Document:

EX-10.13

 Exhibit 10.13 

LOAN AND SECURITY AGREEMENT 

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

	 	1	 ACCOUNTING AND OTHER TERMS 

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

	 	2	 LOAN AND TERMS OF PAYMENT 

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

2.2    Term Loan Advances. 

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

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

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

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

2.3    Payment of Interest on the Credit Extensions. 

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

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

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

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

2.4    Fees. Borrower shall pay to Agent: 

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

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

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

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

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

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

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

2.7    Taxes. 

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

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

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

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

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

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

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

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

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

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

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

 

	 	3	 CONDITIONS OF LOANS 

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

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

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

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

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

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

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

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

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

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

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

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

3.4    Procedures for Borrowing. 

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

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

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

 

	 	4	 CREATION OF SECURITY INTEREST 

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

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

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

 

	 	5	 REPRESENTATIONS AND WARRANTIES 

Borrower represents and warrants as follows: 

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

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

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

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

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

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

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

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

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

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

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

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

	 	6	 AFFIRMATIVE COVENANTS 

Borrower shall do all of the following: 

6.1    Government Compliance. 

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

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

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

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

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

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

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

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

  
 12 

 6.5    Insurance. 

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

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

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

6.6    Operating Accounts. 

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

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

6.7    Protection of Intellectual Property Rights. 

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

  
 13 

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

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

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

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

  
 14 

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

	 	7	 NEGATIVE COVENANTS 

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

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

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

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

  
 15 

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

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

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

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

  
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	 	8	 EVENTS OF DEFAULT 

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

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

8.2    Covenant Default. 

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

8.3    Material Adverse Change. A Material Adverse Change occurs; 

8.4    Attachment; Levy; Restraint on Business. 

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

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

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

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

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

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

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

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

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

	 	9	 RIGHTS AND REMEDIES 

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

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

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

(d)    terminate any FX Contracts; 

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

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

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

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

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

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

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

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

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

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

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

 

	 	10	 AGENT 

10.1    Appointment and Authority. 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

10.10    Defaulting Lender. 

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

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

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

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

  
 23 

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

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

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

 

	 	11	 NOTICES 

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

			
	 If to Borrower:
	 	 PHATHOM PHARMACEUTICALS, INC.

		 	 70 Willow Road

		 	 Suite 200

		 	 Menlo Park, California 94025

		 	 Attention: David Socks

		 	 Email: 

		
	 with a copy to:
	 	 LATHAM & WATKINS LLP

		 	 12670 High Bluff Drive

		 	 San Diego, CA 92130

		 	 Attn: Cheston Larson

		 	 Email: cheston.larson@lw.com

		
		 	 LATHAM & WATKINS LLP

		 	 505 Montgomery Street, Suite 2000

		 	 San Francisco, CA 94111

		 	 Attn: Haim Zaltzman

		 	 Email: haim.zaltzman@lw.com

  
 24 

			
	 If to Agent or SVB:
	 	 Silicon Valley Bank

		 	 4370 La Jolla Village Drive, Suite 1050

		 	 San Diego, California 92122

		 	 Attn: Anthony Flores

		 	 Email:

		
	 with a copy to:
	 	 Morrison & Foerster LLP

		 	 200 Clarendon Street, 20th Floor

		 	 Boston, Massachusetts 02116

		 	 Attn:     David A. Ephraim, Esquire

		 	 Email:   

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

		 	 c/o WestRiver Management, LLC

		 	 3720 Carillon Point

		 	 Kirkland, Washington 98033-7455

		 	 Attn: Trent Dawson

		 	 Email:

  

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

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

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

  
 25 

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

 

	 	13	 GENERAL PROVISIONS 

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

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

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

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

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

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

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

  
 27 

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

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

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

  
 28 

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

	 	14	 DEFINITIONS 

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

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

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

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

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

“Board” means Borrower’s board of directors. 

“Borrower” is defined in the preamble hereof. 

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

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

  
 29 

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

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

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

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

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

  
 30 

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

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

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

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

  
 31 

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

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

“Effective Date” is defined in the preamble hereof. 

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

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

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

“Event of Default” is defined in Section 8. 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

“Indemnified Person” is defined in Section 13.3. 

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

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

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

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

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

(c)    any and all source code; 

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

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

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

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

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

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

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

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

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

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

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

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

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

“NDA” means a new drug application. 

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

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

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

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

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

“Permitted Indebtedness” is: 

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

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

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

  
 36 

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

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

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

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

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

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

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

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

  
 37 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

“Recipient” means Agent or any Lender. 

“Register” is defined in Section 13.2. 

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

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

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

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

  
 39 

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

“SVB” is defined in the preamble hereof. 

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

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

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

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

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

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

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

“Transfer” is defined in Section 7.1. 

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

  
 40 

 “Withholding Agent” means Borrower and Agent. 

[Signature Page Follows.] 

  
 41 

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

			
	BORROWER:
	
	 PHATHOM PHARMACEUTICALS, INC.

		
	 By
	 	 /s/ David A. Socks

	 Name:
	 	 David A. Socks

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

		
	 By
	 	 /s/ Anthony Flores

	 Name:
	 	 Anthony Flores

	 Title:
	 	 Managing Director

	
	LENDERS:
	
	 SILICON VALLEY BANK

		
	 By
	 	 /s/ Anthony Flores

	 Name:
	 	 Anthony Flores

	 Title:
	 	 Managing Director

	
	 WESTRIVER INNOVATION LENDING FUND VIII, L.P.

		
	 By
	 	 /s/ Trent Dawson

	 Name:
	 	 Trent Dawson

	 Title:
	 	 CFO

 [Signature Page to Loan and Security Agreement] 

 SCHEDULE 1 

LENDERS AND COMMITMENTS 

TERM LOAN COMMITMENTS 
  

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

 EXHIBIT A - COLLATERAL DESCRIPTION 

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

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

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

 EXHIBIT B 

COMPLIANCE CERTIFICATE 
  

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

	 FROM:
	  	 PHATHOM PHARMACEUTICALS, INC.
	  	

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

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

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

 

					
	 Reporting Covenants
	  	 Required
	  	 Complies

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

 Other Matters 
  

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

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

 
  
  

 
  

									
	 PHATHOM PHARMACEUTICALS, INC.
	 		 	 AGENT USE ONLY

					
		 		 		 	 Received by:
	 	  

	 By:
	 	
                  
                                         
                      
	 		 		 	AUTHORIZED SIGNER
	 Name:
	 	
                  
   
	 		 	 Date:
	 	
                  
                       

	 Title:
	 	
                  
   
	 		 		 	
		 		 		 	 Verified:
	 	
                  
   

		 		 		 		 	AUTHORIZED SIGNER
		 		 		 	 Date:
	 	
                  
                       

				
		 		 		 	 Compliance Status:    Yes    No

 EXHIBIT C 

LOAN PAYMENT/ADVANCE REQUEST FORM 

DEADLINE FOR SAME DAY PROCESSING IS
NOON PACIFIC TIME 
  

			
	 Fax To:
	  	
Date:                      
                               

  

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

  

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

  

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

	
Deadline for same day processing is noon, Pacific Time

	 	 
	 Beneficiary
Name:                                        
                                   
	  	 Amount of Wire:
$                                         
                   

	 Beneficiary
Bank:                                        
                                     
	  	 Account
Number:                                        
                      

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

	 	  	       (For International Wire
Only)

	
Intermediary
Bank:                                        
                                   Transit (ABA)
#:                                        
                                         
 

	 For
Further Credit
to:                                        
                                         
                                         
                                         
                   

	 
	
Special
Instruction:                                       
                                         
                                         
                                         
                       

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

	
Print
Name/Title:                                       
                           Print
Name/Title:                                       
                                     

	
Telephone
#:                                        
                                 Telephone
#:                                        
                                         
  

 EXHIBIT D 

Form of Disbursement Letter 

[see attached] 

 DISBURSEMENT LETTER 

[DATE] 

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

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

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

5.    No Material Adverse Change has occurred. 

6.    The undersigned is an Authorized Signer. 

[Balance of Page Intentionally Left Blank] 

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

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

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

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

 [Balance of Page Intentionally Left Blank] 

 
  

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

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

	Name:	 	  

	Title:	 	  

	
	AGENT:
	
	SILICON VALLEY BANK, as Agent
		
	By	 	  

	Name:	 	  

	Title:	 	  

	
	LENDER:
	SILICON VALLEY BANK
		
	By	 	  

	Name:	 	  

	Title:	 	  

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

	Name:	 	  

	Title:	 	  

 ny-1564279 

  
 [Signature page to
Disbursement Letter]EX-10.14

 Exhibit 10.14 

 
 

 
 August 29, 2019 

Terrie Curran 
  

	Re:	 Employment Offer Letter 

Dear Terrie: 
 Phathom Pharmaceuticals, Inc. (the
“Company”) is pleased to offer you a position on the terms set forth in this letter (this “Agreement”). 

•     EMPLOYMENT TERMS. 

 

	 	•	 	 DUTIES. Following the Start Date (as defined below), you shall serve and shall perform such
duties as are customarily associated with the position of Chief Executive Officer and you shall report to the Board of Directors of the Company (the “Board”). You shall perform your services on a full-time basis at the
Company’s headquarters to be established in or around Summit, New Jersey, with regular travel to the Company’s research and development location in Chicago Northwestern Suburbs, Illinois. This is an exempt position. 

  

	 	•	 	 EXCLUSIVE SERVICES. During the term of your
employment, you shall devote your full working time and attention to the business affairs of the Company. Subject to the terms of the Company’s form of Proprietary Information and Inventions Assignment Agreement, as described below, this shall
not preclude you from (a) serving on the board of Myovant Sciences, (b) devoting time to personal and family investments, (c) participating in industry associations, or (d) serving on community and civic boards, provided such
activities do not interfere with your duties to the Company, as determined in good faith by the Board. You agree that you will not join any boards, other than community and civic boards (which do not interfere with your duties to the Company),
without the prior approval of the Board, which approval shall not be unreasonably withheld, and that you shall be limited to service on two (2) outside boards, other than community and civic boards. 

 

	 	•	 	 EMPLOYMENT START DATE. We expect that your employment
start date (the “Start Date”) will occur as soon as reasonably practicable but in no event later than the first to occur of (a) the date that is two (2) weeks after the closing of the merger among Bristol-Myers
Squibb Company and Celgene Corporation or (b) December 31, 2019 (the “Start Date Deadline”). The employment offer contained in this Agreement will automatically expire if you have not commenced full-time employment
with the Company prior to the Start Date Deadline. 

 •     BOARD
SERVICE. As soon as practicable following your acceptance of this Agreement, you will be appointed to the Board, to serve until your resignation or removal in accordance with the organizational documents of the Company. 

  
 1 

 •     STOCK OPTION
AWARD. On the date of your appointment to the Board, you will be granted stock options to purchase such number of shares of the Company’s common stock as is equal to four percent (4.0%) of the
Company’s capital stock, on a fully-diluted basis, at an exercise price per share equal to the fair market value per share of the Company’s common stock on the date of grant (the “Stock Options”). The Stock Options
will be granted pursuant to the Company’s equity incentive plan (the “Plan”). The Stock Options will be subject to the terms and conditions of the Plan and your stock option agreement. The Stock Options will vest over a
four year vesting schedule, with 25% of the Stock Options vesting on the first anniversary of your commencement of employment and the remaining Stock Options vesting in 36 equal monthly installments thereafter, subject to your continued employment
or service to the Company on each such vesting date. In the event you do not commence employment with the Company as its Chief Executive Officer on the terms set forth in this Agreement prior to the Start Date Deadline, all of the Stock Options will
terminate immediately, regardless of whether you continue as a member of the Board following such date. Except as otherwise expressly provided herein, in the event of your termination of employment or service for any reason, all of your unvested
Stock Options will terminate immediately. To the extent there is a conflict between the terms of this Agreement and any award agreement, the terms of this Agreement shall govern. 

•     EMPLOYMENT COMPENSATION. Your initial employment compensation will be as
follows: 
  

	 	•	 	 BASE SALARY. You will receive an annual base salary of $500,000 for all
hours worked, less taxes, authorized withholdings and other legally required deductions. Your base salary shall not be decreased, unless the Board imposes a reduction across the board to senior management of the Company. You will be paid in
accordance with the Company’s customary payroll procedures as established and modified from time-to-time. Your base salary may be increased, and any increase is
subject to annual review by and at the sole discretion of the Board or its compensation committee. 

  

	 	•	 	 ANNUAL BONUS. In addition to your base salary,
you may be eligible to earn, for each fiscal year of the Company ending during the term of your employment with the Company, an annual cash performance bonus under the Company’s bonus plan, as approved from time to time by the board of
directors. Your target annual bonus will be fifty percent (50%) of your base salary actually paid for the year to which such annual bonus relates (your “Target Bonus”). Your actual annual bonus will be determined on the basis
of your and/or the Company’s attainment of financial or other performance criteria established by the board of directors or its designee in accordance with the terms and conditions of such bonus plan. You must be employed by the Company on the
date of payment of such annual bonus in order to be eligible to receive such annual bonus. You hereby acknowledge and agree that nothing contained herein confers upon you any right to an annual bonus in any year, and that whether the Company pays
you an annual bonus and the amount of any such annual bonus will be determined by the Company in its sole discretion. Your bonus for 2019 will be prorated to reflect the portion of the year that you were an employee of the Company.

  

	 	•	 	 BENEFITS. You shall be eligible to participate in all of the
employee benefit plans or programs the Company generally makes available to similarly situated employees, pursuant to the terms and conditions of such plans. You will also be 

  
 2 

	 	 
entitled to vacation and/or paid time off each year in accordance with Company policy and all holidays observed by the Company each year. The Company reserves the right to change compensation and
benefits provided to its employees from time to time in its discretion. 

  

	 	•	 	 WITHHOLDING. All amounts payable to you will be subject to
appropriate payroll deductions and withholdings. 

 •    
EXPENSES. You will be entitled to reimbursement for all ordinary and reasonable out-of-pocket business expenses which are reasonably incurred by you
in furtherance of the Company’s business, with appropriate documentation and in accordance with the Company’s standard policies. 

•     SEVERANCE. 

 

	 	•	 	 ACCRUED OBLIGATIONS. If your employment
terminates for any reason, you are entitled to your fully earned but unpaid base salary, through the date such termination is effective at the rate then in effect, and all other amounts or benefits to which you are entitled under any compensation,
retirement or benefit plan of the Company at the time of your termination of employment in accordance with the terms of such plans, including, without limitation, any accrued but unpaid paid time off and any continuation of benefits required by
applicable law (the “Accrued Obligations”). 

  

	 	•	 	 NON-CIC SEVERANCE
BENEFITS. In addition to your Accrued Obligations, subject to your continued compliance with the Proprietary Information and Inventions Assignment Agreement, as described below, and the effectiveness
of your Release, as defined below, if your employment is involuntarily terminated by the Company without Cause (as defined below) (and other than by reason of your death or disability) or you resign for Good Reason (as defined below) (either such
termination, a “Qualifying Termination”), and such Qualifying Termination does not occur during the Change in Control Period (as defined below), you shall be entitled to receive, as the sole severance benefits to which you
are entitled, the benefits provided below (the “Non-CIC Severance Benefits”): 

  

	 	•	 	 An amount equal to 12 months’ base salary (at the rate in effect immediately prior to the date of your
termination of employment, or in the case of a material diminution in your base salary which would give rise to Good Reason for your resignation, the base salary in effect prior to such material diminution), which amount will be paid over a period
of 12 months following your termination of employment in accordance with the Company’s standard payroll practices, with the first such installment occurring on the first regularly-scheduled payroll date following the date your Release becomes
effective (which first installment will include any installments that would have occurred prior to such date but for the fact your Release was not yet effective); 

 

	 	•	 	 An amount equal to your Target Bonus for the calendar year in which your termination date occurs, plus any unpaid
annual bonus for the calendar year prior to the year in which your Qualifying Termination occurs, to the extent you are entitled to such bonus and if such bonus has 

  
 3 

	 	 
not already been paid, which amount(s) will be paid in a lump sum on the first regularly-scheduled payroll date following the date your Release becomes effective, but in no event more than 75
days following your termination date; 

  

	 	•	 	 For the 12 month period beginning on the date of your termination of employment (or, if earlier, (a) the
date on which the applicable continuation period under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) expires, or (b) the date on which you become eligible to receive the equivalent or
increased healthcare coverage by means of subsequent employment or self-employment) (such period, the “COBRA Coverage Period”), if you and/or your eligible dependents who were covered under the Company’s health insurance
plans as of the date of your termination of employment elect to have COBRA coverage and are eligible for such coverage, the Company shall pay for or reimburse you on a monthly basis for an amount equal to (i) the monthly premium you and/or your
covered dependents, as applicable, are required to pay for continuation coverage pursuant to COBRA for you and/or your eligible dependents, as applicable, who were covered under the Company’s health plans as of the date of your termination of
employment (calculated by reference to the premium as of the date of your termination of employment) less (ii) the amount you would have had to pay to receive group health coverage for you and/or your covered dependents, as applicable, based on
the cost sharing levels in effect on the date of your termination of employment. If any of the Company’s health benefits are self-funded as of the date of your termination of employment, or if the Company cannot provide the foregoing benefits
in a manner that is exempt from Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), or that is otherwise compliant with applicable law (including, without limitation, Section 2716 of the
Public Health Service Act), instead of providing the payments or reimbursements as set forth above, the Company shall instead pay to you the foregoing monthly amount as a taxable monthly payment for the COBRA Coverage Period (or any remaining
portion thereof). You shall be solely responsible for all matters relating to continuation of coverage pursuant to COBRA, including, without limitation, the election of such coverage and the timely payment of premiums. You shall notify the Company
immediately if you become eligible to receive the equivalent or increased healthcare coverage by means of subsequent employment or self-employment; and 

  

	 	•	 	 Notwithstanding anything else set forth herein, in the Plan or in any award agreement, such number of the
unvested Stock Awards (as defined below) then held by you (including the Stock Options) will vest on the effective date of your Release as would have vested during the 12-month period following your Qualifying
Termination had you remained employed by the Company during such period. The foregoing provisions are hereby deemed to be a part of each Stock Award and to supersede any less favorable provision in any agreement or plan regarding such Stock Award.

  
 4 

	 	•	 	 CIC SEVERANCE BENEFITS. In addition to your
Accrued Obligations, subject to your continued compliance with the Proprietary Information and Inventions Assignment Agreement, as described below, and the effectiveness of your Release, as defined below, if your Qualifying Termination occurs during
the Change in Control Period, you shall be entitled to receive, as the sole severance benefits to which you are entitled and in lieu of any Non-CIC Severance Benefits, the benefits provided below (the
“CIC Severance Benefits”) (and for the avoidance of doubt: (a) in no event will you be entitled to both the Non-CIC Severance Benefits and the CIC Severance Benefits, and
(b) if the Company has commenced providing the Non-CIC Severance Benefits to you prior to the date that you become eligible to receive the CIC Severance Benefits, the
Non-CIC Severance Benefits previously provided to you shall reduce the CIC Severance Benefits provided below by the amount of such Non-CIC Severance Benefits already
provided to you): 

  

	 	•	 	 An amount equal to 18 months’ base salary (at the rate in effect immediately prior to the date of your
termination of employment, or in the case of a material diminution in your base salary which would give rise to Good Reason for your resignation, the base salary in effect prior to such material diminution), which amount will be paid over a period
of 18 months following your termination of employment in accordance with the Company’s standard payroll practices, with the first such installment occurring on the first regularly-scheduled payroll date following the date your Release becomes
effective (which first installment will include any installments that would have occurred prior to such date but for the fact your Release was not yet effective); 

 

	 	•	 	 An amount equal to 1.5 times your Target Bonus for the calendar year in which your termination date occurs, plus
any unpaid annual bonus for the calendar year prior to the year in which your Qualifying Termination occurs, to the extent you are entitled to such bonus and if such bonus has not already been paid, which amount(s) will be paid as follows:
(a) an amount equal to your Target Bonus for the calendar year in which your termination date occurs, plus any unpaid annual bonus for the calendar year prior to the year in which your Qualifying Termination occurs, to the extent you are
entitled to such bonus and if such bonus has not already been paid, will be paid in a lump sum on the first regularly-scheduled payroll date following the date your Release becomes effective, but in no event more than 75 days following your
termination Date and (b) an amount equal to .5 times your Target Bonus for the calendar year in which your termination date occurs will be paid on the first regularly-scheduled payroll date following the later of (i) the date your Release
becomes effective or (ii) the date of the Change in Control; 

  

	 	•	 	 For the 18 month period beginning on the date of your termination of employment (or, if earlier, (a) the
date on which the applicable continuation period under COBRA expires, or (b) the date on which you become eligible to receive the equivalent or increased healthcare coverage by means of subsequent employment or self-employment) (such period,
the “CIC COBRA Coverage Period”), if you and/or your eligible dependents who were covered under the Company’s health 

  
 5 

	 	 
insurance plans as of the date of your termination of employment elect to have COBRA coverage and are eligible for such coverage, the Company shall pay for or reimburse you on a monthly basis for
an amount equal to (i) the monthly premium you and/or your covered dependents, as applicable, are required to pay for continuation coverage pursuant to COBRA for you and/or your eligible dependents, as applicable, who were covered under the
Company’s health plans as of the date of your termination of employment (calculated by reference to the premium as of the date of your termination of employment) less (ii) the amount you would have had to pay to receive group health
coverage for you and/or your covered dependents, as applicable, based on the cost sharing levels in effect on the date of your termination of employment. If any of the Company’s health benefits are self-funded as of the date of your termination
of employment, or if the Company cannot provide the foregoing benefits in a manner that is exempt from Section 409A of Code, or that is otherwise compliant with applicable law (including, without limitation, Section 2716 of the Public
Health Service Act), instead of providing the payments or reimbursements as set forth above, the Company shall instead pay to you the foregoing monthly amount as a taxable monthly payment for the CIC COBRA Coverage Period (or any remaining portion
thereof). You shall be solely responsible for all matters relating to continuation of coverage pursuant to COBRA, including, without limitation, the election of such coverage and the timely payment of premiums. You shall notify the Company
immediately if you become eligible to receive the equivalent or increased healthcare coverage by means of subsequent employment or self-employment; and 

  

	 	•	 	 Notwithstanding anything else set forth herein, in the Plan or in any award agreement, any unvested Stock Awards
(as defined below) then held by you (including the Stock Options) will vest on the later of (i) the effective date of your Release or (ii) the date of the Change in Control. The foregoing provisions are hereby deemed to be a part of each
Stock Award and to supersede any less favorable provision in any agreement or plan regarding such Stock Award. 

  

	 	•	 	 As a condition to your receipt of any post-termination payments and benefits pursuant to the preceding
paragraphs, you shall execute and not revoke a general release of all claims in favor of the Company (the “Release”) in a form reasonably acceptable to the Company in order to effectuate a valid general release of claims. In
the event the Release does not become effective within the 60-day period following the date of your termination of employment, you will not be entitled to the aforesaid payments and benefits.

  

	 	•	 	 For purposes of this Agreement, “Cause” means any of the following: (a) your
commission of an act of fraud, embezzlement or dishonesty, or the commission of some other illegal act by you, that has a demonstrable adverse impact on the Company or any successor or affiliate thereof; (b) your conviction of, or plea of
“guilty” or “no contest” to, a felony or any crime involving fraud, dishonesty or moral turpitude under the laws of the United States or any state thereof; (c) any intentional, unauthorized use or disclosure by you of
confidential information or 

  
 6 

	 	 
trade secrets of the Company or any successor or affiliate thereof; (d) your gross negligence, insubordination or material violation of any duty of loyalty to the Company or any successor or
affiliate thereof, or any other demonstrable material misconduct on your part; (e) your ongoing and repeated failure or refusal to perform or neglect of your duties as required by this Agreement or your ongoing and repeated failure or refusal
to comply with the instructions given to you by the Board, which failure, refusal or neglect continues for 15 days following your receipt of written notice from the Board stating with specificity the nature of such failure, refusal or neglect;
provided that it is understood that this clause (e) shall not permit the Company to terminate your employment for Cause solely because of (i) your failure to meet specified performance objectives or achieve a specific result or outcome, or
(ii) Company’s dissatisfaction with the quality of services provided by you in the good faith performance of your duties to the Company; or (f) your willful, material breach of any material Company policy or any material provision of
this Agreement or the Proprietary Information and Inventions Assignment Agreement. Prior to the determination that “Cause” under clauses (d), (e) or (f) has occurred, the Company shall (i) provide to you in writing, in reasonable
detail, the reasons for the determination that such “Cause” exists, (ii) other than with respect to clause (e) above which specifies the applicable period of time for you to remedy your breach, afford you a reasonable opportunity
to remedy any such breach, (iii) provide you an opportunity to be heard prior to the final decision to terminate your employment hereunder for such “Cause” and (iv) make any decision that such “Cause” exists in good
faith. The foregoing definition shall not in any way preclude or restrict the right of the Company or any successor or affiliate thereof to discharge or dismiss you for any other acts or omissions, but such other acts or omissions shall not be
deemed, for purposes of this Agreement, to constitute grounds for termination for Cause. 

  

	 	•	 	 For purposes of this Agreement, “Change in Control” shall have the meaning set
forth in the Plan. If a Change in Control would give rise to a payment or settlement event with respect to any payment or benefit that constitutes “nonqualified deferred compensation,” the transaction or event constituting the Change in
Control must also constitute a “change in control event” (as defined in Treasury Regulation §1.409A-3(i)(5)) in order to give rise to the payment or settlement event for such payment or benefit,
to the extent required by Section 409A. 

  

	 	•	 	 For purposes of this Agreement, “Change in Control Period” means the three months prior
to or any time on or after a Change in Control. 

  

	 	•	 	 For purposes of this Agreement, “Good Reason” means any of the following without
your written consent: (a) a material diminution in your authority, duties or responsibilities; (b) a material diminution in your base compensation (and you and the Company agree that any diminution of 10% or more shall be considered
material for this purpose, regardless of whether such diminution occurs due to a single reduction or a series of reductions in your base compensation), unless such a reduction is imposed across-the-board to senior management of the Company; (c) a material change in the geographic location at which you must perform your duties; or (d) any other action or inaction that constitutes a
material breach by the Company or any successor or affiliate of its obligations to you under this Agreement. You must provide written notice to the Company of the occurrence 

  
 7 

	 	 
of any of the foregoing events or conditions without your written consent within 60 days of the occurrence of such event. The Company or any successor or affiliate shall have a period of 30 days
to cure such event or condition after receipt of written notice of such event from you. Your termination of employment by reason of resignation from employment with the Company for Good Reason must occur within 30 days following the expiration of
the foregoing 30-day cure period. 

  

	 	•	 	 For purposes of this Agreement, “Stock Awards” means all stock options, restricted stock
and such other awards granted pursuant to the Company’s stock option and equity incentive award plans or agreements and any shares of stock issued upon exercise thereof, including the Stock Options. 

 

	 	•	 	 To the extent applicable, this Agreement shall be interpreted in accordance with Section 409A of the Code
and Department of Treasury regulations and other interpretive guidance issued thereunder. The intent of the parties is that payments and benefits under this Agreement comply with, or be exempt from Section 409A of the Code and, accordingly, to
the maximum extent permitted, this Agreement shall be interpreted to be in compliance with such intention. To the extent that any provision in this Agreement is ambiguous as to its compliance with or exemption from Section 409A of the Code, the
provision shall be read in such a manner that no payments payable under this Agreement shall be subject to an “additional tax” as defined in Section 409A(a)(1)(B) of the Code. For purposes of Section 409A of the Code, any right
to a series of installment payments under this Agreement shall be treated as a right to a series of separate payments. For purposes of this Agreement, all references to your “termination of employment” shall mean your “separation from
service” (as defined in Treasury Regulation Section 1.409A-1(h)) (“Separation from Service”). If you are a “specified employee” (as defined in Section 409A of
the Code), as determined by the Company in accordance with Section 409A of the Code, on the date of your Separation from Service, to the extent that the payments or benefits under this Agreement are
“non-qualified deferred compensation” subject to Section 409A of the Code and the delayed payment or distribution of all or any portion of such amounts to which you are entitled under this
Agreement is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, then such portion deferred pursuant to this paragraph shall be paid or distributed to you in a lump sum on the earlier of (a) the
date that is 6 months and one day following your Separation from Service, (b) the date of your death or (c) the earliest date as is permitted under Section 409A of the Code. Any remaining payments due under this Agreement shall be
paid as otherwise provided herein. 

  

	 	•	 	 To the extent that the payments or benefits under this Agreement are
“non-qualified deferred compensation” subject to Section 409A of the Code, if the period during which you may deliver the Release required hereunder spans two calendar years, the payment of your
post-termination benefits shall occur (or commence) on the later of (a) January 1 of the second calendar year, or (b) the first regularly-scheduled payroll date following the date your Release becomes effective. 

 

	 	•	 	 Any reimbursement of expenses or in-kind benefits payable under this
Agreement shall be made in accordance with Treasury Regulation Section 

  
 8 

	 	 
1.409A-3(i)(1)(iv) and shall be paid on or before the last day of your taxable year following the taxable year in which you incurred the expenses. The
amount of expenses reimbursed or in-kind benefits payable in one year shall not affect the amount eligible for reimbursement or in-kind benefits payable in any other
taxable year of yours, and your right to reimbursement for such amounts shall not be subject to liquidation or exchange for any other benefit. 

•     COMPANY POLICIES AND PROPRIETARY
INFORMATION AND INVENTIONS ASSIGNMENT AGREEMENT. As an employee of the Company, you shall be expected to abide by all of the Company’s policies and procedures and
the Company’s employee handbook, if any. As a condition of your employment, you agree to execute and abide by the terms of the Company’s form of the Proprietary Information and Inventions Assignment Agreement, which shall survive
termination of your employment with the Company and the termination of this Proprietary Information and Inventions Assignment Agreement. You acknowledge that a remedy at law for any breach or threatened breach by you of the provisions of the
Proprietary Information and Inventions Assignment Agreement would be inadequate, and you therefore agree that the Company shall be entitled to injunctive relief in case of any such breach or threatened breach. The Company may modify, revoke, suspend
or terminate any of the terms, plans, policies and/or procedures described in the employee handbook, if any, or as otherwise communicated to you, in whole or part, at any time, with or without notice; provided that any such action does not affect
your rights under this Agreement. 
 •     EMPLOYMENT
TERMS. As a condition to your employment with the Company, you are required to (a) sign and return a satisfactory I-9 Immigration form providing sufficient
documentation establishing your employment eligibility in the United States, and (b) provide satisfactory proof of your identity as required by United States law. 

•     OTHER AGREEMENTS. You represent and agree that your
performance of your duties for the Company shall not violate any agreements, obligations or understandings that you may have with any third party or prior employer. Without limiting the foregoing, you represent and agree that you are not bound by
any non-compete or non-solicitation agreement or any other type of agreement that would prohibit your employment with the Company. You agree not to make any unauthorized
disclosure or use, on behalf of the Company, of any confidential information belonging to any of your former employers. You also represent that you are not in unauthorized possession of any materials containing a third party’s confidential and
proprietary information. While employed by the Company, you will not engage in any business activity in competition with the Company nor make preparations to do so. In the event that you wish to undertake a business activity outside the scope of
your employment by the Company, which activity you believe entails no conflict with the Company’s activities, you agree to inform the Company of your intentions before the initiation of such outside business activity, and you furthermore agree
to abide by the Company’s decision as to whether or not there is no conflict. If, in the Company’s reasonable determination, a conflict exists or is likely to develop, you agree not to undertake such outside business activity. 

•     AT-WILL
EMPLOYMENT. Your employment with the Company will be “at-will” at all times, including after your introductory, probationary period, meaning that either you or the Company will be
entitled to terminate your employment at any time and for any reason, with or without cause. Any contrary representations that may have been made to you are superseded by this offer. This Agreement in no way represents a fixed-term employment
contract. This is the full and complete agreement between you and the Company on this term. Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time,
the “at will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of the Company. 

  
 9 

 •     NON-INTERFERENCE. While employed by the Company, and for one (1) year immediately following the date on which you terminate employment or otherwise cease providing services to the Company, you
agree not to interfere with the business of the Company by (a) soliciting or attempting to solicit any employee or consultant of the Company to terminate such employee’s or consultant’s employment or service in order to become an
employee, consultant or independent contractor to or for any other person or entity or (b) soliciting or attempting to solicit any vendor, supplier, customer or other person or entity either directly or indirectly, to direct his, her or its
purchase of the Company’s products and/or services to any person, firm, corporation, institution or other entity in competition with the business of the Company. The foregoing restrictions shall not apply with respect to the bona fide hiring
and firing of Company personnel to the extent such acts are part of your duties for Company. Your duties under this paragraph shall survive termination of your employment with the Company and the termination of this Agreement. 

•     REASONABLENESS OF TERMS. You agree that the
terms contained in the “Other Agreements” and “Non-Interference” paragraphs above are reasonable in all respects and that the restrictions contained therein are designed to protect the
Company against unfair competition. In the event a court determines that any of the terms or provisions of this Agreement are unreasonable, the court may limit the application of any provision or term, or modify any provision or term, and proceed to
enforce this Agreement as so limited or modified. 
 •     GOVERNING
LAW; JURISDICTION AND VENUE. This Agreement, for all purposes, shall be construed in accordance with the laws of the State of New Jersey without regard to
conflicts-of-law principles. Any action or proceeding by either party to enforce this Agreement shall be brought only in any state or federal court located in New
Jersey. The parties hereby irrevocably submit to the exclusive jurisdiction of such courts and waive the defense of inconvenient forum to the maintenance of any such action or proceeding in such venue. 

•     SEVERABILITY. Whenever possible, each
provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule
in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provisions had never been contained herein. 
 •     SUCCESSORS
AND ASSIGNS. This Agreement is intended to bind and inure to the benefit of and be enforceable by you and the Company, and their respective successors, assigns, heirs, executors and
administrators, except that you may not assign any of your duties hereunder and you may not assign any of your rights hereunder, without the written consent of the Company, which shall not be withheld unreasonably. 

•     ENTIRE AGREEMENT. This Agreement and the Proprietary
Information and Inventions Assignment Agreement constitute the complete, final and exclusive embodiment of the entire agreement between you and the Company with respect to the terms and conditions of your employment specified herein and therein.
This Agreement and the Proprietary Information and Inventions Assignment Agreement supersede any other such promises, obligations, warranties, representations or agreements between you and the Company, and you agree that any and all such prior
promises, obligations, warranties, representations and agreements are hereby terminated. This Agreement may not be amended or modified except by a written instrument signed by you and a duly authorized officer of the Company. 

•     FEES. The Company will reimburse you up to $10,000 for your
reasonable attorney’s fees in reviewing and negotiating this Agreement. 

  
 10 

 If you choose to accept this Agreement under the terms described above, please acknowledge
your acceptance of our offer by returning a signed copy of this letter and the Proprietary Information and Inventions Assignment Agreement to our attention. 

Sincerely, 
  

			
	Phathom Pharmaceuticals, Inc.
	
	 /s/ David Socks

	Name:	 	David Socks
	Title:	 	Chief Executive Officer

 Agreed and Accepted: 

I have read and understood this Agreement and hereby acknowledge, accept and agree to the terms as set forth above and further acknowledge and
agree that no other commitments were made to me as part of my employment offer except as specifically set forth herein.  
  

					
	 /s/ Terrie Curran
	  	Date:	 	 August 29, 2019

	Terrie Curran	  		 	

  
 11

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