	30	 
		  	6.4	  	Titles and Subtitles	  	 	30	 
		  	6.5	  	Notices	  	 	31	 
		  	6.6	  	Amendments and Waivers	  	 	32	 
		  	6.7	  	Severability	  	 	32	 
		  	6.8	  	Aggregation of Stock	  	 	32	 
		  	6.9	  	Additional Investors	  	 	33	 
		  	6.10	  	Entire Agreement	  	 	33	 
		  	6.11	  	Dispute Resolution	  	 	33	 
		  	6.12	  	Delays or Omissions	  	 	34	 
		  	6.13	  	Acknowledgment	  	 	34	 

  

							
	 Schedule A
	 	 	—	 	    	Schedule of Investors
	 Schedule B
	 	 	—	 	    	Schedule of Key Holders

  
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 FIFTH AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT 

THIS FIFTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”), is made as of the 27th day of April, 2020, by and among Toast, Inc., a Delaware corporation (the “Company”), and each of the investors listed on Schedule A hereto, each of which is referred to in
this Agreement as an “Investor”, and each of the stockholders listed on Schedule B hereto, each of whom is referred to herein as a “Key Holder” and any additional Investor that becomes party to this Agreement
in accordance with Section 6.9 hereof. 
 RECITALS 

WHEREAS, the Company, the Key Holders and certain of the Investors (the “Prior Investors”) previously entered into a
Fourth Amended and Restated Investors’ Rights Agreement dated as of February 14, 2020 (the “Prior Agreement”), in connection with the purchase of shares of Series F Preferred Stock of the Company, par value $0.000001
per share (“Series F Preferred Stock”); 
 WHEREAS, the Key Holders, the Prior Investors and the Company desire to
induce certain of the Investors to purchase shares of Series F Preferred Stock, pursuant to the Series F Preferred Stock Purchase Agreement dated as of February 14, 2020 by and among the Company and certain of the Investors, as amended by that
certain Amendment to Series F Preferred Stock Purchase Agreement dated as of the date hereof (as further amended from time to time, the “Purchase Agreement”) by amending and restating the Prior Agreement as set forth herein. 

NOW, THEREFORE, the Company, the Key Holders and the Investors (including the Prior Investors) each hereby agree to amend and restate
the Prior Agreement in its entirety as set forth herein, and the parties hereto further agree as follows: 
 1. Definitions.
For purposes of this Agreement: 
 1.1 “Affiliate” means, with respect to any specified Person, any
other Person who, directly or indirectly, controls, is controlled by, or is under common control with such Person, including without limitation any general partner, managing member, officer or director of such Person or any venture capital, private
equity or similar investment fund now or hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management company or investment advisor (or
sub-advisor) with, such Person. 
 1.2 “Bessemer Associates” means
each of Horsley Bridge XIII Venture, L.P. and its Affiliates, Mousserena, L.P. and its Affiliates, Pathway Private Equity Fund XX-A, LP and its Affiliates, Pathway Private Equity Fund XVII-B, LP and its Affiliates, Pathway Private Equity Fund XXIII, LP and its Affiliates, Pathway Private Equity Fund XXIX, LP and its Affiliates, Pathway Private Equity Fund Investors 10, LP and its Affiliates,
SMRS-TOPE LLC and its Affiliates, HarbourVest Partners XI Venture Fund L.P. and its Affiliates, and HarbourVest Partners XI Venture AIF L.P. and its Affiliates. 

 1.3 “Board of Directors” means the Company’s board of
directors. 
 1.4 “Code” means the Internal Revenue Code of 1986, as amended. 

1.5 “Common Stock” means shares of the Company’s common stock, par value $0.000001 per share. 

1.6 “Competitor” means a person or entity engaged, directly or indirectly (including through any partnership,
limited liability company, corporation, joint venture or similar arrangement (whether now existing or formed hereafter)) in the business of the Company, but shall not include (i) any financial investment firm or collective investment vehicle
solely by virtue of its ownership (and/or its Affiliates’ ownership) of an equity interest of less than ten percent (10%) in any Competitor held solely for investment purposes, (ii) GV 2014, L.P., GV 2017, L.P. or any of their affiliated
funds, solely as a result of any affiliation between such fund and Alphabet Inc. (including any Affiliate of Alphabet Inc.), or (iii) T. Rowe Price, or any of its advised or sub-advised funds or accounts
and any representative of T. Rowe Price pursuant to Section 3.3(f), solely as a result of its ownership (and/or advised or sub-advised funds or accounts representative’s
ownership) of an equity interest of less than ten percent (10%) in any Competitor held solely for investment purposes; provided, however, before treating any Investor as a Competitor for purposes of this Agreement by virtue of such Investor
owning (and/or its Affiliates’ owning) an equity interest in another Person (as such, an “Affiliated Portfolio Company”), the Company shall have provided to the applicable Investor no less than ten (10) business days’
prior notice of its intent to treat such Investor as a Competitor as a result of its affiliation with such Affiliated Portfolio Company. 

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

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

  
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 1.9 “Exchange Act” means the Securities Exchange Act of
1934, as amended, and the rules and regulations promulgated thereunder. 
 1.10 “Excluded Registration”
means (i) a registration relating to the sale of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; (iii) a
registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration in which the only Common
Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered. 
 1.11
“FOIA Party” means a Person that, in the reasonable determination of the Board of Directors, may be subject to, and thereby required to disclose non-public information furnished by or relating
to the Company under, the Freedom of Information Act, 5 U.S.C. 552 (“FOIA”), any state public records access law, any state or other jurisdiction’s laws similar in intent or effect to FOIA, or any other similar statutory or
regulatory requirement. 
 1.12 “Form S-1” means such form
under the Securities Act as in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC. 

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

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

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

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

1.17 “Initiating Holders” means, collectively, Holders who properly initiate a registration request under this
Agreement. 
 1.18 “IPO” means the Company’s first underwritten public offering of its Common Stock
under the Securities Act. 
 1.19 “Key Employee” means Chris Comparato, Steve Fredette, Aman Narang, Jon
Grimm and Tim Barash. 

  
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 1.20 “Key Holder Registrable Securities” means
(i) shares of Common Stock held by the Key Holders, and (ii) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution with respect
to, or in exchange for or in replacement of such shares. 
 1.21 “Major Investor” means (i) Bessemer
Venture Partners IX, L.P., Bessemer Venture Partners IX Institutional L.P., Bessemer Venture Partners Century Fund L.P., Bessemer Venture Partners Century Fund Institutional L.P. and any of their Affiliates that own Preferred Stock (together,
“Bessemer Venture Partners”), for so long as such entities own, in the aggregate, at least 20% of the shares of Preferred Stock owned by such entities in the aggregate at the Initial Closing (as defined in the Purchase Agreement);
(ii) GV 2014, L.P., GV 2017, L.P. and any of their Affiliates that own Preferred Stock (together, “GV”), for so long as such entities own, in the aggregate, at least 20% of the shares of Preferred Stock owned by such entities in the
aggregate on June 27, 2018; (iii) Steve Papa, for so long as he owns at least 20% of the shares of Preferred Stock owned by him on June 27, 2018; (iv) Raging Capital Master Fund, Ltd. and any of its Affiliates that own Preferred Stock
(together, “Raging Capital”), for so long as such entities own, in the aggregate, at least 20% of the shares of Preferred Stock owned by such entities in the aggregate on June 27, 2018; (v) Generation IM Climate Solutions Fund
II, L.P. and any of its Affiliates that own Preferred Stock (together, “GIM”), for so long as such entities own, in the aggregate, at least 20% of the shares of Preferred Stock owned by such entities in the aggregate on
June 27, 2018; (vi) Lead Edge Capital III, LP and any of its Affiliates that own Preferred Stock (together, “LEC”), for so long as such entities own, in the aggregate, at least 20% of the shares of Preferred Stock owned by such
entities in the aggregate on June 27, 2018; (vii) each T. Rowe Price Investor for so long as T. Rowe Price Investors collectively own, in the aggregate, at least 20% of the shares of Preferred Stock owned by T. Rowe Price Investors in the
aggregate at the Initial Closing (as defined in the Purchase Agreement); (viii) TCV X, L.P., TCV X (A), L.P., TCV X (B), L.P. and TCV X Member Fund, L.P. and any of their Affiliates that own Preferred Stock (together, “TCV”), for so
long as such entities own, in the aggregate, at least 20% of the shares of Preferred Stock owned by such entities in the aggregate at the Initial Closing (as defined in the Purchase Agreement); (ix) Tiger Global PIP 10 LLC and any of its Affiliates
that own Preferred Stock (together, “Tiger”), for so long as such entities own, in the aggregate, at least 20% of the shares of Preferred Stock owned by such entities in the aggregate at the Initial Closing (as defined in the
Purchase Agreement); (x) each Bessemer Associate that owns Preferred Stock, for so long as such Bessemer Associate owns, in the aggregate, at least 80% of the shares of Preferred Stock owned by such Bessemer Associate in the aggregate at the Initial
Closing (as defined in the Purchase Agreement) (and, for the avoidance of doubt, the shares of Preferred Stock owned by each Bessemer Associate shall not be aggregated for purposes of this Subsection 1.21); (xi) TPG Tech Adjacencies Tasteful,
L.P. and any of its Affiliates that own Preferred Stock (together, “TPG”), for so long as such entities own, in the aggregate, at least 80% of the shares of Preferred Stock owned by such entities in the aggregate at the Initial
Closing (as defined in the Purchase Agreement); (xii) Greenoaks Capital Opportunities Fund II LP, Greenoaks Capital MS LP—Kubrick Series and any of their Affiliates that own Preferred Stock (together, “Greenoaks”), for so long
as such entities own, in the aggregate, at least 80% of the shares of Preferred Stock owned by such entities in the aggregate at the Initial Closing (as defined in the Purchase Agreement); and (xiii) each Person to whom the rights of a Major
Investor are assigned pursuant to Subsection 6.1. 

  
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 1.22 “New Securities” means, collectively, equity
securities of the Company, whether or not currently authorized, as well as rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or exchangeable into or exercisable
for such equity securities. 
 1.23 “Person” means any individual, corporation, partnership, trust, limited
liability company, association or other entity. 
 1.24 “Preferred Stock” means, collectively, shares of the
Company’s Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, Series E Preferred Stock and Series F Preferred Stock. 

1.25 “Registrable Securities” means (i) the Common Stock issuable or issued upon conversion of the
Preferred Stock; (ii) any Common Stock, or any Common Stock issued or issuable (directly or indirectly) upon conversion and/or exercise of any other securities of the Company, acquired by the Investors;
(iii) the Key Holder Registrable Securities, provided, however, that such Key Holder Registrable Securities shall not be deemed Registrable Securities and the Key Holders shall not be deemed Holders for the purposes of
Subsections 2.1, 2.10, 3.1, 3.2, 4.1 and 6.6; and (iv) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or
other distribution with respect to, or in exchange for or in replacement of, the shares referenced in clauses (i) and (ii) above; excluding in all cases, however, any Registrable Securities sold by a Person in a transaction in
which the applicable rights under this Agreement are not assigned pursuant to Subsection 6.1, and excluding for purposes of Section 2 any shares for which registration rights have terminated pursuant to Subsection
2.13 of this Agreement. 
 1.26 “Registrable Securities then outstanding” means the number of
shares determined by adding the number of shares of outstanding Common Stock that are Registrable Securities and the number of shares of Common Stock issuable (directly or indirectly) pursuant to then exercisable and/or convertible securities
that are Registrable Securities. 
 1.27 “Restricted Securities” means the securities of the Company
required to be notated with the legend set forth in Subsection 2.12(b) hereof. 
 1.28 “SEC” means
the Securities and Exchange Commission. 
 1.29 “SEC Rule 144” means Rule 144 promulgated by the SEC under
the Securities Act. 

  
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 1.30 “SEC Rule 145” means Rule 145 promulgated by the SEC
under the Securities Act. 
 1.31 “Securities Act” means the Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder. 
 1.32 “Selling Expenses” means all underwriting discounts,
selling commissions, and stock transfer taxes applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company
as provided in Subsection 2.6. 
 1.33 “Series A Preferred Stock” means shares of the Company’s
Series A Preferred Stock, par value $0.000001 per share. 
 1.34 “Series B Preferred Stock” means shares of
the Company’s Series B Preferred Stock, par value $0.000001 per share. 
 1.35 “Series C Preferred
Stock” means shares of the Company’s Series C Preferred Stock, par value $0.000001 per share. 
 1.36
“Series D Preferred Stock” means shares of the Company’s Series D Preferred Stock, par value $0.000001 per share. 

1.37 “Series E Preferred Stock” means shares of the Company’s Series E Preferred Stock, par value
$0.000001 per share. 
 1.38 “T. Rowe Price” means T. Rowe Price Associates, Inc. and any successor or
affiliated registered investment advisor to the T. Rowe Price Investors. 
 1.39 “T. Rowe Price Investors”
means the Investors that are advisory or sub-advisory clients of T. Rowe Price with respect to holding shares of the Company. For the sake of clarity, as of the date hereof, the T. Rowe Price Investors are
indicated on Schedule A hereto. 
 2. Registration Rights. The Company covenants and agrees as follows:

 2.1 Demand Registration. 

(a) Form S-1 Demand. If at any time after one hundred eighty (180) days after the
effective date of the registration statement for the IPO, the Company receives a request from Holders of a majority of the Registrable Securities then outstanding, excluding Amex (as defined below) and its BHCA Transferees (as defined in the
Certificate of Incorporation (as defined below)), that the Company file a Form S-1 registration statement with respect to at least forty percent (40%) of the Registrable Securities then outstanding (or
a lesser percent if the anticipated aggregate offering price, net of Selling Expenses, would exceed $15 million), then the Company shall (x) within ten (10) days after the date such request is given, give notice thereof (the
“Demand Notice”) to all Holders other than the Initiating Holders; and (y) as soon as practicable, and in any event within sixty (60) days after the date such request is given by the Initiating Holders, file a Form S-1 registration statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested to be registered and any additional Registrable Securities requested to be
included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections
2.1(c) and 2.3. 

  
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 (b) Form S-3 Demand. If at any time when it
is eligible to use a Form S-3 registration statement, the Company receives a request from Holders of at least thirty percent (30%) of the Registrable Securities then outstanding that the Company file a Form S-3 registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least $5 million, then the Company
shall (i) within ten (10) days after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within forty-five (45) days after the
date such request is given by the Initiating Holders, file a Form S-3 registration statement under the Securities Act covering all Registrable Securities requested to be included in such registration by any
other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(c) and 2.3. 

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

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

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

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

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

  
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 (c) For purposes of Subsection 2.1, a registration shall not be counted as
“effected” if, as a result of an exercise of the underwriter’s cutback provisions in Subsection 2.3(a), fewer than fifty percent (50%) of the total number of Registrable Securities that Holders have requested to be included in
such registration statement are actually included. 
 2.4 Obligations of the Company. Whenever required under this
Section 2 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

(a) prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable
efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, excluding Amex and its BHCA Transferees, keep such registration statement
effective for a period of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that (i) such one hundred twenty
(120) day period shall be extended for a period of time equal to the period the Holder refrains, at the request of an underwriter of Common Stock (or other securities) of the Company, from selling any securities included in such registration,
and (ii) in the case of any registration of Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such one
hundred twenty (120) day period shall be extended for up to forty-five (45) days, if necessary, to keep the registration statement effective until all such Registrable Securities are sold; 

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

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

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

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

  
 10 

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

(g) provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide a CUSIP number
for all such Registrable Securities, in each case not later than the effective date of such registration; 
 (h) promptly make available
for inspection by the selling Holders, any underwriter(s) participating in any disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders,
all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any such
seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith; 

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

In addition, the Company shall ensure that, at all times after any registration statement covering a public offering of securities of the
Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Company’s directors may implement a trading program under Rule 10b5-1 of the Exchange Act.

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

  
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 2.6 Expenses of Registration. All expenses (other than Selling Expenses) incurred in
connection with registrations, filings, or qualifications pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for the
Company; and the reasonable fees and disbursements, not to exceed $50,000 of one counsel for the selling Holders (“Selling Holder Counsel”), shall be borne and paid by the Company; provided, however, that the
Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Subsection 2.1 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable
Securities to be registered (in which case all selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless the Holders of a majority of the
Registrable Securities agree to forfeit their right to one registration pursuant to Subsections 2.1(a) or 2.1(b), as the case may be; provided further that if, at the time of such withdrawal, the Holders shall have
learned of a material adverse change in the condition, business, or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness after learning of such information
then the Holders shall not be required to pay any of such expenses and shall not forfeit their right to one registration pursuant to Subsections 2.1(a) or 2.1(b). All Selling Expenses relating to Registrable Securities registered pursuant to
this Section 2 shall be borne and paid by the Holders pro rata on the basis of the number of Registrable Securities registered on their behalf. 

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

2.8 Indemnification. If any Registrable Securities are included in a registration statement under this
Section 2: 
 (a) To the extent permitted by law, the Company will indemnify and hold harmless each selling
Holder, and the partners, members, officers, directors, and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each Person, if any, who
controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, and, with respect to each T. Rowe Price Investor, T. Rowe Price, against any Damages, and the Company will pay to each such Holder, underwriter,
controlling Person, or other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred;
provided, however, that the indemnity agreement contained in this Subsection 2.8(a) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company,
which consent shall not be unreasonably withheld, nor shall the Company be liable for any Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished
by or on behalf of any such Holder, underwriter, controlling Person, or other aforementioned Person expressly for use in connection with such registration. 

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

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

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

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

(f) Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the
obligations of the Company and Holders under this Subsection 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section 2, and otherwise shall survive the
termination of this Agreement. 
 2.9 Reports Under Exchange Act. With a view to making available to the Holders the benefits of SEC
Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the
Company shall: 
 (a) make and keep available adequate current public information, as those terms are understood and defined in SEC Rule
144, at all times after the effective date of the registration statement filed by the Company for the IPO; 
 (b) use commercially
reasonable efforts to file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and

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

2.10 Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without the
prior written consent of the Holders of a majority of the outstanding shares of Preferred Stock, excluding Amex and its BHCA Transferees, consenting as a single class on an as-converted basis, enter into any
agreement with any holder or prospective holder of any securities of the Company that (i) would provide to such holder the right to include securities in any registration on other than on a subordinate basis after all Holders have had the
opportunity to include in the registration and offering all shares of Registrable Securities that they wish to so include; or (ii) allow such holder or prospective holder to initiate a demand for registration of any securities held by such
holder or prospective holder; provided that this limitation shall not apply to Registrable Securities acquired by any additional Investor that becomes a party to this Agreement in accordance with Subsection 6.9. 

  
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 2.11 “Market
Stand-off” Agreement. Each Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the
final prospectus relating to the registration by the Company of shares of its Common Stock or any other equity securities under the Securities Act on a registration statement on Form S-1 or Form S-3,
and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days in the case of the IPO, or such other period as may be requested by the Company or an underwriter to
accommodate regulatory restrictions on (1) the publication or other distribution of research reports, and (2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2241 or any
successor provisions or amendments thereto, or, if approved by holders of a majority of the Registrable Securities (other than the Key Holder Registrable Securities), ninety (90) days in the case of any registration other than the IPO, or such
other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other distribution of research reports and (2) analyst recommendations and opinions, including, but not
limited to, the restrictions contained in FINRA Rule 2241, or any successor provisions or amendments thereto), (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant
any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock held by
such Holder immediately prior to the effectiveness of the registration statement for the IPO (other than those included in the registration), or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any
of the economic consequences of ownership of such securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. The foregoing provisions
of this Subsection 2.11 shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, or the transfer of any shares to any trust for the direct or indirect benefit of the Holder or the immediate family of
the Holder, provided that the trustee of the trust agrees to be bound in writing by the restrictions set forth herein, and provided further that any such transfer shall not involve a disposition for value, and shall be applicable to the Holders only
if all officers and directors are subject to the same restrictions and the Company uses commercially reasonable efforts to obtain a similar agreement from all stockholders individually owning more than one percent (1%) of the Company’s
outstanding Common Stock (after giving effect to conversion into Common Stock of all outstanding Preferred Stock). The underwriters in connection with such registration are intended third-party beneficiaries
of this Subsection 2.11 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the
underwriters in connection with such registration that are consistent with this Subsection 2.11 or that are necessary to give further effect thereto. Any discretionary waiver or termination of the restrictions of any or all of such agreements
by the Company or the underwriters shall apply pro rata to all Holders subject to such agreements, based on the number of shares subject to such agreements, after giving effect to relative rights of priority in regards to “cut-backs” as set forth in this Agreement (the “Pro Rata Amount”); provided, however, that no such pro rata waiver or termination will be triggered (x) in connection
with a discretionary waiver or termination in connection with any primary and/or secondary follow-on public offering of shares of Common Stock pursuant to a registration statement on Form S-1 (a “Follow-on Offering”) that is filed with the SEC during the period in which the restrictions of any or all such agreements by the Company or the
underwriters apply so long as such Holder has been given the opportunity to participate in such Follow-on Offering on the same terms (including, for the avoidance of doubt, with respect to its Pro Rata Amount)
as any other Holders participating in such Follow-on Offering or (y) if the representative(s) of the underwriters in its or their sole judgment determines that a Holder should be granted an early release
from any or all of such lock-up agreements due to circumstances of emergency or hardship (provided, that, such releases (whether in one or multiple releases) under this clause (y) shall not in the
aggregate result in the release of more than one percent (1%) of the outstanding shares of Common Stock prior to the IPO (calculated on an as-converted, fully diluted basis and as of the close of business on
the date of the final prospectus relating to the IPO filed with the SEC) originally subject to a substantially similar lock-up agreement). Notwithstanding anything herein to the contrary, the foregoing
provisions of this Subsection 2.11 shall not apply to any shares purchased in (i) the IPO, (ii) any registered offering following the IPO or (iii) the secondary market following effectiveness of the registration statement
relating to the IPO or any registered offering following the IPO. 

  
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 Notwithstanding anything in this Agreement, none of the provisions of this Agreement shall
in any way limit JP Morgan Chase & Co. or any of its Affiliates from (a) engaging in any brokerage, investment advisory, financial advisory, anti-raid advisory, principaling, merger advisory, financing, asset management, trading,
market making, arbitrage, investment activity and other similar activities conducted in the ordinary course of its business, provided, however, that this clause (a) shall not relieve JPMC Strategic Investments I Corporation (“JPMC”)
or any Affiliate of JPMC to whom JPMC transferred any Registrable Securities of its obligation to protect proprietary and confidential information of the Company in accordance with this Agreement, or (b) entering into a transaction described in
clause (i) or (ii) of the preceding paragraph with respect to any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock acquired by JPMC (or any Affiliate of JPMC that holds any Registrable
Securities) following the effective date of the first registration statement of the Company covering Common Stock (or other securities) to be sold on behalf of the Company in an underwritten public offering; provided that clause (b) hereof
shall not relieve JPMC (or any Affiliate of JPMC to whom JPMC transferred any Registrable Securities prior to the IPO) of its obligation to refrain from entering into any transaction described in clause (i) or (ii) in the preceding paragraph in
accordance with this Section 2.11 with respect to the shares of Common Stock or securities convertible into or exercisable or exchangeable for Common Stock acquired by JPMC (or such Affiliate of JPMC) prior to the effective date of the first
registration statement of the Company. 
 2.12 Restrictions on Transfer. 

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

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

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

  
 17 

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

(d) The Company shall be obligated to reissue promptly unlegended certificates at the request of any Holder thereof if the Company has
completed its IPO or in connection with a sale of Registrable Securities by a Holder pursuant to Rule 144 and the Holder shall have obtained an opinion of counsel (which counsel may be counsel to the Company) reasonably acceptable to the Company (it
being understood that internal securities counsel of T. Rowe Price shall be deemed acceptable for transfers by any T. Rowe Price Investor) to the effect that the securities proposed to be disposed of may lawfully be so disposed of without
registration, qualification and legend. 
 2.13 Termination of Registration Rights. The right of any Holder to request registration
or inclusion of Registrable Securities in any registration pursuant to Subsections 2.1 or 2.2 shall terminate upon the earliest to occur of: 

(a) the closing of a Deemed Liquidation Event, as such term is defined in the Company’s Amended and Restated Certificate of Incorporation
(the “Certificate of Incorporation”); 

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

(c) the third anniversary of the IPO. 

2.14 Deemed Underwriter. The Company agrees that, if as a result of its holding of Registrable Securities, JPMC (or one of JPMC’s
Affiliates) could reasonably be deemed to be an “underwriter,” as defined in Section 2(a)(11) of the Securities Act, in connection with any registration of the Company’s securities pursuant to this Agreement, and any amendment or
supplement thereof (based on the advice of counsel to JPMC) (any such registration statement or amendment or supplement an “Underwriter Registration Statement”), then the Company will cooperate reasonably with JPMC in allowing them
to conduct customary “underwriter’s due diligence” with respect to the Company and satisfy its obligations in respect thereof. In addition, at JPMC’s request, the Company will furnish to JPMC on the date of the effectiveness of
any Underwriter Registration Statement and thereafter from time to time on such dates as JPMC may reasonably request (i) a letter, dated such date, from the Company’s independent certified public accountants in form and substance as is
customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to JPMC and (ii) an opinion, dated as of such date, of counsel representing the Company for purposes of such Underwriter
Registration Statement, in form, scope and substance as is customarily given in an underwritten public offering, including, without limitation, a standard “10b-5” opinion for such offering, addressed
to JPMC. The Company will also permit legal counsel to JPMC to review and comment upon any such Underwriter Registration Statement at least five (5) business days prior to its filing with the SEC and all amendments and supplements to any such
Underwriter Registration Statement within a reasonable number of days prior to their filing with the SEC, and not file any Underwriter Registration Statement or amendment or supplement thereto in a form to which JPMC’s legal counsel reasonably
and timely objects. 
 3. Information and Observer Rights. 

3.1 Delivery of Financial Statements. The Company shall deliver to each Major Investor, provided that the Board of Directors
has not reasonably determined that such Major Investor is a Competitor of the Company: 
 (a) as soon as practicable, but in any event
within one hundred eighty (180) days after the end of each fiscal year of the Company (i) a balance sheet as of the end of such year, (ii) statements of income and of cash flows for such year, and a comparison between (x) the
actual amounts as of and for such fiscal year and (y) the comparable amounts for the prior year and as included in the Budget (as defined in Section 3.1(d) hereof) for such year, with an explanation of any material
differences between such amounts and a schedule as to the sources and applications of funds for such year, and (iii) a statement of stockholders’ equity as of the end of such year, all such financial statements prepared in accordance with
GAAP and audited and certified by independent public accountants of regionally recognized standing selected by the Company (provided, however, that, notwithstanding the foregoing, such audited financial statements for the fiscal year
ended December 31, 2019 shall be delivered prior to September 30, 2020); 

  
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 (b) as soon as practicable, but in any event within forty-five (45) days of the end of
each quarter of each fiscal year of the Company, unaudited statements of income and cash flows for such fiscal quarter, and an unaudited balance sheet as of the end of such fiscal quarter, all prepared in accordance with GAAP and including unaudited
income statements and balance sheets presented on a monthly basis (except that such financial statements may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes thereto
that may be required in accordance with GAAP); 
 (c) as soon as practicable, but in any event within forty-five (45) days of the end
of each quarter of each fiscal year of the Company, a detailed capitalization of the Company as of a recent date, including a list of the Company’s outstanding convertible debt securities (which shall include the face amount, issue date,
maturity date, interest rate, conversion discount, change of control premium and valuation cap to the extent applicable); 
 (d) as soon as
practicable, but in any event thirty (30) days before the end of each fiscal year, a budget and business plan for the next fiscal year (collectively, the “Budget”), approved by the Board of Directors and prepared on a monthly
basis, including balance sheets, income statements, and statements of cash flow for such months and, promptly after prepared, any other budgets or revised budgets prepared by the Company; and 

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

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

  
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 3.2 Inspection. The Company shall permit each Major Investor (provided that
the Board of Directors has not reasonably determined that such Major Investor is a Competitor of the Company), at such Major Investor’s expense, to visit and inspect the Company’s properties; examine its books of account and records; and
discuss the Company’s affairs, finances, and accounts with its officers, during normal business hours of the Company as may be reasonably requested by the Major Investor; provided, however, that the Company shall not be obligated
pursuant to this Subsection 3.2 to provide access to any information that it reasonably and in good faith considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form
acceptable to the Company) or the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel. 

3.3 Observer Rights. 

(a) As long as Steve Fredette is an employee (but not a member of the Board of Directors) of the Company and owns greater than one percent
(1%) of the shares of the Company’s Common Stock (after giving effect to conversion into Common Stock of all outstanding securities), the Company shall invite Steve Fredette to attend all meetings of the Board of Directors in a nonvoting
observer capacity and, in this respect, shall give such observer copies of all notices, minutes, consents, and other materials that it provides to its directors at the same time and in the same manner as provided to such directors; provided,
however, that such observer shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to all information so provided; and provided further, that the Company reserves the right to withhold any
information and to exclude such observer from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel. 

(b) As long as Aman Narang is an employee (but not a member of the Board of Directors) of the Company and owns greater than one percent (1%)
of the shares of the Company’s Common Stock (after giving effect to conversion into Common Stock of all outstanding securities), the Company shall invite Aman Narang to attend all meetings of the Board of Directors in a nonvoting observer
capacity and, in this respect, shall give such observer copies of all notices, minutes, consents, and other materials that it provides to its directors at the same time and in the same manner as provided to such directors; provided,
however, that such observer shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to all information so provided; and provided further, that the Company reserves the right to withhold any
information and to exclude such observer from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel. 

(c) As long as Jonathan Grimm is an employee (but not a member of the Board of Directors) of the Company and owns greater than one percent
(1%) of the shares of the Company’s Common Stock (after giving effect to conversion into Common Stock of all outstanding securities), the Company shall invite Jonathan Grimm to attend all meetings of the Board of Directors in a nonvoting
observer capacity and, in this respect, shall give such observer copies of all notices, minutes, consents, and other materials that it provides to its directors at the same time and in the same manner as provided to such directors; provided,
however, that such observer shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to all information so provided; and provided further, that the Company reserves the right to withhold any
information and to exclude such observer from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel. 

  
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 (d) As long as GIM owns not less than 895,416 shares of the Series C Preferred Stock (or an
equivalent amount of Common Stock issued upon conversion thereof), the Company shall invite a representative of GIM to attend all meetings of the Board of Directors and committee meetings (including executive sessions) in a nonvoting observer
capacity in a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices, minutes, consents, and other materials that it provides to its directors at the same time and in the same manner as provided to
such directors; provided, however, that such representative shall agree to hold all information so provided in confidence on the same basis as if such information had been provided directly to GIM; and provided further,
that the Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if (i) access to such information or attendance at such meeting could adversely affect the attorney-client
privilege between the Company and its counsel and the Company has withheld any such information from, or excluded from any such meeting or portion thereof, all Persons invited to attend the meetings of the Board of Directors pursuant to this
Subsection 3.3 or (ii) if such Investor or its representative is, as determined by the Board of Directors reasonably and in good faith, a Competitor of the Company. Such representative shall initially be Lila Preston. 

(e) As long as LEC owns not less than 716,333 shares of the Series C Preferred Stock (or an equivalent amount of Common Stock issued upon
conversion thereof), the Company shall invite a representative of LEC to attend all meetings of the Board of Directors and committee meetings (including executive sessions) in a nonvoting observer capacity in a nonvoting observer capacity and, in
this respect, shall give such representative copies of all notices, minutes, consents, and other materials that it provides to its directors at the same time and in the same manner as provided to such directors; provided, however, that
such representative shall agree to hold all information so provided in confidence on the same basis as if such information had been provided directly to LEC; and provided further, that the Company reserves the right to withhold any
information and to exclude such representative from any meeting or portion thereof if (i) access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel and the
Company has withheld any such information from, or excluded from any such meeting or portion thereof, all Persons invited to attend the meetings of the Board of Directors pursuant to this Subsection 3.3 or (ii) if such Investor or its
representative is, as determined by the Board of Directors reasonably and in good faith, a Competitor of the Company. Such representative shall initially be Brian Neider. 

(f) As long as T. Rowe Price Investors collectively own not less than 889,813 shares of Series D Preferred Stock (or the equivalent amount of
Common Stock issued upon conversion thereof), the Company shall invite a representative of T. Rowe Price to attend all meetings of the Board of Directors and committee meetings (including executive sessions) in a nonvoting observer capacity and, in
this respect, shall give such representative copies of all notices, minutes, consents, and other materials that it provides to its directors at the same time and in the same manner as provided to such directors; provided, however, that
such representative shall agree to hold all information so provided in confidence on the same basis as if such information had been provided directly to T. Rowe Price; and provided further, that the Company reserves the right to
withhold any information and to exclude such representative from any meeting or portion thereof if (i) access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its
counsel and the Company has withheld any such information from, or excluded from any such meeting or portion thereof, all Persons invited to attend the meetings of the Board of Directors pursuant to this Subsection 3.3 or (ii) if T. Rowe
Price or its representative is, as determined by the Board of Directors reasonably and in good faith, a Competitor of the Company. Such representative shall initially be Anouk Dey. 

  
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 3.4 Termination of Information and Observer Rights. The covenants set forth in
Subsection 3.1, Subsection 3.2 and Subsection 3.3 shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic
reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon a Deemed Liquidation Event, as such term is defined in the Certificate of Incorporation, resulting in proceeds to the Investors paid solely in cash or
publicly traded securities on a nationally recognized securities exchange or marketplace (e.g., the New York Stock Exchange and the Nasdaq Stock Market), whichever event occurs first. 

3.5 Confidentiality. Each Investor agrees that such Investor will keep confidential and will not disclose, divulge, or use for any
purpose (other than to monitor its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this Agreement (including notice of the Company’s intention to file a registration statement), unless
such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Subsection 3.5 by such Investor), (b) is or has been independently developed or conceived by the Investor
without use of the Company’s confidential information, or (c) is or has been made known or disclosed to the Investor by a third party without a breach of any obligation of confidentiality such third party may have to the Company; provided,
however, that an Investor may disclose confidential information (i) to its attorneys, accountants, consultants, investment advisors and sub-advisors (or any employee, representative, attorney, accountant
or consultant of such Person) and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Registrable Securities from such
Investor, if such prospective purchaser agrees to be bound by the provisions of this Subsection 3.5; (iii) to any existing Affiliate, partner, member, stockholder, or wholly owned subsidiary of such Investor (or any employee or
representative of any of the foregoing) in the ordinary course of business, provided that such Investor informs such Person that such information is confidential and directs such Person to maintain the confidentiality of such information;
(iv) as may otherwise be required by law, legal process or request of a governmental or regulatory authority (including pursuant to the rules of a securities exchange); or (v) to voluntarily report such information to a regulatory
authority (including pursuant to the rules of a securities exchange), provided that the Investor promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure.
Notwithstanding the foregoing, each Investor may identify the Company and the value of such Investor’s security holdings in the Company in accordance with applicable investment reporting and disclosure regulations and respond to routine
examinations, demands, requests or reporting requirements of a regulator without prior notice to or consent from the Company. For the avoidance of doubt, nothing in this Subsection 3.5 shall prohibit each Investor’s use of the
Company’s name and other non-confidential information for marketing and other purposes (including indicating the Company’s status as a portfolio company of such Investor). 

  
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 4. Rights to Future Stock Issuances. 

4.1 Right of First Offer. Subject to the terms and conditions of this Subsection 4.1 and applicable securities laws, if the
Company proposes to offer or sell any New Securities, the Company shall first offer such New Securities to each Major Investor. A Major Investor shall be entitled to apportion the right of first offer hereby granted to it in such proportions as it
deems appropriate, among (i) itself, (ii) its Affiliates and (iii) its beneficial interest holders, such as limited partners, members or any other Person having “beneficial ownership,” as such term is defined in Rule 13d-3 promulgated under the Exchange Act, of such Major Investor (“Investor Beneficial Owners”); provided that each such Affiliate or Investor Beneficial Owner (x) is not a
Competitor or FOIA Party, unless such party’s purchase of New Securities is otherwise consented to by the Board of Directors, (y) agrees to enter into this Agreement and each of the Fourth Amended and Restated Voting Agreement and Fourth
Amended and Restated Right of First Refusal and Co-Sale Agreement, each, of even date herewith and among the Company, the Investors and the other parties named therein, as an “Investor” under each
such agreement (provided that any Competitor or FOIA Party shall not be entitled to any rights as a Major Investor under Subsections 3.1, 3.2 and 4.1 hereof), and (z) agrees to purchase at least such number of New
Securities as are allocable hereunder to the Major Investor holding the fewest number of Preferred Stock and any other Derivative Securities. 

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

(b) By notification to the Company within twenty (20) days after the Offer Notice is given, each Major Investor may elect to purchase or
otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the Common Stock then held by such Major Investor (including all shares of Common Stock then
issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held by such Major Investor) bears to the total Common Stock of the Company then outstanding (assuming
full conversion and/or exercise, as applicable, of all Preferred Stock and other Derivative Securities). The closing of any sale pursuant to this Subsection 4.1(b) shall occur within the later of ninety (90) days of the date that the
Offer Notice is given and the date of initial sale of New Securities pursuant to Subsection 4.1(c). 

  
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 (c) If all New Securities referred to in the Offer Notice are not elected to be purchased
or acquired as provided in Subsection 4.1(b), the Company may, during the ninety (90) day period following the expiration of the periods provided in Subsection 4.1(b), offer and sell the remaining unsubscribed portion of such New
Securities to any Person or Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for the sale of the New Securities within such
period, or if such agreement is not consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to the Major
Investors in accordance with this Subsection 4.1. 
 (d) The right of first offer in this Subsection 4.1 shall not be
applicable to (i) Exempted Securities (as defined in the Certificate of Incorporation); (ii) shares of Common Stock issued in the IPO and (iii) the issuance of shares of Series F Preferred Stock to Additional Purchasers (as defined in the
Purchase Agreement) pursuant to Subsection 1.3 of the Purchase Agreement. 
 (e) Notwithstanding any provision hereof to the
contrary, in lieu of complying with the provisions of this Subsection 4.1, the Company may elect to give notice to the Major Investors within thirty (30) days after the issuance of New Securities. Such notice shall describe the type,
price, and terms of the New Securities. Each Major Investor shall have twenty (20) days from the date notice is given to elect to purchase up to the number of New Securities that would, if purchased by such Major Investor, maintain such Major
Investor’s percentage-ownership position, calculated as set forth in Subsection 4.1(b) before giving effect to the issuance of such New Securities. The closing of such sale shall occur within sixty (60) days of the date notice is
given to the Major Investors. 
 4.2 Termination. The covenants set forth in Subsection 4.1 shall terminate and be of no
further force or effect (i) immediately before the consummation of the IPO, (ii) upon the listing of the Common Stock on a nationally-recognized securities exchange or marketplace (e.g., the New York Stock Exchange and the Nasdaq Stock
Market), or (iii) upon a Deemed Liquidation Event, as such term is defined in the Certificate of Incorporation, whichever event occurs first. 

5. Additional Covenants. 

5.1 Insurance. The Company shall maintain Directors and Officers liability insurance in an amount and on terms and conditions
satisfactory to the Board of Directors, and will use commercially reasonable efforts to cause such insurance policies to be maintained until such time as the Board of Directors determines that such insurance should be discontinued. The Company shall
annually, within one hundred twenty (120) days after the end of each fiscal year of the Company, deliver to the Major Investors a certification that such a Directors and Officers liability insurance policy remains in effect. 

  
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 5.2 Employee Agreements. Unless otherwise approved by the Board of Directors, the
Company will cause (i) each person now or hereafter employed by it or by any subsidiary (or engaged by the Company or any subsidiary as a consultant/independent contractor) with access to confidential information and/or trade secrets to enter
into a nondisclosure and proprietary rights assignment agreement; and (ii) each Key Employee and any executive to enter into a one (1) year noncompetition and nonsolicitation agreement, substantially in the form approved by the Board of
Directors. In addition, the Company shall not amend, modify, terminate, waive, or otherwise alter, in whole or in part, any of the above-referenced agreements or any restricted stock agreement between the Company and any employee, without the
consent of the Board of Directors. 
 5.3 Employee Stock. Unless otherwise approved by the Board of Directors (or a committee
thereof), all future employees and consultants of the Company who purchase, receive options to purchase, or receive awards of shares of the Company’s capital stock after the date hereof shall be required to execute restricted stock or option
agreements, as applicable, providing for (i) vesting of shares over a five (5) year period, with the first twenty percent (20%) of such shares vesting following twelve (12) months of continued employment or service, and the remaining
shares vesting in equal monthly installments over the following forty-eight (48) months, and (ii) a market stand-off provision substantially similar to that in Subsection 2.11. In addition,
unless otherwise approved by the Board of Directors, (i) the Company shall retain a “right of first refusal” on employee transfers until the Company’s IPO and shall have the right to repurchase unvested shares at cost upon
termination of employment of a holder of restricted stock and (ii) no equity awards to employees or consultants shall provide for accelerated vesting upon specified events. 

5.4 Board Matters. Unless otherwise determined by the vote of a majority of the directors then in office, the Board of Directors shall
meet at least quarterly in accordance with an agreed-upon schedule, except as otherwise determined by the Board of Directors. The Company shall reimburse the nonemployee directors for all reasonable out-of-pocket travel expenses incurred (consistent with the Company’s travel policy) in connection with attending meetings of the Board of Directors. Each
non-employee director appointed by Bessemer Venture Partners, GIM, LEC and TCV shall be entitled in such person’s discretion to be a member of any Board committee. 

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

  
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 5.6 Indemnification Matters. The Company hereby acknowledges that one (1) or
more of the directors nominated to serve on the Board of Directors by the Investors (each a “Fund Director”) may have certain rights to indemnification, advancement of expenses and/or insurance provided by one or more of the
Investors and certain of their Affiliates (collectively, the “Fund Indemnitors”). The Company hereby agrees (a) that it is the indemnitor of first resort (i.e., its obligations to any such Fund Director are primary
and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Fund Director are secondary), (b) that it shall be required to advance the full amount of expenses
incurred by such Fund Director and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement by or on behalf of any such Fund Director to the extent legally permitted and as required by the
Company’s Certificate of Incorporation or Bylaws of the Company (or any agreement between the Company and such Fund Director), without regard to any rights such Fund Director may have against the Fund Indemnitors, and (c) that it
irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no
advancement or payment by the Fund Indemnitors on behalf of any such Fund Director with respect to any claim for which such Fund Director has sought indemnification from the Company shall affect the foregoing and the Fund Indemnitors shall have a
right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Fund Director against the Company. 

5.7 Expenses of Counsel. In the event of a transaction which is a Sale of the Company (as defined in the Fourth Amended and Restated
Voting Agreement of even date herewith among the Investors, the Company and the other parties thereto), the reasonable fees and disbursements, not to exceed $50,000, of one counsel for the Major Investors (“Investor Counsel”), in
their capacities as stockholders, shall be borne and paid by the Company. At the outset of considering a transaction which, if consummated would constitute a Sale of the Company, the Company shall obtain the ability to share with the Investor
Counsel (and such counsel’s clients) and shall share the confidential information (including, without limitation, the initial and all subsequent drafts of memoranda of understanding, letters of intent and other transaction documents and related
noncompete, employment, consulting and other compensation agreements and plans) pertaining to and memorializing any of the transactions which, individually or when aggregated with others would constitute the Sale of the Company. The Company shall be
obligated to share (and cause the Company’s counsel and investment bankers to share) such materials with Investor Counsel when distributed to the Company’s executives and/or any one or more of the other parties to such transaction(s). In
the event that Investor Counsel deems it appropriate, in its reasonable discretion, to enter into a joint defense agreement or other arrangement to enhance the ability of the parties to protect their communications and other reviewed materials under
the attorney client privilege, the Company shall, and shall direct its counsel to, execute and deliver to Investor Counsel and its clients such an agreement in form and substance reasonably acceptable to Investor Counsel. In the event that one or
more of the other party or parties to such transactions require the clients of Investor Counsel to enter into a confidentiality agreement and/or joint defense agreement in order to receive such information, then the Company shall share whatever
information can be shared without entry into such agreement and shall, at the same time, in good faith work expeditiously to enable Investor Counsel and its clients to negotiate and enter into the appropriate agreement(s) without undue burden to the
clients of Investor Counsel. 

  
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 5.8 Right to Conduct Activities. The Company hereby agrees and acknowledges that
Bessemer Venture Partners, GIM, LEC, T. Rowe Price and the T. Rowe Price Investors, GV, Raging Capital, TCV, TPG, Durable Capital Master Fund LP (“Durable”), JPMC, Tiger and American Express Travel Related Services Company, Inc.
(“Amex”), and their affiliated advisors and funds, are professional investment managers and/or funds, and as such, invest in numerous portfolio companies, some of which may be deemed competitive with the Company’s business (as
conducted or proposed to be conducted). None of Bessemer Venture Partners, GIM, LEC, the T. Rowe Price Investors, GV, Raging Capital, TCV, TPG, Durable, JPMC, Tiger, Amex or any of their Affiliates (including affiliated advisors and funds)
shall be liable to the Company for any claim arising out of, or based upon, (i) the investment by Bessemer Venture Partners, GIM, LEC, the T. Rowe Price Investors, GV, Raging Capital, TCV, TPG, Durable, JPMC, Tiger or Amex, or any Affiliated
funds, in any entity competitive to the Company, or (ii) actions taken by any advisor, sub-advisor, partner, officer or other representative of Bessemer Venture Partners, GIM, LEC, T. Rowe Price
Investors, GV, Raging Capital, TCV, TPG, Durable, JPMC, Tiger or Amex, or any Affiliated advisor or fund, to assist any such competitive company, whether or not such action was taken as a board member of such competitive company or otherwise,
and whether or not such action has a detrimental effect on the Company; provided, however, that the foregoing shall not relieve (x) any of the Investors from liability associated with the unauthorized disclosure of the Company’s
confidential information obtained pursuant to this Agreement, or (y) any member of the Board of Directors from any liability associated with his or her fiduciary duties to the Company. 

5.9 No Investment Company. Neither the Company nor any subsidiary of the Company shall become an “investment company” within
the meaning of the Investment Company Act of 1940, as amended. In the event the Company or any subsidiary breaches the foregoing, the Company shall promptly notify the Investors and take prompt corrective action to remedy such breach. 

5.10 FCPA. The Company shall not, and shall not permit any of its subsidiaries or Affiliates or any of its or their respective
directors, officers, managers, employees, independent contractors, representatives or agents to, promise, authorize or make any payment to, or otherwise contribute any item of value, directly or indirectly, to any third party, including any Non-U.S. Official (as such term is defined in the U.S. Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”)), in each case, in violation of the FCPA, the U.K. Bribery Act 2010 (the
“U.K. Bribery Act”) or any other applicable anti-bribery or anti-corruption law. The Company shall, and shall cause each of its subsidiaries and Affiliates to, cease all of its or their respective activities, as well as remediate
any actions taken by the Company, its subsidiaries or Affiliates, or any of their respective directors, officers, managers, employees, independent contractors, representatives or agents in violation of the FCPA, the U.K. Bribery Act or any other
applicable anti-bribery or anti-corruption law. 
 5.11 OFAC. The Company shall, and shall endeavor, using all reasonable efforts,
to ensure that all of its directors, officers and employees shall, comply with the applicable regulations of the Office of Foreign Assets Control under the United States Department of the Treasury (“OFAC”) and that neither the
Company nor its directors, officers, or employees, as duly authorized representatives of the Company, become a OFAC Sanctioned Person (as defined in the Purchase Agreement) and do not violate the USA Patriot Act of 2001, as amended through the date
of this Agreement, to the extent applicable to the Company and such persons and any other applicable U.S. and U.K. anti-money laundering laws and regulations. 

  
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 5.12 JPMC Put Right. JPMC shall have the right (the “JPMC Put
Right”), but not the obligation, to require the Company to repurchase all (or any portion of) the shares of capital stock of the Company held by JPMC and its Affiliates for a total purchase price of $1.00 for all the shares of capital stock
held by JPMC (or in the event that JPMC exercises the JPMC Put Right for only a portion of the shares held by JPMC, for a total purchase price in respect of such portion of shares equal to a fraction of $1.00 based on the percentage such portion
represents of the total number of shares held by JPMC and its Affiliates prior to JPMC’s exercise of the JPMC Put Right; provided, that in all events the total purchase price payable by the Company under this
Section 5.12 as a result of JPMC’s exercise of the JPMC Put Right (whether exercised on a one time basis or multiple times) shall not exceed $1.00). 

5.13 Amex Put Right. Amex shall have the right (the “Amex Put Right”), but not the obligation, to require the Company
to repurchase all (or any portion of) the shares of capital stock of the Company held by Amex and its Affiliates for a total purchase price of $1.00 for all the shares of capital stock held by Amex (or in the event that Amex exercises the Amex Put
Right for only a portion of the shares held by Amex, for a total purchase price in respect of such portion of shares equal to a fraction of $1.00 based on the percentage such portion represents of the total number of shares held by Amex and its
Affiliates prior to Amex’s exercise of the Amex Put Right; provided, that in all events the total purchase price payable by the Company under this Section 5.12 as a result of Amex’s exercise of the Amex Put Right
(whether exercised on a one time basis or multiple times) shall not exceed $1.00). 
 5.14 BHCA Voting Limitations and Protections.
The Company shall cooperate in good faith with each BHCA Shareholder in order to avoid such BHCA Shareholder being deemed to be in control of the Company or any successor to the Company (or being required to divest all or any portion of the shares
of capital stock of the Company held by such BHCA Shareholder). For purposes of this Agreement, “BHCA Shareholder” means any holder of capital stock of the Company that has provided written notice to the Company of its election to
be treated as a BHCA Shareholder for purposes of Section 3.11 of the Certificate of Incorporation. 
 5.15 Termination of
Covenants. The covenants set forth in this Section 5, except for Subsections 5.5 and 5.6, shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO
or (ii) upon a Deemed Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation, whichever event occurs first. 

  
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 6. Miscellaneous. 

6.1 Successors and Assigns. The rights under this Agreement may be assigned (but only with all related obligations) by a Holder
to a transferee of Registrable Securities that (i) is an Affiliate of such Holder; (ii) is such Holder’s Immediate Family Member or trust for the benefit of such individual Holder or one or more of such Holder’s Immediate Family
Members; (iii) after such transfer, holds at least 1,178,342 shares of Registrable Securities (subject to appropriate adjustment for stock splits, stock dividends, combinations, and other recapitalizations); or (iv) with respect to any
BHCA Shareholder (as defined in the Certificate of Incorporation), is any other transferee (regardless of whether it holds at least 1,178,342 shares of Registrable Securities) that acquires Registrable Securities from such BHCA Shareholder solely as
a result of a transfer which such BHCA Shareholder believes, in good faith, based on the advice of counsel, is necessary or appropriate to bring such BHCA Shareholder into compliance (or into anticipated compliance) with applicable law or
regulation, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, as it may be amended from time to time, and the regulations promulgated thereunder, and is reasonably acceptable to the Company; provided, however,
that (w) notwithstanding the foregoing, rights granted to Major Investors (in their capacities as such) under this Agreement may be assigned only by a Major Investor to a transferee of Registrable Securities that is an Affiliate of such Major
Investor or is such Major Investor’s Immediate Family Member or trust for the benefit of such individual Major Investor or one or more of such Major Investor’s Immediate Family Members; (x) the Company is, within a reasonable time
after such transfer, furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to which such rights are being transferred; (y) such transferee agrees in a written instrument delivered
to the Company to be bound by and subject to the terms and conditions of this Agreement, including the provisions of Subsection 2.11; and (z) the Board of Directors has not reasonably determined that such transferee is a Competitor. For
the purposes of determining the number of shares of Registrable Securities held by a transferee, the holdings of a transferee (1) that is an Affiliate or stockholder of a Holder; (2) who is a Holder’s Immediate Family Member; or
(3) that is a trust for the benefit of an individual Holder or such Holder’s Immediate Family Member shall be aggregated together and with those of the transferring Holder; provided further that all transferees who would not
qualify individually for assignment of rights shall have a single attorney-in-fact for the purpose of exercising any rights, receiving notices, or taking any action
under this Agreement. The terms and conditions of this Agreement inure to the benefit of and are binding upon the respective successors and permitted assignees of the parties. Nothing in this Agreement, express or implied, is intended to confer upon
any party other than the parties hereto or their respective successors and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein. 

6.2 Governing Law. This Agreement shall be governed by the internal law of the State of Delaware. 

6.3 Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g.,
www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

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

  
 30 

 6.5 Notices. 

(a) All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given
upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent by electronic mail or facsimile during the recipient’s normal business hours, and if not sent during normal business
hours, then on the recipient’s next business day; (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (iv) one (1) business day after the business day of deposit
with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written verification of receipt. All communications shall be sent to the respective parties at their
addresses as set forth on Schedule A hereto, or to the principal office of the Company and to the attention of the Chief Executive Officer, in the case of the Company, or to such email address, facsimile number, or address as subsequently
modified by written notice given in accordance with this Subsection 6.5. If notice is given to the Company, a copy shall also be sent to Gregg L. Katz, Esq. at Goodwin Procter LLP, 100 Northern Avenue, Boston, MA 02210 and if notice is
given to Bessemer Venture Partners or the Bessemer Associates, a copy shall also be given to Pat Mitchell, Esq. at Cooley LLP, 500 Boylston Street, Boston, MA 02116. 

(b) Consent to Electronic Notice. Each Investor and Key Holder consents to the delivery of any stockholder notice pursuant to the
Delaware General Corporation Law (the “DGCL”), as amended or superseded from time to time, by electronic transmission pursuant to Section 232 of the DGCL (or any successor thereto) at the electronic mail address or the
facsimile number set forth below such Investor’s or Key Holder’s name on the Schedules hereto, as updated from time to time by notice to the Company, or as on the books of the Company. Each Investor and Key Holder agrees to promptly notify
the Company of any change in such stockholder’s electronic mail address, and that failure to do so shall not affect the foregoing. 

  
 31 

 6.6 Amendments and Waivers. Any term of this Agreement (other than
Section 4 and Subsections 1.21, 3.1, 3.2, 3.3, 3.4, 5.1, 5.5, 5.6, 5.8, 5.11, 5.12, 5.13, 5.14, and 5.15) may be amended or
terminated and the observance of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of (a) the Company and (b) the holders of a
majority of the Registrable Securities then outstanding; provided that the Company may in its sole discretion waive compliance with Subsection 2.12(c) (and the Company’s failure to object promptly in writing after
notification of a proposed assignment allegedly in violation of Subsection 2.12(c) shall be deemed to be a waiver); and provided further that any provision hereof may be waived by any waiving party on such party’s own behalf,
without the consent of any other party. Notwithstanding the foregoing, this Agreement may not be amended or terminated and the observance of any term hereof may not be waived with respect to any Investor without the written consent of such Investor,
unless such amendment, termination, or waiver applies to all Investors in the same fashion. The terms of Section 4 and Subsections 1.21, 3.1, 3.2 and 3.4 may be amended or terminated and the
observance of any term of such sections may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Major Investors holding a majority of the Registrable Securities
held by all Major Investors; provided, however, that a waiver of the provisions of Section 4 with respect to a particular transaction shall be deemed to apply (x) subject to clause (y) below, to all Major
Investors only if all Major Investors have been provided the opportunity to participate in such transaction to the extent provided in Section 4 and on similar terms as any Major Investors participating in such transaction
and (y) in any case, only to those Major Investors who have not affirmatively exercised their rights (by delivering a notice of exercise) pursuant to such section. Furthermore, (i) the terms of Subsections 3.3(d), 3.3(e), and
3.3(f), respectively, may be amended or terminated and the observance of any term of such sections may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of GIM,
LEC and the T. Rowe Price Investors, respectively, (ii) the terms of Subsections 5.1, 5.5, 5.14, 5.8 and 5.15 (solely with respect to the termination of Subsections 5.5, 5.6 and 5.8) may
be amended or terminated and the observance of any term of such sections may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of Bessemer Venture Partners, GIM, LEC,
TCV and the T. Rowe Price Investors, (iii) the terms of Subsections 5.11 and 5.15 (solely with respect to the termination of Subsection 5.11) may be amended or terminated and the observance of any term of such sections may
be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of GIM, (iv) the terms of Subsection 5.12 may be amended or terminated and the observance of any term of
such section may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of JPMC and (v) Subsections 5.13 and 5.14 and any specific
reference in this Agreement to Amex may be amended or terminated and the observance of any term of such section may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of
Amex if Amex holds any shares of Series F Preferred Stock. Notwithstanding the foregoing, Schedule A hereto may be amended by the Company from time to time to add transferees of any Registrable Securities in compliance with the terms of this
Agreement without the consent of the other parties. The Company shall give prompt notice of any amendment or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, termination, or waiver. Any
amendment, termination, or waiver effected in accordance with this Subsection 6.6 shall be binding on all parties hereto, regardless of whether any such party has consented thereto. No waivers of or exceptions to any term, condition, or
provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision. 

6.7 Severability. In case any one or more of the provisions contained in this Agreement is for any reason held to be invalid, illegal
or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable provision shall be reformed and construed so that it will be valid,
legal, and enforceable to the maximum extent permitted by law. 
 6.8 Aggregation of Stock. All shares of Registrable Securities
held or acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliated persons may apportion such rights as among themselves in any manner they deem
appropriate. 

  
 32 

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

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

6.11 Dispute Resolution. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of
Delaware and to the jurisdiction of the United States District Court for the District of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or
other proceeding arising out of or based upon this Agreement except in the state courts of Delaware or the United States District Court for the District of Delaware, and (c) hereby waive, and agree not to assert, by way of motion, as a
defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or
proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court. 

WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT,
THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND
THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY
EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND
VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 

  
 33 

 Each party will bear its own costs in respect of any disputes arising under this Agreement.
Each of the parties to this Agreement consents to personal jurisdiction for any equitable action sought in the U.S. District Court for the District of Delaware or any court of the State of Delaware having subject matter jurisdiction. 

6.12 Delays or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party under this Agreement,
upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching or nondefaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default,
or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. All remedies, whether under this Agreement or by
law or otherwise afforded to any party, shall be cumulative and not alternative. 
 6.13 Acknowledgment. The Company acknowledges
that the Investors are in the business of venture capital investing and therefore review the business plans and related proprietary information of many enterprises, including enterprises which may have products or services which compete directly or
indirectly with those of the Company. Nothing in this Agreement shall preclude or in any way restrict the Investors from investing or participating in any particular enterprise whether or not such enterprise has products or services which compete
with those of the Company. 
 [Remainder of Page Intentionally Left Blank] 

  
 34 

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

			
	TOAST, INC.
		
	By:	 	/s/ Chris Comparato
	Name:	 	Chris Comparato
	Title:	 	Chief Executive Officer

  

SIGNATURE PAGE TO FIFTH AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.

 
			
		
	By:	 	/s/ Douglas C. Turnbull

 
			
	Name:	 	Douglas C. Turnbull

 
			
	Title:	 	Corporate Secretary

  

SIGNATURE PAGE TO FIFTH AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	BESSEMER VENTURE PARTNERS IX, L.P.
	BESSEMER VENTURE PARTNERS IX INSTITUTIONAL L.P.
	
	By: Deer IX & Co. L.P., their General Partner
	By: Deer IX & Co. Ltd., its General Partner

 
			
		
	By:	 	/s/ Scott Ring

 
			
	Name:	 	Scott Ring

 
			
	Title:	 	General Counsel

 
			
	
	BESSEMER VENTURE PARTNERS CENTURY FUND L.P.
	BESSEMER VENTURE PARTNERS CENTURY FUND INSTITUTIONAL L.P.
	
	By: Deer IX & Co. L.P., their General Partner
	By: Deer IX & Co. Ltd., its General Partner

 
			
		
	By:	 	/s/ Scott Ring

 
			
	Name:	 	Scott Ring

 
			
	Title:	 	General Counsel

  

SIGNATURE PAGE TO FIFTH AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
	
	KEY HOLDERS:
	
	/s/ Stephen Fredette
	Name: Stephen Fredette
	
	/s/ Aman Narang
	Name: Aman Narang
	
	/s/ Jonathan Grimm
	Name: Jonathan Grimm
	
	/s/ Chris Comparato
	Name: Chris Comparato
	
	/s/ Tim Barash
	Name: Tim Barash
	
	/s/ Steven Papa
	Name: Steven Papa

  

SIGNATURE PAGE TO FIFTH AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	KEY HOLDERS:
	
	 COMPARATO FAMILY HOLDING TRUST

dated July 27, 2018

 
			
		
	By:	 	/s/ Christopher P. Comparato
	Name:	 	Christopher P. Comparato
	Title:	 	Trustee

  

SIGNATURE PAGE TO FIFTH AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	 TCV X, L.P.
 a Cayman Islands
exempted limited partnership, acting by its general partner

	
	 Technology Crossover Management X, L.P.

a Cayman Islands exempted limited partnership, acting by its general partner

	
	 Technology Crossover Management X, Ltd.

a Cayman Islands exempted company

		
	By:	 	/s/ Frederic D. Fenton
	Name:	 	Frederic D. Fenton
	Title:	 	Attorney-in-fact

  

SIGNATURE PAGE TO FIFTH AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	 TCV X (A), L.P.
 a Cayman
Islands exempted limited partnership, acting by its general partner

	
	 Technology Crossover Management X, L.P.

a Cayman Islands exempted limited partnership, acting by its general partner

	
	 Technology Crossover Management X, Ltd.

a Cayman Islands exempted company

		
	By:	 	/s/ Frederic D. Fenton
	Name:	 	Frederic D. Fenton
	Title:	 	Attorney-in-fact

  

SIGNATURE PAGE TO FIFTH AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	 TCV X (B), L.P.
 a Cayman
Islands exempted limited partnership, acting by its general partner

	
	 Technology Crossover Management X, L.P.

a Cayman Islands exempted limited partnership, acting by its general partner

	
	 Technology Crossover Management X, Ltd.

a Cayman Islands exempted company

		
	By:	 	/s/ Frederic D. Fenton
	Name:	 	Frederic D. Fenton
	Title:	 	Attorney-in-fact

  

SIGNATURE PAGE TO FIFTH AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	 TCV X Member Fund, L.P.
 a
Cayman Islands exempted limited partnership, acting by its general partner

	
	 Technology Crossover Management X, Ltd.

a Cayman Islands exempted company

		
	By:	 	/s/ Frederic D. Fenton
	Name:	 	Frederic D. Fenton
	Title:	 	Attorney-in-fact

  

SIGNATURE PAGE TO FIFTH AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	 TCV X (A) Blocker, L.P.

a Cayman Islands exempted limited partnership, acting by its general partner

	
	 Technology Crossover Management X, L.P.

a Cayman Islands exempted limited partnership, acting by its general partner

	
	 Technology Crossover Management X, Ltd.

a Cayman Islands exempted company

		
	By:	 	/s/ Frederic D. Fenton
	Name:	 	Frederic D. Fenton
	Title:	 	Attorney-in-fact

  

SIGNATURE PAGE TO FIFTH AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	TPG Tech Adjacencies Tasteful, L.P.
	
	By: TPG Tech Adjacencies SPV GP, LLC
	Its General Partner
		
	By:	 	/s/ Adam Fliss
	Name: Adam Fliss
	Title: Vice President

 SIGNATURE PAGE TO FIFTH
AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	TIGER GLOBAL PIP 10 LLC
		
	By:	 	/s/ Steven D. Boyd
	Name: Steven D. Boyd
	Title: General Counsel
	
	TIGER GLOBAL PRIVATE INVESTMENT PARTNERS X, L.P.
		
	By:	 	/s/ Steven D. Boyd
	Name: Steven D. Boyd
	Title: General Counsel

 SIGNATURE PAGE TO FIFTH
AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	G SQUARED IV, LP
		
	By:	 	G Squared Equity GP IV, LLC
	Its:	 	General Partner

 
			
		
	By:	 	/s/ Larry Aschebrook

 
			
	Name:	 	Larry Aschebrook
	Title:	 	Authorized Representative
	
	G SQUARED OPPORTUNITIES FUND IV LLC

 
			
		
	By:	 	G Squared Equity Management LP
	Its:	 	Manager

 
			
		
	By:	 	/s/ Larry Aschebrook

 
			
	Name:	 	Larry Aschebrook
	Title:	 	Authorized Representative

 SIGNATURE PAGE TO FIFTH
AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	LEC HTC 1, LLC
		
	By:	 	/s/ Brian Neider
	Name: Brian Neider
	Title: Authorized Person
	
	LEC HTC 2, LLC
		
	By:	 	/s/ Brian Neider
	Name: Brian Neider
	Title: Authorized Person

 SIGNATURE PAGE TO FIFTH
AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 SCHEDULE A 

Investors 
  

	
	 Bessemer Venture Partners Century Fund Institutional L.P.

Bessemer Venture Partners Century Fund L.P.

	
	Mousserena, L.P.
	
	 HarbourVest Partners XI Venture Fund L.P.

HarbourVest Partners XI Venture AIF L.P.
 SMRS-TOPE
LLC

	
	Horsley Bridge XIII Venture, L.P.
	
	 Pathway Private Equity Fund XXIII, LP

Pathway Private Equity Fund Investors 10, LP
 Pathway
Private Equity Fund XXIX, LP
 Pathway Private Equity Fund XX-A, LP

Pathway Private Equity Fund XVII-B, LP

	
	TPG Tech Adjacencies Tasteful, LP
	
	 Greenoaks Capital Opportunities Fund LP

Greenoaks Capital MS LP – Kubrick Series

	
	 G Squared Opportunities Fund IV LLC
 G
Squared IV LP

	
	Durable Capital Master Fund LP
	
	JPMC Strategic Investments I Corporation
	
	Alta Park Fund, LP
	
	 TCV X, L.P.
 TCV X (A), L.P.

TCV X (A) Blocker, L.P.
 TCV X (B), L.P.

TCV X Member Fund, L.P.

	
	Tiger Global PIP 10 LLC
	
	LEC HTC 1, LLC
	
	LEC HTC 2, LLC
	
	Light Street Beacon I, L.P.
	
	Tim Stone
	
	T. ROWE PRICE MODERATE ALLOCATION PORTFOLIO (formerly known as T. Rowe Price Personal Strategy Balanced Portfolio)*

	
	
	T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND, INC.*
	
	T. ROWE PRICE GLOBAL CONSUMER FUND*
	
	T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND*
	
	T. ROWE PRICE NEW HORIZONS FUND, INC.*
	
	T. ROWE PRICE NEW HORIZONS TRUST*
	
	T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND (formerly known as T. Rowe Price Personal Strategy Income Fund)*
	
	T. ROWE PRICE SPECTRUM MODERATE ALLOCATION FUND (formerly known as T. Rowe Price Personal Strategy Balanced Fund)*
	
	T. ROWE PRICE SPECTRUM MODERATE GROWTH ALLOCATION FUND (formerly known as T. Rowe Price Personal Strategy Growth Fund)*
	
	T. ROWE PRICE SMALL-CAP STOCK FUND, INC.*
	
	T. ROWE PRICE SMALL-CAP VALUE FUND, INC.*
	
	T. ROWE PRICE U.S. EQUITIES TRUST*
	
	T. ROWE PRICE U.S. SMALL-CAP CORE EQUITY TRUST*
	
	T. ROWE PRICE U.S. SMALL-CAP VALUE EQUITY TRUST*
	
	COSTCO 401(K) RETIREMENT PLAN*
	
	JEFFREY LLC*
	
	MASSMUTUAL SELECT FUNDS—MASSMUTUAL SELECT T. ROWE PRICE SMALL AND MID CAP BLEND FUND*
	
	MINNESOTA LIFE INSURANCE COMPANY*
	
	TD MUTUAL FUNDS—TD U.S. SMALL-CAP EQUITY FUND*
	
	TD MUTUAL FUNDS—TD GLOBAL ENTERTAINMENT & COMMUNICATIONS FUND*
	
	THE BUNTING FAMILY III, LLC*
	
	THE BUNTING FAMILY VI SOCIALLY RESPONSIBLE LLC*
	
	U.S. SMALL-CAP STOCK TRUST*
	
	VALIC COMPANY I—SMALL CAP FUND*
	
	H. DEAN VANDEKAMP REV TRUST U/A/D 12/21/99
	
	THE DAVID PEACOCK REVOCABLE TRUST U/T/A DATED 5/3/2001, AS AMENDED

	
	
	GENERATION IM CLIMATE SOLUTIONS FUND II, L.P.
	
	Jeff Epstein
	
	GV 2017, L.P. 
GV 2014, L.P.
	
	BESSEMER VENTURE PARTNERS IX L.P.
	
	BESSEMER VENTURE PARTNERS IX INSTITUTIONAL L.P.
	
	F-PRIME CAPITAL PARTNERS TECH FUND LP
	
	Arun Agarwal
	
	Rajeev Madhavan
	
	Dahong Qian
	
	Steven B. Samuels
	
	Peter Sougarides
	
	Joel Sklar
	
	 Raging Capital Master Fund, Ltd.

Raging Capital Opportunity Fund VI, LLC

	
	Aloysius Trading Limited
	
	Mustafa Kiral
	
	Uhuru Capital LLC
	
	Michael Porter
	
	Tom Reilly
	
	Optionality Fund, L.P.
	
	Chris Reisig
	
	William Sahlman
	
	Chadwick Investors LLC
	
	Madhavan Living Trust, October 1998
	
	Ted Okazaki
	
	MJR Family Limited Partnership

	
	Matt Eichner
	
	Annette Tran
	
	Keith Johnson
	
	Edward B. Roberts Trust – 2003
	
	Scott Carmel
	
	Peter Bell
	
	Kyle T Spellman
	
	Kent R Spellman Revocable Trust
	
	John Kelleher
	
	Pacini Ventures LLC
	
	Ross Kudwitt
	
	Jim Bildner
	
	JAZFund, LLC
	
	Colin Mahony
	
	Brendan Callahan
	
	Shelley Elizabeth McEachern Simmons Trust
	
	Geraldine Alias
	
	Amar Chokhawala

	
	
	Dries Buytaert
	
	Pawan Deshpande
	
	Steve Papa
	
	Venture Lending & Leasing VII, LLC
	
	Venture Lending & Leasing VIII, LLC
	
	American Express Travel Related Services Company, Inc.

  

	*	 T. Rowe Price Investor 

 SCHEDULE B 

Key Holders 
  

	
	Name and Address
	
	Stephen Fredette
	
	Aman Narang
	
	Jonathan Grimm
	
	Chris Comparato
	
	Tim Barash
	
	Timothy Fredette
	
	Steven PapaEX-4.3

 Exhibit 4.3 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE AND DISTRIBUTION
THEREOF, AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN OPINION
OF COUNSEL IN A FORM REASONABLY ACCEPTABLE TO COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED DUE TO AN EXEMPTION THEREFROM UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 

Date of Issuance: December 7, 2015 
 WARRANT
TO PURCHASE 
 SHARES OF PREFERRED STOCK OF 

TOAST, INC. 
 (Void after
June 30, 2026) 
 This certifies that VENTURE LENDING & LEASING VII, LLC, a Delaware limited liability company, or assigns
(“Holder”), for value received, is entitled to purchase from TOAST, INC., a Delaware corporation (“Company”), the Applicable Number (hereinafter defined) of fully paid and nonassessable shares of Company’s
preferred equity securities (“Preferred Stock”) issued and sold in the Qualifying Round (hereinafter defined), for cash, at a purchase price per share equal to the Stock Purchase Price (hereinafter defined). Holder may also exercise
this Warrant on a cashless or “net issuance” basis as described in Section 1(b) below, and this Warrant shall be deemed to have been exercised in full on such basis on the Expiration Date, to the extent not fully exercised prior to such
date. This Warrant is issued in connection with that certain Loan and Security Agreement and Supplement thereto, both of even date herewith (as amended, restated and supplemented from time to time, the “Loan Agreement” and the
“Supplement”, respectively), between Company, as borrower, and Holder’s subsidiary, Venture Lending & Leasing VII, Inc., as lender (“Lender”). Capitalized terms used herein and not otherwise defined in
this Warrant shall have the meaning(s) ascribed to them in the Loan Agreement and the Supplement, unless the context would otherwise require. 

“Stock Purchase Price” means the lowest price per share paid by a new, outside investor for Preferred Stock issued and sold
in the Qualifying Round, including for this purpose the value of all consideration given by an investor for such Preferred Stock but specifically excluding any discounts afforded to investors and stockholders of Company upon conversion of any
convertible promissory notes or other securities held by them in connection with the Qualifying Round or otherwise in connection therewith. “Qualifying Round” means the next bona fide round of equity financing after the date hereof
led by a new, outside investor in which Company sells or issues shares of its Preferred Stock with cash proceeds, net of offering expenses, to Company of at least $10,000,000 (excluding the conversion into Preferred Stock of any Indebtedness in
connection with the Qualifying Round), and includes (and Holder shall be entitled to receive, as calculated in relation to the Applicable Number) any options, warrants, or other convertible securities or similar consideration issued or delivered to
investors in the Qualifying Round; provided that the Qualifying Round excludes any additional sales of Company’s Series A Preferred Stock. The “Applicable Number” means the number of shares of Preferred Stock obtained by
dividing (A) $50,000 by (B) the Stock Purchase Price. 

 Notwithstanding anything to the contrary in the preceding paragraphs, if at any time during
the term of this Warrant a Qualifying Round has not been completed and a Change of Control or IPO occurs, or the Expiration Date is reached, then this Warrant shall entitle Holder to acquire in accordance with the terms hereof the Applicable Number
of shares of Company’s Series A Preferred Stock (in which case all references herein to “Preferred Stock” shall be deemed to mean Company’s Series A Preferred Stock) and the Stock Purchase Price shall be deemed to be a price per
share which is equal to $50,000,000 divided by the sum of (i) the number of issued and outstanding shares of capital stock of Company and (ii) the number of shares of capital stock of Company underlying “in-the-money” convertible securities, in each case on an as-converted to Common Stock basis as of the time of such Change of Control or IPO (or the
Expiration Date). 
 As soon as reasonably practicable after the occurrence or non-occurrence of the
latest event or condition necessary to determine (i) the actual number and type of shares of Company’s Preferred Stock issuable upon exercise of this Warrant, or (ii) the Stock Purchase Price, if applicable, Company shall deliver a
supplement to this Warrant (subsequent to a request by Holder therefor), in substantially the form of Exhibit “A” attached hereto, specifying the total number and series of shares of Preferred Stock issuable hereunder after giving
effect to the foregoing calculations, and otherwise completed with such quantity and price terms and other information as have been determined as a result of the occurrence or non-occurrence of such events or
conditions. The provisions of such supplement, once completed and executed, shall control the interpretation and exercise of this Warrant; provided, however, that the failure of Company to deliver such supplement shall not affect the
rights of Holder to receive the number and type of shares of Preferred Stock as set forth herein. 
 Subject to Section 4.3, this
Warrant may be exercised at any time or from time to time up to and including 5:00 p.m. (Pacific time) on June 30, 2026 (the “Expiration Date”), upon surrender to Company at its principal office at 401 Park Drive, Suite 801,
Boston, Massachusetts 02215 (or at such other location as Company may advise Holder in writing) of this Warrant properly endorsed with the Form of Subscription attached hereto duly completed and signed and upon payment in cash or by check of the
aggregate Stock Purchase Price for the number of shares for which this Warrant is being exercised determined in accordance with the provisions hereof. The Stock Purchase Price and the number of shares purchasable hereunder are subject to further
adjustment as provided in Section 4 of this Warrant. 
 This Warrant is subject to the following terms and conditions: 

1. Exercise; Issuance of Certificates; Payment for Shares. 

(a) Unless an election is made pursuant to clause (b) of this Section 1, this Warrant shall be exercisable at the option of Holder,
at any time or from time to time (after the identity of the Preferred Stock is ascertainable), on or before the Expiration Date for all or any portion of the shares of Preferred Stock (but not for a fraction of a share) which may be purchased
hereunder for the Stock Purchase Price multiplied by the number of shares to be purchased. In the event, however, that pursuant to Company’s Certificate of Incorporation, as amended or restated from time to time (the
“Charter”), an event causing automatic conversion of Company’s Preferred Stock (an “Automatic Conversion”) shall have occurred prior to the exercise of this Warrant, in whole or in part, then this Warrant shall
be exercisable for the number of shares of Common Stock of Company (“Common Stock”) into which the Preferred Stock not purchased upon any prior exercise of this Warrant would have been so converted (and, where the context requires,
reference to “Preferred Stock” shall be deemed to be or include such Common Stock, as may be appropriate). Company agrees that the shares of Preferred Stock purchased under this Warrant shall be and are deemed to be issued to Holder as the
record owner of such shares as of the close of business on the date on which the form of subscription shall have been delivered and payment made for such shares. Subject to the provisions of Section 2, certificates for the shares of Preferred
Stock so purchased, together with any other securities or property to which Holder is entitled upon such exercise, shall be delivered to Holder by Company at Company’s expense within a reasonable time after the rights represented by this
Warrant have been so exercised. Except as provided in clause (b) of this Section 1, in case of a purchase of less than all the shares which may be purchased under this Warrant, Company shall cancel this Warrant and execute and deliver a new
Warrant or Warrants of like tenor for the balance of the shares purchasable under this Warrant surrendered upon such purchase to Holder within a reasonable time. Each stock certificate so delivered shall be in such denominations of Preferred Stock
as may be requested by Holder and shall be registered in the name of such Holder or such other name as shall be designated by such Holder, subject to the limitations contained in Section 2. 

  
 2 

 (b) Holder, in lieu of exercising this Warrant by the cash payment of the Stock Purchase
Price pursuant to clause (a) of this Section 1, may elect, at any time (after the identity of the Preferred Stock is ascertainable) on or before the Expiration Date, to surrender this Warrant and receive that number of shares of Preferred Stock
computed using the following formula: 
  

							
		 	X = 	 	  Y(A – B)
	  	
		 	A	  	

  

							
	Where:	  	 X 
	  	 =  
	  	the number of shares of Preferred Stock to be issued to Holder.
				
		  	Y	  	=	  	the number of shares of Preferred Stock that Holder would otherwise have been entitled to purchase hereunder pursuant to Section 1(a) (or such lesser number of shares as Holder may designate in the case of a partial exercise of this
Warrant).
				
		  	A	  	=	  	the Per Share Price (as defined in Section 1(c) below) of one (1) share of Preferred Stock at the time the net issuance election under this Section 1(b) is made.
				
		  	B	  	=	  	the Stock Purchase Price then in effect.

 Election to exercise under this Section 1(b) may be made by delivering a signed form of subscription to Company via
facsimile, to be followed by delivery of this Warrant. Notwithstanding anything to the contrary contained in this Warrant, if as of the close of business on the last business day preceding the Expiration Date this Warrant remains unexercised as to
all or a portion of the shares of Preferred Stock purchasable hereunder, then effective as 9:00 a.m. (Pacific time) on the Expiration Date, Holder shall be deemed, automatically and without need for notice to Company, to have elected to exercise
this Warrant in full pursuant to the provisions of this Section 1(b), and upon surrender of this Warrant shall be entitled to receive that number of shares of Preferred Stock computed using the above formula, provided that the application of such
formula as of the Expiration Date yields a positive number for “X”. 
 (c) For purposes of Section 1(b), the “Per Share
Price” shall be determined in good faith by the Board of Directors of Company (the “Board”) based on relevant facts and circumstances at the time of the net exercise under Section 1(b), including in the case of a Change of
Control (as defined in Section 4.3 hereof) the consideration receivable by the holders of the Preferred Stock in such Change of Control and the liquidation preference (including any declared but unpaid dividends), if any, then applicable to the
Preferred Stock. 
 2. Limitation on Transfer. 

(a) This Warrant, the Preferred Stock and the securities issuable, directly or indirectly, upon conversion of the Preferred Stock (the
“Conversion Shares”) shall not be transferable except upon the conditions specified in this Section 2, which conditions are intended to ensure compliance with the provisions of the Securities Act. Each holder of this Warrant,
the Preferred Stock issuable hereunder or the Conversion Shares will cause any proposed transferee of the Warrant, Preferred Stock or Conversion Shares to agree to take and hold such securities subject to the provisions and upon the conditions
specified in this Section 2. Notwithstanding the foregoing and any other provision of this Section 2, Holder may freely transfer all or part of this Warrant, the Preferred Stock or Conversion Shares at any time to any lender transferee of
a portion of the loan commitment of Lender under the Loan Agreement or any affiliate of Holder, provided that such transferee is not an actual or potential competitor of Company (as determined in good faith by the Board), by giving Company notice of
the portion of the Warrant, the Preferred Stock or Conversion Shares being transferred setting forth the name, address and taxpayer identification number of the transferee and surrendering this Warrant, such Preferred Stock or such Conversion Shares
to Company for reissuance to the transferees(s) (and Holder, if applicable). 

  
 3 

 (b) Each certificate representing (i) this Warrant, (ii) the Preferred Stock,
(iii) the Conversion Shares and (iv) any other securities issued in respect to the Preferred Stock or Conversion Shares upon any stock split, stock dividend, recapitalization, merger, consolidation or similar event, shall (unless otherwise
permitted by the provisions of this Section 2 or unless such securities have been registered under the Securities Act or sold under Rule 144) be stamped or otherwise imprinted with a legend substantially in the following form (in addition to
any legend required under applicable state securities laws): 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT
WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE AND DISTRIBUTION THEREOF, AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN
OPINION OF COUNSEL IN A FORM REASONABLY ACCEPTABLE TO COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED DUE TO AN EXEMPTION THEREFROM UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 

(c) Holder of this Warrant and each person to whom all or any portion of this Warrant, all or any portion of the Preferred Stock or all or any
portion of the Conversion Shares is subsequently transferred represents and warrants to Company (by acceptance of such transfer) that it will not transfer such portion of this Warrant, such Preferred Stock or such Conversion Shares unless a
registration statement under the Securities Act was in effect with respect to such securities at the time of issuance thereof) except pursuant to (i) an effective registration statement under the Securities Act, (ii) Rule 144 under the
Securities Act (or any other rule under the Securities Act relating to the disposition of securities), or (iii) an opinion of counsel, reasonably satisfactory to counsel for Company, that an exemption from such registration is available. 

3. Shares to be Fully Paid; Reservation of Shares. Company covenants and agrees that all shares of Preferred Stock which may be issued
upon the exercise of the rights represented by this Warrant will, upon issuance, be duly authorized, validly issued, fully paid and nonassessable and free from all preemptive rights of any stockholder and free of all taxes, liens and charges with
respect to the issue thereof. Company further covenants and agrees that during the period within which the rights represented by this Warrant may be exercised, Company will at all times have authorized and reserved, for the purpose of issue or
transfer upon exercise of the subscription rights evidenced by this Warrant, a sufficient number of shares of authorized but unissued Preferred Stock, or other securities and property, when and as required to provide for the exercise of the rights
represented by this Warrant. Company will take all such action as may be necessary to assure that such shares of Preferred Stock may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of any
domestic securities exchange upon which the Preferred Stock may be listed. Company will not take any action which would result in any adjustment of the Stock Purchase Price (as described in Section 4 hereof) (i) if the total number of
shares of Preferred Stock issuable after such action upon exercise of all outstanding warrants, together with all shares of Preferred Stock then outstanding and all shares of Preferred Stock then issuable upon exercise of all options and upon the
conversion of all convertible securities then outstanding, would exceed the total number of shares of Preferred Stock then authorized by the Charter, (ii) if the total number of shares of Common Stock issuable after such action upon the
conversion of all such shares of Preferred Stock together with all shares of Common Stock then outstanding and then issuable upon exercise of all options and upon the conversion of all convertible securities then outstanding would exceed the total
number of shares of Common Stock then authorized by the Charter or (iii) if the par value per share of the Preferred Stock would exceed the Stock Purchase Price. 

  
 4 

 4. Adjustment of Stock Purchase Price and Number of Shares. The Stock Purchase Price
and the number of shares purchasable upon the exercise of this Warrant shall be subject to adjustment from time to time upon the occurrence of certain events described in this Section 4. Upon each adjustment of the Stock Purchase Price, Holder
of this Warrant shall thereafter be entitled to purchase, at the Stock Purchase Price resulting from such adjustment, the number of shares obtained by multiplying the Stock Purchase Price in effect immediately prior to such adjustment by the number
of shares purchasable pursuant hereto immediately prior to such adjustment, and dividing the product thereof by the Stock Purchase Price resulting from such adjustment. For clarity, no adjustment to the Stock Purchase Price or the number of shares
purchasable upon the exercise of this Warrant shall be made in respect of the occurrence of the certain events described in this Section 4 to the extent such events occurred prior to the Qualifying Round, except for adjustments pursuant to
Section 4.2 (other than those adjustments that provide to holders of Preferred Stock additional securities of Company that are convertible, directly or indirectly, into Common Stock) in the event this Warrant, in accordance with its terms,
entitles Holder to acquire shares of Company’s Series A Preferred Stock. 
 4.1 Subdivision or Combination of Stock. In case
Company shall at any time subdivide its outstanding shares of Preferred Stock into a greater number of shares, the Stock Purchase Price in effect immediately prior to such subdivision shall be proportionately reduced, and conversely, in case the
outstanding shares of Preferred Stock of Company shall be combined into a smaller number of shares, the Stock Purchase Price in effect immediately prior to such combination shall be proportionately increased. 

4.2 Dividends in Preferred Stock, Other Stock, Property, Reclassification. If at any time or from time to time the holders of Preferred
Stock (or any shares of stock or other securities at the time receivable upon the exercise of this Warrant) shall have received or become entitled to receive, without payment therefor, 

(a) Preferred Stock, or any shares of stock or other securities whether or not such securities are at any time directly or indirectly
convertible into or exchangeable for Preferred Stock, or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend or other distribution, 

(b) any cash paid or payable otherwise than as a cash dividend, or 

(c) Preferred Stock or other or additional stock or other securities or property (including cash) by way of spin off, split-up, reclassification, combination of shares or similar corporate rearrangement, (other than shares of Preferred Stock issued as a stock split, adjustments in respect of which shall be covered by the terms of
Section 4.1 above), 
 then and in each such case, Holder shall, upon the exercise of this Warrant, be entitled to receive, in addition to the number
of shares of Preferred Stock receivable thereupon, and without payment of any additional consideration therefor, the amount of stock and other securities and property (including cash in the cases referred to in clauses (b) and (c) above) which
such Holder would hold on the date of such exercise had it been the holder of record of such Preferred Stock as of the date on which holders of Preferred Stock received or became entitled to receive such shares and/or all other additional stock and
other securities and property. 
 4.3 Change of Control; IPO. In the event of (i) a Change of Control (as hereinafter defined)
or (ii) the consummation of a sale of Company’s securities pursuant to a registration statement filed by Company under the Securities Act (or pursuant to the laws of the jurisdiction in which the initial public offering is completed), in
connection with the first firm commitment underwritten offering of Company’s securities to the general public that occurs after the date this Warrant is issued (“IPO”), this Warrant shall be automatically exchanged,
contemporaneously with the consummation of such Change of Control or IPO, as applicable, for a number of shares of Company’s securities, such number of shares being equal to the maximum number of shares issuable pursuant to the terms hereof
(after taking into account all adjustments described herein) had Holder elected to exercise this Warrant immediately prior to the closing of such Change of Control or IPO and purchased all such shares pursuant to the cash exercise provision set
forth in Section 1(a) hereof (as opposed to the cashless exercise provision set forth in Section 1(b)), subject to the terms of Section l(a) that this Warrant shall be exercisable for the number of shares of Common Stock that such shares of
Preferred Stock are convertible into, in lieu of such shares of Preferred Stock, in the event an Automatic Conversion occurs prior to or concurrently with such Change of Control or IPO; provided, however, that Holder shall pay to
Company in cash the aggregate par value of the securities acquired pursuant to such automatic exchange. Company acknowledges and agrees that Holder shall not be required to make any payment (cash or otherwise) for such shares as further
consideration for their issuance pursuant to the terms of the preceding sentence. “Change of Control” shall mean any sale, exclusive license, or other disposition of all or substantially all of the assets of Company, any
reorganization, consolidation, merger or other transaction involving Company where the holders of Company’s securities before the transaction beneficially own less than 50% of the outstanding voting securities of the surviving entity after the
transaction; provided, however, the sale of Company’s equity securities in a bona fide financing transaction for capital-raising purposes shall not be considered a “Change of Control.” This Warrant shall terminate upon Holder’s
receipt of the number of shares of Company’s equity securities described in this Section 4.3. 

  
 5 

 4.4 Sale or Issuance Below Purchase Price; “Pay-to-Play” Exemption. 
 (a) The other antidilution rights applicable to
the shares of Preferred Stock purchasable hereunder are set forth in the Charter. Such antidilution rights shall not be restated, amended, modified or waived in any manner without Holder’s prior written consent if the terms of such restatement,
amendment, modification or waiver on Holder would be more adverse to Holder than, and substantially dissimilar to, such terms for the other holders of the same series of Company’s Preferred Stock. Company shall promptly provide Holder with any
restatement, amendment, modification or waiver of the Charter promptly after the same has been made. 
 (b) In the event that the Charter
provides, or is amended to so provide, for the amendment or modification of the rights, preferences or privileges of the shares of Preferred Stock issuable upon the exercise of this Warrant, or the reclassification, conversion or exchange of the
outstanding shares of such Preferred Stock, in the event that a holder of shares thereof fails to participate in an equity financing or debt financing transaction (as applicable, a
“Pay-to-Play Provision”), and in the event that such Pay-to-Play
Provision becomes operative in a transaction occurring after the date hereof, this Warrant shall automatically and without any action required become exercisable for that type of shares of equity securities as would have been issued or exchanged, or
would have remained outstanding, in respect of the shares of Preferred Stock issuable hereunder had this Warrant been exercised in full prior to such event (and for that number of shares of equity securities as would have been issued or exchanged,
or would have remained outstanding, in respect of the shares of Preferred Stock issuable hereunder had this Warrant been exercised in full prior to such event, if applicable), and had Holder participated in the equity or debt financing to the
maximum extent permitted. 
 4.5 Notice of Adjustment. Upon any adjustment of the Stock Purchase Price, and/or any increase or
decrease in the number of shares purchasable upon the exercise of this Warrant, Company shall give written notice thereof, by first class mail, postage prepaid, addressed to the registered holder of this Warrant at the address of such holder as
shown on the books of Company. The notice, which may be substantially in the form of Exhibit “A” attached hereto, shall be signed by Company’s chief financial officer and shall state the Stock Purchase Price resulting from such
adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of this Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based.

 4.6 Other Notices. If at any time: 

(a) Company shall declare any cash dividend upon its Preferred Stock; 

  
 6 

 (b) Company shall declare any dividend upon its Preferred Stock payable in stock or make
any special dividend or other distribution to the holders of its Preferred Stock; 
 (c) Company shall offer for subscription pro rata to
the holders of its Preferred Stock any additional shares of stock of any class or other rights; 
 (d) there shall be any capital
reorganization or reclassification of the capital stock of Company, or consolidation or merger of Company with, or sale of all or substantially all of its assets to, another entity; 

(e) there shall be a voluntary or involuntary dissolution, liquidation or winding-up of Company; or

 (f) Company shall take or propose to take any other action, notice of which is actually provided to holders of the Preferred Stock; 

then, in any one or more of said cases, Company shall give, by first class mail, postage prepaid, addressed to Holder of this Warrant at the address of such
Holder as shown on the books of Company, (i) at least 10 days’ prior written notice of the date on which the books of Company shall close or a record shall be taken for such dividend, distribution or subscription rights or for determining
rights to vote in respect of any such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up, or other action and (ii) in the case of any such
reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up, or other action, at least 10 days’ written notice of the date when the same shall take place. Any
notice given in accordance with the foregoing clause (i) shall also specify, in the case of any such dividend, distribution or subscription rights, the date on which the holders of Preferred Stock shall be entitled thereto. Any notice given in
accordance with the foregoing clause (ii) shall also specify the date on which the holders of Preferred Stock shall be entitled to exchange their Preferred Stock for securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up, or other action as the case may be. 

4.7 Certain Events. If any change in the outstanding Preferred Stock of Company or any other event occurs as to which the other
provisions of this Section 4 are not strictly applicable or if strictly applicable would not fairly effect the adjustments to this Warrant in accordance with the essential intent and principles of such provisions, then the Board shall make in
good faith an adjustment in the number and class of shares issuable under this Warrant, the Stock Purchase Price and/or the application of such provisions, in accordance with such essential intent and principles, so as to protect such purchase
rights as aforesaid. The adjustment shall be such as will give Holder of this Warrant upon exercise for the same aggregate Stock Purchase Price the total number, class and kind of shares as Holder would have owned had this Warrant been exercised
prior to the event and had Holder continued to hold such shares until after the event requiring adjustment. 
 5. Issue Tax. The
issuance of certificates for shares of Preferred Stock upon the exercise of this Warrant shall be made without charge to Holder of this Warrant for any issue tax in respect thereof; provided, however, that Company shall not be required to pay any
tax which may be payable in respect of any transfer involved in the issuance and delivery of any certificate in a name other than that of the then Holder of this Warrant being exercised. 

6. Closing of Books. Company will at no time close its transfer books against the transfer of this Warrant or of any shares of
Preferred Stock issued or issuable upon the exercise of this Warrant in any manner which interferes with the timely exercise of this Warrant. 

  
 7 

 7. No Voting or Dividend Rights; Limitation of Liability. Nothing contained in this
Warrant shall be construed as conferring upon Holder the right to vote or to consent as a stockholder in respect of meetings of stockholders for the election of directors of Company or any other matters or any rights whatsoever as a stockholder of
Company. No dividends or interest shall be payable or accrued in respect of this Warrant or the interest represented hereby or the shares purchasable hereunder until, and only to the extent that, this Warrant shall have been exercised. No provisions
hereof, in the absence of affirmative action by Holder to purchase shares of Preferred Stock, and no mere enumeration herein of the rights or privileges of Holder, shall give rise to any liability of such Holder for the Stock Purchase Price or as a
stockholder of Company, whether such liability is asserted by Company or by its creditors. 
 8. [Intentionally Omitted] 

9. Registration Rights. Holder shall be entitled, with respect to the shares of Preferred Stock issued upon exercise hereof or the
shares of Common Stock or other securities issued upon conversion of such Preferred Stock as the case may be, to all of the registration rights set forth in any investors’ rights agreement (or like agreement) among Company and any of its
investors (as amended from time to time, the “Rights Agreement”), to the same extent and on the same terms and conditions as possessed by the investors thereunder with the following exceptions and clarifications: (i) Holder
will have no right to make a written request under the Rights Agreement that Company file a registration statement under Form S-1 of the Securities Act; (ii) Holder will be subject to the same provisions
regarding indemnification as contained in the Rights Agreement; and (iii) any registration rights are freely assignable by Holder of this Warrant in connection with a permitted transfer of this Warrant or the shares issuable upon exercise
hereof. Company shall take such action as may be reasonably necessary to assure that the granting of such registration rights to Holder does not violate the provisions of the Rights Agreement or any of Company’s charter documents or rights of
prior grantees of registration rights. 
 10. Rights and Obligations Survive Exercise of Warrant. Subject to the other provisions set
forth herein, the rights and obligations of Company, of Holder of this Warrant and of the holder of shares of Preferred Stock issued upon exercise of this Warrant, contained in Sections 6, 9, 18.7 and 19 shall survive the exercise of this Warrant.

 11. Modification and Waiver. This Warrant and any provision hereof may be changed, waived, discharged or terminated only by an
instrument in writing signed by the party against which enforcement of the same is sought. 
 12. Notices. Any notice, request or
other document required or permitted to be given or delivered to Holder or Company shall be deemed to have been given (i) upon receipt if delivered personally or by courier (ii) upon confirmation of successful transmission if sent by
telecopy or affirmative confirmation of receipt by the recipient if sent by electronic mail or (iii) three business days after deposit in the US mail, with postage prepaid and certified or registered, to each such Holder at its address as shown
on the books of Company or to Company at the address indicated therefor in the opening paragraphs of this Warrant. 
 13. Survival of
Certain Obligations. Subject to other provisions set forth herein, all of the obligations of Company relating to the Preferred Stock issuable upon the exercise of this Warrant shall survive the exercise and termination of this Warrant. All of
the covenants and agreements of Company shall inure to the benefit of the successors and assigns of Holder. Company will, at the time of the exercise of this Warrant, in whole or in part, upon request of Holder but at Company’s expense,
acknowledge in writing its continuing obligation to Holder in respect of any rights (including, without limitation, any right to registration of the shares of Common Stock) to which Holder shall continue to be entitled after such exercise in
accordance with this Warrant; provided, that the failure of Holder to make any such request shall not affect the continuing obligation of Company to Holder in respect of such rights. 

  
 8 

 14. Descriptive Headings and Governing Law. The descriptive headings of the several
sections and paragraphs of this Warrant are inserted for convenience only and do not constitute a part of this Warrant. This Warrant shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the laws of
the State of Delaware. 
 15. Lost Warrants or Stock Certificates. Company represents and warrants to Holder that upon receipt of
evidence reasonably satisfactory to Company of the loss, theft, destruction, or mutilation of any Warrant or stock certificate and, in the case of any such loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory to Company,
or in the case of any such mutilation upon surrender and cancellation of such Warrant or stock certificate, Company at its expense will make and deliver a new Warrant or stock certificate, of like tenor, in lieu of the lost, stolen, destroyed or
mutilated Warrant or stock certificate. 
 16. Fractional Shares. No fractional shares shall be issued upon exercise of this Warrant.
Company shall, in lieu of issuing any fractional share, pay the holder entitled to such fraction a sum in cash equal to such fraction multiplied by the then effective Stock Purchase Price. 

17. Representations of Holder. With respect to this Warrant, Holder represents and warrants to Company as follows: 

17.1 Experience. It is experienced in evaluating and investing in companies engaged in businesses similar to that of Company; it
understands that investment in this Warrant involves substantial risks; it has made detailed inquiries concerning Company, its business and services, its officers and its personnel; the officers of Company have made available to Holder any and all
written information it has requested; the officers of Company have answered to Holder’s satisfaction all inquiries made by it; in making this investment it has relied upon information made available to it by Company; and it has such knowledge
and experience in financial and business matters that it is capable of evaluating the merits and risks of investment in Company and it is able to bear the economic risk of that investment. 

17.2 Investment. It is acquiring this Warrant for investment for its own account and not with a view to, or for resale in connection
with, any distribution thereof. It understands that this Warrant, the shares of Preferred Stock issuable upon exercise thereof and the Conversion Shares, have not been registered under the Securities Act, nor qualified under applicable state
securities laws. 
 17.3 Rule 144. It acknowledges that this Warrant, the Preferred Stock and the Common Stock must be held
indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. It has been advised or is aware of the provisions of Rule 144 promulgated under the Securities Act. 

17.4 Access to Data. It has had an opportunity to discuss Company’s business, management and financial affairs with Company’s
management and has had the opportunity to inspect Company’s facilities. 
 17.5 Accredited Investor. It is an “accredited
investor” within the meaning of Regulation D promulgated under the Securities Act. 
 18. Additional Representations and Covenants
of Company. Company hereby represents, warrants and agrees as follows: 
 18.1 Corporate Power. Company has all requisite
corporate power and corporate authority to issue this Warrant and to carry out and perform its obligations hereunder. 

  
 9 

 18.2 Authorization. All corporate action on the part of Company, its directors and
stockholders necessary for the authorization, execution, delivery and performance by Company of this Warrant has been taken. This Warrant is a valid and binding obligation of Company, enforceable in accordance with its terms. 

18.3 Offering. Subject in part to the truth and accuracy of Holder’s representations set forth in Section 17 hereof on the
date of issuance of any Preferred Stock to Holder, the offer, issuance and sale of this Warrant is, and the issuance of Preferred Stock upon exercise of this Warrant and the issuance of Conversion Shares will be exempt from the registration
requirements of the Securities Act, and are exempt from the qualification requirements of any applicable state securities laws; and neither Company nor anyone acting on its behalf will take any action hereafter that would cause the loss of such
exemptions. 
 18.4 Listing; Stock Issuance. Company shall secure and maintain the listing of the Preferred Stock issuable upon
exercise of this Warrant and the Conversion Shares upon each securities exchange or over-the-counter market upon which securities of the same class or series issued by Company are listed, if any. Upon exercise
of this Warrant, Company will use its best efforts to cause stock certificates representing the shares of Preferred Stock purchased pursuant to the exercise to be issued in the names of Holder, its nominees or assignees, as appropriate at the time
of such exercise. Upon conversion of the shares of Preferred Stock into shares of Common Stock, Company will issue the Common Stock in the names of Holder, its nominees or assignees, as appropriate. 

18.5 Charter Documents. Company has provided Holder with true and complete copies of the Charter,
By-Laws, and each Certificate of Designation or other charter document setting, forth any rights, preferences and privileges of Company’s capital stock, each as amended and in effect on the date of
issuance of this Warrant. 
 18.6 Reserved. 

18.7 Financial and Other Reports. Until the Expiration Date, Company shall furnish to Holder (i) within 180 days after the close
of each fiscal year of Company, a balance sheet, together with an income statement and a cash flow statement, for such fiscal year, in the same form as such annual financial statements are furnished to the Board; (ii) within 45 days after the
close of each fiscal quarter of Company, an unaudited balance sheet, income statement and cash flow statement, each at and as of the end of such quarter, together with an
up-to-date capitalization table; and (iii) promptly after the closing of each equity financing consummated by Company after the date this Warrant has been issued, a
copy of the term sheet for such equity financing (if any), a post-closing capitalization table and other information relating to the then-current valuation of Company. In addition, Company agrees to provide Holder at any time and from time to time
with such information as Holder may reasonably request for purposes of Holder’s compliance (as determined by Holder in its reasonable discretion) with regulatory, accounting and reporting requirements applicable to Holder (e.g., Fair Value
Accounting Standard 157), including any 409A valuation reports and up-to-date operating budgets, as well as information with respect to whether the securities issuable
upon the exercise hereof constitute “qualified small business stock” for purposes of Section 1202(c) of the Internal Revenue Code and Section 18152.5 of the California Revenue and Taxation Code. Notwithstanding the foregoing,
Company shall not be required to furnish to Holder the financial information described in this Section 18.7 (i) in the event such financial information has been previously delivered to Lender pursuant to the Loan Agreement or if Holder’s
auditors no longer require such information or (ii) if such information is highly confidential or a trade secret or other confidential information, which would result in a conflict of interest or is subject to attorney-client or similar
privilege, or which constitutes attorney work product, or the disclosure of which is prohibited by applicable law or binding agreement. 

19. Right to Purchase Securities in Qualifying Round. Company hereby grants to Holder the right to invest up to $175,000 in the
Preferred Stock sold by Company in the Qualifying Round. Such right may be satisfied either by Holder purchasing Preferred Stock directly from Company in the Qualifying Round or by Holder purchasing a note from Company that is convertible into
Preferred Stock to be issued in the Qualifying Round. Notwithstanding the foregoing, Holder shall not have any obligation to purchase Company’s equity securities (or any note convertible into such securities) in the Qualifying Round. Except as
otherwise agreed by Holder and Company, to exercise its purchase right under this Section 19, Holder shall deliver, within ten (10) days of Holder’s actual receipt of written notification from Company regarding the offer or sale of
its equity securities in the Qualifying Round (which written notification from Company shall include a description of the material terms of such securities), a written notice stating Holder’s intention to exercise such right and the number of
equity securities that Holder desires to purchase. In the event Holder exercises its purchase right set forth hereunder, Holder shall not have any obligation to purchase such securities, except pursuant to those definitive purchase documents
executed by other purchasers in connection with the Qualifying Round. The right to purchase equity securities in the Qualifying Round described in this Section 19 shall survive the payment and satisfaction of all of Company’s Obligations
to Lender, notwithstanding anything to the contrary set forth in any other Loan Document executed or delivered by Company or Lender after the date hereof Holder shall be entitled to apportion the rights hereby granted to it among itself and any
affiliate of Holder in such proportions as Holder deems appropriate. 

  
 10 

 20. “Market Stand-Off” Agreement.
Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the registration by Company of shares of Common Stock or any other
equity securities under the Securities Act on a registration statement on Form S-l, and ending on the date specified by Company and the managing underwriter (such period not to exceed one hundred eighty
(180) days, or such other period as may be requested by Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other distribution of research reports, and (2) analyst recommendations and opinions,
including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto), (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase;
purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable
(directly or indirectly) for Common Stock held immediately before the effective date of the registration statement for such offering or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the
economic consequences of ownership of such securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. The foregoing provisions of this
Section 20 shall apply only to the IPO, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, and shall be applicable to Holder only if all officers of Company, all directors of Company and all
stockholders owning more than five percent (5%) (or such other percent that is used in the “market stand-off’ agreement in the Rights Agreement) of Company’s outstanding Common Stock (after
giving effect to the conversion into Common Stock of all Preferred Stock) are subject to similar restrictions. The underwriters in connection with such registration are intended third party beneficiaries of this Section 20 and shall have the
right, power and authority to enforce the provisions hereof as though they were a party hereto. Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are
consistent with this Section 20 or that are necessary to give further effect thereto. 
 [Remainder of this page intentionally
left blank; signature page follows] 

  
 11 

 [Signature Page to Warrant] 

IN WITNESS WHEREOF, Company has caused this Warrant to be duly executed by its officer, thereunto duly authorized as of the date of issuance
set forth on the first page hereof. 
  

			
	COMPANY:
	
	TOAST, INC.
		
	By:	 	 /s/ Tim Barash

	Name:	 	 Tim Barash

	Title:	 	 CFO

 FORM OF SUBSCRIPTION 

(To be signed only upon exercise of Warrant) 

To:
                                         

 

	☐	 The undersigned, the holder of the within Warrant, hereby irrevocably elects to exercise the purchase right
represented by such Warrant for, and to purchase thereunder, (1) See Below                     
(                ) shares (the “Shares”) of Stock of
                         and herewith makes payment of
                     Dollars
($                    ) therefor, and requests that the certificates for such shares be issued in the name of, and delivered to,
                    , whose address is
                    . 

  

	☐	 The undersigned hereby elects to convert
             percent (    %) of the value of the Warrant pursuant to the provisions of Section l(b) of the Warrant. 

The undersigned acknowledges that it has reviewed the representations and warranties contained in Section 17 of this Warrant and by its signature below
hereby makes such representations and warranties to Company. 
  

			
	Dated	 	  

		
	Holder:	 	  

		
	By:	 	  

		
	Its:	 	  

  

			
	 (Address)
	 	
	
	  

	
	  

  

	(1)	 Insert here the number of shares called for on the face of the Warrant (or, in the case of a partial exercise,
the portion thereof as to which the Warrant is being exercised), in either case without making any adjustment for additional Preferred Stock or any other stock or other securities or property or cash which, pursuant to the adjustment provisions of
the Warrant, may be issuable upon exercise. 

 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned, the holder of the within Warrant, hereby sells, assigns and transfers all of the rights of the undersigned under the within Warrant, with respect to the number of shares of Preferred Stock covered thereby set forth herein below, unto: 

 

					
	 Name of Assignee
	  	 Address
	  	 No. of Shares

	    	  		  	
	    	  		  	
		  		  	

  

			
	Dated	 	  

		
	Holder:	 	  

		
	By:	 	  

		
	Its:	 	  

 EXHIBIT “A” 

[On letterhead of Company] 

Reference is hereby made to that certain Warrant dated December 7, 2015, issued by TOAST, INC., a Delaware corporation (the
“Company”), to VENTURE LENDING & LEASING VII, LLC, a Delaware limited liability company (the “Holder”). 

[IF APPLICABLE] The Warrant provides that the actual number and type of shares of Company’s capital stock issuable upon exercise of the
Warrant and the initial exercise price per share are to be determined by reference to one or more events or conditions subsequent to the issuance of the Warrant. Such events or conditions have now occurred or lapsed, and Company wishes to confirm
the actual number of shares issuable and the initial exercise price. The provisions of this Supplement to Warrant are incorporated into the Warrant by this reference, and shall control the interpretation and exercise of the Warrant. 

[IF APPLICABLE] Notice is hereby given pursuant to Section 4.5 of the Warrant that the following adjustment(s) have been made to the
Warrant: [describe adjustments, setting forth details regarding method of calculation and facts upon which calculation is based]. 
 This
certifies that Holder is entitled to purchase from Company                     , at the Holder’s option, either (i)
(            ) fully paid and nonassessable shares of Company’s                  Stock at a price of
                     Dollars
($                    ) per share or (ii) (            ) fully paid and nonassessable
shares of Company’s                  Stock at a price of
                     Dollars
($                    ) per share. The applicable Stock Purchase Price and the number of shares purchasable under the Warrant remain subject to
adjustment as provided in Section 4 of the Warrant. 
 Executed this      day of
                , 20    . 
  

			
	TOAST, INC.
		
	By:	 	  

		
	Name:	 	  

		
	Title:

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